# EDGAR Filing Document

**Accession Number:** 0000277751
**File Stem:** 0001193125-26-080851
**Filing Date:** 2026-2
**Character Count:** 3239307
**Document Hash:** e2f5a5394531622aad5106e6d6d08453
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-080851.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-080851

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 132

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01879
- **FILM NUMBER:** 26695089

**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 | American Cancer Society Support - Class T | ACTXX           |
| C000083514 | American Cancer Society Support - Class D | ACDXX           |
| C000254996 | American Cancer Society Support - Class I | ACJXX           |
| C000254997 | American Cancer Society Support - Class N | ACOXX           |

### 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   |
|:---|:---|:---|
| 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 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 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 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           |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### &nbsp;&nbsp;&nbsp;&nbsp; FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-01879

#### Janus Investment Fund
(Exact name of registrant as specified in charter)

------

151 Detroit Street, Denver, Colorado 80206

(address of principal executive offices) (Zip code)

Abigail J. Murray, 151 Detroit Street, Denver, Colorado 80206

(Name and address of agent for service)

#### Registrant's telephone number, including area code:

#### 303-333-3863

#### Date of fiscal year end:

#### 6/30

#### Date of reporting period:

#### 12/31/25
 **Item 1. Report to Stockholders.**

(a) The Registrant's semiannual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Absolute Return Income Opportunities Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class A Shares:JUCAX
This semiannual shareholder report contains important information about the Janus Henderson Absolute Return Income Opportunities Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Absolute Return Income Opportunities Fund<br>(Class A Shares/JUCAX) | $50 | 0.97%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$51M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;2.8 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;0.8 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 69.5 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 26.5 |
| Commercial Paper | 2.6 |
| Bank Loans and Mezzanine Loans | 0.5 |
| OTC Purchased Credit Default Swaptions – Puts – Buy Protection | 0.0 |
| Other | 0.9 |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 2.3 |
| Aa | 2.9 |
| A | 18.6 |
| Baa | 50.2 |
| Ba | 17.7 |
| B | 1.6 |
| Not Rated | 4.2 |
| Other | 2.5 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372288.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Absolute Return Income Opportunities Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class C Shares:JUCCX
This semiannual shareholder report contains important information about the Janus Henderson Absolute Return Income Opportunities Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Absolute Return Income Opportunities Fund<br>(Class C Shares/JUCCX) | $84 | 1.63%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$51M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;2.8 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;0.8 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 69.5 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 26.5 |
| Commercial Paper | 2.6 |
| Bank Loans and Mezzanine Loans | 0.5 |
| OTC Purchased Credit Default Swaptions – Puts – Buy Protection | 0.0 |
| Other | 0.9 |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 2.3 |
| Aa | 2.9 |
| A | 18.6 |
| Baa | 50.2 |
| Ba | 17.7 |
| B | 1.6 |
| Not Rated | 4.2 |
| Other | 2.5 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372310.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70942A 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Absolute Return Income Opportunities Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class D Shares:JUCDX
This semiannual shareholder report contains important information about the Janus Henderson Absolute Return Income Opportunities Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Absolute Return Income Opportunities Fund<br>(Class D Shares/JUCDX) | $39 | 0.76%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$51M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;2.8 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;0.8 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 69.5 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 26.5 |
| Commercial Paper | 2.6 |
| Bank Loans and Mezzanine Loans | 0.5 |
| OTC Purchased Credit Default Swaptions – Puts – Buy Protection | 0.0 |
| Other | 0.9 |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 2.3 |
| Aa | 2.9 |
| A | 18.6 |
| Baa | 50.2 |
| Ba | 17.7 |
| B | 1.6 |
| Not Rated | 4.2 |
| Other | 2.5 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372331.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Individual Investor](images_1805.jpg)

At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-525-3713.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Absolute Return Income Opportunities Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class I Shares:JUCIX
This semiannual shareholder report contains important information about the Janus Henderson Absolute Return Income Opportunities Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Absolute Return Income Opportunities Fund<br>(Class I Shares/JUCIX) | $38 | 0.74%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$51M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;2.8 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;0.8 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 69.5 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 26.5 |
| Commercial Paper | 2.6 |
| Bank Loans and Mezzanine Loans | 0.5 |
| OTC Purchased Credit Default Swaptions – Puts – Buy Protection | 0.0 |
| Other | 0.9 |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 2.3 |
| Aa | 2.9 |
| A | 18.6 |
| Baa | 50.2 |
| Ba | 17.7 |
| B | 1.6 |
| Not Rated | 4.2 |
| Other | 2.5 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372352.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70943C 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Absolute Return Income Opportunities Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class N Shares:JUCNX
This semiannual shareholder report contains important information about the Janus Henderson Absolute Return Income Opportunities Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Absolute Return Income Opportunities Fund<br>(Class N Shares/JUCNX) | $33 | 0.64%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$51M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;2.8 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;0.8 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 69.5 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 26.5 |
| Commercial Paper | 2.6 |
| Bank Loans and Mezzanine Loans | 0.5 |
| OTC Purchased Credit Default Swaptions – Puts – Buy Protection | 0.0 |
| Other | 0.9 |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 2.3 |
| Aa | 2.9 |
| A | 18.6 |
| Baa | 50.2 |
| Ba | 17.7 |
| B | 1.6 |
| Not Rated | 4.2 |
| Other | 2.5 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372372.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Absolute Return Income Opportunities Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class R Shares:JUCRX
This semiannual shareholder report contains important information about the Janus Henderson Absolute Return Income Opportunities Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Absolute Return Income Opportunities Fund<br>(Class R Shares/JUCRX) | $71 | 1.39%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$51M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;2.8 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;0.8 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 69.5 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 26.5 |
| Commercial Paper | 2.6 |
| Bank Loans and Mezzanine Loans | 0.5 |
| OTC Purchased Credit Default Swaptions – Puts – Buy Protection | 0.0 |
| Other | 0.9 |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 2.3 |
| Aa | 2.9 |
| A | 18.6 |
| Baa | 50.2 |
| Ba | 17.7 |
| B | 1.6 |
| Not Rated | 4.2 |
| Other | 2.5 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372226.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 225-70-70944D 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Absolute Return Income Opportunities Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class S Shares:JUCSX
This semiannual shareholder report contains important information about the Janus Henderson Absolute Return Income Opportunities Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Absolute Return Income Opportunities Fund<br>(Class S Shares/JUCSX) | $59 | 1.14%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$51M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;2.8 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;0.8 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 69.5 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 26.5 |
| Commercial Paper | 2.6 |
| Bank Loans and Mezzanine Loans | 0.5 |
| OTC Purchased Credit Default Swaptions – Puts – Buy Protection | 0.0 |
| Other | 0.9 |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 2.3 |
| Aa | 2.9 |
| A | 18.6 |
| Baa | 50.2 |
| Ba | 17.7 |
| B | 1.6 |
| Not Rated | 4.2 |
| Other | 2.5 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372247.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Absolute Return Income Opportunities Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class T Shares:JUCTX
This semiannual shareholder report contains important information about the Janus Henderson Absolute Return Income Opportunities Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Absolute Return Income Opportunities Fund<br>(Class T Shares/JUCTX) | $45 | 0.87%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$51M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;2.8 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;0.8 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 69.5 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 26.5 |
| Commercial Paper | 2.6 |
| Bank Loans and Mezzanine Loans | 0.5 |
| OTC Purchased Credit Default Swaptions – Puts – Buy Protection | 0.0 |
| Other | 0.9 |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 2.3 |
| Aa | 2.9 |
| A | 18.6 |
| Baa | 50.2 |
| Ba | 17.7 |
| B | 1.6 |
| Not Rated | 4.2 |
| Other | 2.5 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372267.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70945I 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class A Shares:JRSAX
This semiannual shareholder report contains important information about the Janus Henderson Adaptive Risk Managed U.S. Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund<br>(Class A Shares/JRSAX) | $47 | 0.89%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$627M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class A | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 3.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 100.0 |
| Investment Companies | 0.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (0.1) |

---

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371777.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class C Shares:JRSCX
This semiannual shareholder report contains important information about the Janus Henderson Adaptive Risk Managed U.S. Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund<br>(Class C Shares/JRSCX) | $87 | 1.65%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$627M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class A | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 3.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 100.0 |
| Investment Companies | 0.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (0.1) |

---

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371800.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70946N 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class D Shares:JRSDX
This semiannual shareholder report contains important information about the Janus Henderson Adaptive Risk Managed U.S. Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund<br>(Class D Shares/JRSDX) | $37 | 0.70%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$627M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class A | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 3.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 100.0 |
| Investment Companies | 0.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (0.1) |

---

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371821.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1805.jpg)

At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-525-3713.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class I Shares:JRSIX
This semiannual shareholder report contains important information about the Janus Henderson Adaptive Risk Managed U.S. Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund<br>(Class I Shares/JRSIX) | $35 | 0.67%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$627M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class A | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 3.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 100.0 |
| Investment Companies | 0.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (0.1) |

---

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371844.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70947R 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class N Shares:JRSNX
This semiannual shareholder report contains important information about the Janus Henderson Adaptive Risk Managed U.S. Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund<br>(Class N Shares/JRSNX) | $31 | 0.58%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$627M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class A | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 3.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 100.0 |
| Investment Companies | 0.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (0.1) |

---

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371865.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class S Shares:JRSSX
This semiannual shareholder report contains important information about the Janus Henderson Adaptive Risk Managed U.S. Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund<br>(Class S Shares/JRSSX) | $56 | 1.07%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$627M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class A | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 3.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 100.0 |
| Investment Companies | 0.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (0.1) |

---

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371888.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70948S 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Adaptive Risk Managed U.S. Equity Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class T Shares:JRSTX
This semiannual shareholder report contains important information about the Janus Henderson Adaptive Risk Managed U.S. Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund<br>(Class T Shares/JRSTX) | $43 | 0.81%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$627M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class A | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 3.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 100.0 |
| Investment Companies | 0.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (0.1) |

---

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371909.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Developed World Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class A Shares:HFAAX
This semiannual shareholder report contains important information about the Janus Henderson Developed World Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Developed World Bond Fund<br>(Class A Shares/HFAAX) | $40 | 0.78%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$576M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;5.9 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;3.9 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 58.9 |
| Foreign Government Bonds | 13.7 |
| Bank Loans and Mezzanine Loans | 7.5 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 7.1 |
| Mortgage-Backed Securities | 5.1 |
| United States Treasury Notes/Bonds | 4.8 |
| Investment Companies | 2.5 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.6 |
| Other | (0.2) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 17.0 |
| Aa | 12.7 |
| A | 11.5 |
| Baa | 25.6 |
| Ba | 15.7 |
| B | 14.1 |
| Caa | 0.7 |
| Not Rated | 1.4 |
| Other | 1.3 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372625.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70949T 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Developed World Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class C Shares:HFACX
This semiannual shareholder report contains important information about the Janus Henderson Developed World Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Developed World Bond Fund<br>(Class C Shares/HFACX) | $80 | 1.56%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$576M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;5.9 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;3.9 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 58.9 |
| Foreign Government Bonds | 13.7 |
| Bank Loans and Mezzanine Loans | 7.5 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 7.1 |
| Mortgage-Backed Securities | 5.1 |
| United States Treasury Notes/Bonds | 4.8 |
| Investment Companies | 2.5 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.6 |
| Other | (0.2) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 17.0 |
| Aa | 12.7 |
| A | 11.5 |
| Baa | 25.6 |
| Ba | 15.7 |
| B | 14.1 |
| Caa | 0.7 |
| Not Rated | 1.4 |
| Other | 1.3 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372645.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Developed World Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class D Shares:HFADX
This semiannual shareholder report contains important information about the Janus Henderson Developed World Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Developed World Bond Fund<br>(Class D Shares/HFADX) | $35 | 0.68%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$576M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;5.9 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;3.9 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 58.9 |
| Foreign Government Bonds | 13.7 |
| Bank Loans and Mezzanine Loans | 7.5 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 7.1 |
| Mortgage-Backed Securities | 5.1 |
| United States Treasury Notes/Bonds | 4.8 |
| Investment Companies | 2.5 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.6 |
| Other | (0.2) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 17.0 |
| Aa | 12.7 |
| A | 11.5 |
| Baa | 25.6 |
| Ba | 15.7 |
| B | 14.1 |
| Caa | 0.7 |
| Not Rated | 1.4 |
| Other | 1.3 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372666.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Individual Investor](images_1805.jpg)

At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-525-3713.

Janus Investment Fund 125-70-70950A 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Developed World Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class I Shares:HFAIX
This semiannual shareholder report contains important information about the Janus Henderson Developed World Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Developed World Bond Fund<br>(Class I Shares/HFAIX) | $29 | 0.57%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$576M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;5.9 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;3.9 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 58.9 |
| Foreign Government Bonds | 13.7 |
| Bank Loans and Mezzanine Loans | 7.5 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 7.1 |
| Mortgage-Backed Securities | 5.1 |
| United States Treasury Notes/Bonds | 4.8 |
| Investment Companies | 2.5 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.6 |
| Other | (0.2) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 17.0 |
| Aa | 12.7 |
| A | 11.5 |
| Baa | 25.6 |
| Ba | 15.7 |
| B | 14.1 |
| Caa | 0.7 |
| Not Rated | 1.4 |
| Other | 1.3 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372541.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Developed World Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class N Shares:HFARX
This semiannual shareholder report contains important information about the Janus Henderson Developed World Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Developed World Bond Fund<br>(Class N Shares/HFARX) | $30 | 0.58%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$576M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;5.9 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;3.9 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 58.9 |
| Foreign Government Bonds | 13.7 |
| Bank Loans and Mezzanine Loans | 7.5 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 7.1 |
| Mortgage-Backed Securities | 5.1 |
| United States Treasury Notes/Bonds | 4.8 |
| Investment Companies | 2.5 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.6 |
| Other | (0.2) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 17.0 |
| Aa | 12.7 |
| A | 11.5 |
| Baa | 25.6 |
| Ba | 15.7 |
| B | 14.1 |
| Caa | 0.7 |
| Not Rated | 1.4 |
| Other | 1.3 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372561.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70951C 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Developed World Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class S Shares:HFASX
This semiannual shareholder report contains important information about the Janus Henderson Developed World Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Developed World Bond Fund<br>(Class S Shares/HFASX) | $55 | 1.07%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$576M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;5.9 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;3.9 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 58.9 |
| Foreign Government Bonds | 13.7 |
| Bank Loans and Mezzanine Loans | 7.5 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 7.1 |
| Mortgage-Backed Securities | 5.1 |
| United States Treasury Notes/Bonds | 4.8 |
| Investment Companies | 2.5 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.6 |
| Other | (0.2) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 17.0 |
| Aa | 12.7 |
| A | 11.5 |
| Baa | 25.6 |
| Ba | 15.7 |
| B | 14.1 |
| Caa | 0.7 |
| Not Rated | 1.4 |
| Other | 1.3 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372582.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Developed World Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class T Shares:HFATX
This semiannual shareholder report contains important information about the Janus Henderson Developed World Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Developed World Bond Fund<br>(Class T Shares/HFATX) | $42 | 0.82%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$576M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;5.9 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;3.9 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 58.9 |
| Foreign Government Bonds | 13.7 |
| Bank Loans and Mezzanine Loans | 7.5 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 7.1 |
| Mortgage-Backed Securities | 5.1 |
| United States Treasury Notes/Bonds | 4.8 |
| Investment Companies | 2.5 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.6 |
| Other | (0.2) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 17.0 |
| Aa | 12.7 |
| A | 11.5 |
| Baa | 25.6 |
| Ba | 15.7 |
| B | 14.1 |
| Caa | 0.7 |
| Not Rated | 1.4 |
| Other | 1.3 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372604.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 225-70-70952D 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Flexible Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class A Shares:JDFAX
This semiannual shareholder report contains important information about the Janus Henderson Flexible Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Flexible Bond Fund<br>(Class A Shares/JDFAX) | $42 | 0.82%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2,695M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;6.0 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;5.9 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 33.3 |
| Corporate Bonds | 22.2 |
| Mortgage-Backed Securities | 19.1 |
| United States Treasury Notes/Bonds | 18.0 |
| Investment Companies | 4.9 |
| Bank Loans and Mezzanine Loans | 3.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Foreign Government Bonds | 0.1 |
| Other | (1.3) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 19.4 |
| Aa | 39.8 |
| A | 8.3 |
| Baa | 10.8 |
| Ba | 10.9 |
| B | 2.9 |
| Not Rated | 6.4 |
| Other | 1.5 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_373196.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Flexible Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class C Shares:JFICX
This semiannual shareholder report contains important information about the Janus Henderson Flexible Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Flexible Bond Fund<br>(Class C Shares/JFICX) | $74 | 1.44%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2,695M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;6.0 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;5.9 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 33.3 |
| Corporate Bonds | 22.2 |
| Mortgage-Backed Securities | 19.1 |
| United States Treasury Notes/Bonds | 18.0 |
| Investment Companies | 4.9 |
| Bank Loans and Mezzanine Loans | 3.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Foreign Government Bonds | 0.1 |
| Other | (1.3) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 19.4 |
| Aa | 39.8 |
| A | 8.3 |
| Baa | 10.8 |
| Ba | 10.9 |
| B | 2.9 |
| Not Rated | 6.4 |
| Other | 1.5 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_373216.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70953I 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Flexible Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class D Shares:JANFX
This semiannual shareholder report contains important information about the Janus Henderson Flexible Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Flexible Bond Fund<br>(Class D Shares/JANFX) | $27 | 0.52%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2,695M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;6.0 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;5.9 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 33.3 |
| Corporate Bonds | 22.2 |
| Mortgage-Backed Securities | 19.1 |
| United States Treasury Notes/Bonds | 18.0 |
| Investment Companies | 4.9 |
| Bank Loans and Mezzanine Loans | 3.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Foreign Government Bonds | 0.1 |
| Other | (1.3) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 19.4 |
| Aa | 39.8 |
| A | 8.3 |
| Baa | 10.8 |
| Ba | 10.9 |
| B | 2.9 |
| Not Rated | 6.4 |
| Other | 1.5 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_373237.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Individual Investor](images_1805.jpg)

At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-525-3713.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Flexible Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class I Shares:JFLEX
This semiannual shareholder report contains important information about the Janus Henderson Flexible Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Flexible Bond Fund<br>(Class I Shares/JFLEX) | $25 | 0.48%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2,695M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;6.0 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;5.9 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 33.3 |
| Corporate Bonds | 22.2 |
| Mortgage-Backed Securities | 19.1 |
| United States Treasury Notes/Bonds | 18.0 |
| Investment Companies | 4.9 |
| Bank Loans and Mezzanine Loans | 3.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Foreign Government Bonds | 0.1 |
| Other | (1.3) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 19.4 |
| Aa | 39.8 |
| A | 8.3 |
| Baa | 10.8 |
| Ba | 10.9 |
| B | 2.9 |
| Not Rated | 6.4 |
| Other | 1.5 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_373257.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70954N 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Flexible Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class N Shares:JDFNX
This semiannual shareholder report contains important information about the Janus Henderson Flexible Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Flexible Bond Fund<br>(Class N Shares/JDFNX) | $20 | 0.40%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2,695M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;6.0 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;5.9 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 33.3 |
| Corporate Bonds | 22.2 |
| Mortgage-Backed Securities | 19.1 |
| United States Treasury Notes/Bonds | 18.0 |
| Investment Companies | 4.9 |
| Bank Loans and Mezzanine Loans | 3.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Foreign Government Bonds | 0.1 |
| Other | (1.3) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 19.4 |
| Aa | 39.8 |
| A | 8.3 |
| Baa | 10.8 |
| Ba | 10.9 |
| B | 2.9 |
| Not Rated | 6.4 |
| Other | 1.5 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_373277.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Flexible Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class R Shares:JDFRX
This semiannual shareholder report contains important information about the Janus Henderson Flexible Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Flexible Bond Fund<br>(Class R Shares/JDFRX) | $58 | 1.14%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2,695M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;6.0 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;5.9 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 33.3 |
| Corporate Bonds | 22.2 |
| Mortgage-Backed Securities | 19.1 |
| United States Treasury Notes/Bonds | 18.0 |
| Investment Companies | 4.9 |
| Bank Loans and Mezzanine Loans | 3.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Foreign Government Bonds | 0.1 |
| Other | (1.3) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 19.4 |
| Aa | 39.8 |
| A | 8.3 |
| Baa | 10.8 |
| Ba | 10.9 |
| B | 2.9 |
| Not Rated | 6.4 |
| Other | 1.5 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_373296.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70955S 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Flexible Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class S Shares:JADFX
This semiannual shareholder report contains important information about the Janus Henderson Flexible Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Flexible Bond Fund<br>(Class S Shares/JADFX) | $46 | 0.90%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2,695M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;6.0 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;5.9 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 33.3 |
| Corporate Bonds | 22.2 |
| Mortgage-Backed Securities | 19.1 |
| United States Treasury Notes/Bonds | 18.0 |
| Investment Companies | 4.9 |
| Bank Loans and Mezzanine Loans | 3.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Foreign Government Bonds | 0.1 |
| Other | (1.3) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 19.4 |
| Aa | 39.8 |
| A | 8.3 |
| Baa | 10.8 |
| Ba | 10.9 |
| B | 2.9 |
| Not Rated | 6.4 |
| Other | 1.5 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_373316.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Flexible Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class T Shares:JAFIX
This semiannual shareholder report contains important information about the Janus Henderson Flexible Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Flexible Bond Fund<br>(Class T Shares/JAFIX) | $33 | 0.64%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2,695M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;6.0 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;5.9 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 33.3 |
| Corporate Bonds | 22.2 |
| Mortgage-Backed Securities | 19.1 |
| United States Treasury Notes/Bonds | 18.0 |
| Investment Companies | 4.9 |
| Bank Loans and Mezzanine Loans | 3.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Foreign Government Bonds | 0.1 |
| Other | (1.3) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 19.4 |
| Aa | 39.8 |
| A | 8.3 |
| Baa | 10.8 |
| Ba | 10.9 |
| B | 2.9 |
| Not Rated | 6.4 |
| Other | 1.5 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_373337.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70956T 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Global Allocation Fund – Conservative

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class A Shares:JCAAX
This semiannual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Conservative (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Allocation Fund – Conservative<br>(Class A Shares/JCAAX) | $25 | 0.48%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$143M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Exchange-Traded Funds (ETFs) | 34.6 |
| Equity Funds | 34.4 |
| Fixed Income Funds | 29.4 |
| Money Markets | 1.6 |
| Other | (0.0) |

---

Top 5 Holdings (% of net assets)

---

| | |
|:---|:---|
| Janus Henderson Flexible Bond Fund - Class N Shares | 16.3 |
| iShares Core International Aggregate Bond | 15.8 |
| Janus Henderson Developed World Bond Fund - Class N Shares | 12.5 |
| Janus Henderson Overseas Fund - Class N Shares | 7.8 |
| Janus Henderson Emerging Markets Debt Hard Currency | 7.4 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Global Allocation Fund – Conservative

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class C Shares:JCACX
This semiannual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Conservative (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Allocation Fund – Conservative<br>(Class C Shares/JCACX) | $64 | 1.23%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$143M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Exchange-Traded Funds (ETFs) | 34.6 |
| Equity Funds | 34.4 |
| Fixed Income Funds | 29.4 |
| Money Markets | 1.6 |
| Other | (0.0) |

---

Top 5 Holdings (% of net assets)

---

| | |
|:---|:---|
| Janus Henderson Flexible Bond Fund - Class N Shares | 16.3 |
| iShares Core International Aggregate Bond | 15.8 |
| Janus Henderson Developed World Bond Fund - Class N Shares | 12.5 |
| Janus Henderson Overseas Fund - Class N Shares | 7.8 |
| Janus Henderson Emerging Markets Debt Hard Currency | 7.4 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70957A 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Global Allocation Fund – Conservative

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class D Shares:JMSCX
This semiannual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Conservative (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Allocation Fund – Conservative<br>(Class D Shares/JMSCX) | $13 | 0.26%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$143M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Exchange-Traded Funds (ETFs) | 34.6 |
| Equity Funds | 34.4 |
| Fixed Income Funds | 29.4 |
| Money Markets | 1.6 |
| Other | (0.0) |

---

Top 5 Holdings (% of net assets)

---

| | |
|:---|:---|
| Janus Henderson Flexible Bond Fund - Class N Shares | 16.3 |
| iShares Core International Aggregate Bond | 15.8 |
| Janus Henderson Developed World Bond Fund - Class N Shares | 12.5 |
| Janus Henderson Overseas Fund - Class N Shares | 7.8 |
| Janus Henderson Emerging Markets Debt Hard Currency | 7.4 |

---

Where can I find more information?

![QR Code - Individual Investor](images_1805.jpg)

At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-525-3713.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Global Allocation Fund – Conservative

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class I Shares:JCAIX
This semiannual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Conservative (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Allocation Fund – Conservative<br>(Class I Shares/JCAIX) | $13 | 0.25%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$143M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Exchange-Traded Funds (ETFs) | 34.6 |
| Equity Funds | 34.4 |
| Fixed Income Funds | 29.4 |
| Money Markets | 1.6 |
| Other | (0.0) |

---

Top 5 Holdings (% of net assets)

---

| | |
|:---|:---|
| Janus Henderson Flexible Bond Fund - Class N Shares | 16.3 |
| iShares Core International Aggregate Bond | 15.8 |
| Janus Henderson Developed World Bond Fund - Class N Shares | 12.5 |
| Janus Henderson Overseas Fund - Class N Shares | 7.8 |
| Janus Henderson Emerging Markets Debt Hard Currency | 7.4 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70958C 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Global Allocation Fund – Conservative

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class S Shares:JCASX
This semiannual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Conservative (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Allocation Fund – Conservative<br>(Class S Shares/JCASX) | $34 | 0.66%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$143M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Exchange-Traded Funds (ETFs) | 34.6 |
| Equity Funds | 34.4 |
| Fixed Income Funds | 29.4 |
| Money Markets | 1.6 |
| Other | (0.0) |

---

Top 5 Holdings (% of net assets)

---

| | |
|:---|:---|
| Janus Henderson Flexible Bond Fund - Class N Shares | 16.3 |
| iShares Core International Aggregate Bond | 15.8 |
| Janus Henderson Developed World Bond Fund - Class N Shares | 12.5 |
| Janus Henderson Overseas Fund - Class N Shares | 7.8 |
| Janus Henderson Emerging Markets Debt Hard Currency | 7.4 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Global Allocation Fund – Conservative

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class T Shares:JSPCX
This semiannual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Conservative (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Allocation Fund – Conservative<br>(Class T Shares/JSPCX) | $18 | 0.34%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$143M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Exchange-Traded Funds (ETFs) | 34.6 |
| Equity Funds | 34.4 |
| Fixed Income Funds | 29.4 |
| Money Markets | 1.6 |
| Other | (0.0) |

---

Top 5 Holdings (% of net assets)

---

| | |
|:---|:---|
| Janus Henderson Flexible Bond Fund - Class N Shares | 16.3 |
| iShares Core International Aggregate Bond | 15.8 |
| Janus Henderson Developed World Bond Fund - Class N Shares | 12.5 |
| Janus Henderson Overseas Fund - Class N Shares | 7.8 |
| Janus Henderson Emerging Markets Debt Hard Currency | 7.4 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 225-70-70959D 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Global Allocation Fund – Growth

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class A Shares:JGCAX
This semiannual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Growth (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Allocation Fund – Growth<br>(Class A Shares/JGCAX) | $23 | 0.44%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$256M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Equity Funds | 63.1 |
| Exchange-Traded Funds (ETFs) | 27.2 |
| Fixed Income Funds | 8.1 |
| Money Markets | 1.5 |
| Other | 0.1 |

---

Top 5 Holdings (% of net assets)

---

| | |
|:---|:---|
| Janus Henderson Overseas Fund - Class N Shares | 14.4 |
| Vanguard FTSE Emerging Markets | 11.9 |
| Janus Henderson Research Fund - Class N Shares | 11.6 |
| Janus Henderson Growth and Income Fund - Class N Shares | 9.4 |
| Janus Henderson European Focus Fund - Class N Shares | 8.9 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Global Allocation Fund – Growth

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class C Shares:JGCCX
This semiannual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Growth (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Allocation Fund – Growth<br>(Class C Shares/JGCCX) | $60 | 1.14%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$256M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Equity Funds | 63.1 |
| Exchange-Traded Funds (ETFs) | 27.2 |
| Fixed Income Funds | 8.1 |
| Money Markets | 1.5 |
| Other | 0.1 |

---

Top 5 Holdings (% of net assets)

---

| | |
|:---|:---|
| Janus Henderson Overseas Fund - Class N Shares | 14.4 |
| Vanguard FTSE Emerging Markets | 11.9 |
| Janus Henderson Research Fund - Class N Shares | 11.6 |
| Janus Henderson Growth and Income Fund - Class N Shares | 9.4 |
| Janus Henderson European Focus Fund - Class N Shares | 8.9 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70960I 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Global Allocation Fund – Growth

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class D Shares:JNSGX
This semiannual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Growth (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Allocation Fund – Growth<br>(Class D Shares/JNSGX) | $14 | 0.26%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$256M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Equity Funds | 63.1 |
| Exchange-Traded Funds (ETFs) | 27.2 |
| Fixed Income Funds | 8.1 |
| Money Markets | 1.5 |
| Other | 0.1 |

---

Top 5 Holdings (% of net assets)

---

| | |
|:---|:---|
| Janus Henderson Overseas Fund - Class N Shares | 14.4 |
| Vanguard FTSE Emerging Markets | 11.9 |
| Janus Henderson Research Fund - Class N Shares | 11.6 |
| Janus Henderson Growth and Income Fund - Class N Shares | 9.4 |
| Janus Henderson European Focus Fund - Class N Shares | 8.9 |

---

Where can I find more information?

![QR Code - Individual Investor](images_1805.jpg)

At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-525-3713.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Global Allocation Fund – Growth

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class I Shares:JGCIX
This semiannual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Growth (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Allocation Fund – Growth<br>(Class I Shares/JGCIX) | $12 | 0.22%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$256M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Equity Funds | 63.1 |
| Exchange-Traded Funds (ETFs) | 27.2 |
| Fixed Income Funds | 8.1 |
| Money Markets | 1.5 |
| Other | 0.1 |

---

Top 5 Holdings (% of net assets)

---

| | |
|:---|:---|
| Janus Henderson Overseas Fund - Class N Shares | 14.4 |
| Vanguard FTSE Emerging Markets | 11.9 |
| Janus Henderson Research Fund - Class N Shares | 11.6 |
| Janus Henderson Growth and Income Fund - Class N Shares | 9.4 |
| Janus Henderson European Focus Fund - Class N Shares | 8.9 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70961N 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Global Allocation Fund – Growth

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class S Shares:JGCSX
This semiannual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Growth (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Allocation Fund – Growth<br>(Class S Shares/JGCSX) | $33 | 0.62%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$256M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Equity Funds | 63.1 |
| Exchange-Traded Funds (ETFs) | 27.2 |
| Fixed Income Funds | 8.1 |
| Money Markets | 1.5 |
| Other | 0.1 |

---

Top 5 Holdings (% of net assets)

---

| | |
|:---|:---|
| Janus Henderson Overseas Fund - Class N Shares | 14.4 |
| Vanguard FTSE Emerging Markets | 11.9 |
| Janus Henderson Research Fund - Class N Shares | 11.6 |
| Janus Henderson Growth and Income Fund - Class N Shares | 9.4 |
| Janus Henderson European Focus Fund - Class N Shares | 8.9 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Global Allocation Fund – Growth

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class T Shares:JSPGX
This semiannual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Growth (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Allocation Fund – Growth<br>(Class T Shares/JSPGX) | $18 | 0.34%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$256M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Equity Funds | 63.1 |
| Exchange-Traded Funds (ETFs) | 27.2 |
| Fixed Income Funds | 8.1 |
| Money Markets | 1.5 |
| Other | 0.1 |

---

Top 5 Holdings (% of net assets)

---

| | |
|:---|:---|
| Janus Henderson Overseas Fund - Class N Shares | 14.4 |
| Vanguard FTSE Emerging Markets | 11.9 |
| Janus Henderson Research Fund - Class N Shares | 11.6 |
| Janus Henderson Growth and Income Fund - Class N Shares | 9.4 |
| Janus Henderson European Focus Fund - Class N Shares | 8.9 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70962S 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Global Allocation Fund – Moderate

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class A Shares:JMOAX
This semiannual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Moderate (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Allocation Fund – Moderate<br>(Class A Shares/JMOAX) | $22 | 0.43%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$208M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Equity Funds | 49.1 |
| Exchange-Traded Funds (ETFs) | 30.8 |
| Fixed Income Funds | 18.4 |
| Money Markets | 1.7 |
| Other | 0.0 |

---

Top 5 Holdings (% of net assets)

---

| | |
|:---|:---|
| Janus Henderson Overseas Fund - Class N Shares | 11.2 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 10.2 |
| iShares Core International Aggregate Bond | 9.9 |
| Vanguard FTSE Emerging Markets | 9.3 |
| Janus Henderson Research Fund - Class N Shares | 9.1 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Global Allocation Fund – Moderate

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class C Shares:JMOCX
This semiannual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Moderate (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Allocation Fund – Moderate<br>(Class C Shares/JMOCX) | $61 | 1.18%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$208M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Equity Funds | 49.1 |
| Exchange-Traded Funds (ETFs) | 30.8 |
| Fixed Income Funds | 18.4 |
| Money Markets | 1.7 |
| Other | 0.0 |

---

Top 5 Holdings (% of net assets)

---

| | |
|:---|:---|
| Janus Henderson Overseas Fund - Class N Shares | 11.2 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 10.2 |
| iShares Core International Aggregate Bond | 9.9 |
| Vanguard FTSE Emerging Markets | 9.3 |
| Janus Henderson Research Fund - Class N Shares | 9.1 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70963T 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Global Allocation Fund – Moderate

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class D Shares:JNSMX
This semiannual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Moderate (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Allocation Fund – Moderate<br>(Class D Shares/JNSMX) | $13 | 0.24%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$208M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Equity Funds | 49.1 |
| Exchange-Traded Funds (ETFs) | 30.8 |
| Fixed Income Funds | 18.4 |
| Money Markets | 1.7 |
| Other | 0.0 |

---

Top 5 Holdings (% of net assets)

---

| | |
|:---|:---|
| Janus Henderson Overseas Fund - Class N Shares | 11.2 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 10.2 |
| iShares Core International Aggregate Bond | 9.9 |
| Vanguard FTSE Emerging Markets | 9.3 |
| Janus Henderson Research Fund - Class N Shares | 9.1 |

---

Where can I find more information?

![QR Code - Individual Investor](images_1805.jpg)

At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-525-3713.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Global Allocation Fund – Moderate

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class I Shares:JMOIX
This semiannual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Moderate (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Allocation Fund – Moderate<br>(Class I Shares/JMOIX) | $11 | 0.22%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$208M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Equity Funds | 49.1 |
| Exchange-Traded Funds (ETFs) | 30.8 |
| Fixed Income Funds | 18.4 |
| Money Markets | 1.7 |
| Other | 0.0 |

---

Top 5 Holdings (% of net assets)

---

| | |
|:---|:---|
| Janus Henderson Overseas Fund - Class N Shares | 11.2 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 10.2 |
| iShares Core International Aggregate Bond | 9.9 |
| Vanguard FTSE Emerging Markets | 9.3 |
| Janus Henderson Research Fund - Class N Shares | 9.1 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70964A 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Global Allocation Fund – Moderate

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class S Shares:JMOSX
This semiannual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Moderate (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Allocation Fund – Moderate<br>(Class S Shares/JMOSX) | $33 | 0.64%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$208M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Equity Funds | 49.1 |
| Exchange-Traded Funds (ETFs) | 30.8 |
| Fixed Income Funds | 18.4 |
| Money Markets | 1.7 |
| Other | 0.0 |

---

Top 5 Holdings (% of net assets)

---

| | |
|:---|:---|
| Janus Henderson Overseas Fund - Class N Shares | 11.2 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 10.2 |
| iShares Core International Aggregate Bond | 9.9 |
| Vanguard FTSE Emerging Markets | 9.3 |
| Janus Henderson Research Fund - Class N Shares | 9.1 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Global Allocation Fund – Moderate

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class T Shares:JSPMX
This semiannual shareholder report contains important information about the Janus Henderson Global Allocation Fund – Moderate (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Allocation Fund – Moderate<br>(Class T Shares/JSPMX) | $17 | 0.33%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$208M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Equity Funds | 49.1 |
| Exchange-Traded Funds (ETFs) | 30.8 |
| Fixed Income Funds | 18.4 |
| Money Markets | 1.7 |
| Other | 0.0 |

---

Top 5 Holdings (% of net assets)

---

| | |
|:---|:---|
| Janus Henderson Overseas Fund - Class N Shares | 11.2 |
| Janus Henderson Flexible Bond Fund - Class N Shares | 10.2 |
| iShares Core International Aggregate Bond | 9.9 |
| Vanguard FTSE Emerging Markets | 9.3 |
| Janus Henderson Research Fund - Class N Shares | 9.1 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70965C 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Government Money Market Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### American Cancer Society Support – Class D Shares:ACDXX
This semiannual shareholder report contains important information about the Janus Henderson Government Money Market Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Government Money Market Fund<br>(American Cancer Society Support – Class D Shares/ACDXX) | $17 | 0.33%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$472M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 36.3 |
| U.S. Government Agency Notes | 36.3 |
| U.S. Treasury Debt | 14.7 |
| Variable Rate Demand Notes | 12.6 |
| Other | 0.1 |

---

Where can I find more information?

![QR Code - Individual Investor](images_1805.jpg)

At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-525-3713.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Government Money Market Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### American Cancer Society Support - Class I Shares:ACJXX
This semiannual shareholder report contains important information about the Janus Henderson Government Money Market Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Government Money Market Fund<br>(American Cancer Society Support - Class I Shares/ACJXX) | $11 | 0.21%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$472M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 36.3 |
| U.S. Government Agency Notes | 36.3 |
| U.S. Treasury Debt | 14.7 |
| Variable Rate Demand Notes | 12.6 |
| Other | 0.1 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 225-70-70966D 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Government Money Market Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### American Cancer Society Support - Class N Shares:ACOXX
This semiannual shareholder report contains important information about the Janus Henderson Government Money Market Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Government Money Market Fund<br>(American Cancer Society Support - Class N Shares/ACOXX) | $10 | 0.20%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$472M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 36.3 |
| U.S. Government Agency Notes | 36.3 |
| U.S. Treasury Debt | 14.7 |
| Variable Rate Demand Notes | 12.6 |
| Other | 0.1 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Government Money Market Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### American Cancer Society Support – Class T Shares:ACTXX
This semiannual shareholder report contains important information about the Janus Henderson Government Money Market Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Government Money Market Fund<br>(American Cancer Society Support – Class T Shares/ACTXX) | $23 | 0.46%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$472M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 36.3 |
| U.S. Government Agency Notes | 36.3 |
| U.S. Treasury Debt | 14.7 |
| Variable Rate Demand Notes | 12.6 |
| Other | 0.1 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70967I 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson High-Yield Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class A Shares:JHYAX
This semiannual shareholder report contains important information about the Janus Henderson High-Yield Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson High-Yield Fund<br>(Class A Shares/JHYAX) | $48 | 0.94%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$699M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;5.1 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;2.7 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 88.5 |
| Bank Loans and Mezzanine Loans | 5.4 |
| Common Stocks | 2.5 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 2.0 |
| Foreign Government Bonds | 0.3 |
| Other | (0.8) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aa | 0.9 |
| Baa | 0.1 |
| Ba | 37.8 |
| B | 45.7 |
| Caa | 7.3 |
| Not Rated | 3.8 |
| Other | 4.4 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_373358.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson High-Yield Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class C Shares:JDHCX
This semiannual shareholder report contains important information about the Janus Henderson High-Yield Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson High-Yield Fund<br>(Class C Shares/JDHCX) | $86 | 1.67%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$699M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;5.1 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;2.7 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 88.5 |
| Bank Loans and Mezzanine Loans | 5.4 |
| Common Stocks | 2.5 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 2.0 |
| Foreign Government Bonds | 0.3 |
| Other | (0.8) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aa | 0.9 |
| Baa | 0.1 |
| Ba | 37.8 |
| B | 45.7 |
| Caa | 7.3 |
| Not Rated | 3.8 |
| Other | 4.4 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_373378.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70968N 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson High-Yield Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class D Shares:JNHYX
This semiannual shareholder report contains important information about the Janus Henderson High-Yield Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson High-Yield Fund<br>(Class D Shares/JNHYX) | $39 | 0.75%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$699M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;5.1 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;2.7 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 88.5 |
| Bank Loans and Mezzanine Loans | 5.4 |
| Common Stocks | 2.5 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 2.0 |
| Foreign Government Bonds | 0.3 |
| Other | (0.8) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aa | 0.9 |
| Baa | 0.1 |
| Ba | 37.8 |
| B | 45.7 |
| Caa | 7.3 |
| Not Rated | 3.8 |
| Other | 4.4 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_373399.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Individual Investor](images_1805.jpg)

At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-525-3713.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson High-Yield Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class I Shares:JHYFX
This semiannual shareholder report contains important information about the Janus Henderson High-Yield Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson High-Yield Fund<br>(Class I Shares/JHYFX) | $39 | 0.76%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$699M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;5.1 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;2.7 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 88.5 |
| Bank Loans and Mezzanine Loans | 5.4 |
| Common Stocks | 2.5 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 2.0 |
| Foreign Government Bonds | 0.3 |
| Other | (0.8) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aa | 0.9 |
| Baa | 0.1 |
| Ba | 37.8 |
| B | 45.7 |
| Caa | 7.3 |
| Not Rated | 3.8 |
| Other | 4.4 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_373420.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70969R 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson High-Yield Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class N Shares:JHYNX
This semiannual shareholder report contains important information about the Janus Henderson High-Yield Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson High-Yield Fund<br>(Class N Shares/JHYNX) | $33 | 0.64%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$699M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;5.1 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;2.7 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 88.5 |
| Bank Loans and Mezzanine Loans | 5.4 |
| Common Stocks | 2.5 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 2.0 |
| Foreign Government Bonds | 0.3 |
| Other | (0.8) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aa | 0.9 |
| Baa | 0.1 |
| Ba | 37.8 |
| B | 45.7 |
| Caa | 7.3 |
| Not Rated | 3.8 |
| Other | 4.4 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_373442.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson High-Yield Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class R Shares:JHYRX
This semiannual shareholder report contains important information about the Janus Henderson High-Yield Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson High-Yield Fund<br>(Class R Shares/JHYRX) | $72 | 1.39%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$699M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;5.1 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;2.7 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 88.5 |
| Bank Loans and Mezzanine Loans | 5.4 |
| Common Stocks | 2.5 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 2.0 |
| Foreign Government Bonds | 0.3 |
| Other | (0.8) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aa | 0.9 |
| Baa | 0.1 |
| Ba | 37.8 |
| B | 45.7 |
| Caa | 7.3 |
| Not Rated | 3.8 |
| Other | 4.4 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_373463.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70970S 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson High-Yield Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class S Shares:JDHYX
This semiannual shareholder report contains important information about the Janus Henderson High-Yield Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson High-Yield Fund<br>(Class S Shares/JDHYX) | $58 | 1.13%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$699M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;5.1 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;2.7 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 88.5 |
| Bank Loans and Mezzanine Loans | 5.4 |
| Common Stocks | 2.5 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 2.0 |
| Foreign Government Bonds | 0.3 |
| Other | (0.8) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aa | 0.9 |
| Baa | 0.1 |
| Ba | 37.8 |
| B | 45.7 |
| Caa | 7.3 |
| Not Rated | 3.8 |
| Other | 4.4 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_373679.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson High-Yield Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class T Shares:JAHYX
This semiannual shareholder report contains important information about the Janus Henderson High-Yield Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson High-Yield Fund<br>(Class T Shares/JAHYX) | $45 | 0.88%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$699M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;5.1 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;2.7 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Corporate Bonds | 88.5 |
| Bank Loans and Mezzanine Loans | 5.4 |
| Common Stocks | 2.5 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 2.0 |
| Foreign Government Bonds | 0.3 |
| Other | (0.8) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aa | 0.9 |
| Baa | 0.1 |
| Ba | 37.8 |
| B | 45.7 |
| Caa | 7.3 |
| Not Rated | 3.8 |
| Other | 4.4 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_373700.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70971T 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson International Dividend Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class A Shares:HDAVX
This semiannual shareholder report contains important information about the Janus Henderson International Dividend Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** |
| Janus Henderson International Dividend Fund<br>(Class A Shares/HDAVX) | $60 1.15%<sup>\*</sup> |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$257M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tokyo Electron Ltd | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA (REG) | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 3.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 94.2 |
| Preferred Stocks | 3.9 |
| Investment Companies | 1.1 |
| Other | 0.8 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_372393.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson International Dividend Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class C Shares:HDCVX
This semiannual shareholder report contains important information about the Janus Henderson International Dividend Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** |
| Janus Henderson International Dividend Fund<br>(Class C Shares/HDCVX) | $97 1.86%<sup>\*</sup> |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$257M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tokyo Electron Ltd | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA (REG) | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 3.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 94.2 |
| Preferred Stocks | 3.9 |
| Investment Companies | 1.1 |
| Other | 0.8 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_372415.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70972A 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson International Dividend Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class D Shares:HDDVX
This semiannual shareholder report contains important information about the Janus Henderson International Dividend Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** |
| Janus Henderson International Dividend Fund<br>(Class D Shares/HDDVX) | $49 0.94%<sup>\*</sup> |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$257M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tokyo Electron Ltd | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA (REG) | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 3.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 94.2 |
| Preferred Stocks | 3.9 |
| Investment Companies | 1.1 |
| Other | 0.8 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_372436.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1805.jpg)

At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-525-3713.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson International Dividend Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class I Shares:HDIVX
This semiannual shareholder report contains important information about the Janus Henderson International Dividend Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** |
| Janus Henderson International Dividend Fund<br>(Class I Shares/HDIVX) | $48 0.92%<sup>\*</sup> |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$257M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tokyo Electron Ltd | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA (REG) | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 3.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 94.2 |
| Preferred Stocks | 3.9 |
| Investment Companies | 1.1 |
| Other | 0.8 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_372457.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70973C 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson International Dividend Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class N Shares:HDRVX
This semiannual shareholder report contains important information about the Janus Henderson International Dividend Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** |
| Janus Henderson International Dividend Fund<br>(Class N Shares/HDRVX) | $43 0.83%<sup>\*</sup> |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$257M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tokyo Electron Ltd | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA (REG) | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 3.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 94.2 |
| Preferred Stocks | 3.9 |
| Investment Companies | 1.1 |
| Other | 0.8 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_372477.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson International Dividend Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class S Shares:HDQVX
This semiannual shareholder report contains important information about the Janus Henderson International Dividend Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** |
| Janus Henderson International Dividend Fund<br>(Class S Shares/HDQVX) | $58 1.12%<sup>\*</sup> |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$257M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tokyo Electron Ltd | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA (REG) | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 3.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 94.2 |
| Preferred Stocks | 3.9 |
| Investment Companies | 1.1 |
| Other | 0.8 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_372498.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 225-70-70974D 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson International Dividend Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class T Shares:HDTVX
This semiannual shareholder report contains important information about the Janus Henderson International Dividend Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** |
| Janus Henderson International Dividend Fund<br>(Class T Shares/HDTVX) | $56 1.07%<sup>\*</sup> |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$257M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tokyo Electron Ltd | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA (REG) | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | 3.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 94.2 |
| Preferred Stocks | 3.9 |
| Investment Companies | 1.1 |
| Other | 0.8 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_372520.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Mid Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class A Shares:JDPAX
This semiannual shareholder report contains important information about the Janus Henderson Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Mid Cap Value Fund<br>(Class A Shares/JDPAX) | $50 | 0.96%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,919M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Energy Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Re Group Ltd | 2.3 |

---

Asset Allocation (% of net assets)

Common Stocks 97.8 <br> Repurchase Agreements 2.2 <br> Other 0.0

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371694.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70975I 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Mid Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class C Shares:JMVCX
This semiannual shareholder report contains important information about the Janus Henderson Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Mid Cap Value Fund<br>(Class C Shares/JMVCX) | $86 | 1.66%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,919M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Energy Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Re Group Ltd | 2.3 |

---

Asset Allocation (% of net assets)

Common Stocks 97.8 <br> Repurchase Agreements 2.2 <br> Other 0.0

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371715.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Mid Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class D Shares:JNMCX
This semiannual shareholder report contains important information about the Janus Henderson Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Mid Cap Value Fund<br>(Class D Shares/JNMCX) | $37 | 0.71%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,919M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Energy Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Re Group Ltd | 2.3 |

---

Asset Allocation (% of net assets)

Common Stocks 97.8 <br> Repurchase Agreements 2.2 <br> Other 0.0

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371735.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1805.jpg)

At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-525-3713.

Janus Investment Fund 125-70-70976S 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Mid Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class I Shares:JMVAX
This semiannual shareholder report contains important information about the Janus Henderson Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Mid Cap Value Fund<br>(Class I Shares/JMVAX) | $36 | 0.69%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,919M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Energy Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Re Group Ltd | 2.3 |

---

Asset Allocation (% of net assets)

Common Stocks 97.8 <br> Repurchase Agreements 2.2 <br> Other 0.0

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371756.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Mid Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class N Shares:JDPNX
This semiannual shareholder report contains important information about the Janus Henderson Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Mid Cap Value Fund<br>(Class N Shares/JDPNX) | $30 | 0.58%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,919M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Energy Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Re Group Ltd | 2.3 |

---

Asset Allocation (% of net assets)

Common Stocks 97.8 <br> Repurchase Agreements 2.2 <br> Other 0.0

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371610.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70977T 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Mid Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class R Shares:JDPRX
This semiannual shareholder report contains important information about the Janus Henderson Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Mid Cap Value Fund<br>(Class R Shares/JDPRX) | $69 | 1.34%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,919M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Energy Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Re Group Ltd | 2.3 |

---

Asset Allocation (% of net assets)

Common Stocks 97.8 <br> Repurchase Agreements 2.2 <br> Other 0.0

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371631.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Mid Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class S Shares:JMVIX
This semiannual shareholder report contains important information about the Janus Henderson Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Mid Cap Value Fund<br>(Class S Shares/JMVIX) | $56 | 1.09%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,919M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Energy Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Re Group Ltd | 2.3 |

---

Asset Allocation (% of net assets)

Common Stocks 97.8 <br> Repurchase Agreements 2.2 <br> Other 0.0

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371651.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70978A 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Mid Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class T Shares:JMCVX
This semiannual shareholder report contains important information about the Janus Henderson Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Mid Cap Value Fund<br>(Class T Shares/JMCVX) | $42 | 0.82%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,919M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Energy Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Re Group Ltd | 2.3 |

---

Asset Allocation (% of net assets)

Common Stocks 97.8 <br> Repurchase Agreements 2.2 <br> Other 0.0

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371672.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Money Market Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class D Shares:JNMXX
This semiannual shareholder report contains important information about the Janus Henderson Money Market Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Money Market Fund<br>(Class D Shares/JNMXX) | $20 | 0.39%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,306M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 38.5 |
| Commercial Paper | 37.2 |
| Variable Rate Demand Notes | 14.0 |
| U.S. Government Agency Notes | 5.3 |
| U.S. Treasury Debt | 3.8 |
| Certificates of Deposit | 1.1 |
| Other | 0.1 |

---

Where can I find more information?

![QR Code - Individual Investor](images_1805.jpg)

At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-525-3713.

Janus Investment Fund 125-70-70979C 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Money Market Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class T Shares:JAMXX
This semiannual shareholder report contains important information about the Janus Henderson Money Market Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Money Market Fund<br>(Class T Shares/JAMXX) | $25 | 0.49%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,306M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |

---

What did the Fund invest in?

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 38.5 |
| Commercial Paper | 37.2 |
| Variable Rate Demand Notes | 14.0 |
| U.S. Government Agency Notes | 5.3 |
| U.S. Treasury Debt | 3.8 |
| Certificates of Deposit | 1.1 |
| Other | 0.1 |

---

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Multi-Sector Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class A Shares:JMUAX
This semiannual shareholder report contains important information about the Janus Henderson Multi-Sector Income Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Multi-Sector Income Fund<br>(Class A Shares/JMUAX) | $44 | 0.85%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,589M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;6.2 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;3.4 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 46.6 |
| Corporate Bonds | 33.4 |
| Mortgage-Backed Securities | 21.8 |
| Bank Loans and Mezzanine Loans | 10.1 |
| Investment Companies | 7.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.4 |
| Private Preferred Equity | 0.3 |
| Private Placements | 0.1 |
| Preferred Stocks | 0.1 |
| Common Stocks | 0.1 |
| Promissory Notes | 0.0 |
| Other | (21.8) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 11.5 |
| Aa | 22.3 |
| A | 3.4 |
| Baa | 12.1 |
| Ba | 21.7 |
| B | 21.9 |
| Caa | 2.2 |
| Not Rated | 22.7 |
| Other | (17.8) |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372078.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 225-70-70980D 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Multi-Sector Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class C Shares:JMUCX
This semiannual shareholder report contains important information about the Janus Henderson Multi-Sector Income Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Multi-Sector Income Fund<br>(Class C Shares/JMUCX) | $81 | 1.58%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,589M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;6.2 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;3.4 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 46.6 |
| Corporate Bonds | 33.4 |
| Mortgage-Backed Securities | 21.8 |
| Bank Loans and Mezzanine Loans | 10.1 |
| Investment Companies | 7.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.4 |
| Private Preferred Equity | 0.3 |
| Private Placements | 0.1 |
| Preferred Stocks | 0.1 |
| Common Stocks | 0.1 |
| Promissory Notes | 0.0 |
| Other | (21.8) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 11.5 |
| Aa | 22.3 |
| A | 3.4 |
| Baa | 12.1 |
| Ba | 21.7 |
| B | 21.9 |
| Caa | 2.2 |
| Not Rated | 22.7 |
| Other | (17.8) |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372099.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Multi-Sector Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class D Shares:JMUDX
This semiannual shareholder report contains important information about the Janus Henderson Multi-Sector Income Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Multi-Sector Income Fund<br>(Class D Shares/JMUDX) | $35 | 0.67%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,589M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;6.2 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;3.4 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 46.6 |
| Corporate Bonds | 33.4 |
| Mortgage-Backed Securities | 21.8 |
| Bank Loans and Mezzanine Loans | 10.1 |
| Investment Companies | 7.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.4 |
| Private Preferred Equity | 0.3 |
| Private Placements | 0.1 |
| Preferred Stocks | 0.1 |
| Common Stocks | 0.1 |
| Promissory Notes | 0.0 |
| Other | (21.8) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 11.5 |
| Aa | 22.3 |
| A | 3.4 |
| Baa | 12.1 |
| Ba | 21.7 |
| B | 21.9 |
| Caa | 2.2 |
| Not Rated | 22.7 |
| Other | (17.8) |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372121.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Individual Investor](images_1805.jpg)

At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-525-3713.

Janus Investment Fund 125-70-70981I 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Multi-Sector Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class I Shares:JMUIX
This semiannual shareholder report contains important information about the Janus Henderson Multi-Sector Income Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Multi-Sector Income Fund<br>(Class I Shares/JMUIX) | $32 | 0.63%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,589M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;6.2 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;3.4 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 46.6 |
| Corporate Bonds | 33.4 |
| Mortgage-Backed Securities | 21.8 |
| Bank Loans and Mezzanine Loans | 10.1 |
| Investment Companies | 7.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.4 |
| Private Preferred Equity | 0.3 |
| Private Placements | 0.1 |
| Preferred Stocks | 0.1 |
| Common Stocks | 0.1 |
| Promissory Notes | 0.0 |
| Other | (21.8) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 11.5 |
| Aa | 22.3 |
| A | 3.4 |
| Baa | 12.1 |
| Ba | 21.7 |
| B | 21.9 |
| Caa | 2.2 |
| Not Rated | 22.7 |
| Other | (17.8) |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372142.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Multi-Sector Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class N Shares:JMTNX
This semiannual shareholder report contains important information about the Janus Henderson Multi-Sector Income Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Multi-Sector Income Fund<br>(Class N Shares/JMTNX) | $28 | 0.54%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,589M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;6.2 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;3.4 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 46.6 |
| Corporate Bonds | 33.4 |
| Mortgage-Backed Securities | 21.8 |
| Bank Loans and Mezzanine Loans | 10.1 |
| Investment Companies | 7.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.4 |
| Private Preferred Equity | 0.3 |
| Private Placements | 0.1 |
| Preferred Stocks | 0.1 |
| Common Stocks | 0.1 |
| Promissory Notes | 0.0 |
| Other | (21.8) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 11.5 |
| Aa | 22.3 |
| A | 3.4 |
| Baa | 12.1 |
| Ba | 21.7 |
| B | 21.9 |
| Caa | 2.2 |
| Not Rated | 22.7 |
| Other | (17.8) |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372163.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70982S 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Multi-Sector Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class S Shares:JMUSX
This semiannual shareholder report contains important information about the Janus Henderson Multi-Sector Income Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Multi-Sector Income Fund<br>(Class S Shares/JMUSX) | $55 | 1.07%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,589M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;6.2 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;3.4 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 46.6 |
| Corporate Bonds | 33.4 |
| Mortgage-Backed Securities | 21.8 |
| Bank Loans and Mezzanine Loans | 10.1 |
| Investment Companies | 7.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.4 |
| Private Preferred Equity | 0.3 |
| Private Placements | 0.1 |
| Preferred Stocks | 0.1 |
| Common Stocks | 0.1 |
| Promissory Notes | 0.0 |
| Other | (21.8) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 11.5 |
| Aa | 22.3 |
| A | 3.4 |
| Baa | 12.1 |
| Ba | 21.7 |
| B | 21.9 |
| Caa | 2.2 |
| Not Rated | 22.7 |
| Other | (17.8) |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372183.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Multi-Sector Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class T Shares:JMUTX
This semiannual shareholder report contains important information about the Janus Henderson Multi-Sector Income Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Multi-Sector Income Fund<br>(Class T Shares/JMUTX) | $40 | 0.78%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,589M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;6.2 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;3.4 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 46.6 |
| Corporate Bonds | 33.4 |
| Mortgage-Backed Securities | 21.8 |
| Bank Loans and Mezzanine Loans | 10.1 |
| Investment Companies | 7.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.4 |
| Private Preferred Equity | 0.3 |
| Private Placements | 0.1 |
| Preferred Stocks | 0.1 |
| Common Stocks | 0.1 |
| Promissory Notes | 0.0 |
| Other | (21.8) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 11.5 |
| Aa | 22.3 |
| A | 3.4 |
| Baa | 12.1 |
| Ba | 21.7 |
| B | 21.9 |
| Caa | 2.2 |
| Not Rated | 22.7 |
| Other | (17.8) |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372204.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70983T 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Short Duration Flexible Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class A Shares:JSHAX
This semiannual shareholder report contains important information about the Janus Henderson Short Duration Flexible Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Short Duration Flexible Bond Fund<br>(Class A Shares/JSHAX) | $36 | 0.70%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$733M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;3.2 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;2.1 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 44.0 |
| Corporate Bonds | 24.3 |
| United States Treasury Notes/Bonds | 22.2 |
| Bank Loans and Mezzanine Loans | 3.9 |
| Mortgage-Backed Securities | 3.7 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.2 |
| Other | (0.4) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 24.2 |
| Aa | 30.0 |
| A | 11.6 |
| Baa | 14.7 |
| Ba | 9.1 |
| B | 1.3 |
| Caa | 0.1 |
| Not Rated | 8.1 |
| Other | 0.9 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_371932.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Short Duration Flexible Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class C Shares:JSHCX
This semiannual shareholder report contains important information about the Janus Henderson Short Duration Flexible Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Short Duration Flexible Bond Fund<br>(Class C Shares/JSHCX) | $71 | 1.39%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$733M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;3.2 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;2.1 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 44.0 |
| Corporate Bonds | 24.3 |
| United States Treasury Notes/Bonds | 22.2 |
| Bank Loans and Mezzanine Loans | 3.9 |
| Mortgage-Backed Securities | 3.7 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.2 |
| Other | (0.4) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 24.2 |
| Aa | 30.0 |
| A | 11.6 |
| Baa | 14.7 |
| Ba | 9.1 |
| B | 1.3 |
| Caa | 0.1 |
| Not Rated | 8.1 |
| Other | 0.9 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_371953.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70984A 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Short Duration Flexible Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class D Shares:JNSTX
This semiannual shareholder report contains important information about the Janus Henderson Short Duration Flexible Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Short Duration Flexible Bond Fund<br>(Class D Shares/JNSTX) | $27 | 0.52%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$733M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;3.2 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;2.1 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 44.0 |
| Corporate Bonds | 24.3 |
| United States Treasury Notes/Bonds | 22.2 |
| Bank Loans and Mezzanine Loans | 3.9 |
| Mortgage-Backed Securities | 3.7 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.2 |
| Other | (0.4) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 24.2 |
| Aa | 30.0 |
| A | 11.6 |
| Baa | 14.7 |
| Ba | 9.1 |
| B | 1.3 |
| Caa | 0.1 |
| Not Rated | 8.1 |
| Other | 0.9 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_371973.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Individual Investor](images_1805.jpg)

At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-525-3713.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Short Duration Flexible Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class I Shares:JSHIX
This semiannual shareholder report contains important information about the Janus Henderson Short Duration Flexible Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Short Duration Flexible Bond Fund<br>(Class I Shares/JSHIX) | $24 | 0.46%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$733M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;3.2 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;2.1 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 44.0 |
| Corporate Bonds | 24.3 |
| United States Treasury Notes/Bonds | 22.2 |
| Bank Loans and Mezzanine Loans | 3.9 |
| Mortgage-Backed Securities | 3.7 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.2 |
| Other | (0.4) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 24.2 |
| Aa | 30.0 |
| A | 11.6 |
| Baa | 14.7 |
| Ba | 9.1 |
| B | 1.3 |
| Caa | 0.1 |
| Not Rated | 8.1 |
| Other | 0.9 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_371994.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70985C 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Short Duration Flexible Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class N Shares:JSHNX
This semiannual shareholder report contains important information about the Janus Henderson Short Duration Flexible Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Short Duration Flexible Bond Fund<br>(Class N Shares/JSHNX) | $20 | 0.40%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$733M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;3.2 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;2.1 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 44.0 |
| Corporate Bonds | 24.3 |
| United States Treasury Notes/Bonds | 22.2 |
| Bank Loans and Mezzanine Loans | 3.9 |
| Mortgage-Backed Securities | 3.7 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.2 |
| Other | (0.4) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 24.2 |
| Aa | 30.0 |
| A | 11.6 |
| Baa | 14.7 |
| Ba | 9.1 |
| B | 1.3 |
| Caa | 0.1 |
| Not Rated | 8.1 |
| Other | 0.9 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372015.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Short Duration Flexible Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class S Shares:JSHSX
This semiannual shareholder report contains important information about the Janus Henderson Short Duration Flexible Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Short Duration Flexible Bond Fund<br>(Class S Shares/JSHSX) | $45 | 0.89%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$733M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;3.2 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;2.1 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 44.0 |
| Corporate Bonds | 24.3 |
| United States Treasury Notes/Bonds | 22.2 |
| Bank Loans and Mezzanine Loans | 3.9 |
| Mortgage-Backed Securities | 3.7 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.2 |
| Other | (0.4) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 24.2 |
| Aa | 30.0 |
| A | 11.6 |
| Baa | 14.7 |
| Ba | 9.1 |
| B | 1.3 |
| Caa | 0.1 |
| Not Rated | 8.1 |
| Other | 0.9 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372037.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 225-70-70986D 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Short Duration Flexible Bond Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class T Shares:JASBX
This semiannual shareholder report contains important information about the Janus Henderson Short Duration Flexible Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Short Duration Flexible Bond Fund<br>(Class T Shares/JASBX) | $33 | 0.64%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$733M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;3.2 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;2.1 Years |

---

What did the Fund invest in?

&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 44.0 |
| Corporate Bonds | 24.3 |
| United States Treasury Notes/Bonds | 22.2 |
| Bank Loans and Mezzanine Loans | 3.9 |
| Mortgage-Backed Securities | 3.7 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.2 |
| Other | (0.4) |

---

Ratings Summary (% of net assets)<sup>†</sup>

---

| | |
|:---|:---|
| Aaa | 24.2 |
| Aa | 30.0 |
| A | 11.6 |
| Baa | 14.7 |
| Ba | 9.1 |
| B | 1.3 |
| Caa | 0.1 |
| Not Rated | 8.1 |
| Other | 0.9 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_372058.jpg)

<sup>†</sup>The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Small Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class A Shares:JDSAX
This semiannual shareholder report contains important information about the Janus Henderson Small Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Small Cap Value Fund<br>(Class A Shares/JDSAX) | $59 | 1.10%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,179M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fulton Financial Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp | 2.2 |

---

Asset Allocation (% of net assets)

Common Stocks 98.2 <br> Repurchase Agreements 2.0 <br> Other (0.2)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371421.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70987I 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Small Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class C Shares:JCSCX
This semiannual shareholder report contains important information about the Janus Henderson Small Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Small Cap Value Fund<br>(Class C Shares/JCSCX) | $89 | 1.66%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,179M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fulton Financial Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp | 2.2 |

---

Asset Allocation (% of net assets)

Common Stocks 98.2 <br> Repurchase Agreements 2.0 <br> Other (0.2)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371442.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Small Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class D Shares:JNPSX
This semiannual shareholder report contains important information about the Janus Henderson Small Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Small Cap Value Fund<br>(Class D Shares/JNPSX) | $42 | 0.78%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,179M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fulton Financial Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp | 2.2 |

---

Asset Allocation (% of net assets)

Common Stocks 98.2 <br> Repurchase Agreements 2.0 <br> Other (0.2)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371462.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1805.jpg)

At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-525-3713.

Janus Investment Fund 125-70-70988S 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Small Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class I Shares:JSCOX
This semiannual shareholder report contains important information about the Janus Henderson Small Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Small Cap Value Fund<br>(Class I Shares/JSCOX) | $42 | 0.79%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,179M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fulton Financial Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp | 2.2 |

---

Asset Allocation (% of net assets)

Common Stocks 98.2 <br> Repurchase Agreements 2.0 <br> Other (0.2)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371483.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Small Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class L Shares:JSIVX
This semiannual shareholder report contains important information about the Janus Henderson Small Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Small Cap Value Fund<br>(Class L Shares/JSIVX) | $35 | 0.66%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,179M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fulton Financial Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp | 2.2 |

---

Asset Allocation (% of net assets)

Common Stocks 98.2 <br> Repurchase Agreements 2.0 <br> Other (0.2)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371504.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70989T 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Small Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class N Shares:JDSNX
This semiannual shareholder report contains important information about the Janus Henderson Small Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Small Cap Value Fund<br>(Class N Shares/JDSNX) | $34 | 0.64%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,179M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fulton Financial Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp | 2.2 |

---

Asset Allocation (% of net assets)

Common Stocks 98.2 <br> Repurchase Agreements 2.0 <br> Other (0.2)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371526.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Small Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class R Shares:JDSRX
This semiannual shareholder report contains important information about the Janus Henderson Small Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Small Cap Value Fund<br>(Class R Shares/JDSRX) | $75 | 1.40%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,179M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fulton Financial Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp | 2.2 |

---

Asset Allocation (% of net assets)

Common Stocks 98.2 <br> Repurchase Agreements 2.0 <br> Other (0.2)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371547.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 225-70-70990D 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Small Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class S Shares:JISCX
This semiannual shareholder report contains important information about the Janus Henderson Small Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Small Cap Value Fund<br>(Class S Shares/JISCX) | $62 | 1.16%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,179M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fulton Financial Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp | 2.2 |

---

Asset Allocation (% of net assets)

Common Stocks 98.2 <br> Repurchase Agreements 2.0 <br> Other (0.2)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371567.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Small Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class T Shares:JSCVX
This semiannual shareholder report contains important information about the Janus Henderson Small Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Small Cap Value Fund<br>(Class T Shares/JSCVX) | $48 | 0.89%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,179M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fulton Financial Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp | 2.2 |

---

Asset Allocation (% of net assets)

Common Stocks 98.2 <br> Repurchase Agreements 2.0 <br> Other (0.2)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371588.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-71273I 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Small-Mid Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class A Shares:JVSAX
This semiannual shareholder report contains important information about the Janus Henderson Small-Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Small-Mid Cap Value Fund<br>(Class A Shares/JVSAX) | $59 | 1.11%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$69M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group Inc | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helios Technologies Inc | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 98.2 <br> Repurchase Agreements 1.6 <br> Other 0.2

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_373799.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Small-Mid Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class C Shares:JVSCX
This semiannual shareholder report contains important information about the Janus Henderson Small-Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Small-Mid Cap Value Fund<br>(Class C Shares/JVSCX) | $98 | 1.85%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$69M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group Inc | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helios Technologies Inc | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 98.2 <br> Repurchase Agreements 1.6 <br> Other 0.2

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_373736.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-71274N 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Small-Mid Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class D Shares:JSVDX
This semiannual shareholder report contains important information about the Janus Henderson Small-Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Small-Mid Cap Value Fund<br>(Class D Shares/JSVDX) | $47 | 0.88%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$69M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group Inc | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helios Technologies Inc | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 98.2 <br> Repurchase Agreements 1.6 <br> Other 0.2

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_373775.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1805.jpg)

At janushenderson.com/reports, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-800-525-3713.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Small-Mid Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class I Shares:JVSIX
This semiannual shareholder report contains important information about the Janus Henderson Small-Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Small-Mid Cap Value Fund<br>(Class I Shares/JVSIX) | $45 | 0.86%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$69M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group Inc | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helios Technologies Inc | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 98.2 <br> Repurchase Agreements 1.6 <br> Other 0.2

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_373856.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70991T 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Small-Mid Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class N Shares:JVSNX
This semiannual shareholder report contains important information about the Janus Henderson Small-Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Small-Mid Cap Value Fund<br>(Class N Shares/JVSNX) | $41 | 0.77%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$69M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group Inc | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helios Technologies Inc | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 98.2 <br> Repurchase Agreements 1.6 <br> Other 0.2

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_373787.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Small-Mid Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class S Shares:JSVSX
This semiannual shareholder report contains important information about the Janus Henderson Small-Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Small-Mid Cap Value Fund<br>(Class S Shares/JSVSX) | $56 | 1.06%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$69M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group Inc | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helios Technologies Inc | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 98.2 <br> Repurchase Agreements 1.6 <br> Other 0.2

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_373858.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

Janus Investment Fund 125-70-70992A 02-26

![TSR Front Cover Logo](images_1802.jpg)

#### Janus Henderson Small-Mid Cap Value Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Class T Shares:JSVTX
This semiannual shareholder report contains important information about the Janus Henderson Small-Mid Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

#### What were the costs for the last 6 months?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Small-Mid Cap Value Fund<br>(Class T Shares/JSVTX) | $52 | 0.99%\* |

---

 *<sup>\*</sup>* *Annualized for periods of less than one full year.* 

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$69M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group Inc | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helios Technologies Inc | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 98.2 <br> Repurchase Agreements 1.6 <br> Other 0.2

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_373748.jpg)

Where can I find more information?

![QR Code - Advisor](images_1804.jpg)

At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:

* Prospectus

* Financial information

* Fund holdings

You can also request this information by contacting us at 1-877-335-2687.

------

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

(a) Schedule of Investments is contained in the Reports to Shareholders included under Item 7 of this Form N-CSR.

(b) Not applicable.

------

Item 7 - Financial Statements and Financial Highlights for Open-Ended Management Investment Companies

------

SEMIANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson Absolute Return Income Opportunities Fund**

Janus Investment Fund

![](imgc14944821.gif)

------

**Table of Contents**

**Janus Henderson Absolute Return Income Opportunities Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_54b2fbd0-5a57-4854-8a44-ca1aafda53be_SOI-SOI-RunningFooter-18_1)<br> [Management Investment Companies](#xx_54b2fbd0-5a57-4854-8a44-ca1aafda53be_SOI-SOI-RunningFooter-18_1)<br>|  |
| [Schedule of Investments](#xx_54b2fbd0-5a57-4854-8a44-ca1aafda53be_SOI-SOI-RunningFooter-18_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_54b2fbd0-5a57-4854-8a44-ca1aafda53be_SOI-SOI-RunningFooter-18_10) | 10 |
| [Statement of Assets and Liabilities](#xx_54b2fbd0-5a57-4854-8a44-ca1aafda53be_SAL-SAL-RunningFooter-18_1) | 12 |
| [Statement of Operations](#xx_54b2fbd0-5a57-4854-8a44-ca1aafda53be_SOP-SOP-RunningFooter-18_1) | 14 |
| [Statements of Changes in Net Assets](#xx_54b2fbd0-5a57-4854-8a44-ca1aafda53be_SOC-SOC-RunningFooter-18_1) | 16 |
| [Financial Highlights](#xx_54b2fbd0-5a57-4854-8a44-ca1aafda53be_FIHI-FIHI-RunningFooter-18_1) | 17 |
| [Notes to Financial Statements](#xx_54b2fbd0-5a57-4854-8a44-ca1aafda53be_NTF-NTF-RunningFooter-18_1) | 25 |
| [Items 8-11 - Additional Information](#xx_54b2fbd0-5a57-4854-8a44-ca1aafda53be_AI-AI-RunningFooter-18_1) | 41 |

---

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal or Notional* <br> *Amounts*<br>|  | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – 26.5% |  |  |  |
| Ally Bank Auto Credit-Linked Notes 2024-A B, 5.8270%, 5/17/32<sup>ž</sup> <br>| $118595 |  | $120562 |
| Ally Bank Auto Credit-Linked Notes 2024-B C, 5.2150%, 9/15/32<sup>ž</sup> <br>| 145252 |  | 146572 |
| Bayview Opportunity Master Fund VII 2024-CAR1 C, US 30 Day Average SOFR + <br> 1.5000%, 5.3742%, 12/26/31<sup>ž,</sup><sup>‡</sup> <br>| 236076 |  | 236879 |
| BPR Trust 2024-PMDW D, 5.8500%, 11/5/41<sup>ž,</sup><sup>‡</sup> <br>| 457000 |  | 456013 |
| BX Commercial Mortgage Trust 2024-AIRC C, CME Term SOFR 1 Month + <br> 2.5900%, 6.3401%, 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 491503 |  | 492083 |
| BX Commercial Mortgage Trust 2025-ROIC D, CME Term SOFR 1 Month + <br> 1.9926%, 5.7428%, 3/15/30<sup>ž,</sup><sup>‡</sup> <br>| 498058 |  | 495437 |
| Compass Datacenters Issuer II LLC 2025-1A A1, 5.3160%, 5/25/50<sup>ž</sup> <br>| 250000 |  | 252495 |
| Connecticut Avenue Securities Trust 2021-R01 1M2, US 30 Day Average SOFR <br> + 1.5500%, 5.4242%, 10/25/41<sup>ž,</sup><sup>‡</sup> <br>| 80885 |  | 80990 |
| Connecticut Avenue Securities Trust 2022-R01 1M1, US 30 Day Average SOFR <br> + 1.0000%, 4.8742%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 30524 |  | 30524 |
| Connecticut Avenue Securities Trust 2022-R05 2M1, US 30 Day Average SOFR <br> + 1.9000%, 5.7742%, 4/25/42<sup>ž,</sup><sup>‡</sup> <br>| 10238 |  | 10247 |
| Connecticut Avenue Securities Trust 2023-R04 1M1, US 30 Day Average SOFR <br> + 2.3000%, 6.1742%, 5/25/43<sup>ž,</sup><sup>‡</sup> <br>| 114812 |  | 116821 |
| Connecticut Avenue Securities Trust 2023-R06 1M1, US 30 Day Average SOFR <br> + 1.7000%, 5.5742%, 7/27/43<sup>ž,</sup><sup>‡</sup> <br>| 72616 |  | 72820 |
| Connecticut Avenue Securities Trust 2024-R02 1M1, US 30 Day Average SOFR <br> + 1.1000%, 4.9742%, 2/25/44<sup>ž,</sup><sup>‡</sup> <br>| 20817 |  | 20838 |
| Connecticut Avenue Securities Trust 2024-R03 2M2, US 30 Day Average SOFR <br> + 1.9500%, 5.8242%, 3/25/44<sup>ž,</sup><sup>‡</sup> <br>| 804000 |  | 805861 |
| Connecticut Avenue Securities Trust 2024-R04 1M2, US 30 Day Average SOFR <br> + 1.6500%, 5.5242%, 5/25/44<sup>ž,</sup><sup>‡</sup> <br>| 203137 |  | 203649 |
| Connecticut Avenue Securities Trust 2025-R01 1B1, US 30 Day Average SOFR + <br> 1.7000%, 5.5742%, 1/25/45<sup>ž,</sup><sup>‡</sup> <br>| 172795 |  | 171520 |
| Connecticut Avenue Securities Trust 2025-R01 1M2, US 30 Day Average SOFR <br> + 1.5000%, 5.3742%, 1/25/45<sup>ž,</sup><sup>‡</sup> <br>| 500000 |  | 499659 |
| Connecticut Avenue Securities Trust 2025-R02 1M2, US 30 Day Average SOFR <br> + 1.6000%, 5.4742%, 2/27/45<sup>ž,</sup><sup>‡</sup> <br>| 59000 |  | 58947 |
| Connecticut Avenue Securities Trust 2025-R03 2M2, US 30 Day Average SOFR <br> + 2.2500%, 6.1242%, 3/27/45<sup>ž,</sup><sup>‡</sup> <br>| 57000 |  | 57769 |
| Connecticut Avenue Securities Trust 2025-R04 1M2, US 30 Day Average SOFR <br> + 1.5000%, 5.3742%, 5/25/45<sup>ž,</sup><sup>‡</sup> <br>| 112200 |  | 111795 |
| Credabl Trust 2024-1 A, 30 Day Australian Bank Bill Rate + 1.4500%, 5.0050%, <br> 5/11/45<sup>‡</sup> <br>| 333206 | AUD | 223286 |
| Credabl Trust 2024-1 C, 30 Day Australian Bank Bill Rate + 2.2000%, 5.7550%, <br> 5/11/45<sup>‡</sup> <br>| 573592 | AUD | 384937 |
| DB Master Finance LLC 2021-1A A2I, 2.0450%, 11/20/51<sup>ž</sup> <br>| 120000 |  | 117713 |
| DB Master Finance LLC 2021-1A A2II, 2.4930%, 11/20/51<sup>ž</sup> <br>| 48000 |  | 45409 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 M1, US <br> 30 Day Average SOFR + 0.8500%, 4.7242%, 11/25/41<sup>ž,</sup><sup>‡</sup> <br>| 4586 |  | 4582 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA6 M1A, US <br> 30 Day Average SOFR + 2.1500%, 6.0242%, 9/25/42<sup>ž,</sup><sup>‡</sup> <br>| 22334 |  | 22421 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A, US <br> 30 Day Average SOFR + 2.1000%, 5.9652%, 4/27/43<sup>ž,</sup><sup>‡</sup> <br>| 33140 |  | 33503 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA1 M1A, US <br> 30 Day Average SOFR + 2.0000%, 5.8742%, 5/25/43<sup>ž,</sup><sup>‡</sup> <br>| 58302 |  | 58727 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA2 M1A, US <br> 30 Day Average SOFR + 2.0000%, 5.8742%, 6/25/43<sup>ž,</sup><sup>‡</sup> <br>| 87087 |  | 87313 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 M1, US <br> 30 Day Average SOFR + 1.8500%, 5.7242%, 11/25/43<sup>ž,</sup><sup>‡</sup> <br>| 44652 |  | 44804 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA1 M1, US <br> 30 Day Average SOFR + 1.3500%, 5.2242%, 2/25/44<sup>ž,</sup><sup>‡</sup> <br>| 63948 |  | 64031 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA3 M2, US <br> 30 Day Average SOFR + 1.4500%, 5.3242%, 10/25/44<sup>ž,</sup><sup>‡</sup> <br>| 385462 |  | 385218 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2024-HQA1 M1, US <br> 30 Day Average SOFR + 1.2500%, 5.1242%, 3/25/44<sup>ž,</sup><sup>‡</sup> <br>| 25996 |  | 26002 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal or Notional* <br> *Amounts*<br>|  | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |  |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2024-HQA2 M2, US <br> 30 Day Average SOFR + 1.8000%, 5.6742%, 8/25/44<sup>ž,</sup><sup>‡</sup> <br>| $155000 |  | $155679 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA2 M2, US <br> 30 Day Average SOFR + 1.5000%, 5.3742%, 5/25/45<sup>ž,</sup><sup>‡</sup> <br>| 175912 |  | 175531 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-HQA1 M2, US <br> 30 Day Average SOFR + 1.6500%, 5.5242%, 2/27/45<sup>ž,</sup><sup>‡</sup> <br>| 93136 |  | 92989 |
| FREMF Mortgage Trust 2023-K511 C, 5.6345%, 11/25/28<sup>ž,</sup><sup>‡</sup> <br>| 125000 |  | 117658 |
| Hertz Vehicle Financing LLC 2025-5A B, 4.8700%, 5/25/30<sup>ž</sup> <br>| 750000 |  | 747564 |
| Homeward Opportunities Fund I Trust 2025-RRTL2 A1, 5.2370%, 9/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 107000 |  | 107463 |
| Lex Commercial Loan Master Trust 2024-BBG A, 4.8736%, 10/13/33<sup>ž,</sup><sup>‡</sup> <br>| 250000 |  | 251601 |
| Liberty Funding Pty Ltd 2024-1A A, 30 Day Australian Bank Bill Rate + 1.2000%, <br> 4.7475%, 5/25/32<sup>‡</sup> <br>| 215467 | AUD | 144328 |
| Luxury Lease Partners Auto Lease Trust 2025-A A, 5.5100%, 3/15/32<sup>ž</sup> <br>| 250000 |  | 250567 |
| METRO Finance Trust 2024-1 A, 30 Day Australian Bank Bill Rate + 1.2500%, <br> 4.8075%, 9/17/30<sup>‡</sup> <br>| 298704 | AUD | 200121 |
| Now Trust 2024-1 A, 30 Day Australian Bank Bill Rate + 1.4000%, 4.9475%, <br> 6/14/32<sup>‡</sup> <br>| 197223 | AUD | 132211 |
| Now Trust 2025-1 A, 30 Day Australian Bank Bill Rate + 1.1500%, 4.6975%, <br> 2/14/34<sup>‡</sup> <br>| 354837 | AUD | 236984 |
| NRTH PARK Mortgage Trust 2025-PARK B, CME Term SOFR 1 Month + <br> 1.6429%, 5.3930%, 10/15/40<sup>ž,</sup><sup>‡</sup> <br>| 500000 |  | 501192 |
| Oasis Securitization 2025-1A A, 6.3550%, 8/15/39<sup>ž</sup> <br>| 750000 |  | 755516 |
| Plenti PL-Green ABS Trust 2025-1 D, 30 Day Australian Bank Bill Rate + <br> 1.8000%, 5.3550%, 11/11/36<sup>‡</sup> <br>| 500000 | AUD | 334301 |
| RCKT Trust 2025-1A D, 5.4200%, 7/25/34<sup>ž</sup> <br>| 250000 |  | 246999 |
| Subway Funding LLC 2024-1A A2I, 6.0280%, 7/30/54<sup>ž</sup> <br>| 267300 |  | 271105 |
| Subway Funding LLC 2024-3A A2I, 5.2460%, 7/30/54<sup>ž</sup> <br>| 226710 |  | 224183 |
| Taco Bell Funding LLC 2018-1A A2II, 4.9400%, 11/25/48<sup>ž</sup> <br>| 793039 |  | 792856 |
| Taco Bell Funding LLC 2021-1A A2II, 2.2940%, 8/25/51<sup>ž</sup> <br>| 67793 |  | 62947 |
| The Huntington National Bank 2024-1 B1, 6.1530%, 5/20/32<sup>ž</sup> <br>| 109920 |  | 111630 |
| The Huntington National Bank 2024-2 C, US 30 Day Average SOFR + 2.6000%, <br> 6.5177%, 10/20/32<sup>ž,</sup><sup>‡</sup> <br>| 344632 |  | 346010 |
| The Huntington National Bank 2025-1 C, US 30 Day Average SOFR + 2.2500%, <br> 6.1677%, 3/21/33<sup>ž,</sup><sup>‡</sup> <br>| 181639 |  | 181582 |
| UK Logistics 2024-1A B, SONIA Interest Rate Benchmark + 2.5500%, 6.5370%, <br> 5/17/34<sup>ž,</sup><sup>‡</sup> <br>| 201265 | GBP | 272337 |
| VB-S1 Issuer LLC 2025-1A B, 5.6020%, 8/16/55<sup>ž</sup> <br>| 250000 |  | 250336 |
| Wendy's Funding LLC 2022-1A A2I, 4.2360%, 3/15/52<sup>ž</sup> <br>| 250900 |  | 247762 |
| Wingspire Equipment Finance LLC 2024-1A D, 6.3100%, 9/20/32<sup>ž</sup> <br>| 400000 |  | 407795 |
| Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $13,439,775) |  |  | 13558674 |
| Bank Loans and Mezzanine Loans – 0.5% |  |  |  |
| Technology – 0.5% |  |  |  |
| X Corp, 9.5000%, 10/26/29<sup>ƒ</sup> (cost $250,309) | 250000 |  | 248928 |
| Corporate Bonds – 69.5% |  |  |  |
| Banking – 13.1% |  |  |  |
| Australia & New Zealand Banking Group Ltd, 90 Day Australian Bank Bill Rate + <br> 1.5200%, 5.5450%, 1/15/35<sup>‡</sup> <br>| 1500000 | AUD | 1005494 |
| Australian Central Credit Union Ltd, 90 Day Australian Bank Bill Rate + 2.4000%, <br> 5.9600%, 9/16/31<sup>‡</sup> <br>| 200000 | AUD | 133918 |
| Commonwealth Bank of Australia, 90 Day Australian Bank Bill Rate + 1.3200%, <br> 4.9612%, 8/20/31<sup>‡</sup> <br>| 1500000 | AUD | 1004674 |
| Lloyds Banking Group PLC, 90 Day Australian Bank Bill Rate + 1.6800%, <br> 5.3711%, 3/6/30<sup>‡</sup> <br>| 130000 | AUD | 87995 |
| Macquarie Bank Ltd, 90 Day Australian Bank Bill Rate + 1.5500%, 5.1075%, <br> 6/17/31<sup>‡</sup> <br>| 1700000 | AUD | 1138097 |
| Macquarie Bank Ltd, 90 Day Australian Bank Bill Rate + 1.9500%, 5.5125%, <br> 3/1/34<sup>‡</sup> <br>| 290000 | AUD | 197569 |
| National Australia Bank Ltd, 90 Day Australian Bank Bill Rate + 2.0200%, <br> 5.6739%, 11/18/31<sup>‡</sup> <br>| 2300000 | AUD | 1551158 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal or Notional* <br> *Amounts*<br>|  | *Value* |
| Corporate Bonds – (continued) |  |  |  |
| Banking – (continued) |  |  |  |
| Newcastle Greater Mutual Group Ltd, 90 Day Australian Bank Bill Rate + <br> 1.2500%, 4.7440%, 1/21/30<sup>‡</sup> <br>| 240000 | AUD | $161300 |
| Teachers Mutual Bank Ltd, 90 Day Australian Bank Bill Rate + 1.3000%, <br> 5.0275%, 6/21/27<sup>‡</sup> <br>| 370000 | AUD | 248963 |
| Westpac Banking Corp, 90 Day Australian Bank Bill Rate + 1.8800%, 5.4650%, <br> 4/3/34<sup>‡</sup> <br>| 1200000 | AUD | 818575 |
| Westpac Banking Corp, 90 Day Australian Bank Bill Rate + 1.5200%, 5.3510%, <br> 2/12/35<sup>‡</sup> <br>| 500000 | AUD | 332706 |
|  |  |  | 6680449 |
| Brokerage – 2.4% |  |  |  |
| Citadel Securities Global Holdings LLC, 5.5000%, 6/18/30<sup>ž</sup> <br>| $500000 |  | 513129 |
| Jane Street Group / JSG Finance Inc, 4.5000%, 11/15/29<sup>ž</sup> <br>| 446000 |  | 439248 |
| LPL Holdings Inc, 5.7000%, 5/20/27 | 250000 |  | 254790 |
| LPL Holdings Inc, 4.9000%, 4/3/28 | 45000 |  | 45657 |
|  |  |  | 1252824 |
| Capital Goods – 6.6% |  |  |  |
| Boeing Co/The, 2.1960%, 2/4/26 | 540000 |  | 538972 |
| Boeing Co/The, 6.2590%, 5/1/27 | 250000 |  | 256504 |
| CNH Industrial Capital Australia Pty Ltd, 5.4000%, 5/17/27 | 800000 | AUD | 536354 |
| CNH Industrial Capital Australia Pty Ltd, 4.7000%, 6/20/28 | 400000 | AUD | 263694 |
| ESAB Corp, 6.2500%, 4/15/29<sup>ž</sup> <br>| 250000 |  | 257054 |
| Regal Rexnord Corp, 6.0500%, 2/15/26 | 950000 |  | 951821 |
| Trinity Industries Inc, 7.7500%, 7/15/28<sup>ž</sup> <br>| 477000 |  | 495553 |
| Vertiv Group Corp, 4.1250%, 11/15/28<sup>ž</sup> <br>| 95000 |  | 93833 |
|  |  |  | 3393785 |
| Consumer Cyclical – 12.2% |  |  |  |
| Allison Transmission Inc, 4.7500%, 10/1/27<sup>ž</sup> <br>| 187000 |  | 186745 |
| Carnival Corp, 5.1250%, 5/1/29<sup>ž</sup> <br>| 667000 |  | 674397 |
| Ford Motor Credit Co LLC, 5.9180%, 3/20/28 | 200000 |  | 204639 |
| Ford Motor Credit Co LLC, 5.8000%, 3/5/27 | 375000 |  | 379671 |
| Ford Motor Credit Co LLC, 7.3500%, 11/4/27 | 500000 |  | 521839 |
| General Motors Financial Co Inc, 5.1500%, 8/15/26 | 110000 | GBP | 148928 |
| General Motors Financial Co Inc, 4.2000%, 10/27/28 | 500000 |  | 500711 |
| Gildan Activewear Inc, 4.7000%, 10/7/30<sup>ž</sup> <br>| 198000 |  | 197028 |
| GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29 | 150000 |  | 152611 |
| KB Home, 6.8750%, 6/15/27 | 123000 |  | 125537 |
| LGI Homes Inc, 8.7500%, 12/15/28<sup>ž</sup> <br>| 115000 |  | 119953 |
| Live Nation Entertainment Inc, 6.5000%, 5/15/27<sup>ž</sup> <br>| 188000 |  | 189725 |
| Millrose Properties Inc, 6.3750%, 8/1/30<sup>ž</sup> <br>| 233000 |  | 238411 |
| Royal Caribbean Cruises Ltd, 5.5000%, 8/31/26<sup>ž</sup> <br>| 256000 |  | 256394 |
| Stellantis Financial Services US Corp, 4.9500%, 9/15/28<sup>ž</sup> <br>| 294000 |  | 298040 |
| Taylor Morrison Communities Inc, 5.7500%, 1/15/28<sup>ž</sup> <br>| 126000 |  | 128250 |
| VICI Properties LP, 4.7500%, 4/1/28 | 350000 |  | 353684 |
| VICI Properties LP / Vici Note Co Inc, 4.5000%, 9/1/26<sup>ž</sup> <br>| 150000 |  | 150146 |
| Volkswagen Financial Services NV, 6.5000%, 9/18/27 | 1000000 | GBP | 1388801 |
|  |  |  | 6215510 |
| Consumer Non-Cyclical – 4.9% |  |  |  |
| Mattel Inc, 3.7500%, 4/1/29<sup>ž</sup> <br>| 360000 |  | 350880 |
| Mattel Inc, 5.0000%, 11/17/30 | 163000 |  | 164130 |
| Solventum Corp, 5.4000%, 3/1/29 | 396000 |  | 410129 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.1500%, 10/1/26 | 275000 |  | 271825 |
| Teva Pharmaceutical Finance Netherlands III BV, 6.7500%, 3/1/28 | 490000 |  | 508533 |
| Universal Health Services Inc, 1.6500%, 9/1/26 | 825000 |  | 810998 |
|  |  |  | 2516495 |
| Electric – 3.2% |  |  |  |
| Calpine Corp, 4.5000%, 2/15/28<sup>ž</sup> <br>| 267000 |  | 267177 |
| Calpine Corp, 5.1250%, 3/15/28<sup>ž</sup> <br>| 185000 |  | 185207 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal or Notional* <br> *Amounts*<br>|  | *Value* |
| Corporate Bonds – (continued) |  |  |  |
| Electric – (continued) |  |  |  |
| Liberty Utilities Co, 5.5770%, 1/31/29<sup>ž</sup> <br>| $605000 |  | $624935 |
| NRG Energy Inc, 2.4500%, 12/2/27<sup>ž</sup> <br>| 553000 |  | 534403 |
|  |  |  | 1611722 |
| Energy – 5.3% |  |  |  |
| Cheniere Energy Inc, 4.6250%, 10/15/28 | 375000 |  | 374365 |
| Civitas Resources Inc, 8.3750%, 7/1/28<sup>ž</sup> <br>| 138000 |  | 142194 |
| Columbia Pipelines Holding Company LLC, 6.0550%, 8/15/26<sup>ž</sup> <br>| 125000 |  | 126148 |
| DT Midstream Inc, 4.1250%, 6/15/29<sup>ž</sup> <br>| 130000 |  | 128286 |
| Hess Midstream Operations LP, 5.8750%, 3/1/28<sup>ž</sup> <br>| 344000 |  | 350458 |
| Hess Midstream Operations LP, 5.1250%, 6/15/28<sup>ž</sup> <br>| 383000 |  | 384546 |
| Hess Midstream Operations LP, 6.5000%, 6/1/29<sup>ž</sup> <br>| 89000 |  | 91910 |
| ITT Holdings LLC, 6.5000%, 8/1/29<sup>ž</sup> <br>| 380000 |  | 364668 |
| Repsol E&P Capital Markets US LLC, 4.8050%, 9/16/28<sup>ž</sup> <br>| 200000 |  | 201862 |
| Sunoco LP, 5.6250%, 3/15/31<sup>ž</sup> <br>| 193000 |  | 194414 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 7.3750%, <br> 2/15/29<sup>ž</sup> <br>| 226000 |  | 233585 |
| Viper Energy Partners LLC, 4.9000%, 8/1/30 | 128000 |  | 129468 |
|  |  |  | 2721904 |
| Finance Companies – 7.8% |  |  |  |
| Apollo Debt Solutions BDC, 5.2000%, 12/8/28<sup>ž</sup> <br>| 141000 |  | 140973 |
| Avanti Finance Ltd, 90 Day Australian Bank Bill Rate + 4.8500%, 8.5620%, <br> 9/14/28<sup>‡</sup> <br>| 400000 | AUD | 270075 |
| Aviation Capital Group LLC, 1.9500%, 9/20/26<sup>ž</sup> <br>| 200000 |  | 196739 |
| Blackstone Private Credit Fund, 3.2500%, 3/15/27 | 290000 |  | 285022 |
| Blue Owl Credit Income Corp, 6.5000%, 10/23/27 | 728000 | AUD | 486373 |
| GGAM Finance Ltd, 5.8750%, 3/15/30<sup>ž</sup> <br>| 16000 |  | 16237 |
| Goldman Sachs Private Credit Corp, 5.3750%, 1/31/29<sup>ž</sup> <br>| 192000 |  | 192763 |
| Judo Bank Pty Ltd, 90 Day Australian Bank Bill Rate + 3.3500%, 7.0400%, <br> 10/23/34<sup>‡</sup> <br>| 240000 | AUD | 167622 |
| Macquarie Airfinance Holdings Ltd, 5.2000%, 3/27/28<sup>ž</sup> <br>| 250000 |  | 253775 |
| Macquarie Airfinance Holdings Ltd, 5.1500%, 3/17/30<sup>ž</sup> <br>| 260000 |  | 263567 |
| OneMain Finance Corp, 7.1250%, 3/15/26 | 195000 |  | 196437 |
| OneMain Finance Corp, 3.5000%, 1/15/27 | 321000 |  | 317867 |
| OneMain Finance Corp, 6.1250%, 5/15/30 | 145000 |  | 147840 |
| Rocket Cos Inc, 6.1250%, 8/1/30<sup>ž</sup> <br>| 242000 |  | 250150 |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc, 2.8750%, 10/15/26<sup>ž</sup> <br>| 815000 |  | 803112 |
|  |  |  | 3988552 |
| Financial Institutions – 3.7% |  |  |  |
| Atlas Warehouse Lending Co LP, 6.0500%, 1/15/28<sup>ž</sup> <br>| 500000 |  | 515769 |
| Atlas Warehouse Lending Co LP, 4.6250%, 11/15/28<sup>ž</sup> <br>| 270000 |  | 271013 |
| Atlas Warehouse Lending Co LP, 6.2500%, 1/15/30<sup>ž</sup> <br>| 250000 |  | 263205 |
| GGAM Finance Ltd, 8.0000%, 6/15/28<sup>ž</sup> <br>| 260000 |  | 275332 |
| Liberty Financial Pty Ltd, 90 Day Australian Bank Bill Rate + 3.8000%, 7.3600%, <br> 3/16/28<sup>‡</sup> <br>| 800000 | AUD | 560801 |
|  |  |  | 1886120 |
| Government Sponsored – 0.6% |  |  |  |
| Permanent TSB Group Holdings PLC, EURIBOR ICE SWAP Rate + 3.5000%, <br> 6.6250%, 7/2/29<sup>‡</sup> <br>| 230000 | EUR | 293139 |
| Industrial – 1.4% |  |  |  |
| Downer Group Finance Pty Ltd, 3.7000%, 4/29/26 | 1100000 | AUD | 731498 |
| Insurance – 2.5% |  |  |  |
| Athene Global Funding, 2.5000%, 3/24/28<sup>ž</sup> <br>| 252000 |  | 242034 |
| F&G Global Funding, 4.6500%, 9/8/28<sup>ž</sup> <br>| 93000 |  | 93590 |
| Suncorp Group Ltd, 90 Day Australian Bank Bill Rate + 2.3000%, 5.9693%, <br> 6/1/37<sup>‡</sup> <br>| 850000 | AUD | 576291 |
| Suncorp Group Ltd, 90 Day Australian Bank Bill Rate + 2.6500%, 6.3193%, <br> 12/1/38<sup>‡</sup> <br>| 500000 | AUD | 345460 |
|  |  |  | 1257375 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| December 31, 2025

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Principal or Notional* <br> *Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Professional Services – 1.0% |  |  |
| Booz Allen Hamilton Inc, 3.8750%, 9/1/28<sup>ž</sup> <br>| $526000 | $516277 |
| Real Estate Investment Trusts (REITs) – 0.5% |  |  |
| Starwood Property Trust Inc, 5.2500%, 10/15/28<sup>ž</sup> <br>| 232000 | 233687 |
| Technology – 2.7% |  |  |
| CrowdStrike Holdings Inc, 3.0000%, 2/15/29 | 182000 | 174645 |
| Gartner Inc, 4.5000%, 7/1/28<sup>ž</sup> <br>| 280000 | 279094 |
| MSCI Inc, 4.0000%, 11/15/29<sup>ž</sup> <br>| 615000 | 601281 |
| Oracle Corp, 4.8000%, 8/3/28 | 325000 | 326618 |
|  |  | 1381638 |
| Transportation – 1.6% |  |  |
| American Airlines Inc / AAdvantage Loyalty IP Ltd, 5.5000%, 4/20/26<sup>ž</sup> <br>| 66667 | 66761 |
| American Airlines Inc / AAdvantage Loyalty IP Ltd, 5.7500%, 4/20/29<sup>ž</sup> <br>| 250000 | 254585 |
| Delta Air Lines Inc, 4.9500%, 7/10/28 | 71000 | 72277 |
| Delta Air Lines Inc / SkyMiles IP Ltd, 4.7500%, 10/20/28<sup>ž</sup> <br>| 324000 | 325961 |
| United Airlines Inc, 4.6250%, 4/15/29<sup>ž</sup> <br>| 100000 | 99566 |
|  |  | 819150 |
| Total Corporate Bonds (cost $35,180,668) |  | 35500125 |
| Commercial Paper – 2.6% |  |  |
| Aviation Capital Group LLC, 0%, 1/2/26<sup>±</sup><sup>,◊</sup> <br>| 450000 | 449905 |
| Energy Transfer LP, 0%, 1/2/26<sup>±</sup><sup>,◊</sup> <br>| 300000 | 299937 |
| Union Electric Co, 0%, 1/2/26<sup>◊</sup> <br>| 550000 | 549885 |
| Total Commercial Paper (cost $1,299,748) |  | 1299727 |
| OTC Purchased Credit Default Swaptions – Puts – Buy Protection – 0%<br> Counterparty/Reference Asset |  |  |
| Goldman Sachs & Co LLC: |  |  |
| CDX.NA.44, Credit Default Swap, maturing <br>6/20/30, fixed rate 1.0000%, payment frequency: Quarterly, <br>Notional amount $9,900,000, premiums paid $25,691, unrealized depreciation <br>$(25139), exercise price $62.50, expires 1/21/26<sup>\*</sup> <br>| 9900000 | 552 |
| Total Investments (total cost $50,196,191) – 99.1% |  | 50608006 |
| Cash, Receivables and Other Assets, net of Liabilities – 0.9% |  | 477726 |
| Net Assets – 100% |  | $51085732 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $34877158 | &nbsp;&nbsp;&nbsp;&nbsp; 68.9<br> %<br>|
| Australia | 11430342 | &nbsp;&nbsp;&nbsp;&nbsp;22.6 |
| Germany | 1388801 | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| United Kingdom | 877674 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Israel | 780358 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Ireland | 584708 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| New Zealand | 270075 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Spain | 201862 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Canada | 197028 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Total | $50608006 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** |
| *Counterparty/* <br>*Foreign Currency*<br>| *Settlement* <br>*Date*<br>| &nbsp;&nbsp; *Foreign Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *USD Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *Market Value and* <br>*Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: |
| Australian Dollar | 1/16/26 | &nbsp;&nbsp; (9490000) | &nbsp;&nbsp; $6255837 | &nbsp;&nbsp; $(76311) |
| Euro | 1/16/26 | &nbsp;&nbsp; (280000) | &nbsp;&nbsp; 326680 | &nbsp;&nbsp; (2535) |
|  |  |  |  | &nbsp;&nbsp; (78846) |
| Citibank National Association: | Citibank National Association: | Citibank National Association: | Citibank National Association: | Citibank National Association: |
| Australian Dollar | 1/16/26 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; (175122) | &nbsp;&nbsp; 1698 |
| Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: |
| New Zealand Dollar | 1/16/26 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; (11584) | &nbsp;&nbsp;&nbsp;&nbsp;(68) |
| HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: |
| Australian Dollar | 1/16/26 | &nbsp;&nbsp; (9480000) | &nbsp;&nbsp; 6255027 | &nbsp;&nbsp; (70447) |
| British Pound | 1/16/26 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; (171204) | &nbsp;&nbsp; 3994 |
| New Zealand Dollar | 1/16/26 | &nbsp;&nbsp; (40000) | &nbsp;&nbsp; 23198 | &nbsp;&nbsp; 166 |
|  |  |  |  | &nbsp;&nbsp; (66287) |
| Morgan Stanley & Co International PLC: | Morgan Stanley & Co International PLC: | Morgan Stanley & Co International PLC: | Morgan Stanley & Co International PLC: | Morgan Stanley & Co International PLC: |
| Australian Dollar | 1/16/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; (196707) | &nbsp;&nbsp; 3467 |
| British Pound | 1/16/26 | &nbsp;&nbsp; (1520000) | &nbsp;&nbsp; 2035171 | &nbsp;&nbsp; (13304) |
|  |  |  |  | &nbsp;&nbsp; (9837) |
| Total |  |  |  | &nbsp;&nbsp; $(153340) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Schedule of Futures*** | ***Schedule of Futures*** | ***Schedule of Futures*** | ***Schedule of Futures*** | ***Schedule of Futures*** |
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount*<br>| &nbsp;&nbsp; *Value and* <br>*Unrealized* <br>*Appreciation/(Depreciation)*<br>|
| *Futures Long:* |  |  |  |  |
| 3-Month CORRA | 14 | &nbsp;&nbsp; 12/16/26 | &nbsp;&nbsp; $2489325 | &nbsp;&nbsp; $385 |
| 3-Month SOFR | 10 | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; 2412125 | &nbsp;&nbsp; (2178) |
| Total - Futures Long |  |  |  | &nbsp;&nbsp; (1793) |
| *Futures Short:* |  |  |  |  |
| 2 Year US Treasury Note | 29 | &nbsp;&nbsp; 4/3/26 | &nbsp;&nbsp; (6054883) | &nbsp;&nbsp; (2469) |
| 3-Month SOFR | 10 | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; (2418625) | &nbsp;&nbsp; 3678 |
| 3-Year Australian Bond | 39 | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; (2732070) | &nbsp;&nbsp; (6372) |
| 5 Year US Treasury Note | 18 | &nbsp;&nbsp; 4/3/26 | &nbsp;&nbsp; (1967484) | &nbsp;&nbsp; 4227 |
| Euro-Schatz | 3 | &nbsp;&nbsp; 3/10/26 | &nbsp;&nbsp; (376211) | &nbsp;&nbsp; 380 |
| Total - Futures Short |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(556) |
| Total |  |  |  | &nbsp;&nbsp; $(2349) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***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*<br>| *Payments received* <br>*by Fund*<br>| *Payment* <br>*Frequency*<br>| *Maturity* <br>*Date*<br>| *Notional* <br>*Amount*<br>|  | *Premiums* <br>*Paid/* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>| *Value* |
| NDBB3M | 5.12% Fixed Rate | Quarterly | 4/22/26 | 1930000 | NZD | $- | $14423 | $14423 |
| NDBB3M | 3.56% Fixed Rate | Quarterly | 10/21/26 | 1735000 | NZD | - | 9849 | 9849 |
| NDBB3M | 3.45% Fixed Rate | Quarterly | 2/17/27 | 2350000 | NZD | - | 25688 | 25688 |
| 3.4775% Fixed <br> Rate<br>| USD SOFR | Annually | 8/27/27 | (2600000) | USD | - | 139 | 139 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Payments made*<br> *by Fund*<br>| *Payments received*<br> *by Fund*<br>| *Payment*<br> *Frequency*<br>| *Maturity*<br> *Date*<br>| *Notional*<br> *Amount*<br>|  | *Premiums*<br> *Paid/*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation/*<br> *(Depreciation)*<br>| *Value* |
| SONIA 1D | 3.624% Fixed Rate | Annually | 10/21/27 | 1000000 | GBP | $- | $2147 | $2147 |
| SONIA 1D | 3.5513% Fixed Rate | Annually | 11/6/27 | 1000000 | GBP | - | 587 | 587 |
| 3.365% Fixed <br> Rate<br>| USD SOFR | Annually | 11/22/27 | (2700000) | USD | - | (561) | (561) |
| SONIA 1D | 3.5001% Fixed Rate | Annually | 12/3/27 | 100000 | GBP | - | (20) | (20) |
| 3.03% Fixed Rate | NDBB3M | Quarterly | 8/8/27 | (1300000) | NZD | - | (9297) | (9297) |
| NDBB3M | 3.03% Fixed Rate | Quarterly | 8/8/27 | 1300000 | NZD | - | 9297 | 9297 |
| 2.923% Fixed <br> Rate<br>| NDBB3M | Quarterly | 8/25/27 | (500000) | NZD | - | (2859) | (2859) |
| NDBB3M | 2.923% Fixed Rate | Quarterly | 8/25/27 | 500000 | NZD | - | 2859 | 2859 |
| Total  |  |  |  |  |  | $- | $52252 | $52252 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of OTC Written Credit Default Swaptions*** | ***Schedule of OTC Written Credit Default Swaptions*** | ***Schedule of OTC Written Credit Default Swaptions*** | ***Schedule of OTC Written Credit Default Swaptions*** | ***Schedule of OTC Written Credit Default Swaptions*** | ***Schedule of OTC Written Credit Default Swaptions*** | ***Schedule of OTC Written Credit Default Swaptions*** | ***Schedule of OTC Written Credit Default Swaptions*** | ***Schedule of OTC Written Credit Default Swaptions*** |
| *Counterparty/* <br>*Reference Asset*<br>| *Description* | *Exercise* <br>*Price*<br>|  | *Expiration* <br>*Date*<br>| *Notional* <br>*Amount*<br>| *Premiums* <br>*Received*<br>| *Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>| *Swaptions* <br>*Written,* <br>*at Value*<br>|
| *Written Put Swaptions - Sell Protection:* | *Written Put Swaptions - Sell Protection:* | *Written Put Swaptions - Sell Protection:* | *Written Put Swaptions - Sell Protection:* | *Written Put Swaptions - Sell Protection:* | *Written Put Swaptions - Sell Protection:* | *Written Put Swaptions - Sell Protection:* | *Written Put Swaptions - Sell Protection:* | *Written Put Swaptions - Sell Protection:* |
| *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* |
| CDX.NA.44 | Credit Default Swap, <br>S&P Credit Rating: <br>NR, maturing <br>06/20/2030, fixed rate <br>1%, payment <br>frequency: Quarterly<br>| 72.50 | USD | 1/21/26 | $(4950000) | $(9702) | $9533 | $(169) |

---

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, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** |
|  | *Credit* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| *Asset Derivatives:* |  |  |  |  |
| Purchased swaption contracts, at value | $552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $552 |
| Forward foreign currency exchange contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9325 |
| <sup>\*</sup>Futures contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8670 |
| <sup>\*</sup>Swaps - centrally cleared | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $64989 |
| Total Asset Derivatives | $552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $73659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $83536 |
| *Liability Derivatives:* |  |  |  |  |
| Forward foreign currency exchange contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $162665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $162665 |
| Swaptions written, at value | 169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $169 |
| <sup>\*</sup>Futures contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11019 |
| <sup>\*</sup>Swaps - centrally cleared | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12737 |
| Total Liability Derivatives | $169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $162665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $186590 |

---

\* 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.

Janus Investment Fund \| 7

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

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, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** |
| *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*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| Purchased swaption contracts | $(14961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(14961) |
| Futures contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28574 |
| Forward foreign currency exchange contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1460252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1460252) |
| Swap contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $70426 |
| Written swaption contracts | 8190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8190 |
| Total | $(6771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1460252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1368023) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| Purchased swaption contracts | $(16976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(16976) |
| Futures contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38161 |
| Forward foreign currency exchange contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1342546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1342546 |
| Swap contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(41728) |
| Written swaption contracts | 4244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4244 |
| Total | $(12732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1342546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1326247 |

---

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, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2025** |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased - in USD | $686522 |
| Average amounts sold - in USD | 16147914 |
| Futures contracts: |  |
| Average notional amount of contracts - long | 3581627 |
| Average notional amount of contracts - short | 8465873 |
| Interest rate swaps: |  |
| Average notional amount - pay fixed rate/receive floating rate | 2885714 |
| Average notional amount - receive fixed rate/pay floating rate | 8745971 |
| Swaptions: |  |
| Average value of swaption contracts purchased | 9880 |
| Average value of swaption contracts written | 3375 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Assets*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| Citibank National Association | $1698 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1698 |
| Goldman Sachs & Co LLC | 552 | &nbsp;&nbsp;&nbsp;&nbsp;(237) | &nbsp;&nbsp; — | &nbsp;&nbsp; 315 |
| HSBC Securities (USA) Inc | 4160 | &nbsp;&nbsp; (4160) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co International PLC | 3467 | &nbsp;&nbsp; (3467) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | $9877 | &nbsp;&nbsp; $(7864) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2013 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Liabilities*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| BNP Paribas | $78846 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $78846 |
| Goldman Sachs & Co LLC | 237 | &nbsp;&nbsp;&nbsp;&nbsp;(237) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Securities (USA) Inc | 70447 | &nbsp;&nbsp; (4160) | &nbsp;&nbsp; — | &nbsp;&nbsp; 66287 |
| Morgan Stanley & Co International PLC | 13304 | &nbsp;&nbsp; (3467) | &nbsp;&nbsp; — | &nbsp;&nbsp; 9837 |
| Total | $162834 | &nbsp;&nbsp; $(7864) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $154970 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Absolute Return Income Opportunities Fund**

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

---

| | |
|:---|:---|
| EURIBOR | Euro Interbank Offered Rate |
| ICE | Intercontinental Exchange |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| OTC | Over-the-Counter |
| PLC | Public Limited Company |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |

---

---

| | |
|:---|:---|
| ž | &nbsp;&nbsp; Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale <br> and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be <br> liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2025 <br> is $26,476,556, which represents 51.8% of net assets.<br>|
| ± | &nbsp;&nbsp; Securities sold under Section 4(2) of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale <br> and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be <br> liquid under guidelines established by the Board of Trustees. The total value of 4(2) securities as of the period ended December 31, 2025 <br> is $749,842, which represents 1.5% of net assets.<br>|
| \* | Non-income producing security. |
| ƒ | &nbsp;&nbsp; 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 <br> will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements.<br>|
| ‡ | &nbsp;&nbsp; Variable or floating rate security. Rate shown is the current rate as of December 31, 2025. Certain variable rate securities are not based on <br> a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as <br> of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.<br>|
| Ç | &nbsp;&nbsp; Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the <br> current rate.<br>|
| ◊ | Zero coupon bond. |

---

10 \| December 31, 2025

------

**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, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Asset-Backed/Commercial Mortgage-Backed Securities* | $- | &nbsp;&nbsp; $13558674 | &nbsp;&nbsp; $- |
| *Bank Loans and Mezzanine Loans* | - | &nbsp;&nbsp; 248928 | &nbsp;&nbsp; - |
| *Corporate Bonds* | - | &nbsp;&nbsp; 35500125 | &nbsp;&nbsp; - |
| *Commercial Paper* | - | &nbsp;&nbsp; 1299727 | &nbsp;&nbsp; - |
| *OTC Purchased Credit Default Swaptions – Puts – Buy Protection* | - | &nbsp;&nbsp; 552 | &nbsp;&nbsp; - |
| Total Investments in Securities | $- | &nbsp;&nbsp; $50608006 | &nbsp;&nbsp; $- |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | - | &nbsp;&nbsp; 9325 | &nbsp;&nbsp; - |
| *Futures Contracts* | 8670 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Centrally Cleared Swaps* | - | &nbsp;&nbsp; 64989 | &nbsp;&nbsp; - |
| **Total Assets** | $8670 | &nbsp;&nbsp; $50682320 | &nbsp;&nbsp; $- |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | $- | &nbsp;&nbsp; $162665 | &nbsp;&nbsp; $- |
| *Futures Contracts* | 11019 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *OTC Swaptions Written, at Value* | - | &nbsp;&nbsp; 169 | &nbsp;&nbsp; - |
| *Centrally Cleared Swaps* | - | &nbsp;&nbsp; 12737 | &nbsp;&nbsp; - |
| **Total Liabilities** | $11019 | &nbsp;&nbsp; $175571 | &nbsp;&nbsp; $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 centrally
 cleared 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, written swaptions, and OTC swaps are reported at their market value at measurement date.

Janus Investment Fund \| 11

------

**Janus Henderson Absolute Return Income Opportunities Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Investments, at value (cost $50,170,500) | $50607454 |
| Purchased swaptions, at value (premiums paid $25,691) | 552 |
| Cash | 179981 |
| Deposits with brokers for centrally cleared derivatives | 54856 |
| Deposits with brokers for futures | 290000 |
| Forward foreign currency exchange contracts | 9325 |
| Cash denominated in foreign currency (cost $109,452) | 109452 |
| Variation margin receivable on futures contracts | 5774 |
| Trustees' deferred compensation | 1503 |
| Receivables: |  |
| Interest | 484576 |
| Due from adviser | 38980 |
| Fund shares sold | 8058 |
| Other assets | 318 |
| Total Assets | 51790829 |
| Liabilities: |  |
| Forward foreign currency exchange contracts | 162665 |
| Swaptions written, at value (premiums received $9,702) | 169 |
| Variation margin payable on futures contracts | 250 |
| Variation margin payable on centrally cleared swaps | 1192 |
| Payables: |  |
| Investments purchased | 250313 |
| Professional fees | 76550 |
| Fund shares repurchased | 56824 |
| Advisory fees | 28914 |
| Dividends | 11266 |
| Transfer agent fees and expenses | 7632 |
| 12b-1 Distribution and shareholder servicing fees | 3231 |
| Custodian fees | 1766 |
| Trustees' deferred compensation fees | 1503 |
| Affiliated fund administration fees payable | 109 |
| Trustees' fees and expenses | 19 |
| Accrued expenses and other payables | 102694 |
| Total Liabilities | 705097 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $51085732 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

12 \| December 31, 2025

------

**Janus Henderson Absolute Return Income Opportunities Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $230303668 |
| Total distributable earnings (loss) | (179217936) |
| Total Net Assets | $51085732 |
| Net Assets - Class A Shares | $9228010 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1013847 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $9.10 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $9.55 |
| Net Assets - Class C Shares | $1076477 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 118337 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $9.10 |
| Net Assets - Class D Shares | $20773846 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2281991 |
| Net Asset Value Per Share | $9.10 |
| Net Assets - Class I Shares | $12733481 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1399435 |
| Net Asset Value Per Share | $9.10 |
| Net Assets - Class N Shares | $490260 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 53877 |
| Net Asset Value Per Share | $9.10 |
| Net Assets - Class R Shares | $347058 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 38105 |
| Net Asset Value Per Share | $9.11 |
| Net Assets - Class S Shares | $424976 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 46665 |
| Net Asset Value Per Share | $9.11 |
| Net Assets - Class T Shares | $6011624 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 661001 |
| Net Asset Value Per Share | $9.09 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Maximum offering price is computed at 100/95.25 of net asset value.

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Interest | $1359636 |
| Other income | 15684 |
| Total Investment Income | 1375320 |
| Expenses: |  |
| Advisory fees | 166016 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 11732 |
| Class C Shares | 6106 |
| Class R Shares | 898 |
| Class S Shares | 510 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 10645 |
| Class R Shares | 449 |
| Class S Shares | 510 |
| Class T Shares | 7666 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 3532 |
| Class C Shares | 510 |
| Class I Shares | 6606 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 350 |
| Class C Shares | 46 |
| Class D Shares | 1736 |
| Class I Shares | 314 |
| Class N Shares | 21 |
| Class R Shares | 7 |
| Class S Shares | 7 |
| Class T Shares | 102 |
| Non-affiliated fund administration fees | 85863 |
| Registration fees | 40226 |
| Professional fees | 39836 |
| Custodian fees | 6200 |
| Shareholder reports expense | 4319 |
| Affiliated fund administration fees | 882 |
| Trustees' fees and expenses | 459 |
| Other expenses | 9130 |
| Total Expenses | 404678 |
| Less: Excess Expense Reimbursement and Waivers | (192638) |
| Net Expenses | 212040 |
| Net Investment Income/(Loss) | 1163280 |

---

See Notes to Financial Statements.

14 \| December 31, 2025

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | $336108 |
| Purchased swaption contracts | (14961) |
| Forward foreign currency exchange contracts | (1460252) |
| Futures contracts | 28574 |
| Swap contracts | 70426 |
| Written swaption contracts | 8190 |
| Total Net Realized Gain/(Loss) on Investments | (1031915) |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 353790 |
| Purchased swaption contracts | (16976) |
| Forward foreign currency exchange contracts | 1342546 |
| Futures contracts | 38161 |
| Swap contracts | (41728) |
| Written swaption contracts | 4244 |
| Total Change in Unrealized Net Appreciation/Depreciation | 1680037 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $1811402 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*December 31, 2025* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*June 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $1163280 | &nbsp;&nbsp; $2439161 |
| Net realized gain/(loss) on investments | (1031915) | &nbsp;&nbsp; 842077 |
| Change in unrealized net appreciation/depreciation | 1680037 | &nbsp;&nbsp; (44006) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 1811402 | &nbsp;&nbsp; 3237232 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (212454) | &nbsp;&nbsp; (292427) |
| Class C Shares | (25897) | &nbsp;&nbsp; (69429) |
| Class D Shares | (470006) | &nbsp;&nbsp; (638223) |
| Class I Shares | (311806) | &nbsp;&nbsp; (522817) |
| Class N Shares | (11869) | &nbsp;&nbsp; (19495) |
| Class R Shares | (7377) | &nbsp;&nbsp; (10650) |
| Class S Shares | (8866) | &nbsp;&nbsp; (11026) |
| Class T Shares | (141875) | &nbsp;&nbsp; (222030) |
| Total Dividends and Distributions to Shareholders | (1190150) | &nbsp;&nbsp; (1786097) |
| Return of Capital on Dividends and Distributions: |  |  |
| Class A Shares |  | &nbsp;&nbsp; (112192) |
| Class C Shares |  | &nbsp;&nbsp; (34258) |
| Class D Shares |  | &nbsp;&nbsp; (231094) |
| Class I Shares |  | &nbsp;&nbsp; (189051) |
| Class N Shares |  | &nbsp;&nbsp; (6862) |
| Class R Shares |  | &nbsp;&nbsp; (4681) |
| Class S Shares |  | &nbsp;&nbsp; (4460) |
| Class T Shares |  | &nbsp;&nbsp; (82918) |
| Total Return of Capital on Dividends and Distributions |  | &nbsp;&nbsp; (665516) |
| Net Decrease from Dividends and Distributions to Shareholders | (1190150) | &nbsp;&nbsp; (2451613) |
| Capital Share Transactions: |  |  |
| Class A Shares | (145902) | &nbsp;&nbsp; 661980 |
| Class C Shares | (555255) | &nbsp;&nbsp; (1740558) |
| Class D Shares | 1461659 | &nbsp;&nbsp; 847615 |
| Class I Shares | (600627) | &nbsp;&nbsp; (2264948) |
| Class N Shares | 14201 | &nbsp;&nbsp; (82727) |
| Class R Shares | (10387) | &nbsp;&nbsp; (17599) |
| Class S Shares | 60643 | &nbsp;&nbsp; 39336 |
| Class T Shares | (94740) | &nbsp;&nbsp; (298346) |
| Net Increase/(Decrease) from Capital Share Transactions | 129592 | &nbsp;&nbsp; (2855247) |
| Net Increase/(Decrease) in Net Assets | 750844 | &nbsp;&nbsp; (2069628) |
| Net Assets: |  |  |
| Beginning of period | 50334888 | &nbsp;&nbsp; 52404516 |
| End of period | $51085732 | &nbsp;&nbsp; $50334888 |

---

See Notes to Financial Statements.

16 \| December 31, 2025

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $8.99 | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $8.69 | &nbsp;&nbsp; $8.56 | &nbsp;&nbsp; $9.02 | &nbsp;&nbsp; $9.01 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain/(loss) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Total from Investment Operations | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.21) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.11) |
| Return of capital |  | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.21) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.11) |
| Net Asset Value, End of Period | $9.10 | &nbsp;&nbsp; $8.99 | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $8.69 | &nbsp;&nbsp; $8.56 | &nbsp;&nbsp; $9.02 |
| Total Return<sup>\*</sup> <br>| 3.57% | &nbsp;&nbsp; 6.33% | &nbsp;&nbsp; 6.28% | &nbsp;&nbsp; 4.39% | &nbsp;&nbsp; (3.86)% | &nbsp;&nbsp; 1.38% |
| Net Assets, End of Period (in thousands) | $9228 | &nbsp;&nbsp; $9259 | &nbsp;&nbsp; $8471 | &nbsp;&nbsp; $9102 | &nbsp;&nbsp; $9312 | &nbsp;&nbsp; $15300 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.70% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.26% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.97% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% |
| Ratio of Net Investment Income/(Loss) | 4.44% | &nbsp;&nbsp; 4.68% | &nbsp;&nbsp; 4.21% | &nbsp;&nbsp; 2.68% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.16% |
| Portfolio Turnover Rate | 35% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 56% | &nbsp;&nbsp; 69% | &nbsp;&nbsp; 47% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 17

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $8.98 | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $8.68 | &nbsp;&nbsp; $8.56 | &nbsp;&nbsp; $9.01 | &nbsp;&nbsp; $9.01 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain/(loss) | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Total from Investment Operations | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.18) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.05) |
| Return of capital |  | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.18) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.05) |
| Net Asset Value, End of Period | $9.10 | &nbsp;&nbsp; $8.98 | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $8.68 | &nbsp;&nbsp; $8.56 | &nbsp;&nbsp; $9.01 |
| Total Return<sup>\*</sup> <br>| 3.33% | &nbsp;&nbsp; 5.59% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 3.55% | &nbsp;&nbsp; (4.48)% | &nbsp;&nbsp; 0.56% |
| Net Assets, End of Period (in thousands) | $1076 | &nbsp;&nbsp; $1614 | &nbsp;&nbsp; $3312 | &nbsp;&nbsp; $4264 | &nbsp;&nbsp; $7870 | &nbsp;&nbsp; $8407 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 2.54% | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp; 2.41% | &nbsp;&nbsp; 2.19% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 1.96% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.63% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.69% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.64% |
| Ratio of Net Investment Income/(Loss) | 3.78% | &nbsp;&nbsp; 3.96% | &nbsp;&nbsp; 3.45% | &nbsp;&nbsp; 1.89% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.48% |
| Portfolio Turnover Rate | 35% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 56% | &nbsp;&nbsp; 69% | &nbsp;&nbsp; 47% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

18 \| December 31, 2025

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $8.99 | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $8.69 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $9.02 | &nbsp;&nbsp; $9.01 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain/(loss) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Total from Investment Operations | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.22) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.13) |
| Return of capital |  | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.22) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.13) |
| Net Asset Value, End of Period | $9.10 | &nbsp;&nbsp; $8.99 | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $8.69 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $9.02 |
| Total Return<sup>\*</sup> <br>| 3.67% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.48% | &nbsp;&nbsp; 4.47% | &nbsp;&nbsp; (3.57)% | &nbsp;&nbsp; 1.57% |
| Net Assets, End of Period (in thousands) | $20774 | &nbsp;&nbsp; $19076 | &nbsp;&nbsp; $17952 | &nbsp;&nbsp; $17901 | &nbsp;&nbsp; $16350 | &nbsp;&nbsp; $15929 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.50% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.09% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% |
| Ratio of Net Investment Income/(Loss) | 4.66% | &nbsp;&nbsp; 4.88% | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 2.89% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.34% |
| Portfolio Turnover Rate | 35% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 56% | &nbsp;&nbsp; 69% | &nbsp;&nbsp; 47% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 19

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $8.99 | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $8.68 | &nbsp;&nbsp; $8.56 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $9.00 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain/(loss) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Total from Investment Operations | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.22) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.14) |
| Return of capital |  | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.22) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.14) |
| Net Asset Value, End of Period | $9.10 | &nbsp;&nbsp; $8.99 | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $8.68 | &nbsp;&nbsp; $8.56 | &nbsp;&nbsp; $9.00 |
| Total Return<sup>\*</sup> <br>| 3.68% | &nbsp;&nbsp; 6.69% | &nbsp;&nbsp; 6.51% | &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; (3.42)% | &nbsp;&nbsp; 1.51% |
| Net Assets, End of Period (in thousands) | $12733 | &nbsp;&nbsp; $13170 | &nbsp;&nbsp; $15208 | &nbsp;&nbsp; $18919 | &nbsp;&nbsp; $27937 | &nbsp;&nbsp; $33808 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.46% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.01% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.71% |
| Ratio of Net Investment Income/(Loss) | 4.67% | &nbsp;&nbsp; 4.89% | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 2.85% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.40% |
| Portfolio Turnover Rate | 35% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 56% | &nbsp;&nbsp; 69% | &nbsp;&nbsp; 47% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

20 \| December 31, 2025

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $8.99 | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $8.69 | &nbsp;&nbsp; $8.56 | &nbsp;&nbsp; $9.01 | &nbsp;&nbsp; $9.01 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain/(loss) | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Total from Investment Operations | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.22) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.14) |
| Return of capital |  | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.22) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.14) |
| Net Asset Value, End of Period | $9.10 | &nbsp;&nbsp; $8.99 | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $8.69 | &nbsp;&nbsp; $8.56 | &nbsp;&nbsp; $9.01 |
| Total Return<sup>\*</sup> <br>| 3.74% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 6.49% | &nbsp;&nbsp; 4.73% | &nbsp;&nbsp; (3.50)% | &nbsp;&nbsp; 1.58% |
| Net Assets, End of Period (in thousands) | $490 | &nbsp;&nbsp; $470 | &nbsp;&nbsp; $544 | &nbsp;&nbsp; $761 | &nbsp;&nbsp; $604 | &nbsp;&nbsp; $1803 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.97% | &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.06% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.64% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.64% |
| Ratio of Net Investment Income/(Loss) | 4.77% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 4.49% | &nbsp;&nbsp; 3.03% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.47% |
| Portfolio Turnover Rate | 35% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 56% | &nbsp;&nbsp; 69% | &nbsp;&nbsp; 47% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 21

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**Janus Henderson Absolute Return Income Opportunities Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $9.00 | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $8.69 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $9.02 | &nbsp;&nbsp; $9.02 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain/(loss) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>|
| Total from Investment Operations | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.19) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.07) |
| Return of capital |  | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.19) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.07) |
| Net Asset Value, End of Period | $9.11 | &nbsp;&nbsp; $9.00 | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $8.69 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $9.02 |
| Total Return<sup>\*</sup> <br>| 3.34% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 5.83% | &nbsp;&nbsp; 3.82% | &nbsp;&nbsp; (4.15)% | &nbsp;&nbsp; 0.83% |
| Net Assets, End of Period (in thousands) | $347 | &nbsp;&nbsp; $353 | &nbsp;&nbsp; $365 | &nbsp;&nbsp; $429 | &nbsp;&nbsp; $474 | &nbsp;&nbsp; $516 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 2.94% | &nbsp;&nbsp; 2.99% | &nbsp;&nbsp; 2.76% | &nbsp;&nbsp; 2.58% | &nbsp;&nbsp; 2.33% | &nbsp;&nbsp; 2.20% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.39% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.39% |
| Ratio of Net Investment Income/(Loss) | 4.02% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 3.77% | &nbsp;&nbsp; 2.24% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.73% |
| Portfolio Turnover Rate | 35% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 56% | &nbsp;&nbsp; 69% | &nbsp;&nbsp; 47% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

See Notes to Financial Statements.

22 \| December 31, 2025

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $8.99 | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $8.69 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $9.02 | &nbsp;&nbsp; $9.02 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain/(loss) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Total from Investment Operations | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.20) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.10) |
| Return of capital |  | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.20) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.10) |
| Net Asset Value, End of Period | $9.11 | &nbsp;&nbsp; $8.99 | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $8.69 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $9.02 |
| Total Return<sup>\*</sup> <br>| 3.59% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.09% | &nbsp;&nbsp; 4.08% | &nbsp;&nbsp; (3.93)% | &nbsp;&nbsp; 1.08% |
| Net Assets, End of Period (in thousands) | $425 | &nbsp;&nbsp; $360 | &nbsp;&nbsp; $316 | &nbsp;&nbsp; $318 | &nbsp;&nbsp; $178 | &nbsp;&nbsp; $230 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 2.60% | &nbsp;&nbsp; 2.79% | &nbsp;&nbsp; 2.66% | &nbsp;&nbsp; 2.73% | &nbsp;&nbsp; 3.10% | &nbsp;&nbsp; 3.07% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.14% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% |
| Ratio of Net Investment Income/(Loss) | 4.28% | &nbsp;&nbsp; 4.47% | &nbsp;&nbsp; 4.02% | &nbsp;&nbsp; 2.63% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.96% |
| Portfolio Turnover Rate | 35% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 56% | &nbsp;&nbsp; 69% | &nbsp;&nbsp; 47% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 23

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $8.98 | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $8.68 | &nbsp;&nbsp; $8.56 | &nbsp;&nbsp; $9.01 | &nbsp;&nbsp; $9.01 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain/(loss) | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Total from Investment Operations | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.21) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.12) |
| Return of capital |  | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.21) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.12) |
| Net Asset Value, End of Period | $9.09 | &nbsp;&nbsp; $8.98 | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $8.68 | &nbsp;&nbsp; $8.56 | &nbsp;&nbsp; $9.01 |
| Total Return<sup>\*</sup> <br>| 3.62% | &nbsp;&nbsp; 6.44% | &nbsp;&nbsp; 6.37% | &nbsp;&nbsp; 4.37% | &nbsp;&nbsp; (3.68)% | &nbsp;&nbsp; 1.36% |
| Net Assets, End of Period (in thousands) | $6012 | &nbsp;&nbsp; $6032 | &nbsp;&nbsp; $6237 | &nbsp;&nbsp; $6361 | &nbsp;&nbsp; $7763 | &nbsp;&nbsp; $11109 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.64% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.20% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.87% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.86% |
| Ratio of Net Investment Income/(Loss) | 4.55% | &nbsp;&nbsp; 4.76% | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 2.73% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.25% |
| Portfolio Turnover Rate | 35% | &nbsp;&nbsp; 72% | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 56% | &nbsp;&nbsp; 69% | &nbsp;&nbsp; 47% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

24 \| December 31, 2025

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Notes to Financial Statements (unaudited)**

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

**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 34 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. 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 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, 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.

Janus Investment Fund \| 25

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Notes to Financial Statements (unaudited)**

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 Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended December 31, 2025. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

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

**Valuation Inputs Summary**

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

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

26 \| December 31, 2025

------

**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 period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments 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 an 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.

Janus Investment Fund \| 27

------

**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.

**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, 2025 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

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**Janus Henderson Absolute Return Income Opportunities Fund**

**Notes to Financial Statements (unaudited)**

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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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 currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale

Janus Investment Fund \| 29

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**Janus Henderson Absolute Return Income Opportunities Fund**

**Notes to Financial Statements (unaudited)**

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 on Swap Contracts (Swaptions)**

The Fund may purchase or write covered and uncovered put and call options on swap contracts, commonly referred to as "swaptions". Swaption contracts grant the purchaser the right, but not the obligation, to enter into a swap transaction at preset terms detailed in the underlying agreement within a specified period of time.

Swaptions can be used for a variety of purposes, including to manage the Fund's overall exposure to changes in interest or foreign currency exchange rates and credit quality; as an efficient means of adjusting the Fund's exposure to certain markets; in an effort to enhance income or total return or protect the value of portfolio securities; to serve as a cash

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**Janus Henderson Absolute Return Income Opportunities Fund**

**Notes to Financial Statements (unaudited)**

management tool; and to adjust portfolio duration or credit risk. Because the use of swaptions generally does not involve the delivery of securities or other underlying assets or principal, the risk of loss with respect to swaptions generally is limited to the net amount of payments that the Fund is contractually obligated to make. There is also a risk of a default by the other party to a swaption, in which case the Fund may not receive the net amount of payments that it contractually is entitled to receive. Entering into a swaption contract involves, to varying degrees, the elements of credit, market, and interest rate risk, associated with both option contracts and swap contracts.

Interest rate written receiver swaptions, if exercised by the purchaser, allow the Fund to short interest rates by entering into a pay fixed/receive float interest rate swap. Selling the interest rate receiver option reduces the exposure to interest rates and the short position becomes more valuable to the Fund as interest rates rise and/or implied interest rate volatility decreases. Interest rate written payer swaptions, if exercised by the purchaser, allow the Fund to take a long position on interest rates by entering into a receive fixed/pay float interest rate swap. Selling the interest rate payer option increases the exposure to interest rates and the short position becomes more valuable to the Fund as interest rates fall and/or implied interest rate volatility decreases. Credit default written receiver swaptions, if exercised by the purchaser, allow the Fund to buy credit protection through credit default swaps. Selling the credit default receiver option reduces the exposure to the credit risk of the individual issuers and/or indices of issuers and the short position becomes more valuable to the Fund as the likelihood of a credit event on the reference asset(s) increases. Credit default written payer swaptions, if exercised by the purchaser, allow the Fund to sell credit protection through credit default swaps. Selling the credit default payer option increases the exposure to the credit risk of the individual issuers and/or indices of issuers and the short position becomes more valuable to the Fund as the likelihood of a credit event on the reference asset(s) decreases.

Swaptions purchased are reported in the Schedule of Investments (if applicable). Swaptions written are reported as a

liability on the Statement of Assets and Liabilities as "Swaptions written, at value" (if applicable).

During the period, the Fund purchased credit default payer swaptions (put) and bought protection via the credit default

swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices.

During the period, the Fund sold credit default payer swaptions (put) in order to gain credit market volatility exposure

and to gain credit exposure.

**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

Janus Investment Fund \| 31

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**Janus Henderson Absolute Return Income Opportunities Fund**

**Notes to Financial Statements (unaudited)**

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'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 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.

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.

**3. Other Investments and Strategies**

**Market 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 value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

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**Janus Henderson Absolute Return Income Opportunities Fund**

**Notes to Financial Statements (unaudited)**

**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 of the Fund's total assets. Below

are descriptions of the types of loans held by the Fund as of December 31, 2025.

&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 Secured Overnight Financing Rate ("SOFR"). 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. 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

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**Janus Henderson Absolute Return Income Opportunities Fund**

**Notes to Financial Statements (unaudited)**

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.

**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.

**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

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**Janus Henderson Absolute Return Income Opportunities Fund**

**Notes to Financial Statements (unaudited)**

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, 2025" 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 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).

---

| | |
|:---|:---|
| &nbsp;&nbsp; *Average Daily Net* <br>*Assets of the Fund*<br>| *Contractual Investment* <br>*Advisory Fee (%)*<br>|
| 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 0.65% 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 advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.63% for at least a one-year period commencing October 28, 2025. 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

Janus Investment Fund \| 35

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Notes to Financial Statements (unaudited)**

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 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 $225,317 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2025. 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 0.11%.

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.

36 \| December 31, 2025

------

**Janus Henderson Absolute Return Income Opportunities 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, 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 Janus Henderson Distributors and financial intermediaries. There were no upfront sales charges retained by

Janus Henderson Distributors during the period ended December 31, 2025.

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,

2025. 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, 2025, redeeming shareholders of Class C

Shares paid CDSCs of $64.

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, 2025 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, 2025 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. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the period ended December 31, 2025.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

**5. Reprocessing of Shareholder Trades** 

During the period ended December 31, 2025, the Fund recorded an income-related adjustment that required the reprocessing of shareholder activity. The resulting increase to net assets is reflected in the capital share transactions in

the Statement of Changes in Net Assets. No reimbursement was required.

**6. 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.

Janus Investment Fund \| 37

------

**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, 2025, 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* |  |
| *For the year ended June 30, 2025* | *For the year ended June 30, 2025* |  |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | &nbsp;&nbsp; Accumulated <br>Capital Losses<br>|
| $(80341196) | &nbsp;&nbsp; $(99618526) | &nbsp;&nbsp; $(179959722) |

---

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, 2025 are noted below.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $50238284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $789149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(419427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $369722 |

---

Information on the tax components of derivatives as of December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax* <br>*Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $(9702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $92517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(186421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(93904) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

constitute adjustments to tax basis.

38 \| December 31, 2025

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Notes to Financial Statements (unaudited)**

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

**7. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2025* | *Period ended December 31, 2025* | *Year ended June 30, 2025* | *Year ended June 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 47121 | &nbsp;&nbsp; $427074 | &nbsp;&nbsp; 224224 | &nbsp;&nbsp; $2008480 |
| Reinvested dividends and distributions | 19902 | &nbsp;&nbsp; 180675 | &nbsp;&nbsp; 37409 | &nbsp;&nbsp; 335151 |
| Shares repurchased | (83130) | &nbsp;&nbsp; (753651) | &nbsp;&nbsp; (188274) | &nbsp;&nbsp; (1681651) |
| Net Increase/(Decrease) | (16107) | &nbsp;&nbsp; $(145902) | &nbsp;&nbsp; 73359 | &nbsp;&nbsp; $661980 |
| Class C Shares: |  |  |  |  |
| Shares sold | 1942 | &nbsp;&nbsp; $17650 | &nbsp;&nbsp; 68600 | &nbsp;&nbsp; $614594 |
| Reinvested dividends and distributions | 2858 | &nbsp;&nbsp; 25897 | &nbsp;&nbsp; 11586 | &nbsp;&nbsp; 103680 |
| Shares repurchased | (66154) | &nbsp;&nbsp; (598802) | &nbsp;&nbsp; (274817) | &nbsp;&nbsp; (2458832) |
| Net Increase/(Decrease) | (61354) | &nbsp;&nbsp; $(555255) | &nbsp;&nbsp; (194631) | &nbsp;&nbsp; $(1740558) |
| Class D Shares: |  |  |  |  |
| Shares sold | 376682 | &nbsp;&nbsp; $3419259 | &nbsp;&nbsp; 726378 | &nbsp;&nbsp; $6498551 |
| Reinvested dividends and distributions | 48262 | &nbsp;&nbsp; 438149 | &nbsp;&nbsp; 89695 | &nbsp;&nbsp; 803725 |
| Shares repurchased | (264252) | &nbsp;&nbsp; (2395749) | &nbsp;&nbsp; (721617) | &nbsp;&nbsp; (6454661) |
| Net Increase/(Decrease) | 160692 | &nbsp;&nbsp; $1461659 | &nbsp;&nbsp; 94456 | &nbsp;&nbsp; $847615 |
| Class I Shares: |  |  |  |  |
| Shares sold | 55991 | &nbsp;&nbsp; $506944 | &nbsp;&nbsp; 224433 | &nbsp;&nbsp; $2007072 |
| Reinvested dividends and distributions | 33564 | &nbsp;&nbsp; 304517 | &nbsp;&nbsp; 77308 | &nbsp;&nbsp; 692300 |
| Shares repurchased | (155612) | &nbsp;&nbsp; (1412088) | &nbsp;&nbsp; (554203) | &nbsp;&nbsp; (4964320) |
| Net Increase/(Decrease) | (66057) | &nbsp;&nbsp; $(600627) | &nbsp;&nbsp; (252462) | &nbsp;&nbsp; $(2264948) |
| Class N Shares: |  |  |  |  |
| Shares sold | 3349 | &nbsp;&nbsp; $30240 | &nbsp;&nbsp; 33896 | &nbsp;&nbsp; $302924 |
| Reinvested dividends and distributions | 1308 | &nbsp;&nbsp; 11869 | &nbsp;&nbsp; 2943 | &nbsp;&nbsp; 26356 |
| Shares repurchased | (3077) | &nbsp;&nbsp; (27908) | &nbsp;&nbsp; (45985) | &nbsp;&nbsp; (412007) |
| Net Increase/(Decrease) | 1580 | &nbsp;&nbsp; $14201 | &nbsp;&nbsp; (9146) | &nbsp;&nbsp; $(82727) |
| Class R Shares: |  |  |  |  |
| Shares sold | 732 | &nbsp;&nbsp; $6643 | &nbsp;&nbsp; 2349 | &nbsp;&nbsp; $20976 |
| Reinvested dividends and distributions | 812 | &nbsp;&nbsp; 7377 | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 15331 |
| Shares repurchased | (2686) | &nbsp;&nbsp; (24407) | &nbsp;&nbsp; (6029) | &nbsp;&nbsp; (53906) |
| Net Increase/(Decrease) | (1142) | &nbsp;&nbsp; $(10387) | &nbsp;&nbsp; (1970) | &nbsp;&nbsp; $(17599) |
| Class S Shares: |  |  |  |  |
| Shares sold | 7118 | &nbsp;&nbsp; $64615 | &nbsp;&nbsp; 13625 | &nbsp;&nbsp; $122013 |
| Reinvested dividends and distributions | 976 | &nbsp;&nbsp; 8866 | &nbsp;&nbsp; 1727 | &nbsp;&nbsp; 15486 |
| Shares repurchased | (1416) | &nbsp;&nbsp; (12838) | &nbsp;&nbsp; (10984) | &nbsp;&nbsp; (98163) |
| Net Increase/(Decrease) | 6678 | &nbsp;&nbsp; $60643 | &nbsp;&nbsp; 4368 | &nbsp;&nbsp; $39336 |
| Class T Shares: |  |  |  |  |
| Shares sold | 61294 | &nbsp;&nbsp; $555043 | &nbsp;&nbsp; 126147 | &nbsp;&nbsp; $1128316 |
| Reinvested dividends and distributions | 15523 | &nbsp;&nbsp; 140765 | &nbsp;&nbsp; 33450 | &nbsp;&nbsp; 299448 |
| Shares repurchased | (87350) | &nbsp;&nbsp; (790548) | &nbsp;&nbsp; (192976) | &nbsp;&nbsp; (1726110) |
| Net Increase/(Decrease) | (10533) | &nbsp;&nbsp; $(94740) | &nbsp;&nbsp; (33379) | &nbsp;&nbsp; $(298346) |

---

**8. Purchases and Sales of Investment Securities**

For the period ended December 31, 2025, 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*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $17179326 | &nbsp;&nbsp;&nbsp;&nbsp; $16756011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

Janus Investment Fund \| 39

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Notes to Financial Statements (unaudited)**

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

**9. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client consents, and

approval by Janus Henderson's shareholders. Management is assessing the impact to the funds.

**10. Repositioning**

The Board of Trustees approved to change the Fund's name to Janus Henderson Low Duration Multi-Sector Income Fund, as well as its, investment objective, principal investment strategies, management fee structure, and expense limitation agreement effective on or about March 4, 2026. These changes are part of an initiative to reposition the Fund to shift its focus from employing an "absolute return" strategy to investing in multi-sector portfolio of debt

securities.

**11. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 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.

40 \| December 31, 2025

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the 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 analyses 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 5, 2025 and December 9-10, 2025, 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 over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's 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, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. 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

Janus Investment Fund \| 41

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment 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 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. Additionally, 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 and retain 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 at 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, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

42 \| December 31, 2025

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, 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.

Janus Investment Fund \| 43

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**Janus Henderson Absolute Return Income Opportunities Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

44 \| December 31, 2025

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**Janus Henderson Absolute Return Income Opportunities Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

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.

Janus Investment Fund \| 45

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**Janus Henderson Absolute Return Income Opportunities Fund**

**Additional Information (unaudited)**

***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 identified by Broadridge using Morningstar category schema. 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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% 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 or service 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 considering performance trends, performance histories, recent fee reductions, investment structure changes, 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 institutional/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 institutional/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 the Adviser's explanation 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 the independent fee consultant's 2024 report 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 similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable 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) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

46 \| December 31, 2025

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**Janus Henderson Absolute Return Income Opportunities Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, 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 has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 47

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**Janus Henderson Absolute Return Income Opportunities Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market 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 reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian 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 had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

48 \| December 31, 2025

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**Janus Henderson Absolute Return Income Opportunities Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, 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.

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 receives 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 and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, 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. As part of their overall review of fund profitability, 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 fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 49

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**Janus Henderson Absolute Return Income Opportunities Fund**

**Additional Information (unaudited)**

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 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, 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; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) 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 (3) by setting lower fixed fees from the start on the Flat-Rate Fee 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.

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 Janus Henderson 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.

Based on all of the information reviewed, including the recent and past research and analyses 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 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 other 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 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 such Janus Henderson Funds. 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

50 \| December 31, 2025

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**Janus Henderson Absolute Return Income Opportunities Fund**

**Additional Information (unaudited)**

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.

Janus Investment Fund \| 51

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Notes**

52 \| December 31, 2025

------

**Janus Henderson Absolute Return Income Opportunities Fund**

**Notes**

Janus Investment Fund \| 53

------

![](img47ad080e2.gif)

*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

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93024 02-26

------

SEMIANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

Janus Investment Fund

![](img6c497df11.gif)

------

**Table of Contents**

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_8a6ff379-bbed-4059-89be-24103c02bc02_SOI-SOI-RunningFooter-8_1)<br> [Management Investment Companies](#xx_8a6ff379-bbed-4059-89be-24103c02bc02_SOI-SOI-RunningFooter-8_1)<br>|  |
| [Schedule of Investments](#xx_8a6ff379-bbed-4059-89be-24103c02bc02_SOI-SOI-RunningFooter-8_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_8a6ff379-bbed-4059-89be-24103c02bc02_SOI-SOI-RunningFooter-8_5) | 5 |
| [Statement of Assets and Liabilities](#xx_8a6ff379-bbed-4059-89be-24103c02bc02_SAL-SAL-RunningFooter-8_1) | 6 |
| [Statement of Operations](#xx_8a6ff379-bbed-4059-89be-24103c02bc02_SOP-SOP-RunningFooter-8_1) | 8 |
| [Statements of Changes in Net Assets](#xx_8a6ff379-bbed-4059-89be-24103c02bc02_SOC-SOC-RunningFooter-8_1) | 9 |
| [Financial Highlights](#xx_8a6ff379-bbed-4059-89be-24103c02bc02_FIHI-FIHI-RunningFooter-8_1) | 10 |
| [Notes to Financial Statements](#xx_8a6ff379-bbed-4059-89be-24103c02bc02_NTF-NTF-RunningFooter-8_1) | 17 |
| [Items 8-11 - Additional Information](#xx_8a6ff379-bbed-4059-89be-24103c02bc02_AI-AI-RunningFooter-8_1) | 27 |

---

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 100.0% |  |  |
| Aerospace & Defense – 2.2% |  |  |
| BWX Technologies Inc | 1294 | $223655 |
| HEICO Corp | 426 | 137849 |
| Huntington Ingalls Industries Inc | 699 | 237709 |
| L3Harris Technologies Inc | 40928 | 12015233 |
| Lockheed Martin Corp | 2358 | 1140494 |
| Textron Inc | 3561 | 310412 |
|  |  | 14065352 |
| Auto Components – 0% |  |  |
| Aptive PLC<sup>\*</sup> <br>| 2986 | 227205 |
| Automobiles – 2.7% |  |  |
| Ferrari NV | 16023 | 5921460 |
| Tesla Inc<sup>\*</sup> <br>| 24470 | 11004648 |
|  |  | 16926108 |
| Banks – 9.7% |  |  |
| Bank of America Corp | 249499 | 13722445 |
| Bank of Nova Scotia | 1671 | 123136 |
| Canadian Imperial Bank of Commerce | 112914 | 10231137 |
| Citigroup Inc | 41540 | 4847303 |
| JPMorgan Chase & Co | 66130 | 21308409 |
| Royal Bank of Canada | 1372 | 233912 |
| Toronto-Dominion Bank/The | 112914 | 10636499 |
|  |  | 61102841 |
| Biotechnology – 0% |  |  |
| Revolution Medicines Inc<sup>\*</sup> <br>| 3104 | 247234 |
| Building Products – 0.8% |  |  |
| Trane Technologies PLC | 13157 | 5120704 |
| Capital Markets – 8.5% |  |  |
| Blackrock Inc | 3423 | 3663774 |
| Cboe Global Markets Inc | 40488 | 10162488 |
| Goldman Sachs Group Inc | 6250 | 5493750 |
| Interactive Brokers Group Inc | 38483 | 2474842 |
| Intercontinental Exchange Inc | 52418 | 8489619 |
| Moody's Corp | 19481 | 9951869 |
| Nasdaq Inc | 92040 | 8939845 |
| S&P Global Inc | 7053 | 3685827 |
| UBS Group AG | 2830 | 131057 |
|  |  | 52993071 |
| Chemicals – 0.5% |  |  |
| Corteva Inc | 9684 | 649118 |
| Linde PLC | 5576 | 2377551 |
| Solstice Advanced Materials Inc<sup>\*</sup> <br>| 5533 | 268793 |
|  |  | 3295462 |
| Commercial Services & Supplies – 0.3% |  |  |
| Republic Services Inc | 3355 | 711025 |
| Waste Management Inc | 5260 | 1155675 |
|  |  | 1866700 |
| Diversified Financial Services – 4.5% |  |  |
| Berkshire Hathaway Inc - Class B<sup>\*</sup> <br>| 32126 | 16148134 |
| Mastercard Inc - Class A | 21118 | 12055844 |
|  |  | 28203978 |
| Diversified Telecommunication Services – 0.3% |  |  |
| AT&T Inc | 78180 | 1941991 |
| Electric Utilities – 1.7% |  |  |
| Entergy Corp | 8592 | 794158 |
| Exelon Corp | 193574 | 8437891 |
| Southern Co | 18371 | 1601951 |
|  |  | 10834000 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Electrical Equipment – 2.4% |  |  |
| Eaton Corp PLC | 15544 | $4950919 |
| Emerson Electric Co | 74352 | 9867998 |
|  |  | 14818917 |
| Electronic Equipment, Instruments & Components – 0.5% |  |  |
| Jabil Inc | 12633 | 2880577 |
| Entertainment – 1.6% |  |  |
| Take-Two Interactive Software Inc<sup>\*</sup> <br>| 37957 | 9718131 |
| Food & Staples Retailing – 4.4% |  |  |
| Albertsons Cos Inc - Class A | 9954 | 170910 |
| Costco Wholesale Corp | 13521 | 11659699 |
| Maplebear Inc<sup>\*</sup> <br>| 2736 | 123065 |
| Walmart Inc | 139558 | 15548157 |
|  |  | 27501831 |
| Food Products – 0.3% |  |  |
| JM Smucker Co | 13727 | 1342638 |
| Tyson Foods Inc | 6692 | 392285 |
|  |  | 1734923 |
| Gas Utilities – 0% |  |  |
| UGI Corp | 7071 | 264667 |
| Health Care Equipment & Supplies – 0.7% |  |  |
| Edwards Lifesciences Corp<sup>\*</sup> <br>| 7260 | 618915 |
| IDEXX Laboratories Inc<sup>\*</sup> <br>| 856 | 579110 |
| Stryker Corp | 9258 | 3253909 |
|  |  | 4451934 |
| Health Care Providers & Services – 0.4% |  |  |
| AmerisourceBergen Corp | 2716 | 917329 |
| McKesson Corp | 1568 | 1286215 |
| Quest Diagnostics Inc | 1782 | 309230 |
| Tenet Healthcare Corp<sup>\*</sup> <br>| 1114 | 221374 |
|  |  | 2734148 |
| Health Care Real Estate Investment Trusts (REITs) – 0.3% |  |  |
| Welltower Inc | 8657 | 1606826 |
| Hotels, Restaurants & Leisure – 4.4% |  |  |
| Booking Holdings Inc | 1233 | 6603122 |
| Boyd Gaming Corp | 98731 | 8415830 |
| McDonald's Corp | 40702 | 12439752 |
|  |  | 27458704 |
| Industrial Conglomerates – 0.7% |  |  |
| Honeywell International Inc | 22132 | 4317732 |
| Insurance – 0.4% |  |  |
| Marsh & McLennan Cos Inc | 6811 | 1263577 |
| MetLife Inc | 12235 | 965831 |
|  |  | 2229408 |
| Interactive Media & Services – 9.2% |  |  |
| Alphabet Inc - Class A | 134664 | 42149832 |
| Meta Platforms Inc - Class A | 23853 | 15745127 |
|  |  | 57894959 |
| Machinery – 3.1% |  |  |
| Cummins Inc | 12832 | 6550094 |
| Otis Worldwide Corp | 5979 | 522266 |
| Parker-Hannifin Corp | 14037 | 12337961 |
|  |  | 19410321 |
| Metals & Mining – 0.4% |  |  |
| Wheaton Precious Metals Corp | 23110 | 2715887 |
| Multiline Retail – 3.4% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 91455 | 21109643 |
| Multi-Utilities – 1.7% |  |  |
| CenterPoint Energy Inc | 223772 | 8579419 |
| Consolidated Edison Inc | 7672 | 761983 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Multi-Utilities – (continued) |  |  |
| Public Service Enterprise Group Inc | 8829 | $708969 |
| Sempra Energy | 9222 | 814210 |
|  |  | 10864581 |
| Oil, Gas & Consumable Fuels – 1.1% |  |  |
| Cabot Oil & Gas Corp | 15069 | 396616 |
| Hess Midstream LP - Class A | 172726 | 5959047 |
| Occidental Petroleum Corp | 11168 | 459228 |
| Range Resources Corp | 6327 | 223090 |
|  |  | 7037981 |
| Pharmaceuticals – 0.3% |  |  |
| Corcept Therapeutics Inc<sup>\*</sup> <br>| 1328 | 46215 |
| Pfizer Inc | 63668 | 1585333 |
|  |  | 1631548 |
| Professional Services – 0.1% |  |  |
| Leidos Holdings Inc | 1732 | 312453 |
| Real Estate Management & Development – 0.6% |  |  |
| CBRE Group Inc<sup>\*</sup> <br>| 24800 | 3987592 |
| Retail Real Estate Investment Trusts (REITs) – 0.4% |  |  |
| Simon Property Group Inc | 12815 | 2372185 |
| Road & Rail – 0% |  |  |
| Canadian Pacific Kansas City Ltd<sup>#</sup> <br>| 1808 | 133123 |
| Semiconductor & Semiconductor Equipment – 12.4% |  |  |
| Broadcom Inc | 27618 | 9558590 |
| KLA Corp | 5302 | 6442354 |
| NVIDIA Corp | 253081 | 47199606 |
| Qorvo Inc<sup>\*</sup> <br>| 48154 | 4069495 |
| Rambus Inc<sup>\*</sup> <br>| 114047 | 10479779 |
|  |  | 77749824 |
| Software – 9.2% |  |  |
| Check Point Software Technologies Ltd<sup>\*</sup> <br>| 43848 | 8136435 |
| CyberArk Software Ltd<sup>\*</sup> <br>| 792 | 353280 |
| Dropbox Inc<sup>\*</sup> <br>| 19179 | 533176 |
| Fortinet Inc<sup>\*</sup> <br>| 110217 | 8752332 |
| Microsoft Corp | 77391 | 37427835 |
| Palo Alto Networks Inc<sup>\*</sup> <br>| 9017 | 1660931 |
| Procore Technologies Inc<sup>\*</sup> <br>| 8544 | 621491 |
|  |  | 57485480 |
| Specialty Retail – 1.3% |  |  |
| AutoZone Inc<sup>\*</sup> <br>| 2376 | 8058204 |
| Technology Hardware, Storage & Peripherals – 6.8% |  |  |
| Apple Inc | 155820 | 42361225 |
| Logitech International SA (REG) | 807 | 80878 |
|  |  | 42442103 |
| Tobacco – 2.7% |  |  |
| Altria Group Inc | 95990 | 5534783 |
| Philip Morris International Inc | 70871 | 11367709 |
|  |  | 16902492 |
| Total Common Stocks (cost $441,782,835) |  | 626650820 |
| Investment Companies – 0.1% |  |  |
| Money Markets – 0.1% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº,</sup><sup>£</sup> (cost $564,220) | 564051 | 564220 |
| Investments Purchased with Cash Collateral from Securities Lending – 0% |  |  |
| Investment Companies – 0% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº,</sup><sup>£</sup> <br>| 74176 | 74176 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Investments Purchased with Cash Collateral from Securities Lending – (continued) |  |  |
| Time Deposits – 0% |  |  |
| Royal Bank of Canada, 3.7000%, 1/2/26 | $18544 | $18544 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $92,720) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $92,720) | 92720 |
| Total Investments (total cost $442,439,775) – 100.1% |  | 627307760 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.1)% |  | (379725) |
| Net Assets – 100% |  | $626928035 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $588610956 | &nbsp;&nbsp;&nbsp;&nbsp; 93.8<br> %<br>|
| Canada | 24073694 | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Israel | 8489715 | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Italy | 5921460 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Switzerland | 211935 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Total | $627307760 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*6/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*12/31/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% |
| Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% | 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, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | $494752 | $20410748 | $(20341190) | $(90) | $- | $564220 | 564051 | $10614 |
| Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% |
| Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  |
|  | 5052161 | 33204952 | (38182937) | - | - | 74176 | 74176 | 6244 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 0.1% | Total Affiliated Investments - 0.1% | Total Affiliated Investments - 0.1% | Total Affiliated Investments - 0.1% | Total Affiliated Investments - 0.1% | Total Affiliated Investments - 0.1% | Total Affiliated Investments - 0.1% | Total Affiliated Investments - 0.1% | Total Affiliated Investments - 0.1% |
|  | $5546913 | $53615700 | $(58524127) | $(90) | $- | $638396 | 638227 | $16858 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Assets*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| JPMorgan Chase Bank, National Association | $89829 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(89829) | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| December 31, 2025

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

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

---

| | |
|:---|:---|
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| PLC | Public Limited Company |
| REG | Registered |

---

---

| |
|:---|
| Non-income producing security. |
| Rate shown is the 7-day yield as of December 31, 2025. |
| Loaned security; a portion of the security is on loan at December 31, 2025. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

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

instruments as of December 31, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* | $626650820 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| *Investment Companies* | - | &nbsp;&nbsp; 564220 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 92720 | &nbsp;&nbsp; - |
| **Total Assets** | $626650820 | &nbsp;&nbsp; $656940 | &nbsp;&nbsp; $- |

---

Janus Investment Fund \| 5

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $441,801,379)<sup>(1)</sup> <br>| $626669364 |
| Affiliated investments, at value (cost $638,396) | 638396 |
| Cash | 10303 |
| Trustees' deferred compensation | 18511 |
| Receivables: |  |
| Dividends | 352734 |
| Fund shares sold | 105897 |
| Foreign tax reclaims | 23158 |
| Dividends from affiliates | 2264 |
| Other assets | 6205 |
| Total Assets | 627826832 |
| Liabilities: |  |
| Collateral for securities loaned (Note 2) | 92720 |
| Payables: |  |
| Fund shares repurchased | 303946 |
| Advisory fees | 275903 |
| Transfer agent fees and expenses | 81722 |
| Professional fees | 41710 |
| Trustees' deferred compensation fees | 18511 |
| 12b-1 Distribution and shareholder servicing fees | 11085 |
| Affiliated fund administration fees payable | 1381 |
| Trustees' fees and expenses | 277 |
| Custodian fees | 257 |
| Accrued expenses and other payables | 71285 |
| Total Liabilities | 898797 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $626928035 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $443680206 |
| Total distributable earnings (loss) | 183247829 |
| Total Net Assets | $626928035 |
| Net Assets - Class A Shares | $27934537 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2288933 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $12.20 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $12.94 |
| Net Assets - Class C Shares | $4181042 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 364248 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $11.48 |
| Net Assets - Class D Shares | $380208841 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 32020195 |
| Net Asset Value Per Share | $11.87 |
| Net Assets - Class I Shares | $52989141 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 4342465 |
| Net Asset Value Per Share | $12.20 |
| Net Assets - Class N Shares | $47008176 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3889448 |
| Net Asset Value Per Share | $12.09 |
| Net Assets - Class S Shares | $5374734 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 438295 |
| Net Asset Value Per Share | $12.26 |
| Net Assets - Class T Shares | $109231564 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 9187146 |
| Net Asset Value Per Share | $11.89 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $89,829 of securities on loan. See Note 2 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $3534673 |
| Dividends from affiliates | 10614 |
| Affiliated securities lending income, net | 6244 |
| Unaffiliated securities lending income, net | 2216 |
| Other income | 1526 |
| Foreign tax withheld | (32521) |
| Total Investment Income | 3522752 |
| Expenses: |  |
| Advisory fees | 1586467 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 35003 |
| Class C Shares | 23225 |
| Class S Shares | 6817 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 204311 |
| Class S Shares | 6933 |
| Class T Shares | 139106 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 8003 |
| Class C Shares | 2148 |
| Class I Shares | 26584 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 774 |
| Class C Shares | 117 |
| Class D Shares | 21706 |
| Class I Shares | 782 |
| Class N Shares | 1112 |
| Class S Shares | 55 |
| Class T Shares | 539 |
| Registration fees | 84265 |
| Professional fees | 29043 |
| Shareholder reports expense | 25541 |
| Affiliated fund administration fees | 10923 |
| Custodian fees | 6575 |
| Trustees' fees and expenses | 5855 |
| Other expenses | 65161 |
| Total Expenses | 2291045 |
| Less: Excess Expense Reimbursement and Waivers | (7225) |
| Net Expenses | 2283820 |
| Net Investment Income/(Loss) | 1238932 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 1411662 |
| Investments in affiliates | (90) |
| Total Net Realized Gain/(Loss) on Investments | 1411572 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments and Trustees' deferred compensation | 51051966 |
| Total Change in Unrealized Net Appreciation/Depreciation | 51051966 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $53702470 |

---

See Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*December 31, 2025* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*June 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $1238932 | &nbsp;&nbsp; $4050506 |
| Net realized gain/(loss) on investments | 1411572 | &nbsp;&nbsp; 59280628 |
| Change in unrealized net appreciation/depreciation | 51051966 | &nbsp;&nbsp; 17351359 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 53702470 | &nbsp;&nbsp; 80682493 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (2594614) | &nbsp;&nbsp; (821362) |
| Class C Shares | (392639) | &nbsp;&nbsp; (193605) |
| Class D Shares | (35891551) | &nbsp;&nbsp; (13940803) |
| Class I Shares | (4974235) | &nbsp;&nbsp; (2815833) |
| Class N Shares | (4389034) | &nbsp;&nbsp; (1484005) |
| Class S Shares | (472427) | &nbsp;&nbsp; (152533) |
| Class T Shares | (10348307) | &nbsp;&nbsp; (4180948) |
| Net Decrease from Dividends and Distributions to Shareholders | (59062807) | &nbsp;&nbsp; (23589089) |
| Capital Share Transactions: |  |  |
| Class A Shares | 2885086 | &nbsp;&nbsp; 534353 |
| Class C Shares | (1298894) | &nbsp;&nbsp; (3029664) |
| Class D Shares | 20020056 | &nbsp;&nbsp; (11397724) |
| Class I Shares | (7437813) | &nbsp;&nbsp; (18599687) |
| Class N Shares | (383067) | &nbsp;&nbsp; 10897571 |
| Class S Shares | (69617) | &nbsp;&nbsp; (20564617) |
| Class T Shares | 3874107 | &nbsp;&nbsp; (13554075) |
| Net Increase/(Decrease) from Capital Share Transactions | 17589858 | &nbsp;&nbsp; (55713843) |
| Net Increase/(Decrease) in Net Assets | 12229521 | &nbsp;&nbsp; 1379561 |
| Net Assets: |  |  |
| Beginning of period | 614698514 | &nbsp;&nbsp; 613318953 |
| End of period | $626928035 | &nbsp;&nbsp; $614698514 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.32 | &nbsp;&nbsp; $11.21 | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp; $8.88 | &nbsp;&nbsp; $12.76 | &nbsp;&nbsp; $11.38 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain/(loss) | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp;&nbsp;&nbsp;2.82 |
| Total from Investment Operations | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp;&nbsp;&nbsp;2.87 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.05) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.13) |
| Distributions (from capital gains) | (1.15) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (1.36) |
| Total Dividends and Distributions | (1.20) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (3.16) | &nbsp;&nbsp; (1.49) |
| Net Asset Value, End of Period | $12.20 | &nbsp;&nbsp; $12.32 | &nbsp;&nbsp; $11.21 | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp; $8.88 | &nbsp;&nbsp; $12.76 |
| Total Return<sup>\*</sup> <br>| 8.83% | &nbsp;&nbsp; 13.78% | &nbsp;&nbsp; 17.44% | &nbsp;&nbsp; 14.18% | &nbsp;&nbsp; (9.55)% | &nbsp;&nbsp; 26.48% |
| Net Assets, End of Period (in thousands) | $27935 | &nbsp;&nbsp; $25323 | &nbsp;&nbsp; $22474 | &nbsp;&nbsp; $19507 | &nbsp;&nbsp; $21015 | &nbsp;&nbsp; $26218 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.94% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.94% |
| Ratio of Net Investment Income/(Loss) | 0.23% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.43% |
| Portfolio Turnover Rate | 25% | &nbsp;&nbsp; 113% | &nbsp;&nbsp; 250% | &nbsp;&nbsp; 313% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 190% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

10 \| December 31, 2025

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $11.65 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $9.41 | &nbsp;&nbsp; $8.45 | &nbsp;&nbsp; $12.32 | &nbsp;&nbsp; $11.02 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.03) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.02) |
| Net realized and unrealized gain/(loss) | 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;2.72 |
| Total from Investment Operations | 0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp;&nbsp;&nbsp;2.70 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04) |
| Distributions (from capital gains) | (1.15) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (1.36) |
| Total Dividends and Distributions | (1.15) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (1.40) |
| Net Asset Value, End of Period | $11.48 | &nbsp;&nbsp; $11.65 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $9.41 | &nbsp;&nbsp; $8.45 | &nbsp;&nbsp; $12.32 |
| Total Return<sup>\*</sup> <br>| 8.46% | &nbsp;&nbsp; 12.97% | &nbsp;&nbsp; 16.55% | &nbsp;&nbsp; 13.47% | &nbsp;&nbsp; (10.05)% | &nbsp;&nbsp; 25.71% |
| Net Assets, End of Period (in thousands) | $4181 | &nbsp;&nbsp; $5473 | &nbsp;&nbsp; $7884 | &nbsp;&nbsp; $12312 | &nbsp;&nbsp; $14997 | &nbsp;&nbsp; $21286 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.69% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 1.58% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.65% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 1.58% |
| Ratio of Net Investment Income/(Loss) | (0.56)% | &nbsp;&nbsp; (0.27)% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; (0.12)% | &nbsp;&nbsp; (0.21)% |
| Portfolio Turnover Rate | 25% | &nbsp;&nbsp; 113% | &nbsp;&nbsp; 250% | &nbsp;&nbsp; 313% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 190% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.02 | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp; $9.67 | &nbsp;&nbsp; $8.69 | &nbsp;&nbsp; $12.56 | &nbsp;&nbsp; $11.23 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain/(loss) | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp;&nbsp;&nbsp;2.77 |
| Total from Investment Operations | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp;&nbsp;&nbsp;2.85 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.07) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.16) |
| Distributions (from capital gains) | (1.15) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (1.36) |
| Total Dividends and Distributions | (1.22) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (3.19) | &nbsp;&nbsp; (1.52) |
| Net Asset Value, End of Period | $11.87 | &nbsp;&nbsp; $12.02 | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp; $9.67 | &nbsp;&nbsp; $8.69 | &nbsp;&nbsp; $12.56 |
| Total Return<sup>\*</sup> <br>| 8.99% | &nbsp;&nbsp; 13.94% | &nbsp;&nbsp; 17.78% | &nbsp;&nbsp; 14.36% | &nbsp;&nbsp; (9.35)% | &nbsp;&nbsp; 26.71% |
| Net Assets, End of Period (in thousands) | $380209 | &nbsp;&nbsp; $363832 | &nbsp;&nbsp; $342985 | &nbsp;&nbsp; $325264 | &nbsp;&nbsp; $307311 | &nbsp;&nbsp; $361567 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% |
| Ratio of Net Investment Income/(Loss) | 0.42% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 2.09% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.66% |
| Portfolio Turnover Rate | 25% | &nbsp;&nbsp; 113% | &nbsp;&nbsp; 250% | &nbsp;&nbsp; 313% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 190% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

12 \| December 31, 2025

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.32 | &nbsp;&nbsp; $11.22 | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $12.75 | &nbsp;&nbsp; $11.37 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain/(loss) | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp;&nbsp;&nbsp;2.81 |
| Total from Investment Operations | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp;&nbsp;2.89 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.08) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.15) |
| Distributions (from capital gains) | (1.15) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (1.36) |
| Total Dividends and Distributions | (1.23) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (3.19) | &nbsp;&nbsp; (1.51) |
| Net Asset Value, End of Period | $12.20 | &nbsp;&nbsp; $12.32 | &nbsp;&nbsp; $11.22 | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $12.75 |
| Total Return<sup>\*</sup> <br>| 9.02% | &nbsp;&nbsp; 14.03% | &nbsp;&nbsp; 17.71% | &nbsp;&nbsp; 14.48% | &nbsp;&nbsp; (9.31)% | &nbsp;&nbsp; 26.75% |
| Net Assets, End of Period (in thousands) | $52989 | &nbsp;&nbsp; $60530 | &nbsp;&nbsp; $73172 | &nbsp;&nbsp; $85473 | &nbsp;&nbsp; $114646 | &nbsp;&nbsp; $468596 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.67% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.73% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.67% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.69% |
| Ratio of Net Investment Income/(Loss) | 0.44% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 2.19% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% |
| Portfolio Turnover Rate | 25% | &nbsp;&nbsp; 113% | &nbsp;&nbsp; 250% | &nbsp;&nbsp; 313% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 190% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.22 | &nbsp;&nbsp; $11.14 | &nbsp;&nbsp; $9.82 | &nbsp;&nbsp; $8.82 | &nbsp;&nbsp; $12.70 | &nbsp;&nbsp; $11.34 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain/(loss) | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp;&nbsp;&nbsp;2.79 |
| Total from Investment Operations | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp;&nbsp;&nbsp;2.89 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.09) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.17) |
| Distributions (from capital gains) | (1.15) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (1.36) |
| Total Dividends and Distributions | (1.24) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (3.21) | &nbsp;&nbsp; (1.53) |
| Net Asset Value, End of Period | $12.09 | &nbsp;&nbsp; $12.22 | &nbsp;&nbsp; $11.14 | &nbsp;&nbsp; $9.82 | &nbsp;&nbsp; $8.82 | &nbsp;&nbsp; $12.70 |
| Total Return<sup>\*</sup> <br>| 9.13% | &nbsp;&nbsp; 14.08% | &nbsp;&nbsp; 17.90% | &nbsp;&nbsp; 14.54% | &nbsp;&nbsp; (9.21)% | &nbsp;&nbsp; 26.89% |
| Net Assets, End of Period (in thousands) | $47008 | &nbsp;&nbsp; $47757 | &nbsp;&nbsp; $33011 | &nbsp;&nbsp; $43369 | &nbsp;&nbsp; $41864 | &nbsp;&nbsp; $54635 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.58% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.58% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% |
| Ratio of Net Investment Income/(Loss) | 0.54% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 2.24% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.78% |
| Portfolio Turnover Rate | 25% | &nbsp;&nbsp; 113% | &nbsp;&nbsp; 250% | &nbsp;&nbsp; 313% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 190% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

14 \| December 31, 2025

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Financial Highlights**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.36 | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $9.86 | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $12.73 | &nbsp;&nbsp; $11.36 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| — <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain/(loss) | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp;&nbsp;&nbsp;2.80 |
| Total from Investment Operations | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp;&nbsp;&nbsp;2.84 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.02) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.11) |
| Distributions (from capital gains) | (1.15) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (1.36) |
| Total Dividends and Distributions | (1.17) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (1.47) |
| Net Asset Value, End of Period | $12.26 | &nbsp;&nbsp; $12.36 | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $9.86 | &nbsp;&nbsp; $8.85 | &nbsp;&nbsp; $12.73 |
| Total Return<sup>\*</sup> <br>| 8.73% | &nbsp;&nbsp; 13.67% | &nbsp;&nbsp; 17.32% | &nbsp;&nbsp; 13.96% | &nbsp;&nbsp; (9.69)% | &nbsp;&nbsp; 26.29% |
| Net Assets, End of Period (in thousands) | $5375 | &nbsp;&nbsp; $5455 | &nbsp;&nbsp; $23899 | &nbsp;&nbsp; $22700 | &nbsp;&nbsp; $22961 | &nbsp;&nbsp; $28736 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.12% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.05% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% |
| Ratio of Net Investment Income/(Loss) | 0.04% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 1.72% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.30% |
| Portfolio Turnover Rate | 25% | &nbsp;&nbsp; 113% | &nbsp;&nbsp; 250% | &nbsp;&nbsp; 313% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 190% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

See Notes to Financial Statements.

Janus Investment Fund \| 15

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**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.03 | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp; $9.68 | &nbsp;&nbsp; $8.69 | &nbsp;&nbsp; $12.56 | &nbsp;&nbsp; $11.22 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain/(loss) | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp;&nbsp;&nbsp;2.77 |
| Total from Investment Operations | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp;&nbsp;2.84 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.06) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.14) |
| Distributions (from capital gains) | (1.15) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (1.36) |
| Total Dividends and Distributions | (1.21) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (3.18) | &nbsp;&nbsp; (1.50) |
| Net Asset Value, End of Period | $11.89 | &nbsp;&nbsp; $12.03 | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp; $9.68 | &nbsp;&nbsp; $8.69 | &nbsp;&nbsp; $12.56 |
| Total Return<sup>\*</sup> <br>| 8.94% | &nbsp;&nbsp; 13.84% | &nbsp;&nbsp; 17.60% | &nbsp;&nbsp; 14.32% | &nbsp;&nbsp; (9.49)% | &nbsp;&nbsp; 26.70% |
| Net Assets, End of Period (in thousands) | $109232 | &nbsp;&nbsp; $106328 | &nbsp;&nbsp; $109894 | &nbsp;&nbsp; $119032 | &nbsp;&nbsp; $129070 | &nbsp;&nbsp; $186208 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.82% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.81% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.78% |
| Ratio of Net Investment Income/(Loss) | 0.31% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.58% |
| Portfolio Turnover Rate | 25% | &nbsp;&nbsp; 113% | &nbsp;&nbsp; 250% | &nbsp;&nbsp; 313% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 190% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

16 \| December 31, 2025

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**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Notes to Financial Statements (unaudited)**

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

**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 34 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 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. 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 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, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

Janus Investment Fund \| 17

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**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Notes to Financial Statements (unaudited)**

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 Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended December 31, 2025. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

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

**Valuation Inputs Summary**

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

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

18 \| December 31, 2025

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**Janus Henderson Adaptive Risk Managed U.S. Equity 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 period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments 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 an 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.

Janus Investment Fund \| 19

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**Janus Henderson Adaptive Risk Managed U.S. Equity 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.

**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**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**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

20 \| December 31, 2025

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**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Notes to Financial Statements (unaudited)**

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 Securities and Exchange Commission (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" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of December 31, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $89,829. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2025 is $92,720,

resulting in the net amount due to the counterparty of $2,891.

Janus Investment Fund \| 21

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**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Notes to Financial Statements (unaudited)**

**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.

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, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.59% for at least a one-year period commencing on October 28, 2025. 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 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 $225,317 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2025. 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 0.11%.

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

22 \| December 31, 2025

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Notes to Financial Statements (unaudited)**

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 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, 2025.

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, 2025, redeeming shareholders of Class A Shares paid CDSCs of $14 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, 2025, redeeming shareholders of Class C

Shares paid CDSCs of $9.

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, 2025 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and

Janus Investment Fund \| 23

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Notes to Financial Statements (unaudited)**

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, 2025 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. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the period ended December 31, 2025.

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 at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government 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). 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, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

As of December 31, 2025, 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 | -<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -<br> %<br>|
| Class C Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class D Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class I Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class N Shares | 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| Class S Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class T Shares | - | &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, 2025 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* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $443074850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $189698321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5465411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $184232910 |

---

24 \| December 31, 2025

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Notes to Financial Statements (unaudited)**

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

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2025* | *Period ended December 31, 2025* | *Year ended June 30, 2025* | *Year ended June 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 309359 | &nbsp;&nbsp; $3924799 | &nbsp;&nbsp; 416266 | &nbsp;&nbsp; $4792246 |
| Reinvested dividends and distributions | 140182 | &nbsp;&nbsp; 1707415 | &nbsp;&nbsp; 51880 | &nbsp;&nbsp; 628781 |
| Shares repurchased | (216547) | &nbsp;&nbsp; (2747128) | &nbsp;&nbsp; (416921) | &nbsp;&nbsp; (4886674) |
| Net Increase/(Decrease) | 232994 | &nbsp;&nbsp; $2885086 | &nbsp;&nbsp; 51225 | &nbsp;&nbsp; $534353 |
| Class C Shares: |  |  |  |  |
| Shares sold | 10779 | &nbsp;&nbsp; $128062 | &nbsp;&nbsp; 13187 | &nbsp;&nbsp; $146295 |
| Reinvested dividends and distributions | 34061 | &nbsp;&nbsp; 390338 | &nbsp;&nbsp; 16479 | &nbsp;&nbsp; 189674 |
| Shares repurchased | (150435) | &nbsp;&nbsp; (1817294) | &nbsp;&nbsp; (303430) | &nbsp;&nbsp; (3365633) |
| Net Increase/(Decrease) | (105595) | &nbsp;&nbsp; $(1298894) | &nbsp;&nbsp; (273764) | &nbsp;&nbsp; $(3029664) |
| Class D Shares: |  |  |  |  |
| Shares sold | 344876 | &nbsp;&nbsp; $4337766 | &nbsp;&nbsp; 1004165 | &nbsp;&nbsp; $11524816 |
| Reinvested dividends and distributions | 2979982 | &nbsp;&nbsp; 35312780 | &nbsp;&nbsp; 1163227 | &nbsp;&nbsp; 13737712 |
| Shares repurchased | (1565173) | &nbsp;&nbsp; (19630490) | &nbsp;&nbsp; (3203926) | &nbsp;&nbsp; (36660252) |
| Net Increase/(Decrease) | 1759685 | &nbsp;&nbsp; $20020056 | &nbsp;&nbsp; (1036534) | &nbsp;&nbsp; $(11397724) |
| Class I Shares: |  |  |  |  |
| Shares sold | 94133 | &nbsp;&nbsp; $1195295 | &nbsp;&nbsp; 342724 | &nbsp;&nbsp; $4048911 |
| Reinvested dividends and distributions | 376364 | &nbsp;&nbsp; 4584114 | &nbsp;&nbsp; 167708 | &nbsp;&nbsp; 2030948 |
| Shares repurchased | (1039787) | &nbsp;&nbsp; (13217222) | &nbsp;&nbsp; (2118752) | &nbsp;&nbsp; (24679546) |
| Net Increase/(Decrease) | (569290) | &nbsp;&nbsp; $(7437813) | &nbsp;&nbsp; (1608320) | &nbsp;&nbsp; $(18599687) |
| Class N Shares: |  |  |  |  |
| Shares sold | 106962 | &nbsp;&nbsp; $1354923 | &nbsp;&nbsp; 1266897 | &nbsp;&nbsp; $14623700 |
| Reinvested dividends and distributions | 356409 | &nbsp;&nbsp; 4298291 | &nbsp;&nbsp; 120951 | &nbsp;&nbsp; 1451412 |
| Shares repurchased | (480639) | &nbsp;&nbsp; (6036281) | &nbsp;&nbsp; (444252) | &nbsp;&nbsp; (5177541) |
| Net Increase/(Decrease) | (17268) | &nbsp;&nbsp; $(383067) | &nbsp;&nbsp; 943596 | &nbsp;&nbsp; $10897571 |
| Class S Shares: |  |  |  |  |
| Shares sold | 7021 | &nbsp;&nbsp; $89371 | &nbsp;&nbsp; 90387 | &nbsp;&nbsp; $1057355 |
| Reinvested dividends and distributions | 38313 | &nbsp;&nbsp; 468951 | &nbsp;&nbsp; 12467 | &nbsp;&nbsp; 151602 |
| Shares repurchased | (48513) | &nbsp;&nbsp; (627939) | &nbsp;&nbsp; (1802485) | &nbsp;&nbsp; (21773574) |
| Net Increase/(Decrease) | (3179) | &nbsp;&nbsp; $(69617) | &nbsp;&nbsp; (1699631) | &nbsp;&nbsp; $(20564617) |
| Class T Shares: |  |  |  |  |
| Shares sold | 467018 | &nbsp;&nbsp; $5857154 | &nbsp;&nbsp; 742851 | &nbsp;&nbsp; $8519135 |
| Reinvested dividends and distributions | 850246 | &nbsp;&nbsp; 10092415 | &nbsp;&nbsp; 340318 | &nbsp;&nbsp; 4025961 |
| Shares repurchased | (968112) | &nbsp;&nbsp; (12075462) | &nbsp;&nbsp; (2272841) | &nbsp;&nbsp; (26099171) |
| Net Increase/(Decrease) | 349152 | &nbsp;&nbsp; $3874107 | &nbsp;&nbsp; (1189672) | &nbsp;&nbsp; $(13554075) |

---

**6. Purchases and Sales of Investment Securities**

For the period ended December 31, 2025, 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*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $158607342 | &nbsp;&nbsp;&nbsp;&nbsp; $199496334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client consents, and

approval by Janus Henderson's shareholders. Management is assessing the impact to the funds.

Janus Investment Fund \| 25

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Notes to Financial Statements (unaudited)**

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

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 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.

26 \| December 31, 2025

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the 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 analyses 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 5, 2025 and December 9-10, 2025, 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 over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's 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, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. 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

Janus Investment Fund \| 27

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment 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 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. Additionally, 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 and retain 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 at 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, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

28 \| December 31, 2025

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, 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.

Janus Investment Fund \| 29

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**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

30 \| December 31, 2025

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**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

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.

Janus Investment Fund \| 31

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**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Additional Information (unaudited)**

***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 identified by Broadridge using Morningstar category schema. 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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% 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 or service 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 considering performance trends, performance histories, recent fee reductions, investment structure changes, 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 institutional/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 institutional/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 the Adviser's explanation 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 the independent fee consultant's 2024 report 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 similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable 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) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

32 \| December 31, 2025

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**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, 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 has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 33

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market 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 reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian 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 had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

34 \| December 31, 2025

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, 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.

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 receives 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 and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, 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. As part of their overall review of fund profitability, 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 fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 35

------

**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Additional Information (unaudited)**

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 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, 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; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) 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 (3) by setting lower fixed fees from the start on the Flat-Rate Fee 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.

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 Janus Henderson 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.

Based on all of the information reviewed, including the recent and past research and analyses 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 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 other 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 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 such Janus Henderson Funds. 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

36 \| December 31, 2025

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**Janus Henderson Adaptive Risk Managed U.S. Equity Fund**

**Additional Information (unaudited)**

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.

Janus Investment Fund \| 37

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![](img9cccd87a2.gif)

*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

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93016 02-26

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SEMIANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson Developed World Bond Fund**

Janus Investment Fund

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**Table of Contents**

**Janus Henderson Developed World Bond Fund** 

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|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_1492390b-fce9-4f28-94e6-d82ba96b3b80_SOI-SOI-RunningFooter-25_1)<br> [Management Investment Companies](#xx_1492390b-fce9-4f28-94e6-d82ba96b3b80_SOI-SOI-RunningFooter-25_1)<br>|  |
| [Schedule of Investments](#xx_1492390b-fce9-4f28-94e6-d82ba96b3b80_SOI-SOI-RunningFooter-25_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_1492390b-fce9-4f28-94e6-d82ba96b3b80_SOI-SOI-RunningFooter-25_10) | 10 |
| [Statement of Assets and Liabilities](#xx_1492390b-fce9-4f28-94e6-d82ba96b3b80_SAL-SAL-RunningFooter-25_1) | 12 |
| [Statement of Operations](#xx_1492390b-fce9-4f28-94e6-d82ba96b3b80_SOP-SOP-RunningFooter-25_1) | 14 |
| [Statements of Changes in Net Assets](#xx_1492390b-fce9-4f28-94e6-d82ba96b3b80_SOC-SOC-RunningFooter-25_1) | 16 |
| [Financial Highlights](#xx_1492390b-fce9-4f28-94e6-d82ba96b3b80_FIHI-FIHI-RunningFooter-25_1) | 17 |
| [Notes to Financial Statements](#xx_1492390b-fce9-4f28-94e6-d82ba96b3b80_NTF-NTF-RunningFooter-25_1) | 24 |
| [Items 8-11 - Additional Information](#xx_1492390b-fce9-4f28-94e6-d82ba96b3b80_AI-AI-RunningFooter-25_1) | 41 |

---

------

**Janus Henderson Developed World Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>|  | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – 7.1% |  |  |  |
| Avoca CLO 32A A1, EURIBOR 3 Month + 1.1700%, 3.1790%, 4/15/39<sup>ž,</sup><sup>‡</sup> <br>| 1530000 | EUR | $1800933 |
| Avoca CLO 32A B, EURIBOR 3 Month + 1.6500%, 3.6590%, 4/15/39<sup>ž,</sup><sup>‡</sup> <br>| 960000 | EUR | 1120753 |
| Cairn CLO BV 2023-17A BR, EURIBOR 3 Month + 1.7000%, 3.7040%, <br> 1/18/39<sup>ž,</sup><sup>‡</sup> <br>| 2080000 | EUR | 2443408 |
| Cairn CLO BV 2024-19A A, EURIBOR 3 Month + 1.3000%, 3.3090%, <br> 4/15/39<sup>ž,</sup><sup>‡</sup> <br>| 2750000 | EUR | 3243311 |
| Cordatus CLO PLC 35A B, EURIBOR 3 Month + 1.7500%, 3.8030%, 8/20/38<sup>ž,</sup><sup>‡</sup> <br>| 1330000 | EUR | 1565690 |
| Palmer Square European CLO 2021-1A AR, EURIBOR 3 Month + 1.3300%, <br> 3.3560%, 4/15/39<sup>ž,</sup><sup>‡</sup> <br>| 2330000 | EUR | 2750308 |
| Palmer Square European CLO 2021-1A BR, EURIBOR 3 Month + 1.9500%, <br> 3.9760%, 4/15/39<sup>ž,</sup><sup>‡</sup> <br>| 1230000 | EUR | 1448080 |
| Penta CLO 2021-2A A1R, EURIBOR 3 Month + 1.1700%, 3.1960%, 4/15/38<sup>ž,</sup><sup>‡</sup> <br>| 1520000 | EUR | 1792261 |
| Penta CLO 2021-2A BR, EURIBOR 3 Month + 1.6500%, 3.6760%, 4/15/38<sup>ž,</sup><sup>‡</sup> <br>| 1375000 | EUR | 1602616 |
| Ravensdale Park CLO DAC 1A A, EURIBOR 3 Month + 1.1700%, 3.2350%, <br> 4/26/38<sup>ž,</sup><sup>‡</sup> <br>| 910000 | EUR | 1071314 |
| Ravensdale Park CLO DAC 1A B1, EURIBOR 3 Month + 1.6500%, 3.7150%, <br> 4/26/38<sup>ž,</sup><sup>‡</sup> <br>| 780000 | EUR | 912800 |
| RRE Loan Management 24A A1, EURIBOR 3 Month + 1.1600%, 3.1690%, <br> 4/16/40<sup>ž,</sup><sup>‡</sup> <br>| 3050000 | EUR | 3605966 |
| Sound Point EURO CLO Funding DAC 14A A, EURIBOR 3 Month + 1.1800%, <br> 3.1840%, 4/20/39<sup>ž,</sup><sup>‡</sup> <br>| 3050000 | EUR | 3576897 |
| Sound Point EURO CLO Funding DAC 15A A, EURIBOR 3 Month + 1.3300%, <br> 3.3330%, 7/20/39<sup>ž,</sup><sup>‡</sup> <br>| 2630000 | EUR | 3092177 |
| Sound Point EURO CLO Funding DAC 4A BR, EURIBOR 3 Month + 1.7000%, <br> 3.7090%, 4/15/39<sup>ž,</sup><sup>‡</sup> <br>| 880000 | EUR | 1028926 |
| Tesco Property Finance 3 PLC, 5.7440%, 4/13/40 | 4716373 | GBP | 6397408 |
| Voya Euro CLO 8A A, EURIBOR 3 Month + 1.2800%, 3.2890%, 1/17/39<sup>ž,</sup><sup>‡</sup> <br>| 2750000 | EUR | 3233170 |
| Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $38,983,755) |  |  | 40686018 |
| Bank Loans and Mezzanine Loans – 7.5% |  |  |  |
| Capital Goods – 0.2% |  |  |  |
| Quimper AB, EURIBOR 3 Month + 3.7500%, 5.8590%, 3/29/30<sup>‡</sup> <br>| 1000000 | EUR | 1187664 |
| Communications – 0.5% |  |  |  |
| Speedster Bidco GmbH, EURIBOR 3 Month + 3.5000%, 5.6230%, 12/10/31<sup>‡</sup> <br>| 2260000 | EUR | 2669009 |
| Consumer Cyclical – 1.6% |  |  |  |
| Delta 2 Lux Sarl, CME Term SOFR 3 Month + 1.7500%, 5.4219%, 9/30/31<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| $4649857 |  | 4661482 |
| Froneri Lux Finco Sarl, EURIBOR 6 Month + 2.7500%, 4.8330%, 9/30/31<sup>‡</sup> <br>| 2520000 | EUR | 2963981 |
| Speedster Bidco GmbH, CME Term SOFR 1 Month + 3.2500%, 7.2401%, <br> 12/10/31<sup>‡</sup> <br>| 1791011 |  | 1791459 |
|  |  |  | 9416922 |
| Consumer Non-Cyclical – 1.9% |  |  |  |
| Colosseum Dental Finance BV, EURIBOR 3 Month + 3.5000%, 5.4820%, <br> 3/18/32<sup>‡</sup> <br>| 2140000 | EUR | 2526839 |
| Financiere Mendel SASU, EURIBOR 3 Month + 3.0000%, 5.0190%, 11/8/30<sup>‡</sup> <br>| 1000000 | EUR | 1184526 |
| Froneri Lux Finco Sarl, EURIBOR 6 Month + 2.7500%, 4.8730%, 9/30/32<sup>‡</sup> <br>| 1380000 | EUR | 1624819 |
| Lavender Dutch BorrowerCo BV, EURIBOR 3 Month + 3.5000%, 5.5240%, <br> 12/2/32<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| 2130000 |  | 2524868 |
| PAX Holdco Spain SL, EURIBOR 6 Month + 4.0000%, 6.1500%, 12/31/29<sup>‡</sup> <br>| 2580000 | EUR | 3037463 |
|  |  |  | 10898515 |
| Financial Institutions – 0.2% |  |  |  |
| Mermaid Bidco Inc, CME Term SOFR 3 Month + 3.2500%, 7.1506%, 7/3/31<sup>‡</sup> <br>| 816729 |  | 818771 |
| Insurance – 1.2% |  |  |  |
| Acropole Holdings SAS, EURIBOR 3 Month + 3.5000%, 5.5190%, 7/26/32<sup>‡</sup> <br>| 4090000 | EUR | 4853796 |
| KI Knight France Bidco SAS, EURIBOR 3 Month + 3.7500%, 5.8470%, <br> 10/27/32<sup>‡</sup> <br>| 1660000 | EUR | 1967133 |
|  |  |  | 6820929 |
| Technology – 1.9% |  |  |  |
| Dayforce Inc, CME Term SOFR 1 Month + 3.0000%, 7.1568%, 8/20/32<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| 2863000 |  | 2852779 |
| Genesys Cloud Services Inc, EURIBOR 3 Month + 3.2500%, 5.3160%, 1/30/32<sup>‡</sup> <br>| 1836125 | EUR | 2183526 |
| Leia Finco US LLC, CME Term SOFR 3 Month + 3.2500%, 7.1853%, 10/9/31<sup>‡</sup> <br>| 1588000 |  | 1596840 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Developed World Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>|  | *Value* |
| Bank Loans and Mezzanine Loans – (continued) |  |  |  |
| Technology – (continued) |  |  |  |
| Project Alpha Intermediate Holdings Inc, CME Term SOFR 3 Month + 3.2500%, <br> 7.2515%, 10/28/30<sup>‡</sup> <br>| $934646 |  | $932580 |
| Project Alpha Intermediate Holdings Inc, CME Term SOFR 3 Month + 5.0000%, <br> 8.6719%, 5/9/33<sup>‡</sup> <br>| 1300000 |  | 1243944 |
| X Corp, CME Term SOFR 6 Month + 6.5000%, 10.4475%, 10/26/29<sup>‡</sup> <br>| 2387692 |  | 2349392 |
|  |  |  | 11159061 |
| Total Bank Loans and Mezzanine Loans (cost $41,723,005) |  |  | 42970871 |
| Corporate Bonds – 58.9% |  |  |  |
| Banking – 10.5% |  |  |  |
| Bank of America Corp, SOFR + 1.0000%, 5.1620%, 1/24/31<sup>‡</sup> <br>| 1292000 |  | 1333802 |
| Bank of America Corp, SOFR + 1.6500%, 5.4680%, 1/23/35<sup>‡</sup> <br>| 3569000 |  | 3717896 |
| Barclays PLC, SONIA Interest Rate Benchmark + 2.0610%, 5.8510%, 3/21/35<sup>‡</sup> <br>| 317000 | GBP | 438912 |
| Barclays PLC, ICE SWAP Rate GBP SONIA 5 Year + 4.6920%, 8.3750%<sup>‡</sup><sup>,μ</sup> <br>| 1240000 | GBP | 1790697 |
| Citigroup Inc, SOFR + 1.1710%, 4.5030%, 9/11/31<sup>‡</sup> <br>| 712000 |  | 714203 |
| Citigroup Inc, SOFR + 1.4880%, 5.1740%, 9/11/36<sup>‡</sup> <br>| 1983000 |  | 2001536 |
| Cooperatieve Rabobank UA, US Treasury Yield Curve Rate 1 Year + 1.4200%, <br> 3.7580%, 4/6/33<sup>ž,</sup><sup>‡</sup> <br>| 3304000 |  | 3128262 |
| Cooperatieve Rabobank UA/Australia, 4.2500%, 5/12/26 | 2000000 | AUD | 1334441 |
| Deutsche Bank AG, SONIA Interest Rate Benchmark + 1.1400%, 5.0000%, <br> 2/26/29<sup>‡</sup> <br>| 1100000 | GBP | 1497330 |
| Deutsche Bank AG, EURIBOR 3 Month + 1.5000%, 4.1250%, 4/4/30<sup>‡</sup> <br>| 1700000 | EUR | 2054344 |
| Erste Group Bank AG, EURIBOR ICE SWAP Rate + 4.4070%, 7.0000%<sup>‡</sup><sup>,μ</sup> <br>| 800000 | EUR | 1012570 |
| ING Groep NV, EURIBOR 3 Month + 0.7000%, 0.3750%, 9/29/28<sup>‡</sup> <br>| 3400000 | EUR | 3840886 |
| JPMorgan Chase & Co, SOFR + 1.3400%, 4.9460%, 10/22/35<sup>‡</sup> <br>| 5133000 |  | 5183602 |
| Lloyds Banking Group PLC, UK Govt Bonds 5 Year Note Generic Bid Yield + <br> 3.4360%, 7.5000%<sup>‡</sup><sup>,μ</sup> <br>| 2676000 | GBP | 3748203 |
| Lloyds Banking Group PLC, UK Govt Bonds 5 Year Note Generic Bid Yield + <br> 5.1430%, 8.5000%<sup>‡</sup><sup>,μ</sup> <br>| 1836000 | GBP | 2611871 |
| Morgan Stanley, SOFR + 1.7300%, 5.1230%, 2/1/29<sup>‡</sup> <br>| 1564000 |  | 1596583 |
| Morgan Stanley, SOFR + 1.1000%, 4.6540%, 10/18/30<sup>‡</sup> <br>| 316000 |  | 319823 |
| Morgan Stanley, SONIA Interest Rate Benchmark + 2.2520%, 5.7890%, <br> 11/18/33<sup>‡</sup> <br>| 3459000 | GBP | 4900453 |
| Natwest Group PLC, UK Govt Bonds 5 Year Note Generic Bid Yield + 2.9710%, <br> 7.6250%<sup>‡</sup><sup>,μ</sup> <br>| 800000 | GBP | 1122739 |
| Nordea Bank Abp, US Treasury Yield Curve Rate 5 Year + 4.1100%, 6.6250%<sup>‡</sup><sup>,μ</sup> <br>| 2040000 |  | 2056995 |
| Societe Generale SA, EURIBOR 3 Month + 1.5000%, 4.7500%, 9/28/29<sup>‡</sup> <br>| 1600000 | EUR | 1967282 |
| Societe Generale SA, EURIBOR 3 Month + 1.8000%, 4.2500%, 12/6/30<sup>‡</sup> <br>| 2300000 | EUR | 2795956 |
| UBS Group AG, EURIBOR ICE SWAP Rate + 1.7500%, 4.1250%, 6/9/33<sup>‡</sup> <br>| 4180000 | EUR | 5067074 |
| UBS Group AG, 5.9590%, 1/12/34<sup>ž</sup> <br>| 1183000 |  | 1260723 |
| UBS Group AG, US Treasury Yield Curve Rate 5 Year + 4.7450%, 9.2500%<sup>ž,</sup><sup>‡</sup><sup>,μ</sup> <br>| 1268000 |  | 1391312 |
| Wells Fargo & Co, SOFR + 1.1100%, 5.2440%, 1/24/31<sup>‡</sup> <br>| 1531000 |  | 1585381 |
| Wells Fargo & Co, EURIBOR 3 Month + 1.2200%, 3.9000%, 7/22/32<sup>‡</sup> <br>| 1500000 | EUR | 1804561 |
|  |  |  | 60277437 |
| Basic Industry – 1.4% |  |  |  |
| Mondi Finance PLC, 3.7500%, 5/31/32 | 2439000 | EUR | 2880576 |
| Qnity Electronics Inc, 5.7500%, 8/15/32<sup>ž</sup> <br>| 494000 |  | 505088 |
| SIG Combibloc PurchaseCO Sarl, 3.7500%, 3/19/30 | 1920000 | EUR | 2278916 |
| Verde Purchaser LLC, 10.5000%, 11/30/30<sup>ž</sup> <br>| 2237000 |  | 2405251 |
|  |  |  | 8069831 |
| Brokerage – 3.2% |  |  |  |
| Citadel Securities Global Holdings LLC, 5.5000%, 6/18/30<sup>ž</sup> <br>| 306000 |  | 314035 |
| Intercontinental Exchange Inc, 1.8500%, 9/15/32 | 6267000 |  | 5335676 |
| Jane Street Group / JSG Finance Inc, 7.1250%, 4/30/31<sup>ž</sup> <br>| 900000 |  | 945690 |
| Jane Street Group / JSG Finance Inc, 6.1250%, 11/1/32<sup>ž</sup> <br>| 4891000 |  | 4976886 |
| LPL Holdings Inc, 6.0000%, 5/20/34 | 2620000 |  | 2755163 |
| LSEG Netherlands BV, 2.7500%, 9/20/27 | 1067000 | EUR | 1257526 |
| Nasdaq Inc, 5.3500%, 6/28/28 | 773000 |  | 797672 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

------

**Janus Henderson Developed World Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>|  | *Value* |
| Corporate Bonds – (continued) |  |  |  |
| Brokerage – (continued) |  |  |  |
| Nasdaq Inc, 4.5000%, 2/15/32 | 1100000 | EUR | $1366601 |
| Nasdaq Inc, 5.5500%, 2/15/34 | $744000 |  | 781304 |
|  |  |  | 18530553 |
| Capital Goods – 2.1% |  |  |  |
| Berry Global Inc, 5.6500%, 1/15/34 | 1132000 |  | 1179372 |
| TransDigm Inc, 6.3750%, 3/1/29<sup>ž</sup> <br>| 4380000 |  | 4516958 |
| TransDigm Inc, 6.8750%, 12/15/30<sup>ž</sup> <br>| 2101000 |  | 2198711 |
| United Rentals (North America) Inc, 5.3750%, 11/15/33<sup>ž</sup> <br>| 2511000 |  | 2509222 |
| Vertiv Group Corp, 4.1250%, 11/15/28<sup>ž</sup> <br>| 1796000 |  | 1773927 |
|  |  |  | 12178190 |
| Commercial Services – 0.4% |  |  |  |
| Albion Financing 1 Sarl / Aggreko Holdings Inc, 5.3750%, 5/21/30 | 1083000 | EUR | 1312592 |
| Albion Financing 1 Sarl / Aggreko Holdings Inc, 7.0000%, 5/21/30<sup>ž</sup> <br>| 1108000 |  | 1156431 |
|  |  |  | 2469023 |
| Communications – 9.1% |  |  |  |
| Arqiva Broadcast Finance PLC, 8.6250%, 7/1/30 | 2016000 | GBP | 2798091 |
| AT&T Inc, 4.5000%, 5/15/35 | 2819000 |  | 2707863 |
| Charter Communications Operating LLC / Charter Communications Operating <br> Capital, 6.6500%, 2/1/34<br>| 1178000 |  | 1240953 |
| Charter Communications Operating LLC / Charter Communications Operating <br> Capital, 6.5500%, 6/1/34<br>| 3890000 |  | 4091329 |
| Crown Castle Inc, 5.1000%, 5/1/33 | 1810000 |  | 1825240 |
| Crown Castle International Corp, 2.2500%, 1/15/31 | 4508000 |  | 4026586 |
| Electronic Arts Inc, 2.9500%, 2/15/51<sup>#</sup> <br>| 2834000 |  | 2614106 |
| Lorca Telecom Bondco SA, 5.7500%, 4/30/29 | 4448000 | EUR | 5424638 |
| Meta Platforms Inc, 4.7500%, 8/15/34 | 3173000 |  | 3199007 |
| Odido Holding BV, 3.7500%, 1/15/29 | 991000 | EUR | 1163047 |
| Orange SA, 1.3750%, 1/16/30 | 5500000 | EUR | 6102892 |
| Pinewood Finco PLC, 6.0000%, 3/27/30 | 1010000 | GBP | 1368846 |
| Sunrise Finco I BV, 4.6250%, 5/15/32 | 2260000 | EUR | 2682367 |
| T-Mobile USA Inc, 3.8750%, 4/15/30 | 1591000 |  | 1564549 |
| T-Mobile USA Inc, 3.1500%, 2/11/32 | 2360000 | EUR | 2742885 |
| United Group BV, 6.2500%, 1/31/32<sup>ž</sup> <br>| 990000 | EUR | 1167770 |
| Virgin Media 02 Vendor Financing Notes DAC, 7.8750%, 3/15/32 | 2450000 | GBP | 3312204 |
| Vmed O2 UK Financing I PLC, 5.6250%, 4/15/32 | 1070000 | EUR | 1264190 |
| Vodafone Group PLC, EURIBOR ICE SWAP Rate + 1.8350%, 4.1250%, <br> 9/13/55<sup>‡</sup> <br>| 1600000 | EUR | 1866707 |
| Ziggo Bond Co BV, 6.1250%, 11/15/32 | 1268000 | EUR | 1400374 |
|  |  |  | 52563644 |
| Consumer Cyclical – 10.6% |  |  |  |
| 1011778 BC ULC / New Red Finance Inc, 5.6250%, 9/15/29<sup>ž</sup> <br>| 617000 |  | 628221 |
| 1011778 BC ULC / New Red Finance Inc, 4.0000%, 10/15/30<sup>ž</sup> <br>| 3566000 |  | 3396273 |
| Aegis Lux 1A Sarl, 5.6250%, 10/29/31<sup>ž</sup> <br>| 3090000 | EUR | 3677912 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp, 6.8750%, 6/15/30<sup>ž</sup> <br>| 2014000 |  | 2096929 |
| Atlas LuxCo 4 Sarl / Allied Universal Holdco LLC / Allied Universal Finance Corp, <br> 4.6250%, 6/1/28<sup>ž</sup> <br>| 1362000 |  | 1343372 |
| Belron UK Finance PLC, 4.6250%, 10/15/29 | 2173000 | EUR | 2624195 |
| Belron UK Finance PLC, 5.7500%, 10/15/29<sup>ž</sup> <br>| 604000 |  | 616799 |
| Booking Holdings Inc, 4.5000%, 11/15/31 | 3920000 | EUR | 4878947 |
| Booking Holdings Inc, 3.6250%, 3/1/32 | 3815000 | EUR | 4544740 |
| Boots Group Finco LP, 5.3750%, 8/31/32 | 360000 | EUR | 437137 |
| Boots Group Finco LP, 7.3750%, 8/31/32 | 620000 | GBP | 864133 |
| Carnival PLC, 4.1250%, 7/15/31 | 2509000 | EUR | 2985185 |
| Deuce Finco PLC, 7.0000%, 11/20/31<sup>ž</sup> <br>| 2520000 | GBP | 3430052 |
| Deuce Finco PLC, EURIBOR 3 Month + 3.5000%, 5.5510%, 11/22/32<sup>ž,</sup><sup>‡</sup> <br>| 1210000 | EUR | 1442125 |
| Garda World Security Corp, 8.3750%, 11/15/32<sup>ž</sup> <br>| 1900000 |  | 1935365 |
| Garda World Security Corp, 6.0000%, 6/1/29<sup>ž</sup> <br>| 640000 |  | 627643 |
| Garda World Security Corp, 6.5000%, 1/15/31<sup>ž</sup> <br>| 858000 |  | 877980 |
| Levi Strauss & Co, 4.0000%, 8/15/30 | 610000 | EUR | 727943 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Developed World Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>|  | *Value* |
| Corporate Bonds – (continued) |  |  |  |
| Consumer Cyclical – (continued) |  |  |  |
| Match Group Holdings II LLC, 6.1250%, 9/15/33<sup>ž</sup> <br>| $1318000 |  | $1333783 |
| Pinnacle Bidco PLC, 8.2500%, 10/11/28 | 1800000 | EUR | 2213602 |
| Pinnacle Bidco PLC, 10.0000%, 10/11/28 | 569000 | GBP | 807102 |
| Rentokil Terminix LLC, 5.0000%, 4/28/30<sup>ž</sup> <br>| 1796000 |  | 1827114 |
| Service Corp International/US, 3.3750%, 8/15/30 | 3644000 |  | 3407500 |
| Service Corp International/US, 4.0000%, 5/15/31 | 6752000 |  | 6452294 |
| Service Corp International/US, 5.7500%, 10/15/32 | 1732000 |  | 1762725 |
| Verisure Holding AB, 5.5000%, 5/15/30 | 4095000 | EUR | 4980079 |
| Yum! Brands Inc, 5.3750%, 4/1/32 | 1375000 |  | 1392197 |
|  |  |  | 61311347 |
| Consumer Non-Cyclical – 9.9% |  |  |  |
| Avantor Funding Inc, 3.8750%, 7/15/28 | 2455000 | EUR | 2877865 |
| Bacardi Ltd, 4.7000%, 5/15/28<sup>ž</sup> <br>| 2282000 |  | 2299029 |
| Coty Inc, 4.5000%, 5/15/27 | 3250000 | EUR | 3875578 |
| Froneri Lux Finco Sarl, 4.7500%, 8/1/32 | 2167000 | EUR | 2565568 |
| Gruppo San Donato SpA, 6.5000%, 10/31/31<sup>ž</sup> <br>| 2900000 | EUR | 3468495 |
| HCA Inc, 4.1250%, 6/15/29 | 3673000 |  | 3660546 |
| HCA Inc, 5.6000%, 4/1/34 | 891000 |  | 929242 |
| IQVIA Inc, 5.0000%, 5/15/27<sup>ž</sup> <br>| 2747000 |  | 2746248 |
| Lonza Finance International NV, 3.8750%, 4/24/36 | 1810000 | EUR | 2118024 |
| Mars Inc, 5.2000%, 3/1/35<sup>ž</sup> <br>| 1109000 |  | 1139863 |
| Mondelez International Inc, 4.7500%, 8/28/34 | 2394000 |  | 2382543 |
| Mozart Debt Merger Sub Inc, 3.8750%, 4/1/29<sup>ž</sup> <br>| 2872000 |  | 2803960 |
| PepsiCo Inc, 1.1250%, 3/18/31 | 5000000 | EUR | 5363159 |
| Post Holdings Inc, 6.3750%, 3/1/33<sup>ž</sup> <br>| 1540000 |  | 1555400 |
| Solventum Corp, 5.6000%, 3/23/34 | 1515000 |  | 1576346 |
| Tesco Corporate Treasury Services, 0.3750%, 7/27/29 | 3000000 | EUR | 3227805 |
| Tesco Corporate Treasury Services, 2.7500%, 4/27/30 | 967000 | GBP | 1213006 |
| Tesco Corporate Treasury Services, 5.1250%, 5/22/34 | 2031000 | GBP | 2684762 |
| Tesco PLC, 6.1500%, 11/15/37<sup>ž</sup> <br>| 903000 |  | 942307 |
| Teva Pharmaceutical Finance Netherlands II BV, 4.1250%, 6/1/31 | 2020000 | EUR | 2406888 |
| Teva Pharmaceutical Finance Netherlands III BV, 6.7500%, 3/1/28 | 1665000 |  | 1727974 |
| Teva Pharmaceutical Finance Netherlands III BV, 5.1250%, 5/9/29<sup>#</sup> <br>| 2610000 |  | 2639497 |
| Teva Pharmaceutical Finance Netherlands IV BV, 5.7500%, 12/1/30 | 504000 |  | 522761 |
| Teva Pharmaceutical Industries Ltd, 4.3750%, 5/9/30 | 1879000 | EUR | 2265643 |
|  |  |  | 56992509 |
| Electric – 0.3% |  |  |  |
| EDP SA, EURIBOR ICE SWAP Rate + 1.9230%, 4.3750%, 12/2/55<sup>‡</sup> <br>| 1500000 | EUR | 1751090 |
| Insurance – 2.8% |  |  |  |
| Aviva PLC, UK Govt Bonds 5 Year Note Generic Bid Yield + 3.3000%, 6.1250%, <br> 9/14/54<sup>‡</sup> <br>| 2390000 | GBP | 3289181 |
| Aviva PLC, UK Govt Bonds 5 Year Note Generic Bid Yield + 4.7000%, 4.0000%, <br> 6/3/55<sup>‡</sup> <br>| 2320000 | GBP | 2714428 |
| BUPA Finance PLC, 4.1250%, 6/14/35 | 1826000 | GBP | 2168812 |
| BUPA Finance PLC, UK Govt Bonds 5 Year Note Generic Bid Yield + 3.1700%, <br> 4.0000%<sup>‡</sup><sup>,μ</sup> <br>| 4705000 | GBP | 5412761 |
| Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US <br> Refinance LLC, 7.2500%, 2/15/31<sup>ž</sup> <br>| 2480000 |  | 2553914 |
|  |  |  | 16139096 |
| Technology – 8.3% |  |  |  |
| Almaviva - The Italian Innovation Co SpA, 5.0000%, 10/30/30 | 3386000 | EUR | 4011903 |
| Atlassian Corp, 5.2500%, 5/15/29 | 1683000 |  | 1729745 |
| Atlassian Corp, 5.5000%, 5/15/34 | 3374000 |  | 3491480 |
| CoreWeave Inc, 9.2500%, 6/1/30<sup>ž</sup> <br>| 1705000 |  | 1585262 |
| Dell International LLC / EMC Corp, 5.4000%, 4/15/34 | 779000 |  | 799974 |
| Gartner Inc, 3.7500%, 10/1/30<sup>ž</sup> <br>| 2814000 |  | 2668524 |
| Intel Corp, 4.0000%, 8/5/29 | 2757000 |  | 2728110 |
| ION Platform Finance Sarl, 7.8750%, 5/1/29 | 1163000 | EUR | 1387042 |
| ION Platform Finance US Inc, 7.8750%, 9/30/32<sup>ž</sup> <br>| 2880000 |  | 2732709 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| December 31, 2025

------

**Janus Henderson Developed World Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>|  | *Value* |
| Corporate Bonds – (continued) |  |  |  |
| Technology – (continued) |  |  |  |
| Iron Mountain Inc, 4.7500%, 1/15/34<sup>ž</sup> <br>| 2407000 | EUR | $2750472 |
| Kioxia Holdings Corp, 6.6250%, 7/24/33<sup>ž</sup> <br>| $2920000 |  | 3036437 |
| Micron Technology Inc, 4.6630%, 2/15/30 | 2397000 |  | 2424331 |
| MSCI Inc, 4.0000%, 11/15/29<sup>ž</sup> <br>| 2026000 |  | 1980804 |
| MSCI Inc, 3.6250%, 9/1/30<sup>ž,#</sup> <br>| 2483000 |  | 2371689 |
| Nexi SpA, 3.8750%, 5/21/31 | 1000000 | EUR | 1180385 |
| NVIDIA Corp, 2.0000%, 6/15/31 | 719000 |  | 647171 |
| Oracle Corp, 5.2000%, 9/26/35 | 943000 |  | 903470 |
| Oracle Corp, 5.8750%, 9/26/45 | 1200000 |  | 1083749 |
| Synopsys Inc, 5.1500%, 4/1/35 | 2189000 |  | 2224780 |
| TeamSystem SpA, 5.0000%, 7/1/31 | 1600000 | EUR | 1897482 |
| TeamSystem SpA, EURIBOR 3 Month + 3.2500%, 5.2760%, 7/1/32<sup>‡</sup> <br>| 1499000 | EUR | 1770974 |
| VMware Inc, 2.2000%, 8/15/31 | 4877000 |  | 4333481 |
|  |  |  | 47739974 |
| Utilities – 0.3% |  |  |  |
| Veolia Environnement SA, EURIBOR ICE SWAP Rate + 1.8370%, 4.3220%<sup>‡</sup><sup>,μ</sup> <br>| 1200000 | EUR | 1403201 |
| Total Corporate Bonds (cost $332,509,549) |  |  | 339425895 |
| Foreign Government Bonds – 13.7% |  |  |  |
| Federal Republic of Germany Bond, 2.2000%, 10/10/30 | 16946740 | EUR | 19685764 |
| Kingdom of Spain Government Bond, 3.1500%, 4/30/35<sup>ž</sup> <br>| 4946000 | EUR | 5772916 |
| New Zealand Government Bond, 3.0000%, 4/20/29 | 30331000 | NZD | 17211457 |
| New Zealand Government Bond, 1.5000%, 5/15/31 | 14454000 | NZD | 7354602 |
| New Zealand Government Bond, 3.5000%, 4/14/33 | 14998000 | NZD | 8266279 |
| Swiss Confederation Government Bond, 0.5000%, 5/27/30 | 4914000 | CHF | 6301010 |
| Swiss Confederation Government Bond, 0.2500%, 6/23/35 | 11237000 | CHF | 14061968 |
| Total Foreign Government Bonds (cost $83,007,729) |  |  | 78653996 |
| Mortgage-Backed Securities – 5.1% |  |  |  |
| Fannie Mae Pool: |  |  |  |
| FS8341, 5.0000%, 9/1/53 | 3891381 |  | 3909248 |
| DA1671, 5.0000%, 10/1/53 | 2463681 |  | 2485386 |
| CB8129, 5.0000%, 3/1/54 | 5392519 |  | 5410296 |
| CB8132, 5.0000%, 3/1/54 | 1245557 |  | 1255276 |
| FS9509, 5.5000%, 11/1/54 | 5894761 |  | 6069499 |
|  |  |  | 19129705 |
| Freddie Mac Pool: |  |  |  |
| RJ1763, 5.0000%, 6/1/54 | 4076459 |  | 4093194 |
| RJ2155, 5.0000%, 10/1/54 | 2267429 |  | 2276738 |
| RJ3274, 5.5000%, 2/1/55 | 4017998 |  | 4129838 |
|  |  |  | 10499770 |
| Total Mortgage-Backed Securities (cost $28,752,208) |  |  | 29629475 |
| United States Treasury Notes/Bonds – 4.8% |  |  |  |
| 0.6250%, 8/15/30 | 12651100 |  | 11008434 |
| 2.7500%, 8/15/32 | 8618500 |  | 8033721 |
| 4.2500%, 8/15/35 | 8761500 |  | 8824473 |
| Total United States Treasury Notes/Bonds (cost $27,887,771) |  |  | 27866628 |
| Investment Companies – 2.5% |  |  |  |
| Money Markets – 2.5% |  |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº,</sup><sup>£</sup> (cost $14,575,860) | 14572945 |  | 14577317 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.6% |  |  |  |
| Investment Companies – 0.5% |  |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº,</sup><sup>£</sup> <br>| 2802042 |  | 2802042 |
| Time Deposits – 0.1% |  |  |  |
| Royal Bank of Canada, 3.7000%, 1/2/26 | $700511 |  | 700511 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $3,502,553) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $3,502,553) |  | 3502553 |
| Total Investments (total cost $570,942,430) – 100.2% |  |  | 577312753 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.2)% |  |  | (1029756) |
| Net Assets – 100% |  |  | $576282997 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Developed World Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $263204949 | &nbsp;&nbsp;&nbsp;&nbsp; 45.6<br> %<br>|
| United Kingdom | 68461679 | &nbsp;&nbsp;&nbsp;&nbsp;11.9 |
| New Zealand | 32832338 | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Switzerland | 32479027 | &nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Ireland | 29558643 | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| Germany | 27697906 | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| France | 20274786 | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Netherlands | 19768854 | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Spain | 14235017 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Italy | 12329239 | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Luxembourg | 12195459 | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Israel | 9562763 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Supranational | 8042171 | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Canada | 7465482 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Sweden | 6167743 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Austria | 3893146 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Japan | 3036437 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Bermuda | 2299029 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Finland | 2056995 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Portugal | 1751090 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Total | $577312753 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*6/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*12/31/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | 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% | Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | $19333340 | $146668077 | $(151426136) | $579 | $1457 | $14577317 | 14572945 | $600269 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.5% | Investments Purchased with Cash Collateral from Securities Lending - 0.5% | Investments Purchased with Cash Collateral from Securities Lending - 0.5% | Investments Purchased with Cash Collateral from Securities Lending - 0.5% | Investments Purchased with Cash Collateral from Securities Lending - 0.5% | Investments Purchased with Cash Collateral from Securities Lending - 0.5% | Investments Purchased with Cash Collateral from Securities Lending - 0.5% | Investments Purchased with Cash Collateral from Securities Lending - 0.5% | Investments Purchased with Cash Collateral from Securities Lending - 0.5% |
| Investment Companies - 0.5% | Investment Companies - 0.5% | Investment Companies - 0.5% | Investment Companies - 0.5% | Investment Companies - 0.5% | Investment Companies - 0.5% | Investment Companies - 0.5% | Investment Companies - 0.5% | Investment Companies - 0.5% |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  |
|  | 161868 | 12193619 | (9553445) | - | - | 2802042 | 2802042 | 8569 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 3.0% | Total Affiliated Investments - 3.0% | Total Affiliated Investments - 3.0% | Total Affiliated Investments - 3.0% | Total Affiliated Investments - 3.0% | Total Affiliated Investments - 3.0% | Total Affiliated Investments - 3.0% | Total Affiliated Investments - 3.0% | Total Affiliated Investments - 3.0% |
|  | $19495208 | $158861696 | $(160979581) | $579 | $1457 | $17379359 | 17374987 | $608838 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** |
| *Counterparty/* <br>*Foreign Currency*<br>| *Settlement* <br>*Date*<br>| &nbsp;&nbsp; *Foreign Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *USD Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *Market Value and* <br>*Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: |
| Australian Dollar | 1/28/26 | &nbsp;&nbsp; 42500 | &nbsp;&nbsp; $(27868) | &nbsp;&nbsp; $492 |
| Australian Dollar | 1/28/26 | &nbsp;&nbsp; (526254) | &nbsp;&nbsp; 343293 | &nbsp;&nbsp; (7872) |
| Australian Dollar | 2/25/26 | &nbsp;&nbsp; (2000671) | &nbsp;&nbsp; 1297077 | &nbsp;&nbsp; (37935) |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson Developed World Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty/*<br> *Foreign Currency*<br>| *Settlement*<br> *Date*<br>| &nbsp;&nbsp; *Foreign Currency*<br> *Amount (Sold)/*<br> *Purchased*<br>| &nbsp;&nbsp; *USD Currency*<br> *Amount (Sold)/*<br> *Purchased*<br>| &nbsp;&nbsp; *Market Value and*<br> *Unrealized*<br> *Appreciation/*<br> *(Depreciation)*<br>|
| Australian Dollar | 3/25/26 | &nbsp;&nbsp; (228848) | &nbsp;&nbsp; $152728 | &nbsp;&nbsp; $40 |
| British Pound | 1/28/26 | &nbsp;&nbsp; 2130301 | &nbsp;&nbsp; (2801981) | &nbsp;&nbsp; 68918 |
| British Pound | 1/28/26 | &nbsp;&nbsp; (9958033) | &nbsp;&nbsp; 13190860 | &nbsp;&nbsp; (229078) |
| British Pound | 2/25/26 | &nbsp;&nbsp; 2231318 | &nbsp;&nbsp; (2923256) | &nbsp;&nbsp; 83483 |
| British Pound | 2/25/26 | &nbsp;&nbsp; (33776147) | &nbsp;&nbsp; 44349935 | &nbsp;&nbsp; (1163994) |
| British Pound | 3/25/26 | &nbsp;&nbsp; 423503 | &nbsp;&nbsp; (569117) | &nbsp;&nbsp; 1495 |
| British Pound | 3/25/26 | &nbsp;&nbsp; (452445) | &nbsp;&nbsp; 605482 | &nbsp;&nbsp; (4126) |
| Euro | 1/28/26 | &nbsp;&nbsp; 23613478 | &nbsp;&nbsp; (27467661) | &nbsp;&nbsp; 313564 |
| Euro | 1/28/26 | &nbsp;&nbsp; (83510737) | &nbsp;&nbsp; 97592264 | &nbsp;&nbsp; (658016) |
| Euro | 2/25/26 | &nbsp;&nbsp; 8366284 | &nbsp;&nbsp; (9766157) | &nbsp;&nbsp; 89789 |
| Euro | 2/25/26 | &nbsp;&nbsp; (68912847) | &nbsp;&nbsp; 80196061 | &nbsp;&nbsp; (987096) |
| Euro | 3/25/26 | &nbsp;&nbsp; 151250 | &nbsp;&nbsp; (178716) | &nbsp;&nbsp;&nbsp;&nbsp;(288) |
| Euro | 3/25/26 | &nbsp;&nbsp; 86564 | &nbsp;&nbsp; (101876) | &nbsp;&nbsp; 244 |
| Euro | 3/25/26 | &nbsp;&nbsp; (781972) | &nbsp;&nbsp; 922981 | &nbsp;&nbsp; 492 |
| Euro | 3/25/26 | &nbsp;&nbsp; (60887261) | &nbsp;&nbsp; 71763722 | &nbsp;&nbsp; (64691) |
| Japanese Yen | 2/25/26 | &nbsp;&nbsp; 13135294 | &nbsp;&nbsp; (84781) | &nbsp;&nbsp;&nbsp;&nbsp;(513) |
| Japanese Yen | 2/25/26 | &nbsp;&nbsp; (13135294) | &nbsp;&nbsp; 84536 | &nbsp;&nbsp; 268 |
| Japanese Yen | 3/25/26 | &nbsp;&nbsp; 16684509 | &nbsp;&nbsp; (108241) | &nbsp;&nbsp;&nbsp;&nbsp;(929) |
| Japanese Yen | 3/25/26 | &nbsp;&nbsp; (16684509) | &nbsp;&nbsp; 107988 | &nbsp;&nbsp; 675 |
| New Zealand Dollar | 1/28/26 | &nbsp;&nbsp; 11480363 | &nbsp;&nbsp; (6582200) | &nbsp;&nbsp; 31877 |
| New Zealand Dollar | 1/28/26 | &nbsp;&nbsp; (26982786) | &nbsp;&nbsp; 15509837 | &nbsp;&nbsp; (35506) |
| New Zealand Dollar | 2/25/26 | &nbsp;&nbsp; 26168767 | &nbsp;&nbsp; (14812612) | &nbsp;&nbsp; 278583 |
| New Zealand Dollar | 2/25/26 | &nbsp;&nbsp; (10261658) | &nbsp;&nbsp; 5933024 | &nbsp;&nbsp; 15257 |
| New Zealand Dollar | 2/25/26 | &nbsp;&nbsp; (41671190) | &nbsp;&nbsp; 23760499 | &nbsp;&nbsp; (270745) |
| New Zealand Dollar | 3/25/26 | &nbsp;&nbsp; (15502422) | &nbsp;&nbsp; 9050480 | &nbsp;&nbsp; 100911 |
| Swiss Franc | 1/28/26 | &nbsp;&nbsp; (8790782) | &nbsp;&nbsp; 11124643 | &nbsp;&nbsp; (6663) |
| Swiss Franc | 2/25/26 | &nbsp;&nbsp; (3744746) | &nbsp;&nbsp; 4731321 | &nbsp;&nbsp; (25059) |
| Swiss Franc | 3/25/26 | &nbsp;&nbsp; (3726486) | &nbsp;&nbsp; 4736617 | &nbsp;&nbsp; (11568) |
| Total |  |  |  | &nbsp;&nbsp; $(2517991) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Centrally Cleared Credit Default Swaps - Sell Protection***<sup>(1)</sup> | ***Schedule of Centrally Cleared Credit Default Swaps - Sell Protection***<sup>(1)</sup> | ***Schedule of Centrally Cleared Credit Default Swaps - Sell Protection***<sup>(1)</sup> | ***Schedule of Centrally Cleared Credit Default Swaps - Sell Protection***<sup>(1)</sup> | ***Schedule of Centrally Cleared Credit Default Swaps - Sell Protection***<sup>(1)</sup> | ***Schedule of Centrally Cleared Credit Default Swaps - Sell Protection***<sup>(1)</sup> | ***Schedule of Centrally Cleared Credit Default Swaps - Sell Protection***<sup>(1)</sup> | ***Schedule of Centrally Cleared Credit Default Swaps - Sell Protection***<sup>(1)</sup> |
| *Reference Asset Type/* <br>*Reference Asset*<br>| *S&P* <br>*Credit* <br>*Rating*<br>| *Maturity* <br>*Date*<br>| *Notional* <br>*Amount*<sup>(2)</sup> <br>|  | *Premiums* <br>*Paid/(Received)* <br>| *Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>| *Value* |
| *Credit Default Swap Index* |  |  |  |  |  |  |  |
| CDX.NA.HY.45, Fixed Rate <br>of 5.00%, Paid Quarterly<sup>(3)</sup> <br>| NR | &nbsp;&nbsp; 12/20/30 | 22300000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; $1699260 | &nbsp;&nbsp; $31028 | &nbsp;&nbsp; $1730288 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) If a credit event occurs, the seller of protection will pay a net settlement amount
 equal to the notional amount of the swap less the recovery value of the reference asset from related offsetting purchase protection.

&nbsp;&nbsp;&nbsp;&nbsp;(2) If a credit event occurs, the notional amount represents the maximum potential amount
 the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection.

&nbsp;&nbsp;&nbsp;&nbsp;(3) For those index credit default swaps entered into by the Fund to sell protection,
 "Variation Margin" serves as an indicator of the current status of payment and performance risk and represents the likelihood of an expected gain or
 loss should the notional amount of the swap be closed or sold at period end. Increasing market values, in absolute terms when compared to the
 notional amount of the swap, represent a deterioration of the reference asset's credit soundness and a greater likelihood or risk of default
 or other credit event occurring as defined under the terms of the swap agreement.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Developed World Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of OTC Credit Default Swaps - Sell Protection***<sup>(1)</sup> | ***Schedule of OTC Credit Default Swaps - Sell Protection***<sup>(1)</sup> | ***Schedule of OTC Credit Default Swaps - Sell Protection***<sup>(1)</sup> | ***Schedule of OTC Credit Default Swaps - Sell Protection***<sup>(1)</sup> | ***Schedule of OTC Credit Default Swaps - Sell Protection***<sup>(1)</sup> | ***Schedule of OTC Credit Default Swaps - Sell Protection***<sup>(1)</sup> | ***Schedule of OTC Credit Default Swaps - Sell Protection***<sup>(1)</sup> |  |
| *Counterparty/* <br>*Reference* <br> *Asset Type/* <br>*Reference* <br> *Asset*<br>| *S&P* <br>*Credit* <br>*Rating*<br>| *Maturity* <br>*Date*<br>| *Notional* <br>*Amount*<sup>(2)</sup> <br>|  | *Premiums* <br>*Paid/(Received)*<br>| *Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>| Swap Contracts <br>at Value <br>Asset/(Liability)<br>|
| *Goldman* <br> *Sachs &* <br> *Co LLC:*<br>|  |  |  |  |  |  |  |
| <br>Virgin Media <br> Finance PLC, <br> Fixed Rate <br>of 5.00%, <br> Paid <br> Quarterly<br>| NR | &nbsp;&nbsp; 12/20/30 | $2400000 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; $239932 | &nbsp;&nbsp; $(115604) | &nbsp;&nbsp; $124328 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) If a credit event occurs, the seller of protection will pay a net settlement amount
 equal to the notional amount of the swap less the recovery value of the reference asset from related offsetting purchase protection.

&nbsp;&nbsp;&nbsp;&nbsp;(2) If a credit event occurs, the notional amount represents the maximum potential amount
 the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection.

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, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** |
|  | *Credit* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Currency* <br>*Contracts*<br>| *Total* |
| *Asset Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $986088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $986088 |
| Swaps - OTC, at value | 124328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $124328 |
| <sup>\*</sup>Swaps - centrally cleared | 31028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31028 |
| Total Asset Derivatives | $155356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $986088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1141444 |
| *Liability Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3504079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3504079 |

---

\* 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, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** |
| *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*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| Futures contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(174500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(174500) |
| Forward foreign currency exchange contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(118458) |
| Swap contracts | 1577399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1577399 |
| Total | $1577399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(118458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(174500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1284441 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson Developed World Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| Futures contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1432629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1432629) |
| Forward foreign currency exchange contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7801567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7801567 |
| Swap contracts | (640138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(640138) |
| Total | $(640138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7801567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1432629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5728800 |

---

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, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2025** |
| Credit default swaps: |  |
| Average notional amount - sell protection | $37414286 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased - in USD | 95668069 |
| Average amounts sold - in USD | 420632206 |
| Futures contracts: |  |
| Average notional amount of contracts - long | 38388838 |
| Average notional amount of contracts - short | 2745775 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Assets*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| BNP Paribas | $986088 | &nbsp;&nbsp; $(986088) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Goldman Sachs & Co LLC | 124328 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 124328 |
| JPMorgan Chase Bank, National Association | 3398469 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3398469) | &nbsp;&nbsp; — |
| Total | $4508885 | &nbsp;&nbsp; $(986088) | &nbsp;&nbsp; $(3398469) | &nbsp;&nbsp; $124328 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Liabilities*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| BNP Paribas | $3504079 | &nbsp;&nbsp; $(986088) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2517991 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Developed World Bond Fund**

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

---

| | |
|:---|:---|
| EURIBOR | Euro Interbank Offered Rate |
| ICE | Intercontinental Exchange |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| OTC | Over-the-Counter |
| PLC | Public Limited Company |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| ULC | Unlimited Liability Company |

---

---

| |
|:---|
| &nbsp;&nbsp; Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale <br> and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be <br> liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2025 <br> is $126,180,473, which represents 21.9% of net assets.<br>|
| &nbsp;&nbsp; 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 <br> will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements.<br>|
| &nbsp;&nbsp; Variable or floating rate security. Rate shown is the current rate as of December 31, 2025. Certain variable rate securities are not based on <br> a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as <br> of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.<br>|
| Rate shown is the 7-day yield as of December 31, 2025. |
| Loaned security; a portion of the security is on loan at December 31, 2025. |
| &nbsp;&nbsp; Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if <br> any, represents the next call date.<br>|
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

10 \| December 31, 2025

------

**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, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Asset-Backed/Commercial Mortgage-Backed Securities* | $- | &nbsp;&nbsp; $40686018 | &nbsp;&nbsp; $- |
| *Bank Loans and Mezzanine Loans* | - | &nbsp;&nbsp; 42970871 | &nbsp;&nbsp; - |
| *Corporate Bonds* | - | &nbsp;&nbsp; 339425895 | &nbsp;&nbsp; - |
| *Foreign Government Bonds* | - | &nbsp;&nbsp; 78653996 | &nbsp;&nbsp; - |
| *Mortgage-Backed Securities* | - | &nbsp;&nbsp; 29629475 | &nbsp;&nbsp; - |
| *United States Treasury Notes/Bonds* | - | &nbsp;&nbsp; 27866628 | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 14577317 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 3502553 | &nbsp;&nbsp; - |
| Total Investments in Securities | $- | &nbsp;&nbsp; $577312753 | &nbsp;&nbsp; $- |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | - | &nbsp;&nbsp; 986088 | &nbsp;&nbsp; - |
| *OTC Swaps* | - | &nbsp;&nbsp; 124328 | &nbsp;&nbsp; - |
| *Centrally Cleared Swaps* | - | &nbsp;&nbsp; 31028 | &nbsp;&nbsp; - |
| **Total Assets** | $- | &nbsp;&nbsp; $578454197 | &nbsp;&nbsp; $- |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | $- | &nbsp;&nbsp; $3504079 | &nbsp;&nbsp; $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 centrally
 cleared 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, written swaptions, and OTC swaps are reported at their market value at measurement date.

Janus Investment Fund \| 11

------

**Janus Henderson Developed World Bond Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $553,564,528)<sup>(1)</sup> <br>| $559933394 |
| Affiliated investments, at value (cost $17,377,902) | 17379359 |
| Cash | 108002 |
| Deposits with brokers for centrally cleared derivatives | 1752430 |
| Forward foreign currency exchange contracts | 986088 |
| Cash denominated in foreign currency (cost $146,526) | 146526 |
| OTC swap contracts, at value (premium paid $239,932) | 124328 |
| Variation margin receivable on centrally cleared swaps | 3830 |
| Trustees' deferred compensation | 16969 |
| Receivables: |  |
| Interest | 6111759 |
| Fund shares sold | 570994 |
| Due from Sub-Administrator | 347840 |
| Foreign tax reclaims | 175843 |
| Dividends from affiliates | 69824 |
| Other assets | 2637289 |
| Total Assets | 590364475 |
| Liabilities: |  |
| Collateral for securities loaned (Note 3) | 3502553 |
| Forward foreign currency exchange contracts | 3504079 |
| Payables: |  |
| Investments purchased | 5342762 |
| Fund shares repurchased | 1089115 |
| Advisory fees | 159618 |
| Dividends | 112602 |
| Transfer agent fees and expenses | 91180 |
| Professional fees | 42648 |
| Trustees' deferred compensation fees | 16969 |
| Custodian fees | 15787 |
| 12b-1 Distribution and shareholder servicing fees | 9881 |
| Affiliated fund administration fees payable | 1273 |
| Trustees' fees and expenses | 413 |
| Accrued expenses and other payables | 192598 |
| Total Liabilities | 14081478 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $576282997 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

12 \| December 31, 2025

------

**Janus Henderson Developed World Bond Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $1057967352 |
| Total distributable earnings (loss) | (481684355) |
| Total Net Assets | $576282997 |
| Net Assets - Class A Shares | $25669556 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3245050 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $7.91 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $8.30 |
| Net Assets - Class C Shares | $4698654 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 598538 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $7.85 |
| Net Assets - Class D Shares | $53512723 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 6773370 |
| Net Asset Value Per Share | $7.90 |
| Net Assets - Class I Shares | $383774853 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 48739659 |
| Net Asset Value Per Share | $7.87 |
| Net Assets - Class N Shares | $88837255 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 11281681 |
| Net Asset Value Per Share | $7.87 |
| Net Assets - Class S Shares | $57227 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 7245 |
| Net Asset Value Per Share | $7.90 |
| Net Assets - Class T Shares | $19732729 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2500082 |
| Net Asset Value Per Share | $7.89 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $3,398,469 of securities on loan. See Note 3 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Maximum offering price is computed at 100/95.25 of net asset value.

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Developed World Bond Fund**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Interest | $12667598 |
| Dividends from affiliates | 600269 |
| Affiliated securities lending income, net | 8569 |
| Unaffiliated securities lending income, net | 2187 |
| Other income | 99104 |
| Total Investment Income | 13377727 |
| Expenses: |  |
| Advisory fees | 1679762 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 34246 |
| Class C Shares | 28093 |
| Class S Shares | 103 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 27765 |
| Class S Shares | 103 |
| Class T Shares | 25932 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 39602 |
| Class C Shares | 2506 |
| Class I Shares | 284557 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 784 |
| Class C Shares | 148 |
| Class D Shares | 4209 |
| Class I Shares | 5882 |
| Class N Shares | 2596 |
| Class S Shares | 12 |
| Class T Shares | 1541 |
| Non-affiliated fund administration fees | 200482 |
| Custodian fees | 74474 |
| Professional fees | 41490 |
| Shareholder reports expense | 34274 |
| Affiliated fund administration fees | 10572 |
| Registration fees | 8518 |
| Trustees' fees and expenses | 4858 |
| Other expenses | 12310 |
| Total Expenses | 2524819 |
| Less: Excess Expense Reimbursement and Waivers | (668782) |
| Net Expenses | 1856037 |
| Net Investment Income/(Loss) | 11521690 |

---

See Notes to Financial Statements.

14 \| December 31, 2025

------

**Janus Henderson Developed World Bond Fund**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | $7914558 |
| Investments in affiliates | 579 |
| Forward foreign currency exchange contracts | (118458) |
| Futures contracts | (174500) |
| Swap contracts | 1577399 |
| Total Net Realized Gain/(Loss) on Investments | 9199578 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (8168157) |
| Investments in affiliates | 1457 |
| Forward foreign currency exchange contracts | 7801567 |
| Futures contracts | (1432629) |
| Swap contracts | (640138) |
| Total Change in Unrealized Net Appreciation/Depreciation | (2437900) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $18283368 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Developed World Bond Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*December 31, 2025* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*June 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $11521690 | &nbsp;&nbsp; $30158982 |
| Net realized gain/(loss) on investments | 9199578 | &nbsp;&nbsp; (54080843) |
| Change in unrealized net appreciation/depreciation | (2437900) | &nbsp;&nbsp; 85523969 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 18283368 | &nbsp;&nbsp; 61602108 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (467470) | &nbsp;&nbsp; (432862) |
| Class C Shares | (74698) | &nbsp;&nbsp; (42051) |
| Class D Shares | (926704) | &nbsp;&nbsp; (579265) |
| Class I Shares | (7387916) | &nbsp;&nbsp; (9029856) |
| Class N Shares | (1739275) | &nbsp;&nbsp; (1883322) |
| Class S Shares | (1237) | &nbsp;&nbsp; (1154) |
| Class T Shares | (352520) | &nbsp;&nbsp; (285598) |
| Total Dividends and Distributions to Shareholders | (10949820) | &nbsp;&nbsp; (12254108) |
| Return of Capital on Dividends and Distributions: |  |  |
| Class A Shares |  | &nbsp;&nbsp; (690082) |
| Class C Shares |  | &nbsp;&nbsp; (166025) |
| Class D Shares |  | &nbsp;&nbsp; (690985) |
| Class I Shares |  | &nbsp;&nbsp; (12381193) |
| Class N Shares |  | &nbsp;&nbsp; (2552357) |
| Class S Shares |  | &nbsp;&nbsp; (2032) |
| Class T Shares |  | &nbsp;&nbsp; (410178) |
| Total Return of Capital on Dividends and Distributions |  | &nbsp;&nbsp; (16892852) |
| Net Decrease from Dividends and Distributions to Shareholders | (10949820) | &nbsp;&nbsp; (29146960) |
| Capital Share Transactions: |  |  |
| Class A Shares | (3085456) | &nbsp;&nbsp; (16882668) |
| Class C Shares | (1788913) | &nbsp;&nbsp; (4415583) |
| Class D Shares | 5309981 | &nbsp;&nbsp; 17438449 |
| Class I Shares | (48281296) | &nbsp;&nbsp; (419265514) |
| Class N Shares | (12904939) | &nbsp;&nbsp; (71381313) |
| Class S Shares | (42792) | &nbsp;&nbsp; (87339) |
| Class T Shares | (140508) | &nbsp;&nbsp; (2969940) |
| Net Increase/(Decrease) from Capital Share Transactions | (60933923) | &nbsp;&nbsp; (497563908) |
| Net Increase/(Decrease) in Net Assets | (53600375) | &nbsp;&nbsp; (465108760) |
| Net Assets: |  |  |
| Beginning of period | 629883372 | &nbsp;&nbsp; 1094992132 |
| End of period | $576282997 | &nbsp;&nbsp; $629883372 |

---

See Notes to Financial Statements.

16 \| December 31, 2025

------

**Janus Henderson Developed World Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $7.82 | &nbsp;&nbsp; $7.58 | &nbsp;&nbsp; $7.55 | &nbsp;&nbsp; $8.60 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $9.94 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain/(loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Total from Investment Operations | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.14) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.44) |
| Return of capital |  | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.14) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.44) |
| Net Asset Value, End of Period | $7.91 | &nbsp;&nbsp; $7.82 | &nbsp;&nbsp; $7.58 | &nbsp;&nbsp; $7.55 | &nbsp;&nbsp; $8.60 | &nbsp;&nbsp; $9.93 |
| Total Return<sup>\*</sup> <br>| 2.93% | &nbsp;&nbsp; 6.66% | &nbsp;&nbsp; 2.98% | &nbsp;&nbsp; (4.20)% | &nbsp;&nbsp; (12.28)% | &nbsp;&nbsp; 4.30% |
| Net Assets, End of Period (in thousands) | $25670 | &nbsp;&nbsp; $28418 | &nbsp;&nbsp; $43893 | &nbsp;&nbsp; $62774 | &nbsp;&nbsp; $81662 | &nbsp;&nbsp; $116629 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.23% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.92% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.78% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% |
| Ratio of Net Investment Income/(Loss) | 3.62% | &nbsp;&nbsp; 3.32% | &nbsp;&nbsp; 2.46% | &nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.69% |
| Portfolio Turnover Rate | 32% | &nbsp;&nbsp; 84% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 37% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 17

------

**Janus Henderson Developed World Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $7.76 | &nbsp;&nbsp; $7.52 | &nbsp;&nbsp; $7.49 | &nbsp;&nbsp; $8.54 | &nbsp;&nbsp; $9.85 | &nbsp;&nbsp; $9.87 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain/(loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (1.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Total from Investment Operations | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.11) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.36) |
| Return of capital |  | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.11) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.36) |
| Net Asset Value, End of Period | $7.85 | &nbsp;&nbsp; $7.76 | &nbsp;&nbsp; $7.52 | &nbsp;&nbsp; $7.49 | &nbsp;&nbsp; $8.54 | &nbsp;&nbsp; $9.85 |
| Total Return<sup>\*</sup> <br>| 2.53% | &nbsp;&nbsp; 5.92% | &nbsp;&nbsp; 2.24% | &nbsp;&nbsp; (4.94)% | &nbsp;&nbsp; (12.83)% | &nbsp;&nbsp; 3.47% |
| Net Assets, End of Period (in thousands) | $4699 | &nbsp;&nbsp; $6413 | &nbsp;&nbsp; $10532 | &nbsp;&nbsp; $17016 | &nbsp;&nbsp; $26901 | &nbsp;&nbsp; $36918 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.80% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.60% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.56% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.55% |
| Ratio of Net Investment Income/(Loss) | 2.84% | &nbsp;&nbsp; 2.57% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.99% |
| Portfolio Turnover Rate | 32% | &nbsp;&nbsp; 84% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 37% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

18 \| December 31, 2025

------

**Janus Henderson Developed World Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $7.81 | &nbsp;&nbsp; $7.57 | &nbsp;&nbsp; $7.54 | &nbsp;&nbsp; $8.60 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $9.93 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain/(loss) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (1.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Total from Investment Operations | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (1.18) | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.14) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.45) |
| Return of capital |  | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.14) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.45) |
| Net Asset Value, End of Period | $7.90 | &nbsp;&nbsp; $7.81 | &nbsp;&nbsp; $7.57 | &nbsp;&nbsp; $7.54 | &nbsp;&nbsp; $8.60 | &nbsp;&nbsp; $9.92 |
| Total Return<sup>\*</sup> <br>| 2.98% | &nbsp;&nbsp; 6.84% | &nbsp;&nbsp; 3.11% | &nbsp;&nbsp; (4.21)% | &nbsp;&nbsp; (12.06)% | &nbsp;&nbsp; 4.43% |
| Net Assets, End of Period (in thousands) | $53513 | &nbsp;&nbsp; $47601 | &nbsp;&nbsp; $29135 | &nbsp;&nbsp; $26217 | &nbsp;&nbsp; $29812 | &nbsp;&nbsp; $39211 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.82% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.70% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.69% |
| Ratio of Net Investment Income/(Loss) | 3.73% | &nbsp;&nbsp; 3.58% | &nbsp;&nbsp; 2.61% | &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.86% |
| Portfolio Turnover Rate | 32% | &nbsp;&nbsp; 84% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 37% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 19

------

**Janus Henderson Developed World Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended <br> June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $7.78 | &nbsp;&nbsp; $7.54 | &nbsp;&nbsp; $7.52 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $9.91 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain/(loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (1.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Total from Investment Operations | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (1.17) | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.15) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.46) |
| Return of capital |  | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.15) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.46) |
| Net Asset Value, End of Period | $7.87 | &nbsp;&nbsp; $7.78 | &nbsp;&nbsp; $7.54 | &nbsp;&nbsp; $7.52 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $9.89 |
| Total Return<sup>\*</sup> <br>| 3.05% | &nbsp;&nbsp; 6.96% | &nbsp;&nbsp; 3.10% | &nbsp;&nbsp; (3.98)% | &nbsp;&nbsp; (12.01)% | &nbsp;&nbsp; 4.46% |
| Net Assets, End of Period (in thousands) | $383775 | &nbsp;&nbsp; $427147 | &nbsp;&nbsp; $822179 | &nbsp;&nbsp; $1263864 | &nbsp;&nbsp; $1894294 | &nbsp;&nbsp; $2151534 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.82% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.65% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% |
| Ratio of Net Investment Income/(Loss) | 3.83% | &nbsp;&nbsp; 3.54% | &nbsp;&nbsp; 2.69% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.94% |
| Portfolio Turnover Rate | 32% | &nbsp;&nbsp; 84% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 37% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

20 \| December 31, 2025

------

**Janus Henderson Developed World Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $7.78 | &nbsp;&nbsp; $7.55 | &nbsp;&nbsp; $7.52 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp; $9.91 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain/(loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Total from Investment Operations | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (1.18) | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.15) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.46) |
| Return of capital |  | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.15) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.46) |
| Net Asset Value, End of Period | $7.87 | &nbsp;&nbsp; $7.78 | &nbsp;&nbsp; $7.55 | &nbsp;&nbsp; $7.52 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $9.90 |
| Total Return<sup>\*</sup> <br>| 3.05% | &nbsp;&nbsp; 6.83% | &nbsp;&nbsp; 3.24% | &nbsp;&nbsp; (4.00)% | &nbsp;&nbsp; (12.06)% | &nbsp;&nbsp; 4.58% |
| Net Assets, End of Period (in thousands) | $88837 | &nbsp;&nbsp; $100579 | &nbsp;&nbsp; $167127 | &nbsp;&nbsp; $124577 | &nbsp;&nbsp; $126445 | &nbsp;&nbsp; $69800 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.68% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.56% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.58% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.56% |
| Ratio of Net Investment Income/(Loss) | 3.82% | &nbsp;&nbsp; 3.55% | &nbsp;&nbsp; 2.77% | &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.94% |
| Portfolio Turnover Rate | 32% | &nbsp;&nbsp; 84% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 37% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 21

------

**Janus Henderson Developed World Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $7.80 | &nbsp;&nbsp; $7.57 | &nbsp;&nbsp; $7.54 | &nbsp;&nbsp; $8.59 | &nbsp;&nbsp; $9.91 | &nbsp;&nbsp; $9.93 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain/(loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (1.32) | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Total from Investment Operations | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (1.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.12) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.42) |
| Return of capital |  | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.12) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.42) |
| Net Asset Value, End of Period | $7.90 | &nbsp;&nbsp; $7.80 | &nbsp;&nbsp; $7.57 | &nbsp;&nbsp; $7.54 | &nbsp;&nbsp; $8.59 | &nbsp;&nbsp; $9.91 |
| Total Return<sup>\*</sup> <br>| 2.89% | &nbsp;&nbsp; 6.28% | &nbsp;&nbsp; 2.70% | &nbsp;&nbsp; (4.42)% | &nbsp;&nbsp; (12.38)% | &nbsp;&nbsp; 3.99% |
| Net Assets, End of Period (in thousands) | $57 | &nbsp;&nbsp; $99 | &nbsp;&nbsp; $184 | &nbsp;&nbsp; $470 | &nbsp;&nbsp; $585 | &nbsp;&nbsp; $527 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 4.90% | &nbsp;&nbsp; 4.07% | &nbsp;&nbsp; 2.10% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.62% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.02% |
| Ratio of Net Investment Income/(Loss) | 3.31% | &nbsp;&nbsp; 3.11% | &nbsp;&nbsp; 2.17% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.50% |
| Portfolio Turnover Rate | 32% | &nbsp;&nbsp; 84% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 37% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

22 \| December 31, 2025

------

**Janus Henderson Developed World Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $7.80 | &nbsp;&nbsp; $7.56 | &nbsp;&nbsp; $7.54 | &nbsp;&nbsp; $8.59 | &nbsp;&nbsp; $9.91 | &nbsp;&nbsp; $9.93 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain/(loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (1.32) | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Total from Investment Operations | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.14) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.44) |
| Return of capital |  | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.14) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.44) |
| Net Asset Value, End of Period | $7.89 | &nbsp;&nbsp; $7.80 | &nbsp;&nbsp; $7.56 | &nbsp;&nbsp; $7.54 | &nbsp;&nbsp; $8.59 | &nbsp;&nbsp; $9.91 |
| Total Return<sup>\*</sup> <br>| 2.92% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 2.84% | &nbsp;&nbsp; (4.22)% | &nbsp;&nbsp; (12.17)% | &nbsp;&nbsp; 4.23% |
| Net Assets, End of Period (in thousands) | $19733 | &nbsp;&nbsp; $19627 | &nbsp;&nbsp; $21942 | &nbsp;&nbsp; $36795 | &nbsp;&nbsp; $74856 | &nbsp;&nbsp; $118467 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.96% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.81% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.82% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.79% |
| Ratio of Net Investment Income/(Loss) | 3.59% | &nbsp;&nbsp; 3.37% | &nbsp;&nbsp; 2.44% | &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.74% |
| Portfolio Turnover Rate | 32% | &nbsp;&nbsp; 84% | &nbsp;&nbsp; 29% | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 37% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 23

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**Janus Henderson Developed World Bond Fund**

**Notes to Financial Statements (unaudited)**

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

**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 34 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. 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 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, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

24 \| December 31, 2025

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**Janus Henderson Developed World Bond Fund**

**Notes to Financial Statements (unaudited)**

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 Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended December 31, 2025. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

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

**Valuation Inputs Summary**

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

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

Janus Investment Fund \| 25

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**Janus Henderson Developed World 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 period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments 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 an 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.

26 \| December 31, 2025

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**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.

**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, 2025 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

Janus Investment Fund \| 27

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**Janus Henderson Developed World Bond Fund**

**Notes to Financial Statements (unaudited)**

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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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 currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale

28 \| December 31, 2025

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**Janus Henderson Developed World Bond Fund**

**Notes to Financial Statements (unaudited)**

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.

There were no futures held at December 31, 2025.

**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

Janus Investment Fund \| 29

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**Janus Henderson Developed World Bond Fund**

**Notes to Financial Statements (unaudited)**

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 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.

30 \| December 31, 2025

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**Janus Henderson Developed World Bond Fund**

**Notes to Financial Statements (unaudited)**

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 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.

**3. Other Investments and Strategies**

**Market 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 value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and

Janus Investment Fund \| 31

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**Janus Henderson Developed World Bond Fund**

**Notes to Financial Statements (unaudited)**

economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**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, 2025.

&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 Secured Overnight Financing Rate ("SOFR"). 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. 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.

32 \| December 31, 2025

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**Janus Henderson Developed World Bond Fund**

**Notes to Financial Statements (unaudited)**

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.

**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.

**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.

Janus Investment Fund \| 33

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**Janus Henderson Developed World Bond 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 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 Securities and Exchange Commission (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

34 \| December 31, 2025

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**Janus Henderson Developed World 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" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of December 31, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $3,398,469. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2025 is $3,502,553,

resulting in the net amount due to the counterparty of $104,084.

**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, 2025" 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 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).

---

| | |
|:---|:---|
| &nbsp;&nbsp; *Average Daily Net* <br>*Assets of the Fund*<br>| *Contractual Investment* <br>*Advisory Fee (%)*<br>|
| 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 0.55% of average annual net assets before

any applicable waivers.

Janus Investment Fund \| 35

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**Janus Henderson Developed World Bond Fund**

**Notes to Financial Statements (unaudited)**

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, including the investment advisory fee, but 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%. The Adviser has agreed to continue the waivers for at least a one-year period commencing on October 28, 2025. 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 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 $225,317 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2025. 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 0.11%.

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

36 \| December 31, 2025

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**Janus Henderson Developed World Bond Fund**

**Notes to Financial Statements (unaudited)**

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, 2025, the Distributor

retained upfront sales charges of $188.

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,

2025. 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, 2025.

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, 2025 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, 2025 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. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the period ended December 31, 2025.

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

Janus Investment Fund \| 37

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**Janus Henderson Developed World Bond Fund**

**Notes to Financial Statements (unaudited)**

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 at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government 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). 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, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

As of December 31, 2025, 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 | -<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -<br> %<br>|
| Class C Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class D Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class I Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class N Shares | 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| Class S Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class T Shares | - | &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, 2025, 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* |  |
| *For the year ended June 30, 2025* | *For the year ended June 30, 2025* |  |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | &nbsp;&nbsp; Accumulated <br>Capital Losses<br>|
| $(244133035) | &nbsp;&nbsp; $(220845563) | &nbsp;&nbsp; $(464978598) |

---

38 \| December 31, 2025

------

**Janus Henderson Developed World 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, 2025 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, straddle loss deferrals, and

investments in partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $574940764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12746354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(10374365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2371989 |

---

Information on the tax components of derivatives as of December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax* <br>*Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $1939192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1017116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3619683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2602567) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

constitute adjustments to tax basis.

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2025* | *Period ended December 31, 2025* | *Year ended June 30, 2025* | *Year ended June 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 333507 | &nbsp;&nbsp; $2635131 | &nbsp;&nbsp; 824532 | &nbsp;&nbsp; $6408579 |
| Reinvested dividends and distributions | 45303 | &nbsp;&nbsp; 356980 | &nbsp;&nbsp; 115817 | &nbsp;&nbsp; 902640 |
| Shares repurchased | (769659) | &nbsp;&nbsp; (6077567) | &nbsp;&nbsp; (3097585) | &nbsp;&nbsp; (24193887) |
| Net Increase/(Decrease) | (390849) | &nbsp;&nbsp; $(3085456) | &nbsp;&nbsp; (2157236) | &nbsp;&nbsp; $(16882668) |
| Class C Shares: |  |  |  |  |
| Shares sold | 7786 | &nbsp;&nbsp; $61012 | &nbsp;&nbsp; 41714 | &nbsp;&nbsp; $325191 |
| Reinvested dividends and distributions | 9304 | &nbsp;&nbsp; 72733 | &nbsp;&nbsp; 26050 | &nbsp;&nbsp; 201375 |
| Shares repurchased | (245348) | &nbsp;&nbsp; (1922658) | &nbsp;&nbsp; (641642) | &nbsp;&nbsp; (4942149) |
| Net Increase/(Decrease) | (228258) | &nbsp;&nbsp; $(1788913) | &nbsp;&nbsp; (573878) | &nbsp;&nbsp; $(4415583) |
| Class D Shares: |  |  |  |  |
| Shares sold | 1410817 | &nbsp;&nbsp; $11098400 | &nbsp;&nbsp; 3466934 | &nbsp;&nbsp; $26847685 |
| Reinvested dividends and distributions | 116219 | &nbsp;&nbsp; 914971 | &nbsp;&nbsp; 160279 | &nbsp;&nbsp; 1246207 |
| Shares repurchased | (851334) | &nbsp;&nbsp; (6703390) | &nbsp;&nbsp; (1378137) | &nbsp;&nbsp; (10655443) |
| Net Increase/(Decrease) | 675702 | &nbsp;&nbsp; $5309981 | &nbsp;&nbsp; 2249076 | &nbsp;&nbsp; $17438449 |
| Class I Shares: |  |  |  |  |
| Shares sold | 3709871 | &nbsp;&nbsp; $29107765 | &nbsp;&nbsp; 16856257 | &nbsp;&nbsp; $130782203 |
| Reinvested dividends and distributions | 885537 | &nbsp;&nbsp; 6946221 | &nbsp;&nbsp; 2616223 | &nbsp;&nbsp; 20292786 |
| Shares repurchased | (10754812) | &nbsp;&nbsp; (84335282) | &nbsp;&nbsp; (73551815) | &nbsp;&nbsp; (570340503) |
| Net Increase/(Decrease) | (6159404) | &nbsp;&nbsp; $(48281296) | &nbsp;&nbsp; (54079335) | &nbsp;&nbsp; $(419265514) |
| Class N Shares: |  |  |  |  |
| Shares sold | 1408056 | &nbsp;&nbsp; $11065431 | &nbsp;&nbsp; 3951932 | &nbsp;&nbsp; $30601364 |
| Reinvested dividends and distributions | 219525 | &nbsp;&nbsp; 1721897 | &nbsp;&nbsp; 564815 | &nbsp;&nbsp; 4380185 |
| Shares repurchased | (3271856) | &nbsp;&nbsp; (25692267) | &nbsp;&nbsp; (13737585) | &nbsp;&nbsp; (106362862) |
| Net Increase/(Decrease) | (1644275) | &nbsp;&nbsp; $(12904939) | &nbsp;&nbsp; (9220838) | &nbsp;&nbsp; $(71381313) |
| Class S Shares: |  |  |  |  |
| Shares sold | 94 | &nbsp;&nbsp; $729 | &nbsp;&nbsp; 1308 | &nbsp;&nbsp; $10296 |
| Reinvested dividends and distributions | 157 | &nbsp;&nbsp; 1237 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 3186 |
| Shares repurchased | (5659) | &nbsp;&nbsp; (44758) | &nbsp;&nbsp; (13359) | &nbsp;&nbsp; (100821) |
| Net Increase/(Decrease) | (5408) | &nbsp;&nbsp; $(42792) | &nbsp;&nbsp; (11641) | &nbsp;&nbsp; $(87339) |
| Class T Shares: |  |  |  |  |
| Shares sold | 369964 | &nbsp;&nbsp; $2907447 | &nbsp;&nbsp; 674793 | &nbsp;&nbsp; $5235659 |
| Reinvested dividends and distributions | 41869 | &nbsp;&nbsp; 329335 | &nbsp;&nbsp; 83183 | &nbsp;&nbsp; 646306 |
| Shares repurchased | (428298) | &nbsp;&nbsp; (3377290) | &nbsp;&nbsp; (1141947) | &nbsp;&nbsp; (8851905) |
| Net Increase/(Decrease) | (16465) | &nbsp;&nbsp; $(140508) | &nbsp;&nbsp; (383971) | &nbsp;&nbsp; $(2969940) |

---

Janus Investment Fund \| 39

------

**Janus Henderson Developed World Bond Fund**

**Notes to Financial Statements (unaudited)**

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

**7. Purchases and Sales of Investment Securities**

For the period ended December 31, 2025, 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*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $158107849 | &nbsp;&nbsp;&nbsp;&nbsp; $236181799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27730968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**8. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client consents, and

approval by Janus Henderson's shareholders. Management is assessing the impact to the funds.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 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.

40 \| December 31, 2025

------

**Janus Henderson Developed World Bond Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the 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 analyses 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 5, 2025 and December 9-10, 2025, 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 over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's 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, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. 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

Janus Investment Fund \| 41

------

**Janus Henderson Developed World Bond Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment 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 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. Additionally, 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 and retain 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 at 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, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

42 \| December 31, 2025

------

**Janus Henderson Developed World Bond Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, 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.

Janus Investment Fund \| 43

------

**Janus Henderson Developed World Bond Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

44 \| December 31, 2025

------

**Janus Henderson Developed World Bond Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

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.

Janus Investment Fund \| 45

------

**Janus Henderson Developed World Bond Fund**

**Additional Information (unaudited)**

***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 identified by Broadridge using Morningstar category schema. 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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% 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 or service 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 considering performance trends, performance histories, recent fee reductions, investment structure changes, 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 institutional/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 institutional/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 the Adviser's explanation 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 the independent fee consultant's 2024 report 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 similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable 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) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

46 \| December 31, 2025

------

**Janus Henderson Developed World Bond Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, 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 has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 47

------

**Janus Henderson Developed World Bond Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market 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 reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian 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 had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

48 \| December 31, 2025

------

**Janus Henderson Developed World Bond Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, 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.

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 receives 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 and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, 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. As part of their overall review of fund profitability, 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 fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 49

------

**Janus Henderson Developed World Bond Fund**

**Additional Information (unaudited)**

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 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, 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; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) 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 (3) by setting lower fixed fees from the start on the Flat-Rate Fee 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.

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 Janus Henderson 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.

Based on all of the information reviewed, including the recent and past research and analyses 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 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 other 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 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 such Janus Henderson Funds. 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

50 \| December 31, 2025

------

**Janus Henderson Developed World Bond Fund**

**Additional Information (unaudited)**

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.

Janus Investment Fund \| 51

------

**Janus Henderson Developed World Bond Fund**

**Notes**

52 \| December 31, 2025

------

**Janus Henderson Developed World Bond Fund**

**Notes**

Janus Investment Fund \| 53

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![](img161e9f872.gif)

*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

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93077 02-26

------

SEMIANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson Flexible Bond Fund**

Janus Investment Fund

![](img3c256afa1.gif)

------

**Table of Contents**

**Janus Henderson Flexible Bond Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_aacda970-2f07-4b9d-a4db-7fd41205825d_SOI-SOI-RunningFooter-37_1)<br> [Management Investment Companies](#xx_aacda970-2f07-4b9d-a4db-7fd41205825d_SOI-SOI-RunningFooter-37_1)<br>|  |
| [Schedule of Investments](#xx_aacda970-2f07-4b9d-a4db-7fd41205825d_SOI-SOI-RunningFooter-37_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_aacda970-2f07-4b9d-a4db-7fd41205825d_SOI-SOI-RunningFooter-37_18) | 18 |
| [Statement of Assets and Liabilities](#xx_aacda970-2f07-4b9d-a4db-7fd41205825d_SAL-SAL-RunningFooter-37_1) | 20 |
| [Statement of Operations](#xx_aacda970-2f07-4b9d-a4db-7fd41205825d_SOP-SOP-RunningFooter-37_1) | 22 |
| [Statements of Changes in Net Assets](#xx_aacda970-2f07-4b9d-a4db-7fd41205825d_SOC-SOC-RunningFooter-37_1) | 24 |
| [Financial Highlights](#xx_aacda970-2f07-4b9d-a4db-7fd41205825d_FIHI-FIHI-RunningFooter-37_1) | 25 |
| [Notes to Financial Statements](#xx_aacda970-2f07-4b9d-a4db-7fd41205825d_NTF-NTF-RunningFooter-37_1) | 33 |
| [Items 8-11 - Additional Information](#xx_aacda970-2f07-4b9d-a4db-7fd41205825d_AI-AI-RunningFooter-37_1) | 51 |

---

------

**Janus Henderson Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – 33.3% |  |  |
| 208 Park Avenue Mortgage Trust 2017-280P, CME Term SOFR 1 Month + <br> 1.1800%, 4.9580%, 9/15/34<sup>ž,</sup><sup>‡</sup> <br>| $4050930 | $4019752 |
| A&D Mortgage Trust 2024-NQM5 A1, 5.6990%, 11/25/69<sup>ž</sup> <br>| 2112896 | 2127210 |
| Affirm Master Trust 2025-3A A, 4.4500%, 10/16/34<sup>ž</sup> <br>| 3080000 | 3082738 |
| AGL CLO 1 Ltd 2023-26A A1R, CME Term SOFR 3 Month + 1.2800%, <br> 5.1500%, 10/21/38<sup>ž,</sup><sup>‡</sup> <br>| 9858000 | 9885682 |
| ALA Trust 2025-OANA A, CME Term SOFR 1 Month + 1.7426%, 5.4936%, <br> 6/15/40<sup>ž,</sup><sup>‡</sup> <br>| 6211000 | 6228765 |
| ALA Trust 2025-OANA B, CME Term SOFR 1 Month + 1.8425%, 5.5935%, <br> 6/15/40<sup>ž,</sup><sup>‡</sup> <br>| 2119000 | 2127181 |
| Angel Oak Mortgage Trust I LLC 2019-5, 2.5930%, 10/25/49<sup>ž,</sup><sup>‡</sup> <br>| 126616 | 125429 |
| Angel Oak Mortgage Trust I LLC 2019-6, Refinitiv USD IBOR Consumer Cash <br> Fallbacks 1 Year + 0.9500%, 2.6200%, 11/25/59<sup>ž,</sup><sup>‡</sup> <br>| 108408 | 107401 |
| Angel Oak Mortgage Trust I LLC 2020-2, Refinitiv USD IBOR Consumer Cash <br> Fallbacks 1 Year + 2.2000%, 2.5310%, 1/26/65<sup>ž,</sup><sup>‡</sup> <br>| 904317 | 856502 |
| Angel Oak Mortgage Trust I LLC 2020-3, Refinitiv USD IBOR Consumer Cash <br> Fallbacks 1 Year + 1.0000%, 2.4100%, 4/25/65<sup>ž,</sup><sup>‡</sup> <br>| 585682 | 565336 |
| Angel Oak Mortgage Trust I LLC 2024-5 A1, 4.9500%, 7/25/68<sup>ž,</sup><sup>Ç</sup> <br>| 5811789 | 5814543 |
| Angel Oak Mortgage Trust I LLC 2025-6 A1, 5.5150%, 4/25/70<sup>ž,</sup><sup>Ç</sup> <br>| 4367939 | 4407183 |
| Ansley Park Capital LLC 2025-A A2, 4.4300%, 4/20/35<sup>ž</sup> <br>| 2734000 | 2746338 |
| Aqua Finance Trust 2021-A A, 1.5400%, 7/17/46<sup>ž</sup> <br>| 670621 | 616062 |
| Babson CLO Ltd LP-5A A, CME Term SOFR 3 Month + 1.2200%, 5.1044%, <br> 1/22/35<sup>ž,</sup><sup>‡</sup> <br>| 6848787 | 6851145 |
| Bain Capital Credit CLO Ltd 2023-3A A1R, CME Term SOFR 3 Month + <br> 1.3100%, 5.1754%, 10/25/38<sup>ž,</sup><sup>‡</sup> <br>| 5693000 | 5707428 |
| Ballyrock Ltd 2020-14A A1BR, CME Term SOFR 3 Month + 1.5800%, 5.4644%, <br> 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 1159727 | 1163843 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR2 E, 1.2731%, <br> 7/27/50<sup>ž,</sup><sup>‡</sup> <br>| 1774000 | 1537476 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR3 E, 0.4876%, <br> 1/27/50<sup>ž,</sup><sup>‡</sup> <br>| 2396255 | 2191192 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR4 E, 0.0114%, <br> 11/27/48<sup>ž,</sup><sup>‡</sup> <br>| 560000 | 557067 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR4 F, 0.0107%, <br> 11/27/48<sup>ž,</sup><sup>‡</sup> <br>| 1111552 | 1104932 |
| Bayview Opportunity Master Fund 2021-4 A11, US 30 Day Average SOFR + <br> 0.8500%, 4.7242%, 10/25/51<sup>ž,</sup><sup>‡</sup> <br>| 5015897 | 4665576 |
| Bayview Opportunity Master Fund 2021-5 AF, US 30 Day Average SOFR + <br> 0.8500%, 4.7242%, 11/25/51<sup>ž,</sup><sup>‡</sup> <br>| 4742226 | 4412333 |
| Bayview Opportunity Master Fund 2022-2 A1, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 3684643 | 3212647 |
| Bayview Opportunity Master Fund VII 2025-EDU1 B, US 30 Day Average SOFR + <br> 1.7000%, 5.5742%, 7/27/48<sup>ž,</sup><sup>‡</sup> <br>| 1620839 | 1618643 |
| Benefit Street Partners CLO Ltd 2018-15A A1R, CME Term SOFR 3 Month + <br> 1.3900%, 5.2945%, 7/15/37<sup>ž,</sup><sup>‡</sup> <br>| 9186000 | 9219876 |
| Benefit Street Partners CLO Ltd 2025-43A A, CME Term SOFR 3 Month + <br> 1.2700%, 5.1875%, 10/20/38<sup>ž,</sup><sup>‡</sup> <br>| 8100000 | 8117402 |
| BLP Commercial Mortgage Trust 2025-IND A, CME Term SOFR 1 Month + <br> 1.2000%, 4.9501%, 3/17/42<sup>ž,</sup><sup>‡</sup> <br>| 6279550 | 6233691 |
| BLP Commercial Mortgage Trust 2025-IND2 A, CME Term SOFR 1 Month + <br> 1.5000%, 5.2501%, 12/15/42<sup>ž,</sup><sup>‡</sup> <br>| 3824000 | 3825537 |
| Boca Commercial Mortgage Trust 2025-BOCA A, CME Term SOFR 1 Month + <br> 1.6000%, 5.4500%, 12/15/42<sup>ž,</sup><sup>‡</sup> <br>| 4199000 | 4204122 |
| BPR Trust 2023-BRK2 A, 6.8990%, 10/5/38<sup>ž,</sup><sup>‡</sup> <br>| 6286000 | 6561704 |
| BPR Trust 2024-PMDW A, 5.3580%, 11/5/41<sup>ž,</sup><sup>‡</sup> <br>| 7398253 | 7568083 |
| BPR Trust 2024-PMDW D, 5.8500%, 11/5/41<sup>ž,</sup><sup>‡</sup> <br>| 2865000 | 2858815 |
| BPR Trust 2025-STAR A, 4.9471%, 11/5/42<sup>ž,</sup><sup>‡</sup> <br>| 3149000 | 3163086 |
| Brean Asset Backed Securities Trust 2024-RM8 A1, 4.5000%, 5/25/64<sup>ž</sup> <br>| 3502195 | 3455218 |
| BX Commercial Mortgage Trust 2019-OC11, 3.6050%, 12/9/41<sup>ž</sup> <br>| 1549000 | 1466773 |
| BX Commercial Mortgage Trust 2019-OC11, 3.8560%, 12/9/41<sup>ž</sup> <br>| 4295000 | 4068801 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| BX Commercial Mortgage Trust 2021-LBA AJV, CME Term SOFR 1 Month + <br> 0.9145%, 4.6655%, 2/15/36<sup>ž,</sup><sup>‡</sup> <br>| $5348000 | $5338204 |
| BX Commercial Mortgage Trust 2021-LBA AV, CME Term SOFR 1 Month + <br> 0.9145%, 4.6655%, 2/15/36<sup>ž,</sup><sup>‡</sup> <br>| 4808914 | 4798246 |
| BX Commercial Mortgage Trust 2024-AIR2 A, CME Term SOFR 1 Month + <br> 1.4923%, 5.2433%, 10/15/41<sup>ž,</sup><sup>‡</sup> <br>| 6888832 | 6895438 |
| BX Commercial Mortgage Trust 2024-AIRC A, CME Term SOFR 1 Month + <br> 1.6912%, 5.4414%, 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 8893855 | 8902529 |
| BX Commercial Mortgage Trust 2024-AIRC C, CME Term SOFR 1 Month + <br> 2.5900%, 6.3401%, 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 2748669 | 2751914 |
| BX Commercial Mortgage Trust 2024-BRBK A, CME Term SOFR 1 Month + <br> 2.8796%, 6.6139%, 10/15/41<sup>ž,</sup><sup>‡</sup> <br>| 3116919 | 3131147 |
| BX Commercial Mortgage Trust 2024-GPA3 A, CME Term SOFR 1 Month + <br> 1.2928%, 5.0429%, 12/15/39<sup>ž,</sup><sup>‡</sup> <br>| 3527109 | 3525772 |
| BX Commercial Mortgage Trust 2024-GPA3 B, CME Term SOFR 1 Month + <br> 1.6423%, 5.3925%, 12/15/39<sup>ž,</sup><sup>‡</sup> <br>| 1626187 | 1626404 |
| BX Commercial Mortgage Trust 2024-VLT4 A, CME Term SOFR 1 Month + <br> 1.4914%, 5.2415%, 6/17/41<sup>ž,</sup><sup>‡</sup> <br>| 6380507 | 6371492 |
| BX Commercial Mortgage Trust 2024-VLT5 A, 5.4104%, 11/13/46<sup>ž,</sup><sup>‡</sup> <br>| 7894000 | 7982255 |
| BX Commercial Mortgage Trust 2024-VLT5 B, 5.8015%, 11/13/46<sup>ž,</sup><sup>‡</sup> <br>| 2036000 | 2070301 |
| BX Commercial Mortgage Trust 2024-VLT5 C, 6.1920%, 11/13/46<sup>ž,</sup><sup>‡</sup> <br>| 1086000 | 1108320 |
| BX Commercial Mortgage Trust 2025-ARIA A, 5.0311%, 12/13/42<sup>ž,</sup><sup>‡</sup> <br>| 6641000 | 6682226 |
| BX Commercial Mortgage Trust 2025-DIME A, CME Term SOFR 1 Month + <br> 1.1500%, 4.9001%, 2/15/35<sup>ž,</sup><sup>‡</sup> <br>| 6220000 | 6199437 |
| BX Commercial Mortgage Trust 2025-GW A, CME Term SOFR 1 Month + <br> 1.6000%, 5.3500%, 7/15/42<sup>ž,</sup><sup>‡</sup> <br>| 2678000 | 2679972 |
| BX Commercial Mortgage Trust 2025-GW B, CME Term SOFR 1 Month + <br> 1.8500%, 5.6000%, 7/15/42<sup>ž,</sup><sup>‡</sup> <br>| 7326000 | 7332629 |
| BX Commercial Mortgage Trust 2025-ROIC A, CME Term SOFR 1 Month + <br> 1.1438%, 4.8940%, 3/15/30<sup>ž,</sup><sup>‡</sup> <br>| 7878274 | 7865214 |
| BX Commercial Mortgage Trust 2025-ROIC B, CME Term SOFR 1 Month + <br> 1.3935%, 5.1436%, 3/15/30<sup>ž,</sup><sup>‡</sup> <br>| 1724275 | 1716650 |
| BX Commercial Mortgage Trust 2025-VLT7 A, CME Term SOFR 1 Month + <br> 1.7000%, 5.4501%, 7/15/44<sup>ž,</sup><sup>‡</sup> <br>| 12393000 | 12395106 |
| Carlyle Global Markets Strategies 2018-4A A2R, CME Term SOFR 3 Month + <br> 1.5600%, 5.4416%, 10/19/37<sup>ž,</sup><sup>‡</sup> <br>| 8278000 | 8297984 |
| Carlyle Global Markets Strategies 2023-2A A1R, CME Term SOFR 3 Month + <br> 1.3200%, 5.2044%, 7/20/38<sup>ž,</sup><sup>‡</sup> <br>| 8350000 | 8380176 |
| CART 2024-DFW1 A, CME Term SOFR 1 Month + 1.6417%, 5.3919%, <br> 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 4269000 | 4261826 |
| CART 2024-DFW1 B, CME Term SOFR 1 Month + 2.2908%, 6.0409%, <br> 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 3139063 | 3135222 |
| CBAMR Ltd 2018-5A A1R, CME Term SOFR 3 Month + 1.3400%, 5.4523%, <br> 10/18/38<sup>ž,</sup><sup>‡</sup> <br>| 3820000 | 3829644 |
| CF Hippolyta Issuer LLC 2021-1A A1, 1.5300%, 3/15/61<sup>ž</sup> <br>| 7021276 | 5655185 |
| CF Hippolyta Issuer LLC 2021-1A B1, 1.9800%, 3/15/61<sup>ž</sup> <br>| 1461837 | 893021 |
| CF Hippolyta Issuer LLC 2022-1A A1, 5.9700%, 8/15/62<sup>ž</sup> <br>| 5357228 | 5293409 |
| CF Hippolyta Issuer LLC 2022-1A A2, 6.1100%, 8/15/62<sup>ž</sup> <br>| 15716119 | 15501049 |
| Chase Mortgage Finance Corp 2021-CL1 M1, US 30 Day Average SOFR + <br> 1.2000%, 5.0742%, 2/25/50<sup>ž,</sup><sup>‡</sup> <br>| 2495193 | 2473539 |
| CIFC Funding Ltd 2019-7A A1R, CME Term SOFR 3 Month + 1.2800%, <br> 5.3713%, 10/19/38<sup>ž,</sup><sup>‡</sup> <br>| 6294000 | 6311623 |
| Citigroup Mortgage Loan Trust Inc 2025-LTV1 A1, 5.2370%, 12/25/55<sup>ž,</sup><sup>‡</sup> <br>| 5366000 | 5370292 |
| COMM Mortgage Trust 2024-WCL1 A, CME Term SOFR 1 Month + 1.8410%, <br> 5.5911%, 6/17/41<sup>ž,</sup><sup>‡</sup> <br>| 4244767 | 4243031 |
| Compass Datacenters Issuer II LLC 2024-2A A1, 5.0220%, 8/25/49<sup>ž</sup> <br>| 887000 | 889195 |
| Compass Datacenters Issuer II LLC 2025-1A A1, 5.3160%, 5/25/50<sup>ž</sup> <br>| 15690000 | 15846612 |
| Compass Datacenters Issuer III LLC 2025-1A A2, 5.6560%, 2/25/50<sup>ž</sup> <br>| 5301000 | 5357233 |
| Compass Datacenters Issuer III LLC 2025-2A A2, 5.8350%, 2/25/50<sup>ž</sup> <br>| 3300000 | 3345080 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Connecticut Avenue Securities Trust 2021-R03 1M1, US 30 Day Average SOFR <br> + 0.8500%, 4.7242%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| $156288 | $156298 |
| Connecticut Avenue Securities Trust 2021-R03 1M2, US 30 Day Average SOFR <br> + 1.6500%, 5.5242%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 3379974 | 3395292 |
| Connecticut Avenue Securities Trust 2022-R01 1B1, US 30 Day Average SOFR + <br> 3.1500%, 7.0242%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 6109000 | 6214114 |
| Connecticut Avenue Securities Trust 2022-R05 2M1, US 30 Day Average SOFR <br> + 1.9000%, 5.7742%, 4/25/42<sup>ž,</sup><sup>‡</sup> <br>| 82371 | 82438 |
| Connecticut Avenue Securities Trust 2023-R06 1M1, US 30 Day Average SOFR <br> + 1.7000%, 5.5742%, 7/27/43<sup>ž,</sup><sup>‡</sup> <br>| 1627145 | 1631711 |
| Connecticut Avenue Securities Trust 2023-R07 2M1, US 30 Day Average SOFR <br> + 1.9500%, 5.8242%, 9/25/43<sup>ž,</sup><sup>‡</sup> <br>| 651207 | 653777 |
| Connecticut Avenue Securities Trust 2023-R08 1M1, US 30 Day Average SOFR <br> + 1.5000%, 5.3742%, 10/26/43<sup>ž,</sup><sup>‡</sup> <br>| 1271536 | 1273249 |
| Connecticut Avenue Securities Trust 2024-R01 1M1, US 30 Day Average SOFR <br> + 1.0500%, 4.9242%, 1/25/44<sup>ž,</sup><sup>‡</sup> <br>| 1325339 | 1324657 |
| Connecticut Avenue Securities Trust 2024-R03 2M1, US 30 Day Average SOFR <br> + 1.1500%, 5.0242%, 3/25/44<sup>ž,</sup><sup>‡</sup> <br>| 771793 | 772387 |
| Connecticut Avenue Securities Trust 2024-R04 1M1, US 30 Day Average SOFR <br> + 1.1000%, 4.9742%, 5/25/44<sup>ž,</sup><sup>‡</sup> <br>| 839109 | 838949 |
| Connecticut Avenue Securities Trust 2024-R05 2M1, US 30 Day Average SOFR <br> + 1.0000%, 4.8742%, 7/25/44<sup>ž,</sup><sup>‡</sup> <br>| 346247 | 346104 |
| Connecticut Avenue Securities Trust 2025-R01 1M1, US 30 Day Average SOFR <br> + 1.1000%, 4.9742%, 1/25/45<sup>ž,</sup><sup>‡</sup> <br>| 741636 | 741935 |
| Connecticut Avenue Securities Trust 2025-R02 1M1, US 30 Day Average SOFR <br> + 1.1500%, 5.0242%, 2/27/45<sup>ž,</sup><sup>‡</sup> <br>| 1352668 | 1352252 |
| Connecticut Avenue Securities Trust 2025-R03 2M1, US 30 Day Average SOFR <br> + 1.6000%, 5.4742%, 3/27/45<sup>ž,</sup><sup>‡</sup> <br>| 4281402 | 4288990 |
| Connecticut Avenue Securities Trust 2025-R04 1M1, US 30 Day Average SOFR <br> + 1.2000%, 5.0742%, 5/25/45<sup>ž,</sup><sup>‡</sup> <br>| 3962117 | 3965837 |
| Connecticut Avenue Securities Trust 2025-R05 2M1, US 30 Day Average SOFR <br> + 1.2000%, 5.0742%, 7/25/45<sup>ž,</sup><sup>‡</sup> <br>| 2273421 | 2274722 |
| COOPR Residential Mortgage Trust 2025-CES2 A1A, 5.5020%, 6/25/60<sup>ž,</sup><sup>Ç</sup> <br>| 1484025 | 1496385 |
| COOPR Residential Mortgage Trust 2025-CES3 A1A, 4.8400%, 9/25/60<sup>ž,</sup><sup>Ç</sup> <br>| 3366682 | 3392039 |
| COOPR Residential Mortgage Trust 2025-CES4 A1A, 5.0400%, 11/25/60<sup>ž,</sup><sup>Ç</sup> <br>| 1373242 | 1374573 |
| CPF IV LLC / CP EF Asset Securitization LLC 2023-1A A, 7.4800%, 3/15/32<sup>ž</sup> <br>| 536471 | 540984 |
| CPT Mortgage Trust 2019-CPT F, 2.9968%, 11/13/39<sup>ž,</sup><sup>‡</sup> <br>| 6204000 | 4842500 |
| Croton Park CLO Ltd, CME Term SOFR 3 Month + 1.5600%, 5.4645%, <br> 10/15/36<sup>ž,</sup><sup>‡</sup> <br>| 4289000 | 4298432 |
| CyrusOne Data Centers Issuer I LLC 2023-1A B, 5.4500%, 4/20/48<sup>ž</sup> <br>| 1143698 | 1135546 |
| CyrusOne Data Centers Issuer I LLC 2024-1A A2, 4.7600%, 3/22/49<sup>ž</sup> <br>| 2520871 | 2484052 |
| CyrusOne Data Centers Issuer I LLC 2024-2A A2, 4.5000%, 5/20/49<sup>ž</sup> <br>| 3192000 | 3114777 |
| CyrusOne Data Centers Issuer I LLC 2024-3A A2, 4.6500%, 5/20/49<sup>ž</sup> <br>| 7528000 | 7224900 |
| DATA Mortgage Trust 2024-CTR2 A, 5.2990%, 5/10/46<sup>ž,</sup><sup>‡</sup> <br>| 887107 | 890922 |
| DB Master Finance LLC 2017-1A A2II, 4.0300%, 11/20/47<sup>ž</sup> <br>| 1298880 | 1288528 |
| DC Commercial Mortgage Trust 2023-DC B, 6.8043%, 9/12/40<sup>ž</sup> <br>| 5000717 | 5149869 |
| DI Issuer LLC 2025-1A A2, 5.3100%, 12/15/55<sup>ž</sup> <br>| 2057000 | 2063775 |
| Diamond Infrastructure Funding LLC 2021-1A A, 1.7600%, 4/15/49<sup>ž</sup> <br>| 7083000 | 6884716 |
| Domino's Pizza Master Issuer LLC, 4.3280%, 7/25/48<sup>ž</sup> <br>| 194237 | 193836 |
| Ellington Financial Mortgage Trust 2025-RTL1 A1, 5.2210%, 11/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 2638000 | 2642924 |
| Elmwood CLO X Ltd 2021-3A AR2, CME Term SOFR 3 Month + 1.3000%, <br> 5.1844%, 7/20/38<sup>ž,</sup><sup>‡</sup> <br>| 6001000 | 6020286 |
| Fannie Mae REMICS 2018-27 EA, 3.0000%, 5/25/48 | 3626348 | 3286466 |
| Fannie Mae REMICS 2019-71 P, 3.0000%, 11/25/49 | 4727204 | 4247623 |
| FIGRE Trust 2024-HE2 A, 6.3800%, 5/25/54<sup>ž,</sup><sup>‡</sup> <br>| 1807350 | 1844429 |
| FIGRE Trust 2024-HE4 A, 5.0560%, 9/25/54<sup>ž,</sup><sup>‡</sup> <br>| 2618667 | 2627923 |
| FIGRE Trust 2025-FL1 A1, 5.2650%, 7/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 3381828 | 3380790 |
| FIGRE Trust 2025-HE2 A, 5.7750%, 3/25/55<sup>ž,</sup><sup>‡</sup> <br>| 2928569 | 2960632 |
| FIGRE Trust 2025-HE3 A, 5.5600%, 5/25/55<sup>ž,</sup><sup>‡</sup> <br>| 3184617 | 3216670 |
| FIGRE Trust 2025-HE4 A, 5.4080%, 7/25/55<sup>ž,</sup><sup>‡</sup> <br>| 1312605 | 1320995 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| FIGRE Trust 2025-HE5 A, 5.2850%, 8/25/55<sup>ž,</sup><sup>‡</sup> <br>| $2156551 | $2163538 |
| FIGRE Trust 2025-HE6 A, 5.0440%, 9/25/55<sup>ž,</sup><sup>‡</sup> <br>| 1707403 | 1701211 |
| FIGRE Trust 2025-PF2 A, 5.0170%, 10/25/55<sup>ž,</sup><sup>‡</sup> <br>| 5796625 | 5763912 |
| Finance of America Structured Securities Trust 2025-S1 A1, 3.5000%, 2/25/75<sup>ž</sup> <br>| 2417069 | 2348628 |
| Flagstar Mortgage Trust 2021-13IN A2, 3.0000%, 12/30/51<sup>ž,</sup><sup>‡</sup> <br>| 7335311 | 6398386 |
| Foundation Finance Trust 2025-2A A, 4.6700%, 4/15/52<sup>ž</sup> <br>| 3656420 | 3670788 |
| Foundation Finance Trust 2025-3A A, 4.5600%, 8/15/52<sup>ž</sup> <br>| 3111914 | 3120860 |
| Freddie Mac - SLST 2020-2 M1, 4.7500%, 9/25/60<sup>ž,</sup><sup>‡</sup> <br>| 622720 | 619516 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA3 M2, US <br> 30 Day Average SOFR + 2.1000%, 5.9742%, 9/25/41<sup>ž,</sup><sup>‡</sup> <br>| 1319182 | 1330057 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA4 M2, US <br> 30 Day Average SOFR + 2.3500%, 6.2242%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 7413000 | 7508636 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 M2, US <br> 30 Day Average SOFR + 3.7500%, 7.6242%, 2/25/42<sup>ž,</sup><sup>‡</sup> <br>| 613608 | 632295 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA3 M2, <br> 8.4218%, 4/25/42<sup>ž</sup> <br>| 563026 | 586176 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA1 M1A, US <br> 30 Day Average SOFR + 2.1000%, 5.9742%, 3/25/42<sup>ž,</sup><sup>‡</sup> <br>| 1333654 | 1336368 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A, US <br> 30 Day Average SOFR + 2.1000%, 5.9652%, 4/27/43<sup>ž,</sup><sup>‡</sup> <br>| 1150818 | 1163414 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA2 M1A, US <br> 30 Day Average SOFR + 2.0000%, 5.8742%, 6/25/43<sup>ž,</sup><sup>‡</sup> <br>| 100864 | 101125 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 M1, US <br> 30 Day Average SOFR + 1.8500%, 5.7242%, 11/25/43<sup>ž,</sup><sup>‡</sup> <br>| 1413877 | 1418681 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA2 M1, US <br> 30 Day Average SOFR + 1.2000%, 5.0742%, 5/25/44<sup>ž,</sup><sup>‡</sup> <br>| 2129929 | 2131152 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA3 M1, US <br> 30 Day Average SOFR + 1.0000%, 4.8742%, 10/25/44<sup>ž,</sup><sup>‡</sup> <br>| 17420 | 17420 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA1 M1, US <br> 30 Day Average SOFR + 1.0500%, 4.9242%, 1/25/45<sup>ž,</sup><sup>‡</sup> <br>| 1417857 | 1417509 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA2 M1, US <br> 30 Day Average SOFR + 1.2000%, 5.0742%, 5/25/45<sup>ž,</sup><sup>‡</sup> <br>| 970705 | 970630 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA3 M1, US <br> 30 Day Average SOFR + 1.1000%, 4.9742%, 9/25/45<sup>ž,</sup><sup>‡</sup> <br>| 1022641 | 1023240 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-HQA1 M1, US <br> 30 Day Average SOFR + 1.1500%, 5.0242%, 2/27/45<sup>ž,</sup><sup>‡</sup> <br>| 2937047 | 2935447 |
| FREMF Mortgage Trust 2023-K511 C, 5.6345%, 11/25/28<sup>ž,</sup><sup>‡</sup> <br>| 1347000 | 1267881 |
| GCAT 2023-INV1 A1, 6.0000%, 8/25/53<sup>ž,</sup><sup>‡</sup> <br>| 5081172 | 5167673 |
| Golden Tree Loan Management US CLO1 Ltd 2023-17A AR, CME Term SOFR 3 <br> Month + 1.2800%, 5.1644%, 1/20/39<sup>ž,</sup><sup>‡</sup> <br>| 6961000 | 6978908 |
| Gracie Point International Funding 2024-1A A, US 90 Day Average SOFR + <br> 1.7000%, 5.8902%, 3/1/28<sup>ž,</sup><sup>‡</sup> <br>| 1985000 | 1986498 |
| Gracie Point International Funding 2025-1A A, US 30 Day Average SOFR + <br> 1.5000%, 5.5247%, 8/15/28<sup>ž,</sup><sup>‡</sup> <br>| 3606000 | 3611862 |
| Great Wolf Trust 2024-WLF2 A, CME Term SOFR 1 Month + 1.6912%, 5.4414%, <br> 5/15/41<sup>ž,</sup><sup>‡</sup> <br>| 7775000 | 7785349 |
| GS Mortgage Securities Trust 2025-800D A, CME Term SOFR 1 Month + <br> 2.6500%, 6.3845%, 11/25/41<sup>ž,</sup><sup>‡</sup> <br>| 9296000 | 9307407 |
| GS Mortgage-Backed Securities Trust 2025-CES2 A1, 5.1800%, 9/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 4381265 | 4393562 |
| Hertz Vehicle Financing LLC 2025-5A A, 4.6200%, 5/25/30<sup>ž</sup> <br>| 2621000 | 2622994 |
| Homeward Opportunities Fund I Trust 2024-RRTL2 A1, 5.9890%, 9/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 3066000 | 3079111 |
| Homeward Opportunities Fund I Trust 2024-RTL1 A1, 7.1200%, 7/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 6504000 | 6519860 |
| Homeward Opportunities Fund I Trust 2025-RRTL1 A1, 5.4760%, 3/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 4363000 | 4385255 |
| Homeward Opportunities Fund I Trust 2025-RRTL2 A1, 5.2370%, 9/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 2133000 | 2142229 |
| Hudson's Bay Simon JV Trust 2015-HB10 A10, 4.1545%, 8/5/34<sup>ž</sup> <br>| 1475000 | 1434433 |
| JP Morgan Mortgage Trust 2025-5MPR A1D, 5.5000%, 11/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 1776926 | 1784083 |
| KRE Commercial Mortgage Trust 2025-AIP4 A, CME Term SOFR 1 Month + <br> 1.3000%, 5.0501%, 3/17/42<sup>ž,</sup><sup>‡</sup> <br>| 5588000 | 5578755 |
| Lendbuzz Securitization Trust 2023-1A A2, 6.9200%, 8/15/28<sup>ž</sup> <br>| 613988 | 619956 |
| Lex Commercial Loan Master Trust 2024-BBG A, 4.8736%, 10/13/33<sup>ž,</sup><sup>‡</sup> <br>| 1720000 | 1731018 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| LHOME Mortgage Trust 2024-RTL2 A1, 7.1280%, 3/25/29<sup>ž,</sup><sup>Ç</sup> <br>| $1668736 | $1678300 |
| LHOME Mortgage Trust 2024-RTL3 A1, 6.9000%, 5/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 2098285 | 2117453 |
| LHOME Mortgage Trust 2024-RTL4 A1, 5.9210%, 7/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 6445724 | 6501865 |
| LHOME Mortgage Trust 2025-RTL3 A1, 5.2390%, 8/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 1800000 | 1809441 |
| Life Financial Services Trust 2021-BMR C, CME Term SOFR 1 Month + 1.2145%, <br> 4.9645%, 3/15/38<sup>ž,</sup><sup>‡</sup> <br>| 704772 | 701870 |
| Life Financial Services Trust 2022-BMR2 A1, CME Term SOFR 1 Month + <br> 1.2952%, 5.0454%, 5/16/39<sup>ž,</sup><sup>‡</sup> <br>| 6610000 | 6359749 |
| M&T Equipment Notes 2023-1A A3, 5.7400%, 7/15/30<sup>ž</sup> <br>| 816990 | 821791 |
| Madison Park Funding Ltd 2019-34A A2RR, CME Term SOFR 3 Month + <br> 1.6000%, 5.4936%, 10/16/37<sup>ž,</sup><sup>‡</sup> <br>| 3126000 | 3133466 |
| Madison Park Funding Ltd 2022-55A A1R, CME Term SOFR 3 Month + <br> 1.3600%, 5.2444%, 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 9324578 | 9356356 |
| Madison Park Funding Ltd 2022-62A A1R2, CME Term SOFR 3 Month + <br> 1.3000%, 5.1936%, 7/16/38<sup>ž,</sup><sup>‡</sup> <br>| 6529000 | 6548054 |
| Madison Park Funding Ltd 2025-73A A1, CME Term SOFR 3 Month + 1.3000%, <br> 5.2630%, 10/18/38<sup>ž,</sup><sup>‡</sup> <br>| 7208000 | 7228076 |
| Magnetite CLO Ltd 2025-50A A1, CME Term SOFR 3 Month + 1.2800%, <br> 5.5888%, 7/26/38<sup>ž,</sup><sup>‡</sup> <br>| 5107000 | 5120948 |
| Mello Mortgage Capital Acceptance Trust 2021-INV2 A11, US 30 Day Average <br> SOFR + 0.9500%, 5.0000%, 8/25/51<sup>ž,</sup><sup>‡</sup> <br>| 3621719 | 3378948 |
| Mello Mortgage Capital Acceptance Trust 2021-INV3 A11, US 30 Day Average <br> SOFR + 0.9500%, 5.0000%, 10/25/51<sup>ž,</sup><sup>‡</sup> <br>| 4644834 | 4335280 |
| Mello Mortgage Capital Acceptance Trust 2024-SD1 A1, 4.0000%, 4/25/54<sup>ž,</sup><sup>Ç</sup> <br>| 1806233 | 1784706 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-SPL1 A1, US 30 Day <br> Average SOFR + 1.4000%, 4.2500%, 2/25/65<sup>ž,</sup><sup>‡</sup> <br>| 2457299 | 2401632 |
| MVW Owner Trust 2025-2A A, 4.4800%, 10/20/44<sup>ž</sup> <br>| 971619 | 969507 |
| Neuberger Berman CLO Ltd 2019-32RA A, CME Term SOFR 3 Month + <br> 1.3100%, 5.6390%, 7/20/39<sup>ž,</sup><sup>‡</sup> <br>| 6122645 | 6143994 |
| New Residential Mortgage Loan Trust 2018-2, Refinitiv USD IBOR Consumer <br> Cash Fallbacks 6 Months + 0.6800%, 4.5000%, 2/25/58<sup>ž,</sup><sup>‡</sup> <br>| 1275134 | 1268962 |
| New Residential Mortgage Loan Trust 2024-NQM2 A1, US 30 Day Average <br> SOFR + 0.1400%, 5.1170%, 9/25/64<sup>ž,</sup><sup>‡</sup> <br>| 3487237 | 3496499 |
| New Residential Mortgage Loan Trust 2024-RTL2 A1, 5.4430%, 9/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 2492000 | 2519593 |
| NRTH PARK Mortgage Trust 2025-PARK A, CME Term SOFR 1 Month + <br> 1.3933%, 5.1434%, 10/15/40<sup>ž,</sup><sup>‡</sup> <br>| 5121000 | 5121051 |
| NRZ Excess Spread Collateralized Notes 2021-FHT1 A, 3.1040%, 7/25/26<sup>ž</sup> <br>| 1462307 | 1442165 |
| NRZ Excess Spread Collateralized Notes 2024-FNT1 A, 7.3980%, 11/25/31<sup>ž,</sup><sup>Ç</sup> <br>| 2965848 | 2995456 |
| Oak Hill Credit Partners 2020-7A A1R2, CME Term SOFR 3 Month + 1.2800%, <br> 5.1644%, 7/19/38<sup>ž,</sup><sup>‡</sup> <br>| 6600000 | 6618071 |
| Oak Hill Credit Partners 2021-9A A2R, CME Term SOFR 3 Month + 1.5800%, <br> 5.4644%, 10/19/37<sup>ž,</sup><sup>‡</sup> <br>| 4518000 | 4528163 |
| Oak Street Investment Grade Net Lease Fund 2020-1A A1, 1.8500%, 11/20/50<sup>ž</sup> <br>| 3820966 | 3514204 |
| Oasis Securitization 2024-1A A, 5.8800%, 9/30/38<sup>§</sup> <br>| 1305000 | 1305514 |
| Oasis Securitization 2025-1A A, 6.3550%, 8/15/39<sup>ž</sup> <br>| 3678000 | 3705049 |
| OCP CLO Ltd 2020-18A A2R2, CME Term SOFR 3 Month + 1.5700%, 5.4544%, <br> 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 2037063 | 2041596 |
| OCP CLO Ltd 2025-44A A, CME Term SOFR 3 Month + 1.3000%, 5.5622%, <br> 10/25/38<sup>ž,</sup><sup>‡</sup> <br>| 3400000 | 3409380 |
| Octagon Investment Partners 42 Ltd 2019-3A A2RR, CME Term SOFR 3 Month <br> + 1.5600%, 5.4645%, 7/15/37<sup>ž,</sup><sup>‡</sup> <br>| 695086 | 696606 |
| Onslow Bay Financial LLC 2022-INV1 A1, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 1547245 | 1349758 |
| Onslow Bay Financial LLC 2022-INV1 A18, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 4094167 | 3542703 |
| Pretium Mortgage Credit Partners LLC 2025-RPL1 A1, 4.0000%, 7/25/69<sup>ž,</sup><sup>Ç</sup> <br>| 3024217 | 2932478 |
| Pretium Mortgage Credit Partners LLC 2025-RPL2 A1, 4.0000%, 8/25/64<sup>ž,</sup><sup>Ç</sup> <br>| 3471412 | 3422962 |
| Pretium Mortgage Credit Partners LLC 2025-RPL5 A1, 4.1500%, 1/25/70<sup>ž,</sup><sup>Ç</sup> <br>| 5408108 | 5312346 |
| PRP Advisors LLC 2024-RCF2 A1, 3.7500%, 3/25/54<sup>ž,</sup><sup>Ç</sup> <br>| 1245880 | 1230211 |
| PRP Advisors LLC 2025-RCF4 A1, 4.5000%, 8/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 2167222 | 2144527 |
| PRP Advisors LLC 2025-RPL3 A1, 3.2500%, 4/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 2864676 | 2776349 |
| PRP Advisors LLC 2025-RPL4 A1, 3.0000%, 5/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 4369057 | 4123297 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| QTS Issuer ABS I LLC 2025-1A A2, 5.4390%, 5/25/55<sup>ž</sup> <br>| $11494000 | $11564621 |
| QTS Issuer ABS I LLC 2025-1A B, 5.9280%, 5/25/55<sup>ž</sup> <br>| 9219000 | 9166451 |
| QTS Issuer ABS II LLC 2025-1A A2, 5.0440%, 10/5/55<sup>ž</sup> <br>| 6480000 | 6384965 |
| Saluda Grade Alternative Mortgage Trust 2023-FIG3 A, 7.0670%, 8/25/53<sup>ž,</sup><sup>‡</sup> <br>| 5895459 | 6094600 |
| Saluda Grade Alternative Mortgage Trust 2023-FIG4 A, 6.7180%, 11/25/53<sup>ž,</sup><sup>‡</sup> <br>| 3027640 | 3190660 |
| Saluda Grade Alternative Mortgage Trust 2024-CES1 A1, 6.3060%, 3/25/54<sup>ž,</sup><sup>‡</sup> <br>| 1672287 | 1706934 |
| Saluda Grade Alternative Mortgage Trust 2024-FIG5 A, 6.2550%, 4/25/54<sup>ž,</sup><sup>‡</sup> <br>| 2182598 | 2207846 |
| Saluda Grade Alternative Mortgage Trust 2024-RTL5 A1, 7.7620%, 4/25/30<sup>ž,</sup><sup>Ç</sup> <br>| 3981548 | 4014898 |
| Saluda Grade Alternative Mortgage Trust 2024-RTL6 A1, 7.4390%, 7/25/30<sup>ž,</sup><sup>Ç</sup> <br>| 4801500 | 4829452 |
| Saluda Grade Alternative Mortgage Trust 2025-LOC5 A1A, CME Term SOFR 1 <br> Month + 1.6000%, 5.3317%, 10/25/55<sup>ž,</sup><sup>‡</sup> <br>| 4104048 | 4110615 |
| Saluda Grade Alternative Mortgage Trust 2025-RRTL1 A1, 5.3200%, <br> 10/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 3183000 | 3182882 |
| SCF Equipment Trust LLC 2025-2A A2, 4.2600%, 12/22/31<sup>ž</sup> <br>| 1558000 | 1562084 |
| SCG Hotel Issuer Inc 2025-DLFN A, CME Term SOFR 1 Month + 1.2000%, <br> 4.9501%, 3/15/35<sup>ž,</sup><sup>‡</sup> <br>| 7499000 | 7459363 |
| SELF Commercial Mortgage Trust 2024-STRG A, CME Term SOFR 1 Month + <br> 1.5423%, 5.2924%, 11/15/34<sup>ž,</sup><sup>‡</sup> <br>| 7206000 | 7213815 |
| Sequoia Mortgage Trust 2013-5, 2.5000%, 5/25/43<sup>ž,</sup><sup>‡</sup> <br>| 429394 | 383957 |
| Sequoia Mortgage Trust 2020-2, 3.5000%, 3/25/50<sup>ž,</sup><sup>‡</sup> <br>| 335119 | 303864 |
| SF ABS Issuer LLC 2025-1A A2, 5.3770%, 11/25/55<sup>ž</sup> <br>| 9179000 | 8915861 |
| Sixth Street CLO Ltd 2017-9A AR, CME Term SOFR 3 Month + 1.3800%, <br> 5.2500%, 7/21/37<sup>ž,</sup><sup>‡</sup> <br>| 6450000 | 6473820 |
| SMRT 2022-MINI A, CME Term SOFR 1 Month + 1.0000%, 4.7510%, 1/17/39<sup>ž,</sup><sup>‡</sup> <br>| 3548000 | 3540664 |
| SREIT Trust 2021-MFP A, CME Term SOFR 1 Month + 0.8453%, 4.5954%, <br> 11/15/38<sup>ž,</sup><sup>‡</sup> <br>| 684495 | 682698 |
| Taco Bell Funding LLC 2021-1A A2II, 2.2940%, 8/25/51<sup>ž</sup> <br>| 1466872 | 1362026 |
| TEXAS Commercial Mortgage Trust 2025-TWR A, CME Term SOFR 1 Month + <br> 1.2931%, 5.0433%, 4/15/42<sup>ž,</sup><sup>‡</sup> <br>| 2053000 | 2050433 |
| Texas Debt Capital CLO Ltd 2023-2A A1R, CME Term SOFR 3 Month + <br> 1.3700%, 5.2400%, 10/21/37<sup>ž,</sup><sup>‡</sup> <br>| 6913000 | 6938711 |
| THE 2023-MIC Trust 2023-MIC A, 8.4366%, 12/5/38<sup>ž,</sup><sup>‡</sup> <br>| 4402712 | 4756110 |
| The Huntington National Bank 2024-2 B1, 5.4420%, 10/20/32<sup>ž</sup> <br>| 1584197 | 1601712 |
| Toorak Mortgage Corp 2025-RRTL1 A1, 5.5240%, 2/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 1960000 | 1967143 |
| Towd Point Mortgage Trust 2025-FIX2 A1, 5.2490%, 10/25/65<sup>ž,</sup><sup>Ç</sup> <br>| 4950922 | 4971769 |
| TYSN 2023-CRNR Mortgage Trust 2023-CRNR A, 6.5797%, 12/10/33<sup>ž,</sup><sup>‡</sup> <br>| 6674443 | 7020183 |
| United Wholesale Mortgage LLC 2021-INV1 A9, US 30 Day Average SOFR + <br> 0.9000%, 4.9718%, 8/25/51<sup>ž,</sup><sup>‡</sup> <br>| 4417245 | 4113950 |
| UPG HI Issuer Trust 2025-2 A, 5.0000%, 9/25/47<sup>ž</sup> <br>| 1983000 | 1989452 |
| Vantage Data Centers LLC 2020-2A A2, 1.9920%, 9/15/45<sup>ž</sup> <br>| 4083000 | 3889044 |
| VASA Trust 2021-VASA A, CME Term SOFR 1 Month + 1.0145%, 4.7655%, <br> 7/15/39<sup>ž,</sup><sup>‡</sup> <br>| 3768000 | 3675656 |
| Voya CLO Ltd 2024-4A A2, CME Term SOFR 3 Month + 1.5500%, 5.4344%, <br> 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 2638439 | 2644141 |
| Wells Fargo Commercial Mortgage Trust 2021-SAVE A, CME Term SOFR 1 <br> Month + 1.3645%, 5.1155%, 2/15/40<sup>ž,</sup><sup>‡</sup> <br>| 485463 | 485180 |
| Wells Fargo Commercial Mortgage Trust 2025-VTT A, 5.1004%, 3/15/38<sup>ž,</sup><sup>‡</sup> <br>| 7753000 | 7813036 |
| Wendy's Funding LLC 2021-1A A2I, 2.3700%, 6/15/51<sup>ž</sup> <br>| 987575 | 920402 |
| Wendy's Funding LLC 2021-1A A2II, 2.7750%, 6/15/51<sup>ž</sup> <br>| 2393210 | 2136327 |
| Wendy's Funding LLC 2022-1A A2I, 4.2360%, 3/15/52<sup>ž</sup> <br>| 776825 | 767110 |
| Wendy's Funding LLC 2022-1A A2II, 4.5350%, 3/15/52<sup>ž</sup> <br>| 544135 | 527426 |
| Wendy's Funding LLC 2025-1A A2I, 5.4220%, 12/15/55<sup>ž</sup> <br>| 7241000 | 7228949 |
| Westgate Resorts 2022-1A A, 1.7880%, 8/20/36<sup>ž</sup> <br>| 255823 | 254698 |
| Woodward Capital Management 2021-3 A21, US 30 Day Average SOFR + <br> 0.8000%, 4.6742%, 7/25/51<sup>ž,</sup><sup>‡</sup> <br>| 3501450 | 3250234 |
| Woodward Capital Management 2023-CES1 A1A, 6.5150%, 6/25/43<sup>ž,</sup><sup>‡</sup> <br>| 1083712 | 1086954 |
| Woodward Capital Management 2024-CES1 A1A, 6.0250%, 2/25/44<sup>ž,</sup><sup>‡</sup> <br>| 1396978 | 1408432 |
| Woodward Capital Management 2024-CES2 A1A, 6.1410%, 4/25/44<sup>ž,</sup><sup>‡</sup> <br>| 4327424 | 4371572 |
| Woodward Capital Management 2024-CES5 A1A, 5.8460%, 8/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 4008881 | 4041021 |
| Woodward Capital Management 2024-CES6 A1A, 5.3440%, 9/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 3347705 | 3355754 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Woodward Capital Management 2024-CES7 A1A, 5.1580%, 10/25/44<sup>ž,</sup><sup>Ç</sup> <br>| $5070246 | $5084246 |
| Woodward Capital Management 2024-CES9 A1A, 5.5820%, 12/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 925278 | 933241 |
| Woodward Capital Management 2025-CES10 A1A, 4.8940%, 11/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 2114914 | 2115199 |
| Woodward Capital Management 2025-CES2 A1A, 5.5030%, 2/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 2783154 | 2806339 |
| Woodward Capital Management 2025-CES7 A1A, 5.3770%, 7/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 2182438 | 2264564 |
| Woodward Capital Management 2025-CES8 A1A, 5.1477%, 8/25/55<sup>ž,</sup><sup>‡</sup> <br>| 3919831 | 3937388 |
| Woodward Capital Management 2025-CES9 A1A, 4.7950%, 9/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 1474861 | 1472253 |
| Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $898,972,199) |  | 897045077 |
| Bank Loans and Mezzanine Loans – 3.6% |  |  |
| Basic Industry – 0.1% |  |  |
| Qnity Electronics Inc, CME Term SOFR 6 Month + 2.0000%, 5.6975%, 11/1/32<sup>‡</sup> <br>| 2148000 | 2156055 |
| Capital Goods – 0.6% |  |  |
| EMRLD Borrower LP, CME Term SOFR 6 Month + 2.2500%, 6.1219%, 8/4/31<sup>‡</sup> <br>| 13510655 | 13564512 |
| Quikrete Holdings Inc, CME Term SOFR 1 Month + 2.2500%, 5.9661%, <br> 2/10/32<sup>‡</sup> <br>| 2552073 | 2565819 |
|  |  | 16130331 |
| Consumer Cyclical – 0.8% |  |  |
| Delta 2 Lux Sarl, CME Term SOFR 3 Month + 1.7500%, 5.4219%, 9/30/31<sup>‡</sup> <br>| 12295016 | 12325754 |
| Life Time Inc, CME Term SOFR 1 Month + 2.0000%, 5.7837%, 11/5/31<sup>‡</sup> <br>| 6736 | 6773 |
| TKO Worldwide Holdings LLC, CME Term SOFR 3 Month + 2.0000%, 5.8685%, <br> 11/21/31<sup>‡</sup> <br>| 8156170 | 8209533 |
|  |  | 20542060 |
| Consumer Non-Cyclical – 0.4% |  |  |
| Lavender US Holdco 1 Inc, CME Term SOFR 1 Month + 3.2500%, 7.3929%, <br> 12/2/32<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| 5730066 | 5770635 |
| Medline Borrower LP, CME Term SOFR 1 Month + 1.7500%, 5.4661%, <br> 10/23/30<sup>‡</sup> <br>| 6244199 | 6280108 |
|  |  | 12050743 |
| Electric – 0.2% |  |  |
| Alpha Generation LLC, CME Term SOFR 1 Month + 2.0000%, 5.7161%, <br> 9/30/31<sup>‡</sup> <br>| 4012213 | 4032828 |
| Energy – 0.1% |  |  |
| Deep Blue Operating I LLC, CME Term SOFR 1 Month + 2.7500%, 6.5929%, <br> 10/1/32<sup>‡</sup> <br>| 3036883 | 3043838 |
| Technology – 0.3% |  |  |
| X Corp, 9.5000%, 10/26/29<sup>ƒ</sup> <br>| 9103174 | 9064121 |
| Transportation – 1.1% |  |  |
| First Student Bidco Inc, CME Term SOFR 3 Month + 2.5000%, 6.1719%, <br> 8/15/30<sup>‡</sup> <br>| 10511881 | 10540788 |
| First Student Bidco Inc, CME Term SOFR 3 Month + 2.5000%, 6.1719%, <br> 8/15/30<sup>‡</sup> <br>| 1923412 | 1927413 |
| Genesee & Wyoming Inc, CME Term SOFR 3 Month + 1.7500%, 5.4219%, <br> 4/10/31<sup>‡</sup> <br>| 12575206 | 12603891 |
| Stonepeak Nile Parent LLC, CME Term SOFR 3 Month + 2.2500%, 6.1615%, <br> 4/9/32<sup>‡</sup> <br>| 5418000 | 5415074 |
|  |  | 30487166 |
| Total Bank Loans and Mezzanine Loans (cost $97,078,485) |  | 97507142 |
| Corporate Bonds – 22.2% |  |  |
| Banking – 4.2% |  |  |
| Bank of America Corp, SOFR + 1.0000%, 5.1620%, 1/24/31<sup>‡</sup> <br>| 10474000 | 10812879 |
| Bank of America Corp, SOFR + 1.6970%, 5.7440%, 2/12/36<sup>‡</sup> <br>| 6622000 | 6900109 |
| Capital One Financial Corp, SOFR + 3.0700%, 7.6240%, 10/30/31<sup>‡</sup> <br>| 7460000 | 8430888 |
| Capital One Financial Corp, SOFR + 2.0360%, 6.1830%, 1/30/36<sup>‡</sup> <br>| 4894000 | 5108763 |
| Citigroup Inc, SOFR + 1.1710%, 4.5030%, 9/11/31<sup>‡</sup> <br>| 6476000 | 6496042 |
| Citigroup Inc, US Treasury Yield Curve Rate 5 Year + 1.2800%, 5.5920%, <br> 11/19/34<sup>‡</sup> <br>| 6394000 | 6557849 |
| Citigroup Inc, SOFR + 1.4880%, 5.1740%, 9/11/36<sup>‡</sup> <br>| 4460000 | 4501689 |
| Citigroup Inc, 6.6250%<sup>‡</sup><sup>,μ</sup> <br>| 3503000 | 3557051 |
| JPMorgan Chase & Co, SOFR + 1.0100%, 5.1400%, 1/24/31<sup>‡</sup> <br>| 5768000 | 5961768 |
| Morgan Stanley, SOFR + 1.2900%, 2.9430%, 1/21/33<sup>‡</sup> <br>| 4356000 | 3975691 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Banking – (continued) |  |  |
| Morgan Stanley, SOFR + 1.8800%, 5.4240%, 7/21/34<sup>‡</sup> <br>| $3537000 | $3679599 |
| Morgan Stanley Private Bank NA, SOFR + 1.0800%, 4.7340%, 7/18/31<sup>‡</sup> <br>| 15654000 | 15868421 |
| PNC Financial Services Group Inc/The, SOFR + 2.2840%, 6.8750%, 10/20/34<sup>‡</sup> <br>| 6946000 | 7860281 |
| US Bancorp, SOFR + 1.5600%, 5.3840%, 1/23/30<sup>‡</sup> <br>| 5725000 | 5929305 |
| US Bancorp, SOFR + 1.0610%, 5.0460%, 2/12/31<sup>‡</sup> <br>| 3554000 | 3650495 |
| US Bancorp, SOFR + 1.4110%, 5.4240%, 2/12/36<sup>‡</sup> <br>| 3550000 | 3689622 |
| Wells Fargo & Co, SOFR + 1.1100%, 5.2440%, 1/24/31<sup>‡</sup> <br>| 9683000 | 10026939 |
|  |  | 113007391 |
| Basic Industry – 0.4% |  |  |
| Solstice Advanced Materials Inc, 5.6250%, 9/30/33<sup>ž</sup> <br>| 6452000 | 6508740 |
| Verde Purchaser LLC, 10.5000%, 11/30/30<sup>ž</sup> <br>| 5400000 | 5806150 |
|  |  | 12314890 |
| Brokerage – 1.6% |  |  |
| Jane Street Group / JSG Finance Inc, 7.1250%, 4/30/31<sup>ž</sup> <br>| 6387000 | 6711244 |
| Jane Street Group / JSG Finance Inc, 6.1250%, 11/1/32<sup>ž</sup> <br>| 7691000 | 7826054 |
| Jane Street Group / JSG Finance Inc, 6.7500%, 5/1/33<sup>ž</sup> <br>| 7772000 | 8112385 |
| LPL Holdings Inc, 4.0000%, 3/15/29<sup>ž</sup> <br>| 1085000 | 1066876 |
| LPL Holdings Inc, 5.1500%, 6/15/30 | 3730000 | 3803906 |
| LPL Holdings Inc, 6.0000%, 5/20/34 | 4178000 | 4393539 |
| LPL Holdings Inc, 5.6500%, 3/15/35 | 6372000 | 6531305 |
| LPL Holdings Inc, 5.7500%, 6/15/35 | 3771000 | 3880174 |
|  |  | 42325483 |
| Capital Goods – 0.6% |  |  |
| Ferguson Enterprises Inc, 5.0000%, 10/3/34 | 8394000 | 8466456 |
| Quikrete Holdings Inc, 6.3750%, 3/1/32<sup>ž</sup> <br>| 4334000 | 4511174 |
| Standard Industries Inc/NJ, 6.5000%, 8/15/32<sup>ž</sup> <br>| 4096000 | 4216938 |
|  |  | 17194568 |
| Communications – 1.1% |  |  |
| AppLovin Corp, 5.3750%, 12/1/31 | 4227000 | 4383272 |
| AppLovin Corp, 5.5000%, 12/1/34 | 6424000 | 6600350 |
| Level 3 Financing Inc, 7.0000%, 3/31/34<sup>ž</sup> <br>| 4939007 | 5090002 |
| ROBLOX Corp, 3.8750%, 5/1/30<sup>ž</sup> <br>| 8742000 | 8358021 |
| Virgin Media Secured Finance PLC, 5.5000%, 5/15/29<sup>ž</sup> <br>| 5586000 | 5503085 |
|  |  | 29934730 |
| Consumer Cyclical – 1.9% |  |  |
| Carnival Corp, 5.7500%, 8/1/32<sup>ž</sup> <br>| 9493000 | 9742485 |
| Carvana Co, 9.0000%, 6/1/30<sup>ž</sup> <br>| 8772056 | 9194787 |
| Flutter Treasury DAC, 5.8750%, 6/4/31<sup>ž</sup> <br>| 2837000 | 2876434 |
| GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29 | 603000 | 613496 |
| KB Home, 4.0000%, 6/15/31<sup>#</sup> <br>| 2549000 | 2413946 |
| Millrose Properties Inc, 6.2500%, 9/15/32<sup>ž</sup> <br>| 5075000 | 5120591 |
| NCL Corporation Ltd, 5.8750%, 1/15/31<sup>ž</sup> <br>| 10153000 | 10114585 |
| Taylor Morrison Communities Inc, 5.1250%, 8/1/30<sup>ž</sup> <br>| 6003000 | 6039192 |
| Taylor Morrison Communities Inc, 5.7500%, 11/15/32<sup>ž</sup> <br>| 4572000 | 4704094 |
|  |  | 50819610 |
| Consumer Non-Cyclical – 2.0% |  |  |
| CVS Health Corp, 5.2500%, 2/21/33 | 785000 | 808221 |
| CVS Health Corp, 5.7000%, 6/1/34 | 3275000 | 3431927 |
| CVS Health Corp, 5.4500%, 9/15/35 | 3938000 | 4030978 |
| CVS Health Corp, 4.7800%, 3/25/38 | 10124000 | 9556162 |
| Heartland Dental LLC / Heartland Dental Finance Corp, 10.5000%, 4/30/28<sup>ž</sup> <br>| 1558000 | 1633613 |
| Solventum Corp, 5.4500%, 3/13/31 | 6976000 | 7276811 |
| Solventum Corp, 5.6000%, 3/23/34 | 8817000 | 9174019 |
| Teva Pharmaceutical Finance Co LLC, 6.1500%, 2/1/36 | 6743000 | 7079468 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.1500%, 10/1/26 | 2652000 | 2621385 |
| Teva Pharmaceutical Finance Netherlands III BV, 6.0000%, 12/1/32 | 4201000 | 4408984 |
| Teva Pharmaceutical Finance Netherlands IV BV, 5.7500%, 12/1/30 | 3376000 | 3501670 |
|  |  | 53523238 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Electric – 1.5% |  |  |
| Alpha Generation LLC, 6.2500%, 1/15/34<sup>ž</sup> <br>| $7454000 | $7520914 |
| American Electric Power Co Inc, US Treasury Yield Curve Rate 5 Year + 2.1280%, <br> 5.8000%, 3/15/56<sup>‡</sup> <br>| 2761000 | 2741012 |
| American Electric Power Co Inc, US Treasury Yield Curve Rate 5 Year + 1.9400%, <br> 6.0500%, 3/15/56<sup>‡</sup> <br>| 2208000 | 2169426 |
| NRG Energy Inc, 6.0000%, 2/1/33<sup>ž</sup> <br>| 2641000 | 2693289 |
| NRG Energy Inc, 5.7500%, 1/15/34<sup>ž</sup> <br>| 3075000 | 3106273 |
| NRG Energy Inc, 6.0000%, 1/15/36<sup>ž</sup> <br>| 5759000 | 5835268 |
| Talen Energy Supply LLC, 6.2500%, 2/1/34<sup>ž</sup> <br>| 5220000 | 5323951 |
| Talen Energy Supply LLC, 6.5000%, 2/1/36<sup>ž</sup> <br>| 8568000 | 8860080 |
| Xcel Energy Inc, 5.6000%, 4/15/35 | 2674000 | 2769106 |
|  |  | 41019319 |
| Energy – 3.8% |  |  |
| Civitas Resources Inc, 8.6250%, 11/1/30<sup>ž</sup> <br>| 1464000 | 1534360 |
| Civitas Resources Inc, 8.7500%, 7/1/31<sup>ž,#</sup> <br>| 2714000 | 2815507 |
| Civitas Resources Inc, 9.6250%, 6/15/33<sup>ž</sup> <br>| 5261000 | 5679871 |
| DT Midstream Inc, 4.1250%, 6/15/29<sup>ž</sup> <br>| 6147000 | 6065963 |
| DT Midstream Inc, 4.3750%, 6/15/31<sup>ž</sup> <br>| 9231000 | 9037532 |
| DT Midstream Inc, 4.3000%, 4/15/32<sup>ž</sup> <br>| 2510000 | 2424540 |
| Hess Midstream Operations LP, 5.8750%, 3/1/28<sup>ž</sup> <br>| 6456000 | 6577205 |
| Hess Midstream Operations LP, 5.1250%, 6/15/28<sup>ž</sup> <br>| 3041000 | 3053274 |
| Hess Midstream Operations LP, 6.5000%, 6/1/29<sup>ž</sup> <br>| 7886000 | 8143872 |
| Hess Midstream Operations LP, 4.2500%, 2/15/30<sup>ž</sup> <br>| 9846000 | 9630233 |
| Occidental Petroleum Corp, 8.8750%, 7/15/30 | 3013000 | 3483938 |
| Occidental Petroleum Corp, 6.6250%, 9/1/30 | 2150000 | 2314613 |
| Occidental Petroleum Corp, 6.1250%, 1/1/31 | 3015000 | 3186635 |
| Sunoco LP, 5.6250%, 3/15/31<sup>ž</sup> <br>| 3558000 | 3584070 |
| Sunoco LP, 6.2500%, 7/1/33<sup>ž</sup> <br>| 4975000 | 5095980 |
| Sunoco LP, 5.8750%, 3/15/34<sup>ž</sup> <br>| 5173000 | 5172542 |
| Sunoco LP, US Treasury Yield Curve Rate 5 Year + 4.2300%, 7.8750%<sup>ž,</sup><sup>‡</sup><sup>,μ</sup> <br>| 6132000 | 6299250 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 6.7500%, <br> 3/15/34<sup>ž</sup> <br>| 9803000 | 9802761 |
| Viper Energy Partners LLC, 4.9000%, 8/1/30 | 3386000 | 3424837 |
| Viper Energy Partners LLC, 5.7000%, 8/1/35 | 4504000 | 4596467 |
|  |  | 101923450 |
| Finance Companies – 1.1% |  |  |
| Apollo Debt Solutions BDC, 5.2000%, 12/8/28<sup>ž</sup> <br>| 2456000 | 2455539 |
| Ares Capital Corp, 5.1000%, 1/15/31 | 4739000 | 4680750 |
| Blackstone Private Credit Fund, 7.3000%, 11/27/28 | 4159000 | 4411570 |
| Blackstone Secured Lending Fund, 5.8750%, 11/15/27 | 6264000 | 6394879 |
| Blue Owl Credit Income Corp, 7.9500%, 6/13/28 | 2886000 | 3051592 |
| Macquarie Airfinance Holdings Ltd, 6.4000%, 3/26/29<sup>ž</sup> <br>| 1737000 | 1820196 |
| Macquarie Airfinance Holdings Ltd, 6.5000%, 3/26/31<sup>ž</sup> <br>| 2615000 | 2796674 |
| OWL Rock Core Income Corp, 4.7000%, 2/8/27 | 743000 | 740077 |
| Rocket Cos Inc, 6.1250%, 8/1/30<sup>ž</sup> <br>| 2698000 | 2788866 |
|  |  | 29140143 |
| Financial Institutions – 0.3% |  |  |
| Atlas Warehouse Lending Co LP, 6.0500%, 1/15/28<sup>ž</sup> <br>| 3930000 | 4053942 |
| Atlas Warehouse Lending Co LP, 6.2500%, 1/15/30<sup>ž</sup> <br>| 3170000 | 3337442 |
| Atlas Warehouse Lending Co LP, 4.9500%, 11/15/30<sup>ž</sup> <br>| 1681000 | 1686586 |
|  |  | 9077970 |
| Insurance – 1.5% |  |  |
| Asurion LLC / Asurion Co-Issuer Inc, 8.0000%, 12/31/32<sup>ž</sup> <br>| 4212000 | 4370419 |
| Centene Corp, 4.2500%, 12/15/27 | 13594000 | 13442947 |
| Health Care Service Corp, 5.2000%, 6/15/29<sup>ž</sup> <br>| 3916000 | 4013921 |
| Health Care Service Corp, 5.4500%, 6/15/34<sup>ž</sup> <br>| 7170000 | 7340465 |
| Humana Inc, 5.9500%, 3/15/34 | 10534000 | 11047287 |
|  |  | 40215039 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>|  | *Value* |
| Corporate Bonds – (continued) |  |  |  |
| Professional Services – 0.3% |  |  |  |
| Booz Allen Hamilton Inc, 5.9500%, 4/15/35<sup>#</sup> <br>| $7690000 |  | $7967501 |
| Technology – 1.9% |  |  |  |
| Constellation Software Inc/Canada, 5.4610%, 2/16/34<sup>ž</sup> <br>| 4127000 |  | 4157080 |
| CoreWeave Inc, 9.0000%, 2/1/31<sup>ž</sup> <br>| 15148000 |  | 13883445 |
| CrowdStrike Holdings Inc, 3.0000%, 2/15/29 | 1868000 |  | 1792506 |
| Foundry JV Holdco LLC, 5.8750%, 1/25/34<sup>ž</sup> <br>| 13250000 |  | 13607031 |
| Oracle Corp, 5.5000%, 8/3/35 | 1670000 |  | 1636404 |
| Oracle Corp, 5.2000%, 9/26/35 | 5143000 |  | 4927409 |
| Oracle Corp, 5.9500%, 9/26/55 | 4296000 |  | 3806317 |
| Oracle Corp, 6.1000%, 9/26/65 | 5745000 |  | 5067047 |
| Western Digital Corp, 4.7500%, 2/15/26 | 1212000 |  | 1212927 |
|  |  |  | 50090166 |
| Total Corporate Bonds (cost $586,638,176) |  |  | 598553498 |
| Foreign Government Bonds – 0.1% |  |  |  |
| United Kingdom Gilt, 4.3750%, 3/7/30 (cost $1,368,112) | 1000000 | GBP | 1370526 |
| Mortgage-Backed Securities – 19.1% |  |  |  |
| Fannie Mae: |  |  |  |
| 3.0000%, TBA, 30 Year Maturity | 1572000 |  | 1390304 |
| 3.5000%, TBA, 30 Year Maturity | 430206 |  | 396384 |
| 5.0000%, TBA, 30 Year Maturity | 27173000 |  | 27100339 |
|  |  |  | 28887027 |
| Fannie Mae Pool: |  |  |  |
| BO3223, 3.0000%, 10/1/34 | 10926 |  | 10620 |
| BO4725, 2.5000%, 11/1/34 | 1355748 |  | 1298358 |
| BO7717, 3.0000%, 11/1/34 | 64109 |  | 62371 |
| BO5957, 3.0000%, 12/1/34 | 82326 |  | 79915 |
| FS3713, 2.5000%, 12/1/36 | 1890253 |  | 1801644 |
| 995757, 6.0000%, 2/1/37 | 494825 |  | 524177 |
| AL6997, 4.5000%, 11/1/42 | 493982 |  | 497306 |
| AB7563, 3.0000%, 1/1/43 | 110264 |  | 101993 |
| MA1363, 3.0000%, 2/1/43 | 168205 |  | 155114 |
| AL5942, 5.0000%, 7/1/44 | 2527456 |  | 2570816 |
| AL5887, 4.5000%, 10/1/44 | 1075705 |  | 1079893 |
| AL6542, 4.5000%, 3/1/45 | 1793307 |  | 1800290 |
| AL6842, 4.0000%, 5/1/45 | 172082 |  | 166883 |
| AL7381, 4.5000%, 6/1/45 | 924725 |  | 923097 |
| CA4646, 3.0000%, 2/1/48 | 256045 |  | 234704 |
| BJ9181, 5.0000%, 5/1/48 | 436191 |  | 443320 |
| MA3521, 4.0000%, 11/1/48 | 1324913 |  | 1276001 |
| BN3899, 4.0000%, 12/1/48 | 196747 |  | 189484 |
| FM3664, 4.0000%, 3/1/49 | 279227 |  | 268919 |
| CA3683, 4.5000%, 6/1/49 | 70453 |  | 69874 |
| CA4035, 4.5000%, 8/1/49 | 110736 |  | 109826 |
| BO2983, 3.0000%, 9/1/49 | 184022 |  | 167213 |
| MA3774, 3.0000%, 9/1/49 | 10156 |  | 9113 |
| MA3908, 4.5000%, 1/1/50 | 153041 |  | 151783 |
| CA5573, 4.0000%, 4/1/50 | 541425 |  | 518842 |
| MA4079, 3.0000%, 7/1/50 | 5884520 |  | 5265470 |
| BK2913, 2.5000%, 8/1/50 | 619354 |  | 537819 |
| FM5076, 4.0000%, 8/1/50 | 481617 |  | 461528 |
| FS2713, 4.5000%, 10/1/50 | 2695496 |  | 2675425 |
| FS5362, 4.5000%, 12/1/50 | 3638914 |  | 3611819 |
| FS2546, 4.0000%, 3/1/51 | 105951 |  | 102039 |
| 20510401, 3.0000%, 4/1/51 | 631149 |  | 565281 |
| MA4378, 2.0000%, 7/1/51 | 14579591 |  | 11888184 |
| FS0359, 2.5000%, 1/1/52 | 4068207 |  | 3502548 |
| CB2681, 3.5000%, 1/1/52 | 1432131 |  | 1345527 |
| FS5130, 2.5000%, 2/1/52 | 15043286 |  | 12949201 |
| FS0662, 2.5000%, 2/1/52 | 7230824 |  | 6220942 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Fannie Mae Pool – (continued) |  |  |
| CB2750, 2.5000%, 2/1/52 | $6635134 | $5672554 |
| CB2891, 3.0000%, 2/1/52 | 3842589 | 3439165 |
| BV2802, 3.0000%, 2/1/52 | 516270 | 461902 |
| CB2907, 3.5000%, 2/1/52 | 3914200 | 3677196 |
| CB3043, 2.5000%, 3/1/52 | 8532129 | 7340502 |
| FS1081, 2.5000%, 3/1/52 | 8317345 | 7146663 |
| FS5988, 2.5000%, 3/1/52 | 6330601 | 5439542 |
| CB3042, 2.5000%, 3/1/52 | 3102318 | 2671480 |
| BT2256, 2.5000%, 3/1/52 | 723641 | 621563 |
| BV2965, 2.5000%, 3/1/52 | 606501 | 521135 |
| BV5152, 2.5000%, 3/1/52 | 588874 | 506630 |
| BV2962, 2.5000%, 3/1/52 | 253460 | 218130 |
| BV4144, 3.0000%, 3/1/52 | 3084312 | 2763490 |
| BV5379, 3.0000%, 4/1/52 | 1938373 | 1742056 |
| BV5380, 3.0000%, 4/1/52 | 1645718 | 1474350 |
| CB3240, 3.0000%, 4/1/52 | 13751 | 12306 |
| BV5394, 3.5000%, 4/1/52 | 2145281 | 2011208 |
| FS1869, 3.5000%, 4/1/52 | 1557747 | 1461450 |
| BV5393, 3.5000%, 4/1/52 | 1166315 | 1094828 |
| BV8485, 3.5000%, 4/1/52 | 736074 | 690072 |
| FS1301, 3.5000%, 4/1/52 | 596604 | 555799 |
| BV4203, 3.5000%, 4/1/52 | 408118 | 383134 |
| BV8484, 3.5000%, 4/1/52 | 403713 | 378969 |
| BV6879, 4.5000%, 4/1/52 | 296622 | 291254 |
| BV7632, 4.5000%, 4/1/52 | 227922 | 223797 |
| BW0081, 4.5000%, 4/1/52 | 167721 | 164659 |
| BV7132, 4.5000%, 4/1/52 | 118066 | 115911 |
| BW0072, 4.5000%, 4/1/52 | 99573 | 97756 |
| BV7131, 4.5000%, 4/1/52 | 94256 | 92538 |
| FS6926, 2.5000%, 5/1/52 | 13984689 | 12028707 |
| BV8544, 3.5000%, 5/1/52 | 1114504 | 1044769 |
| CB3501, 3.5000%, 5/1/52 | 1003594 | 936249 |
| FS3377, 4.0000%, 5/1/52 | 998315 | 961460 |
| BW0343, 4.5000%, 5/1/52 | 462656 | 454211 |
| FS3160, 3.0000%, 6/1/52 | 527300 | 471647 |
| CB3837, 3.5000%, 6/1/52 | 6848291 | 6423353 |
| FS2144, 3.5000%, 6/1/52 | 3917092 | 3678918 |
| FS5339, 3.0000%, 7/1/52 | 3024720 | 2705836 |
| FS5491, 3.0000%, 7/1/52 | 2275309 | 2035168 |
| CB4076, 3.5000%, 7/1/52 | 984025 | 922966 |
| CB4329, 3.5000%, 7/1/52 | 329630 | 309562 |
| BW0972, 4.5000%, 7/1/52 | 1871436 | 1845126 |
| CB4320, 3.5000%, 8/1/52 | 651554 | 611075 |
| BW7369, 5.0000%, 10/1/52 | 1580807 | 1599463 |
| BW1288, 5.0000%, 10/1/52 | 706303 | 713287 |
| BT8021, 5.0000%, 1/1/53 | 1012191 | 1023894 |
| BX5759, 5.0000%, 1/1/53 | 353848 | 356186 |
| BX5969, 5.0000%, 2/1/53 | 414669 | 419409 |
| BX8071, 5.0000%, 3/1/53 | 213899 | 215871 |
| BX7860, 5.5000%, 3/1/53 | 324107 | 334458 |
| BX9351, 5.0000%, 4/1/53 | 473133 | 477493 |
| BY0782, 5.5000%, 4/1/53 | 185393 | 191637 |
| BY1920, 5.0000%, 5/1/53 | 257860 | 260219 |
| BY1896, 5.5000%, 5/1/53 | 339589 | 348847 |
| BY0866, 5.5000%, 5/1/53 | 174443 | 179198 |
| BY3263, 5.0000%, 6/1/53 | 371452 | 375407 |
| BY2783, 5.0000%, 6/1/53 | 284007 | 286586 |
| BY4284, 5.5000%, 6/1/53 | 145745 | 150879 |
| CB6686, 4.5000%, 7/1/53 | 1745648 | 1727905 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Fannie Mae Pool – (continued) |  |  |
| BY6374, 5.5000%, 7/1/53 | $386748 | $397214 |
| BY7004, 5.5000%, 7/1/53 | 197684 | 204584 |
| CB6851, 4.5000%, 8/1/53 | 1200651 | 1188385 |
| BY6690, 5.0000%, 8/1/53 | 304725 | 308061 |
| CB7112, 5.5000%, 9/1/53 | 6940557 | 7170193 |
| CB7430, 5.5000%, 11/1/53 | 1889103 | 1956415 |
| FS8037, 6.0000%, 1/1/54 | 1720107 | 1800443 |
| CB8134, 5.5000%, 3/1/54 | 3490116 | 3605452 |
| FS7607, 6.0000%, 3/1/54 | 1475769 | 1538705 |
| FS7643, 6.0000%, 4/1/54 | 3681383 | 3851565 |
| CB8543, 6.0000%, 5/1/54 | 5900756 | 6149153 |
| 20550801, 6.0000%, 8/1/55 | 2863323 | 2962063 |
| BF0130, 3.5000%, 8/1/56 | 14106235 | 13035745 |
| BF0167, 3.0000%, 2/1/57 | 8178625 | 7137952 |
| BF0189, 3.0000%, 6/1/57 | 30929 | 26906 |
| BF0619, 2.5000%, 3/1/62 | 13948188 | 11483211 |
| BF0598, 2.5000%, 3/1/62 | 2820124 | 2362432 |
|  |  | 223175643 |
| Freddie Mac Gold Pool: |  |  |
| Q58477, 4.0000%, 9/1/48 | 410209 | 395600 |
| Freddie Mac Pool: |  |  |
| ZS7403, 3.0000%, 5/1/31 | 3948655 | 3887254 |
| ZK8962, 3.0000%, 9/1/32 | 144777 | 141559 |
| ZK9009, 3.0000%, 10/1/32 | 193024 | 188557 |
| ZK9163, 3.0000%, 1/1/33 | 107862 | 105409 |
| SB0040, 2.5000%, 12/1/33 | 3563196 | 3461651 |
| QN0786, 3.0000%, 10/1/34 | 35636 | 34625 |
| QN0783, 3.0000%, 10/1/34 | 16213 | 15740 |
| QN0951, 2.5000%, 11/1/34 | 1310766 | 1254667 |
| SB0116, 2.5000%, 11/1/34 | 470626 | 450868 |
| SB0866, 2.5000%, 6/1/37 | 5736806 | 5428661 |
| ZS3695, 6.0000%, 4/1/40 | 747283 | 794473 |
| ZT1145, 4.5000%, 5/1/44 | 739402 | 738099 |
| ZT1257, 3.0000%, 1/1/46 | 69070 | 63710 |
| ZT1173, 4.0000%, 2/1/46 | 2308110 | 2239581 |
| ZT1633, 4.0000%, 3/1/47 | 5085 | 4934 |
| ZM7182, 4.5000%, 7/1/48 | 585215 | 580858 |
| ZM7926, 5.0000%, 9/1/48 | 111633 | 112953 |
| ZT1320, 4.0000%, 11/1/48 | 118468 | 114095 |
| SI2017, 4.0000%, 12/1/48 | 1464519 | 1410453 |
| ZA7158, 4.5000%, 6/1/49 | 104207 | 103418 |
| RA1087, 4.5000%, 7/1/49 | 701744 | 696430 |
| RA1088, 4.5000%, 7/1/49 | 135118 | 134007 |
| QA2159, 3.0000%, 8/1/49 | 361441 | 320452 |
| RA1188, 4.5000%, 8/1/49 | 709973 | 704597 |
| QA4936, 3.0000%, 12/1/49 | 480828 | 431432 |
| QA5622, 3.0000%, 12/1/49 | 216735 | 194470 |
| RA1999, 4.5000%, 1/1/50 | 496668 | 492907 |
| SD8040, 4.5000%, 1/1/50 | 115993 | 115039 |
| SD1551, 4.0000%, 3/1/50 | 1382127 | 1331103 |
| QB1708, 2.5000%, 8/1/50 | 293848 | 255255 |
| QB2976, 2.5000%, 8/1/50 | 131958 | 114586 |
| QB3353, 2.5000%, 9/1/50 | 574185 | 498418 |
| SD1143, 4.5000%, 9/1/50 | 4065726 | 4035453 |
| RA5285, 2.5000%, 5/1/51 | 4191580 | 3593884 |
| QC5848, 2.5000%, 8/1/51 | 11600285 | 9938960 |
| RA5906, 2.5000%, 9/1/51 | 8101724 | 6971081 |
| SD0688, 2.5000%, 10/1/51 | 10194645 | 8762867 |
| SD7548, 2.5000%, 11/1/51 | 5180313 | 4468048 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Freddie Mac Pool – (continued) |  |  |
| QD6087, 2.5000%, 1/1/52 | $1284170 | $1107368 |
| QD4842, 2.5000%, 1/1/52 | 801170 | 690618 |
| QD7069, 2.5000%, 2/1/52 | 1974003 | 1698306 |
| QD9513, 2.5000%, 2/1/52 | 911990 | 780178 |
| QD6554, 3.0000%, 2/1/52 | 847749 | 759664 |
| QD6555, 3.0000%, 2/1/52 | 583837 | 524838 |
| SD0931, 2.5000%, 3/1/52 | 8242250 | 7074453 |
| QD8288, 2.5000%, 3/1/52 | 342527 | 294316 |
| QD9182, 3.0000%, 3/1/52 | 1011660 | 909314 |
| QE0318, 4.5000%, 3/1/52 | 79043 | 77612 |
| SD0943, 3.5000%, 4/1/52 | 1549448 | 1455629 |
| QE0354, 3.5000%, 4/1/52 | 824922 | 773367 |
| QE1072, 3.5000%, 4/1/52 | 771858 | 723619 |
| QE1073, 3.5000%, 4/1/52 | 259236 | 243346 |
| QD9191, 3.5000%, 4/1/52 | 199806 | 187574 |
| SD8212, 2.5000%, 5/1/52 | 11230955 | 9552743 |
| SD3493, 2.5000%, 5/1/52 | 3417824 | 2939930 |
| SD7023, 3.0000%, 6/1/52 | 2566974 | 2291925 |
| SD1840, 3.0000%, 6/1/52 | 1826928 | 1634110 |
| QF0488, 5.5000%, 9/1/52 | 1680724 | 1723663 |
| QF2386, 5.0000%, 10/1/52 | 2936245 | 2955951 |
| QF2145, 5.0000%, 10/1/52 | 97745 | 98711 |
| QF2437, 5.5000%, 10/1/52 | 111198 | 115508 |
| QF7813, 5.0000%, 1/1/53 | 205293 | 207651 |
| QF6841, 5.0000%, 1/1/53 | 179345 | 181081 |
| QF8398, 5.0000%, 3/1/53 | 737046 | 743889 |
| QF9871, 5.0000%, 3/1/53 | 704977 | 711474 |
| QG1442, 5.0000%, 4/1/53 | 819277 | 821699 |
| QG2380, 5.0000%, 5/1/53 | 1679313 | 1688157 |
| QG3598, 5.0000%, 5/1/53 | 1031822 | 1037256 |
| QG3742, 5.0000%, 5/1/53 | 143904 | 145211 |
| SD2897, 5.5000%, 5/1/53 | 1313218 | 1342013 |
| QG2543, 5.5000%, 5/1/53 | 516660 | 529406 |
| QG3917, 5.0000%, 6/1/53 | 1349310 | 1356416 |
| QG4742, 5.0000%, 6/1/53 | 691671 | 690463 |
| QG5161, 5.0000%, 6/1/53 | 647996 | 646865 |
| QG5055, 5.0000%, 6/1/53 | 554733 | 554079 |
| QG4676, 5.0000%, 6/1/53 | 202802 | 202663 |
| QG3912, 5.5000%, 6/1/53 | 1711278 | 1757929 |
| QG4741, 5.5000%, 6/1/53 | 392456 | 398165 |
| QG6693, 5.5000%, 7/1/53 | 1623742 | 1667682 |
| QG7441, 5.5000%, 7/1/53 | 951253 | 976995 |
| SD4294, 5.5000%, 9/1/53 | 1355252 | 1399623 |
| RA9851, 6.0000%, 9/1/53 | 10519203 | 10937503 |
| SD4009, 6.0000%, 9/1/53 | 3033918 | 3173622 |
| SD4668, 6.0000%, 10/1/53 | 5168603 | 5347182 |
| SD4247, 6.5000%, 11/1/53 | 3786738 | 3991844 |
| QI2699, 5.5000%, 4/1/54 | 888464 | 919230 |
| RJ1341, 6.0000%, 4/1/54 | 4297008 | 4477894 |
| RJ3021, 5.5000%, 12/1/54 | 11347936 | 11585823 |
| SL1226, 5.5000%, 5/1/55 | 12178906 | 12531547 |
| RJ4363, 5.5000%, 6/1/55 | 3537603 | 3647812 |
|  |  | 176474471 |
| Ginnie Mae: |  |  |
| 2.5000%, TBA, 30 Year Maturity | 14314002 | 12350121 |
| 4.0000%, TBA, 30 Year Maturity | 1882256 | 1776492 |
| 5.0000%, TBA, 30 Year Maturity | 4526907 | 4514386 |
|  |  | 18640999 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Ginnie Mae I Pool: |  |  |
| BC7161, 4.0000%, 8/15/47 | $408015 | $392398 |
| BD7109, 4.0000%, 11/15/47 | 247139 | 237680 |
| BD7135, 4.0000%, 12/15/47 | 940344 | 904353 |
|  |  | 1534431 |
| Ginnie Mae II Pool: |  |  |
| MA4068, 3.0000%, 11/20/46 | 8435803 | 7689177 |
| BB9835, 4.0000%, 8/20/47 | 274877 | 264503 |
| BB9814, 4.0000%, 8/20/47 | 105550 | 101567 |
| MA5021, 4.5000%, 2/20/48 | 1071306 | 1063169 |
| MA5192, 4.0000%, 5/20/48 | 4664757 | 4488844 |
| BH3672, 4.5000%, 5/20/48 | 316326 | 312060 |
| MA5264, 4.0000%, 6/20/48 | 1306831 | 1257549 |
| MA5400, 5.0000%, 8/20/48 | 1237498 | 1253679 |
| MA5930, 3.5000%, 5/20/49 | 11009606 | 10214711 |
| MA7255, 2.5000%, 3/20/51 | 10763174 | 9297424 |
| MA7313, 3.0000%, 4/20/51 | 3712161 | 3343850 |
| MA7473, 3.0000%, 7/20/51 | 5618889 | 5060093 |
| MA7535, 3.0000%, 8/20/51 | 16183652 | 14572943 |
| 785843, 2.5000%, 1/20/52 | 7702362 | 6560217 |
|  |  | 65479786 |
| Total Mortgage-Backed Securities (cost $521,893,875) |  | 514587957 |
| United States Treasury Notes/Bonds – 18.0% |  |  |
| 3.6250%, 8/31/27 | 26088000 | 26146086 |
| 3.3750%, 11/30/27 | 61854000 | 61735608 |
| 3.5000%, 12/15/28 | 10742000 | 10729412 |
| 3.6250%, 10/31/30 | 2109000 | 2100103 |
| 3.5000%, 11/30/30 | 171312600 | 169586091 |
| 3.7500%, 11/30/32 | 26736000 | 26426865 |
| 4.0000%, 11/15/35 | 165107200 | 162733784 |
| 4.6250%, 11/15/45 | 5855000 | 5721433 |
| 4.7500%, 8/15/55 | 20041000 | 19702808 |
| Total United States Treasury Notes/Bonds (cost $487,097,382) |  | 484882190 |
| Investment Companies<sup>£</sup> – 4.9% |  |  |
| Exchange-Traded Funds (ETFs) – 1.2% |  |  |
| Janus Henderson Emerging Markets Debt Hard Currency | 629422 | 33784226 |
| Money Markets – 3.7% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup> <br>| 99246097 | 99275871 |
| Total Investment Companies (cost $131,892,568) |  | 133060097 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.1% |  |  |
| Investment Companies – 0.1% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº,</sup><sup>£</sup> <br>| 2108572 | 2108572 |
| Time Deposits – 0% |  |  |
| Royal Bank of Canada, 3.7000%, 1/2/26 | $976139 | 976139 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $3,084,711) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $3,084,711) | 3084711 |
| Total Investments (total cost $2,728,025,508) – 101.3% |  | 2730091198 |
| Liabilities, net of Cash, Receivables and Other Assets – (1.3)% |  | (35229792) |
| Net Assets – 100% |  | $2694861406 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

14 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $2681629942 | &nbsp;&nbsp;&nbsp;&nbsp; 98.2<br> %<br>|
| Israel | 17611507 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Luxembourg | 12325754 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| United Kingdom | 11490481 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Canada | 4157080 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Ireland | 2876434 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Total | $2730091198 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*6/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*12/31/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 4.9% | Investment Companies - 4.9% | Investment Companies - 4.9% | Investment Companies - 4.9% | Investment Companies - 4.9% | Investment Companies - 4.9% | Investment Companies - 4.9% | Investment Companies - 4.9% | Investment Companies - 4.9% |
| 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% | Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% |
| Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency |
|  | $19147204 | $13847946 | $- | $- | $789076 | $33784226 | 629422 | $1042067 |
| Money Markets - 3.7% | Money Markets - 3.7% | Money Markets - 3.7% | Money Markets - 3.7% | Money Markets - 3.7% | Money Markets - 3.7% | Money Markets - 3.7% | Money Markets - 3.7% | Money Markets - 3.7% |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | 82226865 | 533956909 | (516916339) | 327 | 8109 | 99275871 | 99246097 | 1847047 |
| Total Investment Companies - 4.9% | Total Investment Companies - 4.9% | Total Investment Companies - 4.9% | Total Investment Companies - 4.9% | Total Investment Companies - 4.9% | Total Investment Companies - 4.9% | Total Investment Companies - 4.9% | Total Investment Companies - 4.9% | Total Investment Companies - 4.9% |
|  | $101374069 | $547804855 | $(516916339) | $327 | $797185 | $133060097 | 99875519 | $2889114 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% |
| Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  |
|  | - | 873884896 | (871776324) | - | - | 2108572 | 2108572 | 163555 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 5.0% | Total Affiliated Investments - 5.0% | Total Affiliated Investments - 5.0% | Total Affiliated Investments - 5.0% | Total Affiliated Investments - 5.0% | Total Affiliated Investments - 5.0% | Total Affiliated Investments - 5.0% | Total Affiliated Investments - 5.0% | Total Affiliated Investments - 5.0% |
|  | $101374069 | $1421689751 | $(1388692663) | $327 | $797185 | $135168669 | 101984091 | $3052669 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** |
| *Counterparty/* <br>*Foreign Currency*<br>| *Settlement* <br>*Date*<br>| &nbsp;&nbsp; *Foreign Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *USD Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *Market Value and* <br>*Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: |
| British Pound | 3/4/26 | &nbsp;&nbsp; (1014513) | &nbsp;&nbsp; $1353533 | &nbsp;&nbsp; $(13503) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Schedule of Futures*** | ***Schedule of Futures*** | ***Schedule of Futures*** | ***Schedule of Futures*** | ***Schedule of Futures*** |
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount*<br>| &nbsp;&nbsp; *Value and* <br>*Unrealized* <br>*Appreciation/(Depreciation)*<br>|
| *Futures Long:* |  |  |  |  |
| 2 Year US Treasury Note | 2130 | &nbsp;&nbsp; 4/3/26 | &nbsp;&nbsp; $444720702 | &nbsp;&nbsp; $(288540) |
| 5 Year US Treasury Note | 5370 | &nbsp;&nbsp; 4/3/26 | &nbsp;&nbsp; 586966175 | &nbsp;&nbsp; (2433201) |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| &nbsp;&nbsp; *Notional*<br> *Amount*<br>| &nbsp;&nbsp; *Value and*<br> *Unrealized*<br> *Appreciation/(Depreciation)*<br>|
| Ultra Long Term US Treasury Bond | 855 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; $100890000 | &nbsp;&nbsp; $(1855694) |
| US Treasury Long Bond | 1881 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; 217431844 | &nbsp;&nbsp; (3359586) |
| Total - Futures Long |  |  |  | &nbsp;&nbsp; (7937021) |
| *Futures Short:* |  |  |  |  |
| 10 Year US Treasury Note | 1221 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; (137286188) | &nbsp;&nbsp; 1074590 |
| Ultra 10 Year Treasury Note | 1522 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; (175053781) | &nbsp;&nbsp; 1086696 |
| Total - Futures Short |  |  |  | &nbsp;&nbsp; 2161286 |
| Total |  |  |  | &nbsp;&nbsp; $(5775735) |

---

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, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** |
|  | *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| *Asset Derivatives:* |  |  |  |
| <sup>\*</sup>Futures contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2161286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2161286 |
| *Liability Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $13503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13503 |
| <sup>\*</sup>Futures contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7937021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7937021 |
| Total Liability Derivatives | $13503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7937021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7950524 |

---

\* 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, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** |
| *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*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| Futures contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15176708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15176708 |
| Forward foreign currency exchange contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28484 |
| Swap contracts | (233844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(233844) |
| Total | $(233844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15176708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14971348 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| Futures contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(17576068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(17576068) |
| Forward foreign currency exchange contracts | (13503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(13503) |
| Total | $(13503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(17576068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(17589571) |

---

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.

16 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2025** |
| Credit default swaps: |  |
| Average notional amount - buy protection | $39428571 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased - in USD | 580513 |
| Average amounts sold - in USD | 1352901 |
| Futures contracts: |  |
| Average notional amount of contracts - long | 1373503601 |
| Average notional amount of contracts - short | 288769855 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Assets*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| JPMorgan Chase Bank, National Association | $2590506 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2590506) | &nbsp;&nbsp; $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Liabilities*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| BNP Paribas | $13503 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13503 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 17

------

**Janus Henderson Flexible Bond Fund**

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

---

| | |
|:---|:---|
| IBOR | Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| 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 <br> principal amount and no defined maturity date. The actual principal and maturity date will be determined upon <br> settlement when specific mortgage pools are assigned.<br>|

---

---

| |
|:---|
| &nbsp;&nbsp; Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale <br> and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be <br> liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2025 <br> is $1,185,910,265, which represents 44.0% of net assets.<br>|
| &nbsp;&nbsp; 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 <br> will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements.<br>|
| &nbsp;&nbsp; Variable or floating rate security. Rate shown is the current rate as of December 31, 2025. Certain variable rate securities are not based on <br> a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as <br> of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.<br>|
| Rate shown is the 7-day yield as of December 31, 2025. |
| Loaned security; a portion of the security is on loan at December 31, 2025. |
| &nbsp;&nbsp; Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if <br> any, represents the next call date.<br>|
| &nbsp;&nbsp; Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the <br> current rate.<br>|
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
| Schedule of Restricted Securities (as of December 31, 2025) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Acquisition* <br>*Date*<br>| *Cost* | *Value* | &nbsp;&nbsp; *Value as a* <br>*% of Net* <br>*Assets*<br>|
| Oasis Securitization 2024-1A A, 5.8800%, 9/30/38 | 9/24/24 | &nbsp;&nbsp; $1304808 | $1305514 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %<br>|

---

The Fund has registration rights for certain restricted securities held as of December 31, 2025. The issuer incurs all registration costs.

18 \| December 31, 2025

------

**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, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Asset-Backed/Commercial Mortgage-Backed Securities* | $- | &nbsp;&nbsp; $897045077 | &nbsp;&nbsp; $- |
| *Bank Loans and Mezzanine Loans* | - | &nbsp;&nbsp; 97507142 | &nbsp;&nbsp; - |
| *Corporate Bonds* | - | &nbsp;&nbsp; 598553498 | &nbsp;&nbsp; - |
| *Foreign Government Bonds* | - | &nbsp;&nbsp; 1370526 | &nbsp;&nbsp; - |
| *Mortgage-Backed Securities* | - | &nbsp;&nbsp; 514587957 | &nbsp;&nbsp; - |
| *United States Treasury Notes/Bonds* | - | &nbsp;&nbsp; 484882190 | &nbsp;&nbsp; - |
| *Investment Companies* | 33784226 | &nbsp;&nbsp; 99275871 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 3084711 | &nbsp;&nbsp; - |
| Total Investments in Securities | $33784226 | &nbsp;&nbsp; $2696306972 | &nbsp;&nbsp; $- |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Futures Contracts* | 2161286 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| **Total Assets** | $35945512 | &nbsp;&nbsp; $2696306972 | &nbsp;&nbsp; $- |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | $- | &nbsp;&nbsp; $13503 | &nbsp;&nbsp; $- |
| *Futures Contracts* | 7937021 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| **Total Liabilities** | $7937021 | &nbsp;&nbsp; $13503 | &nbsp;&nbsp; $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 centrally
 cleared 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, written swaptions, and OTC swaps are reported at their market value at measurement date.

Janus Investment Fund \| 19

------

**Janus Henderson Flexible Bond Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $2,594,024,368)<sup>(1)</sup> <br>| $2594922529 |
| Affiliated investments, at value (cost $134,001,140) | 135168669 |
| Cash | 330492 |
| Collateral for To Be Announced transactions | 30000 |
| Deposits with brokers for futures | 17250000 |
| Variation margin receivable on futures contracts | 533382 |
| Trustees' deferred compensation | 79315 |
| Receivables: |  |
| Interest | 17811652 |
| Fund shares sold | 1344853 |
| Dividends from affiliates | 376166 |
| Investments sold | 75 |
| Other assets | 161268 |
| Total Assets | 2768008401 |
| Liabilities: |  |
| Collateral for securities loaned (Note 3) | 3084711 |
| Forward foreign currency exchange contracts | 13503 |
| Variation margin payable on futures contracts | 1511157 |
| Payables: |  |
| TBA investments purchased | 47614578 |
| Investments purchased | 14772679 |
| Fund shares repurchased | 3468261 |
| Dividends | 1111812 |
| Advisory fees | 794808 |
| Transfer agent fees and expenses | 278195 |
| Trustees' deferred compensation fees | 79315 |
| Professional fees | 45264 |
| 12b-1 Distribution and shareholder servicing fees | 43875 |
| Affiliated fund administration fees payable | 5892 |
| Custodian fees | 3373 |
| Trustees' fees and expenses | 1382 |
| Accrued expenses and other payables | 318190 |
| Total Liabilities | 73146995 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $2694861406 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

20 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $3257082228 |
| Total distributable earnings (loss) | (562220822) |
| Total Net Assets | $2694861406 |
| Net Assets - Class A Shares | $101854640 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 10817904 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $9.42 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $9.89 |
| Net Assets - Class C Shares | $15006692 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1593392 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $9.42 |
| Net Assets - Class D Shares | $446469174 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 47406116 |
| Net Asset Value Per Share | $9.42 |
| Net Assets - Class I Shares | $1204458487 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 127871351 |
| Net Asset Value Per Share | $9.42 |
| Net Assets - Class N Shares | $662542460 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 70389403 |
| Net Asset Value Per Share | $9.41 |
| Net Assets - Class R Shares | $11464189 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1216951 |
| Net Asset Value Per Share | $9.42 |
| Net Assets - Class S Shares | $12960864 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1376039 |
| Net Asset Value Per Share | $9.42 |
| Net Assets - Class T Shares | $240104900 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 25500373 |
| Net Asset Value Per Share | $9.42 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $2,590,506 of securities on loan. See Note 3 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Maximum offering price is computed at 100/95.25 of net asset value.

See Notes to Financial Statements.

Janus Investment Fund \| 21

------

**Janus Henderson Flexible Bond Fund**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Interest | $68047812 |
| Dividends from affiliates | 2889114 |
| Affiliated securities lending income, net | 163555 |
| Unaffiliated securities lending income, net | 32606 |
| Other income | 410002 |
| Total Investment Income | 71543089 |
| Expenses: |  |
| Advisory fees | 5675356 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 128585 |
| Class C Shares | 79478 |
| Class R Shares | 28522 |
| Class S Shares | 17756 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 239796 |
| Class R Shares | 14497 |
| Class S Shares | 17757 |
| Class T Shares | 311846 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 83351 |
| Class C Shares | 5140 |
| Class I Shares | 499405 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 2807 |
| Class C Shares | 372 |
| Class D Shares | 35860 |
| Class I Shares | 15896 |
| Class N Shares | 16759 |
| Class R Shares | 167 |
| Class S Shares | 136 |
| Class T Shares | 1255 |
| Shareholder reports expense | 125155 |
| Registration fees | 87842 |
| Affiliated fund administration fees | 47633 |
| Professional fees | 44226 |
| Trustees' fees and expenses | 25026 |
| Custodian fees | 11845 |
| Other expenses | 246118 |
| Total Expenses | 7762586 |
| Less: Excess Expense Reimbursement and Waivers | (821870) |
| Net Expenses | 6940716 |
| Net Investment Income/(Loss) | 64602373 |

---

See Notes to Financial Statements.

22 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | $17839172 |
| Investments in affiliates | 327 |
| Forward foreign currency exchange contracts | 28484 |
| Futures contracts | 15176708 |
| Swap contracts | (233844) |
| Total Net Realized Gain/(Loss) on Investments | 32810847 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 2952608 |
| Investments in affiliates | 797185 |
| Forward foreign currency exchange contracts | (13503) |
| Futures contracts | (17576068) |
| Total Change in Unrealized Net Appreciation/Depreciation | (13839778) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $83573442 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 23

------

**Janus Henderson Flexible Bond Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*December 31, 2025* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*June 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $64602373 | &nbsp;&nbsp; $131486607 |
| Net realized gain/(loss) on investments | 32810847 | &nbsp;&nbsp; (5739903) |
| Change in unrealized net appreciation/depreciation | (13839778) | &nbsp;&nbsp; 44298621 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 83573442 | &nbsp;&nbsp; 170045325 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (2252180) | &nbsp;&nbsp; (4710334) |
| Class C Shares | (307440) | &nbsp;&nbsp; (729851) |
| Class D Shares | (10452692) | &nbsp;&nbsp; (20526540) |
| Class I Shares | (28441525) | &nbsp;&nbsp; (60642432) |
| Class N Shares | (17072381) | &nbsp;&nbsp; (31682553) |
| Class R Shares | (235049) | &nbsp;&nbsp; (577805) |
| Class S Shares | (305376) | &nbsp;&nbsp; (684728) |
| Class T Shares | (5681430) | &nbsp;&nbsp; (12711741) |
| Net Decrease from Dividends and Distributions to Shareholders | (64748073) | &nbsp;&nbsp; (132265984) |
| Capital Share Transactions: |  |  |
| Class A Shares | 326552 | &nbsp;&nbsp; (1704588) |
| Class C Shares | (2344229) | &nbsp;&nbsp; (2581121) |
| Class D Shares | 3164928 | &nbsp;&nbsp; 21890824 |
| Class I Shares | 5113082 | &nbsp;&nbsp; (68143531) |
| Class N Shares | (48035041) | &nbsp;&nbsp; 172526372 |
| Class R Shares | (488324) | &nbsp;&nbsp; (2594430) |
| Class S Shares | (1916897) | &nbsp;&nbsp; (856357) |
| Class T Shares | (8976632) | &nbsp;&nbsp; (31908722) |
| Net Increase/(Decrease) from Capital Share Transactions | (53156561) | &nbsp;&nbsp; 86628447 |
| Net Increase/(Decrease) in Net Assets | (34331192) | &nbsp;&nbsp; 124407788 |
| Net Assets: |  |  |
| Beginning of period | 2729192598 | &nbsp;&nbsp; 2604784810 |
| End of period | $2694861406 | &nbsp;&nbsp; $2729192598 |

---

See Notes to Financial Statements.

24 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June <br> 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $9.35 | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $11.14 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain/(loss) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Total from Investment Operations | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.21) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.22) |
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.21) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.22) |
| Net Asset Value, End of Period | $9.42 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $11.16 |
| Total Return<sup>\*</sup> <br>| 3.01% | &nbsp;&nbsp; 6.31% | &nbsp;&nbsp; 3.57% | &nbsp;&nbsp; (1.50)% | &nbsp;&nbsp; (11.00)% | &nbsp;&nbsp; 2.19% |
| Net Assets, End of Period (in thousands) | $101855 | &nbsp;&nbsp; $100840 | &nbsp;&nbsp; $101055 | &nbsp;&nbsp; $112400 | &nbsp;&nbsp; $113840 | &nbsp;&nbsp; $144886 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.88% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.86% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.82% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.86% |
| Ratio of Net Investment Income/(Loss) | 4.39% | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.43% | &nbsp;&nbsp; 3.26% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.74% |
| Portfolio Turnover Rate<sup>(3)</sup> <br>| 96% | &nbsp;&nbsp; 153% | &nbsp;&nbsp; 170% | &nbsp;&nbsp; 195% | &nbsp;&nbsp; 158% | &nbsp;&nbsp; 132% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(3) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

Janus Investment Fund \| 25

------

**Janus Henderson Flexible Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $9.35 | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $11.14 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain/(loss) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Total from Investment Operations | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (1.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.18) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.16) |
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.18) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.16) |
| Net Asset Value, End of Period | $9.42 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $11.16 |
| Total Return<sup>\*</sup> <br>| 2.68% | &nbsp;&nbsp; 5.62% | &nbsp;&nbsp; 2.83% | &nbsp;&nbsp; (2.21)% | &nbsp;&nbsp; (11.62)% | &nbsp;&nbsp; 1.60% |
| Net Assets, End of Period (in thousands) | $15007 | &nbsp;&nbsp; $17240 | &nbsp;&nbsp; $19528 | &nbsp;&nbsp; $28509 | &nbsp;&nbsp; $44112 | &nbsp;&nbsp; $74867 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.51% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.44% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.44% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.44% |
| Ratio of Net Investment Income/(Loss) | 3.77% | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 3.68% | &nbsp;&nbsp; 2.47% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 1.17% |
| Portfolio Turnover Rate<sup>(3)</sup> <br>| 96% | &nbsp;&nbsp; 153% | &nbsp;&nbsp; 170% | &nbsp;&nbsp; 195% | &nbsp;&nbsp; 158% | &nbsp;&nbsp; 132% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(3) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

26 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June <br> 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $9.35 | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $11.14 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain/(loss) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Total from Investment Operations | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.22) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.26) |
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.22) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.26) |
| Net Asset Value, End of Period | $9.42 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $11.16 |
| Total Return<sup>\*</sup> <br>| 3.16% | &nbsp;&nbsp; 6.57% | &nbsp;&nbsp; 3.71% | &nbsp;&nbsp; (1.37)% | &nbsp;&nbsp; (10.83)% | &nbsp;&nbsp; 2.49% |
| Net Assets, End of Period (in thousands) | $446469 | &nbsp;&nbsp; $440319 | &nbsp;&nbsp; $412081 | &nbsp;&nbsp; $442271 | &nbsp;&nbsp; $496739 | &nbsp;&nbsp; $639286 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.59% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.52% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% |
| Ratio of Net Investment Income/(Loss) | 4.69% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 4.57% | &nbsp;&nbsp; 3.38% | &nbsp;&nbsp; 1.78% | &nbsp;&nbsp; 2.03% |
| Portfolio Turnover Rate<sup>(3)</sup> <br>| 96% | &nbsp;&nbsp; 153% | &nbsp;&nbsp; 170% | &nbsp;&nbsp; 195% | &nbsp;&nbsp; 158% | &nbsp;&nbsp; 132% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(3) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

Janus Investment Fund \| 27

------

**Janus Henderson Flexible Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year <br> ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $9.35 | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $11.14 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain/(loss) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Total from Investment Operations | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (1.18) | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.22) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.26) |
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.22) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.26) |
| Net Asset Value, End of Period | $9.42 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $11.16 |
| Total Return<sup>\*</sup> <br>| 3.18% | &nbsp;&nbsp; 6.64% | &nbsp;&nbsp; 3.83% | &nbsp;&nbsp; (1.25)% | &nbsp;&nbsp; (10.75)% | &nbsp;&nbsp; 2.56% |
| Net Assets, End of Period (in thousands) | $1204458 | &nbsp;&nbsp; $1191199 | &nbsp;&nbsp; $1240734 | &nbsp;&nbsp; $1489875 | &nbsp;&nbsp; $1527891 | &nbsp;&nbsp; $1967268 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.54% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.50% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.48% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.50% |
| Ratio of Net Investment Income/(Loss) | 4.73% | &nbsp;&nbsp; 4.91% | &nbsp;&nbsp; 4.67% | &nbsp;&nbsp; 3.51% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 2.10% |
| Portfolio Turnover Rate<sup>(3)</sup> <br>| 96% | &nbsp;&nbsp; 153% | &nbsp;&nbsp; 170% | &nbsp;&nbsp; 195% | &nbsp;&nbsp; 158% | &nbsp;&nbsp; 132% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(3) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

28 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June <br> 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $9.35 | &nbsp;&nbsp; $9.20 | &nbsp;&nbsp; $9.29 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $11.15 | &nbsp;&nbsp; $11.14 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain/(loss) | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Total from Investment Operations | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (1.17) | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.23) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.27) |
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.23) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.27) |
| Net Asset Value, End of Period | $9.41 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $9.20 | &nbsp;&nbsp; $9.29 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $11.15 |
| Total Return<sup>\*</sup> <br>| 3.11% | &nbsp;&nbsp; 6.81% | &nbsp;&nbsp; 3.84% | &nbsp;&nbsp; (1.35)% | &nbsp;&nbsp; (10.63)% | &nbsp;&nbsp; 2.54% |
| Net Assets, End of Period (in thousands) | $662542 | &nbsp;&nbsp; $705618 | &nbsp;&nbsp; $526371 | &nbsp;&nbsp; $481188 | &nbsp;&nbsp; $549639 | &nbsp;&nbsp; $487997 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.46% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.43% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.40% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.43% |
| Ratio of Net Investment Income/(Loss) | 4.81% | &nbsp;&nbsp; 4.97% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 3.51% | &nbsp;&nbsp; 1.94% | &nbsp;&nbsp; 2.18% |
| Portfolio Turnover Rate<sup>(3)</sup> <br>| 96% | &nbsp;&nbsp; 153% | &nbsp;&nbsp; 170% | &nbsp;&nbsp; 195% | &nbsp;&nbsp; 158% | &nbsp;&nbsp; 132% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(3) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

Janus Investment Fund \| 29

------

**Janus Henderson Flexible Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $9.35 | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $11.15 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain/(loss) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Total from Investment Operations | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.19) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.19) |
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.19) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.19) |
| Net Asset Value, End of Period | $9.42 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $11.16 |
| Total Return<sup>\*</sup> <br>| 2.84% | &nbsp;&nbsp; 5.91% | &nbsp;&nbsp; 3.06% | &nbsp;&nbsp; (1.98)% | &nbsp;&nbsp; (11.38)% | &nbsp;&nbsp; 1.80% |
| Net Assets, End of Period (in thousands) | $11464 | &nbsp;&nbsp; $11875 | &nbsp;&nbsp; $14254 | &nbsp;&nbsp; $17622 | &nbsp;&nbsp; $20102 | &nbsp;&nbsp; $25664 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.23% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.16% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.14% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.16% |
| Ratio of Net Investment Income/(Loss) | 4.06% | &nbsp;&nbsp; 4.22% | &nbsp;&nbsp; 3.93% | &nbsp;&nbsp; 2.75% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.45% |
| Portfolio Turnover Rate<sup>(3)</sup> <br>| 96% | &nbsp;&nbsp; 153% | &nbsp;&nbsp; 170% | &nbsp;&nbsp; 195% | &nbsp;&nbsp; 158% | &nbsp;&nbsp; 132% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(3) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

30 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $9.35 | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $11.14 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain/(loss) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Total from Investment Operations | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.23) | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.20) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.21) |
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.20) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.21) |
| Net Asset Value, End of Period | $9.42 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $11.16 |
| Total Return<sup>\*</sup> <br>| 2.96% | &nbsp;&nbsp; 6.17% | &nbsp;&nbsp; 3.32% | &nbsp;&nbsp; (1.74)% | &nbsp;&nbsp; (11.17)% | &nbsp;&nbsp; 2.11% |
| Net Assets, End of Period (in thousands) | $12961 | &nbsp;&nbsp; $14772 | &nbsp;&nbsp; $15403 | &nbsp;&nbsp; $14489 | &nbsp;&nbsp; $15002 | &nbsp;&nbsp; $19114 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.98% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.94% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.90% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% |
| Ratio of Net Investment Income/(Loss) | 4.31% | &nbsp;&nbsp; 4.47% | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 3.01% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.66% |
| Portfolio Turnover Rate<sup>(3)</sup> <br>| 96% | &nbsp;&nbsp; 153% | &nbsp;&nbsp; 170% | &nbsp;&nbsp; 195% | &nbsp;&nbsp; 158% | &nbsp;&nbsp; 132% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(3) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

Janus Investment Fund \| 31

------

**Janus Henderson Flexible Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June <br> 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $9.35 | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $11.14 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain/(loss) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Total from Investment Operations | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (1.20) | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.22) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.24) |
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.22) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.24) |
| Net Asset Value, End of Period | $9.42 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $9.30 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $11.16 |
| Total Return<sup>\*</sup> <br>| 3.10% | &nbsp;&nbsp; 6.44% | &nbsp;&nbsp; 3.59% | &nbsp;&nbsp; (1.48)% | &nbsp;&nbsp; (10.93)% | &nbsp;&nbsp; 2.39% |
| Net Assets, End of Period (in thousands) | $240105 | &nbsp;&nbsp; $247330 | &nbsp;&nbsp; $275359 | &nbsp;&nbsp; $347983 | &nbsp;&nbsp; $383193 | &nbsp;&nbsp; $547371 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.71% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.64% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% |
| Ratio of Net Investment Income/(Loss) | 4.57% | &nbsp;&nbsp; 4.72% | &nbsp;&nbsp; 4.44% | &nbsp;&nbsp; 3.27% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.94% |
| Portfolio Turnover Rate<sup>(3)</sup> <br>| 96% | &nbsp;&nbsp; 153% | &nbsp;&nbsp; 170% | &nbsp;&nbsp; 195% | &nbsp;&nbsp; 158% | &nbsp;&nbsp; 132% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(3) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

32 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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

**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 34 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. 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 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, 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.

Janus Investment Fund \| 33

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**Janus Henderson Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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 Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended December 31, 2025. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

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

**Valuation Inputs Summary**

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

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

34 \| December 31, 2025

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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 period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments 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 an 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.

Janus Investment Fund \| 35

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**Janus Henderson Flexible 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.

**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, 2025 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

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**Janus Henderson Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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 currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale

Janus Investment Fund \| 37

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**Janus Henderson Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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,

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**Janus Henderson Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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 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.

Janus Investment Fund \| 39

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**Janus Henderson Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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 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, 2025.

**3. Other Investments and Strategies**

**Market 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 value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**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

40 \| December 31, 2025

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**Janus Henderson Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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.

**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, 2025.

&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 Secured Overnight Financing Rate ("SOFR"). 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

Janus Investment Fund \| 41

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**Janus Henderson Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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.

**Restricted Security Transactions**

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets

exist.

**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 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

42 \| December 31, 2025

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**Janus Henderson Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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 mitigate the counterparty credit risk and in accordance with FINRA 4210 regulatory requirements on TBA commitments and other types of forward-settling transactions, the Fund enters into a Master Securities Forward Transaction Agreement ("MSFTA") bilaterally with each counterparty with which it undertakes transactions. An MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of an MSFTA, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by the defaulting party.

This right to close out and net payments across all transactions traded under an MSFTA may result in a reduction of the Fund's credit risk to such counterparty equal to any amounts payable by the Fund under the applicable transactions, if any.

For mortgage-backed and asset-backed securities traded under an MSFTA, the collateral and margining requirements are contract specific. Amounts across all transactions traded under an MSFTA are netted and an amount is posted from one party to the other to collateralize such obligations. Cash that has been pledged to cover the Fund's collateral or margin obligations under an MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as

restricted cash.

**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

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**Janus Henderson Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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 Securities and Exchange Commission (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" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of December 31, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $2,590,506. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2025 is $3,084,711,

resulting in the net amount due to the counterparty of $494,205.

**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.

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**Janus Henderson Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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 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 "Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of

December 31, 2025" 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).

---

| | |
|:---|:---|
| &nbsp;&nbsp; *Average Daily Net* <br>*Assets of the Fund*<br>| *Contractual Investment* <br>*Advisory Fee (%)*<br>|
| 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, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.40% for at least a one-year period commencing on October 28, 2025. 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 each Fund's management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange traded funds ("ETFs") in which the Fund invests. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 28, 2025. 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. During the period ended December 31, 2025, the Adviser waived $71,122 of the Fund's management fee, attributable to the Fund's investment in the Janus

Henderson Emerging Markets Debt Hard Currency 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

Janus Investment Fund \| 45

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**Janus Henderson Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser 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 $225,317 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2025. 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 0.11%.

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

46 \| December 31, 2025

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**Janus Henderson Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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, 2025, the Distributor

retained upfront sales charges of $837.

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,

2025. 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, 2025, redeeming shareholders of Class C

Shares paid CDSCs of $427.

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, 2025 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, 2025 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. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the period ended December 31, 2025.

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 at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government 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). 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, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

Janus Investment Fund \| 47

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**Janus Henderson Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

&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, 2025, 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* |  |
| *For the year ended June 30, 2025* | *For the year ended June 30, 2025* |  |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | &nbsp;&nbsp; Accumulated <br>Capital Losses<br>|
| $(358110221) | &nbsp;&nbsp; $(227079104) | &nbsp;&nbsp; $(585189325) |

---

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, 2025 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* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $2728133704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30208684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(28251190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1957494 |

---

Information on the tax components of derivatives as of December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax* <br>*Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2161286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(7950524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5789238) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

constitute adjustments to tax basis.

48 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2025* | *Period ended December 31, 2025* | *Year ended June 30, 2025* | *Year ended June 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 1360341 | &nbsp;&nbsp; $12802110 | &nbsp;&nbsp; 2844464 | &nbsp;&nbsp; $26478770 |
| Reinvested dividends and distributions | 182483 | &nbsp;&nbsp; 1714012 | &nbsp;&nbsp; 369238 | &nbsp;&nbsp; 3449341 |
| Shares repurchased | (1509983) | &nbsp;&nbsp; (14189570) | &nbsp;&nbsp; (3403021) | &nbsp;&nbsp; (31632699) |
| Net Increase/(Decrease) | 32841 | &nbsp;&nbsp; $326552 | &nbsp;&nbsp; (189319) | &nbsp;&nbsp; $(1704588) |
| Class C Shares: |  |  |  |  |
| Shares sold | 94497 | &nbsp;&nbsp; $889925 | &nbsp;&nbsp; 460997 | &nbsp;&nbsp; $4310040 |
| Reinvested dividends and distributions | 31608 | &nbsp;&nbsp; 296888 | &nbsp;&nbsp; 73750 | &nbsp;&nbsp; 689404 |
| Shares repurchased | (376089) | &nbsp;&nbsp; (3531042) | &nbsp;&nbsp; (811324) | &nbsp;&nbsp; (7580565) |
| Net Increase/(Decrease) | (249984) | &nbsp;&nbsp; $(2344229) | &nbsp;&nbsp; (276577) | &nbsp;&nbsp; $(2581121) |
| Class D Shares: |  |  |  |  |
| Shares sold | 3513530 | &nbsp;&nbsp; $33081123 | &nbsp;&nbsp; 7953635 | &nbsp;&nbsp; $74081435 |
| Reinvested dividends and distributions | 1043091 | &nbsp;&nbsp; 9799100 | &nbsp;&nbsp; 2052317 | &nbsp;&nbsp; 19177772 |
| Shares repurchased | (4230572) | &nbsp;&nbsp; (39715295) | &nbsp;&nbsp; (7665358) | &nbsp;&nbsp; (71368383) |
| Net Increase/(Decrease) | 326049 | &nbsp;&nbsp; $3164928 | &nbsp;&nbsp; 2340594 | &nbsp;&nbsp; $21890824 |
| Class I Shares: |  |  |  |  |
| Shares sold | 11525817 | &nbsp;&nbsp; $108445986 | &nbsp;&nbsp; 32078201 | &nbsp;&nbsp; $298742067 |
| Reinvested dividends and distributions | 2581818 | &nbsp;&nbsp; 24261998 | &nbsp;&nbsp; 5596524 | &nbsp;&nbsp; 52310172 |
| Shares repurchased | (13584994) | &nbsp;&nbsp; (127594902) | &nbsp;&nbsp; (45005393) | &nbsp;&nbsp; (419195770) |
| Net Increase/(Decrease) | 522641 | &nbsp;&nbsp; $5113082 | &nbsp;&nbsp; (7330668) | &nbsp;&nbsp; $(68143531) |
| Class N Shares: |  |  |  |  |
| Shares sold | 8098974 | &nbsp;&nbsp; $76076735 | &nbsp;&nbsp; 27614082 | &nbsp;&nbsp; $259013940 |
| Reinvested dividends and distributions | 1684230 | &nbsp;&nbsp; 15814997 | &nbsp;&nbsp; 3129106 | &nbsp;&nbsp; 29206700 |
| Shares repurchased | (14890890) | &nbsp;&nbsp; (139926773) | &nbsp;&nbsp; (12435582) | &nbsp;&nbsp; (115694268) |
| Net Increase/(Decrease) | (5107686) | &nbsp;&nbsp; $(48035041) | &nbsp;&nbsp; 18307606 | &nbsp;&nbsp; $172526372 |
| Class R Shares: |  |  |  |  |
| Shares sold | 46255 | &nbsp;&nbsp; $434655 | &nbsp;&nbsp; 128284 | &nbsp;&nbsp; $1194473 |
| Reinvested dividends and distributions | 24623 | &nbsp;&nbsp; 231414 | &nbsp;&nbsp; 61025 | &nbsp;&nbsp; 570496 |
| Shares repurchased | (123283) | &nbsp;&nbsp; (1154393) | &nbsp;&nbsp; (467123) | &nbsp;&nbsp; (4359399) |
| Net Increase/(Decrease) | (52405) | &nbsp;&nbsp; $(488324) | &nbsp;&nbsp; (277814) | &nbsp;&nbsp; $(2594430) |
| Class S Shares: |  |  |  |  |
| Shares sold | 113605 | &nbsp;&nbsp; $1067790 | &nbsp;&nbsp; 321202 | &nbsp;&nbsp; $2988102 |
| Reinvested dividends and distributions | 32487 | &nbsp;&nbsp; 305213 | &nbsp;&nbsp; 73180 | &nbsp;&nbsp; 683894 |
| Shares repurchased | (349430) | &nbsp;&nbsp; (3289900) | &nbsp;&nbsp; (487237) | &nbsp;&nbsp; (4528353) |
| Net Increase/(Decrease) | (203338) | &nbsp;&nbsp; $(1916897) | &nbsp;&nbsp; (92855) | &nbsp;&nbsp; $(856357) |
| Class T Shares: |  |  |  |  |
| Shares sold | 1719159 | &nbsp;&nbsp; $16124398 | &nbsp;&nbsp; 6138780 | &nbsp;&nbsp; $57378740 |
| Reinvested dividends and distributions | 597621 | &nbsp;&nbsp; 5612870 | &nbsp;&nbsp; 1340996 | &nbsp;&nbsp; 12528954 |
| Shares repurchased | (3267847) | &nbsp;&nbsp; (30713900) | &nbsp;&nbsp; (10928453) | &nbsp;&nbsp; (101816416) |
| Net Increase/(Decrease) | (951067) | &nbsp;&nbsp; $(8976632) | &nbsp;&nbsp; (3448677) | &nbsp;&nbsp; $(31908722) |

---

**7. Purchases and Sales of Investment Securities**

For the period ended December 31, 2025, 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*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $681220411 | &nbsp;&nbsp;&nbsp;&nbsp; $844678059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1838742141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1784153786 |

---

Janus Investment Fund \| 49

------

**Janus Henderson Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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

**8. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client consents, and

approval by Janus Henderson's shareholders. Management is assessing the impact to the funds.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 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.

50 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the 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 analyses 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 5, 2025 and December 9-10, 2025, 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 over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's 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, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. 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

Janus Investment Fund \| 51

------

**Janus Henderson Flexible Bond Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment 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 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. Additionally, 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 and retain 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 at 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, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

52 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, 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.

Janus Investment Fund \| 53

------

**Janus Henderson Flexible Bond Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

54 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

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.

Janus Investment Fund \| 55

------

**Janus Henderson Flexible Bond Fund**

**Additional Information (unaudited)**

***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 identified by Broadridge using Morningstar category schema. 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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% 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 or service 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 considering performance trends, performance histories, recent fee reductions, investment structure changes, 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 institutional/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 institutional/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 the Adviser's explanation 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 the independent fee consultant's 2024 report 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 similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable 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) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

56 \| December 31, 2025

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**Janus Henderson Flexible Bond Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, 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 has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 57

------

**Janus Henderson Flexible Bond Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market 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 reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian 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 had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

58 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, 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.

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 receives 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 and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, 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. As part of their overall review of fund profitability, 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 fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 59

------

**Janus Henderson Flexible Bond Fund**

**Additional Information (unaudited)**

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 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, 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; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) 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 (3) by setting lower fixed fees from the start on the Flat-Rate Fee 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.

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 Janus Henderson 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.

Based on all of the information reviewed, including the recent and past research and analyses 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 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 other 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 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 such Janus Henderson Funds. 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

60 \| December 31, 2025

------

**Janus Henderson Flexible Bond Fund**

**Additional Information (unaudited)**

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.

Janus Investment Fund \| 61

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![](img304ce3bc2.gif)

*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

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93019 02-26

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SEMIANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson Global Allocation Fund – Conservative**

Janus Investment Fund

![](img86ff40861.gif)

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**Table of Contents**

**Janus Henderson Global Allocation Fund – Conservative** 

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| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_80ce46b9-079a-4c0e-b8a7-854c13d0706d_SOI-SOI-RunningFooter-32_1)<br> [Management Investment Companies](#xx_80ce46b9-079a-4c0e-b8a7-854c13d0706d_SOI-SOI-RunningFooter-32_1)<br>|  |
| [Schedule of Investments](#xx_80ce46b9-079a-4c0e-b8a7-854c13d0706d_SOI-SOI-RunningFooter-32_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_80ce46b9-079a-4c0e-b8a7-854c13d0706d_SOI-SOI-RunningFooter-32_3) | 3 |
| [Statement of Assets and Liabilities](#xx_80ce46b9-079a-4c0e-b8a7-854c13d0706d_SAL-SAL-RunningFooter-32_1) | 4 |
| [Statement of Operations](#xx_80ce46b9-079a-4c0e-b8a7-854c13d0706d_SOP-SOP-RunningFooter-32_1) | 5 |
| [Statements of Changes in Net Assets](#xx_80ce46b9-079a-4c0e-b8a7-854c13d0706d_SOC-SOC-RunningFooter-32_1) | 6 |
| [Financial Highlights](#xx_80ce46b9-079a-4c0e-b8a7-854c13d0706d_FIHI-FIHI-RunningFooter-32_1) | 7 |
| [Notes to Financial Statements](#xx_80ce46b9-079a-4c0e-b8a7-854c13d0706d_NTF-NTF-RunningFooter-32_1) | 13 |
| [Items 8-11 - Additional Information](#xx_80ce46b9-079a-4c0e-b8a7-854c13d0706d_AI-AI-RunningFooter-32_1) | 20 |

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**Janus Henderson Global Allocation Fund – Conservative**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Investment Companies – 100.0% |  |  |
| Equity Funds – 34.4% |  |  |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares<sup>£</sup> <br>| 476640 | $5762389 |
| Janus Henderson Enterprise Fund - Class N Shares<sup>£</sup> <br>| 44102 | 6363818 |
| Janus Henderson European Focus Fund - Class N Shares<sup>£</sup> <br>| 114156 | 6924785 |
| Janus Henderson Growth and Income Fund - Class N Shares<sup>£</sup> <br>| 101347 | 7301627 |
| Janus Henderson Overseas Fund - Class N Shares<sup>£</sup> <br>| 196054 | 11197583 |
| Janus Henderson Research Fund - Class N Shares<sup>£</sup> <br>| 101158 | 9092614 |
| Janus Henderson Small-Mid Cap Value Fund - Class N Shares<sup>£</sup> <br>| 12681 | 189952 |
| Janus Henderson Triton Fund - Class N Shares<sup>£</sup> <br>| 1649 | 44985 |
| Janus Henderson U.S. Dividend Income Fund - Class N Shares<sup>£</sup> <br>| 174931 | 2297111 |
|  |  | 49174864 |
| Exchange-Traded Funds (ETFs) – 34.6% |  |  |
| iShares Core International Aggregate Bond | 451252 | 22567112 |
| iShares Russell 2000 Value | 20963 | 3798705 |
| Janus Henderson Emerging Markets Debt Hard Currency<sup>£</sup> <br>| 198606 | 10660177 |
| Janus Henderson Small Cap Growth Alpha<sup>£</sup> <br>| 1112 | 81803 |
| Vanguard FTSE Emerging Markets | 173139 | 9307953 |
| Vanguard Value | 16322 | 3117339 |
|  |  | 49533089 |
| Fixed Income Funds – 29.4% |  |  |
| Janus Henderson Developed World Bond Fund - Class N Shares<sup>£</sup> <br>| 2265722 | 17831206 |
| Janus Henderson Flexible Bond Fund - Class N Shares<sup>£</sup> <br>| 2473233 | 23273051 |
| Janus Henderson High-Yield Fund - Class N Shares<sup>£</sup> <br>| 95563 | 715787 |
| Janus Henderson Short Duration Flexible Bond Fund - Class N Shares<sup>£</sup> <br>| 56375 | 162924 |
|  |  | 41982968 |
| Money Markets – 1.6% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº,</sup><sup>£</sup> <br>| 2337288 | 2337990 |
| Total Investments (total cost $131,341,762) – 100.0% |  | 143028911 |
| Liabilities, net of Cash, Receivables and Other Assets – (0)% |  | (30044) |
| Net Assets – 100% |  | $142998867 |

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See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

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**Janus Henderson Global Allocation Fund – Conservative**

**Schedule of Investments (unaudited)**

**December 31, 2025**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*6/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*12/31/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| Investment Companies - 72.9% | Investment Companies - 72.9% | Investment Companies - 72.9% | Investment Companies - 72.9% | Investment Companies - 72.9% | Investment Companies - 72.9% | Investment Companies - 72.9% | Investment Companies - 72.9% | Investment Companies - 72.9% | Investment Companies - 72.9% |
| Equity Funds - 34.4% | Equity Funds - 34.4% | Equity Funds - 34.4% | Equity Funds - 34.4% | Equity Funds - 34.4% | Equity Funds - 34.4% | Equity Funds - 34.4% | Equity Funds - 34.4% | Equity Funds - 34.4% | Equity Funds - 34.4% |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares |
|  | $5332565 | $759107 | $(271406) | $52214 | $(110091) | $5762389 | 476640 | $86547 | $455172 |
| Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares |
|  | 6156632 | 687618 | (304671) | 11383 | (187144) | 6363818 | 44102 | 27163 | 417821 |
| Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares |
|  | 6353800 | 352495 | (318112) | 14327 | 522275 | 6924785 | 114156 | 95903 | - |
| Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares |
|  | 6734020 | 1221894 | (342080) | 5596 | (317803) | 7301627 | 101347 | 25760 | 921493 |
| Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares |
|  | 10167315 | 570816 | (514032) | 46411 | 927073 | 11197583 | 196054 | 156764 | - |
| Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares |
|  | 8446253 | 1324615 | (432531) | 29550 | (275273) | 9092614 | 101158 | 7653 | 968862 |
| Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares |
|  | 174577 | 24110 | (9020) | 785 | (500) | 189952 | 12681 | 990 | 15840 |
| Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares |
|  | 41665 | 6185 | (2003) | 143 | (1005) | 44985 | 1649 | 46 | 4397 |
| Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares |
|  | 2147347 | 147556 | (108243) | 17829 | 92622 | 2297111 | 174931 | 15121 | 45946 |
| Total Equity Funds - 34.4% | Total Equity Funds - 34.4% | Total Equity Funds - 34.4% | Total Equity Funds - 34.4% | Total Equity Funds - 34.4% | Total Equity Funds - 34.4% | Total Equity Funds - 34.4% | Total Equity Funds - 34.4% | Total Equity Funds - 34.4% | Total Equity Funds - 34.4% |
|  | $45554174 | $5094396 | $(2302098) | $178238 | $650154 | $49174864 | 1222718 | $415947 | $2829531 |
| Exchange-Traded Funds (ETFs) - 7.5% | Exchange-Traded Funds (ETFs) - 7.5% | Exchange-Traded Funds (ETFs) - 7.5% | Exchange-Traded Funds (ETFs) - 7.5% | Exchange-Traded Funds (ETFs) - 7.5% | Exchange-Traded Funds (ETFs) - 7.5% | Exchange-Traded Funds (ETFs) - 7.5% | Exchange-Traded Funds (ETFs) - 7.5% | Exchange-Traded Funds (ETFs) - 7.5% | Exchange-Traded Funds (ETFs) - 7.5% |
| Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency |
|  | 10382132 | 413816 | (513380) | 969 | 376640 | 10660177 | 198606 | 397914 | - |
| Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha |
|  | 73655 | 4785 | (3259) | 262 | 6360 | 81803 | 1112 | 237 | - |
| Total Exchange-Traded Funds (ETFs) - 7.5% | Total Exchange-Traded Funds (ETFs) - 7.5% | Total Exchange-Traded Funds (ETFs) - 7.5% | Total Exchange-Traded Funds (ETFs) - 7.5% | Total Exchange-Traded Funds (ETFs) - 7.5% | Total Exchange-Traded Funds (ETFs) - 7.5% | Total Exchange-Traded Funds (ETFs) - 7.5% | Total Exchange-Traded Funds (ETFs) - 7.5% | Total Exchange-Traded Funds (ETFs) - 7.5% | Total Exchange-Traded Funds (ETFs) - 7.5% |
|  | $10455787 | $418601 | $(516639) | $1231 | $383000 | $10741980 | 199718 | $398151 | $- |
| Fixed Income Funds - 29.4% | Fixed Income Funds - 29.4% | Fixed Income Funds - 29.4% | Fixed Income Funds - 29.4% | Fixed Income Funds - 29.4% | Fixed Income Funds - 29.4% | Fixed Income Funds - 29.4% | Fixed Income Funds - 29.4% | Fixed Income Funds - 29.4% | Fixed Income Funds - 29.4% |
| Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares |
|  | 17471791 | 1015818 | (856540) | 30507 | 169630 | 17831206 | 2265722 | 327422 | - |
| Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares |
|  | 22785933 | 1455214 | (1114786) | (68479) | 215169 | 23273051 | 2473233 | 557949 | - |
| Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares |
|  | 689721 | 50677 | (34012) | 772 | 8629 | 715787 | 95563 | 23360 | - |
| Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares |
|  | 160065 | 10097 | (7795) | 51 | 506 | 162924 | 56375 | 3823 | - |
| Total Fixed Income Funds - 29.4% | Total Fixed Income Funds - 29.4% | Total Fixed Income Funds - 29.4% | Total Fixed Income Funds - 29.4% | Total Fixed Income Funds - 29.4% | Total Fixed Income Funds - 29.4% | Total Fixed Income Funds - 29.4% | Total Fixed Income Funds - 29.4% | Total Fixed Income Funds - 29.4% | Total Fixed Income Funds - 29.4% |
|  | $41107510 | $2531806 | $(2013133) | $(37149) | $393934 | $41982968 | 4890893 | $912554 | $- |
| Money Markets - 1.6% | Money Markets - 1.6% | Money Markets - 1.6% | Money Markets - 1.6% | Money Markets - 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, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | 821184 | 4770205 | (3253537) | 12 | 126 | 2337990 | 2337288 | 25843 | - |
| Total Affiliated Investments - 72.9% | Total Affiliated Investments - 72.9% | Total Affiliated Investments - 72.9% | Total Affiliated Investments - 72.9% | Total Affiliated Investments - 72.9% | Total Affiliated Investments - 72.9% | Total Affiliated Investments - 72.9% | Total Affiliated Investments - 72.9% | Total Affiliated Investments - 72.9% | Total Affiliated Investments - 72.9% |
|  | $97938655 | $12815008 | $(8085407) | $142332 | $1427214 | $104237802 | 8650617 | $1752495 | $2829531 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Conservative**

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

LLC Limited Liability Company

---

| |
|:---|
| Rate shown is the 7-day yield as of December 31, 2025. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|

---

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, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Investment Companies* |  |  |  |
| Equity Funds | $49174864 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Exchange-Traded Funds (ETFs) | 49533089 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Fixed Income Funds | 41982968 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Money Markets | - | &nbsp;&nbsp; 2337990 | &nbsp;&nbsp; - |
| **Total Assets** | $140690921 | &nbsp;&nbsp; $2337990 | &nbsp;&nbsp; $- |

---

Janus Investment Fund \| 3

------

**Janus Henderson Global Allocation Fund – Conservative**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $36,025,186) | $38791109 |
| Affiliated investments, at value (cost $95,316,576) | 104237802 |
| Cash | 138 |
| Trustees' deferred compensation | 4222 |
| Receivables: |  |
| Dividends | 162292 |
| Investments sold | 93780 |
| Fund shares sold | 85057 |
| Dividends from affiliates | 5240 |
| Other assets | 813 |
| Total Assets | 143380453 |
| Liabilities: |  |
| Payables: |  |
| Investments purchased | 162291 |
| Fund shares repurchased | 137735 |
| Professional fees | 29764 |
| Transfer agent fees and expenses | 18563 |
| Trustees' deferred compensation fees | 4222 |
| 12b-1 Distribution and shareholder servicing fees | 2082 |
| Advisory fees | 1644 |
| Custodian fees | 1556 |
| Trustees' fees and expenses | 33 |
| Accrued expenses and other payables | 23696 |
| Total Liabilities | 381586 |
| Commitments and contingent liabilities (Note 2) |  |
| Net Assets | $142998867 |
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $131102033 |
| Total distributable earnings (loss) | 11896834 |
| Total Net Assets | $142998867 |
| Net Assets - Class A Shares | $5028002 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 394678 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $12.74 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $13.52 |
| Net Assets - Class C Shares | $1085790 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 86525 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $12.55 |
| Net Assets - Class D Shares | $126933981 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 9917642 |
| Net Asset Value Per Share | $12.80 |
| Net Assets - Class I Shares | $1714900 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 133932 |
| Net Asset Value Per Share | $12.80 |
| Net Assets - Class S Shares | $73199 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 5744 |
| Net Asset Value Per Share | $12.74 |
| Net Assets - Class T Shares | $8162995 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 638767 |
| Net Asset Value Per Share | $12.78 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

4 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Conservative**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends from affiliates | $1752495 |
| Dividends | 996650 |
| Other income | 336 |
| Total Investment Income | 2749481 |
| Expenses: |  |
| Advisory fees | 35436 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 6500 |
| Class C Shares | 6160 |
| Class S Shares | 89 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 67279 |
| Class S Shares | 89 |
| Class T Shares | 10093 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 2224 |
| Class C Shares | 486 |
| Class I Shares | 884 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 164 |
| Class C Shares | 38 |
| Class D Shares | 7908 |
| Class I Shares | 40 |
| Class S Shares | 5 |
| Class T Shares | 76 |
| Registration fees | 50180 |
| Professional fees | 22673 |
| Shareholder reports expense | 8226 |
| Custodian fees | 4841 |
| Trustees' fees and expenses | 1273 |
| Other expenses | 7329 |
| Total Expenses | 231993 |
| Less: Excess Expense Reimbursement and Waivers | (32716) |
| Net Expenses | 199277 |
| Net Investment Income/(Loss) | 2550204 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 86200 |
| Investments in affiliates | 142332 |
| Capital gain distributions from underlying funds | 2829531 |
| Total Net Realized Gain/(Loss) on Investments | 3058063 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments and Trustees' deferred compensation | 891293 |
| Investments in affiliates | 1427214 |
| Total Change in Unrealized Net Appreciation/Depreciation | 2318507 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $7926774 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Global Allocation Fund – Conservative**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*December 31, 2025* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*June 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $2550204 | &nbsp;&nbsp; $2906838 |
| Net realized gain/(loss) on investments | 3058063 | &nbsp;&nbsp; 4221726 |
| Change in unrealized net appreciation/depreciation | 2318507 | &nbsp;&nbsp; 6054761 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 7926774 | &nbsp;&nbsp; 13183325 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (104268) | &nbsp;&nbsp; (106933) |
| Class C Shares | (12143) | &nbsp;&nbsp; (9047) |
| Class D Shares | (2906638) | &nbsp;&nbsp; (2758063) |
| Class I Shares | (38874) | &nbsp;&nbsp; (47465) |
| Class S Shares | (1422) | &nbsp;&nbsp; (1130) |
| Class T Shares | (179489) | &nbsp;&nbsp; (176223) |
| Net Decrease from Dividends and Distributions to Shareholders | (3242834) | &nbsp;&nbsp; (3098861) |
| Capital Share Transactions: |  |  |
| Class A Shares | (274447) | &nbsp;&nbsp; (925528) |
| Class C Shares | (346277) | &nbsp;&nbsp; (936167) |
| Class D Shares | 2653574 | &nbsp;&nbsp; (5786993) |
| Class I Shares | 50371 | &nbsp;&nbsp; (353938) |
| Class S Shares | 3364 | &nbsp;&nbsp; 4798 |
| Class T Shares | 57888 | &nbsp;&nbsp; (944738) |
| Net Increase/(Decrease) from Capital Share Transactions | 2144473 | &nbsp;&nbsp; (8942566) |
| Net Increase/(Decrease) in Net Assets | 6828413 | &nbsp;&nbsp; 1141898 |
| Net Assets: |  |  |
| Beginning of period | 136170454 | &nbsp;&nbsp; 135028556 |
| End of period | $142998867 | &nbsp;&nbsp; $136170454 |

---

See Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Conservative**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.30 | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp; $10.77 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $13.99 | &nbsp;&nbsp; $12.28 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain/(loss) | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp; (2.57) | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| Total from Investment Operations | 0.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp; (2.18) | &nbsp;&nbsp;&nbsp;&nbsp;2.32 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.27) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.26) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (0.35) |
| Total Dividends and Distributions | (0.27) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (1.29) | &nbsp;&nbsp; (0.61) |
| Net Asset Value, End of Period | $12.74 | &nbsp;&nbsp; $12.30 | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp; $10.77 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $13.99 |
| Total Return<sup>\*</sup> <br>| 5.75% | &nbsp;&nbsp; 10.09% | &nbsp;&nbsp; 7.51% | &nbsp;&nbsp; 4.54% | &nbsp;&nbsp; (17.15)% | &nbsp;&nbsp; 19.10% |
| Net Assets, End of Period (in thousands) | $5028 | &nbsp;&nbsp; $5120 | &nbsp;&nbsp; $5648 | &nbsp;&nbsp; $6511 | &nbsp;&nbsp; $7213 | &nbsp;&nbsp; $8650 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup> <br>| 0.52% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.47% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> <br>| 0.48% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.47% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> <br>| 3.35% | &nbsp;&nbsp; 1.97% | &nbsp;&nbsp; 1.78% | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 3.03% | &nbsp;&nbsp; 1.84% |
| Portfolio Turnover Rate | 7% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 111% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 34% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Global Allocation Fund – Conservative**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.05 | &nbsp;&nbsp; $11.08 | &nbsp;&nbsp; $10.49 | &nbsp;&nbsp; $10.28 | &nbsp;&nbsp; $13.67 | &nbsp;&nbsp; $12.01 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain/(loss) | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp; (2.50) | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| Total from Investment Operations | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp; (2.21) | &nbsp;&nbsp;&nbsp;&nbsp;2.16 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.14) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.15) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (0.35) |
| Total Dividends and Distributions | (0.14) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (1.18) | &nbsp;&nbsp; (0.50) |
| Net Asset Value, End of Period | $12.55 | &nbsp;&nbsp; $12.05 | &nbsp;&nbsp; $11.08 | &nbsp;&nbsp; $10.49 | &nbsp;&nbsp; $10.28 | &nbsp;&nbsp; $13.67 |
| Total Return<sup>\*</sup> <br>| 5.32% | &nbsp;&nbsp; 9.30% | &nbsp;&nbsp; 6.66% | &nbsp;&nbsp; 3.88% | &nbsp;&nbsp; (17.65)% | &nbsp;&nbsp; 18.20% |
| Net Assets, End of Period (in thousands) | $1086 | &nbsp;&nbsp; $1380 | &nbsp;&nbsp; $2171 | &nbsp;&nbsp; $3461 | &nbsp;&nbsp; $6096 | &nbsp;&nbsp; $9356 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup> <br>| 1.26% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.15% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> <br>| 1.23% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.15% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> <br>| 2.42% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 2.31% | &nbsp;&nbsp; 1.38% |
| Portfolio Turnover Rate | 7% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 111% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 34% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Conservative**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June <br> 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.37 | &nbsp;&nbsp; $11.49 | &nbsp;&nbsp; $10.84 | &nbsp;&nbsp; $10.59 | &nbsp;&nbsp; $14.06 | &nbsp;&nbsp; $12.34 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Net realized and unrealized gain/(loss) | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp; (2.57) | &nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| Total from Investment Operations | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp; (2.16) | &nbsp;&nbsp;&nbsp;&nbsp;2.35 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.30) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.28) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (0.35) |
| Total Dividends and Distributions | (0.30) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (1.31) | &nbsp;&nbsp; (0.63) |
| Net Asset Value, End of Period | $12.80 | &nbsp;&nbsp; $12.37 | &nbsp;&nbsp; $11.49 | &nbsp;&nbsp; $10.84 | &nbsp;&nbsp; $10.59 | &nbsp;&nbsp; $14.06 |
| Total Return<sup>\*</sup> <br>| 5.89% | &nbsp;&nbsp; 10.24% | &nbsp;&nbsp; 7.77% | &nbsp;&nbsp; 4.78% | &nbsp;&nbsp; (16.91)% | &nbsp;&nbsp; 19.27% |
| Net Assets, End of Period (in thousands) | $126934 | &nbsp;&nbsp; $120154 | &nbsp;&nbsp; $117136 | &nbsp;&nbsp; $125119 | &nbsp;&nbsp; $129498 | &nbsp;&nbsp; $174449 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup> <br>| 0.31% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.28% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<sup>(2)</sup> <br>| 0.26% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> <br>| 3.64% | &nbsp;&nbsp; 2.17% | &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 3.22% | &nbsp;&nbsp; 2.20% |
| Portfolio Turnover Rate | 7% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 111% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 34% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Global Allocation Fund – Conservative**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.37 | &nbsp;&nbsp; $11.49 | &nbsp;&nbsp; $10.84 | &nbsp;&nbsp; $10.59 | &nbsp;&nbsp; $14.07 | &nbsp;&nbsp; $12.34 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain/(loss) | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp; (2.58) | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| Total from Investment Operations | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp; (2.16) | &nbsp;&nbsp;&nbsp;&nbsp;2.36 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.30) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.28) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (0.35) |
| Total Dividends and Distributions | (0.30) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (1.32) | &nbsp;&nbsp; (0.63) |
| Net Asset Value, End of Period | $12.80 | &nbsp;&nbsp; $12.37 | &nbsp;&nbsp; $11.49 | &nbsp;&nbsp; $10.84 | &nbsp;&nbsp; $10.59 | &nbsp;&nbsp; $14.07 |
| Total Return<sup>\*</sup> <br>| 5.87% | &nbsp;&nbsp; 10.28% | &nbsp;&nbsp; 7.73% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; (16.92)% | &nbsp;&nbsp; 19.39% |
| Net Assets, End of Period (in thousands) | $1715 | &nbsp;&nbsp; $1611 | &nbsp;&nbsp; $1848 | &nbsp;&nbsp; $1842 | &nbsp;&nbsp; $2645 | &nbsp;&nbsp; $3830 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup> <br>| 0.29% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.22% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> <br>| 0.25% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.22% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> <br>| 3.71% | &nbsp;&nbsp; 2.28% | &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 3.27% | &nbsp;&nbsp; 2.16% |
| Portfolio Turnover Rate | 7% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 111% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 34% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

10 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Conservative**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.30 | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $13.97 | &nbsp;&nbsp; $12.25 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain/(loss) | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp; (2.55) | &nbsp;&nbsp;&nbsp;&nbsp;2.02 |
| Total from Investment Operations | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp;&nbsp;&nbsp;2.27 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.25) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.20) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (0.35) |
| Total Dividends and Distributions | (0.25) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (0.55) |
| Net Asset Value, End of Period | $12.74 | &nbsp;&nbsp; $12.30 | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $13.97 |
| Total Return<sup>\*</sup> <br>| 5.63% | &nbsp;&nbsp; 9.90% | &nbsp;&nbsp; 7.24% | &nbsp;&nbsp; 4.36% | &nbsp;&nbsp; (17.19)% | &nbsp;&nbsp; 18.70% |
| Net Assets, End of Period (in thousands) | $73 | &nbsp;&nbsp; $67 | &nbsp;&nbsp; $58 | &nbsp;&nbsp; $55 | &nbsp;&nbsp; $96 | &nbsp;&nbsp; $108 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup> <br>| 0.69% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> <br>| 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> <br>| 3.26% | &nbsp;&nbsp; 1.72% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 2.83% | &nbsp;&nbsp; 1.88% |
| Portfolio Turnover Rate | 7% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 111% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 34% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Global Allocation Fund – Conservative**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.35 | &nbsp;&nbsp; $11.46 | &nbsp;&nbsp; $10.82 | &nbsp;&nbsp; $10.56 | &nbsp;&nbsp; $14.03 | &nbsp;&nbsp; $12.32 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain/(loss) | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp; (2.58) | &nbsp;&nbsp;&nbsp;&nbsp;2.04 |
| Total from Investment Operations | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp; (2.17) | &nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.29) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.27) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (0.35) |
| Total Dividends and Distributions | (0.29) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.30) | &nbsp;&nbsp; (0.62) |
| Net Asset Value, End of Period | $12.78 | &nbsp;&nbsp; $12.35 | &nbsp;&nbsp; $11.46 | &nbsp;&nbsp; $10.82 | &nbsp;&nbsp; $10.56 | &nbsp;&nbsp; $14.03 |
| Total Return<sup>\*</sup> <br>| 5.81% | &nbsp;&nbsp; 10.19% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 4.76% | &nbsp;&nbsp; (17.02)% | &nbsp;&nbsp; 19.12% |
| Net Assets, End of Period (in thousands) | $8163 | &nbsp;&nbsp; $7838 | &nbsp;&nbsp; $8168 | &nbsp;&nbsp; $10666 | &nbsp;&nbsp; $12373 | &nbsp;&nbsp; $16283 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup> <br>| 0.43% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.39% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> <br>| 0.34% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.35% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> <br>| 3.55% | &nbsp;&nbsp; 2.09% | &nbsp;&nbsp; 1.96% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 3.22% | &nbsp;&nbsp; 2.14% |
| Portfolio Turnover Rate | 7% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 111% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 34% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

12 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Conservative**

**Notes to Financial Statements (unaudited)**

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

**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 mutual funds and exchange-traded funds ("ETFs") (the "underlying funds"). The Trust offers 34 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. 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 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.

Janus Investment Fund \| 13

------

**Janus Henderson Global Allocation Fund – Conservative**

**Notes to Financial Statements (unaudited)**

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended December 31, 2025. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

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: 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 underlying funds' prospectuses.

**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 period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments 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. Any distributions from the underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. 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

14 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Conservative**

**Notes to Financial Statements (unaudited)**

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.

**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.

Janus Investment Fund \| 15

------

**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 waiver for at least a one-year period commencing on October 28, 2025. 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 $225,317 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2025. 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 0.11%.

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.

16 \| December 31, 2025

------

**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, 2025, the Distributor

retained upfront sales charges of $745.

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,

2025. 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, 2025.

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, 2025 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, 2025 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. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the period ended December 31, 2025.

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

Janus Investment Fund \| 17

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**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 at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government 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). 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, 2025 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.

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2025, 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* |  |
| *For the year ended June 30, 2025* | *For the year ended June 30, 2025* |  |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | &nbsp;&nbsp; Accumulated <br>Capital Losses<br>|
| $(900869) | &nbsp;&nbsp; $(2543705) | &nbsp;&nbsp; $(3444574) |

---

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, 2025 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* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $132413563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11274218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(658870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10615348 |

---

18 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Conservative**

**Notes to Financial Statements (unaudited)**

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

**4. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2025* | *Period ended December 31, 2025* | *Year ended June 30, 2025* | *Year ended June 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 25064 | &nbsp;&nbsp; $318608 | &nbsp;&nbsp; 28621 | &nbsp;&nbsp; $335953 |
| Reinvested dividends and distributions | 7003 | &nbsp;&nbsp; 89493 | &nbsp;&nbsp; 7970 | &nbsp;&nbsp; 92296 |
| Shares repurchased | (53645) | &nbsp;&nbsp; (682548) | &nbsp;&nbsp; (115561) | &nbsp;&nbsp; (1353777) |
| Net Increase/(Decrease) | (21578) | &nbsp;&nbsp; $(274447) | &nbsp;&nbsp; (78970) | &nbsp;&nbsp; $(925528) |
| Class C Shares: |  |  |  |  |
| Shares sold | 682 | &nbsp;&nbsp; $8600 | &nbsp;&nbsp; 1013 | &nbsp;&nbsp; $11694 |
| Reinvested dividends and distributions | 939 | &nbsp;&nbsp; 11817 | &nbsp;&nbsp; 783 | &nbsp;&nbsp; 8916 |
| Shares repurchased | (29630) | &nbsp;&nbsp; (366694) | &nbsp;&nbsp; (83174) | &nbsp;&nbsp; (956777) |
| Net Increase/(Decrease) | (28009) | &nbsp;&nbsp; $(346277) | &nbsp;&nbsp; (81378) | &nbsp;&nbsp; $(936167) |
| Class D Shares: |  |  |  |  |
| Shares sold | 636514 | &nbsp;&nbsp; $8164387 | &nbsp;&nbsp; 1102126 | &nbsp;&nbsp; $13054610 |
| Reinvested dividends and distributions | 223545 | &nbsp;&nbsp; 2870323 | &nbsp;&nbsp; 234101 | &nbsp;&nbsp; 2722594 |
| Shares repurchased | (654571) | &nbsp;&nbsp; (8381136) | &nbsp;&nbsp; (1821727) | &nbsp;&nbsp; (21564197) |
| Net Increase/(Decrease) | 205488 | &nbsp;&nbsp; $2653574 | &nbsp;&nbsp; (485500) | &nbsp;&nbsp; $(5786993) |
| Class I Shares: |  |  |  |  |
| Shares sold | 22783 | &nbsp;&nbsp; $290643 | &nbsp;&nbsp; 52352 | &nbsp;&nbsp; $623685 |
| Reinvested dividends and distributions | 2999 | &nbsp;&nbsp; 38535 | &nbsp;&nbsp; 4053 | &nbsp;&nbsp; 47142 |
| Shares repurchased | (22028) | &nbsp;&nbsp; (278807) | &nbsp;&nbsp; (86989) | &nbsp;&nbsp; (1024765) |
| Net Increase/(Decrease) | 3754 | &nbsp;&nbsp; $50371 | &nbsp;&nbsp; (30584) | &nbsp;&nbsp; $(353938) |
| Class S Shares: |  |  |  |  |
| Shares sold | 155 | &nbsp;&nbsp; $1964 | &nbsp;&nbsp; 315 | &nbsp;&nbsp; $3714 |
| Reinvested dividends and distributions | 111 | &nbsp;&nbsp; 1422 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 1130 |
| Shares repurchased | (2) | &nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;(46) |
| Net Increase/(Decrease) | 264 | &nbsp;&nbsp; $3364 | &nbsp;&nbsp; 408 | &nbsp;&nbsp; $4798 |
| Class T Shares: |  |  |  |  |
| Shares sold | 109696 | &nbsp;&nbsp; $1398018 | &nbsp;&nbsp; 290718 | &nbsp;&nbsp; $3447800 |
| Reinvested dividends and distributions | 13525 | &nbsp;&nbsp; 173387 | &nbsp;&nbsp; 14938 | &nbsp;&nbsp; 173428 |
| Shares repurchased | (119188) | &nbsp;&nbsp; (1513517) | &nbsp;&nbsp; (383840) | &nbsp;&nbsp; (4565966) |
| Net Increase/(Decrease) | 4033 | &nbsp;&nbsp; $57888 | &nbsp;&nbsp; (78184) | &nbsp;&nbsp; $(944738) |

---

**5. Purchases and Sales of Investment Securities**

For the period ended December 31, 2025, 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*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $14341331 | &nbsp;&nbsp;&nbsp;&nbsp; $9997340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**6. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client consents, and

approval by Janus Henderson's shareholders. Management is assessing the impact to the funds.

**7. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 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.

Janus Investment Fund \| 19

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**Janus Henderson Global Allocation Fund – Conservative**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the 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 analyses 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 5, 2025 and December 9-10, 2025, 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 over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's 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, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. 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

20 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Conservative**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment 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 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. Additionally, 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 and retain 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 at 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, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 21

------

**Janus Henderson Global Allocation Fund – Conservative**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, 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.

22 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Conservative**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 23

------

**Janus Henderson Global Allocation Fund – Conservative**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

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.

24 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Conservative**

**Additional Information (unaudited)**

***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 identified by Broadridge using Morningstar category schema. 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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% 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 or service 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 considering performance trends, performance histories, recent fee reductions, investment structure changes, 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 institutional/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 institutional/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 the Adviser's explanation 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 the independent fee consultant's 2024 report 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 similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable 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) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 25

------

**Janus Henderson Global Allocation Fund – Conservative**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, 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 has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

26 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Conservative**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market 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 reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian 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 had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 27

------

**Janus Henderson Global Allocation Fund – Conservative**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, 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.

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 receives 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 and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, 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. As part of their overall review of fund profitability, 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 fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

28 \| December 31, 2025

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**Janus Henderson Global Allocation Fund – Conservative**

**Additional Information (unaudited)**

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 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, 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; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) 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 (3) by setting lower fixed fees from the start on the Flat-Rate Fee 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.

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 Janus Henderson 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.

Based on all of the information reviewed, including the recent and past research and analyses 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 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 other 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 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 such Janus Henderson Funds. 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

Janus Investment Fund \| 29

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**Janus Henderson Global Allocation Fund – Conservative**

**Additional Information (unaudited)**

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.

30 \| December 31, 2025

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**Janus Henderson Global Allocation Fund – Conservative**

**Notes**

Janus Investment Fund \| 31

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**Janus Henderson Global Allocation Fund – Conservative**

**Notes**

32 \| December 31, 2025

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**Janus Henderson Global Allocation Fund – Conservative**

**Notes**

Janus Investment Fund \| 33

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![](img6f24e6e22.gif)

*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

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93020 02-26

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SEMIANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson Global Allocation Fund – Growth**

Janus Investment Fund

![](img66c8d1451.gif)

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**Table of Contents**

**Janus Henderson Global Allocation Fund – Growth** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_b2f2f3f1-ad81-4770-b94b-4a100618f73f_SOI-SOI-RunningFooter-33_1)<br> [Management Investment Companies](#xx_b2f2f3f1-ad81-4770-b94b-4a100618f73f_SOI-SOI-RunningFooter-33_1)<br>|  |
| [Schedule of Investments](#xx_b2f2f3f1-ad81-4770-b94b-4a100618f73f_SOI-SOI-RunningFooter-33_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_b2f2f3f1-ad81-4770-b94b-4a100618f73f_SOI-SOI-RunningFooter-33_3) | 3 |
| [Statement of Assets and Liabilities](#xx_b2f2f3f1-ad81-4770-b94b-4a100618f73f_SAL-SAL-RunningFooter-33_1) | 4 |
| [Statement of Operations](#xx_b2f2f3f1-ad81-4770-b94b-4a100618f73f_SOP-SOP-RunningFooter-33_1) | 5 |
| [Statements of Changes in Net Assets](#xx_b2f2f3f1-ad81-4770-b94b-4a100618f73f_SOC-SOC-RunningFooter-33_1) | 6 |
| [Financial Highlights](#xx_b2f2f3f1-ad81-4770-b94b-4a100618f73f_FIHI-FIHI-RunningFooter-33_1) | 7 |
| [Notes to Financial Statements](#xx_b2f2f3f1-ad81-4770-b94b-4a100618f73f_NTF-NTF-RunningFooter-33_1) | 13 |
| [Items 8-11 - Additional Information](#xx_b2f2f3f1-ad81-4770-b94b-4a100618f73f_AI-AI-RunningFooter-33_1) | 20 |

---

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**Janus Henderson Global Allocation Fund – Growth**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Investment Companies – 99.9% |  |  |
| Equity Funds – 63.1% |  |  |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares<sup>£</sup> <br>| 1566564 | $18939756 |
| Janus Henderson Enterprise Fund - Class N Shares<sup>£</sup> <br>| 145011 | 20925062 |
| Janus Henderson European Focus Fund - Class N Shares<sup>£</sup> <br>| 375365 | 22769654 |
| Janus Henderson Growth and Income Fund - Class N Shares<sup>£</sup> <br>| 333119 | 24001212 |
| Janus Henderson Overseas Fund - Class N Shares<sup>£</sup> <br>| 644007 | 36779259 |
| Janus Henderson Research Fund - Class N Shares<sup>£</sup> <br>| 331927 | 29837562 |
| Janus Henderson Small-Mid Cap Value Fund - Class N Shares<sup>£</sup> <br>| 43087 | 645445 |
| Janus Henderson Triton Fund - Class N Shares<sup>£</sup> <br>| 5583 | 152317 |
| Janus Henderson U.S. Dividend Income Fund - Class N Shares<sup>£</sup> <br>| 573127 | 7525154 |
|  |  | 161575421 |
| Exchange-Traded Funds (ETFs) – 27.2% |  |  |
| iShares Core International Aggregate Bond | 221078 | 11056111 |
| iShares Russell 2000 Value | 68708 | 12450576 |
| Janus Henderson Emerging Markets Debt Hard Currency<sup>£</sup> <br>| 97168 | 5215492 |
| Janus Henderson Small Cap Growth Alpha<sup>£</sup> <br>| 4013 | 295213 |
| Vanguard FTSE Emerging Markets | 566975 | 30480576 |
| Vanguard Value | 53406 | 10200012 |
|  |  | 69697980 |
| Fixed Income Funds – 8.1% |  |  |
| Janus Henderson Developed World Bond Fund - Class N Shares<sup>£</sup> <br>| 1114572 | 8771683 |
| Janus Henderson Flexible Bond Fund - Class N Shares<sup>£</sup> <br>| 1215888 | 11441505 |
| Janus Henderson High-Yield Fund - Class N Shares<sup>£</sup> <br>| 47751 | 357655 |
| Janus Henderson Short Duration Flexible Bond Fund - Class N Shares<sup>£</sup> <br>| 31903 | 92201 |
|  |  | 20663044 |
| Money Markets – 1.5% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº,</sup><sup>£</sup> <br>| 3936330 | 3937511 |
| Total Investments (total cost $220,303,906) – 99.9% |  | 255873956 |
| Cash, Receivables and Other Assets, net of Liabilities – 0.1% |  | 145792 |
| Net Assets – 100% |  | $256019748 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

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**Janus Henderson Global Allocation Fund – Growth**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*6/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*12/31/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| Investment Companies - 74.8% | Investment Companies - 74.8% | Investment Companies - 74.8% | Investment Companies - 74.8% | Investment Companies - 74.8% | Investment Companies - 74.8% | Investment Companies - 74.8% | Investment Companies - 74.8% | Investment Companies - 74.8% | Investment Companies - 74.8% |
| Equity Funds - 63.1% | Equity Funds - 63.1% | Equity Funds - 63.1% | Equity Funds - 63.1% | Equity Funds - 63.1% | Equity Funds - 63.1% | Equity Funds - 63.1% | Equity Funds - 63.1% | Equity Funds - 63.1% | Equity Funds - 63.1% |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares |
|  | $17774714 | $2299440 | $(977970) | $118525 | $(274953) | $18939756 | 1566564 | $282803 | $1487331 |
| Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares |
|  | 20534558 | 2049482 | (1091876) | 47467 | (614569) | 20925062 | 145011 | 88912 | 1367638 |
| Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares |
|  | 21194154 | 931163 | (1147437) | 69807 | 1721967 | 22769654 | 375365 | 313942 | - |
| Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares |
|  | 22454060 | 3763531 | (1236386) | 28988 | (1008981) | 24001212 | 333119 | 85100 | 3011819 |
| Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares |
|  | 33877990 | 1513667 | (1857112) | 186783 | 3057931 | 36779259 | 644007 | 512675 | - |
| Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares |
|  | 28114916 | 4032690 | (1563777) | 155510 | (901777) | 29837562 | 331927 | 25002 | 3165109 |
| Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares |
|  | 601807 | 75045 | (33547) | 2548 | (408) | 645445 | 43087 | 3344 | 53509 |
| Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares |
|  | 143484 | 19242 | (7724) | 695 | (3380) | 152317 | 5583 | 155 | 14820 |
| Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares |
|  | 7137044 | 409689 | (387733) | 52997 | 313157 | 7525154 | 573127 | 49950 | 149676 |
| Total Equity Funds - 63.1% | Total Equity Funds - 63.1% | Total Equity Funds - 63.1% | Total Equity Funds - 63.1% | Total Equity Funds - 63.1% | Total Equity Funds - 63.1% | Total Equity Funds - 63.1% | Total Equity Funds - 63.1% | Total Equity Funds - 63.1% | Total Equity Funds - 63.1% |
|  | $151832727 | $15093949 | $(8303562) | $663320 | $2288987 | $161575421 | 4017790 | $1361883 | $9249902 |
| Exchange-Traded Funds (ETFs) - 2.1% | Exchange-Traded Funds (ETFs) - 2.1% | Exchange-Traded Funds (ETFs) - 2.1% | Exchange-Traded Funds (ETFs) - 2.1% | Exchange-Traded Funds (ETFs) - 2.1% | Exchange-Traded Funds (ETFs) - 2.1% | Exchange-Traded Funds (ETFs) - 2.1% | Exchange-Traded Funds (ETFs) - 2.1% | Exchange-Traded Funds (ETFs) - 2.1% | Exchange-Traded Funds (ETFs) - 2.1% |
| Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency |
|  | 5167986 | 136079 | (278499) | 4458 | 185468 | 5215492 | 97168 | 197152 | - |
| Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha |
|  | 276612 | 8730 | (15285) | 1870 | 23286 | 295213 | 4013 | 863 | - |
| Total Exchange-Traded Funds (ETFs) - 2.1% | Total Exchange-Traded Funds (ETFs) - 2.1% | Total Exchange-Traded Funds (ETFs) - 2.1% | Total Exchange-Traded Funds (ETFs) - 2.1% | Total Exchange-Traded Funds (ETFs) - 2.1% | Total Exchange-Traded Funds (ETFs) - 2.1% | Total Exchange-Traded Funds (ETFs) - 2.1% | Total Exchange-Traded Funds (ETFs) - 2.1% | Total Exchange-Traded Funds (ETFs) - 2.1% | Total Exchange-Traded Funds (ETFs) - 2.1% |
|  | $5444598 | $144809 | $(293784) | $6328 | $208754 | $5510705 | 101181 | $198015 | $- |
| Fixed Income Funds - 8.1% | Fixed Income Funds - 8.1% | Fixed Income Funds - 8.1% | Fixed Income Funds - 8.1% | Fixed Income Funds - 8.1% | Fixed Income Funds - 8.1% | Fixed Income Funds - 8.1% | Fixed Income Funds - 8.1% | Fixed Income Funds - 8.1% | Fixed Income Funds - 8.1% |
| Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares |
|  | 8718117 | 412828 | (461354) | 22281 | 79811 | 8771683 | 1114572 | 162672 | - |
| Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares |
|  | 11364130 | 602727 | (600526) | (40610) | 115784 | 11441505 | 1215888 | 277763 | - |
| Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares |
|  | 349566 | 21939 | (18591) | 318 | 4423 | 357655 | 47751 | 11818 | - |
| Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares |
|  | 91873 | 4821 | (4817) | 36 | 288 | 92201 | 31903 | 2191 | - |
| Total Fixed Income Funds - 8.1% | Total Fixed Income Funds - 8.1% | Total Fixed Income Funds - 8.1% | Total Fixed Income Funds - 8.1% | Total Fixed Income Funds - 8.1% | Total Fixed Income Funds - 8.1% | Total Fixed Income Funds - 8.1% | Total Fixed Income Funds - 8.1% | Total Fixed Income Funds - 8.1% | Total Fixed Income Funds - 8.1% |
|  | $20523686 | $1042315 | $(1085288) | $(17975) | $200306 | $20663044 | 2410114 | $454444 | $- |
| Money Markets - 1.5% | Money Markets - 1.5% | Money Markets - 1.5% | Money Markets - 1.5% | Money Markets - 1.5% | Money Markets - 1.5% | Money Markets - 1.5% | Money Markets - 1.5% | Money Markets - 1.5% | Money Markets - 1.5% |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | 2297816 | 6256172 | (4616756) | 9 | 270 | 3937511 | 3936330 | 56154 | - |
| Total Affiliated Investments - 74.8% | Total Affiliated Investments - 74.8% | Total Affiliated Investments - 74.8% | Total Affiliated Investments - 74.8% | Total Affiliated Investments - 74.8% | Total Affiliated Investments - 74.8% | Total Affiliated Investments - 74.8% | Total Affiliated Investments - 74.8% | Total Affiliated Investments - 74.8% | Total Affiliated Investments - 74.8% |
|  | $180098827 | $22537245 | $(14299390) | $651682 | $2698317 | $191686681 | 10465415 | $2070496 | $9249902 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Growth**

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

LLC Limited Liability Company

---

| |
|:---|
| Rate shown is the 7-day yield as of December 31, 2025. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|

---

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, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Investment Companies* |  |  |  |
| Equity Funds | $161575421 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Exchange-Traded Funds (ETFs) | 69697980 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Fixed Income Funds | 20663044 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Money Markets | - | &nbsp;&nbsp; 3937511 | &nbsp;&nbsp; - |
| **Total Assets** | $251936445 | &nbsp;&nbsp; $3937511 | &nbsp;&nbsp; $- |

---

Janus Investment Fund \| 3

------

**Janus Henderson Global Allocation Fund – Growth**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $55,044,235) | $64187275 |
| Affiliated investments, at value (cost $165,259,671) | 191686681 |
| Cash | 497 |
| Trustees' deferred compensation | 7535 |
| Receivables: |  |
| Fund shares sold | 1030658 |
| Dividends | 79835 |
| Investments sold | 12216 |
| Dividends from affiliates | 10253 |
| Other assets | 1476 |
| Total Assets | 257016426 |
| Liabilities: |  |
| Payables: |  |
| Investments purchased | 592133 |
| Fund shares repurchased | 285513 |
| Transfer agent fees and expenses | 33806 |
| Professional fees | 32082 |
| Advisory fees | 11147 |
| Trustees' deferred compensation fees | 7535 |
| 12b-1 Distribution and shareholder servicing fees | 2726 |
| Custodian fees | 1665 |
| Trustees' fees and expenses | 67 |
| Accrued expenses and other payables | 30004 |
| Total Liabilities | 996678 |
| Commitments and contingent liabilities (Note 2) |  |
| Net Assets | $256019748 |
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $212416357 |
| Total distributable earnings (loss) | 43603391 |
| Total Net Assets | $256019748 |
| Net Assets - Class A Shares | $7577440 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 532581 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $14.23 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $15.10 |
| Net Assets - Class C Shares | $1065252 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 76405 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $13.94 |
| Net Assets - Class D Shares | $218471842 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 15161911 |
| Net Asset Value Per Share | $14.41 |
| Net Assets - Class I Shares | $15263593 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1060429 |
| Net Asset Value Per Share | $14.39 |
| Net Assets - Class S Shares | $525645 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 36885 |
| Net Asset Value Per Share | $14.25 |
| Net Assets - Class T Shares | $13115976 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 911604 |
| Net Asset Value Per Share | $14.39 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

4 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Growth**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends from affiliates | $2070496 |
| Dividends | 1322616 |
| Other income | 601 |
| Total Investment Income | 3393713 |
| Expenses: |  |
| Advisory fees | 63544 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 9242 |
| Class C Shares | 5626 |
| Class S Shares | 1484 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 116374 |
| Class S Shares | 1484 |
| Class T Shares | 15949 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 2265 |
| Class C Shares | 494 |
| Class I Shares | 6871 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 219 |
| Class C Shares | 34 |
| Class D Shares | 16218 |
| Class I Shares | 238 |
| Class S Shares | 23 |
| Class T Shares | 105 |
| Registration fees | 48310 |
| Professional fees | 22902 |
| Shareholder reports expense | 15207 |
| Custodian fees | 5293 |
| Trustees' fees and expenses | 2349 |
| Other expenses | 7696 |
| Total Expenses | 341927 |
| Less: Excess Expense Reimbursement and Waivers | (1929) |
| Net Expenses | 339998 |
| Net Investment Income/(Loss) | 3053715 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 337219 |
| Investments in affiliates | 651682 |
| Capital gain distributions from underlying funds | 9249902 |
| Total Net Realized Gain/(Loss) on Investments | 10238803 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments and Trustees' deferred compensation | 4373097 |
| Investments in affiliates | 2698317 |
| Total Change in Unrealized Net Appreciation/Depreciation | 7071414 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $20363932 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Global Allocation Fund – Growth**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*December 31, 2025* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*June 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $3053715 | &nbsp;&nbsp; $3867008 |
| Net realized gain/(loss) on investments | 10238803 | &nbsp;&nbsp; 13091888 |
| Change in unrealized net appreciation/depreciation | 7071414 | &nbsp;&nbsp; 12460297 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 20363932 | &nbsp;&nbsp; 29419193 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (472007) | &nbsp;&nbsp; (537851) |
| Class C Shares | (57594) | &nbsp;&nbsp; (141674) |
| Class D Shares | (13633471) | &nbsp;&nbsp; (16655564) |
| Class I Shares | (965490) | &nbsp;&nbsp; (1041159) |
| Class S Shares | (27159) | &nbsp;&nbsp; (99600) |
| Class T Shares | (820959) | &nbsp;&nbsp; (1022144) |
| Net Decrease from Dividends and Distributions to Shareholders | (15976680) | &nbsp;&nbsp; (19497992) |
| Capital Share Transactions: |  |  |
| Class A Shares | 560907 | &nbsp;&nbsp; (11458) |
| Class C Shares | (255840) | &nbsp;&nbsp; (574964) |
| Class D Shares | 8361476 | &nbsp;&nbsp; 707572 |
| Class I Shares | 1984878 | &nbsp;&nbsp; (889197) |
| Class S Shares | (910472) | &nbsp;&nbsp; (269807) |
| Class T Shares | 569774 | &nbsp;&nbsp; (460414) |
| Net Increase/(Decrease) from Capital Share Transactions | 10310723 | &nbsp;&nbsp; (1498268) |
| Net Increase/(Decrease) in Net Assets | 14697975 | &nbsp;&nbsp; 8422933 |
| Net Assets: |  |  |
| Beginning of period | 241321773 | &nbsp;&nbsp; 232898840 |
| End of period | $256019748 | &nbsp;&nbsp; $241321773 |

---

See Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Growth**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $13.99 | &nbsp;&nbsp; $13.49 | &nbsp;&nbsp; $12.15 | &nbsp;&nbsp; $11.54 | &nbsp;&nbsp; $16.53 | &nbsp;&nbsp; $12.93 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain/(loss) | 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp; (3.08) | &nbsp;&nbsp;&nbsp;&nbsp;4.12 |
| Total from Investment Operations | 1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp; (2.60) | &nbsp;&nbsp;&nbsp;&nbsp;4.30 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.18) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.18) |
| Distributions (from capital gains) | (0.76) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (1.89) | &nbsp;&nbsp; (0.52) |
| Total Dividends and Distributions | (0.94) | &nbsp;&nbsp; (1.17) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (2.39) | &nbsp;&nbsp; (0.70) |
| Net Asset Value, End of Period | $14.23 | &nbsp;&nbsp; $13.99 | &nbsp;&nbsp; $13.49 | &nbsp;&nbsp; $12.15 | &nbsp;&nbsp; $11.54 | &nbsp;&nbsp; $16.53 |
| Total Return<sup>\*</sup> <br>| 8.39% | &nbsp;&nbsp; 13.12% | &nbsp;&nbsp; 12.46% | &nbsp;&nbsp; 10.03% | &nbsp;&nbsp; (18.53)% | &nbsp;&nbsp; 33.72% |
| Net Assets, End of Period (in thousands) | $7577 | &nbsp;&nbsp; $6906 | &nbsp;&nbsp; $6633 | &nbsp;&nbsp; $6073 | &nbsp;&nbsp; $5148 | &nbsp;&nbsp; $6003 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup> <br>| 0.44% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.46% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> <br>| 0.44% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.46% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> <br>| 2.29% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 3.28% | &nbsp;&nbsp; 1.17% |
| Portfolio Turnover Rate | 7% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 100% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 50% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Global Allocation Fund – Growth**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $13.63 | &nbsp;&nbsp; $13.16 | &nbsp;&nbsp; $11.86 | &nbsp;&nbsp; $11.25 | &nbsp;&nbsp; $16.16 | &nbsp;&nbsp; $12.65 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain/(loss) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp; (3.01) | &nbsp;&nbsp;&nbsp;&nbsp;4.00 |
| Total from Investment Operations | 1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp; (2.64) | &nbsp;&nbsp;&nbsp;&nbsp;4.09 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.03) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.06) |
| Distributions (from capital gains) | (0.76) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (1.89) | &nbsp;&nbsp; (0.52) |
| Total Dividends and Distributions | (0.79) | &nbsp;&nbsp; (1.06) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (2.27) | &nbsp;&nbsp; (0.58) |
| Net Asset Value, End of Period | $13.94 | &nbsp;&nbsp; $13.63 | &nbsp;&nbsp; $13.16 | &nbsp;&nbsp; $11.86 | &nbsp;&nbsp; $11.25 | &nbsp;&nbsp; $16.16 |
| Total Return<sup>\*</sup> <br>| 8.00% | &nbsp;&nbsp; 12.30% | &nbsp;&nbsp; 11.58% | &nbsp;&nbsp; 9.31% | &nbsp;&nbsp; (19.11)% | &nbsp;&nbsp; 32.77% |
| Net Assets, End of Period (in thousands) | $1065 | &nbsp;&nbsp; $1285 | &nbsp;&nbsp; $1820 | &nbsp;&nbsp; $2373 | &nbsp;&nbsp; $3031 | &nbsp;&nbsp; $4096 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup> <br>| 1.14% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.14% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> <br>| 1.14% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.14% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> <br>| 1.34% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 2.60% | &nbsp;&nbsp; 0.64% |
| Portfolio Turnover Rate | 7% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 100% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 50% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Growth**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June <br> 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $14.17 | &nbsp;&nbsp; $13.64 | &nbsp;&nbsp; $12.29 | &nbsp;&nbsp; $11.66 | &nbsp;&nbsp; $16.68 | &nbsp;&nbsp; $13.04 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain/(loss) | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; (3.12) | &nbsp;&nbsp;&nbsp;&nbsp;4.15 |
| Total from Investment Operations | 1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp; (2.61) | &nbsp;&nbsp;&nbsp;&nbsp;4.37 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.20) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.21) |
| Distributions (from capital gains) | (0.76) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (1.89) | &nbsp;&nbsp; (0.52) |
| Total Dividends and Distributions | (0.96) | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (2.41) | &nbsp;&nbsp; (0.73) |
| Net Asset Value, End of Period | $14.41 | &nbsp;&nbsp; $14.17 | &nbsp;&nbsp; $13.64 | &nbsp;&nbsp; $12.29 | &nbsp;&nbsp; $11.66 | &nbsp;&nbsp; $16.68 |
| Total Return<sup>\*</sup> <br>| 8.46% | &nbsp;&nbsp; 13.42% | &nbsp;&nbsp; 12.60% | &nbsp;&nbsp; 10.31% | &nbsp;&nbsp; (18.41)% | &nbsp;&nbsp; 34.01% |
| Net Assets, End of Period (in thousands) | $218472 | &nbsp;&nbsp; $206345 | &nbsp;&nbsp; $197177 | &nbsp;&nbsp; $190497 | &nbsp;&nbsp; $181527 | &nbsp;&nbsp; $233735 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup> <br>| 0.26% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.27% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<sup>(2)</sup> <br>| 0.26% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.27% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> <br>| 2.43% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 3.45% | &nbsp;&nbsp; 1.45% |
| Portfolio Turnover Rate | 7% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 100% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 50% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Global Allocation Fund – Growth**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $14.15 | &nbsp;&nbsp; $13.63 | &nbsp;&nbsp; $12.28 | &nbsp;&nbsp; $11.65 | &nbsp;&nbsp; $16.68 | &nbsp;&nbsp; $13.04 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain/(loss) | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp;&nbsp;&nbsp;4.14 |
| Total from Investment Operations | 1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp; (2.60) | &nbsp;&nbsp;&nbsp;&nbsp;4.37 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.21) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.21) |
| Distributions (from capital gains) | (0.76) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (1.89) | &nbsp;&nbsp; (0.52) |
| Total Dividends and Distributions | (0.97) | &nbsp;&nbsp; (1.20) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (2.43) | &nbsp;&nbsp; (0.73) |
| Net Asset Value, End of Period | $14.39 | &nbsp;&nbsp; $14.15 | &nbsp;&nbsp; $13.63 | &nbsp;&nbsp; $12.28 | &nbsp;&nbsp; $11.65 | &nbsp;&nbsp; $16.68 |
| Total Return<sup>\*</sup> <br>| 8.51% | &nbsp;&nbsp; 13.38% | &nbsp;&nbsp; 12.63% | &nbsp;&nbsp; 10.40% | &nbsp;&nbsp; (18.42)% | &nbsp;&nbsp; 34.07% |
| Net Assets, End of Period (in thousands) | $15264 | &nbsp;&nbsp; $13092 | &nbsp;&nbsp; $13397 | &nbsp;&nbsp; $13700 | &nbsp;&nbsp; $11359 | &nbsp;&nbsp; $14799 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup> <br>| 0.22% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> <br>| 0.22% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.21% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> <br>| 2.54% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 3.65% | &nbsp;&nbsp; 1.49% |
| Portfolio Turnover Rate | 7% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 100% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 50% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

10 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Growth**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $13.88 | &nbsp;&nbsp; $13.38 | &nbsp;&nbsp; $12.06 | &nbsp;&nbsp; $11.45 | &nbsp;&nbsp; $16.43 | &nbsp;&nbsp; $12.85 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain/(loss) | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp; (3.09) | &nbsp;&nbsp;&nbsp;&nbsp;4.08 |
| Total from Investment Operations | 1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp; (2.61) | &nbsp;&nbsp;&nbsp;&nbsp;4.24 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.03) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.14) |
| Distributions (from capital gains) | (0.76) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (1.89) | &nbsp;&nbsp; (0.52) |
| Total Dividends and Distributions | (0.79) | &nbsp;&nbsp; (1.13) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (2.37) | &nbsp;&nbsp; (0.66) |
| Net Asset Value, End of Period | $14.25 | &nbsp;&nbsp; $13.88 | &nbsp;&nbsp; $13.38 | &nbsp;&nbsp; $12.06 | &nbsp;&nbsp; $11.45 | &nbsp;&nbsp; $16.43 |
| Total Return<sup>\*</sup> <br>| 8.35% | &nbsp;&nbsp; 12.94% | &nbsp;&nbsp; 12.17% | &nbsp;&nbsp; 9.97% | &nbsp;&nbsp; (18.71)% | &nbsp;&nbsp; 33.45% |
| Net Assets, End of Period (in thousands) | $526 | &nbsp;&nbsp; $1356 | &nbsp;&nbsp; $1557 | &nbsp;&nbsp; $1031 | &nbsp;&nbsp; $1134 | &nbsp;&nbsp; $1408 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup> <br>| 0.62% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> <br>| 0.62% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> <br>| 1.03% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 3.31% | &nbsp;&nbsp; 1.05% |
| Portfolio Turnover Rate | 7% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 100% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 50% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Global Allocation Fund – Growth**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $14.14 | &nbsp;&nbsp; $13.62 | &nbsp;&nbsp; $12.27 | &nbsp;&nbsp; $11.64 | &nbsp;&nbsp; $16.65 | &nbsp;&nbsp; $13.02 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain/(loss) | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; (3.10) | &nbsp;&nbsp;&nbsp;&nbsp;4.14 |
| Total from Investment Operations | 1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp; (2.61) | &nbsp;&nbsp;&nbsp;&nbsp;4.35 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.19) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.20) |
| Distributions (from capital gains) | (0.76) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (1.89) | &nbsp;&nbsp; (0.52) |
| Total Dividends and Distributions | (0.95) | &nbsp;&nbsp; (1.18) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (2.40) | &nbsp;&nbsp; (0.72) |
| Net Asset Value, End of Period | $14.39 | &nbsp;&nbsp; $14.14 | &nbsp;&nbsp; $13.62 | &nbsp;&nbsp; $12.27 | &nbsp;&nbsp; $11.64 | &nbsp;&nbsp; $16.65 |
| Total Return<sup>\*</sup> <br>| 8.46% | &nbsp;&nbsp; 13.27% | &nbsp;&nbsp; 12.52% | &nbsp;&nbsp; 10.22% | &nbsp;&nbsp; (18.45)% | &nbsp;&nbsp; 33.88% |
| Net Assets, End of Period (in thousands) | $13116 | &nbsp;&nbsp; $12338 | &nbsp;&nbsp; $12316 | &nbsp;&nbsp; $12635 | &nbsp;&nbsp; $13387 | &nbsp;&nbsp; $16385 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup> <br>| 0.37% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.37% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> <br>| 0.34% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.34% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> <br>| 2.38% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 3.34% | &nbsp;&nbsp; 1.37% |
| Portfolio Turnover Rate | 7% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 100% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 50% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

12 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Growth**

**Notes to Financial Statements (unaudited)**

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

**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 mutual funds and exchange-traded funds ("ETFs") (the "underlying funds"). The Trust offers 34 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. 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 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.

Janus Investment Fund \| 13

------

**Janus Henderson Global Allocation Fund – Growth**

**Notes to Financial Statements (unaudited)**

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended December 31, 2025. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

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: 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 underlying funds' prospectuses.

**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 period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments 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. Any distributions from the underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. 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

14 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Growth**

**Notes to Financial Statements (unaudited)**

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.

**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.

Janus Investment Fund \| 15

------

**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 on October 28, 2025. 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 $225,317 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2025. 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 0.11%.

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.

16 \| December 31, 2025

------

**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.

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, 2025, the Distributor

retained upfront sales charges of $249.

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,

2025. 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, 2025.

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, 2025 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, 2025 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. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the period ended December 31, 2025.

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

Janus Investment Fund \| 17

------

**Janus Henderson Global Allocation Fund – Growth**

**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 at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government 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). 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, 2025 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, 2025 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* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $222088557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34013459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(228060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33785399 |

---

18 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Growth**

**Notes to Financial Statements (unaudited)**

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

**4. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2025* | *Period ended December 31, 2025* | *Year ended June 30, 2025* | *Year ended June 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 33855 | &nbsp;&nbsp; $495715 | &nbsp;&nbsp; 81674 | &nbsp;&nbsp; $1087341 |
| Reinvested dividends and distributions | 32371 | &nbsp;&nbsp; 462908 | &nbsp;&nbsp; 41055 | &nbsp;&nbsp; 526735 |
| Shares repurchased | (27289) | &nbsp;&nbsp; (397716) | &nbsp;&nbsp; (120851) | &nbsp;&nbsp; (1625534) |
| Net Increase/(Decrease) | 38937 | &nbsp;&nbsp; $560907 | &nbsp;&nbsp; 1878 | &nbsp;&nbsp; $(11458) |
| Class C Shares: |  |  |  |  |
| Shares sold | 7800 | &nbsp;&nbsp; $109688 | &nbsp;&nbsp; 7016 | &nbsp;&nbsp; $94774 |
| Reinvested dividends and distributions | 4111 | &nbsp;&nbsp; 57594 | &nbsp;&nbsp; 11289 | &nbsp;&nbsp; 141674 |
| Shares repurchased | (29779) | &nbsp;&nbsp; (423122) | &nbsp;&nbsp; (62272) | &nbsp;&nbsp; (811412) |
| Net Increase/(Decrease) | (17868) | &nbsp;&nbsp; $(255840) | &nbsp;&nbsp; (43967) | &nbsp;&nbsp; $(574964) |
| Class D Shares: |  |  |  |  |
| Shares sold | 761608 | &nbsp;&nbsp; $11210946 | &nbsp;&nbsp; 732785 | &nbsp;&nbsp; $9942186 |
| Reinvested dividends and distributions | 931369 | &nbsp;&nbsp; 13486228 | &nbsp;&nbsp; 1263191 | &nbsp;&nbsp; 16396214 |
| Shares repurchased | (1097168) | &nbsp;&nbsp; (16335698) | &nbsp;&nbsp; (1881931) | &nbsp;&nbsp; (25630828) |
| Net Increase/(Decrease) | 595809 | &nbsp;&nbsp; $8361476 | &nbsp;&nbsp; 114045 | &nbsp;&nbsp; $707572 |
| Class I Shares: |  |  |  |  |
| Shares sold | 153819 | &nbsp;&nbsp; $2281217 | &nbsp;&nbsp; 206690 | &nbsp;&nbsp; $2808744 |
| Reinvested dividends and distributions | 66770 | &nbsp;&nbsp; 965490 | &nbsp;&nbsp; 80274 | &nbsp;&nbsp; 1041159 |
| Shares repurchased | (85081) | &nbsp;&nbsp; (1261829) | &nbsp;&nbsp; (344741) | &nbsp;&nbsp; (4739100) |
| Net Increase/(Decrease) | 135508 | &nbsp;&nbsp; $1984878 | &nbsp;&nbsp; (57777) | &nbsp;&nbsp; $(889197) |
| Class S Shares: |  |  |  |  |
| Shares sold | 2067 | &nbsp;&nbsp; $29983 | &nbsp;&nbsp; 3676 | &nbsp;&nbsp; $49044 |
| Reinvested dividends and distributions | 1897 | &nbsp;&nbsp; 27159 | &nbsp;&nbsp; 7818 | &nbsp;&nbsp; 99600 |
| Shares repurchased | (64761) | &nbsp;&nbsp; (967614) | &nbsp;&nbsp; (30126) | &nbsp;&nbsp; (418451) |
| Net Increase/(Decrease) | (60797) | &nbsp;&nbsp; $(910472) | &nbsp;&nbsp; (18632) | &nbsp;&nbsp; $(269807) |
| Class T Shares: |  |  |  |  |
| Shares sold | 169504 | &nbsp;&nbsp; $2533075 | &nbsp;&nbsp; 348743 | &nbsp;&nbsp; $4779726 |
| Reinvested dividends and distributions | 56297 | &nbsp;&nbsp; 814055 | &nbsp;&nbsp; 78095 | &nbsp;&nbsp; 1012112 |
| Shares repurchased | (186734) | &nbsp;&nbsp; (2777356) | &nbsp;&nbsp; (458446) | &nbsp;&nbsp; (6252252) |
| Net Increase/(Decrease) | 39067 | &nbsp;&nbsp; $569774 | &nbsp;&nbsp; (31608) | &nbsp;&nbsp; $(460414) |

---

**5. Purchases and Sales of Investment Securities**

For the period ended December 31, 2025, 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*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $24177809 | &nbsp;&nbsp;&nbsp;&nbsp; $17743034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**6. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client consents, and

approval by Janus Henderson's shareholders. Management is assessing the impact to the funds.

**7. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 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.

Janus Investment Fund \| 19

------

**Janus Henderson Global Allocation Fund – Growth**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the 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 analyses 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 5, 2025 and December 9-10, 2025, 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 over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's 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, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. 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

20 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Growth**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment 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 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. Additionally, 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 and retain 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 at 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, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 21

------

**Janus Henderson Global Allocation Fund – Growth**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, 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.

22 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Growth**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 23

------

**Janus Henderson Global Allocation Fund – Growth**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

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.

24 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Growth**

**Additional Information (unaudited)**

***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 identified by Broadridge using Morningstar category schema. 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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% 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 or service 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 considering performance trends, performance histories, recent fee reductions, investment structure changes, 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 institutional/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 institutional/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 the Adviser's explanation 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 the independent fee consultant's 2024 report 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 similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable 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) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 25

------

**Janus Henderson Global Allocation Fund – Growth**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, 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 has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

26 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Growth**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market 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 reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian 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 had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 27

------

**Janus Henderson Global Allocation Fund – Growth**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, 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.

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 receives 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 and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, 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. As part of their overall review of fund profitability, 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 fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

28 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Growth**

**Additional Information (unaudited)**

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 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, 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; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) 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 (3) by setting lower fixed fees from the start on the Flat-Rate Fee 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.

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 Janus Henderson 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.

Based on all of the information reviewed, including the recent and past research and analyses 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 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 other 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 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 such Janus Henderson Funds. 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

Janus Investment Fund \| 29

------

**Janus Henderson Global Allocation Fund – Growth**

**Additional Information (unaudited)**

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.

30 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Growth**

**Notes**

Janus Investment Fund \| 31

------

**Janus Henderson Global Allocation Fund – Growth**

**Notes**

32 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Growth**

**Notes**

Janus Investment Fund \| 33

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![](img751909da2.gif)

*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

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93021 02-26

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SEMIANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson Global Allocation Fund – Moderate**

Janus Investment Fund

![](imgc6c6b30f1.gif)

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**Table of Contents**

**Janus Henderson Global Allocation Fund – Moderate** 

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| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_00139392-9005-49c8-9a36-001cf40ec428_SOI-SOI-RunningFooter-34_1)<br> [Management Investment Companies](#xx_00139392-9005-49c8-9a36-001cf40ec428_SOI-SOI-RunningFooter-34_1)<br>|  |
| [Schedule of Investments](#xx_00139392-9005-49c8-9a36-001cf40ec428_SOI-SOI-RunningFooter-34_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_00139392-9005-49c8-9a36-001cf40ec428_SOI-SOI-RunningFooter-34_3) | 3 |
| [Statement of Assets and Liabilities](#xx_00139392-9005-49c8-9a36-001cf40ec428_SAL-SAL-RunningFooter-34_1) | 4 |
| [Statement of Operations](#xx_00139392-9005-49c8-9a36-001cf40ec428_SOP-SOP-RunningFooter-34_1) | 5 |
| [Statements of Changes in Net Assets](#xx_00139392-9005-49c8-9a36-001cf40ec428_SOC-SOC-RunningFooter-34_1) | 6 |
| [Financial Highlights](#xx_00139392-9005-49c8-9a36-001cf40ec428_FIHI-FIHI-RunningFooter-34_1) | 7 |
| [Notes to Financial Statements](#xx_00139392-9005-49c8-9a36-001cf40ec428_NTF-NTF-RunningFooter-34_1) | 13 |
| [Items 8-11 - Additional Information](#xx_00139392-9005-49c8-9a36-001cf40ec428_AI-AI-RunningFooter-34_1) | 20 |

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**Janus Henderson Global Allocation Fund – Moderate**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Investment Companies – 100.0% |  |  |
| Equity Funds – 49.1% |  |  |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares<sup>£</sup> <br>| 988663 | $11952940 |
| Janus Henderson Enterprise Fund - Class N Shares<sup>£</sup> <br>| 91515 | 13205570 |
| Janus Henderson European Focus Fund - Class N Shares<sup>£</sup> <br>| 237246 | 14391365 |
| Janus Henderson Growth and Income Fund - Class N Shares<sup>£</sup> <br>| 210252 | 15148640 |
| Janus Henderson Overseas Fund - Class N Shares<sup>£</sup> <br>| 406675 | 23225226 |
| Janus Henderson Research Fund - Class N Shares<sup>£</sup> <br>| 209909 | 18868755 |
| Janus Henderson Small-Mid Cap Value Fund - Class N Shares<sup>£</sup> <br>| 27603 | 413486 |
| Janus Henderson Triton Fund - Class N Shares<sup>£</sup> <br>| 3878 | 105781 |
| Janus Henderson U.S. Dividend Income Fund - Class N Shares<sup>£</sup> <br>| 361597 | 4747762 |
|  |  | 102059525 |
| Exchange-Traded Funds (ETFs) – 30.8% |  |  |
| iShares Core International Aggregate Bond | 411516 | 20579915 |
| iShares Russell 2000 Value | 43439 | 7871581 |
| Janus Henderson Emerging Markets Debt Hard Currency<sup>£</sup> <br>| 180792 | 9704011 |
| Janus Henderson Small Cap Growth Alpha<sup>£</sup> <br>| 2454 | 180526 |
| Vanguard FTSE Emerging Markets | 359255 | 19313549 |
| Vanguard Value | 33834 | 6461956 |
|  |  | 64111538 |
| Fixed Income Funds – 18.4% |  |  |
| Janus Henderson Developed World Bond Fund - Class N Shares<sup>£</sup> <br>| 2067400 | 16270434 |
| Janus Henderson Flexible Bond Fund - Class N Shares<sup>£</sup> <br>| 2257339 | 21241563 |
| Janus Henderson High-Yield Fund - Class N Shares<sup>£</sup> <br>| 87495 | 655334 |
| Janus Henderson Short Duration Flexible Bond Fund - Class N Shares<sup>£</sup> <br>| 53167 | 153652 |
|  |  | 38320983 |
| Money Markets – 1.7% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº,</sup><sup>£</sup> <br>| 3436777 | 3437808 |
| Total Investments (total cost $185,077,287) – 100.0% |  | 207929854 |
| Cash, Receivables and Other Assets, net of Liabilities – 0% |  | 58964 |
| Net Assets – 100% |  | $207988818 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

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**Janus Henderson Global Allocation Fund – Moderate**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*6/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*12/31/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>| *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| Investment Companies - 73.9% | Investment Companies - 73.9% | Investment Companies - 73.9% | Investment Companies - 73.9% | Investment Companies - 73.9% | Investment Companies - 73.9% | Investment Companies - 73.9% | Investment Companies - 73.9% | Investment Companies - 73.9% | Investment Companies - 73.9% |
| Equity Funds - 49.1% | Equity Funds - 49.1% | Equity Funds - 49.1% | Equity Funds - 49.1% | Equity Funds - 49.1% | Equity Funds - 49.1% | Equity Funds - 49.1% | Equity Funds - 49.1% | Equity Funds - 49.1% | Equity Funds - 49.1% |
| Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares | Janus Henderson Adaptive Risk Managed U.S. Equity Fund - Class N Shares |
|  | $11053179 | $1418499 | $(409697) | $58093 | $(167134) | $11952940 | 988663 | $177862 | $935424 |
| Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares | Janus Henderson Enterprise Fund - Class N Shares |
|  | 12768121 | 1257193 | (460234) | 19042 | (378552) | 13205570 | 91515 | 55901 | 859872 |
| Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares | Janus Henderson European Focus Fund - Class N Shares |
|  | 13197583 | 555757 | (482092) | 16138 | 1103979 | 14391365 | 237246 | 197682 | - |
| Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares | Janus Henderson Growth and Income Fund - Class N Shares |
|  | 13963257 | 2332670 | (518070) | 8659 | (637876) | 15148640 | 210252 | 53279 | 1894352 |
| Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares | Janus Henderson Overseas Fund - Class N Shares |
|  | 21078596 | 902210 | (777673) | 71188 | 1950905 | 23225226 | 406675 | 322532 | - |
| Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares | Janus Henderson Research Fund - Class N Shares |
|  | 17517819 | 2496159 | (656188) | 56650 | (545685) | 18868755 | 209909 | 15752 | 1994069 |
| Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares | Janus Henderson Small-Mid Cap Value Fund - Class N Shares |
|  | 379837 | 46991 | (14252) | 1006 | (96) | 413486 | 27603 | 2135 | 34160 |
| Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares | Janus Henderson Triton Fund - Class N Shares |
|  | 98132 | 13113 | (3524) | 278 | (2218) | 105781 | 3878 | 108 | 10255 |
| Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares | Janus Henderson U.S. Dividend Income Fund - Class N Shares |
|  | 4436664 | 246361 | (162752) | 22778 | 204711 | 4747762 | 361597 | 31217 | 94107 |
| Total Equity Funds - 49.1% | Total Equity Funds - 49.1% | Total Equity Funds - 49.1% | Total Equity Funds - 49.1% | Total Equity Funds - 49.1% | Total Equity Funds - 49.1% | Total Equity Funds - 49.1% | Total Equity Funds - 49.1% | Total Equity Funds - 49.1% | Total Equity Funds - 49.1% |
|  | $94493188 | $9268953 | $(3484482) | $253832 | $1528034 | $102059525 | 2537338 | $856468 | $5822239 |
| Exchange-Traded Funds (ETFs) - 4.7% | Exchange-Traded Funds (ETFs) - 4.7% | Exchange-Traded Funds (ETFs) - 4.7% | Exchange-Traded Funds (ETFs) - 4.7% | Exchange-Traded Funds (ETFs) - 4.7% | Exchange-Traded Funds (ETFs) - 4.7% | Exchange-Traded Funds (ETFs) - 4.7% | Exchange-Traded Funds (ETFs) - 4.7% | Exchange-Traded Funds (ETFs) - 4.7% | Exchange-Traded Funds (ETFs) - 4.7% |
| Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency |
|  | 9453182 | 251416 | (347447) | 395 | 346465 | 9704011 | 180792 | 362171 | - |
| Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha | Janus Henderson Small Cap Growth Alpha |
|  | 165657 | 5874 | (6032) | 686 | 14341 | 180526 | 2454 | 524 | - |
| Total Exchange-Traded Funds (ETFs) - 4.7% | Total Exchange-Traded Funds (ETFs) - 4.7% | Total Exchange-Traded Funds (ETFs) - 4.7% | Total Exchange-Traded Funds (ETFs) - 4.7% | Total Exchange-Traded Funds (ETFs) - 4.7% | Total Exchange-Traded Funds (ETFs) - 4.7% | Total Exchange-Traded Funds (ETFs) - 4.7% | Total Exchange-Traded Funds (ETFs) - 4.7% | Total Exchange-Traded Funds (ETFs) - 4.7% | Total Exchange-Traded Funds (ETFs) - 4.7% |
|  | $9618839 | $257290 | $(353479) | $1081 | $360806 | $9884537 | 183246 | $362695 | $- |
| Fixed Income Funds - 18.4% | Fixed Income Funds - 18.4% | Fixed Income Funds - 18.4% | Fixed Income Funds - 18.4% | Fixed Income Funds - 18.4% | Fixed Income Funds - 18.4% | Fixed Income Funds - 18.4% | Fixed Income Funds - 18.4% | Fixed Income Funds - 18.4% | Fixed Income Funds - 18.4% |
| Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares | Janus Henderson Developed World Bond Fund - Class N Shares |
|  | 15932621 | 722682 | (569738) | 18085 | 166784 | 16270434 | 2067400 | 298767 | - |
| Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares | Janus Henderson Flexible Bond Fund - Class N Shares |
|  | 20788073 | 1060898 | (742034) | (31262) | 165888 | 21241563 | 2257339 | 509242 | - |
| Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares | Janus Henderson High-Yield Fund - Class N Shares |
|  | 631141 | 38292 | (22690) | 378 | 8213 | 655334 | 87495 | 21388 | - |
| Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares | Janus Henderson Short Duration Flexible Bond Fund - Class N Shares |
|  | 150872 | 7601 | (5354) | 39 | 494 | 153652 | 53167 | 3605 | - |
| Total Fixed Income Funds - 18.4% | Total Fixed Income Funds - 18.4% | Total Fixed Income Funds - 18.4% | Total Fixed Income Funds - 18.4% | Total Fixed Income Funds - 18.4% | Total Fixed Income Funds - 18.4% | Total Fixed Income Funds - 18.4% | Total Fixed Income Funds - 18.4% | Total Fixed Income Funds - 18.4% | Total Fixed Income Funds - 18.4% |
|  | $37502707 | $1829473 | $(1339816) | $(12760) | $341379 | $38320983 | 4465401 | $833002 | $- |
| Money Markets - 1.7% | Money Markets - 1.7% | Money Markets - 1.7% | Money Markets - 1.7% | Money Markets - 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, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | 1832535 | 4395251 | (2790215) | 7 | 230 | 3437808 | 3436777 | 45954 | - |
| Total Affiliated Investments - 73.9% | Total Affiliated Investments - 73.9% | Total Affiliated Investments - 73.9% | Total Affiliated Investments - 73.9% | Total Affiliated Investments - 73.9% | Total Affiliated Investments - 73.9% | Total Affiliated Investments - 73.9% | Total Affiliated Investments - 73.9% | Total Affiliated Investments - 73.9% | Total Affiliated Investments - 73.9% |
|  | $143447269 | $15750967 | $(7967992) | $242160 | $2230449 | $153702853 | 10622762 | $2098119 | $5822239 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Moderate**

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

LLC Limited Liability Company

---

| |
|:---|
| Rate shown is the 7-day yield as of December 31, 2025. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|

---

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, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Investment Companies* |  |  |  |
| Equity Funds | $102059525 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Exchange-Traded Funds (ETFs) | 64111538 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Fixed Income Funds | 38320983 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Money Markets | - | &nbsp;&nbsp; 3437808 | &nbsp;&nbsp; - |
| **Total Assets** | $204492046 | &nbsp;&nbsp; $3437808 | &nbsp;&nbsp; $- |

---

Janus Investment Fund \| 3

------

**Janus Henderson Global Allocation Fund – Moderate**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $48,643,913) | $54227001 |
| Affiliated investments, at value (cost $136,433,374) | 153702853 |
| Cash | 303 |
| Trustees' deferred compensation | 6136 |
| Receivables: |  |
| Fund shares sold | 224483 |
| Dividends | 147589 |
| Investments sold | 93473 |
| Dividends from affiliates | 8675 |
| Other assets | 1185 |
| Total Assets | 208411698 |
| Liabilities: |  |
| Payables: |  |
| Investments purchased | 198547 |
| Fund shares repurchased | 123291 |
| Professional fees | 32063 |
| Transfer agent fees and expenses | 26846 |
| Trustees' deferred compensation fees | 6136 |
| Advisory fees | 5424 |
| 12b-1 Distribution and shareholder servicing fees | 2709 |
| Custodian fees | 1628 |
| Trustees' fees and expenses | 44 |
| Accrued expenses and other payables | 26192 |
| Total Liabilities | 422880 |
| Commitments and contingent liabilities (Note 2) |  |
| Net Assets | $207988818 |
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $180171522 |
| Total distributable earnings (loss) | 27817296 |
| Total Net Assets | $207988818 |
| Net Assets - Class A Shares | $10049067 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 755775 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $13.30 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $14.11 |
| Net Assets - Class C Shares | $770316 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 58880 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $13.08 |
| Net Assets - Class D Shares | $180448067 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 13461013 |
| Net Asset Value Per Share | $13.41 |
| Net Assets - Class I Shares | $3866195 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 288753 |
| Net Asset Value Per Share | $13.39 |
| Net Assets - Class S Shares | $156868 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 11722 |
| Net Asset Value Per Share | $13.38 |
| Net Assets - Class T Shares | $12698305 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 950390 |
| Net Asset Value Per Share | $13.36 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

4 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Moderate**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends from affiliates | $2098119 |
| Dividends | 1251386 |
| Other income | 485 |
| Total Investment Income | 3349990 |
| Expenses: |  |
| Advisory fees | 51249 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 12511 |
| Class C Shares | 2310 |
| Class S Shares | 208 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 95653 |
| Class S Shares | 208 |
| Class T Shares | 15404 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 2392 |
| Class C Shares | 188 |
| Class I Shares | 1655 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 295 |
| Class C Shares | 17 |
| Class D Shares | 12360 |
| Class I Shares | 71 |
| Class S Shares | 10 |
| Class T Shares | 95 |
| Registration fees | 48430 |
| Professional fees | 22800 |
| Shareholder reports expense | 12205 |
| Custodian fees | 5095 |
| Trustees' fees and expenses | 1858 |
| Other expenses | 7523 |
| Total Expenses | 292537 |
| Less: Excess Expense Reimbursement and Waivers | (28868) |
| Net Expenses | 263669 |
| Net Investment Income/(Loss) | 3086321 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 112811 |
| Investments in affiliates | 242160 |
| Capital gain distributions from underlying funds | 5822239 |
| Total Net Realized Gain/(Loss) on Investments | 6177210 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments and Trustees' deferred compensation | 2509731 |
| Investments in affiliates | 2230449 |
| Total Change in Unrealized Net Appreciation/Depreciation | 4740180 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $14003711 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Global Allocation Fund – Moderate**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*December 31, 2025* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*June 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $3086321 | &nbsp;&nbsp; $3632479 |
| Net realized gain/(loss) on investments | 6177210 | &nbsp;&nbsp; 8288022 |
| Change in unrealized net appreciation/depreciation | 4740180 | &nbsp;&nbsp; 9379393 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 14003711 | &nbsp;&nbsp; 21299894 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (549214) | &nbsp;&nbsp; (366950) |
| Class C Shares | (36291) | &nbsp;&nbsp; (16254) |
| Class D Shares | (10066432) | &nbsp;&nbsp; (6689659) |
| Class I Shares | (217487) | &nbsp;&nbsp; (136967) |
| Class S Shares | (8176) | &nbsp;&nbsp; (3236) |
| Class T Shares | (701942) | &nbsp;&nbsp; (468605) |
| Net Decrease from Dividends and Distributions to Shareholders | (11579542) | &nbsp;&nbsp; (7681671) |
| Capital Share Transactions: |  |  |
| Class A Shares | 620126 | &nbsp;&nbsp; (603649) |
| Class C Shares | 304166 | &nbsp;&nbsp; (191473) |
| Class D Shares | 7633875 | &nbsp;&nbsp; (5661548) |
| Class I Shares | 491256 | &nbsp;&nbsp; (333698) |
| Class S Shares | (20059) | &nbsp;&nbsp; (392280) |
| Class T Shares | 1014330 | &nbsp;&nbsp; (771105) |
| Net Increase/(Decrease) from Capital Share Transactions | 10043694 | &nbsp;&nbsp; (7953753) |
| Net Increase/(Decrease) in Net Assets | 12467863 | &nbsp;&nbsp; 5664470 |
| Net Assets: |  |  |
| Beginning of period | 195520955 | &nbsp;&nbsp; 189856485 |
| End of period | $207988818 | &nbsp;&nbsp; $195520955 |

---

See Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Moderate**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $13.13 | &nbsp;&nbsp; $12.24 | &nbsp;&nbsp; $11.28 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $14.88 | &nbsp;&nbsp; $12.29 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain/(loss) | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp; (2.77) | &nbsp;&nbsp;&nbsp;&nbsp;2.98 |
| Total from Investment Operations | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp; (2.34) | &nbsp;&nbsp;&nbsp;&nbsp;3.20 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.23) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.22) |
| Distributions (from capital gains) | (0.54) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.31) | &nbsp;&nbsp; (0.39) |
| Total Dividends and Distributions | (0.77) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (1.75) | &nbsp;&nbsp; (0.61) |
| Net Asset Value, End of Period | $13.30 | &nbsp;&nbsp; $13.13 | &nbsp;&nbsp; $12.24 | &nbsp;&nbsp; $11.28 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $14.88 |
| Total Return<sup>\*</sup> <br>| 7.11% | &nbsp;&nbsp; 11.69% | &nbsp;&nbsp; 9.98% | &nbsp;&nbsp; 7.37% | &nbsp;&nbsp; (17.84)% | &nbsp;&nbsp; 26.39% |
| Net Assets, End of Period (in thousands) | $10049 | &nbsp;&nbsp; $9301 | &nbsp;&nbsp; $9237 | &nbsp;&nbsp; $9441 | &nbsp;&nbsp; $11371 | &nbsp;&nbsp; $14023 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup> <br>| 0.44% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.43% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> <br>| 0.43% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.43% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> <br>| 2.86% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 2.11% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 3.21% | &nbsp;&nbsp; 1.56% |
| Portfolio Turnover Rate | 5% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 104% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Global Allocation Fund – Moderate**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.92 | &nbsp;&nbsp; $12.04 | &nbsp;&nbsp; $11.10 | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $14.66 | &nbsp;&nbsp; $12.11 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain/(loss) | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp; (2.72) | &nbsp;&nbsp;&nbsp;&nbsp;2.88 |
| Total from Investment Operations | 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp; (2.40) | &nbsp;&nbsp;&nbsp;&nbsp;3.04 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.17) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.10) |
| Distributions (from capital gains) | (0.54) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.31) | &nbsp;&nbsp; (0.39) |
| Total Dividends and Distributions | (0.71) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.62) | &nbsp;&nbsp; (0.49) |
| Net Asset Value, End of Period | $13.08 | &nbsp;&nbsp; $12.92 | &nbsp;&nbsp; $12.04 | &nbsp;&nbsp; $11.10 | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $14.66 |
| Total Return<sup>\*</sup> <br>| 6.71% | &nbsp;&nbsp; 10.77% | &nbsp;&nbsp; 9.15% | &nbsp;&nbsp; 6.61% | &nbsp;&nbsp; (18.40)% | &nbsp;&nbsp; 25.39% |
| Net Assets, End of Period (in thousands) | $770 | &nbsp;&nbsp; $474 | &nbsp;&nbsp; $629 | &nbsp;&nbsp; $789 | &nbsp;&nbsp; $1387 | &nbsp;&nbsp; $2854 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup> <br>| 1.20% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.12% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> <br>| 1.18% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.11% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> <br>| 2.14% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 1.17% |
| Portfolio Turnover Rate | 5% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 104% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Moderate**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June <br> 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $13.24 | &nbsp;&nbsp; $12.34 | &nbsp;&nbsp; $11.37 | &nbsp;&nbsp; $10.88 | &nbsp;&nbsp; $14.99 | &nbsp;&nbsp; $12.38 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain/(loss) | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp; (2.79) | &nbsp;&nbsp;&nbsp;&nbsp;2.98 |
| Total from Investment Operations | 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp; (2.34) | &nbsp;&nbsp;&nbsp;&nbsp;3.24 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.25) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.24) |
| Distributions (from capital gains) | (0.54) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.31) | &nbsp;&nbsp; (0.39) |
| Total Dividends and Distributions | (0.79) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.77) | &nbsp;&nbsp; (0.63) |
| Net Asset Value, End of Period | $13.41 | &nbsp;&nbsp; $13.24 | &nbsp;&nbsp; $12.34 | &nbsp;&nbsp; $11.37 | &nbsp;&nbsp; $10.88 | &nbsp;&nbsp; $14.99 |
| Total Return<sup>\*</sup> <br>| 7.24% | &nbsp;&nbsp; 11.88% | &nbsp;&nbsp; 10.19% | &nbsp;&nbsp; 7.59% | &nbsp;&nbsp; (17.71)% | &nbsp;&nbsp; 26.53% |
| Net Assets, End of Period (in thousands) | $180448 | &nbsp;&nbsp; $170676 | &nbsp;&nbsp; $164482 | &nbsp;&nbsp; $164312 | &nbsp;&nbsp; $164692 | &nbsp;&nbsp; $213724 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup> <br>| 0.27% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.27% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<sup>(2)</sup> <br>| 0.24% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.25% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> <br>| 3.04% | &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 2.30% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 3.35% | &nbsp;&nbsp; 1.84% |
| Portfolio Turnover Rate | 5% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 104% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Global Allocation Fund – Moderate**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $13.23 | &nbsp;&nbsp; $12.33 | &nbsp;&nbsp; $11.36 | &nbsp;&nbsp; $10.86 | &nbsp;&nbsp; $14.98 | &nbsp;&nbsp; $12.37 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain/(loss) | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp; (2.86) | &nbsp;&nbsp;&nbsp;&nbsp;3.00 |
| Total from Investment Operations | 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp; (2.33) | &nbsp;&nbsp;&nbsp;&nbsp;3.25 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.26) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.25) |
| Distributions (from capital gains) | (0.54) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.31) | &nbsp;&nbsp; (0.39) |
| Total Dividends and Distributions | (0.80) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (0.64) |
| Net Asset Value, End of Period | $13.39 | &nbsp;&nbsp; $13.23 | &nbsp;&nbsp; $12.33 | &nbsp;&nbsp; $11.36 | &nbsp;&nbsp; $10.86 | &nbsp;&nbsp; $14.98 |
| Total Return<sup>\*</sup> <br>| 7.19% | &nbsp;&nbsp; 11.92% | &nbsp;&nbsp; 10.21% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; (17.72)% | &nbsp;&nbsp; 26.62% |
| Net Assets, End of Period (in thousands) | $3866 | &nbsp;&nbsp; $3347 | &nbsp;&nbsp; $3447 | &nbsp;&nbsp; $3930 | &nbsp;&nbsp; $4528 | &nbsp;&nbsp; $6744 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup> <br>| 0.23% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.21% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> <br>| 0.22% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.21% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> <br>| 3.19% | &nbsp;&nbsp; 1.95% | &nbsp;&nbsp; 2.30% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 3.87% | &nbsp;&nbsp; 1.81% |
| Portfolio Turnover Rate | 5% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 104% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

10 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Moderate**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $13.20 | &nbsp;&nbsp; $12.13 | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $14.75 | &nbsp;&nbsp; $12.19 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain/(loss) | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp;&nbsp;&nbsp;2.93 |
| Total from Investment Operations | 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp; (2.34) | &nbsp;&nbsp;&nbsp;&nbsp;3.14 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.20) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.19) |
| Distributions (from capital gains) | (0.54) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.31) | &nbsp;&nbsp; (0.39) |
| Total Dividends and Distributions | (0.74) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (1.72) | &nbsp;&nbsp; (0.58) |
| Net Asset Value, End of Period | $13.38 | &nbsp;&nbsp; $13.20 | &nbsp;&nbsp; $12.13 | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $14.75 |
| Total Return<sup>\*</sup> <br>| 6.95% | &nbsp;&nbsp; 11.38% | &nbsp;&nbsp; 9.80% | &nbsp;&nbsp; 7.11% | &nbsp;&nbsp; (17.97)% | &nbsp;&nbsp; 26.03% |
| Net Assets, End of Period (in thousands) | $157 | &nbsp;&nbsp; $174 | &nbsp;&nbsp; $539 | &nbsp;&nbsp; $443 | &nbsp;&nbsp; $1066 | &nbsp;&nbsp; $1385 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup> <br>| 0.65% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> <br>| 0.64% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> <br>| 2.53% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 3.03% | &nbsp;&nbsp; 1.51% |
| Portfolio Turnover Rate | 5% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 104% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Global Allocation Fund – Moderate**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $13.19 | &nbsp;&nbsp; $12.30 | &nbsp;&nbsp; $11.33 | &nbsp;&nbsp; $10.84 | &nbsp;&nbsp; $14.94 | &nbsp;&nbsp; $12.34 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain/(loss) | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp;&nbsp;&nbsp;2.98 |
| Total from Investment Operations | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp; (2.34) | &nbsp;&nbsp;&nbsp;&nbsp;3.22 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.24) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.23) |
| Distributions (from capital gains) | (0.54) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.31) | &nbsp;&nbsp; (0.39) |
| Total Dividends and Distributions | (0.78) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp; (0.62) |
| Net Asset Value, End of Period | $13.36 | &nbsp;&nbsp; $13.19 | &nbsp;&nbsp; $12.30 | &nbsp;&nbsp; $11.33 | &nbsp;&nbsp; $10.84 | &nbsp;&nbsp; $14.94 |
| Total Return<sup>\*</sup> <br>| 7.18% | &nbsp;&nbsp; 11.74% | &nbsp;&nbsp; 10.13% | &nbsp;&nbsp; 7.51% | &nbsp;&nbsp; (17.77)% | &nbsp;&nbsp; 26.43% |
| Net Assets, End of Period (in thousands) | $12698 | &nbsp;&nbsp; $11550 | &nbsp;&nbsp; $11522 | &nbsp;&nbsp; $11213 | &nbsp;&nbsp; $13148 | &nbsp;&nbsp; $16849 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses<sup>(2)</sup> <br>| 0.39% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.37% |
| Ratio of Net Expenses (After Waivers and Expense Offsets)<sup>(2)</sup> <br>| 0.33% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.32% |
| Ratio of Net Investment Income/(Loss)<sup>(2)</sup> <br>| 2.98% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 2.17% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 3.27% | &nbsp;&nbsp; 1.76% |
| Portfolio Turnover Rate | 5% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 104% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Ratios do not include indirect expenses of the underlying funds and/or investment companies in which the Fund invests.

See Notes to Financial Statements.

12 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Moderate**

**Notes to Financial Statements (unaudited)**

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

**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 mutual funds and exchange-traded funds ("ETFs") (the "underlying funds"). The Trust offers 34 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. 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 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 Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for

Janus Investment Fund \| 13

------

**Janus Henderson Global Allocation Fund – Moderate**

**Notes to Financial Statements (unaudited)**

the period ended December 31, 2025. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

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: 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 underlying funds' prospectuses.

**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 period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments 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. Any distributions from the underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. 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

14 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Moderate**

**Notes to Financial Statements (unaudited)**

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.

**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.

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

Janus Investment Fund \| 15

------

**Janus Henderson Global Allocation Fund – Moderate**

**Notes to Financial Statements (unaudited)**

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 waiver for at least a one-year period commencing on October 28, 2025. 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 $225,317 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2025. 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 0.11%.

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,

16 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Moderate**

**Notes to Financial Statements (unaudited)**

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, 2025, the Distributor

retained upfront sales charges of $751.

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,

2025. 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, 2025, redeeming shareholders of Class C

Shares paid CDSCs of $16.

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, 2025 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, 2025 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. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the period ended December 31, 2025.

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 at least 80% of

Janus Investment Fund \| 17

------

**Janus Henderson Global Allocation Fund – Moderate**

**Notes to Financial Statements (unaudited)**

its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government 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). 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, 2025 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, 2025 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* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $186421159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21915078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(406383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21508695 |

---

18 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Moderate**

**Notes to Financial Statements (unaudited)**

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

**4. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2025* | *Period ended December 31, 2025* | *Year ended June 30, 2025* | *Year ended June 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 57122 | &nbsp;&nbsp; $762721 | &nbsp;&nbsp; 43108 | &nbsp;&nbsp; $536417 |
| Reinvested dividends and distributions | 41096 | &nbsp;&nbsp; 548636 | &nbsp;&nbsp; 29699 | &nbsp;&nbsp; 362025 |
| Shares repurchased | (50932) | &nbsp;&nbsp; (691231) | &nbsp;&nbsp; (118755) | &nbsp;&nbsp; (1502091) |
| Net Increase/(Decrease) | 47286 | &nbsp;&nbsp; $620126 | &nbsp;&nbsp; (45948) | &nbsp;&nbsp; $(603649) |
| Class C Shares: |  |  |  |  |
| Shares sold | 24715 | &nbsp;&nbsp; $337186 | &nbsp;&nbsp; 1234 | &nbsp;&nbsp; $15106 |
| Reinvested dividends and distributions | 2762 | &nbsp;&nbsp; 36291 | &nbsp;&nbsp; 1317 | &nbsp;&nbsp; 15866 |
| Shares repurchased | (5270) | &nbsp;&nbsp; (69311) | &nbsp;&nbsp; (18137) | &nbsp;&nbsp; (222445) |
| Net Increase/(Decrease) | 22207 | &nbsp;&nbsp; $304166 | &nbsp;&nbsp; (15586) | &nbsp;&nbsp; $(191473) |
| Class D Shares: |  |  |  |  |
| Shares sold | 617432 | &nbsp;&nbsp; $8537710 | &nbsp;&nbsp; 914610 | &nbsp;&nbsp; $11577609 |
| Reinvested dividends and distributions | 732958 | &nbsp;&nbsp; 9865609 | &nbsp;&nbsp; 533302 | &nbsp;&nbsp; 6554278 |
| Shares repurchased | (780028) | &nbsp;&nbsp; (10769444) | &nbsp;&nbsp; (1882479) | &nbsp;&nbsp; (23793435) |
| Net Increase/(Decrease) | 570362 | &nbsp;&nbsp; $7633875 | &nbsp;&nbsp; (434567) | &nbsp;&nbsp; $(5661548) |
| Class I Shares: |  |  |  |  |
| Shares sold | 37455 | &nbsp;&nbsp; $519016 | &nbsp;&nbsp; 45009 | &nbsp;&nbsp; $573551 |
| Reinvested dividends and distributions | 16182 | &nbsp;&nbsp; 217487 | &nbsp;&nbsp; 11163 | &nbsp;&nbsp; 136967 |
| Shares repurchased | (17876) | &nbsp;&nbsp; (245247) | &nbsp;&nbsp; (82623) | &nbsp;&nbsp; (1044216) |
| Net Increase/(Decrease) | 35761 | &nbsp;&nbsp; $491256 | &nbsp;&nbsp; (26451) | &nbsp;&nbsp; $(333698) |
| Class S Shares: |  |  |  |  |
| Shares sold | 1015 | &nbsp;&nbsp; $13868 | &nbsp;&nbsp; 3646 | &nbsp;&nbsp; $45348 |
| Reinvested dividends and distributions | 608 | &nbsp;&nbsp; 8176 | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 3236 |
| Shares repurchased | (3050) | &nbsp;&nbsp; (42103) | &nbsp;&nbsp; (35184) | &nbsp;&nbsp; (440864) |
| Net Increase/(Decrease) | (1427) | &nbsp;&nbsp; $(20059) | &nbsp;&nbsp; (31274) | &nbsp;&nbsp; $(392280) |
| Class T Shares: |  |  |  |  |
| Shares sold | 173816 | &nbsp;&nbsp; $2386143 | &nbsp;&nbsp; 374551 | &nbsp;&nbsp; $4763471 |
| Reinvested dividends and distributions | 52138 | &nbsp;&nbsp; 699695 | &nbsp;&nbsp; 38119 | &nbsp;&nbsp; 466961 |
| Shares repurchased | (150883) | &nbsp;&nbsp; (2071508) | &nbsp;&nbsp; (474013) | &nbsp;&nbsp; (6001537) |
| Net Increase/(Decrease) | 75071 | &nbsp;&nbsp; $1014330 | &nbsp;&nbsp; (61343) | &nbsp;&nbsp; $(771105) |

---

**5. Purchases and Sales of Investment Securities**

For the period ended December 31, 2025, 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*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $17153155 | &nbsp;&nbsp;&nbsp;&nbsp; $9930561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**6. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client consents, and

approval by Janus Henderson's shareholders. Management is assessing the impact to the funds.

**7. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 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.

Janus Investment Fund \| 19

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**Janus Henderson Global Allocation Fund – Moderate**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the 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 analyses 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 5, 2025 and December 9-10, 2025, 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 over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's 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, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. 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

20 \| December 31, 2025

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**Janus Henderson Global Allocation Fund – Moderate**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment 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 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. Additionally, 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 and retain 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 at 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, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 21

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**Janus Henderson Global Allocation Fund – Moderate**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, 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.

22 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Moderate**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 23

------

**Janus Henderson Global Allocation Fund – Moderate**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

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.

24 \| December 31, 2025

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**Janus Henderson Global Allocation Fund – Moderate**

**Additional Information (unaudited)**

***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 identified by Broadridge using Morningstar category schema. 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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% 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 or service 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 considering performance trends, performance histories, recent fee reductions, investment structure changes, 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 institutional/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 institutional/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 the Adviser's explanation 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 the independent fee consultant's 2024 report 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 similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable 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) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 25

------

**Janus Henderson Global Allocation Fund – Moderate**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, 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 has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

26 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Moderate**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market 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 reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian 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 had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 27

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**Janus Henderson Global Allocation Fund – Moderate**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, 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.

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 receives 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 and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, 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. As part of their overall review of fund profitability, 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 fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

28 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Moderate**

**Additional Information (unaudited)**

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 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, 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; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) 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 (3) by setting lower fixed fees from the start on the Flat-Rate Fee 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.

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 Janus Henderson 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.

Based on all of the information reviewed, including the recent and past research and analyses 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 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 other 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 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 such Janus Henderson Funds. 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

Janus Investment Fund \| 29

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**Janus Henderson Global Allocation Fund – Moderate**

**Additional Information (unaudited)**

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.

30 \| December 31, 2025

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**Janus Henderson Global Allocation Fund – Moderate**

**Notes**

Janus Investment Fund \| 31

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**Janus Henderson Global Allocation Fund – Moderate**

**Notes**

32 \| December 31, 2025

------

**Janus Henderson Global Allocation Fund – Moderate**

**Notes**

Janus Investment Fund \| 33

------

![](imgce34b5b82.gif)

*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

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93022 02-26

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SEMIANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson Government Money Market Fund**

Janus Investment Fund

![](img9b005e3e1.gif)

------

**Table of Contents**

**Janus Henderson Government Money Market Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_271d4859-0b11-40a4-8bc4-b9b69844e779_SOI-SOI-RunningFooter-31_1)<br> [Management Investment Companies](#xx_271d4859-0b11-40a4-8bc4-b9b69844e779_SOI-SOI-RunningFooter-31_1)<br>|  |
| [Schedule of Investments](#xx_271d4859-0b11-40a4-8bc4-b9b69844e779_SOI-SOI-RunningFooter-31_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_271d4859-0b11-40a4-8bc4-b9b69844e779_SOI-SOI-RunningFooter-31_4) | 4 |
| [Statement of Assets and Liabilities](#xx_271d4859-0b11-40a4-8bc4-b9b69844e779_SAL-SAL-RunningFooter-31_1) | 5 |
| [Statement of Operations](#xx_271d4859-0b11-40a4-8bc4-b9b69844e779_SOP-SOP-RunningFooter-31_1) | 6 |
| [Statements of Changes in Net Assets](#xx_271d4859-0b11-40a4-8bc4-b9b69844e779_SOC-SOC-RunningFooter-31_1) | 7 |
| [Financial Highlights](#xx_271d4859-0b11-40a4-8bc4-b9b69844e779_FIHI-FIHI-RunningFooter-31_1) | 8 |
| [Notes to Financial Statements](#xx_271d4859-0b11-40a4-8bc4-b9b69844e779_NTF-NTF-RunningFooter-31_1) | 12 |
| [Items 8-11 - Additional Information](#xx_271d4859-0b11-40a4-8bc4-b9b69844e779_AI-AI-RunningFooter-31_1) | 18 |

---

------

**Janus Henderson Government Money Market Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Principal Amounts* | *Value* |
| U.S. Government Agency Notes – 36.3% |  |  |
| Fannie Mae Discount Notes: |  |  |
| 3.7950%, 1/6/26 | $5000000 | $4997885 |
| Federal Farm Credit Banks Funding Corp: |  |  |
| SOFR, 3.7100%, 3/19/26<sup>‡</sup> <br>| 5000000 | 5000000 |
| Federal Home Loan Bank Discount Notes: |  |  |
| 3.8940%, 1/7/26 | 5000000 | 4997302 |
| 3.8470%, 1/9/26 | 5000000 | 4996269 |
| 3.8300%, 1/12/26 | 5000000 | 4994654 |
| 3.8430%, 1/14/26 | 5000000 | 4993612 |
| 3.8500%, 1/16/26 | 5000000 | 4992467 |
| 3.8400%, 1/23/26 | 5000000 | 4989015 |
| 3.8000%, 1/28/26 | 5000000 | 4986231 |
| 3.8000%, 1/30/26 | 5000000 | 4985274 |
| 3.8100%, 2/4/26 | 5000000 | 4982603 |
| 3.8000%, 2/11/26 | 5000000 | 4978838 |
| 3.8000%, 2/13/26 | 5000000 | 4978017 |
| 3.7550%, 2/18/26 | 5000000 | 4975055 |
| 3.7450%, 2/20/26 | 5000000 | 4974632 |
| 3.7880%, 2/27/26 | 5000000 | 4970685 |
| 3.8980%, 3/4/26 | 5000000 | 4966938 |
| 3.6300%, 3/6/26 | 5000000 | 4967752 |
| 3.5750%, 3/13/26 | 6000000 | 5958248 |
| 3.7550%, 3/18/26 | 5000000 | 4960795 |
| 3.7600%, 3/20/26 | 5000000 | 4960035 |
| 3.7280%, 4/1/26 | 5000000 | 4953694 |
| 3.5400%, 4/20/26 | 6000000 | 5936214 |
| 3.7180%, 5/1/26 | 5000000 | 4938683 |
| 3.5300%, 5/7/26 | 5000000 | 4937857 |
| 3.5140%, 6/17/26 | 5000000 | 4919359 |
| Federal Home Loan Banks: |  |  |
| SOFR, 3.8615%, 1/21/26<sup>‡</sup> <br>| 5000000 | 5000000 |
| SOFR - 1.0000%, 3.8575%, 2/17/26<sup>‡</sup> <br>| 5000000 | 5000000 |
| SOFR , 3.8753%, 4/13/26<sup>‡</sup> <br>| 5000000 | 5000000 |
| SOFR + 0.5000%, 3.8831%, 5/5/26<sup>‡</sup> <br>| 5000000 | 5000000 |
| SOFR + 1.5000%, 3.8920%, 6/18/26<sup>‡</sup> <br>| 5000000 | 5000000 |
| Freddie Mac Discount Notes: |  |  |
| 3.9850%, 1/5/26 | 5000000 | 4998328 |
| 3.9400%, 1/15/26 | 5000000 | 4992839 |
| 3.7300%, 3/2/26 | 5000000 | 4969384 |
| Total U.S. Government Agency Notes (cost $171,252,665) |  | 171252665 |
| U.S. Treasury Debt – 14.7% |  |  |
| United States Treasury Bill, 3.9652%, 1/2/26 | 5000000 | 5000000 |
| United States Treasury Bill, 3.8450%, 1/13/26 | 5000000 | 4994092 |
| United States Treasury Bill, 3.7870%, 2/5/26 | 5000000 | 4982061 |
| United States Treasury Bill, 3.8004%, 2/10/26 | 5000000 | 4979330 |
| United States Treasury Bill, 3.7120%, 2/24/26 | 5000000 | 4972813 |
| United States Treasury Bill, 3.7583%, 3/10/26 | 5000000 | 4964933 |
| United States Treasury Bill, 3.7115%, 3/12/26 | 5000000 | 4964453 |
| United States Treasury Bill, 3.7025%, 4/2/26 | 5000000 | 4953778 |
| United States Treasury Bill, 3.5222%, 4/7/26 | 5000000 | 4953492 |
| United States Treasury Bill, 3.6913%, 4/9/26 | 5000000 | 4950538 |
| United States Treasury Bill, 3.5260%, 4/14/26 | 5000000 | 4950007 |
| United States Treasury Bill, 3.5370%, 4/21/26 | 5000000 | 4946871 |
| United States Treasury Bill, 3.5475%, 4/28/26 | 5000000 | 4943311 |
| United States Treasury Bill, 3.5840%, 5/21/26 | 5000000 | 4930705 |
| Total U.S. Treasury Debt (cost $69,486,384) |  | 69486384 |
| Variable Rate Demand Notes<sup>¶</sup> – 12.6% |  |  |
| 6213 Montezuma LLC (LOC: FHLB of San Francisco), 3.8000%, 2/1/62 | 2200000 | 2200000 |
| Alberta Street Development LLC (LOC: FHLB of San Francisco), 3.8000%, <br> 3/1/61<br>| 2000000 | 2000000 |
| Bakke Issuing Trust (LOC: FHLB of Atlanta), 3.8000%, 12/2/75 | 6550000 | 6550000 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

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**Janus Henderson Government Money Market Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Principal Amounts* | *Value* |
| Variable Rate Demand Notes<sup>¶</sup> – (continued) |  |  |
| Cypress Bend Real Estate Development Co LLC (LOC: FHLB of Dallas), <br> 3.9000%, 4/1/33<br>| $9000000 | $9000000 |
| East Town Crossing LLC (LOC: FHLB of Des Moines), 3.8000%, 1/2/65 | 4800000 | 4800000 |
| ICG-Stream Polk Ave LLC (LOC: FHLB of San Francisco), 3.8000%, 9/4/63 | 6500000 | 6500000 |
| Irvine Inn Apartments LP (LOC: FHLB of San Francisco), 3.8000%, 2/2/60 | 4000000 | 4000000 |
| Johnson Capital Management LLC (LOC: FHLB of Indianapolis), 3.9600%, <br> 6/3/47<br>| 2025000 | 2025000 |
| LML Trust (LOC: FHLB of Dallas), 3.9000%, 2/1/41 | 4500000 | 4500000 |
| Lodi LV Loca LP (LOC: FHLB of San Francisco), 3.8000%, 8/1/59 | 3000000 | 3000000 |
| Rieber Life Insurance Trust/The (LOC: FHLB of Dallas), 3.9000%, 5/1/42 | 4000000 | 4000000 |
| SIL Irrevocable Trust (LOC: FHLB of Dallas), 3.9000%, 6/1/43 | 6150000 | 6150000 |
| Ventana Housing LP (LOC: FHLB of San Francisco), 3.8000%, 6/1/60 | 5000000 | 5000000 |
| Total Variable Rate Demand Notes (cost $59,725,000) |  | 59725000 |
| Repurchase Agreements<sup>ë</sup> – 36.3% |  |  |
| Credit Agricole, New York, 3.7300%, dated 12/31/25, maturing 1/2/26 to be <br> repurchased at $5,001,036 collateralized by $4,928,900 in U.S. Treasuries <br> 4.2500%, 1/15/28 with a value of $5,100,020<br>| 5000000 | 5000000 |
| Goldman Sachs & Co, Joint repurchase agreement, 3.6900%, dated 12/31/25, <br> maturing 1/2/26 to be repurchased at $45,009,225 collateralized by <br> $45,849,715 in U.S. Government Agencies 3.5000% - 6.5000%, 8/16/34 - <br> 12/20/55 with a value of $45,900,000<br>| 45000000 | 45000000 |
| HSBC Securities (USA) Inc, Joint repurchase agreement, 3.7600%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $15,003,133 collateralized <br> by $19,802,579 in U.S. Treasuries 0% - 1.2500%, 10/15/26 - 11/15/53 with <br> a value of $15,300,000<br>| 15000000 | 15000000 |
| ING Financial Markets LLC, Joint repurchase agreement, 3.7800%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $10,002,100 collateralized <br> by $10,413,710 in U.S. Treasuries 1.1250% - 4.6250%, 1/15/26 - 2/15/55 <br> with a value of $10,202,150<br>| 10000000 | 10000000 |
| ING Financial Markets LLC, Joint repurchase agreement, 3.7900%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $15,003,158 collateralized <br> by $15,184,698 in U.S. Government Agencies 3.0000% - 7.0000%, 9/1/32 - <br> 9/1/55 with a value of $15,303,222<br>| 15000000 | 15000000 |
| Royal Bank of Canada, NY Branch, Joint repurchase agreement, 3.6800%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $5,001,022 collateralized by <br> $5,042,215 in U.S. Treasuries 2.7500% - 6.3750%, 4/30/27 - 8/15/33 with a <br> value of $5,101,046<br>| 5000000 | 5000000 |
| Royal Bank of Canada, NY Branch, Joint repurchase agreement, 3.7100%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $41,308,512 collateralized <br> by $41,715,974 in U.S. Treasuries 1.6250% - 4.6250%, 4/30/27 - 11/15/50 <br> with a value of $42,134,683<br>| 41300000 | 41300000 |
| Wells Fargo Securities LLC, Joint repurchase agreement, 3.8300%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $35,007,447 collateralized <br> by $35,280,978 in U.S. Government Agencies 2.0000% - 6.5000%, 6/1/27 - <br> 1/1/56 with a value of $35,707,596<br>| 35000000 | 35000000 |
| Total Repurchase Agreements (cost $171,300,000) |  | 171300000 |
| Total Investments (total cost $471,764,049) – 99.9% |  | 471764049 |
| Cash, Receivables and Other Assets, net of Liabilities – 0.1% |  | 343435 |
| Net Assets – 100% |  | $472107484 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

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**Janus Henderson Government Money Market Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Assets*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| Credit Agricole, New York | $5000000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5000000) | &nbsp;&nbsp; $— |
| Goldman Sachs & Co | 45000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (45000000) | &nbsp;&nbsp; — |
| HSBC Securities (USA) Inc | 15000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (15000000) | &nbsp;&nbsp; — |
| ING Financial Markets LLC | 25000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (25000000) | &nbsp;&nbsp; — |
| Royal Bank of Canada, NY Branch | 46300000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (46300000) | &nbsp;&nbsp; — |
| Wells Fargo Securities LLC | 35000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (35000000) | &nbsp;&nbsp; — |
| Total | $171300000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(171300000) | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

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**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 |
| SOFR | Secured Overnight Financing Rate |

---

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.

---

| |
|:---|
| &nbsp;&nbsp; Variable or floating rate security. Rate shown is the current rate as of December 31, 2025. Certain variable rate securities are not based on <br> a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as <br> of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.<br>|
| &nbsp;&nbsp; Variable rate demand notes are not based on a published reference rate and spread; they are determined by the issuer or remarketing <br> agent and current market conditions. The reference rate in the security description is as of December 31, 2025.<br>|
| 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, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *U.S. Government Agency Notes* | $- | &nbsp;&nbsp; $171252665 | &nbsp;&nbsp; $- |
| *U.S. Treasury Debt* | - | &nbsp;&nbsp; 69486384 | &nbsp;&nbsp; - |
| *Variable Rate Demand Notes* | - | &nbsp;&nbsp; 59725000 | &nbsp;&nbsp; - |
| *Repurchase Agreements* | - | &nbsp;&nbsp; 171300000 | &nbsp;&nbsp; - |
| **Total Assets** | $- | &nbsp;&nbsp; $471764049 | &nbsp;&nbsp; $- |

---

4 \| December 31, 2025

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**Janus Henderson Government Money Market Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Investments, at value (cost $300,464,049) | $300464049 |
| Repurchase agreements, at value (cost $171,300,000) | 171300000 |
| Cash | 117315 |
| Trustees' deferred compensation | 13894 |
| Receivables: |  |
| Fund shares sold | 510761 |
| Interest | 362066 |
| Other assets | 19 |
| Total Assets | 472768104 |
| Liabilities: |  |
| Payables: |  |
| Fund shares repurchased | 470831 |
| Administration services fees | 79073 |
| Advisory fees | 45466 |
| Professional fees | 34110 |
| Dividends | 17197 |
| Trustees' deferred compensation fees | 13894 |
| Trustees' fees and expenses | 49 |
| Total Liabilities | 660620 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $472107484 |
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $472110528 |
| Total distributable earnings (loss) | (3044) |
| Total Net Assets | $472107484 |
| Net Assets - American Cancer Society Support – Class D Shares | $417362558 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 417369701 |
| Net Asset Value Per Share | $1.00 |
| Net Assets - American Cancer Society Support - Class I Shares | $40205002 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 40205002 |
| Net Asset Value Per Share | $1.00 |
| Net Assets - American Cancer Society Support - Class N Shares | $8509021 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 8509019 |
| Net Asset Value Per Share | $1.00 |
| Net Assets - American Cancer Society Support – Class T Shares | $6030903 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 6031142 |
| Net Asset Value Per Share | $1.00 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 5

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**Janus Henderson Government Money Market Fund**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Interest | $9125699 |
| Other income | 1038 |
| Total Investment Income | 9126737 |
| Expenses: |  |
| Advisory fees | 439849 |
| Administration services fees: |  |
| American Cancer Society Support – Class D Shares | 419130 |
| American Cancer Society Support - Class I Shares | 7420 |
| American Cancer Society Support - Class N Shares | 589 |
| American Cancer Society Support – Class T Shares | 9216 |
| Professional fees | 24950 |
| Trustees' fees and expenses | 3944 |
| Total Expenses | 905098 |
| Less: Excess Expense Reimbursement and Waivers | (184257) |
| Net Expenses | 720841 |
| Net Investment Income/(Loss) | 8405896 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $8405896 |

---

See Notes to Financial Statements.

6 \| December 31, 2025

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**Janus Henderson Government Money Market Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*December 31, 2025* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*June 30, 2025*<sup>(1)</sup><sup>,</sup><sup>(2)</sup> <br>|
| Operations: |  |  |
| Net investment income/(loss) | $8405896 | &nbsp;&nbsp; $17498469 |
| Net realized gain/(loss) on investments | - | &nbsp;&nbsp; 38 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 8405896 | &nbsp;&nbsp; 17498507 |
| Dividends and Distributions to Shareholders: |  |  |
| American Cancer Society Support – Class D Shares | (8016910) | &nbsp;&nbsp; (17169352) |
| American Cancer Society Support - Class I Shares | (152729) | &nbsp;&nbsp;&nbsp;&nbsp;(257) |
| American Cancer Society Support - Class N Shares | (114422) | &nbsp;&nbsp; (57758) |
| American Cancer Society Support – Class T Shares | (121833) | &nbsp;&nbsp; (270940) |
| Net Decrease from Dividends and Distributions to Shareholders | (8405894) | &nbsp;&nbsp; (17498307) |
| Capital Share Transactions: |  |  |
| American Cancer Society Support – Class D Shares | (636521) | &nbsp;&nbsp; 34417376 |
| American Cancer Society Support - Class I Shares | 40157982 | &nbsp;&nbsp; 47021 |
| American Cancer Society Support - Class N Shares | 5002300 | &nbsp;&nbsp; 3506719 |
| American Cancer Society Support – Class T Shares | 299046 | &nbsp;&nbsp; (485250) |
| Net Increase/(Decrease) from Capital Share Transactions | 44822807 | &nbsp;&nbsp; 37485866 |
| Net Increase/(Decrease) in Net Assets | 44822809 | &nbsp;&nbsp; 37486066 |
| Net Assets: |  |  |
| Beginning of period | 427284675 | &nbsp;&nbsp; 389798609 |
| End of period | $472107484 | &nbsp;&nbsp; $427284675 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Period from December 9, 2024 (inception date) through June 30, 2025 for Class I shares.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Period from October 18, 2024 (inception date) through June 30, 2025 for Class N shares.

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Government Money Market Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| American Cancer Society Support – Class D <br> Shares<br>|  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — <br><sup>(2)</sup><br>|
| Net realized and unrealized gain/(loss)<sup>(2)</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.02) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — <br><sup>(2)</sup><br>|
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.02) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Asset Value, End of Period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total Return<sup>\*</sup> <br>| 1.96% | &nbsp;&nbsp; 4.36% | &nbsp;&nbsp; 4.88% | &nbsp;&nbsp; 3.27% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% |
| Net Assets, End of Period (in thousands) | $417363 | &nbsp;&nbsp; $417999 | &nbsp;&nbsp; $383582 | &nbsp;&nbsp; $383879 | &nbsp;&nbsp; $406908 | &nbsp;&nbsp; $343130 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.42% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.33% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.09% |
| Ratio of Net Investment Income/(Loss) | 3.85% | &nbsp;&nbsp; 4.27% | &nbsp;&nbsp; 4.77% | &nbsp;&nbsp; 3.20% | &nbsp;&nbsp; 0.00% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.00% <br><sup>(3)</sup><br>|

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(3) Less than 0.005%.

See Notes to Financial Statements.

8 \| December 31, 2025

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**Janus Henderson Government Money Market Fund**

**Financial Highlights**

---

| | | |
|:---|:---|:---|
| American Cancer Society Support – Class I Shares |  |  |
| For a share outstanding during the period ended December 31, 2025 (unaudited) and the period ended June 30 | 2025 | 2025<sup>(1)</sup> <br>|
| Net Asset Value, Beginning of Period | $1.00 | &nbsp;&nbsp; $1.00 |
| Income/(Loss) from Investment Operations: |  |  |
| Net investment income/(loss)<sup>(2)</sup> <br>| 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain/(loss)<sup>(3)</sup> <br>|  | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Less Dividends and Distributions: |  |  |
| Dividends (from net investment income) | (0.02) | &nbsp;&nbsp; (0.02) |
| Total Dividends and Distributions | (0.02) | &nbsp;&nbsp; (0.02) |
| Net Asset Value, End of Period | $1.00 | &nbsp;&nbsp; $1.00 |
| Total Return<sup>\*</sup> <br>| 2.02% | &nbsp;&nbsp; 2.35% |
| Net Assets, End of Period (in thousands) | $40205 | &nbsp;&nbsp; $47 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |
| Ratio of Gross Expenses | 0.40% | &nbsp;&nbsp; 0.40% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.21% | &nbsp;&nbsp; 0.20% |
| Ratio of Net Investment Income/(Loss) | 3.81% | &nbsp;&nbsp; 4.24% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Period from December 9, 2024 (inception date) through June 30, 2025.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Less than $0.005 on a per share basis. 

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Government Money Market Fund**

**Financial Highlights**

---

| | | |
|:---|:---|:---|
| American Cancer Society Support – Class N Shares |  |  |
| For a share outstanding during the period ended December 31, 2025 (unaudited) and the period ended June 30 | 2025 | 2025<sup>(1)</sup> <br>|
| Net Asset Value, Beginning of Period | $1.00 | &nbsp;&nbsp; $1.00 |
| Income/(Loss) from Investment Operations: |  |  |
| Net investment income/(loss)<sup>(2)</sup> <br>| 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain/(loss)<sup>(3)</sup> <br>|  | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Less Dividends and Distributions: |  |  |
| Dividends (from net investment income) | (0.02) | &nbsp;&nbsp; (0.03) |
| Total Dividends and Distributions | (0.02) | &nbsp;&nbsp; (0.03) |
| Net Asset Value, End of Period | $1.00 | &nbsp;&nbsp; $1.00 |
| Total Return<sup>\*</sup> <br>| 2.02% | &nbsp;&nbsp; 3.01% |
| Net Assets, End of Period (in thousands) | $8509 | &nbsp;&nbsp; $3507 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |
| Ratio of Gross Expenses | 0.23% | &nbsp;&nbsp; 0.23% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.20% | &nbsp;&nbsp; 0.20% |
| Ratio of Net Investment Income/(Loss) | 3.91% | &nbsp;&nbsp; 4.13% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Period from October 18, 2024 (inception date) through June 30, 2025.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Less than $0.005 on a per share basis. 

See Notes to Financial Statements.

10 \| December 31, 2025

------

**Janus Henderson Government Money Market Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| American Cancer Society Support – Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — <br><sup>(2)</sup><br>|
| Net realized and unrealized gain/(loss)<sup>(2)</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.02) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — <br><sup>(2)</sup><br>|
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.02) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Asset Value, End of Period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total Return<sup>\*</sup> <br>| 1.89% | &nbsp;&nbsp; 4.26% | &nbsp;&nbsp; 4.86% | &nbsp;&nbsp; 3.25% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% |
| Net Assets, End of Period (in thousands) | $6031 | &nbsp;&nbsp; $5732 | &nbsp;&nbsp; $6217 | &nbsp;&nbsp; $6264 | &nbsp;&nbsp; $8866 | &nbsp;&nbsp; $6846 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.50% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.59% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.46% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.09% |
| Ratio of Net Investment Income/(Loss) | 3.72% | &nbsp;&nbsp; 4.18% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 3.14% | &nbsp;&nbsp; 0.00% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.00% <br><sup>(3)</sup><br>|

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(3) Less than 0.005%.

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Government Money Market Fund**

**Notes to Financial Statements (unaudited)**

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

**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 34 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 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.

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 on fund redemptions. The Trustees have determined not to subject the Fund to a liquidity fee on fund redemptions. The Trustees have reserved its ability to change this determination with respect to liquidity fees, but only after providing appropriate prior notice to

shareholders.

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")).

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 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, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

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 Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for

12 \| December 31, 2025

------

**Janus Henderson Government Money Market Fund**

**Notes to Financial Statements (unaudited)**

the period ended December 31, 2025. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

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 25% 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 50% 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.

Janus Investment Fund \| 13

------

**Janus Henderson Government Money Market Fund**

**Notes to Financial Statements (unaudited)**

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments 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 an 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 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.

**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**

14 \| December 31, 2025

------

**Janus Henderson Government Money Market Fund**

**Notes to Financial Statements (unaudited)**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**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.

**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. 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.

**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.

Janus Investment Fund \| 15

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**Janus Henderson Government Money Market Fund**

**Notes to Financial Statements (unaudited)**

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.

**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 will donate from the Adviser's own resources, an amount representing 50% of the Adviser's quarterly management fee revenue attributable to the Fund, net of any fee waivers and/or expense reimbursements, to the American Cancer Society® ("ACS") in connection with ACS's agreement to license the use of its name and trademarks to the Adviser. The Adviser will make annual minimum contributions to ACS of $1 million from 2024 to 2027, and in each year thereafter to the extent this arrangement continues. The Adviser's donation may result in a tax benefit for the Adviser, but will not result in a tax benefit for shareholders. The ACS does not endorse any service or product. Shares of the Fund are not sponsored, endorsed, or promoted by the ACS, and the ACS is not an investment adviser or service provider to the Fund, Trust, or Adviser.

Class D Shares, Class T Shares, Class I Shares, and Class N Shares of the Fund compensate the Adviser at an annual rate of 0.20%, 0.28%, 0.18%, and 0.02%, respectively, of average daily net assets for providing certain administration services including, but not limited to, 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 Adviser has contractually agreed to waive and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses (excluding brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed for Class D Shares, Class T Shares, Class I Shares, and Class N Shares,

0.33%, 0.46%, 0.20%, and 0.20%, for at least a one-year period commencing on October 28, 2025.

In addition, 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.

16 \| December 31, 2025

------

**Janus Henderson Government Money Market Fund**

**Notes to Financial Statements (unaudited)**

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, 2025 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, 2025 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. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the period ended December 31, 2025.

**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, and capital loss carryovers.

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2025* | *Period ended December 31, 2025* | *Year ended June 30, 2025*<sup>(1)</sup><sup>,</sup><sup>(2)</sup>  | *Year ended June 30, 2025*<sup>(1)</sup><sup>,</sup><sup>(2)</sup>  |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| American Cancer Society Support – Class D Shares: |  |  |  |  |
| Shares sold | 89479626 | &nbsp;&nbsp; $89479625 | &nbsp;&nbsp; 222504747 | &nbsp;&nbsp; $222504746 |
| Reinvested dividends and distributions | 7854709 | &nbsp;&nbsp; 7854709 | &nbsp;&nbsp; 16808818 | &nbsp;&nbsp; 16808818 |
| Shares repurchased | (97970854) | &nbsp;&nbsp; (97970855) | &nbsp;&nbsp; (204896188) | &nbsp;&nbsp; (204896188) |
| Net Increase/(Decrease) | (636519) | &nbsp;&nbsp; $(636521) | &nbsp;&nbsp; 34417377 | &nbsp;&nbsp; $34417376 |
| American Cancer Society Support - Class I Shares: |  |  |  |  |
| Shares sold | 40027185 | &nbsp;&nbsp; $40027186 | &nbsp;&nbsp; 47214 | &nbsp;&nbsp; $47214 |
| Reinvested dividends and distributions | 152729 | &nbsp;&nbsp; 152729 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; 257 |
| Shares repurchased | (21933) | &nbsp;&nbsp; (21933) | &nbsp;&nbsp;&nbsp;&nbsp;(450) | &nbsp;&nbsp;&nbsp;&nbsp;(450) |
| Net Increase/(Decrease) | 40157981 | &nbsp;&nbsp; $40157982 | &nbsp;&nbsp; 47021 | &nbsp;&nbsp; $47021 |
| American Cancer Society Support - Class N Shares: |  |  |  |  |
| Shares sold | 5931314 | &nbsp;&nbsp; $5931314 | &nbsp;&nbsp; 4769991 | &nbsp;&nbsp; $4769991 |
| Reinvested dividends and distributions | 114422 | &nbsp;&nbsp; 114422 | &nbsp;&nbsp; 57758 | &nbsp;&nbsp; 57758 |
| Shares repurchased | (1043436) | &nbsp;&nbsp; (1043436) | &nbsp;&nbsp; (1321030) | &nbsp;&nbsp; (1321030) |
| Net Increase/(Decrease) | 5002300 | &nbsp;&nbsp; $5002300 | &nbsp;&nbsp; 3506719 | &nbsp;&nbsp; $3506719 |
| American Cancer Society Support – Class T Shares: |  |  |  |  |
| Shares sold | 2715718 | &nbsp;&nbsp; $2715718 | &nbsp;&nbsp; 9915761 | &nbsp;&nbsp; $9915761 |
| Reinvested dividends and distributions | 121800 | &nbsp;&nbsp; 121800 | &nbsp;&nbsp; 270440 | &nbsp;&nbsp; 270440 |
| Shares repurchased | (2538472) | &nbsp;&nbsp; (2538472) | &nbsp;&nbsp; (10671451) | &nbsp;&nbsp; (10671451) |
| Net Increase/(Decrease) | 299046 | &nbsp;&nbsp; $299046 | &nbsp;&nbsp; (485250) | &nbsp;&nbsp; $(485250) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Period from December 9, 2024 (inception date) through June 30, 2025 for Class I shares.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Period from October 18, 2024 (inception date) through June 30, 2025 for Class N shares.

**6. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client consents, and

approval by Janus Henderson's shareholders. Management is assessing the impact to the funds.

**7. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 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.

Janus Investment Fund \| 17

------

**Janus Henderson Government Money Market Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the 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 analyses 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 5, 2025 and December 9-10, 2025, 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 over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's 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, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. 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

18 \| December 31, 2025

------

**Janus Henderson Government Money Market Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment 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 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. Additionally, 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 and retain 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 at 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, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 19

------

**Janus Henderson Government Money Market Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, 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.

20 \| December 31, 2025

------

**Janus Henderson Government Money Market Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 21

------

**Janus Henderson Government Money Market Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

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.

22 \| December 31, 2025

------

**Janus Henderson Government Money Market Fund**

**Additional Information (unaudited)**

***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 identified by Broadridge using Morningstar category schema. 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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% 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 or service 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 considering performance trends, performance histories, recent fee reductions, investment structure changes, 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 institutional/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 institutional/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 the Adviser's explanation 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 the independent fee consultant's 2024 report 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 similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable 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) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 23

------

**Janus Henderson Government Money Market Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, 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 has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

24 \| December 31, 2025

------

**Janus Henderson Government Money Market Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market 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 reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian 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 had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 25

------

**Janus Henderson Government Money Market Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, 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.

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 receives 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 and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, 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. As part of their overall review of fund profitability, 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 fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

26 \| December 31, 2025

------

**Janus Henderson Government Money Market Fund**

**Additional Information (unaudited)**

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 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, 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; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) 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 (3) by setting lower fixed fees from the start on the Flat-Rate Fee 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.

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 Janus Henderson 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.

Based on all of the information reviewed, including the recent and past research and analyses 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 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 other 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 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 such Janus Henderson Funds. 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

Janus Investment Fund \| 27

------

**Janus Henderson Government Money Market Fund**

**Additional Information (unaudited)**

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.

28 \| December 31, 2025

------

**Janus Henderson Government Money Market Fund**

**Notes**

Janus Investment Fund \| 29

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![](img399d6ed12.gif)

*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

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93025 02-26

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SEMIANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson High-Yield Fund**

Janus Investment Fund

![](img6eabb6101.gif)

------

**Table of Contents**

**Janus Henderson High-Yield Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_05f868f9-a40a-4b78-8918-6a1ca4a74291_SOI-SOI-RunningFooter-38_1)<br> [Management Investment Companies](#xx_05f868f9-a40a-4b78-8918-6a1ca4a74291_SOI-SOI-RunningFooter-38_1)<br>|  |
| [Schedule of Investments](#xx_05f868f9-a40a-4b78-8918-6a1ca4a74291_SOI-SOI-RunningFooter-38_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_05f868f9-a40a-4b78-8918-6a1ca4a74291_SOI-SOI-RunningFooter-38_8) | 8 |
| [Statement of Assets and Liabilities](#xx_05f868f9-a40a-4b78-8918-6a1ca4a74291_SAL-SAL-RunningFooter-38_1) | 10 |
| [Statement of Operations](#xx_05f868f9-a40a-4b78-8918-6a1ca4a74291_SOP-SOP-RunningFooter-38_1) | 12 |
| [Statements of Changes in Net Assets](#xx_05f868f9-a40a-4b78-8918-6a1ca4a74291_SOC-SOC-RunningFooter-38_1) | 14 |
| [Financial Highlights](#xx_05f868f9-a40a-4b78-8918-6a1ca4a74291_FIHI-FIHI-RunningFooter-38_1) | 15 |
| [Notes to Financial Statements](#xx_05f868f9-a40a-4b78-8918-6a1ca4a74291_NTF-NTF-RunningFooter-38_1) | 23 |
| [Items 8-11 - Additional Information](#xx_05f868f9-a40a-4b78-8918-6a1ca4a74291_AI-AI-RunningFooter-38_1) | 40 |

---

------

**Janus Henderson High-Yield Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Bank Loans and Mezzanine Loans – 5.4% |  |  |
| Basic Industry – 0.1% |  |  |
| Olympus Water US Holding Corp, CME Term SOFR 1 Month + 3.2500%, <br> 6.9219%, 11/3/32<sup>‡</sup> <br>| $997000 | $990150 |
| Capital Goods – 0% |  |  |
| Husky Holdings LLC, CME Term SOFR 3 Month + 3.7500%, 1.0000%, 2/15/29<sup>‡</sup> <br>| 341000 | 343179 |
| Communications – 0.3% |  |  |
| Windstream Services LLC, CME Term SOFR 1 Month + 4.0000%, 7.7161%, <br> 10/6/32<sup>‡</sup> <br>| 2150000 | 2155375 |
| Consumer Cyclical – 1.4% |  |  |
| Gloves Buyer Inc, CME Term SOFR 1 Month + 4.0000%, 7.7161%, 5/21/32<sup>‡</sup> <br>| 2821000 | 2802861 |
| Ovg Business Services LLC, CME Term SOFR 1 Month + 3.0000%, 6.7161%, <br> 6/25/31<sup>‡</sup> <br>| 2238977 | 2244645 |
| River Rock Entertainment Authority, CME Term SOFR 1 Month + 9.0000%, <br> 12.7302%, 6/25/31<sup>‡</sup> <br>| 5050000 | 4898500 |
|  |  | 9946006 |
| Consumer Non-Cyclical – 0.4% |  |  |
| Dermatology Intermediate Holdings III Inc, CME Term SOFR 3 Month + 4.2500%, <br> 8.0904%, 3/30/29<sup>‡</sup> <br>| 2650199 | 2558541 |
| Electric – 0.4% |  |  |
| Long Ridge Energy LLC, CME Term SOFR 3 Month + 4.5000%, 8.1719%, <br> 2/19/32<sup>‡</sup> <br>| 2584470 | 2562920 |
| Financial Institutions – 0.2% |  |  |
| Mermaid Bidco Inc, CME Term SOFR 3 Month + 3.2500%, 7.1506%, 7/3/31<sup>‡</sup> <br>| 1197022 | 1200014 |
| Insurance – 0.5% |  |  |
| Jones Deslauriers Insurance Management Inc, CME Term SOFR 1 Month + <br> 3.0000%, 6.8642%, 12/10/32<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| 3363000 | 3363000 |
| Technology – 2.1% |  |  |
| Dayforce Inc, CME Term SOFR 1 Month + 3.0000%, 7.1568%, 8/20/32<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| 2731000 | 2721250 |
| Modena Buyer LLC, CME Term SOFR 3 Month + 4.2500%, 8.0904%, 7/1/31<sup>‡</sup> <br>| 5494758 | 5460416 |
| Project Alpha Intermediate Holdings Inc, CME Term SOFR 3 Month + 3.2500%, <br> 7.2515%, 10/28/30<sup>‡</sup> <br>| 1129 | 1130 |
| X Corp, 9.5000%, 10/26/29 | 6452000 | 6424321 |
|  |  | 14607117 |
| Total Bank Loans and Mezzanine Loans (cost $37,678,780) |  | 37726302 |
| Corporate Bonds – 88.5% |  |  |
| Basic Industry – 7.7% |  |  |
| Capstone Copper Corp, 6.7500%, 3/31/33<sup>ž</sup> <br>| 7295000 | 7571818 |
| Compass Minerals International Inc, 8.0000%, 7/1/30<sup>ž</sup> <br>| 6602000 | 6907917 |
| First Quantum Minerals Ltd, 8.0000%, 3/1/33<sup>ž</sup> <br>| 8916000 | 9521815 |
| First Quantum Minerals Ltd, 7.2500%, 2/15/34<sup>ž</sup> <br>| 3037000 | 3192813 |
| Maxam Prill Sarl, 7.7500%, 7/15/30<sup>ž</sup> <br>| 6977000 | 7219779 |
| Olympus Water US Holding Corp, 7.2500%, 6/15/31<sup>ž</sup> <br>| 2876000 | 2942170 |
| Taseko Mines Ltd, 8.2500%, 5/1/30<sup>ž</sup> <br>| 6495000 | 6899210 |
| Verde Purchaser LLC, 10.5000%, 11/30/30<sup>ž</sup> <br>| 9056000 | 9737129 |
|  |  | 53992651 |
| Brokerage – 3.7% |  |  |
| Artec Group Inc, 10.0000%, 8/15/30<sup>ž</sup> <br>| 2908000 | 3138148 |
| Jane Street Group / JSG Finance Inc, 6.1250%, 11/1/32<sup>ž</sup> <br>| 10093000 | 10270233 |
| Marex Group PLC, 6.4040%, 11/4/29 | 486000 | 504004 |
| Stonex Escrow Issuer LLC, 6.8750%, 7/15/32<sup>ž</sup> <br>| 4388000 | 4551374 |
| StoneX Group Inc, 7.8750%, 3/1/31<sup>ž</sup> <br>| 6905000 | 7336010 |
|  |  | 25799769 |
| Capital Goods – 3.3% |  |  |
| Ardagh Metal Packaging SA, 4.0000%, 9/1/29<sup>ž</sup> <br>| 5129000 | 4828367 |
| CP Atlas Buyer Inc, 9.7500%, 7/15/30<sup>ž</sup> <br>| 2341000 | 2424690 |
| Standard Building Solutions Inc, 5.8750%, 3/15/34<sup>ž</sup> <br>| 5926000 | 5943323 |
| Synergy Infrastructure Holdings LLC, 7.8750%, 12/1/30<sup>ž</sup> <br>| 3070000 | 3182739 |
| United Rentals (North America) Inc, 5.3750%, 11/15/33<sup>ž</sup> <br>| 4054000 | 4051130 |
| Wilsonart LLC, 11.0000%, 8/15/32<sup>ž</sup> <br>| 2637000 | 2356376 |
|  |  | 22786625 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson High-Yield Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Capital Markets – 0.2% |  |  |
| Coinbase Global Inc, 0%, 10/1/29<sup>ž,◊</sup> <br>| $1560000 | $1447368 |
| Communications – 6.6% |  |  |
| AMC Networks Inc, 10.5000%, 7/15/32<sup>ž,#</sup> <br>| 6251000 | 6905733 |
| Clear Channel Outdoor Holdings Inc, 7.5000%, 3/15/33<sup>ž</sup> <br>| 1610000 | 1700629 |
| Gray Media Inc, 7.2500%, 8/15/33<sup>ž</sup> <br>| 2480000 | 2534135 |
| Level 3 Financing Inc, 3.7500%, 7/15/29<sup>ž</sup> <br>| 2399000 | 2184313 |
| Level 3 Financing Inc, 3.8750%, 11/15/29<sup>ž</sup> <br>| 1408000 | 1227833 |
| Level 3 Financing Inc, 7.0000%, 3/31/34<sup>ž</sup> <br>| 5819775 | 5997697 |
| Level 3 Financing Inc, 8.5000%, 1/15/36<sup>ž</sup> <br>| 4169000 | 4268984 |
| Lions Gate Capital Holdings 1 Inc, 6.0000%, 4/15/30<sup>ž</sup> <br>| 6659000 | 6359345 |
| Midcontinent Communications, 8.0000%, 8/15/32<sup>ž</sup> <br>| 3173000 | 3247962 |
| Univision Communications Inc, 8.5000%, 7/31/31<sup>ž</sup> <br>| 4801000 | 5015264 |
| Univision Communications Inc, 9.3750%, 8/1/32<sup>ž</sup> <br>| 3851000 | 4139105 |
| Vmed O2 UK Financing I PLC, 6.7500%, 1/15/33<sup>ž</sup> <br>| 2746000 | 2721383 |
|  |  | 46302383 |
| Consumer Cyclical – 22.9% |  |  |
| Atlas LuxCo 4 Sarl / Allied Universal Holdco LLC / Allied Universal Finance Corp, <br> 4.6250%, 6/1/28<sup>ž</sup> <br>| 5206000 | 5122242 |
| Bath & Body Works Inc, 6.9500%, 3/1/33 | 3784000 | 3757077 |
| Beazer Homes USA Inc, 7.5000%, 3/15/31<sup>ž</sup> <br>| 5061000 | 5131490 |
| Brightstar Lottery PLC / Brightstar Global Solutions Corp, 5.7500%, 1/15/33<sup>ž</sup> <br>| 3956000 | 3927655 |
| Caesars Entertainment Inc, 6.0000%, 10/15/32<sup>ž,#</sup> <br>| 10733000 | 10437294 |
| Carvana Co, 5.8750%, 10/1/28<sup>ž</sup> <br>| 95000 | 91200 |
| Carvana Co, 4.8750%, 9/1/29<sup>ž</sup> <br>| 3951000 | 3636896 |
| Carvana Co, 10.2500%, 5/1/30<sup>ž</sup> <br>| 961000 | 1028270 |
| Carvana Co, 9.0000%, 6/1/30<sup>ž</sup> <br>| 4872088 | 5106877 |
| Century Communities Inc, 6.6250%, 9/15/33<sup>ž</sup> <br>| 2688000 | 2718102 |
| Crocs Inc, 4.1250%, 8/15/31<sup>ž</sup> <br>| 3749000 | 3463394 |
| Garda World Security Corp, 6.0000%, 6/1/29<sup>ž</sup> <br>| 8244000 | 8084825 |
| Garda World Security Corp, 6.5000%, 1/15/31<sup>ž</sup> <br>| 2953000 | 3021765 |
| Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower <br> Esc, 4.8750%, 7/1/31<sup>ž</sup> <br>| 3339000 | 3117025 |
| JB Poindexter & Co Inc, 8.7500%, 12/15/31<sup>ž</sup> <br>| 1174000 | 1229737 |
| K Hovnanian Enterprises Inc, 8.0000%, 4/1/31<sup>ž</sup> <br>| 2220000 | 2265659 |
| K Hovnanian Enterprises Inc, 8.3750%, 10/1/33<sup>ž</sup> <br>| 1199000 | 1218531 |
| LGI Homes Inc, 4.0000%, 7/15/29<sup>ž</sup> <br>| 7360000 | 6707329 |
| LGI Homes Inc, 7.0000%, 11/15/32<sup>ž</sup> <br>| 2750000 | 2628648 |
| Millrose Properties Inc, 6.3750%, 8/1/30<sup>ž</sup> <br>| 4943000 | 5057796 |
| Millrose Properties Inc, 6.2500%, 9/15/32<sup>ž</sup> <br>| 1731000 | 1746550 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC, <br> 8.2500%, 4/15/30<sup>ž</sup> <br>| 8698000 | 9066813 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC, <br> 11.8750%, 4/15/31<sup>ž</sup> <br>| 2586000 | 2732608 |
| NCL Corporation Ltd, 6.2500%, 9/15/33<sup>ž</sup> <br>| 2168000 | 2167087 |
| New Flyer Holdings Inc, 9.2500%, 7/1/30<sup>ž</sup> <br>| 4358000 | 4684074 |
| New Home Company Inc/The, 9.2500%, 10/1/29<sup>ž</sup> <br>| 3475000 | 3626738 |
| New Home Company Inc/The, 8.5000%, 11/1/30<sup>ž</sup> <br>| 6194000 | 6378910 |
| Penn Entertainment Inc, 4.1250%, 7/1/29<sup>ž</sup> <br>| 6577000 | 6091306 |
| Rakuten Group Inc, US Treasury Yield Curve Rate 5 Year + 4.5780%, <br> 5.1250%<sup>ž,</sup><sup>‡</sup><sup>,μ</sup> <br>| 1384000 | 1376854 |
| Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp, 6.2500%, <br> 10/15/30<sup>ž</sup> <br>| 4646000 | 4742307 |
| Six Flags Entertainment Corp, 7.2500%, 5/15/31<sup>ž</sup> <br>| 5578000 | 5352188 |
| Station Casinos LLC, 4.6250%, 12/1/31<sup>ž</sup> <br>| 7074000 | 6706546 |
| Victra Holdings LLC / Victra Finance Corp, 8.7500%, 9/15/29<sup>ž,#</sup> <br>| 6927000 | 7308040 |
| Voyager Parent LLC, 9.2500%, 7/1/32<sup>ž</sup> <br>| 6627000 | 7032049 |
| Wayfair Inc, 6.7500%, 11/15/32<sup>ž</sup> <br>| 3383000 | 3477995 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Consumer Cyclical – (continued) |  |  |
| Weekley Homes LLC / Weekly Finance Corp, 4.8750%, 9/15/28<sup>ž</sup> <br>| $4970000 | $4901339 |
| Wynn Macau Ltd, 6.7500%, 2/15/34<sup>ž</sup> <br>| 5065000 | 5130183 |
|  |  | 160273399 |
| Consumer Non-Cyclical – 5.9% |  |  |
| 1261229 BC Ltd, 10.0000%, 4/15/32<sup>ž</sup> <br>| 3342000 | 3475737 |
| AMN Healthcare Inc, 6.5000%, 1/15/31<sup>ž</sup> <br>| 2754000 | 2754515 |
| HLF Financing Sarl LLC / Herbalife International Inc, 12.2500%, 4/15/29<sup>ž</sup> <br>| 7864000 | 8491083 |
| LifePoint Health Inc, 5.3750%, 1/15/29<sup>ž</sup> <br>| 3357000 | 3291379 |
| LifePoint Health Inc, 10.0000%, 6/1/32<sup>ž</sup> <br>| 9545000 | 10137592 |
| Star Parent Inc, 9.0000%, 10/1/30<sup>ž</sup> <br>| 9577000 | 10220652 |
| Surgery Center Holdings Inc, 7.2500%, 4/15/32<sup>ž</sup> <br>| 2605000 | 2634875 |
|  |  | 41005833 |
| Electric – 3.7% |  |  |
| Algonquin Power & Utilities Corp, US Treasury Yield Curve Rate 5 Year + <br> 3.2490%, 4.7500%, 1/18/82<sup>‡</sup> <br>| 2697000 | 2659694 |
| Alpha Generation LLC, 6.7500%, 10/15/32<sup>ž</sup> <br>| 1320000 | 1366450 |
| Alpha Generation LLC, 6.2500%, 1/15/34<sup>ž</sup> <br>| 6754000 | 6814631 |
| Long Ridge Energy LLC, 8.7500%, 2/15/32<sup>ž</sup> <br>| 5615000 | 5976836 |
| Talen Energy Supply LLC, 6.5000%, 2/1/36<sup>ž</sup> <br>| 2057000 | 2127123 |
| TerraForm Power Operating LLC, 4.7500%, 1/15/30<sup>ž</sup> <br>| 4705000 | 4571311 |
| VoltaGrid LLC, 7.3750%, 11/1/30<sup>ž</sup> <br>| 2067000 | 2047872 |
|  |  | 25563917 |
| Energy – 11.5% |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp, 5.7500%, <br> 7/1/34<sup>ž</sup> <br>| 2859000 | 2880617 |
| Breakwater Energy Holdings Sarl, 9.2500%, 11/15/30<sup>ž</sup> <br>| 2073000 | 2170752 |
| Civitas Resources Inc, 8.3750%, 7/1/28<sup>ž</sup> <br>| 1875000 | 1931987 |
| Civitas Resources Inc, 8.7500%, 7/1/31<sup>ž</sup> <br>| 6671000 | 6920504 |
| Civitas Resources Inc, 9.6250%, 6/15/33<sup>ž</sup> <br>| 1760000 | 1900128 |
| Granite Ridge Resources Inc, 8.8750%, 11/5/29 | 3633000 | 3487680 |
| Howard Midstream Energy Partners LLC, 6.6250%, 1/15/34<sup>ž</sup> <br>| 9609000 | 9871657 |
| ITT Holdings LLC, 6.5000%, 8/1/29<sup>ž</sup> <br>| 5693000 | 5463296 |
| SM Energy Co, 7.0000%, 8/1/32<sup>ž,#</sup> <br>| 3515000 | 3455486 |
| Sunoco LP, US Treasury Yield Curve Rate 5 Year + 4.2300%, 7.8750%<sup>ž,</sup><sup>‡</sup><sup>,μ</sup> <br>| 15400000 | 15820035 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 6.7500%, <br> 3/15/34<sup>ž</sup> <br>| 16491000 | 16493546 |
| USA Compression Partners LP / USA Compression Finance Corp, 6.2500%, <br> 10/1/33<sup>ž</sup> <br>| 5698000 | 5766319 |
| Venture Global LNG Inc, 8.3750%, 6/1/31<sup>ž</sup> <br>| 1948000 | 1937142 |
| WBI Operating LLC, 6.2500%, 10/15/30<sup>ž</sup> <br>| 2000000 | 2012060 |
|  |  | 80111209 |
| Finance Companies – 3.4% |  |  |
| Bread Financial Holdings Inc, 6.7500%, 5/15/31<sup>ž</sup> <br>| 4045000 | 4187849 |
| Freedom Mortgage Holdings LLC, 6.8750%, 5/1/31<sup>ž</sup> <br>| 2277000 | 2278368 |
| OneMain Finance Corp, 4.0000%, 9/15/30<sup>#</sup> <br>| 1850000 | 1734116 |
| OneMain Finance Corp, 6.5000%, 3/15/33 | 6889000 | 6948597 |
| PennyMac Financial Services Inc, 6.8750%, 2/15/33<sup>ž</sup> <br>| 1825000 | 1905214 |
| PennyMac Financial Services Inc, 6.7500%, 2/15/34<sup>ž</sup> <br>| 6203000 | 6412209 |
|  |  | 23466353 |
| Financial Institutions – 0.9% |  |  |
| Burford Capital Global Finance LLC, 6.8750%, 4/15/30<sup>ž</sup> <br>| 4005000 | 3905485 |
| Burford Capital Global Finance LLC, 7.5000%, 7/15/33<sup>ž</sup> <br>| 1933000 | 1844587 |
| Galaxy Digital Holdings LP, 0.5000%, 5/1/31<sup>ž</sup> <br>| 776000 | 586268 |
|  |  | 6336340 |
| Government Sponsored – 0.5% |  |  |
| Ecopetrol SA, 8.3750%, 1/19/36 | 2305000 | 2371340 |
| Uzbek Industrial and Construction Bank, US Treasury Yield Curve Rate 5 Year + <br> 5.7920%, 9.4500%<sup>ž,</sup><sup>‡</sup><sup>,μ</sup> <br>| 1287000 | 1295301 |
|  |  | 3666641 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson High-Yield Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Pharmaceuticals – 0.5% |  |  |
| Zoetis Inc, 0.2500%, 6/15/29<sup>ž</sup> <br>| $3485000 | $3580837 |
| Real Estate Investment Trusts (REITs) – 1.3% |  |  |
| EF Holdco / EF Cayman Holdco / Ellington Finance REIT Cayman, 7.3750%, <br> 9/30/30<sup>ž</sup> <br>| 3267000 | 3292545 |
| Rithm Capital Corp, 8.0000%, 4/1/29<sup>ž</sup> <br>| 5551000 | 5699217 |
|  |  | 8991762 |
| Software – 0.2% |  |  |
| IREN Ltd, 0%, 7/1/31<sup>ž,◊</sup> <br>| 2157000 | 1597259 |
| Technology – 12.4% |  |  |
| APLD ComputeCo LLC, 9.2500%, 12/15/30<sup>ž</sup> <br>| 9046000 | 8873225 |
| Cipher Compute LLC, 7.1250%, 11/15/30<sup>ž</sup> <br>| 7718000 | 7860651 |
| Cloud Software Group Inc, 9.0000%, 9/30/29<sup>ž</sup> <br>| 3783000 | 3940034 |
| Cloud Software Group Inc, 8.2500%, 6/30/32<sup>ž</sup> <br>| 8188000 | 8556789 |
| Cloud Software Group Inc, 6.6250%, 8/15/33<sup>ž</sup> <br>| 1730000 | 1714529 |
| CoreWeave Inc, 9.2500%, 6/1/30<sup>ž</sup> <br>| 4762000 | 4427577 |
| CoreWeave Inc, 9.0000%, 2/1/31<sup>ž</sup> <br>| 4491000 | 4116091 |
| Flash Compute LLC, 7.2500%, 12/31/30<sup>ž</sup> <br>| 6852000 | 6788707 |
| ION Platform Finance US Inc, 7.8750%, 9/30/32<sup>ž</sup> <br>| 3323000 | 3153053 |
| Kioxia Holdings Corp, 6.6250%, 7/24/33<sup>ž</sup> <br>| 13068000 | 13589095 |
| McAfee Corp, 7.3750%, 2/15/30<sup>ž</sup> <br>| 5706000 | 4976075 |
| Rocket Software Inc, 9.0000%, 11/28/28<sup>ž</sup> <br>| 3237000 | 3337855 |
| Rocket Software Inc, 6.5000%, 2/15/29<sup>ž</sup> <br>| 7272000 | 7126398 |
| Seagate Data Storage Technology Pte Ltd, 3.1250%, 7/15/29<sup>ž</sup> <br>| 2349000 | 2068102 |
| WULF Compute LLC, 7.7500%, 10/15/30<sup>ž</sup> <br>| 4745000 | 4888529 |
| X.AI LLC / X.AI Co Issuer Corp, 12.5000%, 6/30/30 | 1549000 | 1648843 |
|  |  | 87065553 |
| Transportation – 3.8% |  |  |
| LATAM Airlines Group SA, 7.8750%, 4/15/30<sup>ž</sup> <br>| 8252000 | 8679206 |
| Rand Parent LLC, 8.5000%, 2/15/30<sup>ž</sup> <br>| 7065000 | 7360691 |
| Stonepeak Nile Parent LLC, 7.2500%, 3/15/32<sup>ž</sup> <br>| 5321000 | 5631193 |
| Watco Cos LLC / Watco Finance Corp, 7.1250%, 8/1/32<sup>ž</sup> <br>| 4501000 | 4713929 |
|  |  | 26385019 |
| Total Corporate Bonds (cost $607,054,212) |  | 618372918 |
| Foreign Government Bonds – 0.3% |  |  |
| Republic of Cote d'Ivoire Government Bond, 8.0750%, 4/1/36<sup>ž</sup> (cost $1,746,756) | 1789000 | 1927835 |
| Common Stocks – 2.5% |  |  |
| Advertising – 0.3% |  |  |
| Authentic Brands Group Inc - Class A<sup>\*,</sup><sup>¢</sup> <br>| 14628 | 2277528 |
| Building Products – 0.2% |  |  |
| Builders FirstSource Inc<sup>\*</sup> <br>| 13482 | 1387163 |
| Entertainment – 0.1% |  |  |
| ROBLOX Corp - Class A<sup>\*</sup> <br>| 10105 | 818808 |
| Household Durables – 0.3% |  |  |
| Lennar Corp | 17319 | 1780393 |
| Information Technology Services – 0.2% |  |  |
| Applied Digital Corp<sup>\*,#</sup> <br>| 47631 | 1167912 |
| Media – 0.4% |  |  |
| Nexstar Media Group Inc | 13545 | 2750313 |
| Semiconductor & Semiconductor Equipment – 0.5% |  |  |
| Broadcom Inc | 6430 | 2225423 |
| Kioxia Holdings Corp<sup>\*</sup> <br>| 23300 | 1560155 |
|  |  | 3785578 |
| Software – 0.5% |  |  |
| Cipher Mining Inc<sup>\*,#</sup> <br>| 98693 | 1456709 |
| TeraWulf Inc<sup>\*</sup> <br>| 202554 | 2327345 |
|  |  | 3784054 |
| Total Common Stocks (cost $19,189,320) |  | 17751749 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Investment Companies – 2.1% |  |  |
| Money Markets – 2.1% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº,</sup><sup>£</sup> (cost $14,660,173) | 14656729 | $14661126 |
| Investments Purchased with Cash Collateral from Securities Lending – 2.0% |  |  |
| Investment Companies – 1.6% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº,</sup><sup>£</sup> <br>| 11206022 | 11206022 |
| Time Deposits – 0.4% |  |  |
| Royal Bank of Canada, 3.7000%, 1/2/26 | $2801506 | 2801506 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $14,007,528) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $14,007,528) | 14007528 |
| Total Investments (total cost $694,336,769) – 100.8% |  | 704447458 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.8)% |  | (5514920) |
| Net Assets – 100% |  | $698932538 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $601377643 | &nbsp;&nbsp;&nbsp;&nbsp; 85.4<br> %<br>|
| Canada | 36284386 | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| Japan | 16526104 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Zambia | 12714628 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Luxembourg | 9390531 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Chile | 8679206 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| United Kingdom | 7153042 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Macao | 5130183 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Colombia | 2371340 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Cote D'Ivoire | 1927835 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Australia | 1597259 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Uzbekistan | 1295301 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Total | $704447458 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*6/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*12/31/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% |
| Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | $33964455 | $237408788 | $(256713698) | $628 | $953 | $14661126 | 14656729 | $603790 |
| Investments Purchased with Cash Collateral from Securities Lending - 1.6% | Investments Purchased with Cash Collateral from Securities Lending - 1.6% | Investments Purchased with Cash Collateral from Securities Lending - 1.6% | Investments Purchased with Cash Collateral from Securities Lending - 1.6% | Investments Purchased with Cash Collateral from Securities Lending - 1.6% | Investments Purchased with Cash Collateral from Securities Lending - 1.6% | Investments Purchased with Cash Collateral from Securities Lending - 1.6% | Investments Purchased with Cash Collateral from Securities Lending - 1.6% | Investments Purchased with Cash Collateral from Securities Lending - 1.6% |
| Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  |
|  | 16583658 | 96235724 | (101613360) | - | - | 11206022 | 11206022 | 99107 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 3.7% | Total Affiliated Investments - 3.7% | Total Affiliated Investments - 3.7% | Total Affiliated Investments - 3.7% | Total Affiliated Investments - 3.7% | Total Affiliated Investments - 3.7% | Total Affiliated Investments - 3.7% | Total Affiliated Investments - 3.7% | Total Affiliated Investments - 3.7% |
|  | $50548113 | $333644512 | $(358327058) | $628 | $953 | $25867148 | 25862751 | $702897 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson High-Yield Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** |
| *Counterparty/* <br>*Foreign Currency*<br>| *Settlement* <br>*Date*<br>| &nbsp;&nbsp; *Foreign Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *USD Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *Market Value and* <br>*Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: |
| Euro | 3/4/26 | &nbsp;&nbsp; 2431981 | &nbsp;&nbsp; $(2871891) | &nbsp;&nbsp; $(5931) |
| Euro | 3/4/26 | &nbsp;&nbsp; 1341518 | &nbsp;&nbsp; (1568022) | &nbsp;&nbsp; 12886 |
| Euro | 3/4/26 | &nbsp;&nbsp; (1991000) | &nbsp;&nbsp; 2352096 | &nbsp;&nbsp; 5808 |
| Euro | 3/4/26 | &nbsp;&nbsp; (5561433) | &nbsp;&nbsp; 6521616 | &nbsp;&nbsp; (32238) |
| Japanese Yen | 3/4/26 | &nbsp;&nbsp; (219109012) | &nbsp;&nbsp; 1400251 | &nbsp;&nbsp; (6297) |
| Total |  |  |  | &nbsp;&nbsp; $(25772) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Schedule of Futures*** | ***Schedule of Futures*** | ***Schedule of Futures*** | ***Schedule of Futures*** | ***Schedule of Futures*** |
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount*<br>| &nbsp;&nbsp; *Value and* <br>*Unrealized* <br>*Appreciation/(Depreciation)*<br>|
| *Futures Long:* |  |  |  |  |
| 2 Year US Treasury Note | 300 | &nbsp;&nbsp; 4/3/26 | &nbsp;&nbsp; $62636719 | &nbsp;&nbsp; $(39843) |
| US Treasury Long Bond | 53 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; 6126469 | &nbsp;&nbsp; (94661) |
| Total - Futures Long |  |  |  | &nbsp;&nbsp; (134504) |
| *Futures Short:* |  |  |  |  |
| 10 Year US Treasury Note | 13 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; (1461688) | &nbsp;&nbsp; 11441 |
| 5 Year US Treasury Note | 414 | &nbsp;&nbsp; 4/3/26 | &nbsp;&nbsp; (45252141) | &nbsp;&nbsp; 186038 |
| Ultra 10 Year Treasury Note | 125 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; (14376953) | &nbsp;&nbsp; 98633 |
| Ultra Long Term US Treasury Bond | 9 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; (1062000) | &nbsp;&nbsp; 19461 |
| Total - Futures Short |  |  |  | &nbsp;&nbsp; 315573 |
| Total |  |  |  | &nbsp;&nbsp; $181069 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** |
|  | *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| *Asset Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $18694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18694 |
| <sup>\*</sup>Futures contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $315573 |
| Total Asset Derivatives | $18694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $315573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $334267 |
| *Liability Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $44466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44466 |
| <sup>\*</sup>Futures contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $134504 |
| Total Liability Derivatives | $44466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $134504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $178970 |

---

\* 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.

6 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** |
| *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*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| Futures contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(309483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(309483) |
| Forward foreign currency exchange contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(7624) |
| Swap contracts | (86453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(86453) |
| Total | $(86453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(7624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(309483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(403560) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| Futures contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $373681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $373681 |
| Forward foreign currency exchange contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7718 |
| Swap contracts | (1030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1030) |
| Total | $(1030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $373681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $380369 |

---

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2025** |
| Credit default swaps: |  |
| Average notional amount - buy protection | $3871429 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased - in USD | 1185236 |
| Average amounts sold - in USD | 4261041 |
| Futures contracts: |  |
| Average notional amount of contracts - long | 76270496 |
| Average notional amount of contracts - short | 63004819 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Assets*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| BNP Paribas | $18694 | &nbsp;&nbsp; $(18694) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| JPMorgan Chase Bank, National Association | 13534293 | &nbsp;&nbsp; — | &nbsp;&nbsp; (13534293) | &nbsp;&nbsp; — |
| Total | $13552987 | &nbsp;&nbsp; $(18694) | &nbsp;&nbsp; $(13534293) | &nbsp;&nbsp; $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Liabilities*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| BNP Paribas | $44466 | &nbsp;&nbsp; $(18694) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25772 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson High-Yield Fund**

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

---

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

---

---

| |
|:---|
| &nbsp;&nbsp; Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale <br> and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be <br> liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2025 <br> is $597,189,402, which represents 85.4% of net assets.<br>|
| Non-income producing security. |
| &nbsp;&nbsp; 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 <br> will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements.<br>|
| &nbsp;&nbsp; Variable or floating rate security. Rate shown is the current rate as of December 31, 2025. Certain variable rate securities are not based on <br> a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as <br> of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.<br>|
| Rate shown is the 7-day yield as of December 31, 2025. |
| Loaned security; a portion of the security is on loan at December 31, 2025. |
| &nbsp;&nbsp; Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if <br> any, represents the next call date.<br>|
| Zero coupon bond. |
| &nbsp;&nbsp; Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended December 31, 2025 is <br> $2,277,528, which represents 0.3% of net assets.<br>|
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

8 \| December 31, 2025

------

**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, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Bank Loans and Mezzanine Loans* | $- | &nbsp;&nbsp; $37726302 | &nbsp;&nbsp; $- |
| *Corporate Bonds* | - | &nbsp;&nbsp; 618372918 | &nbsp;&nbsp; - |
| *Foreign Government Bonds* | - | &nbsp;&nbsp; 1927835 | &nbsp;&nbsp; - |
| *Common Stocks* |  |  |  |
| Advertising | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2277528 |
| Semiconductor & Semiconductor Equipment | 2225423 | &nbsp;&nbsp; 1560155 | &nbsp;&nbsp; - |
| All Other | 11688643 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 14661126 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 14007528 | &nbsp;&nbsp; - |
| Total Investments in Securities | $13914066 | &nbsp;&nbsp; $688255864 | &nbsp;&nbsp; $2277528 |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | - | &nbsp;&nbsp; 18694 | &nbsp;&nbsp; - |
| *Futures Contracts* | 315573 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| **Total Assets** | $14229639 | &nbsp;&nbsp; $688274558 | &nbsp;&nbsp; $2277528 |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | $- | &nbsp;&nbsp; $44466 | &nbsp;&nbsp; $- |
| *Futures Contracts* | 134504 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| **Total Liabilities** | $134504 | &nbsp;&nbsp; $44466 | &nbsp;&nbsp; $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 centrally
 cleared 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, written swaptions, and OTC swaps are reported at their market value at measurement date.

Janus Investment Fund \| 9

------

**Janus Henderson High-Yield Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $668,470,574)<sup>(1)</sup> <br>| $678580310 |
| Affiliated investments, at value (cost $25,866,195) | 25867148 |
| Deposits with brokers for futures | 1010000 |
| Forward foreign currency exchange contracts | 18694 |
| Cash denominated in foreign currency (cost $21,434) | 21434 |
| Variation margin receivable on futures contracts | 77999 |
| Trustees' deferred compensation | 20719 |
| Receivables: |  |
| Interest | 12442887 |
| Investments sold | 8617376 |
| Fund shares sold | 390207 |
| Dividends from affiliates | 53396 |
| Other assets | 399063 |
| Total Assets | 727499233 |
| Liabilities: |  |
| Due to custodian | 133857 |
| Collateral for securities loaned (Note 3) | 14007528 |
| Forward foreign currency exchange contracts | 44466 |
| Variation margin payable on futures contracts | 32688 |
| Payables: |  |
| Fund shares repurchased | 6986432 |
| Investments purchased | 6429575 |
| Advisory fees | 345048 |
| Dividends | 279665 |
| Transfer agent fees and expenses | 100872 |
| Professional fees | 43481 |
| Trustees' deferred compensation fees | 20719 |
| 12b-1 Distribution and shareholder servicing fees | 10820 |
| Custodian fees | 1851 |
| Affiliated fund administration fees payable | 1536 |
| Trustees' fees and expenses | 262 |
| Accrued expenses and other payables | 127895 |
| Total Liabilities | 28566695 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $698932538 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

10 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $988556080 |
| Total distributable earnings (loss) | (289623542) |
| Total Net Assets | $698932538 |
| Net Assets - Class A Shares | $35038046 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 4684636 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $7.48 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $7.85 |
| Net Assets - Class C Shares | $2542998 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 339858 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $7.48 |
| Net Assets - Class D Shares | $307609913 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 41113713 |
| Net Asset Value Per Share | $7.48 |
| Net Assets - Class I Shares | $142194833 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 18997259 |
| Net Asset Value Per Share | $7.49 |
| Net Assets - Class N Shares | $27135878 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3624331 |
| Net Asset Value Per Share | $7.49 |
| Net Assets - Class R Shares | $1667043 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 223030 |
| Net Asset Value Per Share | $7.47 |
| Net Assets - Class S Shares | $680779 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 90896 |
| Net Asset Value Per Share | $7.49 |
| Net Assets - Class T Shares | $182063048 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 24335364 |
| Net Asset Value Per Share | $7.48 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $13,534,293 of securities on loan. See Note 3 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Maximum offering price is computed at 100/95.25 of net asset value.

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson High-Yield Fund**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Interest | $24496800 |
| Dividends from affiliates | 603790 |
| Affiliated securities lending income, net | 99107 |
| Dividends | 61360 |
| Unaffiliated securities lending income, net | 24758 |
| Other income | 118857 |
| Total Investment Income | 25404672 |
| Expenses: |  |
| Advisory fees | 2085014 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 44014 |
| Class C Shares | 11483 |
| Class R Shares | 4447 |
| Class S Shares | 984 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 164824 |
| Class R Shares | 2224 |
| Class S Shares | 984 |
| Class T Shares | 232318 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 8309 |
| Class C Shares | 518 |
| Class I Shares | 87699 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 962 |
| Class C Shares | 62 |
| Class D Shares | 19764 |
| Class I Shares | 2017 |
| Class N Shares | 672 |
| Class R Shares | 37 |
| Class S Shares | 18 |
| Class T Shares | 919 |
| Registration fees | 51706 |
| Professional fees | 36850 |
| Shareholder reports expense | 31874 |
| Affiliated fund administration fees | 12134 |
| Custodian fees | 9949 |
| Trustees' fees and expenses | 6557 |
| Other expenses | 101441 |
| Total Expenses | 2917780 |
| Less: Excess Expense Reimbursement and Waivers | (129946) |
| Net Expenses | 2787834 |
| Net Investment Income/(Loss) | 22616838 |

---

See Notes to Financial Statements.

12 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | $10342441 |
| Investments in affiliates | 628 |
| Forward foreign currency exchange contracts | (7624) |
| Futures contracts | (309483) |
| Swap contracts | (86453) |
| Total Net Realized Gain/(Loss) on Investments | 9939509 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (1688434) |
| Investments in affiliates | 953 |
| Forward foreign currency exchange contracts | 7718 |
| Futures contracts | 373681 |
| Swap contracts | (1030) |
| Total Change in Unrealized Net Appreciation/Depreciation | (1307112) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $31249235 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson High-Yield Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*December 31, 2025* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*June 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $22616838 | &nbsp;&nbsp; $44857903 |
| Net realized gain/(loss) on investments | 9939509 | &nbsp;&nbsp; 12273818 |
| Change in unrealized net appreciation/depreciation | (1307112) | &nbsp;&nbsp; 2179970 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 31249235 | &nbsp;&nbsp; 59311691 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (1104952) | &nbsp;&nbsp; (2004234) |
| Class C Shares | (64807) | &nbsp;&nbsp; (153667) |
| Class D Shares | (9927366) | &nbsp;&nbsp; (20341094) |
| Class I Shares | (4589731) | &nbsp;&nbsp; (7032857) |
| Class N Shares | (895121) | &nbsp;&nbsp; (2087703) |
| Class R Shares | (51809) | &nbsp;&nbsp; (105781) |
| Class S Shares | (23936) | &nbsp;&nbsp; (49845) |
| Class T Shares | (5888088) | &nbsp;&nbsp; (13014536) |
| Net Decrease from Dividends and Distributions to Shareholders | (22545810) | &nbsp;&nbsp; (44789717) |
| Capital Share Transactions: |  |  |
| Class A Shares | 819065 | &nbsp;&nbsp; 4054139 |
| Class C Shares | 440472 | &nbsp;&nbsp; (763895) |
| Class D Shares | 6332255 | &nbsp;&nbsp; (1895) |
| Class I Shares | (1599984) | &nbsp;&nbsp; 33495949 |
| Class N Shares | (80859) | &nbsp;&nbsp; (44556553) |
| Class R Shares | (57887) | &nbsp;&nbsp; 144069 |
| Class S Shares | (81214) | &nbsp;&nbsp; (110538) |
| Class T Shares | (2139661) | &nbsp;&nbsp; (24722250) |
| Net Increase/(Decrease) from Capital Share Transactions | 3632187 | &nbsp;&nbsp; (32460974) |
| Net Increase/(Decrease) in Net Assets | 12335612 | &nbsp;&nbsp; (17939000) |
| Net Assets: |  |  |
| Beginning of period | 686596926 | &nbsp;&nbsp; 704535926 |
| End of period | $698932538 | &nbsp;&nbsp; $686596926 |

---

See Notes to Financial Statements.

14 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $7.39 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $7.05 | &nbsp;&nbsp; $6.99 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $7.77 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net realized and unrealized gain/(loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (1.64) | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total from Investment Operations | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.24) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.40) |
| Total Dividends and Distributions | (0.24) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.40) |
| Net Asset Value, End of Period | $7.48 | &nbsp;&nbsp; $7.39 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $7.05 | &nbsp;&nbsp; $6.99 | &nbsp;&nbsp; $8.64 |
| Total Return<sup>\*</sup> <br>| 4.48% | &nbsp;&nbsp; 9.31% | &nbsp;&nbsp; 9.34% | &nbsp;&nbsp; 6.99% | &nbsp;&nbsp; (15.31)% | &nbsp;&nbsp; 16.69% |
| Net Assets, End of Period (in thousands) | $35038 | &nbsp;&nbsp; $33776 | &nbsp;&nbsp; $29106 | &nbsp;&nbsp; $20698 | &nbsp;&nbsp; $24533 | &nbsp;&nbsp; $38432 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.97% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.97% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.97% |
| Ratio of Net Investment Income/(Loss) | 6.33% | &nbsp;&nbsp; 6.77% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 5.97% | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 4.71% |
| Portfolio Turnover Rate | 80% | &nbsp;&nbsp; 127% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 73% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 120% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson High-Yield Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $7.39 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $7.05 | &nbsp;&nbsp; $6.99 | &nbsp;&nbsp; $8.63 | &nbsp;&nbsp; $7.77 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain/(loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (1.63) | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Total from Investment Operations | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp; (1.32) | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.21) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.34) |
| Total Dividends and Distributions | (0.21) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.34) |
| Net Asset Value, End of Period | $7.48 | &nbsp;&nbsp; $7.39 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $7.05 | &nbsp;&nbsp; $6.99 | &nbsp;&nbsp; $8.63 |
| Total Return<sup>\*</sup> <br>| 4.09% | &nbsp;&nbsp; 8.53% | &nbsp;&nbsp; 8.64% | &nbsp;&nbsp; 6.24% | &nbsp;&nbsp; (15.81)% | &nbsp;&nbsp; 15.73% |
| Net Assets, End of Period (in thousands) | $2543 | &nbsp;&nbsp; $2077 | &nbsp;&nbsp; $2786 | &nbsp;&nbsp; $4249 | &nbsp;&nbsp; $5200 | &nbsp;&nbsp; $7519 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.83% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 1.69% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.70% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.67% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.69% |
| Ratio of Net Investment Income/(Loss) | 5.60% | &nbsp;&nbsp; 6.03% | &nbsp;&nbsp; 5.76% | &nbsp;&nbsp; 5.28% | &nbsp;&nbsp; 3.71% | &nbsp;&nbsp; 4.03% |
| Portfolio Turnover Rate | 80% | &nbsp;&nbsp; 127% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 73% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 120% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

16 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June <br> 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $7.39 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $7.05 | &nbsp;&nbsp; $6.99 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $7.77 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Net realized and unrealized gain/(loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (1.64) | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total from Investment Operations | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.24) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.42) |
| Total Dividends and Distributions | (0.24) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.42) |
| Net Asset Value, End of Period | $7.48 | &nbsp;&nbsp; $7.39 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $7.05 | &nbsp;&nbsp; $6.99 | &nbsp;&nbsp; $8.64 |
| Total Return<sup>\*</sup> <br>| 4.57% | &nbsp;&nbsp; 9.51% | &nbsp;&nbsp; 9.54% | &nbsp;&nbsp; 7.23% | &nbsp;&nbsp; (15.13)% | &nbsp;&nbsp; 16.93% |
| Net Assets, End of Period (in thousands) | $307610 | &nbsp;&nbsp; $297517 | &nbsp;&nbsp; $291392 | &nbsp;&nbsp; $283345 | &nbsp;&nbsp; $279111 | &nbsp;&nbsp; $347855 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.79% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% |
| Ratio of Net Investment Income/(Loss) | 6.51% | &nbsp;&nbsp; 6.94% | &nbsp;&nbsp; 6.62% | &nbsp;&nbsp; 6.21% | &nbsp;&nbsp; 4.64% | &nbsp;&nbsp; 4.92% |
| Portfolio Turnover Rate | 80% | &nbsp;&nbsp; 127% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 73% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 120% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 17

------

**Janus Henderson High-Yield Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June <br> 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $7.39 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $7.05 | &nbsp;&nbsp; $7.00 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $7.77 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Net realized and unrealized gain/(loss) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (1.64) | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total from Investment Operations | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.24) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.43) |
| Total Dividends and Distributions | (0.24) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.43) |
| Net Asset Value, End of Period | $7.49 | &nbsp;&nbsp; $7.39 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $7.05 | &nbsp;&nbsp; $7.00 | &nbsp;&nbsp; $8.64 |
| Total Return<sup>\*</sup> <br>| 4.71% | &nbsp;&nbsp; 9.53% | &nbsp;&nbsp; 9.56% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; (14.98)% | &nbsp;&nbsp; 16.99% |
| Net Assets, End of Period (in thousands) | $142195 | &nbsp;&nbsp; $141987 | &nbsp;&nbsp; $105742 | &nbsp;&nbsp; $144956 | &nbsp;&nbsp; $165462 | &nbsp;&nbsp; $264363 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.79% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.76% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% |
| Ratio of Net Investment Income/(Loss) | 6.51% | &nbsp;&nbsp; 6.96% | &nbsp;&nbsp; 6.62% | &nbsp;&nbsp; 6.22% | &nbsp;&nbsp; 4.66% | &nbsp;&nbsp; 4.97% |
| Portfolio Turnover Rate | 80% | &nbsp;&nbsp; 127% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 73% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 120% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

18 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $7.39 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $7.05 | &nbsp;&nbsp; $6.99 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $7.77 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Net realized and unrealized gain/(loss) | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (1.64) | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total from Investment Operations | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.25) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.43) |
| Total Dividends and Distributions | (0.25) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.43) |
| Net Asset Value, End of Period | $7.49 | &nbsp;&nbsp; $7.39 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $7.05 | &nbsp;&nbsp; $6.99 | &nbsp;&nbsp; $8.64 |
| Total Return<sup>\*</sup> <br>| 4.77% | &nbsp;&nbsp; 9.64% | &nbsp;&nbsp; 9.68% | &nbsp;&nbsp; 7.37% | &nbsp;&nbsp; (15.01)% | &nbsp;&nbsp; 17.09% |
| Net Assets, End of Period (in thousands) | $27136 | &nbsp;&nbsp; $26882 | &nbsp;&nbsp; $70554 | &nbsp;&nbsp; $99579 | &nbsp;&nbsp; $165384 | &nbsp;&nbsp; $149967 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.62% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.64% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.62% |
| Ratio of Net Investment Income/(Loss) | 6.63% | &nbsp;&nbsp; 7.04% | &nbsp;&nbsp; 6.73% | &nbsp;&nbsp; 6.27% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 5.05% |
| Portfolio Turnover Rate | 80% | &nbsp;&nbsp; 127% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 73% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 120% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 19

------

**Janus Henderson High-Yield Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $7.38 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $7.04 | &nbsp;&nbsp; $6.99 | &nbsp;&nbsp; $8.63 | &nbsp;&nbsp; $7.76 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain/(loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (1.63) | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Total from Investment Operations | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp; (1.30) | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.22) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.37) |
| Total Dividends and Distributions | (0.22) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.37) |
| Net Asset Value, End of Period | $7.47 | &nbsp;&nbsp; $7.38 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $7.04 | &nbsp;&nbsp; $6.99 | &nbsp;&nbsp; $8.63 |
| Total Return<sup>\*</sup> <br>| 4.24% | &nbsp;&nbsp; 8.70% | &nbsp;&nbsp; 9.03% | &nbsp;&nbsp; 6.41% | &nbsp;&nbsp; (15.56)% | &nbsp;&nbsp; 16.20% |
| Net Assets, End of Period (in thousands) | $1667 | &nbsp;&nbsp; $1705 | &nbsp;&nbsp; $1529 | &nbsp;&nbsp; $7071 | &nbsp;&nbsp; $6351 | &nbsp;&nbsp; $7788 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.59% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.45% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.39% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.39% |
| Ratio of Net Investment Income/(Loss) | 5.86% | &nbsp;&nbsp; 6.33% | &nbsp;&nbsp; 5.94% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 4.02% | &nbsp;&nbsp; 4.20% |
| Portfolio Turnover Rate | 80% | &nbsp;&nbsp; 127% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 73% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 120% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

20 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $7.40 | &nbsp;&nbsp; $7.24 | &nbsp;&nbsp; $7.06 | &nbsp;&nbsp; $7.00 | &nbsp;&nbsp; $8.65 | &nbsp;&nbsp; $7.78 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net realized and unrealized gain/(loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (1.64) | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total from Investment Operations | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp; (1.29) | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.23) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.39) |
| Total Dividends and Distributions | (0.23) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.39) |
| Net Asset Value, End of Period | $7.49 | &nbsp;&nbsp; $7.40 | &nbsp;&nbsp; $7.24 | &nbsp;&nbsp; $7.06 | &nbsp;&nbsp; $7.00 | &nbsp;&nbsp; $8.65 |
| Total Return<sup>\*</sup> <br>| 4.37% | &nbsp;&nbsp; 9.10% | &nbsp;&nbsp; 9.14% | &nbsp;&nbsp; 6.83% | &nbsp;&nbsp; (15.42)% | &nbsp;&nbsp; 16.47% |
| Net Assets, End of Period (in thousands) | $681 | &nbsp;&nbsp; $753 | &nbsp;&nbsp; $845 | &nbsp;&nbsp; $1260 | &nbsp;&nbsp; $1449 | &nbsp;&nbsp; $2237 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.55% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.27% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.13% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.15% |
| Ratio of Net Investment Income/(Loss) | 6.13% | &nbsp;&nbsp; 6.56% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 5.83% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.53% |
| Portfolio Turnover Rate | 80% | &nbsp;&nbsp; 127% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 73% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 120% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 21

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**Janus Henderson High-Yield Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June <br> 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $7.39 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $7.05 | &nbsp;&nbsp; $6.99 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $7.77 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net realized and unrealized gain/(loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (1.64) | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total from Investment Operations | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.24) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.41) |
| Total Dividends and Distributions | (0.24) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.41) |
| Net Asset Value, End of Period | $7.48 | &nbsp;&nbsp; $7.39 | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $7.05 | &nbsp;&nbsp; $6.99 | &nbsp;&nbsp; $8.64 |
| Total Return<sup>\*</sup> <br>| 4.51% | &nbsp;&nbsp; 9.38% | &nbsp;&nbsp; 9.43% | &nbsp;&nbsp; 7.12% | &nbsp;&nbsp; (15.21)% | &nbsp;&nbsp; 16.82% |
| Net Assets, End of Period (in thousands) | $182063 | &nbsp;&nbsp; $181900 | &nbsp;&nbsp; $202581 | &nbsp;&nbsp; $266544 | &nbsp;&nbsp; $283236 | &nbsp;&nbsp; $372314 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.91% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.88% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.85% |
| Ratio of Net Investment Income/(Loss) | 6.39% | &nbsp;&nbsp; 6.81% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 4.82% |
| Portfolio Turnover Rate | 80% | &nbsp;&nbsp; 127% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 73% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 120% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

22 \| December 31, 2025

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**Janus Henderson High-Yield Fund**

**Notes to Financial Statements (unaudited)**

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

**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 34 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. 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 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, 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.

Janus Investment Fund \| 23

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**Janus Henderson High-Yield Fund**

**Notes to Financial Statements (unaudited)**

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 Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended December 31, 2025. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

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

**Valuation Inputs Summary**

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

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

24 \| December 31, 2025

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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 period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

The Fund's management has determined the Fund did not hold a significant amount of Level 3 securities as of

December 31, 2025.

**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 an 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.

Janus Investment Fund \| 25

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**Janus Henderson High-Yield Fund**

**Notes to Financial Statements (unaudited)**

**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.

**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.

**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, 2025 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.

26 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

**Notes to Financial Statements (unaudited)**

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

Janus Investment Fund \| 27

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**Janus Henderson High-Yield Fund**

**Notes to Financial Statements (unaudited)**

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 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.

28 \| December 31, 2025

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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 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

Janus Investment Fund \| 29

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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 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 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, 2025.

**3. Other Investments and Strategies**

**Market 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 value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

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**Janus Henderson High-Yield Fund**

**Notes to Financial Statements (unaudited)**

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

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**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.

**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, 2025.

&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 Secured Overnight Financing Rate ("SOFR"). 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

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**Janus Henderson High-Yield Fund**

**Notes to Financial Statements (unaudited)**

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.

**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.

**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.

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**Janus Henderson High-Yield 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 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 Securities and Exchange Commission (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

Janus Investment Fund \| 33

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**Janus Henderson High-Yield 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" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of December 31, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $13,534,293. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2025 is $14,007,528,

resulting in the net amount due to the counterparty of $473,235.

**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 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 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 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).

---

| | |
|:---|:---|
| &nbsp;&nbsp; *Average Daily Net* <br>*Assets of the Fund*<br>| *Contractual Investment* <br>*Advisory Fee (%)*<br>|
| First $300 Million | 0.65 |
| Over $300 Million | 0.55 |

---

The Fund's actual investment advisory fee rate for the reporting period was 0.60% 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, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.63% for at least a one-year period commencing on October 28, 2025. 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

34 \| December 31, 2025

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**Janus Henderson High-Yield Fund**

**Notes to Financial Statements (unaudited)**

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 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 $225,317 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2025. 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 0.11%.

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

Janus Investment Fund \| 35

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**Janus Henderson High-Yield Fund**

**Notes to Financial Statements (unaudited)**

"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, 2025, the Distributor

retained upfront sales charges of $1,350.

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, 2025, redeeming shareholders of Class A Shares paid CDSCs of $600 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. There were no CDSCs paid by redeeming shareholders of Class C Shares during the

period ended December 31, 2025.

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, 2025 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, 2025 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. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the period ended December 31, 2025.

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 at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government 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). 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.

36 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

**Notes to Financial Statements (unaudited)**

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended December 31, 2025 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.

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2025, 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* |  |
| *For the year ended June 30, 2025* | *For the year ended June 30, 2025* |  |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | &nbsp;&nbsp; Accumulated <br>Capital Losses<br>|
| $(96971885) | &nbsp;&nbsp; $(213958867) | &nbsp;&nbsp; $(310930752) |

---

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, 2025 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* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $694227075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15651460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5431077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10220383 |

---

Information on the tax components of derivatives as of December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax* <br>*Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $334267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(178970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $155297 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

constitute adjustments to tax basis.

Janus Investment Fund \| 37

------

**Janus Henderson High-Yield Fund**

**Notes to Financial Statements (unaudited)**

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

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2025* | *Period ended December 31, 2025* | *Year ended June 30, 2025* | *Year ended June 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 1622191 | &nbsp;&nbsp; $12086823 | &nbsp;&nbsp; 2997627 | &nbsp;&nbsp; $21984255 |
| Reinvested dividends and distributions | 142550 | &nbsp;&nbsp; 1063286 | &nbsp;&nbsp; 258934 | &nbsp;&nbsp; 1897088 |
| Shares repurchased | (1652828) | &nbsp;&nbsp; (12331044) | &nbsp;&nbsp; (2710131) | &nbsp;&nbsp; (19827204) |
| Net Increase/(Decrease) | 111913 | &nbsp;&nbsp; $819065 | &nbsp;&nbsp; 546430 | &nbsp;&nbsp; $4054139 |
| Class C Shares: |  |  |  |  |
| Shares sold | 79431 | &nbsp;&nbsp; $594452 | &nbsp;&nbsp; 46540 | &nbsp;&nbsp; $338015 |
| Reinvested dividends and distributions | 8537 | &nbsp;&nbsp; 63737 | &nbsp;&nbsp; 20284 | &nbsp;&nbsp; 148727 |
| Shares repurchased | (29165) | &nbsp;&nbsp; (217717) | &nbsp;&nbsp; (171002) | &nbsp;&nbsp; (1250637) |
| Net Increase/(Decrease) | 58803 | &nbsp;&nbsp; $440472 | &nbsp;&nbsp; (104178) | &nbsp;&nbsp; $(763895) |
| Class D Shares: |  |  |  |  |
| Shares sold | 2414959 | &nbsp;&nbsp; $18010733 | &nbsp;&nbsp; 3961043 | &nbsp;&nbsp; $28912629 |
| Reinvested dividends and distributions | 1142624 | &nbsp;&nbsp; 8528970 | &nbsp;&nbsp; 2396127 | &nbsp;&nbsp; 17566307 |
| Shares repurchased | (2709663) | &nbsp;&nbsp; (20207448) | &nbsp;&nbsp; (6385707) | &nbsp;&nbsp; (46480831) |
| Net Increase/(Decrease) | 847920 | &nbsp;&nbsp; $6332255 | &nbsp;&nbsp; (28537) | &nbsp;&nbsp; $(1895) |
| Class I Shares: |  |  |  |  |
| Shares sold | 2652998 | &nbsp;&nbsp; $19769725 | &nbsp;&nbsp; 9390493 | &nbsp;&nbsp; $68318049 |
| Reinvested dividends and distributions | 571514 | &nbsp;&nbsp; 4266135 | &nbsp;&nbsp; 900026 | &nbsp;&nbsp; 6601727 |
| Shares repurchased | (3435931) | &nbsp;&nbsp; (25635844) | &nbsp;&nbsp; (5698542) | &nbsp;&nbsp; (41423827) |
| Net Increase/(Decrease) | (211419) | &nbsp;&nbsp; $(1599984) | &nbsp;&nbsp; 4591977 | &nbsp;&nbsp; $33495949 |
| Class N Shares: |  |  |  |  |
| Shares sold | 129038 | &nbsp;&nbsp; $962242 | &nbsp;&nbsp; 3408341 | &nbsp;&nbsp; $25105892 |
| Reinvested dividends and distributions | 115926 | &nbsp;&nbsp; 865855 | &nbsp;&nbsp; 276686 | &nbsp;&nbsp; 2028607 |
| Shares repurchased | (256251) | &nbsp;&nbsp; (1908956) | &nbsp;&nbsp; (9805892) | &nbsp;&nbsp; (71691052) |
| Net Increase/(Decrease) | (11287) | &nbsp;&nbsp; $(80859) | &nbsp;&nbsp; (6120865) | &nbsp;&nbsp; $(44556553) |
| Class R Shares: |  |  |  |  |
| Shares sold | 56443 | &nbsp;&nbsp; $421647 | &nbsp;&nbsp; 67350 | &nbsp;&nbsp; $492304 |
| Reinvested dividends and distributions | 6949 | &nbsp;&nbsp; 51803 | &nbsp;&nbsp; 14426 | &nbsp;&nbsp; 105634 |
| Shares repurchased | (71358) | &nbsp;&nbsp; (531337) | &nbsp;&nbsp; (62325) | &nbsp;&nbsp; (453869) |
| Net Increase/(Decrease) | (7966) | &nbsp;&nbsp; $(57887) | &nbsp;&nbsp; 19451 | &nbsp;&nbsp; $144069 |
| Class S Shares: |  |  |  |  |
| Shares sold | 4216 | &nbsp;&nbsp; $31466 | &nbsp;&nbsp; 15948 | &nbsp;&nbsp; $117494 |
| Reinvested dividends and distributions | 3197 | &nbsp;&nbsp; 23880 | &nbsp;&nbsp; 6773 | &nbsp;&nbsp; 49721 |
| Shares repurchased | (18304) | &nbsp;&nbsp; (136560) | &nbsp;&nbsp; (37710) | &nbsp;&nbsp; (277753) |
| Net Increase/(Decrease) | (10891) | &nbsp;&nbsp; $(81214) | &nbsp;&nbsp; (14989) | &nbsp;&nbsp; $(110538) |
| Class T Shares: |  |  |  |  |
| Shares sold | 4343967 | &nbsp;&nbsp; $32354178 | &nbsp;&nbsp; 3020700 | &nbsp;&nbsp; $22151258 |
| Reinvested dividends and distributions | 776566 | &nbsp;&nbsp; 5796407 | &nbsp;&nbsp; 1741978 | &nbsp;&nbsp; 12773259 |
| Shares repurchased | (5405606) | &nbsp;&nbsp; (40290246) | &nbsp;&nbsp; (8156836) | &nbsp;&nbsp; (59646767) |
| Net Increase/(Decrease) | (285073) | &nbsp;&nbsp; $(2139661) | &nbsp;&nbsp; (3394158) | &nbsp;&nbsp; $(24722250) |

---

**7. Purchases and Sales of Investment Securities**

For the period ended December 31, 2025, 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*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $537272855 | &nbsp;&nbsp;&nbsp;&nbsp; $533656511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

38 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

**Notes to Financial Statements (unaudited)**

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

**8. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client consents, and

approval by Janus Henderson's shareholders. Management is assessing the impact to the funds.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 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.

Janus Investment Fund \| 39

------

**Janus Henderson High-Yield Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the 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 analyses 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 5, 2025 and December 9-10, 2025, 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 over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's 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, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. 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

40 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment 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 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. Additionally, 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 and retain 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 at 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, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 41

------

**Janus Henderson High-Yield Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, 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.

42 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 43

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**Janus Henderson High-Yield Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

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.

44 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

**Additional Information (unaudited)**

***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 identified by Broadridge using Morningstar category schema. 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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% 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 or service 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 considering performance trends, performance histories, recent fee reductions, investment structure changes, 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 institutional/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 institutional/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 the Adviser's explanation 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 the independent fee consultant's 2024 report 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 similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable 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) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 45

------

**Janus Henderson High-Yield Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, 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 has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

46 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market 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 reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian 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 had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 47

------

**Janus Henderson High-Yield Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, 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.

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 receives 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 and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, 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. As part of their overall review of fund profitability, 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 fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

48 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

**Additional Information (unaudited)**

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 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, 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; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) 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 (3) by setting lower fixed fees from the start on the Flat-Rate Fee 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.

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 Janus Henderson 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.

Based on all of the information reviewed, including the recent and past research and analyses 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 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 other 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 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 such Janus Henderson Funds. 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

Janus Investment Fund \| 49

------

**Janus Henderson High-Yield Fund**

**Additional Information (unaudited)**

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.

50 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

**Notes**

Janus Investment Fund \| 51

------

**Janus Henderson High-Yield Fund**

**Notes**

52 \| December 31, 2025

------

**Janus Henderson High-Yield Fund**

**Notes**

Janus Investment Fund \| 53

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![](img8a6d82462.gif)

*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

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93026 02-26

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SEMIANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson International Dividend Fund**

Janus Investment Fund

![](img830be80d1.gif)

------

**Table of Contents**

**Janus Henderson International Dividend Fund** 

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| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_95aa7948-7712-481e-8b89-4f166e6ec5c2_SOI-SOI-RunningFooter-21_1)<br> [Management Investment Companies](#xx_95aa7948-7712-481e-8b89-4f166e6ec5c2_SOI-SOI-RunningFooter-21_1)<br>|  |
| [Schedule of Investments](#xx_95aa7948-7712-481e-8b89-4f166e6ec5c2_SOI-SOI-RunningFooter-21_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_95aa7948-7712-481e-8b89-4f166e6ec5c2_SOI-SOI-RunningFooter-21_4) | 4 |
| [Statement of Assets and Liabilities](#xx_95aa7948-7712-481e-8b89-4f166e6ec5c2_SAL-SAL-RunningFooter-21_1) | 5 |
| [Statement of Operations](#xx_95aa7948-7712-481e-8b89-4f166e6ec5c2_SOP-SOP-RunningFooter-21_1) | 7 |
| [Statements of Changes in Net Assets](#xx_95aa7948-7712-481e-8b89-4f166e6ec5c2_SOC-SOC-RunningFooter-21_1) | 8 |
| [Financial Highlights](#xx_95aa7948-7712-481e-8b89-4f166e6ec5c2_FIHI-FIHI-RunningFooter-21_1) | 9 |
| [Notes to Financial Statements](#xx_95aa7948-7712-481e-8b89-4f166e6ec5c2_NTF-NTF-RunningFooter-21_1) | 16 |
| [Items 8-11 - Additional Information](#xx_95aa7948-7712-481e-8b89-4f166e6ec5c2_AI-AI-RunningFooter-21_1) | 26 |

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**Janus Henderson International Dividend Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 94.2% |  |  |
| Aerospace & Defense – 3.1% |  |  |
| Airbus SE | 11480 | $2662602 |
| BAE Systems PLC | 229152 | 5267036 |
|  |  | 7929638 |
| Banks – 9.5% |  |  |
| BNP Paribas SA | 77857 | 7366650 |
| Natwest Group PLC | 681845 | 5945960 |
| Nordea Bank Abp | 287522 | 5419433 |
| Resona Holdings Inc | 607900 | 5764663 |
|  |  | 24496706 |
| Beverages – 4.6% |  |  |
| Carlsberg A/S | 41446 | 5433772 |
| Coca-Cola European Partners PLC | 70213 | 6368319 |
|  |  | 11802091 |
| Building Products – 1.4% |  |  |
| Cie de Saint-Gobain | 36394 | 3694157 |
| Capital Markets – 3.9% |  |  |
| Hong Kong Exchanges & Clearing Ltd | 104400 | 5455037 |
| Intermediate Capital Group PLC | 166809 | 4599071 |
|  |  | 10054108 |
| Chemicals – 1.6% |  |  |
| Shin-Etsu Chemical Co Ltd | 132800 | 4130355 |
| Diversified Telecommunication Services – 1.6% |  |  |
| Deutsche Telekom AG | 130752 | 4240894 |
| Electric Utilities – 2.2% |  |  |
| Iberdrola SA | 256804 | 5558090 |
| Electrical Equipment – 2.5% |  |  |
| Schneider Electric SE | 23204 | 6359718 |
| Electronic Equipment, Instruments & Components – 1.5% |  |  |
| Murata Manufacturing Co Ltd | 182500 | 3789115 |
| Household Durables – 2.3% |  |  |
| Sony Corp | 229300 | 5861693 |
| Industrial Conglomerates – 2.5% |  |  |
| Siemens AG | 22501 | 6318565 |
| Insurance – 10.0% |  |  |
| AIA Group Ltd | 564200 | 5795325 |
| AXA SA | 97998 | 4712801 |
| Dai-ichi Life Holdings Inc | 757700 | 6291398 |
| Tokio Marine Holdings Inc | 67300 | 2498889 |
| Zurich Insurance Group AG | 8548 | 6489717 |
|  |  | 25788130 |
| Interactive Media & Services – 2.0% |  |  |
| Tencent Holdings Ltd | 66100 | 5065191 |
| Machinery – 3.8% |  |  |
| Daimler Truck Holding AG | 120868 | 5299566 |
| Komatsu Ltd | 138400 | 4424797 |
|  |  | 9724363 |
| Media – 2.0% |  |  |
| Publicis Groupe SA | 49241 | 5107894 |
| Metals & Mining – 2.2% |  |  |
| Rio Tinto PLC | 69365 | 5533288 |
| Multi-Utilities – 2.0% |  |  |
| National Grid PLC | 336377 | 5183017 |
| Oil, Gas & Consumable Fuels – 2.0% |  |  |
| Shell PLC | 139971 | 5165739 |
| Personal Products – 2.0% |  |  |
| Unilever PLC | 77872 | 5103825 |
| Pharmaceuticals – 7.6% |  |  |
| AstraZeneca PLC | 33798 | 6224204 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson International Dividend Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Pharmaceuticals – (continued) |  |  |
| Roche Holding AG | 18529 | $7659378 |
| Sanofi | 59711 | 5792542 |
|  |  | 19676124 |
| Professional Services – 2.5% |  |  |
| RELX PLC | 157484 | 6418257 |
| Road & Rail – 1.0% |  |  |
| Full Truck Alliance Co (ADR) | 251631 | 2700001 |
| Semiconductor & Semiconductor Equipment – 8.5% |  |  |
| MediaTek Inc | 77000 | 3489380 |
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 34679 | 10538601 |
| Tokyo Electron Ltd | 36300 | 7973135 |
|  |  | 22001116 |
| Software – 2.4% |  |  |
| SAP SE | 25669 | 6280124 |
| Specialty Retail – 2.2% |  |  |
| Industria de Diseno Textil SA | 84656 | 5575857 |
| Textiles, Apparel & Luxury Goods – 4.0% |  |  |
| Cie Financiere Richemont SA (REG) | 36038 | 7779549 |
| LVMH Moet Hennessy Louis Vuitton SE | 3412 | 2572093 |
|  |  | 10351642 |
| Tobacco – 1.9% |  |  |
| British American Tobacco PLC | 88125 | 4993824 |
| Wireless Telecommunication Services – 1.4% |  |  |
| KDDI Corp | 211700 | 3662532 |
| Total Common Stocks (cost $192,900,871) |  | 242566054 |
| Preferred Stocks – 3.9% |  |  |
| Technology Hardware, Storage & Peripherals – 3.9% |  |  |
| Samsung Electronics Co Ltd (cost $6,286,666) | 161869 | 9935357 |
| Investment Companies – 1.1% |  |  |
| Money Markets – 1.1% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº,</sup><sup>£</sup> (cost $2,962,695) | 2962068 | 2962957 |
| Total Investments (total cost $202,150,232) – 99.2% |  | 255464368 |
| Cash, Receivables and Other Assets, net of Liabilities – 0.8% |  | 1950725 |
| Net Assets – 100% |  | $257415093 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| Japan | $44396577 | &nbsp;&nbsp;&nbsp;&nbsp; 17.4<br> %<br>|
| United Kingdom | 44114719 | &nbsp;&nbsp;&nbsp;&nbsp;17.3 |
| France | 38268457 | &nbsp;&nbsp;&nbsp;&nbsp;15.0 |
| Germany | 22139149 | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| Switzerland | 21928644 | &nbsp;&nbsp;&nbsp;&nbsp;8.6 |
| Taiwan | 14027981 | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| Netherlands | 11522082 | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Hong Kong | 11250362 | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Spain | 11133947 | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| South Korea | 9935357 | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| United States | 8128696 | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| China | 7765192 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Denmark | 5433772 | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Finland | 5419433 | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Total | $255464368 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

------

**Janus Henderson International Dividend Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*6/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*12/31/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% |
| Money Markets - 1.1% | Money Markets - 1.1% | Money Markets - 1.1% | Money Markets - 1.1% | Money Markets - 1.1% | Money Markets - 1.1% | Money Markets - 1.1% | Money Markets - 1.1% | Money Markets - 1.1% |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | $8911327 | $62040110 | $(67989213) | $471 | $262 | $2962957 | 2962068 | $177033 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson International Dividend Fund**

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

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| LLC | Limited Liability Company |
| PLC | Public Limited Company |
| REG | Registered |

---

---

| |
|:---|
| Rate shown is the 7-day yield as of December 31, 2025. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|

---

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, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* |  |  |  |
| Beverages | $6368319 | &nbsp;&nbsp; $5433772 | &nbsp;&nbsp; $- |
| Road & Rail | 2700001 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Semiconductor & Semiconductor Equipment | 10538601 | &nbsp;&nbsp; 11462515 | &nbsp;&nbsp; - |
| All Other | - | &nbsp;&nbsp; 206062846 | &nbsp;&nbsp; - |
| *Preferred Stocks* | - | &nbsp;&nbsp; 9935357 | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 2962957 | &nbsp;&nbsp; - |
| **Total Assets** | $19606921 | &nbsp;&nbsp; $235857447 | &nbsp;&nbsp; $- |

---

4 \| December 31, 2025

------

**Janus Henderson International Dividend Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $199,187,537) | $252501411 |
| Affiliated investments, at value (cost $2,962,695) | 2962957 |
| Cash denominated in foreign currency (cost $60) | 60 |
| Trustees' deferred compensation | 7590 |
| Receivables: |  |
| Foreign tax reclaims | 1425369 |
| Fund shares sold | 441488 |
| Dividends | 333205 |
| Dividends from affiliates | 26341 |
| Other assets | 167870 |
| Total Assets | 257866291 |
| Liabilities: |  |
| Payables: |  |
| Fund shares repurchased | 175288 |
| Advisory fees | 140705 |
| Professional fees | 47588 |
| Transfer agent fees and expenses | 27824 |
| 12b-1 Distribution and shareholder servicing fees | 12442 |
| Trustees' deferred compensation fees | 7590 |
| Custodian fees | 3064 |
| Affiliated fund administration fees payable | 558 |
| Trustees' fees and expenses | 44 |
| Accrued expenses and other payables | 36095 |
| Total Liabilities | 451198 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $257415093 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson International Dividend Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $197581142 |
| Total distributable earnings (loss) | 59833951 |
| Total Net Assets | $257415093 |
| Net Assets - Class A Shares | $43947847 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2419442 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $18.16 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $19.27 |
| Net Assets - Class C Shares | $3191739 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 182098 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $17.53 |
| Net Assets - Class D Shares | $39607232 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2175081 |
| Net Asset Value Per Share | $18.21 |
| Net Assets - Class I Shares | $155171456 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 8498382 |
| Net Asset Value Per Share | $18.26 |
| Net Assets - Class N Shares | $3285846 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 180362 |
| Net Asset Value Per Share | $18.22 |
| Net Assets - Class S Shares | $263906 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 14570 |
| Net Asset Value Per Share | $18.11 |
| Net Assets - Class T Shares | $11947067 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 658515 |
| Net Asset Value Per Share | $18.14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson International Dividend Fund**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $2411344 |
| Dividends from affiliates | 177033 |
| Other income | 3144 |
| Foreign tax withheld (Note 1) | 26640 |
| Total Investment Income | 2618161 |
| Expenses: |  |
| Advisory fees | 936790 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 54280 |
| Class C Shares | 16058 |
| Class S Shares | 204 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 19670 |
| Class S Shares | 324 |
| Class T Shares | 14495 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 15330 |
| Class C Shares | 1268 |
| Class I Shares | 74113 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 1236 |
| Class C Shares | 90 |
| Class D Shares | 3237 |
| Class I Shares | 2320 |
| Class N Shares | 95 |
| Class S Shares | 5 |
| Class T Shares | 86 |
| Professional fees | 64740 |
| Registration fees | 31973 |
| Shareholder reports expense | 16612 |
| Custodian fees | 9125 |
| Affiliated fund administration fees | 4302 |
| Trustees' fees and expenses | 2431 |
| Other expenses | 63087 |
| Total Expenses | 1331871 |
| Less: Excess Expense Reimbursement and Waivers | (112223) |
| Net Expenses | 1219648 |
| Net Investment Income/(Loss) | 1398513 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 13395610 |
| Investments in affiliates | 471 |
| Total Net Realized Gain/(Loss) on Investments | 13396081 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 1278197 |
| Investments in affiliates | 262 |
| Total Change in Unrealized Net Appreciation/Depreciation | 1278459 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $16073053 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson International Dividend Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*December 31, 2025* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*June 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $1398513 | &nbsp;&nbsp; $4777921 |
| Net realized gain/(loss) on investments | 13396081 | &nbsp;&nbsp; 11917408 |
| Change in unrealized net appreciation/depreciation | 1278459 | &nbsp;&nbsp; 19051312 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 16073053 | &nbsp;&nbsp; 35746641 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (2680144) | &nbsp;&nbsp; (2322907) |
| Class C Shares | (197672) | &nbsp;&nbsp; (221694) |
| Class D Shares | (2360639) | &nbsp;&nbsp; (1279219) |
| Class I Shares | (9619601) | &nbsp;&nbsp; (5626668) |
| Class N Shares | (203347) | &nbsp;&nbsp; (738672) |
| Class S Shares | (16421) | &nbsp;&nbsp; (11198) |
| Class T Shares | (722581) | &nbsp;&nbsp; (583144) |
| Net Decrease from Dividends and Distributions to Shareholders | (15800405) | &nbsp;&nbsp; (10783502) |
| Capital Share Transactions: |  |  |
| Class A Shares | 1975607 | &nbsp;&nbsp; (1538112) |
| Class C Shares | (300810) | &nbsp;&nbsp; (2214294) |
| Class D Shares | 7295862 | &nbsp;&nbsp; 9123136 |
| Class I Shares | 15533586 | &nbsp;&nbsp; 70783769 |
| Class N Shares | (260514) | &nbsp;&nbsp; (13251750) |
| Class S Shares | 17303 | &nbsp;&nbsp; 70714 |
| Class T Shares | 455860 | &nbsp;&nbsp; 2683977 |
| Net Increase/(Decrease) from Capital Share Transactions | 24716894 | &nbsp;&nbsp; 65657440 |
| Net Increase/(Decrease) in Net Assets | 24989542 | &nbsp;&nbsp; 90620579 |
| Net Assets: |  |  |
| Beginning of period | 232425551 | &nbsp;&nbsp; 141804972 |
| End of period | $257415093 | &nbsp;&nbsp; $232425551 |

---

See Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson International Dividend Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $18.16 | &nbsp;&nbsp; $16.21 | &nbsp;&nbsp; $14.27 | &nbsp;&nbsp; $12.66 | &nbsp;&nbsp; $14.83 | &nbsp;&nbsp; $12.31 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.09 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Net realized and unrealized gain/(loss) | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp; (1.95) | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Total from Investment Operations | 1.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp; (1.50) | &nbsp;&nbsp;&nbsp;&nbsp;2.96 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.15) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.44) |
| Distributions (from capital gains) | (1.01) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.16) | &nbsp;&nbsp; (0.96) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.44) |
| Net Asset Value, End of Period | $18.16 | &nbsp;&nbsp; $18.16 | &nbsp;&nbsp; $16.21 | &nbsp;&nbsp; $14.27 | &nbsp;&nbsp; $12.66 | &nbsp;&nbsp; $14.83 |
| Total Return<sup>\*</sup> <br>| 6.51% | &nbsp;&nbsp; 18.78% | &nbsp;&nbsp; 17.06% | &nbsp;&nbsp; 17.42% | &nbsp;&nbsp; (10.49)% | &nbsp;&nbsp; 24.38% |
| Net Assets, End of Period (in thousands) | $43948 | &nbsp;&nbsp; $41930 | &nbsp;&nbsp; $38929 | &nbsp;&nbsp; $33195 | &nbsp;&nbsp; $31754 | &nbsp;&nbsp; $33270 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.23% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.30% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.24% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.15% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.15% |
| Ratio of Net Investment Income/(Loss) | 0.96% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 2.27% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 2.94% | &nbsp;&nbsp; 3.14% | &nbsp;&nbsp; 4.06% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 50% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 52% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in September and October 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.14%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the period. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.27%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in September and October 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.02%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the period. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%. 

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson International Dividend Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $17.57 | &nbsp;&nbsp; $15.73 | &nbsp;&nbsp; $13.84 | &nbsp;&nbsp; $12.32 | &nbsp;&nbsp; $14.49 | &nbsp;&nbsp; $12.07 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.02 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain/(loss) | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp; (1.88) | &nbsp;&nbsp;&nbsp;&nbsp;2.36 |
| Total from Investment Operations | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp; (1.56) | &nbsp;&nbsp;&nbsp;&nbsp;2.80 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.09) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.38) |
| Distributions (from capital gains) | (1.01) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.10) | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.38) |
| Net Asset Value, End of Period | $17.53 | &nbsp;&nbsp; $17.57 | &nbsp;&nbsp; $15.73 | &nbsp;&nbsp; $13.84 | &nbsp;&nbsp; $12.32 | &nbsp;&nbsp; $14.49 |
| Total Return<sup>\*</sup> <br>| 6.16% | &nbsp;&nbsp; 17.89% | &nbsp;&nbsp; 16.33% | &nbsp;&nbsp; 16.50% | &nbsp;&nbsp; (11.11)% | &nbsp;&nbsp; 23.48% |
| Net Assets, End of Period (in thousands) | $3192 | &nbsp;&nbsp; $3497 | &nbsp;&nbsp; $5322 | &nbsp;&nbsp; $7573 | &nbsp;&nbsp; $10653 | &nbsp;&nbsp; $17760 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 2.03% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 2.07% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 2.04% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 1.96% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.86% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 1.87% |
| Ratio of Net Investment Income/(Loss) | 0.24% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.37% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 2.27% | &nbsp;&nbsp; 3.24% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 50% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 52% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in September and October 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.14%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the period. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.27%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in September and October 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.02%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the period. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%. 

See Notes to Financial Statements.

10 \| December 31, 2025

------

**Janus Henderson International Dividend Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $18.20 | &nbsp;&nbsp; $16.24 | &nbsp;&nbsp; $14.29 | &nbsp;&nbsp; $12.68 | &nbsp;&nbsp; $14.84 | &nbsp;&nbsp; $12.31 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.11 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net realized and unrealized gain/(loss) | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp; (1.97) | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| Total from Investment Operations | 1.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp; (1.48) | &nbsp;&nbsp;&nbsp;&nbsp;2.98 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.16) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.45) |
| Distributions (from capital gains) | (1.01) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.17) | &nbsp;&nbsp; (0.99) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (0.45) |
| Net Asset Value, End of Period | $18.21 | &nbsp;&nbsp; $18.20 | &nbsp;&nbsp; $16.24 | &nbsp;&nbsp; $14.29 | &nbsp;&nbsp; $12.68 | &nbsp;&nbsp; $14.84 |
| Total Return<sup>\*</sup> <br>| 6.65% | &nbsp;&nbsp; 19.00% | &nbsp;&nbsp; 17.31% | &nbsp;&nbsp; 17.55% | &nbsp;&nbsp; (10.33)% | &nbsp;&nbsp; 24.58% |
| Net Assets, End of Period (in thousands) | $39607 | &nbsp;&nbsp; $32298 | &nbsp;&nbsp; $20131 | &nbsp;&nbsp; $17311 | &nbsp;&nbsp; $14580 | &nbsp;&nbsp; $11877 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.05% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.13% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.12% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.94% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.98% |
| Ratio of Net Investment Income/(Loss) | 1.15% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 2.68% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 2.30% | &nbsp;&nbsp; 3.12% | &nbsp;&nbsp; 3.43% | &nbsp;&nbsp; 4.29% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 50% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 52% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in September and October 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.14%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the period. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.27%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in September and October 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.02%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the period. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%. 

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson International Dividend Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $18.25 | &nbsp;&nbsp; $16.28 | &nbsp;&nbsp; $14.33 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $14.86 | &nbsp;&nbsp; $12.32 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.11 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net realized and unrealized gain/(loss) | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp; (1.94) | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Total from Investment Operations | 1.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp;&nbsp;&nbsp;2.99 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.16) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.45) |
| Distributions (from capital gains) | (1.01) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.17) | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.45) |
| Net Asset Value, End of Period | $18.26 | &nbsp;&nbsp; $18.25 | &nbsp;&nbsp; $16.28 | &nbsp;&nbsp; $14.33 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $14.86 |
| Total Return<sup>\*</sup> <br>| 6.64% | &nbsp;&nbsp; 19.05% | &nbsp;&nbsp; 17.33% | &nbsp;&nbsp; 17.62% | &nbsp;&nbsp; (10.23)% | &nbsp;&nbsp; 24.68% |
| Net Assets, End of Period (in thousands) | $155171 | &nbsp;&nbsp; $139455 | &nbsp;&nbsp; $53937 | &nbsp;&nbsp; $42376 | &nbsp;&nbsp; $55559 | &nbsp;&nbsp; $68416 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.00% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.08% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.99% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.92% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.91% |
| Ratio of Net Investment Income/(Loss) | 1.19% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 2.80% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 2.98% | &nbsp;&nbsp; 3.30% | &nbsp;&nbsp; 4.27% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 50% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 52% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in September and October 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.14%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the period. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.27%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in September and October 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.02%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the period. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%. 

See Notes to Financial Statements.

12 \| December 31, 2025

------

**Janus Henderson International Dividend Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $18.21 | &nbsp;&nbsp; $16.25 | &nbsp;&nbsp; $14.31 | &nbsp;&nbsp; $12.69 | &nbsp;&nbsp; $14.83 | &nbsp;&nbsp; $12.30 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.12 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Net realized and unrealized gain/(loss) | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp; (2.05) | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| Total from Investment Operations | 1.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp;&nbsp;&nbsp;2.99 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.17) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.46) |
| Distributions (from capital gains) | (1.01) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.18) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.46) |
| Net Asset Value, End of Period | $18.22 | &nbsp;&nbsp; $18.21 | &nbsp;&nbsp; $16.25 | &nbsp;&nbsp; $14.31 | &nbsp;&nbsp; $12.69 | &nbsp;&nbsp; $14.83 |
| Total Return<sup>\*</sup> <br>| 6.70% | &nbsp;&nbsp; 19.12% | &nbsp;&nbsp; 17.39% | &nbsp;&nbsp; 17.73% | &nbsp;&nbsp; (10.14)% | &nbsp;&nbsp; 24.71% |
| Net Assets, End of Period (in thousands) | $3286 | &nbsp;&nbsp; $3521 | &nbsp;&nbsp; $15645 | &nbsp;&nbsp; $10259 | &nbsp;&nbsp; $6384 | &nbsp;&nbsp; $688 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.99% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.99% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.44% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.83% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.84% |
| Ratio of Net Investment Income/(Loss) | 1.32% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 2.26% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 2.52% | &nbsp;&nbsp; 3.51% | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 4.41% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 50% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 52% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in September and October 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.14%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the period. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.27%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in September and October 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.02%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the period. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%. 

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson International Dividend Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $18.11 | &nbsp;&nbsp; $16.17 | &nbsp;&nbsp; $14.23 | &nbsp;&nbsp; $12.63 | &nbsp;&nbsp; $14.78 | &nbsp;&nbsp; $12.27 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.09 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net realized and unrealized gain/(loss) | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp; (1.94) | &nbsp;&nbsp;&nbsp;&nbsp;2.39 |
| Total from Investment Operations | 1.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp;&nbsp;&nbsp;2.98 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.15) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.47) |
| Distributions (from capital gains) | (1.01) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.16) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.47) |
| Net Asset Value, End of Period | $18.11 | &nbsp;&nbsp; $18.11 | &nbsp;&nbsp; $16.17 | &nbsp;&nbsp; $14.23 | &nbsp;&nbsp; $12.63 | &nbsp;&nbsp; $14.78 |
| Total Return<sup>\*</sup> <br>| 6.53% | &nbsp;&nbsp; 18.83% | &nbsp;&nbsp; 17.23% | &nbsp;&nbsp; 17.58% | &nbsp;&nbsp; (10.27)% | &nbsp;&nbsp; 24.68% |
| Net Assets, End of Period (in thousands) | $264 | &nbsp;&nbsp; $247 | &nbsp;&nbsp; $149 | &nbsp;&nbsp; $68 | &nbsp;&nbsp; $58 | &nbsp;&nbsp; $65 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 2.49% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 2.92% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 4.31% | &nbsp;&nbsp; 6.18% | &nbsp;&nbsp; 5.83% | &nbsp;&nbsp; 6.21% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.12% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.91% |
| Ratio of Net Investment Income/(Loss) | 0.97% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 2.53% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 2.67% | &nbsp;&nbsp; 3.12% | &nbsp;&nbsp; 3.36% | &nbsp;&nbsp; 4.27% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 50% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 52% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in September and October 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.14%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the period. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.27%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in September and October 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.02%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the period. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%. 

See Notes to Financial Statements.

14 \| December 31, 2025

------

**Janus Henderson International Dividend Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $18.14 | &nbsp;&nbsp; $16.19 | &nbsp;&nbsp; $14.26 | &nbsp;&nbsp; $12.65 | &nbsp;&nbsp; $14.81 | &nbsp;&nbsp; $12.29 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.10 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Net realized and unrealized gain/(loss) | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp; (1.95) | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Total from Investment Operations | 1.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp; (1.49) | &nbsp;&nbsp;&nbsp;&nbsp;2.96 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.15) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.44) |
| Distributions (from capital gains) | (1.01) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.16) | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.44) |
| Net Asset Value, End of Period | $18.14 | &nbsp;&nbsp; $18.14 | &nbsp;&nbsp; $16.19 | &nbsp;&nbsp; $14.26 | &nbsp;&nbsp; $12.65 | &nbsp;&nbsp; $14.81 |
| Total Return<sup>\*</sup> <br>| 6.56% | &nbsp;&nbsp; 18.89% | &nbsp;&nbsp; 17.09% | &nbsp;&nbsp; 17.45% | &nbsp;&nbsp; (10.41)% | &nbsp;&nbsp; 24.45% |
| Net Assets, End of Period (in thousands) | $11947 | &nbsp;&nbsp; $11479 | &nbsp;&nbsp; $7691 | &nbsp;&nbsp; $5363 | &nbsp;&nbsp; $20258 | &nbsp;&nbsp; $28439 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.18% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.25% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.18% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.07% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.09% |
| Ratio of Net Investment Income/(Loss) | 1.04% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 2.57% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 2.33% | &nbsp;&nbsp; 3.22% | &nbsp;&nbsp; 3.16% | &nbsp;&nbsp; 4.06% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 50% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 52% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in September and October 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.14%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the period. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.27%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in September and October 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.02%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the period. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%. 

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson International Dividend Fund**

**Notes to Financial Statements (unaudited)**

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

**1. Organization and Significant Accounting Policies**

Janus Henderson International Dividend 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 34 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 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. 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 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, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

16 \| December 31, 2025

------

**Janus Henderson International Dividend Fund**

**Notes to Financial Statements (unaudited)**

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 Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended December 31, 2025. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

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

**Valuation Inputs Summary**

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

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

Janus Investment Fund \| 17

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**Janus Henderson International Dividend 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 period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments 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 an 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.

18 \| December 31, 2025

------

**Janus Henderson 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.

**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.

**Foreign Taxes**

The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the Fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. The Statement of Operations reflects $202,150 of tax reclaims received as well as $26,114 of professional fees due to the recovery of foreign withholding taxes after such amounts were previously passed through to Fund shareholders as foreign tax

credits.

**2. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and

Janus Investment Fund \| 19

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**Janus Henderson International Dividend Fund**

**Notes to Financial Statements (unaudited)**

economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**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.

**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).

---

| | |
|:---|:---|
| &nbsp;&nbsp; *Average Daily Net* <br>*Assets of the Fund*<br>| *Contractual Investment* <br>*Advisory Fee (%)*<br>|
| 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.

20 \| December 31, 2025

------

**Janus Henderson International Dividend Fund**

**Notes to Financial Statements (unaudited)**

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, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.77% for at least a one-year period commencing on October 28, 2025. The previous expense limit (for a one-year period commencing October 28, 2024) was 0.84%. 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 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 $225,317 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2025. 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 0.11%.

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

Janus Investment Fund \| 21

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**Janus Henderson International Dividend 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 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, 2025, the Distributor

retained upfront sales charges of $879.

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,

2025. 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, 2025.

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, 2025 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, 2025 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. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the period ended December 31, 2025.

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

22 \| December 31, 2025

------

**Janus Henderson International Dividend 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 at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government 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). 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, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

As of December 31, 2025, 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 | -<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -<br> %<br>|
| Class C Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class D Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class I Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class N Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class S Shares | 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - <br><sup>\*</sup><br>|
| Class T Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

\*Less than 0.50%<br>

**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, 2025 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* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $201968974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $55515990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2020596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $53495394 |

---

Janus Investment Fund \| 23

------

**Janus Henderson International Dividend Fund**

**Notes to Financial Statements (unaudited)**

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

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2025* | *Period ended December 31, 2025* | *Year ended June 30, 2025* | *Year ended June 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 85052 | &nbsp;&nbsp; $1561869 | &nbsp;&nbsp; 323979 | &nbsp;&nbsp; $5271710 |
| Reinvested dividends and distributions | 146396 | &nbsp;&nbsp; 2614954 | &nbsp;&nbsp; 139791 | &nbsp;&nbsp; 2266560 |
| Shares repurchased | (120837) | &nbsp;&nbsp; (2201216) | &nbsp;&nbsp; (556238) | &nbsp;&nbsp; (9076382) |
| Net Increase/(Decrease) | 110611 | &nbsp;&nbsp; $1975607 | &nbsp;&nbsp; (92468) | &nbsp;&nbsp; $(1538112) |
| Class C Shares: |  |  |  |  |
| Shares sold | 18998 | &nbsp;&nbsp; $336532 | &nbsp;&nbsp; 29620 | &nbsp;&nbsp; $464402 |
| Reinvested dividends and distributions | 10869 | &nbsp;&nbsp; 187272 | &nbsp;&nbsp; 13642 | &nbsp;&nbsp; 213556 |
| Shares repurchased | (46780) | &nbsp;&nbsp; (824614) | &nbsp;&nbsp; (182701) | &nbsp;&nbsp; (2892252) |
| Net Increase/(Decrease) | (16913) | &nbsp;&nbsp; $(300810) | &nbsp;&nbsp; (139439) | &nbsp;&nbsp; $(2214294) |
| Class D Shares: |  |  |  |  |
| Shares sold | 654385 | &nbsp;&nbsp; $12037594 | &nbsp;&nbsp; 895905 | &nbsp;&nbsp; $15030107 |
| Reinvested dividends and distributions | 129186 | &nbsp;&nbsp; 2312913 | &nbsp;&nbsp; 76224 | &nbsp;&nbsp; 1248628 |
| Shares repurchased | (383026) | &nbsp;&nbsp; (7054645) | &nbsp;&nbsp; (437138) | &nbsp;&nbsp; (7155599) |
| Net Increase/(Decrease) | 400545 | &nbsp;&nbsp; $7295862 | &nbsp;&nbsp; 534991 | &nbsp;&nbsp; $9123136 |
| Class I Shares: |  |  |  |  |
| Shares sold | 1182118 | &nbsp;&nbsp; $21737942 | &nbsp;&nbsp; 5923302 | &nbsp;&nbsp; $96389777 |
| Reinvested dividends and distributions | 529391 | &nbsp;&nbsp; 9504664 | &nbsp;&nbsp; 336486 | &nbsp;&nbsp; 5520966 |
| Shares repurchased | (855945) | &nbsp;&nbsp; (15709020) | &nbsp;&nbsp; (1930536) | &nbsp;&nbsp; (31126974) |
| Net Increase/(Decrease) | 855564 | &nbsp;&nbsp; $15533586 | &nbsp;&nbsp; 4329252 | &nbsp;&nbsp; $70783769 |
| Class N Shares: |  |  |  |  |
| Shares sold | 21892 | &nbsp;&nbsp; $402258 | &nbsp;&nbsp; 234977 | &nbsp;&nbsp; $3759479 |
| Reinvested dividends and distributions | 11344 | &nbsp;&nbsp; 203347 | &nbsp;&nbsp; 45924 | &nbsp;&nbsp; 738672 |
| Shares repurchased | (46257) | &nbsp;&nbsp; (866119) | &nbsp;&nbsp; (1050265) | &nbsp;&nbsp; (17749901) |
| Net Increase/(Decrease) | (13021) | &nbsp;&nbsp; $(260514) | &nbsp;&nbsp; (769364) | &nbsp;&nbsp; $(13251750) |
| Class S Shares: |  |  |  |  |
| Shares sold | 598 | &nbsp;&nbsp; $11078 | &nbsp;&nbsp; 4132 | &nbsp;&nbsp; $65836 |
| Reinvested dividends and distributions | 922 | &nbsp;&nbsp; 16421 | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 11198 |
| Shares repurchased | (571) | &nbsp;&nbsp; (10196) | &nbsp;&nbsp;&nbsp;&nbsp;(389) | &nbsp;&nbsp; (6320) |
| Net Increase/(Decrease) | 949 | &nbsp;&nbsp; $17303 | &nbsp;&nbsp; 4433 | &nbsp;&nbsp; $70714 |
| Class T Shares: |  |  |  |  |
| Shares sold | 108753 | &nbsp;&nbsp; $1986233 | &nbsp;&nbsp; 406940 | &nbsp;&nbsp; $6681550 |
| Reinvested dividends and distributions | 38323 | &nbsp;&nbsp; 683468 | &nbsp;&nbsp; 33875 | &nbsp;&nbsp; 549876 |
| Shares repurchased | (121388) | &nbsp;&nbsp; (2213841) | &nbsp;&nbsp; (282917) | &nbsp;&nbsp; (4547449) |
| Net Increase/(Decrease) | 25688 | &nbsp;&nbsp; $455860 | &nbsp;&nbsp; 157898 | &nbsp;&nbsp; $2683977 |

---

**6. Purchases and Sales of Investment Securities**

For the period ended December 31, 2025, 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*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $79776737 | &nbsp;&nbsp;&nbsp;&nbsp; $63554921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client consents, and

approval by Janus Henderson's shareholders. Management is assessing the impact to the funds.

24 \| December 31, 2025

------

**Janus Henderson International Dividend Fund**

**Notes to Financial Statements (unaudited)**

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

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 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.

Janus Investment Fund \| 25

------

**Janus Henderson International Dividend Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the 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 analyses 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 5, 2025 and December 9-10, 2025, 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 over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's 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, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. 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

26 \| December 31, 2025

------

**Janus Henderson International Dividend Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment 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 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. Additionally, 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 and retain 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 at 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, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 27

------

**Janus Henderson International Dividend Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, 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.

28 \| December 31, 2025

------

**Janus Henderson International Dividend Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 29

------

**Janus Henderson International Dividend Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

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.

30 \| December 31, 2025

------

**Janus Henderson International Dividend Fund**

**Additional Information (unaudited)**

***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 identified by Broadridge using Morningstar category schema. 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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% 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 or service 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 considering performance trends, performance histories, recent fee reductions, investment structure changes, 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 institutional/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 institutional/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 the Adviser's explanation 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 the independent fee consultant's 2024 report 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 similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable 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) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 31

------

**Janus Henderson International Dividend Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, 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 has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

32 \| December 31, 2025

------

**Janus Henderson International Dividend Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market 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 reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian 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 had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 33

------

**Janus Henderson International Dividend Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, 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.

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 receives 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 and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, 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. As part of their overall review of fund profitability, 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 fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

34 \| December 31, 2025

------

**Janus Henderson International Dividend Fund**

**Additional Information (unaudited)**

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 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, 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; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) 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 (3) by setting lower fixed fees from the start on the Flat-Rate Fee 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.

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 Janus Henderson 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.

Based on all of the information reviewed, including the recent and past research and analyses 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 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 other 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 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 such Janus Henderson Funds. 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

Janus Investment Fund \| 35

------

**Janus Henderson International Dividend Fund**

**Additional Information (unaudited)**

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.

36 \| December 31, 2025

------

**Janus Henderson International Dividend Fund**

**Notes**

Janus Investment Fund \| 37

------

![](img957a1fd92.gif)

*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

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93075 02-26

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SEMIANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson Mid Cap Value Fund**

Janus Investment Fund

![](img287aa9bf1.gif)

------

**Table of Contents**

**Janus Henderson Mid Cap Value Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_94a69367-3faf-4dea-9b86-6ac6f885dd8b_SOI-SOI-RunningFooter-5_1)<br> [Management Investment Companies](#xx_94a69367-3faf-4dea-9b86-6ac6f885dd8b_SOI-SOI-RunningFooter-5_1)<br>|  |
| [Schedule of Investments](#xx_94a69367-3faf-4dea-9b86-6ac6f885dd8b_SOI-SOI-RunningFooter-5_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_94a69367-3faf-4dea-9b86-6ac6f885dd8b_SOI-SOI-RunningFooter-5_4) | 4 |
| [Statement of Assets and Liabilities](#xx_94a69367-3faf-4dea-9b86-6ac6f885dd8b_SAL-SAL-RunningFooter-5_1) | 5 |
| [Statement of Operations](#xx_94a69367-3faf-4dea-9b86-6ac6f885dd8b_SOP-SOP-RunningFooter-5_1) | 7 |
| [Statements of Changes in Net Assets](#xx_94a69367-3faf-4dea-9b86-6ac6f885dd8b_SOC-SOC-RunningFooter-5_1) | 8 |
| [Financial Highlights](#xx_94a69367-3faf-4dea-9b86-6ac6f885dd8b_FIHI-FIHI-RunningFooter-5_1) | 9 |
| [Notes to Financial Statements](#xx_94a69367-3faf-4dea-9b86-6ac6f885dd8b_NTF-NTF-RunningFooter-5_1) | 17 |
| [Items 8-11 - Additional Information](#xx_94a69367-3faf-4dea-9b86-6ac6f885dd8b_AI-AI-RunningFooter-5_1) | 27 |

---

------

**Janus Henderson Mid Cap Value Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 97.8% |  |  |
| Aerospace & Defense – 2.5% |  |  |
| BWX Technologies Inc | 84997 | $14690881 |
| L3Harris Technologies Inc | 114073 | 33488411 |
|  |  | 48179292 |
| Banks – 5.3% |  |  |
| Cullen/Frost Bankers Inc | 128597 | 16284238 |
| PNC Financial Services Group Inc/The | 210923 | 44025958 |
| Wintrust Financial Corp | 300654 | 42037442 |
|  |  | 102347638 |
| Beverages – 0.5% |  |  |
| Keurig Dr Pepper Inc | 362551 | 10155054 |
| Biotechnology – 1.1% |  |  |
| BioMarin Pharmaceutical Inc<sup>\*</sup> <br>| 175497 | 10429787 |
| Revolution Medicines Inc<sup>\*</sup> <br>| 63409 | 5050527 |
| United Therapeutics Corp<sup>\*</sup> <br>| 13376 | 6517456 |
|  |  | 21997770 |
| Building Products – 1.5% |  |  |
| Carlisle Cos Inc | 93165 | 29799757 |
| Capital Markets – 3.0% |  |  |
| Lazard Inc | 668373 | 32456193 |
| MarketAxess Holdings Inc | 137804 | 24976975 |
|  |  | 57433168 |
| Chemicals – 3.5% |  |  |
| Corteva Inc | 423270 | 28371788 |
| Solstice Advanced Materials Inc<sup>\*</sup> <br>| 361216 | 17547873 |
| Westlake Chemical Corp | 284984 | 21071717 |
|  |  | 66991378 |
| Commercial Services & Supplies – 1.5% |  |  |
| Waste Connections Inc | 161145 | 28258387 |
| Construction Materials – 1.5% |  |  |
| Martin Marietta Materials Inc | 45325 | 28222064 |
| Consumer Finance – 1.7% |  |  |
| Ally Financial Inc | 704067 | 31887194 |
| Containers & Packaging – 2.0% |  |  |
| Ball Corp | 709053 | 37558537 |
| Distributors – 1.3% |  |  |
| LKQ Corp | 848745 | 25632099 |
| Electric Utilities – 6.4% |  |  |
| Alliant Energy Corp | 783265 | 50920058 |
| Entergy Corp | 442577 | 40907392 |
| PPL Corp | 895174 | 31348993 |
|  |  | 123176443 |
| Electrical Equipment – 1.7% |  |  |
| AMETEK Inc | 160601 | 32972991 |
| Electronic Equipment, Instruments & Components – 7.1% |  |  |
| Arrow Electronics Inc<sup>\*</sup> <br>| 33808 | 3724965 |
| CDW Corp/DE | 148365 | 20207313 |
| Fabrinet<sup>\*</sup> <br>| 46464 | 21154130 |
| Keysight Technologies Inc<sup>\*</sup> <br>| 99568 | 20231222 |
| Littelfuse Inc | 125791 | 31815060 |
| Vontier Corp | 1047951 | 38962818 |
|  |  | 136095508 |
| Energy Equipment & Services – 0.7% |  |  |
| Baker Hughes Co | 288751 | 13149721 |
| Entertainment – 1.3% |  |  |
| Electronic Arts Inc | 119805 | 24479756 |
| Food & Staples Retailing – 2.4% |  |  |
| Casey's General Stores Inc | 83669 | 46244693 |

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Janus Investment Fund \| 1

------

**Janus Henderson Mid Cap Value Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Food Products – 1.0% |  |  |
| Cal-Maine Foods Inc | 91372 | $7270470 |
| Lamb Weston Holdings Inc | 272235 | 11403924 |
|  |  | 18674394 |
| Health Care Equipment & Supplies – 2.4% |  |  |
| Globus Medical Inc<sup>\*</sup> <br>| 218319 | 19061432 |
| Hologic Inc<sup>\*</sup> <br>| 360372 | 26844110 |
|  |  | 45905542 |
| Health Care Providers & Services – 3.5% |  |  |
| Cardinal Health Inc | 127711 | 26244610 |
| Humana Inc | 58915 | 15089899 |
| Labcorp Holdings Inc | 106953 | 26832369 |
|  |  | 68166878 |
| Household Durables – 2.2% |  |  |
| Toll Brothers Inc | 168885 | 22836630 |
| TopBuild Corp<sup>\*</sup> <br>| 45937 | 19164457 |
|  |  | 42001087 |
| Industrial Conglomerates – 1.8% |  |  |
| 3M Co | 210956 | 33774056 |
| Industrial Real Estate Investment Trusts (REITs) – 1.0% |  |  |
| STAG Industrial Inc | 524639 | 19285730 |
| Insurance – 8.1% |  |  |
| Axis Capital Holdings Ltd | 343530 | 36788628 |
| Everest Re Group Ltd | 128102 | 43471414 |
| Hartford Financial Services Group Inc | 262574 | 36182697 |
| Selective Insurance Group Inc | 469369 | 39272104 |
|  |  | 155714843 |
| Life Sciences Tools & Services – 1.8% |  |  |
| ICON PLC<sup>\*</sup> <br>| 193035 | 35174838 |
| Machinery – 1.8% |  |  |
| Lincoln Electric Holdings Inc | 144861 | 34714490 |
| Marine – 1.6% |  |  |
| Kirby Corp<sup>\*</sup> <br>| 272289 | 30000802 |
| Media – 2.0% |  |  |
| Fox Corp - Class B | 589721 | 38290585 |
| Metals & Mining – 1.9% |  |  |
| Freeport-McMoRan Inc | 714475 | 36288185 |
| Oil, Gas & Consumable Fuels – 4.8% |  |  |
| Chesapeake Energy Corp | 393930 | 43474115 |
| ConocoPhillips | 338286 | 31666952 |
| Valero Energy Corp | 106307 | 17305717 |
|  |  | 92446784 |
| Professional Services – 2.1% |  |  |
| TransUnion | 463236 | 39722487 |
| Real Estate Management & Development – 1.2% |  |  |
| CBRE Group Inc<sup>\*</sup> <br>| 138955 | 22342574 |
| Residential Real Estate Investment Trusts (REITs) – 0.8% |  |  |
| Equity LifeStyle Properties Inc | 270814 | 16414037 |
| Retail Real Estate Investment Trusts (REITs) – 2.2% |  |  |
| Agree Realty Corp | 590229 | 42514195 |
| Road & Rail – 2.7% |  |  |
| Canadian Pacific Kansas City Ltd | 299620 | 22061020 |
| Landstar System Inc | 113298 | 16280923 |
| Saia Inc<sup>\*</sup> <br>| 40885 | 13349770 |
|  |  | 51691713 |
| Semiconductor & Semiconductor Equipment – 2.2% |  |  |
| Qnity Electronics Inc | 245445 | 20040584 |
| Teradyne Inc | 113978 | 22061582 |
|  |  | 42102166 |

---

2 \| December 31, 2025

------

**Janus Henderson Mid Cap Value Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Specialized Real Estate Investment Trusts (REITs) – 2.0% |  |  |
| Lamar Advertising Co | 307284 | $38896009 |
| Specialty Retail – 4.6% |  |  |
| AutoZone Inc<sup>\*</sup> <br>| 7122 | 24154263 |
| Bath & Body Works Inc | 537507 | 10793141 |
| Boot Barn Holdings Inc<sup>\*</sup> <br>| 64660 | 11410550 |
| Burlington Stores Inc<sup>\*</sup> <br>| 75173 | 21713721 |
| O'Reilly Automotive Inc<sup>\*</sup> <br>| 216859 | 19779709 |
|  |  | 87851384 |
| Trading Companies & Distributors – 1.1% |  |  |
| MSC Industrial Direct Co Inc | 240922 | 20261540 |
| Total Common Stocks (cost $1,295,908,610) |  | 1876815769 |
| Repurchase Agreements – 2.2% |  |  |
| ING Financial Markets LLC, Joint repurchase agreement, 3.7800%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $20,404,284 collateralized <br> by $20,421,654 in U.S. Treasuries 1.8750% - 4.1250%, 10/15/28 - 7/15/35 <br> with a value of $20,812,381<br>| $20400000 | 20400000 |
| Royal Bank of Canada, NY Branch, Joint repurchase agreement, 3.6800%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $22,004,498 collateralized <br> by $22,185,746 in U.S. Treasuries 2.7500% - 6.3750%, 4/30/27 - 8/15/33 <br> with a value of $22,444,602<br>| 22000000 | 22000000 |
| Total Repurchase Agreements (cost $42,400,000) |  | 42400000 |
| Total Investments (total cost $1,338,308,610) – 100.0% |  | 1919215769 |
| Cash, Receivables and Other Assets, net of Liabilities – 0% |  | 233629 |
| Net Assets – 100% |  | $1919449398 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $1861979911 | &nbsp;&nbsp;&nbsp;&nbsp; 97.0<br> %<br>|
| Ireland | 35174838 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Canada | 22061020 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Total | $1919215769 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Assets*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| ING Financial Markets LLC | $20400000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(20400000) | &nbsp;&nbsp; $— |
| Royal Bank of Canada, NY Branch | 22000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (22000000) | &nbsp;&nbsp; — |
| Total | $42400000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(42400000) | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

Janus Investment Fund \| 3

------

**Janus Henderson Mid Cap Value Fund**

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

LLC Limited Liability Company <br> PLC Public Limited Company

\* 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, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* | $1876815769 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| *Repurchase Agreements* | - | &nbsp;&nbsp; 42400000 | &nbsp;&nbsp; - |
| **Total Assets** | $1876815769 | &nbsp;&nbsp; $42400000 | &nbsp;&nbsp; $- |

---

4 \| December 31, 2025

------

**Janus Henderson Mid Cap Value Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Investments, at value (cost $1,295,908,610) | $1876815769 |
| Repurchase agreements, at value (cost $42,400,000) | 42400000 |
| Cash | 31193 |
| Trustees' deferred compensation | 56729 |
| Receivables: |  |
| Investments sold | 2897424 |
| Dividends | 1131314 |
| Fund shares sold | 400847 |
| Interest | 8782 |
| Other assets | 12280 |
| Total Assets | 1923754338 |
| Liabilities: |  |
| Payables: |  |
| Fund shares repurchased | 2865422 |
| Advisory fees | 838021 |
| Transfer agent fees and expenses | 294523 |
| Trustees' deferred compensation fees | 56729 |
| Professional fees | 45303 |
| 12b-1 Distribution and shareholder servicing fees | 40303 |
| Affiliated fund administration fees payable | 4264 |
| Custodian fees | 1815 |
| Trustees' fees and expenses | 967 |
| Accrued expenses and other payables | 157593 |
| Total Liabilities | 4304940 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $1919449398 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Mid Cap Value Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $1334514397 |
| Total distributable earnings (loss) | 584935001 |
| Total Net Assets | $1919449398 |
| Net Assets - Class A Shares | $48853805 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3156181 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $15.48 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $16.42 |
| Net Assets - Class C Shares | $4216547 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 285599 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $14.76 |
| Net Assets - Class D Shares | $680962067 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 45568114 |
| Net Asset Value Per Share | $14.94 |
| Net Assets - Class I Shares | $193367712 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 12896059 |
| Net Asset Value Per Share | $14.99 |
| Net Assets - Class N Shares | $228907010 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 15399012 |
| Net Asset Value Per Share | $14.87 |
| Net Assets - Class R Shares | $31891592 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2118261 |
| Net Asset Value Per Share | $15.06 |
| Net Assets - Class S Shares | $52533528 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3388643 |
| Net Asset Value Per Share | $15.50 |
| Net Assets - Class T Shares | $678717137 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 44865171 |
| Net Asset Value Per Share | $15.13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson Mid Cap Value Fund**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $16483297 |
| Interest | 943151 |
| Other income | 4862 |
| Foreign tax withheld | (30819) |
| Total Investment Income | 17400491 |
| Expenses: |  |
| Advisory fees | 5404659 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 64633 |
| Class C Shares | 22321 |
| Class R Shares | 81903 |
| Class S Shares | 67743 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 376978 |
| Class R Shares | 40972 |
| Class S Shares | 67791 |
| Class T Shares | 890832 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 31343 |
| Class C Shares | 1731 |
| Class I Shares | 108558 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 1505 |
| Class C Shares | 166 |
| Class D Shares | 44538 |
| Class I Shares | 3092 |
| Class N Shares | 5767 |
| Class R Shares | 337 |
| Class S Shares | 1276 |
| Class T Shares | 3651 |
| Shareholder reports expense | 120049 |
| Registration fees | 62597 |
| Affiliated fund administration fees | 34677 |
| Professional fees | 33932 |
| Trustees' fees and expenses | 17981 |
| Custodian fees | 6122 |
| Other expenses | 94828 |
| Total Expenses | 7589982 |
| Less: Excess Expense Reimbursement and Waivers | (35605) |
| Net Expenses | 7554377 |
| Net Investment Income/(Loss) | 9846114 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 76193954 |
| Total Net Realized Gain/(Loss) on Investments | 76193954 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments and Trustees' deferred compensation | 17829852 |
| Total Change in Unrealized Net Appreciation/Depreciation | 17829852 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $103869920 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Mid Cap Value Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*December 31, 2025* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*June 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $9846114 | &nbsp;&nbsp; $16487749 |
| Net realized gain/(loss) on investments | 76193954 | &nbsp;&nbsp; 139962273 |
| Change in unrealized net appreciation/depreciation | 17829852 | &nbsp;&nbsp; (1924790) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 103869920 | &nbsp;&nbsp; 154525232 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (4276327) | &nbsp;&nbsp; (4984355) |
| Class C Shares | (367479) | &nbsp;&nbsp; (595189) |
| Class D Shares | (62339975) | &nbsp;&nbsp; (68276822) |
| Class I Shares | (17997106) | &nbsp;&nbsp; (19177540) |
| Class N Shares | (21475463) | &nbsp;&nbsp; (23566953) |
| Class R Shares | (2684106) | &nbsp;&nbsp; (2947425) |
| Class S Shares | (4441758) | &nbsp;&nbsp; (5065439) |
| Class T Shares | (61311402) | &nbsp;&nbsp; (71615896) |
| Net Decrease from Dividends and Distributions to Shareholders | (174893616) | &nbsp;&nbsp; (196229619) |
| Capital Share Transactions: |  |  |
| Class A Shares | (836342) | &nbsp;&nbsp; (3935372) |
| Class C Shares | (961073) | &nbsp;&nbsp; (1546798) |
| Class D Shares | 12821483 | &nbsp;&nbsp; 969092 |
| Class I Shares | (2423066) | &nbsp;&nbsp; 13122384 |
| Class N Shares | 8175748 | &nbsp;&nbsp; 50581451 |
| Class R Shares | 444091 | &nbsp;&nbsp; (1198548) |
| Class S Shares | 437094 | &nbsp;&nbsp; (3672437) |
| Class T Shares | (10013402) | &nbsp;&nbsp; (39688070) |
| Net Increase/(Decrease) from Capital Share Transactions | 7644533 | &nbsp;&nbsp; 14631702 |
| Net Increase/(Decrease) in Net Assets | (63379163) | &nbsp;&nbsp; (27072685) |
| Net Assets: |  |  |
| Beginning of period | 1982828561 | &nbsp;&nbsp; 2009901246 |
| End of period | $1919449398 | &nbsp;&nbsp; $1982828561 |

---

See Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson Mid Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $16.08 | &nbsp;&nbsp; $16.32 | &nbsp;&nbsp; $15.71 | &nbsp;&nbsp; $14.97 | &nbsp;&nbsp; $18.02 | &nbsp;&nbsp; $13.29 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain/(loss) | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp; (1.17) | &nbsp;&nbsp;&nbsp;&nbsp;4.73 |
| Total from Investment Operations | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp; (1.04) | &nbsp;&nbsp;&nbsp;&nbsp;4.85 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.08) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.12) |
| Distributions (from capital gains) | (1.36) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (1.97) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.44) | &nbsp;&nbsp; (1.55) | &nbsp;&nbsp; (1.39) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp; (0.12) |
| Net Asset Value, End of Period | $15.48 | &nbsp;&nbsp; $16.08 | &nbsp;&nbsp; $16.32 | &nbsp;&nbsp; $15.71 | &nbsp;&nbsp; $14.97 | &nbsp;&nbsp; $18.02 |
| Total Return<sup>\*</sup> <br>| 5.33% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 13.65% | &nbsp;&nbsp; 11.30% | &nbsp;&nbsp; (6.84)% | &nbsp;&nbsp; 36.65% |
| Net Assets, End of Period (in thousands) | $48854 | &nbsp;&nbsp; $51335 | &nbsp;&nbsp; $56075 | &nbsp;&nbsp; $56731 | &nbsp;&nbsp; $59218 | &nbsp;&nbsp; $73118 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.96% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.97% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.96% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.97% |
| Ratio of Net Investment Income/(Loss) | 0.79% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.76% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 54% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 46% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Mid Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $15.38 | &nbsp;&nbsp; $15.68 | &nbsp;&nbsp; $15.15 | &nbsp;&nbsp; $14.46 | &nbsp;&nbsp; $17.55 | &nbsp;&nbsp; $12.93 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.01 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain/(loss) | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp; (1.13) | &nbsp;&nbsp;&nbsp;&nbsp;4.58 |
| Total from Investment Operations | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp;&nbsp;&nbsp;4.62 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(2)</sup><br>|
| Distributions (from capital gains) | (1.36) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (1.97) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.36) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp; (1.97) | &nbsp;&nbsp; — |
| Net Asset Value, End of Period | $14.76 | &nbsp;&nbsp; $15.38 | &nbsp;&nbsp; $15.68 | &nbsp;&nbsp; $15.15 | &nbsp;&nbsp; $14.46 | &nbsp;&nbsp; $17.55 |
| Total Return<sup>\*</sup> <br>| 4.89% | &nbsp;&nbsp; 7.01% | &nbsp;&nbsp; 12.81% | &nbsp;&nbsp; 10.65% | &nbsp;&nbsp; (7.50)% | &nbsp;&nbsp; 35.76% |
| Net Assets, End of Period (in thousands) | $4217 | &nbsp;&nbsp; $5310 | &nbsp;&nbsp; $7039 | &nbsp;&nbsp; $7998 | &nbsp;&nbsp; $7974 | &nbsp;&nbsp; $10436 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.66% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 1.69% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.64% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.66% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 1.69% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.64% |
| Ratio of Net Investment Income/(Loss) | 0.07% | &nbsp;&nbsp; (0.07)% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.24% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 54% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 46% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

See Notes to Financial Statements.

10 \| December 31, 2025

------

**Janus Henderson Mid Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $15.60 | &nbsp;&nbsp; $15.87 | &nbsp;&nbsp; $15.33 | &nbsp;&nbsp; $14.63 | &nbsp;&nbsp; $17.67 | &nbsp;&nbsp; $13.03 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain/(loss) | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp; (1.15) | &nbsp;&nbsp;&nbsp;&nbsp;4.64 |
| Total from Investment Operations | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp;&nbsp;&nbsp;4.81 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.13) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.17) |
| Distributions (from capital gains) | (1.36) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (1.97) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.49) | &nbsp;&nbsp; (1.59) | &nbsp;&nbsp; (1.44) | &nbsp;&nbsp; (0.96) | &nbsp;&nbsp; (2.07) | &nbsp;&nbsp; (0.17) |
| Net Asset Value, End of Period | $14.94 | &nbsp;&nbsp; $15.60 | &nbsp;&nbsp; $15.87 | &nbsp;&nbsp; $15.33 | &nbsp;&nbsp; $14.63 | &nbsp;&nbsp; $17.67 |
| Total Return<sup>\*</sup> <br>| 5.40% | &nbsp;&nbsp; 7.98% | &nbsp;&nbsp; 13.87% | &nbsp;&nbsp; 11.65% | &nbsp;&nbsp; (6.58)% | &nbsp;&nbsp; 37.11% |
| Net Assets, End of Period (in thousands) | $680962 | &nbsp;&nbsp; $693743 | &nbsp;&nbsp; $705902 | &nbsp;&nbsp; $685186 | &nbsp;&nbsp; $663819 | &nbsp;&nbsp; $752405 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.71% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.66% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.71% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.66% |
| Ratio of Net Investment Income/(Loss) | 1.04% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 54% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 46% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Mid Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $15.65 | &nbsp;&nbsp; $15.92 | &nbsp;&nbsp; $15.37 | &nbsp;&nbsp; $14.66 | &nbsp;&nbsp; $17.71 | &nbsp;&nbsp; $13.06 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain/(loss) | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp;&nbsp;4.65 |
| Total from Investment Operations | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp;&nbsp;&nbsp;4.83 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.13) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.18) |
| Distributions (from capital gains) | (1.36) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (1.97) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.49) | &nbsp;&nbsp; (1.60) | &nbsp;&nbsp; (1.44) | &nbsp;&nbsp; (0.96) | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp; (0.18) |
| Net Asset Value, End of Period | $14.99 | &nbsp;&nbsp; $15.65 | &nbsp;&nbsp; $15.92 | &nbsp;&nbsp; $15.37 | &nbsp;&nbsp; $14.66 | &nbsp;&nbsp; $17.71 |
| Total Return<sup>\*</sup> <br>| 5.41% | &nbsp;&nbsp; 7.99% | &nbsp;&nbsp; 13.94% | &nbsp;&nbsp; 11.75% | &nbsp;&nbsp; (6.60)% | &nbsp;&nbsp; 37.15% |
| Net Assets, End of Period (in thousands) | $193368 | &nbsp;&nbsp; $203157 | &nbsp;&nbsp; $193981 | &nbsp;&nbsp; $208187 | &nbsp;&nbsp; $207292 | &nbsp;&nbsp; $359761 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.69% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.62% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.69% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.62% |
| Ratio of Net Investment Income/(Loss) | 1.06% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.13% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 54% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 46% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

12 \| December 31, 2025

------

**Janus Henderson Mid Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $15.53 | &nbsp;&nbsp; $15.81 | &nbsp;&nbsp; $15.27 | &nbsp;&nbsp; $14.58 | &nbsp;&nbsp; $17.62 | &nbsp;&nbsp; $12.99 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain/(loss) | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp; (1.14) | &nbsp;&nbsp;&nbsp;&nbsp;4.63 |
| Total from Investment Operations | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp;&nbsp;&nbsp;4.82 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.15) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.19) |
| Distributions (from capital gains) | (1.36) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (1.97) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.51) | &nbsp;&nbsp; (1.62) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp; (2.10) | &nbsp;&nbsp; (0.19) |
| Net Asset Value, End of Period | $14.87 | &nbsp;&nbsp; $15.53 | &nbsp;&nbsp; $15.81 | &nbsp;&nbsp; $15.27 | &nbsp;&nbsp; $14.58 | &nbsp;&nbsp; $17.62 |
| Total Return<sup>\*</sup> <br>| 5.57% | &nbsp;&nbsp; 8.09% | &nbsp;&nbsp; 14.09% | &nbsp;&nbsp; 11.78% | &nbsp;&nbsp; (6.47)% | &nbsp;&nbsp; 37.34% |
| Net Assets, End of Period (in thousands) | $228907 | &nbsp;&nbsp; $229969 | &nbsp;&nbsp; $188333 | &nbsp;&nbsp; $187335 | &nbsp;&nbsp; $193017 | &nbsp;&nbsp; $506429 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.58% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.52% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.58% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.52% |
| Ratio of Net Investment Income/(Loss) | 1.17% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.24% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 54% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 46% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Mid Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $15.65 | &nbsp;&nbsp; $15.92 | &nbsp;&nbsp; $15.36 | &nbsp;&nbsp; $14.65 | &nbsp;&nbsp; $17.70 | &nbsp;&nbsp; $13.04 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain/(loss) | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp;&nbsp;4.65 |
| Total from Investment Operations | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp; (1.08) | &nbsp;&nbsp;&nbsp;&nbsp;4.73 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.02) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) |
| Distributions (from capital gains) | (1.36) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (1.97) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.38) | &nbsp;&nbsp; (1.48) | &nbsp;&nbsp; (1.34) | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp; (1.97) | &nbsp;&nbsp; (0.07) |
| Net Asset Value, End of Period | $15.06 | &nbsp;&nbsp; $15.65 | &nbsp;&nbsp; $15.92 | &nbsp;&nbsp; $15.36 | &nbsp;&nbsp; $14.65 | &nbsp;&nbsp; $17.70 |
| Total Return<sup>\*</sup> <br>| 5.16% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 13.23% | &nbsp;&nbsp; 10.94% | &nbsp;&nbsp; (7.20)% | &nbsp;&nbsp; 36.38% |
| Net Assets, End of Period (in thousands) | $31892 | &nbsp;&nbsp; $32519 | &nbsp;&nbsp; $34222 | &nbsp;&nbsp; $35107 | &nbsp;&nbsp; $36305 | &nbsp;&nbsp; $43893 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.34% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.26% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.34% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.26% |
| Ratio of Net Investment Income/(Loss) | 0.41% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.49% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 54% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 46% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

14 \| December 31, 2025

------

**Janus Henderson Mid Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $16.10 | &nbsp;&nbsp; $16.33 | &nbsp;&nbsp; $15.72 | &nbsp;&nbsp; $14.97 | &nbsp;&nbsp; $18.03 | &nbsp;&nbsp; $13.28 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain/(loss) | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp; (1.18) | &nbsp;&nbsp;&nbsp;&nbsp;4.74 |
| Total from Investment Operations | 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp; (1.06) | &nbsp;&nbsp;&nbsp;&nbsp;4.85 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.06) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.10) |
| Distributions (from capital gains) | (1.36) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (1.97) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.42) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (1.37) | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; (2.00) | &nbsp;&nbsp; (0.10) |
| Net Asset Value, End of Period | $15.50 | &nbsp;&nbsp; $16.10 | &nbsp;&nbsp; $16.33 | &nbsp;&nbsp; $15.72 | &nbsp;&nbsp; $14.97 | &nbsp;&nbsp; $18.03 |
| Total Return<sup>\*</sup> <br>| 5.19% | &nbsp;&nbsp; 7.56% | &nbsp;&nbsp; 13.50% | &nbsp;&nbsp; 11.26% | &nbsp;&nbsp; (6.97)% | &nbsp;&nbsp; 36.67% |
| Net Assets, End of Period (in thousands) | $52534 | &nbsp;&nbsp; $53795 | &nbsp;&nbsp; $58301 | &nbsp;&nbsp; $68572 | &nbsp;&nbsp; $70035 | &nbsp;&nbsp; $97606 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.09% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.02% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.09% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.02% |
| Ratio of Net Investment Income/(Loss) | 0.66% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.72% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 54% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 46% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Mid Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June <br> 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $15.76 | &nbsp;&nbsp; $16.02 | &nbsp;&nbsp; $15.46 | &nbsp;&nbsp; $14.74 | &nbsp;&nbsp; $17.79 | &nbsp;&nbsp; $13.12 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain/(loss) | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp;&nbsp;4.66 |
| Total from Investment Operations | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp;&nbsp;&nbsp;4.82 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.11) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.15) |
| Distributions (from capital gains) | (1.36) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (1.97) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.47) | &nbsp;&nbsp; (1.58) | &nbsp;&nbsp; (1.42) | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp; (2.05) | &nbsp;&nbsp; (0.15) |
| Net Asset Value, End of Period | $15.13 | &nbsp;&nbsp; $15.76 | &nbsp;&nbsp; $16.02 | &nbsp;&nbsp; $15.46 | &nbsp;&nbsp; $14.74 | &nbsp;&nbsp; $17.79 |
| Total Return<sup>\*</sup> <br>| 5.41% | &nbsp;&nbsp; 7.84% | &nbsp;&nbsp; 13.76% | &nbsp;&nbsp; 11.57% | &nbsp;&nbsp; (6.72)% | &nbsp;&nbsp; 36.95% |
| Net Assets, End of Period (in thousands) | $678717 | &nbsp;&nbsp; $713002 | &nbsp;&nbsp; $766048 | &nbsp;&nbsp; $782095 | &nbsp;&nbsp; $814391 | &nbsp;&nbsp; $1010187 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.83% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.77% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.82% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.76% |
| Ratio of Net Investment Income/(Loss) | 0.93% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.00% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 54% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 46% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

16 \| December 31, 2025

------

**Janus Henderson Mid Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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

**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 34 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. 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 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 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

Janus Investment Fund \| 17

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**Janus Henderson Mid Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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 Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended December 31, 2025. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

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

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that

18 \| December 31, 2025

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**Janus Henderson Mid Cap Value Fund**

**Notes to Financial Statements (unaudited)**

market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

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

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

rates and similar data.

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

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments 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 an 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.

Janus Investment Fund \| 19

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**Janus Henderson Mid Cap Value Fund**

**Notes to Financial Statements (unaudited)**

**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 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.

**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**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**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,

20 \| December 31, 2025

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**Janus Henderson Mid Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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.

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

Janus Investment Fund \| 21

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**Janus Henderson Mid Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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> 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.

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, 2025, 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 advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.74% for at least a one-year period commencing on October 28, 2025. 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 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 $225,317 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2025. 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

22 \| December 31, 2025

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**Janus Henderson Mid Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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 0.11%.

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 Shares, and up

Janus Investment Fund \| 23

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**Janus Henderson Mid Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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, 2025, the Distributor

retained upfront sales charges of $212.

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,

2025. 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, 2025, redeeming shareholders of Class C

Shares paid CDSCs of $134.

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, 2025 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, 2025 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. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the period ended December 31, 2025.

**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, 2025 are noted below. The primary difference between

book and tax appreciation or depreciation of investments is wash sale loss deferrals.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $1343352554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $632413480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(56550265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $575863215 |

---

24 \| December 31, 2025

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**Janus Henderson Mid Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2025* | *Period ended December 31, 2025* | *Year ended June 30, 2025* | *Year ended June 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 120466 | &nbsp;&nbsp; $1938767 | &nbsp;&nbsp; 261500 | &nbsp;&nbsp; $4302528 |
| Reinvested dividends and distributions | 250689 | &nbsp;&nbsp; 3835548 | &nbsp;&nbsp; 266976 | &nbsp;&nbsp; 4450488 |
| Shares repurchased | (407014) | &nbsp;&nbsp; (6610657) | &nbsp;&nbsp; (773214) | &nbsp;&nbsp; (12688388) |
| Net Increase/(Decrease) | (35859) | &nbsp;&nbsp; $(836342) | &nbsp;&nbsp; (244738) | &nbsp;&nbsp; $(3935372) |
| Class C Shares: |  |  |  |  |
| Shares sold | 7658 | &nbsp;&nbsp; $120998 | &nbsp;&nbsp; 85733 | &nbsp;&nbsp; $1334352 |
| Reinvested dividends and distributions | 24954 | &nbsp;&nbsp; 364334 | &nbsp;&nbsp; 34948 | &nbsp;&nbsp; 559175 |
| Shares repurchased | (92342) | &nbsp;&nbsp; (1446405) | &nbsp;&nbsp; (224160) | &nbsp;&nbsp; (3440325) |
| Net Increase/(Decrease) | (59730) | &nbsp;&nbsp; $(961073) | &nbsp;&nbsp; (103479) | &nbsp;&nbsp; $(1546798) |
| Class D Shares: |  |  |  |  |
| Shares sold | 367961 | &nbsp;&nbsp; $5854640 | &nbsp;&nbsp; 1054563 | &nbsp;&nbsp; $16782425 |
| Reinvested dividends and distributions | 4116836 | &nbsp;&nbsp; 60805667 | &nbsp;&nbsp; 4109323 | &nbsp;&nbsp; 66365570 |
| Shares repurchased | (3392162) | &nbsp;&nbsp; (53838824) | &nbsp;&nbsp; (5168299) | &nbsp;&nbsp; (82178903) |
| Net Increase/(Decrease) | 1092635 | &nbsp;&nbsp; $12821483 | &nbsp;&nbsp; (4413) | &nbsp;&nbsp; $969092 |
| Class I Shares: |  |  |  |  |
| Shares sold | 649216 | &nbsp;&nbsp; $10269943 | &nbsp;&nbsp; 2801406 | &nbsp;&nbsp; $44384318 |
| Reinvested dividends and distributions | 1158929 | &nbsp;&nbsp; 17175328 | &nbsp;&nbsp; 1126571 | &nbsp;&nbsp; 18250445 |
| Shares repurchased | (1894874) | &nbsp;&nbsp; (29868337) | &nbsp;&nbsp; (3132045) | &nbsp;&nbsp; (49512379) |
| Net Increase/(Decrease) | (86729) | &nbsp;&nbsp; $(2423066) | &nbsp;&nbsp; 795932 | &nbsp;&nbsp; $13122384 |
| Class N Shares: |  |  |  |  |
| Shares sold | 1328158 | &nbsp;&nbsp; $21119599 | &nbsp;&nbsp; 4969258 | &nbsp;&nbsp; $82726478 |
| Reinvested dividends and distributions | 1343633 | &nbsp;&nbsp; 19737966 | &nbsp;&nbsp; 1329011 | &nbsp;&nbsp; 21357201 |
| Shares repurchased | (2077034) | &nbsp;&nbsp; (32681817) | &nbsp;&nbsp; (3405432) | &nbsp;&nbsp; (53502228) |
| Net Increase/(Decrease) | 594757 | &nbsp;&nbsp; $8175748 | &nbsp;&nbsp; 2892837 | &nbsp;&nbsp; $50581451 |
| Class R Shares: |  |  |  |  |
| Shares sold | 89844 | &nbsp;&nbsp; $1422178 | &nbsp;&nbsp; 227524 | &nbsp;&nbsp; $3627694 |
| Reinvested dividends and distributions | 180262 | &nbsp;&nbsp; 2684099 | &nbsp;&nbsp; 181143 | &nbsp;&nbsp; 2945380 |
| Shares repurchased | (229251) | &nbsp;&nbsp; (3662186) | &nbsp;&nbsp; (481331) | &nbsp;&nbsp; (7771622) |
| Net Increase/(Decrease) | 40855 | &nbsp;&nbsp; $444091 | &nbsp;&nbsp; (72664) | &nbsp;&nbsp; $(1198548) |
| Class S Shares: |  |  |  |  |
| Shares sold | 168781 | &nbsp;&nbsp; $2772236 | &nbsp;&nbsp; 312145 | &nbsp;&nbsp; $5170073 |
| Reinvested dividends and distributions | 289736 | &nbsp;&nbsp; 4441658 | &nbsp;&nbsp; 303314 | &nbsp;&nbsp; 5065342 |
| Shares repurchased | (411986) | &nbsp;&nbsp; (6776800) | &nbsp;&nbsp; (844384) | &nbsp;&nbsp; (13907852) |
| Net Increase/(Decrease) | 46531 | &nbsp;&nbsp; $437094 | &nbsp;&nbsp; (228925) | &nbsp;&nbsp; $(3672437) |
| Class T Shares: |  |  |  |  |
| Shares sold | 1039560 | &nbsp;&nbsp; $16721003 | &nbsp;&nbsp; 2427564 | &nbsp;&nbsp; $39078917 |
| Reinvested dividends and distributions | 4060431 | &nbsp;&nbsp; 60744044 | &nbsp;&nbsp; 4347429 | &nbsp;&nbsp; 70993519 |
| Shares repurchased | (5468449) | &nbsp;&nbsp; (87478449) | &nbsp;&nbsp; (9354159) | &nbsp;&nbsp; (149760506) |
| Net Increase/(Decrease) | (368458) | &nbsp;&nbsp; $(10013402) | &nbsp;&nbsp; (2579166) | &nbsp;&nbsp; $(39688070) |

---

**6. Purchases and Sales of Investment Securities**

For the period ended December 31, 2025, 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*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $261874102 | &nbsp;&nbsp;&nbsp;&nbsp; $415548343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

Janus Investment Fund \| 25

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**Janus Henderson Mid Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client consents, and

approval by Janus Henderson's shareholders. Management is assessing the impact to the funds.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 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.

26 \| December 31, 2025

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**Janus Henderson Mid Cap Value Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the 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 analyses 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 5, 2025 and December 9-10, 2025, 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 over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's 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, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. 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

Janus Investment Fund \| 27

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**Janus Henderson Mid Cap Value Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment 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 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. Additionally, 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 and retain 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 at 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, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

28 \| December 31, 2025

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**Janus Henderson Mid Cap Value Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, 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.

Janus Investment Fund \| 29

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**Janus Henderson Mid Cap Value Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

30 \| December 31, 2025

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**Janus Henderson Mid Cap Value Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

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.

Janus Investment Fund \| 31

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**Janus Henderson Mid Cap Value Fund**

**Additional Information (unaudited)**

***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 identified by Broadridge using Morningstar category schema. 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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% 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 or service 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 considering performance trends, performance histories, recent fee reductions, investment structure changes, 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 institutional/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 institutional/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 the Adviser's explanation 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 the independent fee consultant's 2024 report 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 similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable 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) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

32 \| December 31, 2025

------

**Janus Henderson Mid Cap Value Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, 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 has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 33

------

**Janus Henderson Mid Cap Value Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market 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 reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian 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 had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

34 \| December 31, 2025

------

**Janus Henderson Mid Cap Value Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, 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.

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 receives 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 and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, 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. As part of their overall review of fund profitability, 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 fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 35

------

**Janus Henderson Mid Cap Value Fund**

**Additional Information (unaudited)**

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 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, 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; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) 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 (3) by setting lower fixed fees from the start on the Flat-Rate Fee 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.

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 Janus Henderson 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.

Based on all of the information reviewed, including the recent and past research and analyses 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 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 other 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 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 such Janus Henderson Funds. 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

36 \| December 31, 2025

------

**Janus Henderson Mid Cap Value Fund**

**Additional Information (unaudited)**

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.

Janus Investment Fund \| 37

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![](img2fc0db812.gif)

*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

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93032 02-26

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SEMIANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson Money Market Fund**

Janus Investment Fund

![](img7bc948301.gif)

------

**Table of Contents**

**Janus Henderson Money Market Fund** 

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| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_063b0bf8-e9b0-4dad-bd1d-604c8803eec4_SOI-SOI-RunningFooter-28_1)<br> [Management Investment Companies](#xx_063b0bf8-e9b0-4dad-bd1d-604c8803eec4_SOI-SOI-RunningFooter-28_1)<br>|  |
| [Schedule of Investments](#xx_063b0bf8-e9b0-4dad-bd1d-604c8803eec4_SOI-SOI-RunningFooter-28_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_063b0bf8-e9b0-4dad-bd1d-604c8803eec4_SOI-SOI-RunningFooter-28_4) | 4 |
| [Statement of Assets and Liabilities](#xx_063b0bf8-e9b0-4dad-bd1d-604c8803eec4_SAL-SAL-RunningFooter-28_1) | 5 |
| [Statement of Operations](#xx_063b0bf8-e9b0-4dad-bd1d-604c8803eec4_SOP-SOP-RunningFooter-28_1) | 6 |
| [Statements of Changes in Net Assets](#xx_063b0bf8-e9b0-4dad-bd1d-604c8803eec4_SOC-SOC-RunningFooter-28_1) | 7 |
| [Financial Highlights](#xx_063b0bf8-e9b0-4dad-bd1d-604c8803eec4_FIHI-FIHI-RunningFooter-28_1) | 8 |
| [Notes to Financial Statements](#xx_063b0bf8-e9b0-4dad-bd1d-604c8803eec4_NTF-NTF-RunningFooter-28_1) | 10 |
| [Items 8-11 - Additional Information](#xx_063b0bf8-e9b0-4dad-bd1d-604c8803eec4_AI-AI-RunningFooter-28_1) | 16 |

---

------

**Janus Henderson Money Market Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Principal Amounts* | *Value* |
| Certificates of Deposit – 1.1% |  |  |
| Mizuho Bank Ltd/New York NY, 4.3100%, 2/17/26 (cost $15,004,480) | $15000000 | $15004480 |
| Commercial Paper – 37.2% |  |  |
| Australia & New Zealand Banking Group Ltd, 3.9100%, 1/2/26<sup>±</sup> <br>| 15000000 | 15000000 |
| Australia & New Zealand Banking Group Ltd, 4.1000%, 2/23/26<sup>±</sup> <br>| 15000000 | 14910501 |
| Australia & New Zealand Banking Group Ltd, 4.2500%, 3/13/26<sup>±</sup> <br>| 10000000 | 9916594 |
| Australia & New Zealand Banking Group Ltd, 4.2100%, 4/20/26<sup>±</sup> <br>| 15000000 | 14808690 |
| Bank of Montreal, 3.9500%, 1/21/26 | 10000000 | 9979116 |
| Bank of Montreal, 4.0000%, 1/22/26 | 10000000 | 9977729 |
| Bank of Montreal, 3.8900%, 2/3/26 | 10000000 | 9965364 |
| Bank of Montreal, 3.8900%, 2/9/26 | 15000000 | 14938315 |
| Commonwealth Bank of Australia, 3.6600%, 7/15/26<sup>±</sup> <br>| 15000000 | 14703892 |
| DNB Bank ASA, 3.8400%, 1/21/26<sup>±</sup> <br>| 15000000 | 14969484 |
| DNB Bank ASA, 3.8200%, 2/26/26<sup>±</sup> <br>| 15000000 | 14912155 |
| DNB Bank ASA, 3.7700%, 4/8/26<sup>±</sup> <br>| 10000000 | 9899340 |
| Gotham Funding Corp, 3.9700%, 2/6/26<sup>±</sup> <br>| 10000000 | 9961274 |
| Manhattan Asset Funding Co LLC, 3.9900%, 1/9/26<sup>±</sup> <br>| 10000000 | 9992196 |
| Manhattan Asset Funding Co LLC, 4.1500%, 2/9/26<sup>±</sup> <br>| 15000000 | 14933774 |
| Manhattan Asset Funding Co LLC, 3.7700%, 4/7/26<sup>±</sup> <br>| 15000000 | 14850606 |
| Mizuho Bank Ltd/New York NY, 3.9850%, 1/12/26 | 10000000 | 9988879 |
| Mizuho Bank Ltd/New York NY, 3.9000%, 5/8/26 | 15000000 | 14794702 |
| Mizuho Bank Ltd/New York NY, 3.7100%, 7/1/26 | 15000000 | 14721692 |
| National Bank of Canada, 4.0000%, 1/20/26<sup>±</sup> <br>| 10000000 | 9979953 |
| Nieuw Amsterdam Receivables Corp BV, 3.9500%, 1/13/26<sup>±</sup> <br>| 15000000 | 14982107 |
| Nieuw Amsterdam Receivables Corp BV, 3.9500%, 1/15/26<sup>±</sup> <br>| 15000000 | 14979081 |
| Nieuw Amsterdam Receivables Corp BV, 4.1800%, 1/20/26<sup>±</sup> <br>| 10000000 | 9978932 |
| Royal Bank of Canada, 4.0000%, 1/23/26<sup>±</sup> <br>| 15000000 | 14964926 |
| Royal Bank of Canada, 3.8600%, 6/18/26<sup>±</sup> <br>| 10000000 | 9820522 |
| Royal Bank of Canada, 3.7100%, 7/16/26<sup>±</sup> <br>| 10000000 | 9798864 |
| Skandinaviska Enskilda Banken AB, 4.2300%, 3/5/26<sup>±</sup> <br>| 10000000 | 9926472 |
| Skandinaviska Enskilda Banken AB, 3.7700%, 5/11/26<sup>±</sup> <br>| 8750000 | 8631664 |
| Svenska Handelsbanken AB, 4.2000%, 4/28/26<sup>±</sup> <br>| 15000000 | 14795852 |
| Swedbank AB, 4.1000%, 3/2/26<sup>±</sup> <br>| 10000000 | 9932710 |
| Swedbank AB, 3.8650%, 3/13/26<sup>±</sup> <br>| 15000000 | 14886967 |
| Toronto-Dominion Bank/The, 4.1600%, 1/2/26<sup>±</sup> <br>| 10000000 | 10000000 |
| Toronto-Dominion Bank/The, 4.0000%, 1/7/26<sup>±</sup> <br>| 15000000 | 14991629 |
| Toronto-Dominion Bank/The, 4.0100%, 1/23/26<sup>±</sup> <br>| 10000000 | 9976474 |
| Toronto-Dominion Bank/The, 3.9900%, 3/9/26<sup>±</sup> <br>| 10000000 | 9926379 |
| Toronto-Dominion Bank/The, 3.9000%, 4/6/26<sup>±</sup> <br>| 10000000 | 9897995 |
| Victory Receivables Corp, 4.0000%, 1/14/26<sup>ž</sup> <br>| 10000000 | 9986607 |
| Victory Receivables Corp, 4.0000%, 1/16/26<sup>ž</sup> <br>| 10000000 | 9984377 |
| Victory Receivables Corp, 3.9300%, 2/3/26<sup>ž</sup> <br>| 15000000 | 14947436 |
| Victory Receivables Corp, 3.9000%, 2/20/26<sup>ž</sup> <br>| 10000000 | 9946726 |
| Total Commercial Paper (cost $485,559,976) |  | 485559976 |
| U.S. Government Agency Notes – 5.3% |  |  |
| Federal Home Loan Bank Discount Notes: |  |  |
| 3.8470%, 1/9/26 | 10000000 | 9992537 |
| 3.8430%, 1/14/26 | 10000000 | 9987224 |
| 3.7930%, 2/6/26 | 10000000 | 9963267 |
| 3.8000%, 2/13/26 | 10000000 | 9956034 |
| 3.6970%, 3/4/26 | 10000000 | 9937939 |
| 3.7600%, 3/20/26 | 10000000 | 9920069 |
| 3.5400%, 4/1/26 | 10000000 | 9912393 |
| Total U.S. Government Agency Notes (cost $69,669,463) |  | 69669463 |
| U.S. Treasury Debt – 3.8% |  |  |
| United States Treasury Bill, 3.8005%, 2/10/26 | 10000000 | 9958660 |
| United States Treasury Bill, 3.7120%, 2/24/26 | 10000000 | 9945626 |
| United States Treasury Bill, 3.7583%, 3/10/26 | 10000000 | 9929867 |
| United States Treasury Bill, 3.7115%, 3/12/26 | 10000000 | 9928906 |
| United States Treasury Bill, 3.6912%, 4/9/26 | 10000000 | 9901075 |
| Total U.S. Treasury Debt (cost $49,664,134) |  | 49664134 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

\| 1

------

**Janus Henderson Money Market Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Principal Amounts* | *Value* |
| Variable Rate Demand Notes<sup>¶</sup> – 14.0% |  |  |
| Alper Drive Apts LLC (LOC: The Northern Trust Co.), 3.9600%, 8/1/61 | $12400000 | $12400000 |
| Bakke Issuing Trust (LOC: FHLB of Atlanta), 3.8000%, 12/2/75 | 3000000 | 3000000 |
| Bellevue 10 Apartments LLC (LOC: The Northern Trust Co.), 3.8400%, 4/1/60 | 3450000 | 3450000 |
| Breckenridge Terrace LLC (LOC: Bank of America NA), 3.9600%, 5/2/39 | 14980000 | 14980000 |
| Breckenridge Terrace LLC (LOC: Bank of America NA), 3.9600%, 5/2/39 | 4000000 | 4000000 |
| Cellmark Inc (LOC: Swedbank AB, NY), 3.9000%, 6/1/38 | 10000000 | 10000000 |
| CLC Irrevocable Life Insurance Trust/The (LOC: FHLB of Des Moines.), 3.9000%, <br> 1/4/49<br>| 11110000 | 11110000 |
| County of Eagle CO (LOC: Bank of America NA), 4.1000%, 6/1/27 | 9100000 | 9100000 |
| County of Eagle CO (LOC: Bank of America NA), 3.9300%, 5/2/39 | 8000000 | 8000000 |
| Dorfman 2020 Family Trust (LOC: FHLB of Dallas), 3.9000%, 8/1/40 | 5285000 | 5285000 |
| Drummond Family Life Insurance LLC (LOC: FHLB of Dallas), 3.8000%, 6/1/72 | 14575000 | 14575000 |
| East Town Crossing LLC (LOC: FHLB of Des Moines), 3.8000%, 1/2/65 | 5200000 | 5200000 |
| Encinitas Senior Living LP (LOC: FHLB of San Francisco), 3.8000%, 8/1/59 | 3115000 | 3115000 |
| Griffin-Spalding County Development Authority (LOC: Bank of America NA), <br> 3.9000%, 8/1/28<br>| 3750000 | 3750000 |
| ICG-Stream Polk Ave LLC (LOC: FHLB of San Francisco), 3.8000%, 9/4/63 | 5500000 | 5500000 |
| Jefferson Centerpointe LLC (LOC: FHLB of San Francisco), 3.8000%, 12/1/60 | 22285000 | 22285000 |
| Lodi LV Loca LP (LOC: FHLB of San Francisco), 3.8000%, 8/1/59 | 13500000 | 13500000 |
| Mississippi Business Finance Corp (LOC: FHLB of Dallas), 4.0100%, 12/1/42 | 7495000 | 7495000 |
| Rieber Life Insurance Trust/The (LOC: FHLB of Dallas), 3.9000%, 5/1/42 | 11645000 | 11645000 |
| Susan D Travers Heritage Trust (LOC: FHLB of Topeka), 3.9000%, 7/1/43 | 8825000 | 8825000 |
| Tenderfoot Seasonal Housing LLC (LOC: Bank of America NA), 3.9300%, <br> 7/2/35<br>| 5700000 | 5700000 |
| Total Variable Rate Demand Notes (cost $182,915,000) |  | 182915000 |
| Repurchase Agreements<sup>ë</sup> – 38.5% |  |  |
| Credit Agricole, New York, Joint repurchase agreement, 3.7600%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $5,001,044 collateralized by <br> $6,184,542 in U.S. Government Agencies 2.0000%, 3/1/51 with a value of <br> $5,100,000<br>| 5000000 | 5000000 |
| Goldman Sachs & Co, Joint repurchase agreement, 3.6900%, dated 12/31/25, <br> maturing 1/2/26 to be repurchased at $130,026,650 collateralized by <br> $132,454,733 in U.S. Government Agencies 3.5000% - 6.5000%, 8/16/34 - <br> 12/20/55 with a value of $132,600,000<br>| 130000000 | 130000000 |
| HSBC Securities (USA) Inc, Joint repurchase agreement, 3.7600%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $40,008,356 collateralized <br> by $52,806,878 in U.S. Treasuries 0% - 1.2500%, 10/15/26 - 11/15/53 with <br> a value of $40,800,000<br>| 40000000 | 40000000 |
| ING Financial Markets LLC, Joint repurchase agreement, 3.7800%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $35,007,350 collateralized <br> by $36,447,983 in U.S. Treasuries 1.1250% - 4.6250%, 1/15/26 - 2/15/55 <br> with a value of $35,707,524<br>| 35000000 | 35000000 |
| ING Financial Markets LLC, Joint repurchase agreement, 3.7900%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $45,009,475 collateralized <br> by $45,554,095 in U.S. Government Agencies 3.0000% - 7.0000%, 9/1/32 - <br> 9/1/55 with a value of $45,909,665<br>| 45000000 | 45000000 |
| Royal Bank of Canada, NY Branch, Joint repurchase agreement, 3.6800%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $15,003,067 collateralized <br> by $15,126,645 in U.S. Treasuries 2.7500% - 6.3750%, 4/30/27 - 8/15/33 <br> with a value of $15,303,138<br>| 15000000 | 15000000 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \|

------

**Janus Henderson Money Market Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Principal Amounts* | *Value* |
| Repurchase Agreements<sup>ë</sup> – (continued) |  |  |
| Royal Bank of Canada, NY Branch, Joint repurchase agreement, 3.7100%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $127,426,259 collateralized <br> by $128,683,173 in U.S. Treasuries 1.6250% - 4.6250%, 4/30/27 - <br> 11/15/50 with a value of $129,974,786<br>| $127400000 | $127400000 |
| Wells Fargo Securities LLC, Joint repurchase agreement, 3.8300%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $105,022,342 collateralized <br> by $105,842,934 in U.S. Government Agencies 2.0000% - 6.5000%, 6/1/27 - <br> 1/1/56 with a value of $107,122,789<br>| 105000000 | 105000000 |
| Total Repurchase Agreements (cost $502,400,000) |  | 502400000 |
| Total Investments (total cost $1,305,213,053) – 99.9% |  | 1305213053 |
| Cash, Receivables and Other Assets, net of Liabilities – 0.1% |  | 1008622 |
| Net Assets – 100% |  | $1306221675 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Assets*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| Credit Agricole, New York | $5000000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5000000) | &nbsp;&nbsp; $— |
| Goldman Sachs & Co | 130000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (130000000) | &nbsp;&nbsp; — |
| HSBC Securities (USA) Inc | 40000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (40000000) | &nbsp;&nbsp; — |
| ING Financial Markets LLC | 80000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (80000000) | &nbsp;&nbsp; — |
| Royal Bank of Canada, NY Branch | 142400000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (142400000) | &nbsp;&nbsp; — |
| Wells Fargo Securities LLC | 105000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (105000000) | &nbsp;&nbsp; — |
| Total | $502400000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(502400000) | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

\| 3

------

**Janus Henderson Money Market Fund**

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

LLC Limited Liability Company <br> LOC Letter of Credit <br> 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.

---

| |
|:---|
| &nbsp;&nbsp; Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale <br> and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be <br> liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2025 <br> is $44,865,146, which represents 3.4% of net assets.<br>|
| &nbsp;&nbsp; Securities sold under Section 4(2) of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale <br> and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be <br> liquid under guidelines established by the Board of Trustees. The total value of 4(2) securities as of the period ended December 31, 2025 <br> is $356,329,033, which represents 27.3% of net assets.<br>|
| &nbsp;&nbsp; Variable rate demand notes are not based on a published reference rate and spread; they are determined by the issuer or remarketing <br> agent and current market conditions. The reference rate in the security description is as of December 31, 2025.<br>|
| 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, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Certificates of Deposit* | $- | &nbsp;&nbsp; $15004480 | &nbsp;&nbsp; $- |
| *Commercial Paper* | - | &nbsp;&nbsp; 485559976 | &nbsp;&nbsp; - |
| *U.S. Government Agency Notes* | - | &nbsp;&nbsp; 69669463 | &nbsp;&nbsp; - |
| *U.S. Treasury Debt* | - | &nbsp;&nbsp; 49664134 | &nbsp;&nbsp; - |
| *Variable Rate Demand Notes* | - | &nbsp;&nbsp; 182915000 | &nbsp;&nbsp; - |
| *Repurchase Agreements* | - | &nbsp;&nbsp; 502400000 | &nbsp;&nbsp; - |
| **Total Assets** | $- | &nbsp;&nbsp; $1305213053 | &nbsp;&nbsp; $- |

---

4 \|

------

**Janus Henderson Money Market Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Investments, at value (cost $802,813,053) | $802813053 |
| Repurchase agreements, at value (cost $502,400,000) | 502400000 |
| Cash | 234632 |
| Trustees' deferred compensation | 38431 |
| Receivables: |  |
| Fund shares sold | 2019128 |
| Interest | 995313 |
| Other assets | 169 |
| Total Assets | 1308500726 |
| Liabilities: |  |
| Payables: |  |
| Fund shares repurchased | 1722777 |
| Advisory fees | 228398 |
| Administration services fees | 207287 |
| Dividends | 47315 |
| Trustees' deferred compensation fees | 38431 |
| Professional fees | 34430 |
| Trustees' fees and expenses | 413 |
| Total Liabilities | 2279051 |
| Net Assets | $1306221675 |
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $1306235983 |
| Total distributable earnings (loss) | (14308) |
| Total Net Assets | $1306221675 |
| Net Assets - Class D Shares | $1286817484 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1286817933 |
| Net Asset Value Per Share | $1.00 |
| Net Assets - Class T Shares | $19404191 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 19412251 |
| Net Asset Value Per Share | $1.00 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Money Market Fund**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Interest | $27381092 |
| Other income | 3125 |
| Total Investment Income | 27384217 |
| Expenses: |  |
| Advisory fees | 1298749 |
| Administration services fees: |  |
| Class D Shares | 1150109 |
| Class T Shares | 29190 |
| Professional fees | 26617 |
| Trustees' fees and expenses | 11897 |
| Total Expenses | 2516562 |
| Net Investment Income/(Loss) | 24867655 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $24867655 |

---

See Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson Money Market Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*December 31, 2025* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*June 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $24867655 | &nbsp;&nbsp; $51190334 |
| Net realized gain/(loss) on investments | - | &nbsp;&nbsp; 83 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 24867655 | &nbsp;&nbsp; 51190417 |
| Dividends and Distributions to Shareholders: |  |  |
| Class D Shares | (24478257) | &nbsp;&nbsp; (50460212) |
| Class T Shares | (389398) | &nbsp;&nbsp; (729666) |
| Net Decrease from Dividends and Distributions to Shareholders | (24867655) | &nbsp;&nbsp; (51189878) |
| Capital Share Transactions: |  |  |
| Class D Shares | 29247570 | &nbsp;&nbsp; 156760309 |
| Class T Shares | (2255790) | &nbsp;&nbsp; 8738494 |
| Net Increase/(Decrease) from Capital Share Transactions | 26991780 | &nbsp;&nbsp; 165498803 |
| Net Increase/(Decrease) in Net Assets | 26991780 | &nbsp;&nbsp; 165499342 |
| Net Assets: |  |  |
| Beginning of period | 1279229895 | &nbsp;&nbsp; 1113730553 |
| End of period | $1306221675 | &nbsp;&nbsp; $1279229895 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Money Market Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year <br> ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — <br><sup>(2)</sup><br>|
| Net realized and unrealized gain/(loss)<sup>(2)</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.02) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — <br><sup>(2)</sup><br>|
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.02) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Asset Value, End of Period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total Return<sup>\*</sup> <br>| 1.96% | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 4.94% | &nbsp;&nbsp; 3.36% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% |
| Net Assets, End of Period (in thousands) | $1286817 | &nbsp;&nbsp; $1257570 | &nbsp;&nbsp; $1100809 | &nbsp;&nbsp; $1132208 | &nbsp;&nbsp; $1194067 | &nbsp;&nbsp; $1149942 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.39% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.39% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.13% |
| Ratio of Net Investment Income/(Loss) | 3.85% | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 4.84% | &nbsp;&nbsp; 3.30% | &nbsp;&nbsp; 0.00% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.00% <br><sup>(3)</sup><br>|

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(3) Less than 0.005%.

See Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson Money Market Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — <br><sup>(2)</sup><br>|
| Net realized and unrealized gain/(loss)<sup>(2)</sup> <br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from Investment Operations | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.02) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — <br><sup>(2)</sup><br>|
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.02) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Asset Value, End of Period | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total Return<sup>\*</sup> <br>| 1.91% | &nbsp;&nbsp; 4.32% | &nbsp;&nbsp; 4.92% | &nbsp;&nbsp; 3.34% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% |
| Net Assets, End of Period (in thousands) | $19404 | &nbsp;&nbsp; $21660 | &nbsp;&nbsp; $12921 | &nbsp;&nbsp; $12911 | &nbsp;&nbsp; $15939 | &nbsp;&nbsp; $15795 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.49% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.59% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.49% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.13% |
| Ratio of Net Investment Income/(Loss) | 3.75% | &nbsp;&nbsp; 4.18% | &nbsp;&nbsp; 4.82% | &nbsp;&nbsp; 3.25% | &nbsp;&nbsp; 0.00% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.00% <br><sup>(3)</sup><br>|

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(3) Less than 0.005%.

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Money Market Fund**

**Notes to Financial Statements (unaudited)**

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

**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 34 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 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 on fund redemptions because of market conditions or other factors. Liquidity fees are most likely to be imposed during times of extraordinary market stress. Pursuant to Rule 2a-7 under the 1940 Act, the Fund may impose a discretionary liquidity fee (not to exceed 2% of value of the shares redeemed) on redemptions from the Fund. The Trustees have determined to delegate responsibility

for administering any discretionary liquidity fee to the Adviser, subject to Board guidelines and oversight.

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")).

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 Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended December 31, 2025. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

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 25% 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)

10 \| December 31, 2025

------

**Janus Henderson Money Market Fund**

**Notes to Financial Statements (unaudited)**

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 50% 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 period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments 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

Janus Investment Fund \| 11

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**Janus Henderson Money Market Fund**

**Notes to Financial Statements (unaudited)**

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 an 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 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.

**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**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and

12 \| December 31, 2025

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**Janus Henderson Money Market Fund**

**Notes to Financial Statements (unaudited)**

pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**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.

**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. 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.

**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

Janus Investment Fund \| 13

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**Janus Henderson Money Market Fund**

**Notes to Financial Statements (unaudited)**

(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.

**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 0.18% and 0.28%, 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

14 \| December 31, 2025

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**Janus Henderson Money Market Fund**

**Notes to Financial Statements (unaudited)**

of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of December 31, 2025 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, 2025 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. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the period ended December 31, 2025.

**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, and capital loss carryovers.

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2025* | *Period ended December 31, 2025* | *Year ended June 30, 2025* | *Year ended June 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class D Shares: |  |  |  |  |
| Shares sold | 282757748 | &nbsp;&nbsp; $282757749 | &nbsp;&nbsp; 705150793 | &nbsp;&nbsp; $705150793 |
| Reinvested dividends and distributions | 24065164 | &nbsp;&nbsp; 24065164 | &nbsp;&nbsp; 49629488 | &nbsp;&nbsp; 49629488 |
| Shares repurchased | (277575343) | &nbsp;&nbsp; (277575343) | &nbsp;&nbsp; (598019971) | &nbsp;&nbsp; (598019972) |
| Net Increase/(Decrease) | 29247569 | &nbsp;&nbsp; $29247570 | &nbsp;&nbsp; 156760310 | &nbsp;&nbsp; $156760309 |
| Class T Shares: |  |  |  |  |
| Shares sold | 16792491 | &nbsp;&nbsp; $16792492 | &nbsp;&nbsp; 38945835 | &nbsp;&nbsp; $38945834 |
| Reinvested dividends and distributions | 389238 | &nbsp;&nbsp; 389238 | &nbsp;&nbsp; 728702 | &nbsp;&nbsp; 728702 |
| Shares repurchased | (19437520) | &nbsp;&nbsp; (19437520) | &nbsp;&nbsp; (30936042) | &nbsp;&nbsp; (30936042) |
| Net Increase/(Decrease) | (2255791) | &nbsp;&nbsp; $(2255790) | &nbsp;&nbsp; 8738495 | &nbsp;&nbsp; $8738494 |

---

**6. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client consents, and

approval by Janus Henderson's shareholders. Management is assessing the impact to the funds.

**7. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 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.

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**Janus Henderson Money Market Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the 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 analyses 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 5, 2025 and December 9-10, 2025, 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 over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's 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, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. 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

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**Janus Henderson Money Market Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment 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 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. Additionally, 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 and retain 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 at 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, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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**Janus Henderson Money Market Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, 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.

18 \| December 31, 2025

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**Janus Henderson Money Market Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 19

------

**Janus Henderson Money Market Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

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.

20 \| December 31, 2025

------

**Janus Henderson Money Market Fund**

**Additional Information (unaudited)**

***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 identified by Broadridge using Morningstar category schema. 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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% 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 or service 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 considering performance trends, performance histories, recent fee reductions, investment structure changes, 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 institutional/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 institutional/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 the Adviser's explanation 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 the independent fee consultant's 2024 report 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 similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable 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) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 21

------

**Janus Henderson Money Market Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, 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 has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

22 \| December 31, 2025

------

**Janus Henderson Money Market Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market 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 reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian 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 had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 23

------

**Janus Henderson Money Market Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, 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.

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 receives 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 and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, 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. As part of their overall review of fund profitability, 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 fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

24 \| December 31, 2025

------

**Janus Henderson Money Market Fund**

**Additional Information (unaudited)**

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 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, 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; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) 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 (3) by setting lower fixed fees from the start on the Flat-Rate Fee 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.

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 Janus Henderson 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.

Based on all of the information reviewed, including the recent and past research and analyses 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 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 other 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 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 such Janus Henderson Funds. 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

Janus Investment Fund \| 25

------

**Janus Henderson Money Market Fund**

**Additional Information (unaudited)**

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.

26 \| December 31, 2025

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**Janus Henderson Money Market Fund**

**Notes**

Janus Investment Fund \| 27

------

**Janus Henderson Money Market Fund**

**Notes**

28 \| December 31, 2025

------

**Janus Henderson Money Market Fund**

**Notes**

Janus Investment Fund \| 29

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![](imge7d5bb502.gif)

*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

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93027 02-26

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SEMIANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson Multi-Sector Income Fund**

Janus Investment Fund

![](img6ac701a91.gif)

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**Table of Contents**

**Janus Henderson Multi-Sector Income Fund** 

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| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_a575b802-d928-405b-9739-bbdc1034395a_SOI-SOI-RunningFooter-17_1)<br> [Management Investment Companies](#xx_a575b802-d928-405b-9739-bbdc1034395a_SOI-SOI-RunningFooter-17_1)<br>|  |
| [Schedule of Investments](#xx_a575b802-d928-405b-9739-bbdc1034395a_SOI-SOI-RunningFooter-17_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_a575b802-d928-405b-9739-bbdc1034395a_SOI-SOI-RunningFooter-17_26) | 26 |
| [Statement of Assets and Liabilities](#xx_a575b802-d928-405b-9739-bbdc1034395a_SAL-SAL-RunningFooter-17_1) | 28 |
| [Statement of Operations](#xx_a575b802-d928-405b-9739-bbdc1034395a_SOP-SOP-RunningFooter-17_1) | 30 |
| [Statements of Changes in Net Assets](#xx_a575b802-d928-405b-9739-bbdc1034395a_SOC-SOC-RunningFooter-17_1) | 32 |
| [Financial Highlights](#xx_a575b802-d928-405b-9739-bbdc1034395a_FIHI-FIHI-RunningFooter-17_1) | 33 |
| [Notes to Financial Statements](#xx_a575b802-d928-405b-9739-bbdc1034395a_NTF-NTF-RunningFooter-17_1) | 40 |
| [Items 8-11 - Additional Information](#xx_a575b802-d928-405b-9739-bbdc1034395a_AI-AI-RunningFooter-17_1) | 57 |

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------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>|  | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – 46.6% |  |  |  |
| Aaset 2019-2 Trust, 6.4130%, 10/16/39<sup>ž</sup> <br>| $4723808 |  | $4612799 |
| Accelerated Assets 2024-1A D, 7.8500%, 8/22/44<sup>ž</sup> <br>| 6653867 |  | 6705111 |
| Achieve Mortgage 2024-HE1 B, 7.2600%, 5/25/39<sup>ž</sup> <br>| 4601225 |  | 4764300 |
| ACHV Trust 2023-1PL D, 8.4700%, 3/18/30<sup>ž</sup> <br>| 1010429 |  | 1019131 |
| Affirm Asset Securitization Trust 2024-A 1E, 9.1700%, 2/15/29<sup>ž</sup> <br>| 4000000 |  | 4017427 |
| Affirm Master Trust 2025-3A D, 5.0900%, 10/16/34<sup>ž</sup> <br>| 2726000 |  | 2681685 |
| Affirm Master Trust 2025-3A E, 6.8000%, 10/16/34<sup>ž</sup> <br>| 8000000 |  | 7959899 |
| ALA Trust 2025-OANA D, CME Term SOFR 1 Month + 3.0907%, 6.8417%, <br> 6/15/40<sup>ž,</sup><sup>‡</sup> <br>| 2670000 |  | 2680641 |
| Ally Bank Auto Credit-Linked Notes 2024-A E, 7.9170%, 5/17/32<sup>ž</sup> <br>| 1304545 |  | 1325074 |
| Ally Bank Auto Credit-Linked Notes 2024-A G, 12.7480%, 5/17/32<sup>ž</sup> <br>| 2350175 |  | 2442658 |
| Ally Bank Auto Credit-Linked Notes 2024-B E, 6.6780%, 9/15/32<sup>ž</sup> <br>| 1162017 |  | 1167590 |
| Ally Bank Auto Credit-Linked Notes 2024-B G, 11.3950%, 9/15/32<sup>ž</sup> <br>| 4212311 |  | 4323869 |
| Ally Bank Auto Credit-Linked Notes 2025-A E, 6.0660%, 6/15/33<sup>ž</sup> <br>| 7493650 |  | 7480291 |
| Ally Bank Auto Credit-Linked Notes 2025-A F, 6.9420%, 6/15/33<sup>ž</sup> <br>| 2490964 |  | 2497186 |
| Ally Bank Auto Credit-Linked Notes 2025-B F, 6.9420%, 9/15/33<sup>ž</sup> <br>| 3254669 |  | 3260155 |
| Ally Bank Auto Credit-Linked Notes 2025-B G, 9.9350%, 9/15/33<sup>ž</sup> <br>| 5811908 |  | 5820715 |
| ARES CLO Ltd 2024-ALF8 A1, CME Term SOFR 3 Month + 1.2500%, 5.1154%, <br> 1/25/38<sup>ž,</sup><sup>‡</sup> <br>| 20000000 |  | 20043664 |
| Arini European CLO 2A DR, EURIBOR 3 Month + 3.1500%, 5.1240%, <br> 10/15/38<sup>ž,</sup><sup>‡</sup> <br>| 13110000 | EUR | 15416071 |
| Auxilior Term Funding LLC 2023-1A E, 10.9700%, 12/15/32<sup>ž</sup> <br>| 2550000 |  | 2606293 |
| Avis Budget Rental Car Funding AESOP LLC 2021-1A D, 3.7100%, 8/20/27<sup>ž</sup> <br>| 6000000 |  | 5952226 |
| AXIS Equipment Finance Receivables 2024-1A E, 9.6600%, 4/20/32<sup>ž</sup> <br>| 2875000 |  | 2952078 |
| AXIS Equipment Finance Receivables LLC 2024-2A E, 8.8800%, 10/20/32<sup>ž</sup> <br>| 1400000 |  | 1434617 |
| AXIS Equipment Finance Receivables LLC 2025-1A E, 8.3500%, 1/20/34<sup>ž</sup> <br>| 1500000 |  | 1520128 |
| Babson CLO Ltd 2023-3A D2R, CME Term SOFR 3 Month + 3.9000%, 7.8200%, <br> 10/15/38<sup>ž,</sup><sup>‡</sup> <br>| 5000000 |  | 5003125 |
| Babson CLO Ltd LP-5A A, CME Term SOFR 3 Month + 1.2200%, 5.1044%, <br> 1/22/35<sup>ž,</sup><sup>‡</sup> <br>| 25000000 |  | 25008608 |
| Bain Capital Credit CLO Ltd 2023-3A A1R, CME Term SOFR 3 Month + <br> 1.3100%, 5.1754%, 10/25/38<sup>ž,</sup><sup>‡</sup> <br>| 62250000 |  | 62407760 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR2 E, 1.2731%, <br> 7/27/50<sup>ž,</sup><sup>‡</sup> <br>| 10755758 |  | 9321714 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR3 E, 0.4876%, <br> 1/27/50<sup>ž,</sup><sup>‡</sup> <br>| 3776872 |  | 3453661 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR4 E, 0.0114%, <br> 11/27/48<sup>ž,</sup><sup>‡</sup> <br>| 1000000 |  | 994762 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR4 F, 0.0107%, <br> 11/27/48<sup>ž,</sup><sup>‡</sup> <br>| 1778284 |  | 1767692 |
| BAMLL Commercial Mortgage Securities Trust 2025-FRR5 E736, 0.9440%, <br> 9/27/52<sup>ž,</sup><sup>‡</sup> <br>| 24861668 |  | 22664458 |
| BAMLL Commercial Mortgage Securities Trust 2025-FRR5 EK73, 0.0099%, <br> 2/27/51<sup>ž,</sup><sup>‡</sup> <br>| 18449665 |  | 14158498 |
| BAMLL Commercial Mortgage Securities Trust 2025-FRR5 EK86, 0%, <br> 11/27/51<sup>ž,◊</sup> <br>| 19564243 |  | 15130060 |
| Bayview Opportunity Master Fund VII 2024-CAR1 E, US 30 Day Average SOFR + <br> 3.6000%, 7.4742%, 12/26/31<sup>ž,</sup><sup>‡</sup> <br>| 688556 |  | 694967 |
| Bayview Opportunity Master Fund VII 2024-EDU1 C, US 30 Day Average SOFR + <br> 1.8000%, 5.6742%, 6/25/47<sup>ž,</sup><sup>‡</sup> <br>| 2433279 |  | 2431964 |
| Bayview Opportunity Master Fund VII 2024-EDU1 D, US 30 Day Average SOFR + <br> 2.7500%, 6.6242%, 6/25/47<sup>ž,</sup><sup>‡</sup> <br>| 973312 |  | 994421 |
| Bayview Opportunity Master Fund VII 2025-EDU1 C, US 30 Day Average SOFR + <br> 1.8000%, 5.6742%, 7/27/48<sup>ž,</sup><sup>‡</sup> <br>| 5395080 |  | 5395057 |
| Benefit Street Partners CLO Ltd 2022-28A AR, CME Term SOFR 3 Month + <br> 1.3500%, 5.2344%, 10/20/37<sup>ž,</sup><sup>‡</sup> <br>| 40000000 |  | 40159084 |
| Benefit Street Partners CLO Ltd 2025-43A A, CME Term SOFR 3 Month + <br> 1.2700%, 5.1875%, 10/20/38<sup>ž,</sup><sup>‡</sup> <br>| 29665000 |  | 29728732 |
| BFLD Trust 2025-5MW D, 6.3710%, 10/10/42<sup>ž,</sup><sup>‡</sup> <br>| 5000000 |  | 5091662 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>|  | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |  |
| BlackRock European CLO DAC 16A D, EURIBOR 3 Month + 3.0500%, 5.1100%, <br> 1/17/39<sup>ž,</sup><sup>‡</sup> <br>| 10180000 | EUR | $11984070 |
| BLP Commercial Mortgage Trust 2025-IND2 E, CME Term SOFR 1 Month + <br> 3.7500%, 7.5001%, 12/15/42<sup>ž,</sup><sup>‡</sup> <br>| $30139000 |  | 30171633 |
| Blue Bridge Funding LLC 2023-1A B, 9.4800%, 11/15/30<sup>ž</sup> <br>| 2800000 |  | 2851981 |
| Blue Bridge Funding LLC 2023-1A C, 9.5000%, 11/15/30<sup>ž</sup> <br>| 2800000 |  | 2740658 |
| Blue Bridge Funding LLC 2023-1A D, 15.0000%, 11/15/30<sup>ž</sup> <br>| 1743000 |  | 1746620 |
| BPR Trust 2024-PMDW E, 5.8500%, 11/5/41<sup>ž,</sup><sup>‡</sup> <br>| 17000000 |  | 15845187 |
| Brean Asset Backed Securities Trust 2024-RM8 A2, 4.5000%, 5/25/64<sup>ž</sup> <br>| 12014881 |  | 11579387 |
| Business Jet Securities LLC 2022-1A C, 6.4130%, 6/15/37<sup>ž</sup> <br>| 1333228 |  | 1333329 |
| Business Jet Securities LLC 2024-1A B, 6.9240%, 5/15/39<sup>ž</sup> <br>| 918554 |  | 949085 |
| Business Jet Securities LLC 2024-1A C, 9.1320%, 5/15/39<sup>ž</sup> <br>| 3751716 |  | 3884336 |
| Business Jet Securities LLC 2024-2A B, 5.7540%, 9/15/39<sup>ž</sup> <br>| 2851161 |  | 2846505 |
| Business Jet Securities LLC 2024-2A C, 7.9740%, 9/15/39<sup>ž</sup> <br>| 2322948 |  | 2339248 |
| BX Commercial Mortgage Trust 2021-BXMF G, CME Term SOFR 1 Month + <br> 3.4640%, 7.2140%, 10/15/26<sup>ž,</sup><sup>‡</sup> <br>| 12367786 |  | 12323355 |
| BX Commercial Mortgage Trust 2024-AIR2 D, CME Term SOFR 1 Month + <br> 2.7905%, 6.5415%, 10/15/41<sup>ž,</sup><sup>‡</sup> <br>| 16987080 |  | 17018460 |
| BX Commercial Mortgage Trust 2024-AIRC A, CME Term SOFR 1 Month + <br> 1.6912%, 5.4414%, 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 9361952 |  | 9371083 |
| BX Commercial Mortgage Trust 2024-BIO2 D, 7.7127%, 8/13/41<sup>ž,</sup><sup>‡</sup> <br>| 7480000 |  | 7313968 |
| BX Commercial Mortgage Trust 2024-BRBK A, CME Term SOFR 1 Month + <br> 2.8796%, 6.6139%, 10/15/41<sup>ž,</sup><sup>‡</sup> <br>| 25000000 |  | 25114121 |
| BX Commercial Mortgage Trust 2024-BRBK D, CME Term SOFR 1 Month + <br> 5.9705%, 9.7048%, 10/15/41<sup>ž,</sup><sup>‡</sup> <br>| 5000000 |  | 4980018 |
| BX Commercial Mortgage Trust 2024-GPA3 C, CME Term SOFR 1 Month + <br> 1.8920%, 5.6421%, 12/15/39<sup>ž,</sup><sup>‡</sup> <br>| 7040121 |  | 7051986 |
| BX Commercial Mortgage Trust 2024-VLT4 E, CME Term SOFR 1 Month + <br> 2.8894%, 6.6395%, 6/17/41<sup>ž,</sup><sup>‡</sup> <br>| 10345000 |  | 10319646 |
| BX Commercial Mortgage Trust 2024-VLT4 F, CME Term SOFR 1 Month + <br> 3.9379%, 7.6880%, 6/17/41<sup>ž,</sup><sup>‡</sup> <br>| 8250000 |  | 8238185 |
| BX Commercial Mortgage Trust 2024-WPT B, CME Term SOFR 1 Month + <br> 1.8908%, 5.6409%, 3/15/34<sup>ž,</sup><sup>‡</sup> <br>| 7663000 |  | 7657199 |
| BX Commercial Mortgage Trust 2025-ARIA C, 5.5173%, 12/13/42<sup>ž,</sup><sup>‡</sup> <br>| 19000000 |  | 19107888 |
| BX Commercial Mortgage Trust 2025-ROIC E, CME Term SOFR 1 Month + <br> 2.9413%, 6.6914%, 3/15/30<sup>ž,</sup><sup>‡</sup> <br>| 22827967 |  | 22692942 |
| BX Commercial Mortgage Trust 2025-VLT7 E, CME Term SOFR 1 Month + <br> 3.7500%, 7.5001%, 7/15/44<sup>ž,</sup><sup>‡</sup> <br>| 16641000 |  | 16594837 |
| BXHPP Trust 2021-FILM A, CME Term SOFR 1 Month + 0.7645%, 4.5145%, <br> 8/15/36<sup>ž,</sup><sup>‡</sup> <br>| 8670000 |  | 8374008 |
| BXHPP Trust 2021-FILM B, CME Term SOFR 1 Month + 1.0145%, 4.7645%, <br> 8/15/36<sup>ž,</sup><sup>‡</sup> <br>| 14243000 |  | 13422947 |
| BXP Trust 2017-GM D, 3.4248%, 6/13/39<sup>ž,</sup><sup>‡</sup> <br>| 6870000 |  | 6658856 |
| CALI Mortgage Trust 2019-101C B, 4.1580%, 3/10/39<sup>ž</sup> <br>| 8311000 |  | 7863309 |
| Capital Four CLO 11A D, EURIBOR 3 Month + 3.1000%, 5.2240%, 1/25/39<sup>ž,</sup><sup>‡</sup> <br>| 13500000 | EUR | 15943196 |
| Carlyle Global Markets Strategies 2017-2A AR2, CME Term SOFR 3 Month + <br> 1.4900%, 5.3744%, 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 32500000 |  | 32609948 |
| Carlyle Global Markets Strategies 2021-11A A2R, CME Term SOFR 3 Month + <br> 1.6100%, 5.4680%, 7/27/37<sup>ž,</sup><sup>‡</sup> <br>| 13500000 |  | 13532010 |
| Carvana Auto Receivables Trust 2021-N3 E, 3.1600%, 6/12/28<sup>ž</sup> <br>| 6770547 |  | 6629858 |
| Castlelake Aircraft Securitization Trust 2018-1, 6.6250%, 6/15/43<sup>ž</sup> <br>| 3837432 |  | 2878098 |
| Cedar Funding Ltd 2018-9A AR, CME Term SOFR 3 Month + 1.4200%, <br> 5.3044%, 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 29000000 |  | 29094453 |
| Cedar Funding Ltd 2021-14A AR, CME Term SOFR 3 Month + 1.3800%, <br> 5.2845%, 10/15/37<sup>ž,</sup><sup>‡</sup> <br>| 37860000 |  | 37988671 |
| CF Hippolyta Issuer LLC 2022-1A A1, 5.9700%, 8/15/62<sup>ž</sup> <br>| 22915639 |  | 22642652 |
| CF Hippolyta Issuer LLC 2022-1A A2, 6.1100%, 8/15/62<sup>ž</sup> <br>| 21445995 |  | 21152513 |
| Chase Auto Credit Linked Notes 2021-2 G, 8.4820%, 12/26/28<sup>ž</sup> <br>| 152731 |  | 153039 |
| Chase Mortgage Finance Corp 2021-CL1 M1, US 30 Day Average SOFR + <br> 1.2000%, 5.0742%, 2/25/50<sup>ž,</sup><sup>‡</sup> <br>| 1204709 |  | 1194254 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Chase Mortgage Finance Corp 2021-CL1 M4, US 30 Day Average SOFR + <br> 2.6500%, 6.5242%, 2/25/50<sup>ž,</sup><sup>‡</sup> <br>| $1950183 | $1947341 |
| Chase Mortgage Finance Corp 2021-CL1 M5, US 30 Day Average SOFR + <br> 3.2500%, 7.1242%, 2/25/50<sup>ž,</sup><sup>‡</sup> <br>| 780169 | 782755 |
| CIFC Funding Ltd 2019-7A A1R, CME Term SOFR 3 Month + 1.2800%, <br> 5.3713%, 10/19/38<sup>ž,</sup><sup>‡</sup> <br>| 49782000 | 49921390 |
| Citigroup Commercial Mortgage Trust 2018-C5, 0.6560%, 6/10/51<sup>‡</sup><sup>,¤</sup> <br>| 31534694 | 432621 |
| Coinstar Funding LLC 2017-1A A2, 5.2160%, 4/25/47<sup>ž</sup> <br>| 15541275 | 14334821 |
| Cologix Data Centers Issuer LLC 2022-1CAN A2, 4.9400%, 1/25/52<sup>ž</sup> <br>| 5000000<br> CAD | 3613597 |
| COMM Mortgage Trust 2024-WCL1 C, CME Term SOFR 1 Month + 2.8890%, <br> 6.6391%, 6/17/41<sup>ž,</sup><sup>‡</sup> <br>| 3750000 | 3754196 |
| COMM Mortgage Trust 2024-WCL1 D, CME Term SOFR 1 Month + 3.2890%, <br> 7.0391%, 6/17/41<sup>ž,</sup><sup>‡</sup> <br>| 11250000 | 11234866 |
| Compass Datacenters Issuer II LLC 2024-2A B2, 5.9990%, 8/25/49<sup>ž</sup> <br>| 5000000 | 5010106 |
| Connecticut Avenue Securities Trust 2019-R04 2B1, US 30 Day Average SOFR + <br> 5.3645%, 9.2387%, 6/27/39<sup>ž,</sup><sup>‡</sup> <br>| 3697026 | 3768855 |
| Connecticut Avenue Securities Trust 2019-R05, US 30 Day Average SOFR + <br> 4.2145%, 8.0887%, 7/25/39<sup>ž,</sup><sup>‡</sup> <br>| 5588547 | 5673837 |
| Connecticut Avenue Securities Trust 2021-R01 1B1, US 30 Day Average SOFR + <br> 3.1000%, 6.9742%, 10/25/41<sup>ž,</sup><sup>‡</sup> <br>| 27737621 | 28194213 |
| Connecticut Avenue Securities Trust 2021-R03 1B1, US 30 Day Average SOFR + <br> 2.7500%, 6.6242%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 3442000 | 3488278 |
| Connecticut Avenue Securities Trust 2022-R01 1B1, US 30 Day Average SOFR + <br> 3.1500%, 7.0242%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 13477000 | 13708892 |
| Connecticut Avenue Securities Trust 2022-R01 1B2, US 30 Day Average SOFR + <br> 6.0000%, 9.8742%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 5369302 | 5559097 |
| Connecticut Avenue Securities Trust 2022-R07 1B2, US 30 Day Average SOFR + <br> 12.0000%, 15.8742%, 6/25/42<sup>ž,</sup><sup>‡</sup> <br>| 13156297 | 15101489 |
| Connecticut Avenue Securities Trust 2023-R05 1B1, US 30 Day Average SOFR + <br> 4.7500%, 8.6242%, 6/25/43<sup>ž,</sup><sup>‡</sup> <br>| 2378000 | 2541804 |
| Connecticut Avenue Securities Trust 2023-R06 1B2, US 30 Day Average SOFR + <br> 5.9000%, 9.7742%, 7/27/43<sup>ž,</sup><sup>‡</sup> <br>| 14170667 | 15469894 |
| Connecticut Avenue Securities Trust 2024-R01 1B1, US 30 Day Average SOFR + <br> 2.7000%, 6.5742%, 1/25/44<sup>ž,</sup><sup>‡</sup> <br>| 14329655 | 14631615 |
| Connecticut Avenue Securities Trust 2024-R03 2B1, US 30 Day Average SOFR + <br> 2.8000%, 6.6742%, 3/25/44<sup>ž,</sup><sup>‡</sup> <br>| 8290000 | 8520796 |
| Connecticut Avenue Securities Trust 2024-R04 1B1, US 30 Day Average SOFR + <br> 2.2000%, 6.0742%, 5/25/44<sup>ž,</sup><sup>‡</sup> <br>| 4590000 | 4609304 |
| Connecticut Avenue Securities Trust 2024-R06 1M2, US 30 Day Average SOFR <br> + 1.6000%, 5.4742%, 9/26/44<sup>ž,</sup><sup>‡</sup> <br>| 4335227 | 4336591 |
| Connecticut Avenue Securities Trust 2025-R01 1M2, US 30 Day Average SOFR <br> + 1.5000%, 5.3742%, 1/25/45<sup>ž,</sup><sup>‡</sup> <br>| 7908000 | 7902610 |
| CPC Asset Securitization LLC 2024-1A D, 13.4500%, 8/15/30<sup>ž</sup> <br>| 8437000 | 8550056 |
| CPF IV LLC / CP EF Asset Securitization LLC 2023-1A B, 7.7700%, 3/15/32<sup>ž</sup> <br>| 6524000 | 6650303 |
| CPF IV LLC / CP EF Asset Securitization LLC 2023-1A C, 7.5600%, 3/15/32<sup>ž</sup> <br>| 5750000 | 5736481 |
| CPT Mortgage Trust 2019-CPT F, 2.9968%, 11/13/39<sup>ž,</sup><sup>‡</sup> <br>| 11135000 | 8691366 |
| Credit Suisse Commercial Mortgage Trust 2021-BHAR E, CME Term SOFR 1 <br> Month + 3.6145%, 7.3655%, 11/15/38<sup>ž,</sup><sup>‡</sup> <br>| 2989500 | 2944915 |
| Crockett Partners Equipment Co II LLC 2024-1C B, 6.7800%, 1/20/31<sup>ž</sup> <br>| 2069978 | 2095213 |
| Crockett Partners Equipment Co II LLC 2024-1C C, 10.1600%, 1/20/31<sup>ž</sup> <br>| 887133 | 882003 |
| CSAIL Commercial Mortgage Trust 2021-C20 XA, 0.9879%, 3/15/54<sup>‡</sup><sup>,¤</sup> <br>| 57915772 | 2193157 |
| DC Commercial Mortgage Trust 2023-DC D, 7.1405%, 9/12/40<sup>ž,</sup><sup>‡</sup> <br>| 10000000 | 10302831 |
| DI Issuer LLC 2025-1A B, 5.9000%, 12/15/55<sup>ž</sup> <br>| 13214000 | 13276602 |
| DI Issuer LLC 2025-1A C, 7.8800%, 12/15/55<sup>ž</sup> <br>| 9410000 | 9409059 |
| Diamond Infrastructure Funding LLC 2021-1A B, 2.3550%, 4/15/49<sup>ž</sup> <br>| 4000000 | 3899507 |
| Diamond Infrastructure Funding LLC 2021-1A C, 3.4750%, 4/15/49<sup>ž</sup> <br>| 3420000 | 3319198 |
| Diamond Issuer LLC 2021-1A C, 3.7870%, 11/20/51<sup>ž</sup> <br>| 5000000 | 4798407 |
| Drive Auto Receivables Trust 2025-1 D, 5.4100%, 9/15/32 | 2673000 | 2711083 |
| DROP Mortgage Trust 2021-FILE A, CME Term SOFR 1 Month + 1.2645%, <br> 5.0145%, 10/15/43<sup>ž,</sup><sup>‡</sup> <br>| 2650000 | 2578621 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| DROP Mortgage Trust 2021-FILE D, CME Term SOFR 1 Month + 2.8645%, <br> 6.6145%, 10/15/43<sup>ž,</sup><sup>‡</sup> <br>| $15000000 | $12533101 |
| Dryden Senior Loan Fund 2016-42A A2RR, CME Term SOFR 3 Month + <br> 1.6500%, 5.5545%, 7/15/37<sup>ž,</sup><sup>‡</sup> <br>| 12250000 | 12282018 |
| Dryden Senior Loan Fund 2022-108A A1R, CME Term SOFR 3 Month + <br> 1.3600%, 5.2444%, 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 26050000 | 26142412 |
| ECAF I Ltd, 5.8020%, 6/15/40<sup>ž</sup> <br>| 3163638 | 1550183 |
| Ellington Financial Mortgage Trust 2025-RTL1 A2, 5.5650%, 11/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 8223000 | 8238534 |
| Enva LLC 2024-A A, 7.4300%, 10/21/30<sup>ž</sup> <br>| 28536 | 28562 |
| Exeter Automobile Receivables Trust 2023-1A E, 12.0700%, 9/16/30<sup>ž</sup> <br>| 3000000 | 3277609 |
| Exeter Automobile Receivables Trust 2024-1A E, 7.8900%, 8/15/31<sup>ž</sup> <br>| 10250000 | 10547648 |
| Exeter Automobile Receivables Trust 2024-3A E, 7.8400%, 10/15/31<sup>ž</sup> <br>| 6670000 | 6861765 |
| Exeter Automobile Receivables Trust 2025-5A E, 7.1500%, 6/15/33<sup>ž</sup> <br>| 3800000 | 3760796 |
| Exeter Select Automobile Receivables Trust 2025-2 D, 5.3400%, 1/15/32 | 5970000 | 5976191 |
| Extended Stay America Trust 2025-ESH D, CME Term SOFR 1 Month + <br> 2.6000%, 6.3501%, 10/15/42<sup>ž,</sup><sup>‡</sup> <br>| 6021000 | 6053251 |
| Extended Stay America Trust 2025-ESH E, CME Term SOFR 1 Month + <br> 3.3500%, 7.1001%, 10/15/42<sup>ž,</sup><sup>‡</sup> <br>| 9353000 | 9407807 |
| Extended Stay America Trust 2025-ESH F, CME Term SOFR 1 Month + <br> 4.1000%, 7.8501%, 10/15/42<sup>ž,</sup><sup>‡</sup> <br>| 2500000 | 2517778 |
| ExteNet Systems 2024-1A C, 9.0500%, 7/25/54<sup>ž</sup> <br>| 5250000 | 5412274 |
| Fannie Mae REMICS 2010-109 BS, US 30 Day Average SOFR + 53.7407%, <br> 9.4696%, 10/25/40<sup>‡</sup> <br>| 588203 | 817096 |
| Fannie Mae REMICS 2018-27 EA, 3.0000%, 5/25/48 | 11132 | 10089 |
| Fannie Mae REMICS 2018-56 SB, US 30 Day Average SOFR + 5.9355%, <br> 2.0613%, 8/25/48<sup>‡</sup><sup>,¤</sup> <br>| 5352034 | 608136 |
| Fannie Mae REMICS 2020-100 BI, 2.0000%, 1/25/51<sup>¤</sup> <br>| 11966214 | 1551660 |
| Fannie Mae REMICS 2025-12 FC, US 30 Day Average SOFR + 1.1000%, <br> 4.9742%, 3/25/55<sup>‡</sup> <br>| 31179225 | 31270367 |
| First Help Financial LLC 2025-1A C, 5.6900%, 8/15/31<sup>ž</sup> <br>| 6100000 | 6199857 |
| First Help Financial LLC 2025-1A D, 5.9500%, 6/15/32<sup>ž</sup> <br>| 4340000 | 4382192 |
| First Help Financial LLC 2025-2A A2, 5.7500%, 5/15/30<sup>ž</sup> <br>| 24039000 | 24362361 |
| Flagship Credit Auto Trust 2022-4 E, 12.6600%, 1/15/30<sup>ž</sup> <br>| 5000000 | 3855880 |
| Flagship Credit Auto Trust 2023-1 E, 11.4400%, 4/15/30<sup>ž</sup> <br>| 8000000 | 7999010 |
| Flagship Credit Auto Trust 2023-3 E, 9.7400%, 6/17/30<sup>ž</sup> <br>| 4725000 | 4445271 |
| Flagstar Mortgage Trust 2021-13IN A17, 3.0000%, 12/30/51<sup>ž,</sup><sup>‡</sup> <br>| 13195955 | 11453428 |
| FORA Financial Asset Securitization 2024-1A A, 6.3300%, 8/15/29<sup>ž</sup> <br>| 4962000 | 4993276 |
| Foundation Finance Trust 2023-2A D, 9.1000%, 6/15/49<sup>ž</sup> <br>| 2560176 | 2731399 |
| Foundation Finance Trust 2025-3A D, 5.7100%, 8/15/52<sup>ž</sup> <br>| 3725000 | 3718034 |
| Freddie Mac - SLST 2020-2 M1, 4.7500%, 9/25/60<sup>ž,</sup><sup>‡</sup> <br>| 4312808 | 4290621 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 B2, US <br> 30 Day Average SOFR + 6.0000%, 9.8742%, 8/25/33<sup>ž,</sup><sup>‡</sup> <br>| 12308000 | 15159238 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA3 B2, US <br> 30 Day Average SOFR + 6.2500%, 10.1242%, 10/25/33<sup>ž,</sup><sup>‡</sup> <br>| 20836000 | 26082586 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA6 B1, US <br> 30 Day Average SOFR + 3.4000%, 7.2742%, 10/25/41<sup>ž,</sup><sup>‡</sup> <br>| 14440000 | 14677162 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 B1, US <br> 30 Day Average SOFR + 3.6500%, 7.5242%, 11/25/41<sup>ž,</sup><sup>‡</sup> <br>| 38921208 | 39842523 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 B2, US <br> 30 Day Average SOFR + 7.8000%, 11.6742%, 11/25/41<sup>ž,</sup><sup>‡</sup> <br>| 15600000 | 16463675 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA3 B1, US <br> 30 Day Average SOFR + 3.3500%, 7.2242%, 9/25/41<sup>ž,</sup><sup>‡</sup> <br>| 4734000 | 4811613 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA3 B2, US <br> 30 Day Average SOFR + 6.2500%, 10.1242%, 9/25/41<sup>ž,</sup><sup>‡</sup> <br>| 50800000 | 52277261 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA3 M2, US <br> 30 Day Average SOFR + 2.1000%, 5.9742%, 9/25/41<sup>ž,</sup><sup>‡</sup> <br>| 29152135 | 29392454 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA4 B1, US <br> 30 Day Average SOFR + 3.7500%, 7.6242%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 27058500 | 27631941 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA4 B2, US <br> 30 Day Average SOFR + 7.0000%, 10.8742%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 21984154 | 23004236 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA1 B2, US <br> 30 Day Average SOFR + 7.1000%, 10.9742%, 1/27/42<sup>ž,</sup><sup>‡</sup> <br>| $18943000 | $19938018 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 B2, US <br> 30 Day Average SOFR + 8.5000%, 12.3742%, 2/25/42<sup>ž,</sup><sup>‡</sup> <br>| 13643002 | 14662704 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 M2, US <br> 30 Day Average SOFR + 3.3500%, 7.2242%, 11/25/43<sup>ž,</sup><sup>‡</sup> <br>| 7490866 | 7825298 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA3 M2, US <br> 30 Day Average SOFR + 1.4500%, 5.3242%, 10/25/44<sup>ž,</sup><sup>‡</sup> <br>| 10310573 | 10304059 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2024-HQA2 M2, US <br> 30 Day Average SOFR + 1.8000%, 5.6742%, 8/25/44<sup>ž,</sup><sup>‡</sup> <br>| 8748096 | 8786404 |
| FREMF Mortgage Trust 2018-KF45, US 30 Day Average SOFR + 2.0645%, <br> 6.4152%, 3/25/25<sup>ž,</sup><sup>‡</sup><sup>,</sup><sup>€</sup> <br>| 297760 | 308098 |
| FREMF Mortgage Trust 2018-KSW4 C, US 30 Day Average SOFR + 5.1145%, <br> 9.1231%, 10/25/28<sup>‡</sup> <br>| 18042207 | 16734593 |
| FREMF Mortgage Trust 2019-KF70 C, US 30 Day Average SOFR + 6.1145%, <br> 10.1231%, 9/25/29<sup>ž,</sup><sup>‡</sup> <br>| 13914000 | 13770529 |
| FREMF Mortgage Trust 2019-KF72, US 30 Day Average SOFR + 2.2145%, <br> 6.2231%, 11/25/26<sup>ž,</sup><sup>‡</sup> <br>| 2679587 | 2667078 |
| FREMF Mortgage Trust 2020-KF78 C, US 30 Day Average SOFR + 7.9845%, <br> 11.9931%, 3/25/30<sup>ž,</sup><sup>‡</sup> <br>| 19265435 | 18987140 |
| FREMF Mortgage Trust 2020-KJ32 BFX, 7.0000%, 11/25/33<sup>ž,</sup><sup>‡</sup> <br>| 11052624 | 9971515 |
| FREMF Mortgage Trust 2021-KF98 CS, US 30 Day Average SOFR + 8.5000%, <br> 12.5086%, 12/25/30<sup>ž,</sup><sup>‡</sup> <br>| 3329340 | 3403148 |
| FREMF Mortgage Trust 2023-K511 C, 5.6345%, 11/25/28<sup>ž,</sup><sup>‡</sup> <br>| 19094019 | 17972486 |
| FS Commercial Mortgage Trust 2023-4SZN D, 9.0801%, 11/10/39<sup>ž,</sup><sup>‡</sup> <br>| 5193000 | 5312815 |
| Galaxy Senior Partner Trust 2025-1 A1X, CME Term SOFR 1 Month + 2.3760%, <br> 6.8446%, 7/31/26<sup>‡</sup><sup>,</sup><sup>¢</sup> <br>| 15961226 | 16046556 |
| Gam Resecuritization Trust 2021-FRR2 CK74, 0%, 9/27/51<sup>ž,◊</sup> <br>| 18068494 | 14697311 |
| GCAT 2022-INV1 A26, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 14095510 | 12238659 |
| Government National Mortgage Association, CME Term SOFR 1 Month + <br> 5.4355%, 1.7016%, 1/20/44<sup>‡</sup><sup>,¤</sup> <br>| 264178 | 22509 |
| Government National Mortgage Association, CME Term SOFR 1 Month + <br> 6.0355%, 2.3013%, 10/16/55<sup>‡</sup><sup>,¤</sup> <br>| 430143 | 31270 |
| Gracie Point International Funding 2023-2A B, US 90 Day Average SOFR + <br> 4.0000%, 8.1967%, 3/1/27<sup>ž,</sup><sup>‡</sup> <br>| 7438000 | 7481917 |
| Gracie Point International Funding 2023-2A C, US 90 Day Average SOFR + <br> 5.4000%, 9.5967%, 3/1/27<sup>ž,</sup><sup>‡</sup> <br>| 5000000 | 5015958 |
| Gracie Point International Funding 2024-1A C, US 90 Day Average SOFR + <br> 3.5000%, 7.6902%, 3/1/28<sup>ž,</sup><sup>‡</sup> <br>| 4400000 | 4403343 |
| Gracie Point International Funding 2024-1A D, US 90 Day Average SOFR + <br> 7.1500%, 11.3402%, 3/1/28<sup>ž,</sup><sup>‡</sup> <br>| 2700000 | 2704738 |
| Great Wolf Trust 2024-WLF2 E, CME Term SOFR 1 Month + 3.6384%, 7.3886%, <br> 5/15/41<sup>ž,</sup><sup>‡</sup> <br>| 3507000 | 3516401 |
| Great Wolf Trust 2024-WOLF D, CME Term SOFR 1 Month + 2.8900%, <br> 6.6401%, 3/15/39<sup>ž,</sup><sup>‡</sup> <br>| 3177000 | 3182508 |
| GS Mortgage Securities Trust 2025-800D A, CME Term SOFR 1 Month + <br> 2.6500%, 6.3845%, 11/25/41<sup>ž,</sup><sup>‡</sup> <br>| 22910000 | 22938113 |
| Hilton Grand Vacations Trust 2022-1D D, 6.7900%, 6/20/34<sup>ž</sup> <br>| 674633 | 675334 |
| Hilton Grand Vacations Trust 2025-1A C, 5.5200%, 5/27/42<sup>ž</sup> <br>| 2655416 | 2685633 |
| Hilton Grand Vacations Trust 2025-2A C, 5.1200%, 5/25/44<sup>ž</sup> <br>| 6079287 | 6082452 |
| Homeward Opportunities Fund I Trust 2024-RTL1 A2, 8.5700%, 7/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 4359000 | 4370017 |
| Hotwire Funding LLC 2021-1 C, 4.4590%, 11/20/51<sup>ž</sup> <br>| 3000000 | 2955104 |
| Hudson Bay Simon JV Trust 2015-HB7 C7, 5.1590%, 8/5/34<sup>ž,</sup><sup>‡</sup> <br>| 4250852 | 4205773 |
| Hudson's Bay Simon JV Trust 2015-HB10 A10, 4.1545%, 8/5/34<sup>ž</sup> <br>| 3500000 | 3403739 |
| Hudson's Bay Simon JV Trust 2015-HB10 B10, 4.9056%, 8/5/34<sup>ž</sup> <br>| 2610923 | 2538913 |
| Hudson's Bay Simon JV Trust 2015-HB10 C10, 5.4470%, 8/5/34<sup>ž,</sup><sup>‡</sup> <br>| 3864419 | 3621737 |
| Jersey Mikes Funding LLC 2025-1A A2, 5.6100%, 8/16/55<sup>ž</sup> <br>| 14907637 | 15187859 |
| KKR Financial CLO Ltd 35A AR, CME Term SOFR 3 Month + 1.2000%, <br> 5.0844%, 1/20/38<sup>ž,</sup><sup>‡</sup> <br>| 20000000 | 20000020 |
| Lendbuzz Securitization Trust 2023-2A B, 8.6900%, 6/15/29<sup>ž</sup> <br>| 9826000 | 10160008 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Lendbuzz Securitization Trust 2024-1A B, 6.5800%, 9/15/29<sup>ž</sup> <br>| $2500000 | $2536806 |
| Lendbuzz Securitization Trust 2024-1A C, 7.5800%, 9/15/30<sup>ž</sup> <br>| 4981000 | 5074903 |
| Lendbuzz Securitization Trust 2024-2A C, 7.4500%, 5/15/31<sup>ž</sup> <br>| 2000000 | 2032752 |
| Lendbuzz Securitization Trust 2025-2A C, 5.2800%, 4/15/31<sup>ž</sup> <br>| 3329000 | 3194175 |
| LHOME Mortgage Trust 2024-RTL1 A1, 7.0170%, 1/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 6076000 | 6091544 |
| LHOME Mortgage Trust 2024-RTL2 A1, 7.1280%, 3/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 5303729 | 5334127 |
| LHOME Mortgage Trust 2024-RTL2 A2, 8.8970%, 3/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 2075000 | 2093733 |
| LHOME Mortgage Trust 2024-RTL3 A2, 8.3730%, 5/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 3600000 | 3648135 |
| LHOME Mortgage Trust 2024-RTL5 A2, 5.7510%, 9/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 9488000 | 9556003 |
| Life Financial Services Trust 2021-BMR E, CME Term SOFR 1 Month + 1.8645%, <br> 5.6145%, 3/15/38<sup>ž,</sup><sup>‡</sup> <br>| 12600000 | 12526258 |
| LoanMe Trust SBL 2019-1, 13.0000%, 8/15/30<sup>ž,</sup><sup>Ç</sup> <br>| 4197919 | 1217396 |
| Luxury Lease Partners Auto Lease Trust 2024-4 A, 7.2920%, 7/15/30<sup>ž</sup> <br>| 1404438 | 1405136 |
| Luxury Lease Partners Auto Lease Trust 2024-4 B, 10.4910%, 7/15/30<sup>ž</sup> <br>| 5100000 | 5101119 |
| Luxury Lease Partners Auto Lease Trust 2025-A A, 5.5100%, 3/15/32<sup>ž</sup> <br>| 26207000 | 26266486 |
| Madison Park Funding Ltd 2018-32A A1R2, CME Term SOFR 3 Month + <br> 1.3600%, 5.2174%, 7/22/37<sup>ž,</sup><sup>‡</sup> <br>| 20000000 | 20072220 |
| Madison Park Funding Ltd 2024-66A A2, CME Term SOFR 3 Month + 1.5800%, <br> 5.4500%, 10/21/37<sup>ž,</sup><sup>‡</sup> <br>| 27000000 | 27060256 |
| Madison Park Funding Ltd 2025-73A A1, CME Term SOFR 3 Month + 1.3000%, <br> 5.2630%, 10/18/38<sup>ž,</sup><sup>‡</sup> <br>| 57500000 | 57660149 |
| Magnetite CLO Ltd 2024-44A A1, CME Term SOFR 3 Month + 1.3500%, <br> 5.2545%, 10/15/37<sup>ž,</sup><sup>‡</sup> <br>| 35700000 | 35824846 |
| Marlette Funding Trust 2023-1A D, 8.1500%, 4/15/33<sup>ž</sup> <br>| 14300000 | 14556684 |
| Marlette Funding Trust 2023-2A D, 7.9200%, 6/15/33<sup>ž</sup> <br>| 9300000 | 9481518 |
| Marlette Funding Trust 2023-3A D, 8.0400%, 9/15/33<sup>ž</sup> <br>| 9571000 | 9865358 |
| Marlette Funding Trust 2023-4A B, 8.1500%, 12/15/33<sup>ž</sup> <br>| 2500000 | 2600115 |
| Marlette Funding Trust 2025-1A D, 6.0200%, 7/16/35<sup>ž</sup> <br>| 13864000 | 13959138 |
| Mello Warehouse Securitization Trust 2024-1 F, CME Term SOFR 1 Month + <br> 5.2500%, 8.9817%, 10/25/57<sup>ž,</sup><sup>‡</sup> <br>| 11458000 | 11430958 |
| Merit 2022-MHIL G, CME Term SOFR 1 Month + 3.9575%, 7.7076%, 1/15/27<sup>ž,</sup><sup>‡</sup> <br>| 4104000 | 4084974 |
| MHC Commercial Mortgage Trust 2021-MHC F, CME Term SOFR 1 Month + <br> 2.7154%, 6.4654%, 4/15/38<sup>ž,</sup><sup>‡</sup> <br>| 4880000 | 4885674 |
| MHC Commercial Mortgage Trust 2021-MHC G, CME Term SOFR 1 Month + <br> 3.3154%, 7.0654%, 4/15/38<sup>ž,</sup><sup>‡</sup> <br>| 8496000 | 8505857 |
| MKT Mortgage Trust 2020-525M A, 2.6940%, 2/12/40<sup>ž</sup> <br>| 2755000 | 2486681 |
| MKT Mortgage Trust 2020-525M F, 2.9406%, 2/12/40<sup>ž,</sup><sup>‡</sup> <br>| 11900000 | 8625264 |
| MTN Commercial Mortgage Trust 2022-LPFL F, CME Term SOFR 1 Month + <br> 5.2852%, 9.0452%, 3/15/39<sup>ž,</sup><sup>‡</sup> <br>| 19300000 | 19279953 |
| MVW Owner Trust 2021-1WA D, 3.1700%, 1/22/41<sup>ž</sup> <br>| 658965 | 630369 |
| NRZ Excess Spread Collateralized Notes 2024-FNT1 A, 7.3980%, 11/25/31<sup>ž,</sup><sup>Ç</sup> <br>| 13759256 | 13896614 |
| NRZ Excess Spread Collateralized Notes 2025-FHT1 A, 6.5450%, 3/25/32<sup>ž,</sup><sup>Ç</sup> <br>| 41241781 | 41906495 |
| NW Re-Remic Trust 2021-FRR1 BK88, 2.6061%, 12/18/51<sup>ž,</sup><sup>‡</sup> <br>| 20000000 | 17322346 |
| Oak Hill Credit Partners 2021-8A A2R, CME Term SOFR 3 Month + 1.4800%, <br> 5.3644%, 1/20/38<sup>ž,</sup><sup>‡</sup> <br>| 26000000 | 26039624 |
| Oak Street Investment Grade Net Lease Fund 2020-1A B1, 5.1100%, 11/20/50<sup>ž</sup> <br>| 4499000 | 2684062 |
| Oak Street Investment Grade Net Lease Fund 2021-1A B1, 4.2300%, 1/20/51<sup>ž</sup> <br>| 6250000 | 4629714 |
| Oasis Securitization 2024-1A A, 5.8800%, 9/30/38<sup>§</sup> <br>| 8000000 | 8003150 |
| Oasis Securitization 2024-1A B, 7.9100%, 9/30/38<sup>§</sup> <br>| 3000000 | 3007215 |
| Oasis Securitization 2025-1A B, 8.0550%, 8/15/39<sup>ž</sup> <br>| 13752000 | 13817930 |
| Oasis Securitization 2025-1A C, 9.9000%, 8/15/39<sup>ž</sup> <br>| 3000000 | 3005222 |
| OCP CLO Ltd 2017-14A A1R, CME Term SOFR 3 Month + 1.3700%, 5.2544%, <br> 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 20000000 | 20068166 |
| Octagon Investment Partners 42 Ltd 2019-3A A1RR, CME Term SOFR 3 Month <br> + 1.3600%, 5.2645%, 7/15/37<sup>ž,</sup><sup>‡</sup> <br>| 20000000 | 20071996 |
| Ondeck Asset Securitization Trust LLC 2023-1A B, 8.2500%, 8/19/30<sup>ž</sup> <br>| 6250000 | 6293733 |
| Ondeck Asset Securitization Trust LLC 2024-1A B, 7.1500%, 6/17/31<sup>ž</sup> <br>| 6000000 | 6089841 |
| Ondeck Asset Securitization Trust LLC 2025-1A C, 6.6400%, 4/19/32<sup>ž</sup> <br>| 1287000 | 1296727 |
| Ondeck Asset Securitization Trust LLC 2025-1A D, 8.7700%, 4/19/32<sup>ž</sup> <br>| 2800000 | 2819787 |
| Ondeck Asset Securitization Trust LLC 2025-2A C, 6.3000%, 11/17/32<sup>ž</sup> <br>| 1750000 | 1758873 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>|  | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |  |
| Pagaya AI Debt Selection Trust 2022-1 C, 4.8880%, 10/15/29<sup>ž</sup> <br>| $1675337 |  | $1665027 |
| Palmer Square European CLO 2021-2A DR, EURIBOR 3 Month + 3.1500%, <br> 5.1360%, 3/15/38<sup>ž,</sup><sup>‡</sup> <br>| 10270000 | EUR | 12083585 |
| Pawnee Equipment Receivables 2022-1 D, 7.2300%, 7/17/28<sup>ž</sup> <br>| 5000000 |  | 4978124 |
| Pawnee Equipment Receivables 2022-1 E, 9.5000%, 9/17/29<sup>ž</sup> <br>| 5379000 |  | 4909101 |
| Penta CLO 2023-15A DR, EURIBOR 3 Month + 3.0500%, 5.0417%, <br> 10/15/38<sup>ž,</sup><sup>‡</sup> <br>| 6520000 | EUR | 7679556 |
| Post Road Equipment Finance 2024-1A D, 6.7700%, 10/15/30<sup>ž</sup> <br>| 1100000 |  | 1123863 |
| Post Road Equipment Finance 2024-1A E, 8.5000%, 12/15/31<sup>ž</sup> <br>| 3200000 |  | 3276325 |
| Post Road Equipment Finance 2025-1A E, 7.0800%, 5/17/32<sup>ž</sup> <br>| 3000000 |  | 3049908 |
| Prestige Auto Receivables Trust 2023-1A E, 9.8800%, 5/15/30<sup>ž</sup> <br>| 6000000 |  | 6359695 |
| PRIMA Capital Ltd, 4.2500%, 12/25/50<sup>ž</sup> <br>| 10500000 |  | 10038524 |
| PRIMA Capital Ltd 2019-1S C, 5.5000%, 10/1/33<sup>ž</sup> <br>| 8432000 |  | 7089411 |
| PRM7 Trust 2025-PRM7 E, 6.6184%, 11/10/42<sup>ž,</sup><sup>‡</sup> <br>| 12016000 |  | 11876466 |
| Project Silver, 6.9000%, 7/15/44<sup>ž,</sup><sup>‡</sup> <br>| 898315 |  | 729019 |
| Rain City Mortgage Trust 2024-RTL1 A2, 8.0210%, 11/25/29<sup>ž,</sup><sup>‡</sup> <br>| 4440000 |  | 4487972 |
| Raptor Aircraft Finance I LLC, 4.2130%, 8/23/44<sup>ž</sup> <br>| 7367059 |  | 6876114 |
| Reach Financial LLC 2024-1A C, 6.9000%, 2/18/31<sup>ž</sup> <br>| 11152000 |  | 11463243 |
| Reach Financial LLC 2025-2A C, 5.6900%, 8/18/32<sup>ž</sup> <br>| 10037000 |  | 9981665 |
| ReadyCap Lending 2023-3 A, Prime Rate by Country United States + 0.0700%, <br> 6.8200%, 4/27/48<sup>ž,</sup><sup>‡</sup> <br>| 5196693 |  | 5231585 |
| Saluda Grade Alternative Mortgage Trust 2023-FIG4 C, 8.0070%, 11/25/53<sup>ž,</sup><sup>‡</sup> <br>| 4994958 |  | 5175194 |
| Saluda Grade Alternative Mortgage Trust 2023-RTL3 A1, 8.0000%, 4/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 4325358 |  | 4305585 |
| Saluda Grade Alternative Mortgage Trust 2024-FIG5 C, 6.8510%, 4/25/54<sup>ž,</sup><sup>Ç</sup> <br>| 3082135 |  | 3076866 |
| Saluda Grade Alternative Mortgage Trust 2024-RTL4 A1, 7.5000%, 2/25/30<sup>ž,</sup><sup>Ç</sup> <br>| 12560275 |  | 12592839 |
| Saluda Grade Alternative Mortgage Trust 2024-RTL5 A1, 7.7620%, 4/25/30<sup>ž,</sup><sup>Ç</sup> <br>| 8052542 |  | 8119991 |
| Saluda Grade Alternative Mortgage Trust 2024-RTL6 A2, 8.6830%, 7/25/30<sup>ž,</sup><sup>Ç</sup> <br>| 11300000 |  | 11375931 |
| Santander Bank Auto Credit-Linked Notes 2023-A E, 10.0680%, 6/15/33<sup>ž</sup> <br>| 11655 |  | 11672 |
| Santander Bank Auto Credit-Linked Notes 2023-B E, 8.4080%, 12/15/33<sup>ž</sup> <br>| 2087729 |  | 2126084 |
| Santander Bank Auto Credit-Linked Notes 2023-B F, 12.2400%, 12/15/33<sup>ž</sup> <br>| 4715811 |  | 4916516 |
| Santander Bank Auto Credit-Linked Notes 2023-B G, 17.1280%, 12/15/33<sup>ž</sup> <br>| 2210536 |  | 2300742 |
| Santander Bank Auto Credit-Linked Notes 2024-A E, 7.7620%, 6/15/32<sup>ž</sup> <br>| 5192416 |  | 5267602 |
| Santander Bank Auto Credit-Linked Notes 2024-A F, 10.1710%, 6/15/32<sup>ž</sup> <br>| 5881046 |  | 6033898 |
| Santander Bank Auto Credit-Linked Notes 2024-A G, 13.0300%, 6/15/32<sup>ž</sup> <br>| 5700582 |  | 5839478 |
| Santander Bank Auto Credit-Linked Notes 2024-B E, 6.7990%, 1/18/33<sup>ž</sup> <br>| 5331192 |  | 5365611 |
| Santander Bank Auto Credit-Linked Notes 2024-B F, 8.8810%, 1/18/33<sup>ž</sup> <br>| 14394219 |  | 14552093 |
| Santander Bank Auto Credit-Linked Notes 2024-B G, 12.2310%, 1/18/33<sup>ž</sup> <br>| 8896871 |  | 8990518 |
| Santander Bank Auto Credit-Linked Notes 2025-A F, 7.3430%, 1/16/34<sup>ž</sup> <br>| 5828000 |  | 5840827 |
| SB Multifamily Repack Trust 2020-FRR2 A2, 6.7428%, 12/27/39<sup>ž,</sup><sup>‡</sup> <br>| 13716441 |  | 13679555 |
| SBNA Auto Receivables Trust 2024-A E, 8.0000%, 4/15/32<sup>ž</sup> <br>| 6000000 |  | 6131232 |
| SCG Hotel Issuer Inc 2025-DLFN E, CME Term SOFR 1 Month + 2.9500%, <br> 6.7001%, 3/15/35<sup>ž,</sup><sup>‡</sup> <br>| 6475000 |  | 6436809 |
| SCG Hotel Issuer Inc 2025-FLWR E, CME Term SOFR 1 Month + 2.7500%, <br> 6.5001%, 8/15/42<sup>ž,</sup><sup>‡</sup> <br>| 6733000 |  | 6726760 |
| SCG Hotel Issuer Inc 2025-SNIP E, CME Term SOFR 1 Month + 3.4000%, <br> 7.1501%, 9/15/42<sup>ž,</sup><sup>‡</sup> <br>| 7875000 |  | 7845717 |
| SEB Funding LLC 2021-1A A2, 4.9690%, 1/30/52<sup>ž</sup> <br>| 13712633 |  | 13563244 |
| SF ABS Issuer LLC 2025-1A A2, 5.3770%, 11/25/55<sup>ž</sup> <br>| 28618000 |  | 27797594 |
| Sierra Receivables Funding Co LLC 2021-1A D, 3.1700%, 11/20/37<sup>ž</sup> <br>| 1139834 |  | 1137474 |
| Sierra Receivables Funding Co LLC 2022-3A C, 7.6300%, 7/20/39<sup>ž</sup> <br>| 484696 |  | 495497 |
| Sierra Receivables Funding Co LLC 2023-1A C, 7.0000%, 1/20/40<sup>ž</sup> <br>| 647784 |  | 661996 |
| Sierra Receivables Funding Co LLC 2023-3A D, 9.4400%, 9/20/40<sup>ž</sup> <br>| 943447 |  | 967528 |
| Sierra Receivables Funding Co LLC 2024-1A D, 8.0200%, 1/20/43<sup>ž</sup> <br>| 853645 |  | 863368 |
| Sierra Receivables Funding Co LLC 2024-2A D, 7.4800%, 6/20/41<sup>ž</sup> <br>| 1809153 |  | 1815426 |
| Sierra Receivables Funding Co LLC 2024-3A D, 6.9300%, 8/20/41<sup>ž</sup> <br>| 3175111 |  | 3144579 |
| Sierra Receivables Funding Co LLC 2025-1A D, 6.8600%, 1/21/42<sup>ž</sup> <br>| 5790760 |  | 5722351 |
| Sierra Receivables Funding Co LLC 2025-3A C, 4.9800%, 8/22/44<sup>ž</sup> <br>| 2684613 |  | 2664921 |
| Sierra Receivables Funding Co LLC 2025-3A D, 6.5400%, 8/22/44<sup>ž</sup> <br>| 3937432 |  | 3853118 |
| SMRT 2022-MINI E, CME Term SOFR 1 Month + 2.7000%, 6.4510%, 1/17/39<sup>ž,</sup><sup>‡</sup> <br>| 7000000 |  | 6965970 |
| SMRT 2022-MINI F, CME Term SOFR 1 Month + 3.3500%, 7.1010%, 1/17/39<sup>ž,</sup><sup>‡</sup> <br>| 20073000 |  | 19774121 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>|  | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |  |
| SoFi Consumer Loan Program Trust 2025-3 D, 5.3500%, 8/15/34<sup>ž</sup> <br>| $10243000 |  | $10288567 |
| Sotheby's Artfi Master Trust 2024-1A D, 7.9100%, 12/22/31<sup>ž</sup> <br>| 4000000 |  | 4009249 |
| Storm King Park CLO Ltd 2022-1A AR, CME Term SOFR 3 Month + 1.3600%, <br> 5.2645%, 10/15/37<sup>ž,</sup><sup>‡</sup> <br>| 23900000 |  | 23985875 |
| SWCH Commercial Mortgage Trust 2025-DATA E, CME Term SOFR 1 Month + <br> 3.3402%, 7.0903%, 2/17/42<sup>ž,</sup><sup>‡</sup> <br>| 21830000 |  | 21502968 |
| SWCH Commercial Mortgage Trust 2025-DATA F, CME Term SOFR 1 Month + <br> 4.2389%, 7.9890%, 2/17/42<sup>ž,</sup><sup>‡</sup> <br>| 24830000 |  | 24430809 |
| Switch ABS Issuer LLC 2024-2A C, 10.0330%, 6/25/54<sup>ž</sup> <br>| 10000000 |  | 10469874 |
| The Huntington National Bank 2024-1 C, US 30 Day Average SOFR + 3.1500%, <br> 7.0677%, 5/20/32<sup>ž,</sup><sup>‡</sup> <br>| 1099204 |  | 1108229 |
| The Huntington National Bank 2024-1 D, US 30 Day Average SOFR + 5.2500%, <br> 9.1677%, 5/20/32<sup>ž,</sup><sup>‡</sup> <br>| 439681 |  | 451509 |
| The Huntington National Bank 2024-1 E, US 30 Day Average SOFR + 8.2500%, <br> 12.1677%, 5/20/32<sup>ž,</sup><sup>‡</sup> <br>| 1319044 |  | 1358545 |
| The Huntington National Bank 2024-2 E, US 30 Day Average SOFR + 7.5000%, <br> 11.4177%, 10/20/32<sup>ž,</sup><sup>‡</sup> <br>| 1123401 |  | 1127620 |
| The Huntington National Bank 2025-1 D, US 30 Day Average SOFR + 3.5000%, <br> 7.4177%, 3/21/33<sup>ž,</sup><sup>‡</sup> <br>| 2034358 |  | 2034341 |
| The Huntington National Bank 2025-1 E, US 30 Day Average SOFR + 7.1500%, <br> 11.0677%, 3/21/33<sup>ž,</sup><sup>‡</sup> <br>| 2732770 |  | 2742881 |
| The Huntington National Bank 2025-2 D, US 30 Day Average SOFR + 3.2500%, <br> 7.1677%, 9/20/33<sup>ž,</sup><sup>‡</sup> <br>| 3002091 |  | 3004359 |
| Theorem Funding Trust 2022-3A B, 8.9500%, 4/15/29<sup>ž</sup> <br>| 3550351 |  | 3611623 |
| Tricolor Auto Securitization Trust 2024-1A C, 6.9900%, 1/18/28<sup>ž,</sup><sup>€</sup> <br>| 1850000 |  | 1366272 |
| Tricolor Auto Securitization Trust 2024-1A D, 8.6100%, 4/17/28<sup>ž,</sup><sup>€</sup> <br>| 3145000 |  | 1840572 |
| Truist Bank Auto Credit-Linked Notes 2025-1 C, 6.8070%, 9/26/33<sup>ž</sup> <br>| 1651528 |  | 1651822 |
| Truist Bank Auto Credit-Linked Notes 2025-1 D, 9.6850%, 9/26/33<sup>ž</sup> <br>| 2117344 |  | 2121764 |
| United Auto Credit Securitization Trust 2024-1 D, 8.3000%, 11/12/29<sup>ž</sup> <br>| 4500000 |  | 4549598 |
| Upstart Securitization Trust 2023-3 B, 8.2500%, 10/20/33<sup>ž</sup> <br>| 14500000 |  | 14857016 |
| Upstart Securitization Trust 2025-3 C, 5.4300%, 9/20/35<sup>ž</sup> <br>| 6427000 |  | 6380448 |
| US Bank National Association 2023-1 C, 9.7850%, 8/25/32<sup>ž</sup> <br>| 809145 |  | 823497 |
| VB-S1 Issuer LLC 2024-1A F, 8.8710%, 5/15/54<sup>ž</sup> <br>| 11000000 |  | 11325710 |
| VB-S1 Issuer LLC 2025-1A C, 7.4460%, 8/16/55<sup>ž</sup> <br>| 5923000 |  | 5929147 |
| VB-S1 Issuer LLC 2025-1A D, 9.3830%, 8/16/55<sup>ž</sup> <br>| 16900000 |  | 16823779 |
| Vontive Mortgage Trust 2025-RTL1 A1, 6.5070%, 3/25/30<sup>ž,</sup><sup>Ç</sup> <br>| 16491000 |  | 16802179 |
| Wells Fargo Commercial Mortgage Trust 2021-C61 XA, 1.3354%, 11/15/54<sup>‡</sup><sup>,¤</sup> <br>| 75453452 |  | 3752074 |
| Wells Fargo Commercial Mortgage Trust 2025-VTT D, 6.1762%, 3/15/38<sup>ž,</sup><sup>‡</sup> <br>| 11187000 |  | 11231259 |
| Wells Fargo Commercial Mortgage Trust 2025-VTT E, 6.9072%, 3/15/38<sup>ž,</sup><sup>‡</sup> <br>| 7617000 |  | 7669902 |
| Western Funding Auto Loan Trust 2025-1 C, 5.3400%, 11/15/35<sup>ž</sup> <br>| 8406000 |  | 8462265 |
| Westgate Resorts 2022-1A D, 3.8380%, 8/20/36<sup>ž</sup> <br>| 1085997 |  | 1078727 |
| Westgate Resorts 2024-1A C, 7.0600%, 1/20/38<sup>ž</sup> <br>| 2498829 |  | 2534473 |
| Westgate Resorts 2024-1A D, 9.2600%, 1/20/38<sup>ž</sup> <br>| 1249415 |  | 1271278 |
| Westlake Automobile Receivable Trust 2025-2A D, 5.0800%, 5/15/31<sup>ž</sup> <br>| 4740000 |  | 4760665 |
| Woodward Capital Management 2017-280P B, CME Term SOFR 1 Month + <br> 1.3800%, 5.1580%, 9/15/34<sup>ž,</sup><sup>‡</sup> <br>| 5400000 |  | 5360827 |
| Woodward Capital Management 2024-CES1 A1B, 6.3250%, 2/25/44<sup>ž,</sup><sup>‡</sup> <br>| 6814704 |  | 6871977 |
| Worldwide Plaza Trust 2017-WWP F, 3.5955%, 11/10/36<sup>ž,</sup><sup>‡</sup> <br>| 4305008 |  | 173594 |
| Z Capital Credit Partners CLO 2018-1 Ltd, CME Term SOFR 3 Month + 2.7116%, <br> 6.6052%, 1/16/31<sup>ž,</sup><sup>‡</sup> <br>| 917368 |  | 920809 |
| Total Asset-Backed/Commercial Mortgage-Backed Securities (cost <br> $3,061,674,477)<br>|  |  | 3068816269 |
| Bank Loans and Mezzanine Loans – 10.1% |  |  |  |
| Basic Industry – 0.3% |  |  |  |
| Ahlstrom Holding 3 Oy, CME Term SOFR 3 Month + 4.0000%, 7.9336%, <br> 5/23/30<sup>‡</sup> <br>| 11401557 |  | 11487282 |
| INEOS Finance PLC, EURIBOR 1 Month + 3.5000%, 5.4010%, 6/23/31<sup>‡</sup> <br>| 2900000 | EUR | 2792859 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>|  | *Value* |
| Bank Loans and Mezzanine Loans – (continued) |  |  |  |
| Basic Industry – (continued) |  |  |  |
| Olympus Water US Holding Corp, CME Term SOFR 1 Month + 3.2500%, <br> 6.9219%, 11/3/32<sup>‡</sup> <br>| $4667000 |  | $4634938 |
| Spa US Holdco Inc, CME Term SOFR 3 Month + 4.0000%, 7.9336%, 2/4/28<sup>‡</sup> <br>| 3541301 |  | 3566436 |
|  |  |  | 22481515 |
| Brokerage – 0.1% |  |  |  |
| Aretec Group Inc, CME Term SOFR 1 Month + 3.0000%, 6.7161%, 8/9/30<sup>‡</sup> <br>| 4534000 |  | 4548191 |
| Osaic Holdings Inc, CME Term SOFR 1 Month + 3.0000%, 6.5954%, 7/30/32<sup>‡</sup> <br>| 4989000 |  | 5006761 |
|  |  |  | 9554952 |
| Capital Goods – 0.8% |  |  |  |
| CP Atlas Buyer Inc, CME Term SOFR 1 Month + 5.2500%, 8.9661%, 7/8/30<sup>‡</sup> <br>| 12981465 |  | 12558510 |
| EMRLD Borrower LP, CME Term SOFR 3 Month + 2.2500%, 6.0724%, 5/31/30<sup>‡</sup> <br>| 9691063 |  | 9734358 |
| EMRLD Borrower LP, CME Term SOFR 6 Month + 2.2500%, 6.1219%, 8/4/31<sup>‡</sup> <br>| 13335662 |  | 13388821 |
| Husky Holdings LLC, CME Term SOFR 3 Month + 3.7500%, 1.0000%, 2/15/29<sup>‡</sup> <br>| 2890000 |  | 2908467 |
| Park River Holdings Inc, CME Term SOFR 1 Month + 4.5000%, 8.4853%, <br> 3/15/31<sup>‡</sup> <br>| 4685000 |  | 4707441 |
| TransDigm Inc, CME Term SOFR 1 Month + 2.5000%, 6.2161%, 1/19/32<sup>‡</sup> <br>| 6744625 |  | 6786786 |
|  |  |  | 50084383 |
| Commercial Services – 0.2% |  |  |  |
| Lernen Bidco Ltd, EURIBOR 6 Month + 3.7500%, 5.8710%, 4/25/29<sup>‡</sup> <br>| 5760000 | EUR | 6838845 |
| Lernen US Finco LLC, SOFR 3 Month + 3.5000%, 7.4100%, 10/27/31<sup>‡</sup> <br>| 6652690 |  | 6661006 |
|  |  |  | 13499851 |
| Communications – 0.6% |  |  |  |
| Directv Financing LLC, CME Term SOFR 3 Month + 5.2500%, 9.3520%, 8/2/29<sup>‡</sup> <br>| 9642237 |  | 9928705 |
| Hunter Holdco 3 Ltd, CME Term SOFR 3 Month + 4.2500%, 8.0219%, 8/19/28<sup>‡</sup> <br>| 4286000 |  | 4168135 |
| Versant Media Group Inc, CME Term SOFR 1 Month + 3.5000%, 7.5369%, <br> 10/23/30<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| 10052000 |  | 10045768 |
| Windstream Services LLC, CME Term SOFR 1 Month + 4.0000%, 7.7161%, <br> 10/6/32<sup>‡</sup> <br>| 18655000 |  | 18701637 |
|  |  |  | 42844245 |
| Consumer Cyclical – 1.3% |  |  |  |
| Atlas LuxCo 4 Sarl, EURIBOR 1 Month + 3.7500%, 5.6510%, 8/20/32<sup>‡</sup> <br>| 5630000 | EUR | 6655122 |
| Boots Group Bidco Ltd, SONIA 1 Month + 4.7500%, 8.4764%, 8/30/32<sup>‡</sup> <br>| 960000 | GBP | 1303504 |
| Boots Group Finco LP, CME Term SOFR 1 Month + 3.5000%, 7.2063%, <br> 8/30/32<sup>‡</sup> <br>| 2705000 |  | 2717389 |
| Flutter Financing BV, CME Term SOFR 3 Month + 2.0000%, 5.6719%, 6/4/32<sup>‡</sup> <br>| 6599338 |  | 6615919 |
| Gloves Buyer Inc, CME Term SOFR 1 Month + 4.0000%, 7.7161%, 5/21/32<sup>‡</sup> <br>| 12280000 |  | 12201039 |
| Loire Finco Luxembourg Sarl, EURIBOR 1 Month + 4.0000%, 5.9010%, <br> 1/21/30<sup>‡</sup> <br>| 2660000 | EUR | 3152153 |
| Ovg Business Services LLC, CME Term SOFR 1 Month + 3.0000%, 6.7161%, <br> 6/25/31<sup>‡</sup> <br>| 20051043 |  | 20101805 |
| Peer Holding III BV, EURIBOR 3 Month + 2.7500%, 4.7500%, 9/29/32<sup>‡</sup> <br>| 10010000 | EUR | 11815703 |
| Piolin Bidco SA, EURIBOR 6 Month + 3.7500%, 5.8590%, 9/16/29<sup>‡</sup> <br>| 4485600 | EUR | 5858934 |
| River Rock Entertainment Authority, CME Term SOFR 1 Month + 9.0000%, <br> 12.7302%, 6/25/31<sup>‡</sup> <br>| 10866000 |  | 10540020 |
| Victra Holdings LLC, CME Term SOFR 3 Month + 3.7500%, 7.4219%, 3/29/29<sup>‡</sup> <br>| 4628325 |  | 4689116 |
|  |  |  | 85650704 |
| Consumer Non-Cyclical – 1.9% |  |  |  |
| Althea Acquisition Bidco Sarl, EURIBOR 3 Month + 3.2500%, 5.2820%, <br> 10/7/32<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| 18220000 | EUR | 21504135 |
| Colosseum Dental Finance BV, EURIBOR 3 Month + 3.5000%, 5.4820%, <br> 3/18/32<sup>‡</sup> <br>| 11060000 | EUR | 13059271 |
| Froneri Lux Finco Sarl, EURIBOR 6 Month + 2.7500%, 4.8730%, 9/30/32<sup>‡</sup> <br>| 16320000 | EUR | 19215252 |
| Gategroup Finance International Sarl, EURIBOR 3 Month + 3.5000%, 5.5480%, <br> 6/10/32<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| 11350000 | EUR | 13414097 |
| Lavender US Holdco 1 Inc, CME Term SOFR 1 Month + 3.2500%, 7.3929%, <br> 12/2/32<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| 10638970 |  | 10714294 |
| LifePoint Health Inc, CME Term SOFR 1 Month + 3.5000%, 7.3347%, 5/19/31<sup>‡</sup> <br>| 981335 |  | 984364 |
| Medline Borrower LP, CME Term SOFR 1 Month + 1.7500%, 5.4661%, <br> 10/23/30<sup>‡</sup> <br>| 7338391 |  | 7380592 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>|  | *Value* |
| Bank Loans and Mezzanine Loans – (continued) |  |  |  |
| Consumer Non-Cyclical – (continued) |  |  |  |
| PAREXEL International Corp, CME Term SOFR 1 Month + 2.7500%, 6.6227%, <br> 12/12/31<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| $6357000 |  | $6374227 |
| PAX Holdco Spain SL, EURIBOR 6 Month + 4.0000%, 6.1500%, 12/31/29<sup>‡</sup> <br>| 8240000 | EUR | 9701044 |
| Star Parent Inc, CME Term SOFR 3 Month + 4.0000%, 7.6719%, 9/27/30<sup>‡</sup> <br>| 20224326 |  | 20291603 |
|  |  |  | 122638879 |
| Diversified Financial Services – 0% |  |  |  |
| SK Neptune Husky Finance Sarl, CME Term SOFR 3 Month + 10.0000%, <br> 13.5868%, 4/30/24<sup>‡</sup><sup>,</sup><sup>€</sup> <br>| 232620 |  | 27914 |
| SK Neptune Husky Finance Sarl, CME Term SOFR 3 Month + 5.0000%, <br> 10.7500%, 1/3/29<sup>‡</sup><sup>,</sup><sup>€</sup> <br>| 7944281 |  | 158886 |
|  |  |  | 186800 |
| Electric – 0.4% |  |  |  |
| Alpha Generation LLC, CME Term SOFR 1 Month + 2.0000%, 5.7161%, <br> 9/30/31<sup>‡</sup> <br>| 4232425 |  | 4254172 |
| Long Ridge Energy LLC, CME Term SOFR 3 Month + 4.5000%, 8.1719%, <br> 2/19/32<sup>‡</sup> <br>| 21716094 |  | 21535017 |
|  |  |  | 25789189 |
| Energy – 0.3% |  |  |  |
| Colossus Acquireco LLC, SOFR 3 Month + 1.7500%, 5.4100%, 7/30/32<sup>‡</sup> <br>| 17278030 |  | 17299682 |
| Finance Companies – 0.2% |  |  |  |
| Summer (BC) Holdco B Sarl, CME Term SOFR 3 Month + 5.0000%, 8.9319%, <br> 2/15/29<sup>‡</sup> <br>| 11027038 |  | 10267355 |
| Financial Institutions – 0.4% |  |  |  |
| Chrysaor Bidco Sarl, EURIBOR 3 Month + 3.5000%, 5.5210%, 10/30/31<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| 11440000 | EUR | 13557702 |
| Mermaid Bidco Inc, CME Term SOFR 3 Month + 3.2500%, 7.1506%, 7/3/31<sup>‡</sup> <br>| 13565659 |  | 13599573 |
|  |  |  | 27157275 |
| Industrial – 0.2% |  |  |  |
| Inspired Finco Holdings Ltd, EURIBOR 1 Month + 3.2500%, 5.1510%, 2/28/31<sup>‡</sup> <br>| 10760000 | EUR | 12709593 |
| Insurance – 0.8% |  |  |  |
| Acropole Holdings SAS, EURIBOR 3 Month + 3.5000%, 5.5190%, 7/26/32<sup>‡</sup> <br>| 14930000 | EUR | 17718135 |
| Asurion LLC, CME Term SOFR 1 Month + 4.2500%, 7.9661%, 9/19/30<sup>‡</sup> <br>| 13731000 |  | 13754763 |
| Jones Deslauriers Insurance Management Inc, CME Term SOFR 1 Month + <br> 3.0000%, 6.8642%, 12/10/32<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| 15923000 |  | 15923000 |
| USI Inc/NY, CME Term SOFR 3 Month + 2.2500%, 5.9219%, 9/29/30<sup>‡</sup> <br>| 8590255 |  | 8623973 |
|  |  |  | 56019871 |
| Technology – 2.3% |  |  |  |
| Ahead DB Holdings LLC, CME Term SOFR 3 Month + 2.5000%, 6.1719%, <br> 2/1/31<sup>‡</sup> <br>| 6036463 |  | 6039224 |
| Claudius Finance Sarl, EURIBOR 3 Month + 2.7500%, 4.8160%, 7/10/28<sup>‡</sup> <br>| 3250000 | EUR | 3829049 |
| Dayforce Inc, CME Term SOFR 1 Month + 3.0000%, 7.1568%, 8/20/32<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| 23806000 |  | 23721013 |
| Gold Rush Bidco Ltd, EURIBOR 6 Month + 3.2500%, 5.3530%, 5/16/31<sup>‡</sup> <br>| 6040000 | EUR | 7152835 |
| Leia Finco US LLC, CME Term SOFR 3 Month + 3.2500%, 7.1853%, 10/9/31<sup>‡</sup> <br>| 16255055 |  | 16345540 |
| Modena Buyer LLC, CME Term SOFR 3 Month + 4.2500%, 8.0904%, 7/1/31<sup>‡</sup> <br>| 15886530 |  | 15787239 |
| Ping Identity Holding Corp, CME Term SOFR 3 Month + 2.7500%, 6.5909%, <br> 11/15/32<sup>‡</sup> <br>| 10087000 |  | 10099609 |
| Project Alpha Intermediate Holdings Inc, CME Term SOFR 3 Month + 3.2500%, <br> 7.2515%, 10/28/30<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| 13053808 |  | 13024959 |
| Project Alpha Intermediate Holdings Inc, CME Term SOFR 3 Month + 5.0000%, <br> 8.6719%, 5/9/33<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| 9996000 |  | 9564972 |
| X Corp, 9.5000%, 10/26/29 | 28186000 |  | 28065082 |
| X Corp, CME Term SOFR 6 Month + 6.5000%, 10.4475%, 10/26/29<sup>‡</sup> <br>| 7478451 |  | 7358493 |
| Zuora Inc, CME Term SOFR 1 Month + 3.5000%, 7.2161%, 2/14/32<sup>‡</sup> <br>| 13012388 |  | 12960338 |
|  |  |  | 153948353 |
| Transportation – 0.3% |  |  |  |
| Beacon Mobility Corp, CME Term SOFR 3 Month, 3.6719%, 8/6/30<sup>‡</sup> <br>| 685145 |  | 688146 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Bank Loans and Mezzanine Loans – (continued) |  |  |
| Transportation – (continued) |  |  |
| Beacon Mobility Corp, CME Term SOFR 3 Month + 3.2500%, 6.9219%, 8/6/30<sup>‡</sup> <br>| $5001980 | $5023889 |
| Stonepeak Nile Parent LLC, CME Term SOFR 3 Month + 2.2500%, 6.1615%, <br> 4/9/32<sup>‡</sup> <br>| 13487000 | 13479717 |
|  |  | 19191752 |
| Total Bank Loans and Mezzanine Loans (cost $667,518,770) |  | 669324399 |
| Corporate Bonds – 33.4% |  |  |
| Banking – 1.9% |  |  |
| Ally Financial Inc, SOFR + 1.9600%, 5.7370%, 5/15/29<sup>‡</sup> <br>| 245000 | 251220 |
| Ally Financial Inc, SOFR + 2.8200%, 6.8480%, 1/3/30<sup>‡</sup> <br>| 234000 | 248274 |
| Ally Financial Inc, 8.0000%, 11/1/31 | 224000 | 254241 |
| Banco Bilbao Vizcaya Argentaria SA, US Treasury Yield Curve Rate 1 Year + <br> 2.7000%, 6.1380%, 9/14/28<sup>‡</sup> <br>| 200000 | 207116 |
| Banco Bilbao Vizcaya Argentaria SA, US Treasury Yield Curve Rate 1 Year + <br> 1.9500%, 6.0330%, 3/13/35<sup>‡</sup> <br>| 200000 | 212580 |
| Bank of New York Mellon Corp/The, SOFR + 1.8450%, 6.4740%, 10/25/34<sup>‡</sup> <br>| 230000 | 257302 |
| BNP Paribas SA, US Treasury Yield Curve Rate 5 Year + 4.9690%, 9.2500%<sup>ž,</sup><sup>‡</sup><sup>,μ</sup> <br>| 2432000 | 2594163 |
| Canadian Imperial Bank of Commerce, SOFR + 1.0300%, 4.8570%, 3/30/29<sup>‡</sup> <br>| 259000 | 263282 |
| Capital One Financial Corp, SOFR + 2.6000%, 5.8170%, 2/1/34<sup>‡</sup> <br>| 243000 | 254331 |
| Capital One Financial Corp, SOFR + 2.2600%, 6.0510%, 2/1/35<sup>‡</sup> <br>| 1220000 | 1298678 |
| Capital One Financial Corp, SOFR + 2.0360%, 6.1830%, 1/30/36<sup>‡</sup> <br>| 17529000 | 18298222 |
| Capital One Financial Corp, US Treasury Yield Curve Rate 5 Year + 3.1570%, <br> 3.9500%<sup>‡</sup><sup>,μ</sup> <br>| 16368000 | 16171247 |
| Citigroup Inc, CME Term SOFR 3 Month + 1.4126%, 3.5200%, 10/27/28<sup>‡</sup> <br>| 258000 | 255689 |
| Citigroup Inc, US Treasury Yield Curve Rate 5 Year + 1.2800%, 5.5920%, <br> 11/19/34<sup>‡</sup> <br>| 17665000 | 18117674 |
| Citigroup Inc, SOFR + 1.4650%, 5.3330%, 3/27/36<sup>‡</sup> <br>| 169000 | 172879 |
| Citigroup Inc, US Treasury Yield Curve Rate 5 Year + 1.7300%, 5.4110%, <br> 9/19/39<sup>‡</sup> <br>| 200000 | 201262 |
| Citigroup Inc, US Treasury Yield Curve Rate 5 Year + 3.4170%, 3.8750%<sup>‡</sup><sup>,μ</sup> <br>| 5310000 | 5291481 |
| Citizens Financial Group Inc, SOFR + 2.0100%, 5.8410%, 1/23/30<sup>‡</sup> <br>| 240000 | 250321 |
| Citizens Financial Group Inc, SOFR + 2.3250%, 6.6450%, 4/25/35<sup>‡</sup> <br>| 238000 | 261698 |
| Comerica Inc, SOFR + 2.1550%, 5.9820%, 1/30/30<sup>‡</sup> <br>| 249000 | 259761 |
| Deutsche Bank AG / New York, SOFR + 3.1800%, 6.7200%, 1/18/29<sup>‡</sup> <br>| 235000 | 246031 |
| Deutsche Bank AG / New York, SOFR + 1.7000%, 4.9990%, 9/11/30<sup>‡</sup> <br>| 300000 | 304606 |
| Deutsche Bank AG / New York, SOFR + 3.0430%, 3.5470%, 9/18/31<sup>‡</sup> <br>| 271000 | 258624 |
| Discover Financial Services, SOFR + 3.3700%, 7.9640%, 11/2/34<sup>‡</sup> <br>| 2030000 | 2393361 |
| HSBC Holdings PLC, SOFR + 3.3500%, 7.3900%, 11/3/28<sup>‡</sup> <br>| 236000 | 249490 |
| HSBC Holdings PLC, SOFR + 1.9700%, 6.1610%, 3/9/29<sup>‡</sup> <br>| 239000 | 248821 |
| HSBC Holdings PLC, CME Term SOFR 3 Month + 1.8716%, 3.9730%, 5/22/30<sup>‡</sup> <br>| 260000 | 256840 |
| ING Groep NV, SOFR + 2.0900%, 6.1140%, 9/11/34<sup>‡</sup> <br>| 243000 | 262546 |
| ING Groep NV, SOFR + 1.7700%, 5.5500%, 3/19/35<sup>‡</sup> <br>| 200000 | 208023 |
| Intesa Sanpaolo SpA, 5.7100%, 1/15/26<sup>ž</sup> <br>| 276000 | 276133 |
| JPMorgan Chase & Co, US Treasury Yield Curve Rate 5 Year + 2.8500%, <br> 3.6500%<sup>‡</sup><sup>,μ</sup> <br>| 16251000 | 16159424 |
| Lloyds Banking Group PLC, US Treasury Yield Curve Rate 1 Year + 1.7000%, <br> 5.8710%, 3/6/29<sup>‡</sup> <br>| 200000 | 207354 |
| Lloyds Banking Group PLC, US Treasury Yield Curve Rate 1 Year + 1.7500%, <br> 5.6790%, 1/5/35<sup>‡</sup> <br>| 243000 | 255829 |
| Lloyds Banking Group PLC, US Treasury Yield Curve Rate 1 Year + 1.2000%, <br> 5.5900%, 11/26/35<sup>‡</sup> <br>| 200000 | 209015 |
| M&T Bank Corp, SOFR + 2.2600%, 6.0820%, 3/13/32<sup>‡</sup> <br>| 248000 | 263443 |
| M&T Bank Corp, US Treasury Yield Curve Rate 5 Year + 2.6790%, 3.5000%<sup>‡</sup><sup>,μ</sup> <br>| 9971000 | 9660421 |
| Mitsubishi UFJ Financial Group Inc, US Treasury Yield Curve Rate 1 Year + <br> 1.2700%, 5.6150%, 4/24/36<sup>‡</sup> <br>| 200000 | 209337 |
| Morgan Stanley, CME Term SOFR 3 Month + 1.4016%, 3.7720%, 1/24/29<sup>‡</sup> <br>| 214000 | 212791 |
| PNC Financial Services Group Inc/The, SOFR + 1.8500%, 4.6260%, 6/6/33<sup>‡</sup> <br>| 248000 | 245798 |
| PNC Financial Services Group Inc/The, SOFR + 2.2840%, 6.8750%, 10/20/34<sup>‡</sup> <br>| 227000 | 256879 |
| Regions Financial Corp, SOFR + 1.4900%, 5.7220%, 6/6/30<sup>‡</sup> <br>| 250000 | 260632 |
| Regions Financial Corp, SOFR + 2.0600%, 5.5020%, 9/6/35<sup>‡</sup> <br>| 252000 | 259572 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>|  | *Value* |
| Corporate Bonds – (continued) |  |  |  |
| Banking – (continued) |  |  |  |
| Santander UK Group Holdings PLC, ICE LIBOR USD 3 Month + 1.4000%, <br> 3.8230%, 11/3/28<sup>‡</sup> <br>| $257000 |  | $255298 |
| Santander UK Group Holdings PLC, SOFR + 1.5540%, 4.8580%, 9/11/30<sup>‡</sup> <br>| 262000 |  | 265129 |
| Santander UK Group Holdings PLC, SOFR + 1.5780%, 5.1360%, 9/22/36<sup>‡</sup> <br>| 266000 |  | 265302 |
| Sumitomo Mitsui Financial Group Inc, SOFR + 1.7800%, 5.7960%, 7/8/46<sup>‡</sup> <br>| 255000 |  | 258359 |
| Toronto-Dominion Bank/The, US Treasury Yield Curve Rate 5 Year + 2.7210%, <br> 6.3500%, 10/31/85<sup>‡</sup> <br>| 11405000 |  | 11563598 |
| Truist Financial Corp, SOFR + 1.4350%, 4.8730%, 1/26/29<sup>‡</sup> <br>| 257000 |  | 261089 |
| Truist Financial Corp, SOFR + 2.3000%, 6.1230%, 10/28/33<sup>‡</sup> <br>| 35000 |  | 37818 |
| US Bancorp, SOFR + 1.2300%, 4.6530%, 2/1/29<sup>‡</sup> <br>| 250000 |  | 253125 |
| US Bancorp, US Treasury Yield Curve Rate 5 Year + 2.5410%, 3.7000%<sup>‡</sup><sup>,μ</sup> <br>| 16493000 |  | 16095450 |
| Westpac Banking Corp, US Treasury Yield Curve Rate 5 Year + 1.5300%, <br> 3.0200%, 11/18/36<sup>‡</sup> <br>| 206000 |  | 185970 |
|  |  |  | 127467529 |
| Basic Industry – 1.9% |  |  |  |
| AngloGold Ashanti Holdings PLC, 3.3750%, 11/1/28 | 240000 |  | 232833 |
| ArcelorMittal SA, 6.5500%, 11/29/27 | 243000 |  | 253005 |
| Arcosa Inc, 4.3750%, 4/15/29<sup>ž</sup> <br>| 195000 |  | 191680 |
| ATI Inc, 4.8750%, 10/1/29 | 197000 |  | 196677 |
| Celanese US Holdings LLC, 6.8790%, 7/15/32 | 47000 |  | 48909 |
| Celanese US Holdings LLC, 7.2000%, 11/15/33 | 263000 |  | 277837 |
| Cleveland-Cliffs Inc, 7.5000%, 9/15/31<sup>ž</sup> <br>| 258000 |  | 272149 |
| Compass Minerals International Inc, 6.7500%, 12/1/27<sup>ž</sup> <br>| 54000 |  | 53998 |
| CVR Partners LP/CVR Nitrogen Finance Corp, 6.1250%, 6/15/28<sup>ž</sup> <br>| 183000 |  | 183497 |
| First Quantum Minerals Ltd, 7.2500%, 2/15/34<sup>ž</sup> <br>| 17945000 |  | 18865664 |
| FMG Resources (August 2006) Pty Ltd, 4.5000%, 9/15/27<sup>ž</sup> <br>| 200000 |  | 199502 |
| FMG Resources (August 2006) Pty Ltd, 6.1250%, 4/15/32<sup>ž</sup> <br>| 228000 |  | 237914 |
| INEOS Finance PLC, 7.5000%, 4/15/29<sup>ž,#</sup> <br>| 250000 |  | 217170 |
| Maxam Prill Sarl, 7.7500%, 7/15/30<sup>ž</sup> <br>| 24174000 |  | 25015183 |
| Mineral Resources Ltd, 8.5000%, 5/1/30<sup>ž</sup> <br>| 183000 |  | 190309 |
| Novelis Corp, 4.7500%, 1/30/30<sup>ž</sup> <br>| 462000 |  | 446292 |
| Novelis Corp, 3.8750%, 8/15/31<sup>ž</sup> <br>| 283000 |  | 257944 |
| Olympus Water US Holding Corp, 5.3750%, 10/1/29 | 7762000 | EUR | 8448685 |
| Olympus Water US Holding Corp, 7.2500%, 2/15/33<sup>ž</sup> <br>| 8473000 |  | 8514870 |
| Perenti Finance Pty Ltd, 7.5000%, 4/26/29<sup>ž</sup> <br>| 200000 |  | 208000 |
| Progroup AG, 5.3750%, 4/15/31 | 17800000 | EUR | 21381325 |
| Qnity Electronics Inc, 6.2500%, 8/15/33<sup>ž</sup> <br>| 172000 |  | 178287 |
| SunCoke Energy Inc, 4.8750%, 6/30/29<sup>ž</sup> <br>| 217000 |  | 201489 |
| Taseko Mines Ltd, 8.2500%, 5/1/30<sup>ž</sup> <br>| 12751000 |  | 13544546 |
| Verde Purchaser LLC, 10.5000%, 11/30/30<sup>ž</sup> <br>| 25769000 |  | 27707164 |
|  |  |  | 127324929 |
| Brokerage – 0.7% |  |  |  |
| Artec Group Inc, 10.0000%, 8/15/30<sup>ž</sup> <br>| 3568000 |  | 3850382 |
| Blue Owl Finance LLC, 6.2500%, 4/18/34 | 252000 |  | 259861 |
| Charles Schwab Corp, SOFR + 2.5000%, 5.8530%, 5/19/34<sup>‡</sup> <br>| 240000 |  | 257087 |
| Charles Schwab Corp, SOFR + 2.0100%, 6.1360%, 8/24/34<sup>‡</sup> <br>| 233000 |  | 253964 |
| Jane Street Group / JSG Finance Inc, 6.7500%, 5/1/33<sup>ž</sup> <br>| 28725000 |  | 29983050 |
| Kefferies Finance LLC / JFIN Co-Issuer Corp, 5.0000%, 8/15/28<sup>ž</sup> <br>| 200000 |  | 192554 |
| Marex Group PLC, 6.4040%, 11/4/29 | 3001000 |  | 3112173 |
| StoneX Group Inc, 7.8750%, 3/1/31<sup>ž</sup> <br>| 6838000 |  | 7264828 |
|  |  |  | 45173899 |
| Capital Goods – 0.9% |  |  |  |
| AAR Escrow Issuer LLC, 6.7500%, 3/15/29<sup>ž</sup> <br>| 68000 |  | 70369 |
| Advanced Drainage Systems Inc, 6.3750%, 6/15/30<sup>ž</sup> <br>| 31000 |  | 31700 |
| Ardagh Metal Packaging SA, 3.0000%, 9/1/29 | 21585000 | EUR | 24061597 |
| Ardagh Metal Packaging SA, 4.0000%, 9/1/29<sup>ž</sup> <br>| 282000 |  | 265471 |
| Boeing Co/The, 7.0080%, 5/1/64 | 210000 |  | 238612 |
| BWX Technologies Inc, 4.1250%, 6/30/28<sup>ž</sup> <br>| 202000 |  | 198885 |
| Clydesdale Acquisition Holdings Inc, 8.7500%, 4/15/30<sup>ž,#</sup> <br>| 184000 |  | 187069 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Capital Goods – (continued) |  |  |
| Covert Mergeco Inc, 4.8750%, 12/1/29<sup>ž</sup> <br>| $200000 | $192236 |
| CP Atlas Buyer Inc, 9.7500%, 7/15/30<sup>ž</sup> <br>| 245000 | 253759 |
| Dycom Industries Inc, 4.5000%, 4/15/29<sup>ž</sup> <br>| 194000 | 191633 |
| Eagle Materials Inc, 5.0000%, 3/15/36 | 269000 | 263494 |
| EnerSys, 4.3750%, 12/15/27<sup>ž</sup> <br>| 198000 | 196518 |
| Ferguson Enterprises Inc, 5.0000%, 10/3/34 | 220000 | 221899 |
| Harsco Corp, 5.7500%, 7/31/27<sup>ž</sup> <br>| 187000 | 187100 |
| Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC, 9.0000%, <br> 2/15/29<sup>ž</sup> <br>| 186000 | 195064 |
| JH North America Holdings Inc, 5.8750%, 1/31/31<sup>ž</sup> <br>| 14410000 | 14708647 |
| L3Harris Technologies Inc, 5.3500%, 6/1/34 | 225000 | 232913 |
| Madison IAQ LLC, 5.8750%, 6/30/29<sup>ž</sup> <br>| 216000 | 214688 |
| MIWD Holdco II LLC / MIWD Finance Corp, 5.5000%, 2/1/30<sup>ž</sup> <br>| 197000 | 190815 |
| Regal Rexnord Corp, 6.4000%, 4/15/33 | 240000 | 258152 |
| Roller Bearing Company of America Inc, 4.3750%, 10/15/29<sup>ž</sup> <br>| 455000 | 447675 |
| TriMas Corp, 4.1250%, 4/15/29<sup>ž</sup> <br>| 198000 | 192552 |
| Velocity Vehicle Group LLC, 8.0000%, 6/1/29<sup>ž</sup> <br>| 193000 | 183359 |
| Wabtec Corp, 4.7000%, 9/15/28 | 217000 | 219658 |
| WESCO Distribution Inc, 6.3750%, 3/15/29<sup>ž</sup> <br>| 190000 | 196207 |
| Westinghouse Air Brake Technologies Corp, 5.5000%, 5/29/35 | 252000 | 262816 |
| White Cap Supply Holdings LLC, 7.3750%, 11/15/30<sup>ž</sup> <br>| 245000 | 253434 |
| Wilsonart LLC, 11.0000%, 8/15/32<sup>ž</sup> <br>| 19050000 | 17022741 |
|  |  | 61139063 |
| Communications – 3.7% |  |  |
| Altice France SA, 6.8750%, 7/15/32<sup>ž</sup> <br>| 201000 | 192747 |
| AMC Networks Inc, 10.2500%, 1/15/29<sup>ž</sup> <br>| 183000 | 191896 |
| AMC Networks Inc, 10.5000%, 7/15/32<sup>ž,#</sup> <br>| 17411000 | 19234639 |
| Bell Canada, US Treasury Yield Curve Rate 5 Year + 2.3900%, 6.8750%, <br> 9/15/55<sup>‡</sup> <br>| 50000 | 51587 |
| Clear Channel Outdoor Holdings Inc, 7.7500%, 4/15/28<sup>ž,#</sup> <br>| 262000 | 262193 |
| Clear Channel Outdoor Holdings Inc, 7.5000%, 6/1/29<sup>ž</sup> <br>| 267000 | 265118 |
| Connect Finco Sarl / Connect US Finco LLC, 9.0000%, 9/15/29<sup>ž</sup> <br>| 446000 | 473090 |
| Deluxe Corp, 8.0000%, 6/1/29<sup>ž</sup> <br>| 190000 | 193526 |
| Deluxe Corp, 8.1250%, 9/15/29<sup>ž</sup> <br>| 191000 | 201214 |
| EchoStar Corp, 10.7500%, 11/30/29 | 248000 | 274239 |
| Electronic Arts Inc, 1.8500%, 2/15/31 | 299000 | 287391 |
| Electronic Arts Inc, 2.9500%, 2/15/51<sup>#</sup> <br>| 16767000 | 15466027 |
| EW Scripps Co/The, 9.8750%, 8/15/30<sup>ž</sup> <br>| 256000 | 255664 |
| Fox Corp, 4.7090%, 1/25/29 | 250000 | 253199 |
| Fox Corp, 6.5000%, 10/13/33 | 232000 | 255753 |
| Frontier Communications Holdings LLC, 8.6250%, 3/15/31<sup>ž</sup> <br>| 10336000 | 10875363 |
| Gray Media Inc, 10.5000%, 7/15/29<sup>ž</sup> <br>| 358000 | 384972 |
| Gray Media Inc, 7.2500%, 8/15/33<sup>ž</sup> <br>| 15285000 | 15618654 |
| Lamar Media Corp, 4.8750%, 1/15/29 | 189000 | 188672 |
| Level 3 Financing Inc, 3.7500%, 7/15/29<sup>ž</sup> <br>| 6822000 | 6211499 |
| Level 3 Financing Inc, 6.8750%, 6/30/33<sup>ž</sup> <br>| 4496346 | 4601012 |
| Level 3 Financing Inc, 7.0000%, 3/31/34<sup>ž</sup> <br>| 4234245 | 4363694 |
| Level 3 Financing Inc, 8.5000%, 1/15/36<sup>ž</sup> <br>| 16929000 | 17335002 |
| Lions Gate Capital Holdings 1 Inc, 6.0000%, 4/15/30<sup>ž</sup> <br>| 22024000 | 21032920 |
| Lumen Technologies Inc, 4.1250%, 4/15/29<sup>ž</sup> <br>| 5670000 | 5613300 |
| Lumen Technologies Inc, 10.0000%, 10/15/32<sup>ž</sup> <br>| 5000000 | 5025000 |
| Midcontinent Communications, 8.0000%, 8/15/32<sup>ž</sup> <br>| 20904000 | 21397857 |
| Nexstar Broadcasting Inc, 4.7500%, 11/1/28<sup>ž</sup> <br>| 24000 | 23826 |
| Orange SA, 9.0000%, 3/1/31 | 210000 | 252698 |
| Paramount Global, US Treasury Yield Curve Rate 5 Year + 3.9990%, 6.3750%, <br> 3/30/62<sup>‡</sup> <br>| 189000 | 175465 |
| ROBLOX Corp, 3.8750%, 5/1/30<sup>ž</sup> <br>| 22237000 | 21260275 |
| Rogers Communications Inc, US Treasury Yield Curve Rate 5 Year + 2.6530%, <br> 7.0000%, 4/15/55<sup>‡</sup><sup>,#</sup> <br>| 244000 | 255273 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>|  | *Value* |
| Corporate Bonds – (continued) |  |  |  |
| Communications – (continued) |  |  |  |
| Rogers Communications Inc, US Treasury Yield Curve Rate 5 Year + 2.6200%, <br> 7.1250%, 4/15/55<sup>‡</sup> <br>| $50000 |  | $52650 |
| Rogers Communications Inc, US Treasury Yield Curve Rate 5 Year + 3.5900%, <br> 5.2500%, 3/15/82<sup>ž,</sup><sup>‡</sup> <br>| 202000 |  | 201912 |
| RR Donnelley & Sons Co, 9.5000%, 8/1/29<sup>ž</sup> <br>| 105000 |  | 108203 |
| Take-Two Interactive Software Inc, 4.9500%, 3/28/28 | 257000 |  | 261978 |
| TELUS Corp, US Treasury Yield Curve Rate 5 Year + 2.7690%, 6.6250%, <br> 10/15/55<sup>‡</sup> <br>| 50000 |  | 51022 |
| TELUS Corp, US Treasury Yield Curve Rate 5 Year + 2.7090%, 7.0000%, <br> 10/15/55<sup>‡</sup> <br>| 183000 |  | 190499 |
| Time Warner Cable Enterprises LLC, 8.3750%, 7/15/33 | 213000 |  | 245788 |
| Univision Communications Inc, 8.5000%, 7/31/31<sup>ž</sup> <br>| 13930000 |  | 14551682 |
| Univision Communications Inc, 9.3750%, 8/1/32<sup>ž</sup> <br>| 9944000 |  | 10687940 |
| Viasat Inc, 5.6250%, 4/15/27<sup>ž</sup> <br>| 193000 |  | 192722 |
| Viasat Inc, 7.5000%, 5/30/31<sup>ž</sup> <br>| 270000 |  | 256715 |
| Virgin Media Finance PLC, 5.0000%, 7/15/30<sup>ž</sup> <br>| 271000 |  | 238916 |
| Vmed O2 UK Financing I PLC, 6.7500%, 1/15/33<sup>ž</sup> <br>| 16966000 |  | 16813903 |
| VZ Secured Financing BV, 5.0000%, 1/15/32<sup>ž</sup> <br>| 298000 |  | 269676 |
| VZ Secured Financing BV, 7.5000%, 1/15/33<sup>ž</sup> <br>| 16558000 |  | 16773714 |
| Warnermedia Holdings Inc, 4.0540%, 3/15/29 | 8838000 |  | 8176034 |
|  |  |  | 241547119 |
| Consumer Cyclical – 7.7% |  |  |  |
| 1011778 BC ULC / New Red Finance Inc, 3.8750%, 1/15/28<sup>ž</sup> <br>| 268000 |  | 264181 |
| 1011778 BC ULC / New Red Finance Inc, 4.3750%, 1/15/28<sup>ž</sup> <br>| 199000 |  | 197745 |
| 1011778 BC ULC / New Red Finance Inc, 6.1250%, 6/15/29<sup>ž</sup> <br>| 186000 |  | 190944 |
| Adams Homes Inc, 9.2500%, 10/15/28<sup>ž</sup> <br>| 192000 |  | 200815 |
| Adient Global Holdings Ltd, 7.5000%, 2/15/33<sup>ž</sup> <br>| 249000 |  | 256982 |
| Allied Universal Holdco LLC, 7.8750%, 2/15/31<sup>ž</sup> <br>| 170000 |  | 179159 |
| American Axle & Manufacturing Inc, 7.7500%, 10/15/33<sup>ž</sup> <br>| 269000 |  | 273998 |
| ANGI Group LLC, 3.8750%, 8/15/28<sup>ž</sup> <br>| 359000 |  | 331590 |
| Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp, 7.0000%, <br> 4/15/30<sup>ž</sup> <br>| 195000 |  | 194160 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp, 9.7500%, 4/15/30<sup>ž</sup> <br>| 430000 |  | 466667 |
| Ashton Woods USA LLC / Ashton Woods Finance Co, 4.6250%, 8/1/29<sup>ž</sup> <br>| 207000 |  | 197352 |
| Beazer Homes USA Inc, 7.2500%, 10/15/29<sup>#</sup> <br>| 187000 |  | 191118 |
| Boyne USA Inc, 4.7500%, 5/15/29<sup>ž</sup> <br>| 193000 |  | 190361 |
| Brightstar Lottery PLC / Brightstar Global Solutions Corp, 5.7500%, 1/15/33<sup>ž</sup> <br>| 16972000 |  | 16850394 |
| Brink's Co/The, 6.5000%, 6/15/29<sup>ž</sup> <br>| 185000 |  | 191548 |
| Brookfield Residential Properties Inc/CA, 4.8750%, 2/15/30<sup>ž,#</sup> <br>| 500000 |  | 465727 |
| Caesars Entertainment Inc, 6.0000%, 10/15/32<sup>ž,#</sup> <br>| 32544000 |  | 31647377 |
| Carnival Corp, 5.7500%, 8/1/32<sup>ž</sup> <br>| 20706000 |  | 21250174 |
| Carriage Services Inc, 4.2500%, 5/15/29<sup>ž</sup> <br>| 201000 |  | 193330 |
| Carvana Co, 9.0000%, 6/1/30<sup>ž</sup> <br>| 11442000 |  | 11993397 |
| Cinemark USA Inc, 5.2500%, 7/15/28<sup>ž</sup> <br>| 125000 |  | 124986 |
| Cirsa Finance International Sarl, 4.8750%, 10/15/31<sup>ž</sup> <br>| 16660000 | EUR | 20097169 |
| Crocs Inc, 4.2500%, 3/15/29<sup>ž</sup> <br>| 206000 |  | 199361 |
| Fertitta Entertainment Inc, 4.6250%, 1/15/29<sup>ž</sup> <br>| 467000 |  | 453566 |
| Fertitta Entertainment Inc, 6.7500%, 1/15/30<sup>ž,#</sup> <br>| 269000 |  | 255758 |
| Flutter Treasury DAC, 6.1250%, 6/4/31 | 11140000 | GBP | 15118418 |
| Ford Motor Credit Co LLC, 3.8150%, 11/2/27 | 268000 |  | 263863 |
| Ford Motor Credit Co LLC, 2.9000%, 2/16/28 | 260000 |  | 250352 |
| Ford Motor Credit Co LLC, 7.3500%, 11/4/27 | 248000 |  | 258832 |
| Forvia SE, 8.0000%, 6/15/30<sup>ž,#</sup> <br>| 440000 |  | 471197 |
| Garda World Security Corp, 8.3750%, 11/15/32<sup>ž</sup> <br>| 249000 |  | 253635 |
| Garda World Security Corp, 6.5000%, 1/15/31<sup>ž</sup> <br>| 9064000 |  | 9275068 |
| General Motors Co, 6.6000%, 4/1/36 | 238000 |  | 259019 |
| General Motors Financial Co Inc, 5.9000%, 1/7/35 | 255000 |  | 265479 |
| General Motors Financial Co Inc, 6.1500%, 7/15/35 | 249000 |  | 262394 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

14 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>|  | *Value* |
| Corporate Bonds – (continued) |  |  |  |
| Consumer Cyclical – (continued) |  |  |  |
| General Motors Financial Co Inc, ICE LIBOR USD 3 Month + 3.5980%, <br> 5.7500%<sup>‡</sup><sup>,μ</sup> <br>| $21721000 |  | $21450643 |
| Genuine Parts Co, 4.9500%, 8/15/29 | 100000 |  | 101670 |
| Hilton Domestic Operating Company Inc, 5.8750%, 4/1/29<sup>ž</sup> <br>| 183000 |  | 187355 |
| Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower <br> Esc, 4.8750%, 7/1/31<sup>ž</sup> <br>| 22997000 |  | 21468171 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc, <br> 5.0000%, 6/1/29<sup>ž</sup> <br>| 468000 |  | 454581 |
| Jacobs Entertainment Inc, 6.7500%, 2/15/29<sup>ž</sup> <br>| 223000 |  | 218507 |
| K Hovnanian Enterprises Inc, 8.0000%, 4/1/31<sup>ž</sup> <br>| 14945000 |  | 15252374 |
| Kohl's Corp, 10.0000%, 6/1/30<sup>ž</sup> <br>| 175000 |  | 192721 |
| Las Vegas Sands Corp, 5.6250%, 6/15/28 | 254000 |  | 260425 |
| LCM Investments Holdings II LLC, 4.8750%, 5/1/29<sup>ž</sup> <br>| 269000 |  | 265022 |
| LGI Homes Inc, 4.0000%, 7/15/29<sup>ž</sup> <br>| 6159000 |  | 5612832 |
| LGI Homes Inc, 7.0000%, 11/15/32<sup>ž,#</sup> <br>| 25098000 |  | 23990478 |
| Marriot International Inc/MD, 5.5000%, 4/15/37 | 251000 |  | 256944 |
| Match Group Holdings II LLC, 4.1250%, 8/1/30<sup>ž</sup> <br>| 125000 |  | 118314 |
| Midwest Gaming Borrower LLC, 4.8750%, 5/1/29<sup>ž</sup> <br>| 454000 |  | 446569 |
| Millrose Properties Inc, 6.3750%, 8/1/30<sup>ž</sup> <br>| 12775000 |  | 13071687 |
| Millrose Properties Inc, 6.2500%, 9/15/32<sup>ž</sup> <br>| 11767000 |  | 11872708 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC, <br> 8.2500%, 4/15/30<sup>ž</sup> <br>| 27433000 |  | 28596214 |
| NCL Corporation Ltd, 5.8750%, 1/15/31<sup>ž</sup> <br>| 25683000 |  | 25585826 |
| New Home Company Inc/The, 9.2500%, 10/1/29<sup>ž</sup> <br>| 6538000 |  | 6823486 |
| New Home Company Inc/The, 8.5000%, 11/1/30<sup>ž</sup> <br>| 18419000 |  | 18968862 |
| Nordstrom Inc, 4.3750%, 4/1/30 | 100000 |  | 95589 |
| Ontario Gaming GTA LP / OTG Co-Issuer Inc, 8.0000%, 8/1/30<sup>ž</sup> <br>| 191000 |  | 181105 |
| Penn Entertainment Inc, 4.1250%, 7/1/29<sup>ž</sup> <br>| 21475000 |  | 19889129 |
| Rakuten Group Inc, 9.7500%, 4/15/29<sup>ž</sup> <br>| 232000 |  | 259483 |
| Rakuten Group Inc, US Treasury Yield Curve Rate 5 Year + 4.5780%, <br> 5.1250%<sup>ž,</sup><sup>‡</sup><sup>,μ</sup> <br>| 13041000 |  | 12973668 |
| Raven Acquisition Holdings LLC, 6.8750%, 11/15/31<sup>ž</sup> <br>| 14035000 |  | 14460836 |
| Realogy Group LLC / Realogy Co-Issuer Corp, 5.7500%, 1/15/29<sup>ž</sup> <br>| 279000 |  | 270963 |
| Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp, 6.2500%, <br> 10/15/30<sup>ž</sup> <br>| 15207000 |  | 15522226 |
| Royal Caribbean Cruises Ltd, 5.3750%, 1/15/36 | 21536000 |  | 21626187 |
| Scientific Games Holdings LP / Scientific Games US FinCo Inc, 6.6250%, <br> 3/1/30<sup>ž</sup> <br>| 259000 |  | 230189 |
| SeaWorld Parks & Entertainment Inc, 5.2500%, 8/15/29<sup>ž</sup> <br>| 115000 |  | 111853 |
| Six Flags Entertainment Corp, 7.2500%, 5/15/31<sup>ž</sup> <br>| 19929000 |  | 19122222 |
| Stellantis Finance US Inc, 6.4500%, 3/18/35<sup>ž</sup> <br>| 15296000 |  | 15900343 |
| Tapestry Inc, 5.5000%, 3/11/35 | 276000 |  | 282176 |
| Tenneco Inc, 8.0000%, 11/17/28<sup>ž</sup> <br>| 462000 |  | 463478 |
| Travel + Leisure Co, 4.6250%, 3/1/30<sup>ž</sup> <br>| 201000 |  | 195987 |
| Victra Holdings LLC / Victra Finance Corp, 8.7500%, 9/15/29<sup>ž,#</sup> <br>| 16714000 |  | 17633404 |
| Villa Dutch Bidco BV, 9.0000%, 11/3/29 | 13300000 | EUR | 15662583 |
| Voyager Parent LLC, 9.2500%, 7/1/32<sup>ž</sup> <br>| 23090000 |  | 24501284 |
| VT Topco Inc, 8.5000%, 8/15/30<sup>ž,#</sup> <br>| 235000 |  | 245493 |
| WABASH NATIONAL CORP, 4.5000%, 10/15/28<sup>ž</sup> <br>| 218000 |  | 203897 |
| Wayfair LLC, 7.2500%, 10/31/29<sup>ž</sup> <br>| 447000 |  | 466520 |
| Weekley Homes LLC / Weekly Finance Corp, 4.8750%, 9/15/28<sup>ž</sup> <br>| 192000 |  | 189348 |
| Wolverine World Wide Inc, 4.0000%, 8/15/29<sup>ž</sup> <br>| 216000 |  | 199660 |
| Wyndham Destinations Inc, 6.0000%, 4/1/27 | 200000 |  | 203024 |
| Wynn Macau Ltd, 5.6250%, 8/26/28<sup>ž</sup> <br>| 200000 |  | 199910 |
|  |  |  | 509822062 |
| Consumer Non-Cyclical – 1.7% |  |  |  |
| Amer Sports Co, 6.7500%, 2/16/31<sup>ž</sup> <br>| 244000 |  | 255738 |
| B&G Foods Inc, 8.0000%, 9/15/28<sup>ž,#</sup> <br>| 260000 |  | 255806 |
| Bio-Rad Laboratories Inc, 3.7000%, 3/15/32 | 281000 |  | 265294 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>|  | *Value* |
| Corporate Bonds – (continued) |  |  |  |
| Consumer Non-Cyclical – (continued) |  |  |  |
| CVS Health Corp, US Treasury Yield Curve Rate 5 Year + 2.5160%, 6.7500%, <br> 12/10/54<sup>‡</sup> <br>| $11744000 |  | $12265081 |
| CVS Health Corp, US Treasury Yield Curve Rate 5 Year + 2.8860%, 7.0000%, <br> 3/10/55<sup>‡</sup> <br>| 7179000 |  | 7531116 |
| CVS Health Corp, 6.0000%, 6/1/63 | 247000 |  | 238457 |
| Genmab AS / Genmab Finance LLC, 6.2500%, 12/15/32<sup>ž</sup> <br>| 260000 |  | 266460 |
| HAH Group Holding Co LLC, 9.7500%, 10/1/31<sup>ž</sup> <br>| 92000 |  | 86513 |
| HCA Inc, 4.1250%, 6/15/29 | 50000 |  | 49831 |
| HCA Inc, 6.2000%, 3/1/55 | 151000 |  | 153890 |
| HLF Financing Sarl LLC / Herbalife International Inc, 12.2500%, 4/15/29<sup>ž</sup> <br>| 4327000 |  | 4672039 |
| HLF Financing Sarl LLC / Herbalife International Inc, 4.8750%, 6/1/29<sup>ž</sup> <br>| 12669000 |  | 11897760 |
| JBS USA Holding Lux Sarl / JBS USA Food Co / JBS Lux Co Sarl, 7.2500%, <br> 11/15/53<br>| 216000 |  | 241795 |
| Kedrion SpA, 6.5000%, 9/1/29<sup>ž</sup> <br>| 200000 |  | 196207 |
| Kraft Heinz Food Co, 6.8750%, 1/26/39 | 237000 |  | 264746 |
| LifePoint Health Inc, 10.0000%, 6/1/32<sup>ž</sup> <br>| 6673000 |  | 7087287 |
| Newell Brands Inc, 6.6250%, 5/15/32<sup>#</sup> <br>| 110000 |  | 106718 |
| Option Care Health Inc, 4.3750%, 10/31/29<sup>ž</sup> <br>| 204000 |  | 199314 |
| Performance Food Group Inc, 4.2500%, 8/1/29<sup>ž</sup> <br>| 197000 |  | 192604 |
| Pilgrim's Pride Corp, 6.2500%, 7/1/33 | 20016000 |  | 21397314 |
| Post Holdings Inc, 4.6250%, 4/15/30<sup>ž</sup> <br>| 95000 |  | 92508 |
| Royalty Pharma PLC, 1.7500%, 9/2/27 | 265000 |  | 255216 |
| Somnigroup International Inc, 4.0000%, 4/15/29<sup>ž</sup> <br>| 469000 |  | 456939 |
| Sotera Health Holdings LLC, 7.3750%, 6/1/31<sup>ž</sup> <br>| 233000 |  | 244375 |
| Star Parent Inc, 9.0000%, 10/1/30<sup>ž</sup> <br>| 4342000 |  | 4633818 |
| Surgery Center Holdings Inc, 7.2500%, 4/15/32<sup>ž</sup> <br>| 10585000 |  | 10706392 |
| Sysco Corp, 6.6000%, 4/1/50 | 175000 |  | 192255 |
| Team Health Holdings Inc, 8.3750%, 6/30/28<sup>ž</sup> <br>| 197000 |  | 199374 |
| Teva Pharmaceutical Finance Co LLC, 6.1500%, 2/1/36 | 10878000 |  | 11420800 |
| Teva Pharmaceutical Industries Ltd, 4.3750%, 5/9/30 | 13996000 | EUR | 16875965 |
| Toledo Hospital/The, 5.3250%, 11/15/28 | 120000 |  | 121673 |
| Universal Health Services Inc, 2.6500%, 10/15/30 | 293000 |  | 267198 |
| US Foods Inc, 4.7500%, 2/15/29<sup>ž</sup> <br>| 189000 |  | 187939 |
| Viking Baked Goods Acquisition Corp, 8.6250%, 11/1/31<sup>ž</sup> <br>| 100000 |  | 100321 |
|  |  |  | 113378743 |
| Electric – 2.9% |  |  |  |
| Algonquin Power & Utilities Corp, US Treasury Yield Curve Rate 5 Year + <br> 3.2490%, 4.7500%, 1/18/82<sup>‡</sup> <br>| 8480000 |  | 8362702 |
| Alpha Generation LLC, 6.2500%, 1/15/34<sup>ž</sup> <br>| 33093000 |  | 33390076 |
| American Electric Power Co Inc, US Treasury Yield Curve Rate 5 Year + 2.6750%, <br> 3.8750%, 2/15/62<sup>‡</sup> <br>| 12055000 |  | 11852674 |
| Berkshire Hathaway Energy Co, 6.1250%, 4/1/36 | 236000 |  | 255941 |
| CenterPoint Energy Inc, US Treasury Yield Curve Rate 5 Year + 2.2230%, <br> 5.9500%, 4/1/56<sup>‡</sup> <br>| 17369000 |  | 17501456 |
| CMS Energy Corp, US Treasury Yield Curve Rate 5 Year + 1.9610%, 6.5000%, <br> 6/1/55<sup>‡</sup> <br>| 16512000 |  | 16978794 |
| Long Ridge Energy LLC, 8.7500%, 2/15/32<sup>ž</sup> <br>| 7343000 |  | 7816190 |
| NRG Energy Inc, 3.3750%, 2/15/29<sup>ž,#</sup> <br>| 272000 |  | 260247 |
| NRG Energy Inc, 5.7500%, 1/15/34<sup>ž</sup> <br>| 14308000 |  | 14453513 |
| NRG Energy Inc, 6.0000%, 1/15/36<sup>ž</sup> <br>| 3063000 |  | 3103565 |
| PacifiCorp, 5.4500%, 2/15/34 | 247000 |  | 250588 |
| Public Service Co of Colorado, 5.3500%, 5/15/34 | 256000 |  | 263038 |
| Talen Energy Supply LLC, 6.2500%, 2/1/34<sup>ž</sup> <br>| 13925000 |  | 14202301 |
| Talen Energy Supply LLC, 6.5000%, 2/1/36<sup>ž</sup> <br>| 19991000 |  | 20672486 |
| TerraForm Power Operating LLC, 4.7500%, 1/15/30<sup>ž</sup> <br>| 202000 |  | 196260 |
| Vistra Operations Co LLC, 6.9500%, 10/15/33<sup>ž</sup> <br>| 3265000 |  | 3638314 |
| Vistra Operations Co LLC, 6.0000%, 4/15/34<sup>ž</sup> <br>| 13541000 |  | 14249641 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

16 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Electric – (continued) |  |  |
| VoltaGrid LLC, 7.3750%, 11/1/30<sup>ž</sup> <br>| $19990000 | $19805007 |
| Xcel Energy Inc, 5.5000%, 3/15/34 | 150000 | 154668 |
|  |  | 187407461 |
| Energy – 4.6% |  |  |
| Aethon United BR LP / Aethon United Finance Corp, 7.5000%, 10/1/29<sup>ž</sup> <br>| 242000 | 253538 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp, 5.7500%, <br> 7/1/34<sup>ž</sup> <br>| 11564000 | 11651434 |
| BKV Upstream Midstream LLC, 7.5000%, 10/15/30<sup>ž</sup> <br>| 195000 | 197643 |
| Blue Racer Midstream LLC / Blue Racer Finance Corp, 7.0000%, 7/15/29<sup>ž</sup> <br>| 178000 | 185638 |
| California Resources Corp, 8.2500%, 6/15/29<sup>ž</sup> <br>| 435000 | 455002 |
| Chord Energy Corp, 6.0000%, 10/1/30<sup>ž</sup> <br>| 262000 | 265213 |
| Civitas Resources Inc, 8.7500%, 7/1/31<sup>ž</sup> <br>| 13644000 | 14154303 |
| Civitas Resources Inc, 9.6250%, 6/15/33<sup>ž</sup> <br>| 15743000 | 16996429 |
| Crescent Energy Finance LLC, 8.3750%, 1/15/34<sup>ž,#</sup> <br>| 256000 | 254295 |
| CVR Energy Inc, 8.5000%, 1/15/29<sup>ž</sup> <br>| 448000 | 460476 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp, 8.6250%, 3/15/29<sup>ž</sup> <br>| 181000 | 189718 |
| DT Midstream Inc, 4.1250%, 6/15/29<sup>ž</sup> <br>| 2935000 | 2896308 |
| DT Midstream Inc, 5.8000%, 12/15/34<sup>ž</sup> <br>| 14931000 | 15495317 |
| Enbridge Inc, 5.3000%, 4/5/29 | 254000 | 261836 |
| Genesis Energy LP / Genesis Energy Finance Corp, 7.8750%, 5/15/32 | 225000 | 234542 |
| Granite Ridge Resources Inc, 8.8750%, 11/5/29 | 33355000 | 32036163 |
| Hess Midstream Operations LP, 5.1250%, 6/15/28<sup>ž</sup> <br>| 67000 | 67270 |
| Hess Midstream Operations LP, 4.2500%, 2/15/30<sup>ž</sup> <br>| 27998000 | 27384446 |
| HF Sinclair Corp, 6.2500%, 1/15/35 | 245000 | 255464 |
| Hilcorp Energy I LP / Hilcorp Finance Co, 5.7500%, 2/1/29<sup>ž</sup> <br>| 191000 | 188970 |
| Hilcorp Energy I LP / Hilcorp Finance Co, 7.2500%, 2/15/35<sup>ž</sup> <br>| 272000 | 258501 |
| Howard Midstream Energy Partners LLC, 6.6250%, 1/15/34<sup>ž</sup> <br>| 14933000 | 15341186 |
| Ithaca Energy (North Sea) PLC, 8.1250%, 10/15/29<sup>ž</sup> <br>| 200000 | 206609 |
| ITT Holdings LLC, 6.5000%, 8/1/29<sup>ž</sup> <br>| 29546000 | 28353863 |
| Kimmeridge Texas Gas LLC, 8.5000%, 2/15/30<sup>ž</sup> <br>| 181000 | 188501 |
| Kraken Oil & Gas Partners LLC, 7.6250%, 8/15/29<sup>ž</sup> <br>| 150000 | 148092 |
| Nabors Industries Inc, 9.1250%, 1/31/30<sup>ž</sup> <br>| 186000 | 194474 |
| NGL Energy Operating LLC / NGL Energy Finance Corp, 8.1250%, 2/15/29<sup>ž</sup> <br>| 456000 | 473312 |
| NGL Energy Operating LLC / NGL Energy Finance Corp, 8.3750%, 2/15/32<sup>ž</sup> <br>| 267000 | 276496 |
| Noble Finance II LLC, 8.0000%, 4/15/30<sup>ž</sup> <br>| 434000 | 450889 |
| Northern Oil and Gas Inc, 7.8750%, 10/15/33<sup>ž</sup> <br>| 270000 | 262887 |
| Occidental Petroleum Corp, 5.5500%, 10/1/34<sup>#</sup> <br>| 17717000 | 18071564 |
| Prairie Acquiror LP, 9.0000%, 8/1/29<sup>ž</sup> <br>| 188000 | 195412 |
| Precision Drilling Corp, 6.8750%, 1/15/29<sup>ž</sup> <br>| 194000 | 196185 |
| Rockies Express Pipeline LLC, 4.9500%, 7/15/29<sup>ž</sup> <br>| 100000 | 99781 |
| Rockies Express Pipeline LLC, 4.8000%, 5/15/30<sup>ž</sup> <br>| 140000 | 137681 |
| SM Energy Co, 7.0000%, 8/1/32<sup>ž</sup> <br>| 263000 | 258547 |
| Southwestern Energy Co, 5.3750%, 3/15/30 | 258000 | 261506 |
| Summit Midstream Holdings LLC, 8.6250%, 10/31/29<sup>ž</sup> <br>| 441000 | 457294 |
| Sunoco LP, US Treasury Yield Curve Rate 5 Year + 4.2300%, 7.8750%<sup>ž,</sup><sup>‡</sup><sup>,μ</sup> <br>| 35276000 | 36238153 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 6.7500%, <br> 3/15/34<sup>ž</sup> <br>| 31069000 | 31068242 |
| Talos Production Inc, 9.0000%, 2/1/29<sup>ž</sup> <br>| 175000 | 181761 |
| Targa Resources Corp, 6.1250%, 5/15/55 | 225000 | 223587 |
| Targa Resources Partners LP, 4.0000%, 1/15/32 | 225000 | 214694 |
| TGS ASA, 8.5000%, 1/15/30<sup>ž</sup> <br>| 200000 | 208829 |
| Tidewater Inc, 9.1250%, 7/15/30<sup>ž</sup> <br>| 252000 | 270381 |
| USA Compression Partners LP / USA Compression Finance Corp, 6.2500%, <br> 10/1/33<sup>ž</sup> <br>| 21364000 | 21620154 |
| Valero Energy Corp, 6.6250%, 6/15/37 | 233000 | 256563 |
| Viper Energy Partners LLC, 5.7000%, 8/1/35 | 21316000 | 21753617 |
| Vital Energy Inc, 7.8750%, 4/15/32<sup>ž,#</sup> <br>| 261000 | 257159 |
| WBI Operating LLC, 6.2500%, 10/15/30<sup>ž</sup> <br>| 196000 | 197182 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 17

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Energy – (continued) |  |  |
| Western Midstream Operating LP, 5.4500%, 11/15/34 | $220000 | $221577 |
| Wildfire Intermediate Holdings LLC, 7.5000%, 10/15/29<sup>ž,#</sup> <br>| 194000 | 195828 |
|  |  | 302624512 |
| Finance Companies – 0.6% |  |  |
| Apollo Debt Solutions BDC, 5.2000%, 12/8/28<sup>ž</sup> <br>| 3575000 | 3574329 |
| Azorra Finance, 7.7500%, 4/15/30<sup>ž</sup> <br>| 246000 | 259756 |
| Azorra Finance, 7.2500%, 1/15/31<sup>ž</sup> <br>| 202000 | 211662 |
| Blue Owl Capital Corp, 5.9500%, 3/15/29 | 260000 | 262387 |
| Bread Financial Holdings Inc, 6.7500%, 5/15/31<sup>ž</sup> <br>| 205000 | 212240 |
| Bread Financial Holdings Inc, US Treasury Yield Curve Rate 5 Year + 4.3000%, <br> 8.3750%, 6/15/35<sup>ž,</sup><sup>‡</sup> <br>| 178000 | 184023 |
| Enova International Inc, 9.1250%, 8/1/29<sup>ž</sup> <br>| 397000 | 422592 |
| FirstCash Inc, 4.6250%, 9/1/28<sup>ž</sup> <br>| 458000 | 455063 |
| FirstCash Inc, 5.6250%, 1/1/30<sup>ž</sup> <br>| 199000 | 199740 |
| Freedom Mortgage Holdings LLC, 6.8750%, 5/1/31<sup>ž</sup> <br>| 10627000 | 10633387 |
| Freedom Mortgage Holdings LLC, 9.1250%, 5/15/31<sup>ž</sup> <br>| 243000 | 260996 |
| Global Aircraft Leasing Co Ltd, 8.7500%, 9/1/27<sup>ž</sup> <br>| 194000 | 201187 |
| goeasy Ltd, 7.6250%, 7/1/29<sup>ž</sup> <br>| 241000 | 238306 |
| HPS Corporate Lending Fund, 5.4500%, 1/14/28 | 198000 | 200113 |
| Navient Corp, 5.5000%, 3/15/29<sup>#</sup> <br>| 21805000 | 21644866 |
| OneMain Finance Corp, 3.5000%, 1/15/27 | 205000 | 202999 |
| OneMain Finance Corp, 7.8750%, 3/15/30 | 236000 | 249526 |
| OneMain Finance Corp, 7.5000%, 5/15/31<sup>#</sup> <br>| 243000 | 255672 |
| PennyMac Financial Services Inc, 6.8750%, 2/15/33<sup>ž</sup> <br>| 243000 | 253680 |
| Planet Financial Group LLC, 10.5000%, 12/15/29<sup>ž</sup> <br>| 233000 | 244051 |
| Provident Funding Associates LP / PFG Finance Corp, 9.7500%, 9/15/29<sup>ž</sup> <br>| 162000 | 170865 |
|  |  | 40337440 |
| Financial Institutions – 0.7% |  |  |
| Atlas Warehouse Lending Co LP, 6.2500%, 1/15/30<sup>ž</sup> <br>| 11805000 | 12428549 |
| Atlas Warehouse Lending Co LP, 4.9500%, 11/15/30<sup>ž</sup> <br>| 9526000 | 9557658 |
| Burford Capital Global Finance LLC, 6.2500%, 4/15/28<sup>ž</sup> <br>| 4962000 | 4935106 |
| Burford Capital Global Finance LLC, 6.8750%, 4/15/30<sup>ž</sup> <br>| 9384000 | 9150830 |
| Burford Capital Global Finance LLC, 7.5000%, 7/15/33<sup>ž</sup> <br>| 10032000 | 9573148 |
| Credit Acceptance Corp, 6.6250%, 3/15/30<sup>ž</sup> <br>| 197000 | 197389 |
| Encore Capital Group Inc, 9.2500%, 4/1/29<sup>ž</sup> <br>| 200000 | 210750 |
| Encore Capital Group Inc, 8.5000%, 5/15/30<sup>ž</sup> <br>| 200000 | 214989 |
| Five Point Operating Co LP, 8.0000%, 10/1/30<sup>ž</sup> <br>| 192000 | 200598 |
| GGAM Finance Ltd, 8.0000%, 6/15/28<sup>ž</sup> <br>| 167000 | 176848 |
| Howard Hughes Corp/The, 5.3750%, 8/1/28<sup>ž</sup> <br>| 194000 | 194723 |
| Jefferson Capital Holdings LLC, 8.2500%, 5/15/30<sup>ž</sup> <br>| 434000 | 456441 |
| PRA Group Inc, 8.8750%, 1/31/30<sup>ž</sup> <br>| 188000 | 195043 |
|  |  | 47492072 |
| Industrial – 0% |  |  |
| Hillenbrand Inc, 6.2500%, 2/15/29 | 192000 | 196291 |
| Insurance – 0.8% |  |  |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 <br> Somerset Investor 2 LLC, 7.8750%, 11/1/29<sup>ž</sup> <br>| 307000 | 310065 |
| Ardonagh Group Finance Ltd, 8.8750%, 2/15/32<sup>ž</sup> <br>| 235000 | 244237 |
| Asurion LLC / Asurion Co-Issuer Inc, 8.0000%, 12/31/32<sup>ž</sup> <br>| 13407000 | 13911256 |
| Enact Holdings Inc, 6.2500%, 5/28/29 | 244000 | 255368 |
| HUB International Ltd, 7.3750%, 1/31/32<sup>ž</sup> <br>| 43000 | 45131 |
| Humana Inc, 5.5000%, 3/15/53<sup>#</sup> <br>| 20508000 | 18659782 |
| UnitedHealth Group Inc, 5.3000%, 6/15/35 | 14762000 | 15284167 |
|  |  | 48710006 |
| Natural Gas – 0% |  |  |
| Sempra Energy, 3.4000%, 2/1/28 | 269000 | 264902 |
| Professional Services – 0.3% |  |  |
| Booz Allen Hamilton Inc, 5.9500%, 4/15/35<sup>#</sup> <br>| 17048000 | 17663194 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

18 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Real Estate Investment Trusts (REITs) – 0.7% |  |  |
| Arbor Realty SR Inc, 7.8750%, 7/15/30<sup>ž</sup> <br>| $78000 | $74528 |
| EF Holdco / EF Cayman Holdco / Ellington Finance REIT Cayman, 7.3750%, <br> 9/30/30<sup>ž</sup> <br>| 17348000 | 17483644 |
| Hudson Pacific Properties Inc, 4.6500%, 4/1/29<sup>#</sup> <br>| 208000 | 192268 |
| Rithm Capital Corp, 8.0000%, 4/1/29<sup>ž</sup> <br>| 9873000 | 10136618 |
| Rithm Capital Corp, 8.0000%, 7/15/30<sup>ž</sup> <br>| 14977000 | 15316426 |
| Starwood Property Trust Inc, 6.5000%, 7/1/30<sup>ž</sup> <br>| 40000 | 41724 |
| Welltower OP LLC, 3.1000%, 1/15/30 | 132000 | 126613 |
| XHR LP, 6.6250%, 5/15/30<sup>ž</sup> <br>| 187000 | 193000 |
|  |  | 43564821 |
| Software – 0.1% |  |  |
| Cipher Mining Inc, 0%, 10/1/31<sup>ž,◊</sup> <br>| 7193000 | 8541687 |
| Technology – 3.4% |  |  |
| Alphabet Inc, 5.4500%, 11/15/55 | 261000 | 256032 |
| Alphabet Inc, 5.3000%, 5/15/65 | 89000 | 83703 |
| APLD ComputeCo LLC, 9.2500%, 12/15/30<sup>ž</sup> <br>| 27089000 | 26571611 |
| Capstone Borrower Inc, 8.0000%, 6/15/30<sup>ž</sup> <br>| 6071000 | 6252971 |
| Cipher Compute LLC, 7.1250%, 11/15/30<sup>ž</sup> <br>| 18361000 | 18700365 |
| Cloud Software Group Inc, 6.5000%, 3/31/29<sup>ž</sup> <br>| 248000 | 251246 |
| Cloud Software Group Inc, 9.0000%, 9/30/29<sup>ž</sup> <br>| 13068000 | 13610458 |
| Cloud Software Group Inc, 6.6250%, 8/15/33<sup>ž</sup> <br>| 13073000 | 12956092 |
| CoreWeave Inc, 9.2500%, 6/1/30<sup>ž</sup> <br>| 6900000 | 6415431 |
| CoreWeave Inc, 9.0000%, 2/1/31<sup>ž</sup> <br>| 16802000 | 15399369 |
| Dell International LLC / EMC Corp, 8.1000%, 7/15/36 | 207000 | 250828 |
| Diebold Nixdorf Inc, 7.7500%, 3/31/30<sup>ž</sup> <br>| 75000 | 79812 |
| Ellucian Holdings Inc, 6.5000%, 12/1/29<sup>ž</sup> <br>| 192000 | 195773 |
| Fair Isaac Corp, 4.0000%, 6/15/28<sup>ž</sup> <br>| 198000 | 195278 |
| Flash Compute LLC, 7.2500%, 12/31/30<sup>ž</sup> <br>| 18894000 | 18719473 |
| Hewlett Packard Enterprise Co, 6.3500%, 10/15/45 | 250000 | 256297 |
| Intel Corp, 5.9000%, 2/10/63 | 258000 | 241257 |
| ION Platform Finance US Inc, 7.8750%, 9/30/32<sup>ž</sup> <br>| 21569000 | 20465904 |
| Keysight Technologies Inc, 5.3500%, 7/30/30 | 235000 | 245081 |
| Kioxia Holdings Corp, 6.6250%, 7/24/33<sup>ž</sup> <br>| 15242000 | 15849784 |
| McAfee Corp, 7.3750%, 2/15/30<sup>ž</sup> <br>| 16352000 | 14260212 |
| Micron Technology Inc, 5.8000%, 1/15/35 | 252000 | 265566 |
| Micron Technology Inc, 6.0500%, 11/1/35 | 241000 | 257123 |
| Minerva Merger Sub Inc, 6.5000%, 2/15/30<sup>ž</sup> <br>| 254000 | 253236 |
| Open Text Corp, 3.8750%, 12/1/29<sup>ž</sup> <br>| 272000 | 258136 |
| Oracle Corp, 6.1250%, 7/8/39 | 251000 | 246059 |
| Oracle Corp, 6.9000%, 11/9/52 | 237000 | 234186 |
| Pagaya US Holding Co LLC, 8.8750%, 8/1/30<sup>ž,#</sup> <br>| 200000 | 174126 |
| Pitney Bowes Inc, 7.2500%, 3/15/29<sup>ž</sup> <br>| 104000 | 105405 |
| PTC Inc, 4.0000%, 2/15/28<sup>ž</sup> <br>| 266000 | 262002 |
| Rocket Software Inc, 6.5000%, 2/15/29<sup>ž</sup> <br>| 21854000 | 21416433 |
| Seagate Data Storage Technology Pte Ltd, 8.2500%, 12/15/29<sup>ž</sup> <br>| 178000 | 188758 |
| Trimble Inc, 6.1000%, 3/15/33 | 237000 | 255188 |
| Twilio Inc, 3.6250%, 3/15/29 | 255000 | 246324 |
| Viavi Solutions Inc, 3.7500%, 10/1/29<sup>ž</sup> <br>| 125000 | 119641 |
| WULF Compute LLC, 7.7500%, 10/15/30<sup>ž</sup> <br>| 24444000 | 25183393 |
|  |  | 220722553 |
| Transportation – 0.8% |  |  |
| Delta Air Lines Inc, 5.2500%, 7/10/30 | 259000 | 266140 |
| LATAM Airlines Group SA, 7.6250%, 1/7/31<sup>ž</sup> <br>| 20394000 | 21412323 |
| OneSky Flight LLC, 8.8750%, 12/15/29<sup>ž</sup> <br>| 110000 | 117715 |
| Railworks Holdings LP / Railworks Rally Inc, 8.2500%, 11/15/28<sup>ž</sup> <br>| 194000 | 195094 |
| Rand Parent LLC, 8.5000%, 2/15/30<sup>ž,#</sup> <br>| 20498000 | 21355903 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 19

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Transportation – (continued) |  |  |
| Seaspan Corp, 5.5000%, 8/1/29<sup>ž</sup> <br>| $204000 | $193727 |
| Watco Cos LLC / Watco Finance Corp, 7.1250%, 8/1/32<sup>ž</sup> <br>| 11082000 | 11606256 |
|  |  | 55147158 |
| Total Corporate Bonds (cost $2,164,099,807) |  | 2198525441 |
| Promissory Notes – 0% |  |  |
| Development – 0% |  |  |
| University of Michigan Student Housing Land Loan, 9.3900%, 11/21/28<sup>¢</sup> (cost <br> $588,307)<br>| 588307 | 589778 |
| Mortgage-Backed Securities – 21.8% |  |  |
| Fannie Mae: |  |  |
| 2.5000%, TBA, 30 Year Maturity | 29792606 | 25200195 |
| 3.0000%, TBA, 30 Year Maturity | 186309381 | 164775184 |
| 3.5000%, TBA, 30 Year Maturity | 216140409 | 199147666 |
| 4.0000%, TBA, 30 Year Maturity | 97660947 | 92630529 |
| 4.5000%, TBA, 30 Year Maturity | 163003836 | 159073161 |
| 5.0000%, TBA, 30 Year Maturity | 81238280 | 81021049 |
| 5.5000%, TBA, 30 Year Maturity | 320557652 | 325013403 |
| 6.0000%, TBA, 30 Year Maturity | 150568000 | 154553535 |
| 6.5000%, TBA, 30 Year Maturity | 9400000 | 9769796 |
|  |  | 1211184518 |
| Fannie Mae Pool: |  |  |
| BO3223, 3.0000%, 10/1/34 | 67017 | 65140 |
| 995757, 6.0000%, 2/1/37 | 449 | 476 |
| AB6280, 3.0000%, 9/1/42 | 768155 | 708373 |
| MA1327, 3.0000%, 1/1/43 | 948147 | 874357 |
| MA1363, 3.0000%, 2/1/43 | 396575 | 365711 |
| AB8517, 3.0000%, 2/1/43 | 26990 | 24725 |
| AR9225, 3.0000%, 3/1/43 | 1305533 | 1196019 |
| MA1384, 3.0000%, 3/1/43 | 360828 | 330561 |
| MA1447, 3.0000%, 5/1/43 | 305480 | 279855 |
| AT2957, 3.0000%, 5/1/43 | 1478 | 1354 |
| AL5942, 5.0000%, 7/1/44 | 3854 | 3920 |
| AL5887, 4.5000%, 10/1/44 | 2442 | 2451 |
| AL6542, 4.5000%, 3/1/45 | 4070 | 4086 |
| AL8438, 3.0000%, 7/1/45 | 1501061 | 1375145 |
| BM3511, 4.5000%, 2/1/46 | 5691 | 5699 |
| BM5836, 3.0000%, 9/1/46 | 712173 | 656747 |
| AS8547, 3.0000%, 11/1/46 | 283991 | 257101 |
| MA2894, 3.0000%, 1/1/47 | 34520 | 31251 |
| BE3616, 4.0000%, 5/1/47 | 601636 | 584714 |
| BJ4559, 3.5000%, 1/1/48 | 2083 | 1965 |
| BJ4566, 4.0000%, 1/1/48 | 8210 | 7979 |
| BJ4960, 3.5000%, 3/1/48 | 2687443 | 2519284 |
| BK1964, 4.0000%, 3/1/48 | 2496 | 2425 |
| ZN4240, 4.5000%, 12/1/48 | 397869 | 395059 |
| BO2983, 3.0000%, 9/1/49 | 299036 | 271721 |
| FS5362, 4.5000%, 12/1/50 | 3754307 | 3726353 |
| FA2021, 5.0000%, 6/1/55 | 37193224 | 37586877 |
| BF0167, 3.0000%, 2/1/57 | 4193088 | 3659546 |
| BF0189, 3.0000%, 6/1/57 | 18656 | 16230 |
|  |  | 54955124 |
| Freddie Mac Pool: |  |  |
| ZS7403, 3.0000%, 5/1/31 | 663375 | 653059 |
| ZK8962, 3.0000%, 9/1/32 | 115872 | 113297 |
| ZK9163, 3.0000%, 1/1/33 | 68998 | 67429 |
| QN0786, 3.0000%, 10/1/34 | 217059 | 210903 |
| QN0783, 3.0000%, 10/1/34 | 97921 | 95063 |
| ZS3695, 6.0000%, 4/1/40 | 8693 | 9242 |
| ZN0627, 3.0000%, 2/1/43 | 2621 | 2401 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

20 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Freddie Mac Pool – (continued) |  |  |
| ZT1926, 3.0000%, 11/1/43 | $3225955 | $2974892 |
| ZT1145, 4.5000%, 5/1/44 | 1801 | 1798 |
| ZM1434, 3.5000%, 7/1/46 | 1881 | 1779 |
| ZT1633, 4.0000%, 3/1/47 | 4661 | 4523 |
| ZT0534, 3.5000%, 12/1/47 | 30923 | 29157 |
| ZM5707, 3.5000%, 2/1/48 | 1975 | 1858 |
| ZM6276, 4.0000%, 4/1/48 | 1122 | 1089 |
| ZN4528, 4.5000%, 4/1/49 | 856434 | 849394 |
| QA1615, 3.5000%, 8/1/49 | 1733519 | 1620608 |
| QA5622, 3.0000%, 12/1/49 | 352152 | 315975 |
| QA4936, 3.0000%, 12/1/49 | 204029 | 183069 |
| RJ3069, 5.5000%, 12/1/54 | 26881274 | 27383641 |
| SL1631, 5.0000%, 7/1/55 | 20662844 | 20881540 |
|  |  | 55400717 |
| Ginnie Mae: |  |  |
| 3.5000%, TBA, 30 Year Maturity | 98660539 | 89761753 |
| 4.0000%, TBA, 30 Year Maturity | 16054402 | 15152305 |
| 5.0000%, TBA, 30 Year Maturity | 7343765 | 7323452 |
|  |  | 112237510 |
| Ginnie Mae I Pool: |  |  |
| 784182, 4.5000%, 8/15/46 | 8248 | 8203 |
| BB4357, 4.0000%, 7/15/47 | 2625 | 2524 |
| BC7161, 4.0000%, 8/15/47 | 324 | 311 |
| BD7109, 4.0000%, 11/15/47 | 375 | 361 |
| BD7135, 4.0000%, 12/15/47 | 1428 | 1374 |
|  |  | 12773 |
| Ginnie Mae II Pool: |  |  |
| MA5021, 4.5000%, 2/20/48 | 74217 | 73654 |
| BH3673, 4.5000%, 5/20/48 | 1404 | 1378 |
| BH3672, 4.5000%, 5/20/48 | 527 | 520 |
|  |  | 75552 |
| Total Mortgage-Backed Securities (cost $1,431,331,459) |  | 1433866194 |
| Common Stocks – 0.1% |  |  |
| Advertising – 0% |  |  |
| Authentic Brands Group Inc - Class A<sup>\*,</sup><sup>¢</sup> <br>| 60 | 9328 |
| Semiconductor & Semiconductor Equipment – 0.1% |  |  |
| Broadcom Inc | 16688 | 5775717 |
| Total Common Stocks (cost $6,528,145) |  | 5785045 |
| Preferred Stocks – 0.1% |  |  |
| Finance Companies – 0% |  |  |
| Castlelake Aircraft Securitization Trust 2018-1, 6/15/43<sup>‡</sup> <br>| 1000000 | 47500 |
| Industrial – 0.1% |  |  |
| Project Silver, 3/15/44<sup>ž</sup> <br>| 1500000 | 371250 |
| START Ireland, 3/15/44<sup>ž,</sup><sup>‡</sup> <br>| 1500000 | 1425000 |
| Thunderbolt II Aircraft Lease Ltd, 9/15/38 | 10 | 1806968 |
| Thunderbolt III Aircraft Lease Ltd, 11/15/39<sup>ž,</sup><sup>‡</sup> <br>| 5000000 | 3500000 |
|  |  | 7103218 |
| Total Preferred Stocks (cost $11,007,961) |  | 7150718 |
| Private Placements – 0.1% |  |  |
| Diversified Telecommunication Services – 0.1% |  |  |
| GCI/Liberty - Series A<sup>¢</sup><sup>,</sup><sup>§</sup> (cost $9,750,000) | 9750 | 9750000 |
| Private Preferred Equity – 0.3% |  |  |
| Real Estate Preferred Equity – 0.3% |  |  |
| Dawson Forest, 13.0000% (6.50% Cash and 6.50% PIK), 4/2/29<sup>Ø,</sup><sup>¢</sup> <br>| 4468413 | 4513097 |
| Avondale Hill Holdings LP, 13.0000% (7% Cash and 6% PIK), 12/11/29<sup>Ø,</sup><sup>¢</sup> <br>| 4531679 | 4576995 |
| Blackbird Apartments, 13.0000% (6.50% Cash and 6.50% PIK), 2/2/30<sup>Ø,</sup><sup>¢</sup> <br>| 7849841 | 7908715 |
| Total Private Preferred Equity (cost $16,849,933) |  | 16998807 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 21

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Investment Companies<sup>£</sup> – 7.9% |  |  |
| Exchange-Traded Funds (ETFs) – 3.8% |  |  |
| Janus Henderson Emerging Markets Debt Hard Currency | 4662146 | $250240687 |
| Money Markets – 4.1% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup> <br>| 273137094 | 273219035 |
| Total Investment Companies (cost $510,440,531) |  | 523459722 |
| Investments Purchased with Cash Collateral from Securities Lending – 1.4% |  |  |
| Investment Companies – 1.1% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº,</sup><sup>£</sup> <br>| 74088034 | 74088034 |
| Time Deposits – 0.3% |  |  |
| Royal Bank of Canada, 3.7000%, 1/2/26 | $18522008 | 18522008 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $92,610,042) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $92,610,042) | 92610042 |
| Total Investments (total cost $7,972,399,432) – 121.8% |  | 8026876415 |
| Liabilities, net of Cash, Receivables and Other Assets – (21.8)% |  | (1437689597) |
| Net Assets – 100% |  | $6589186818 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $7330225106 | &nbsp;&nbsp;&nbsp;&nbsp; 91.3<br> %<br>|
| United Kingdom | 119785345 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Ireland | 79951927 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Cayman Islands | 69562706 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Luxembourg | 68633179 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Canada | 66051600 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Netherlands | 46235813 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Spain | 30217909 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Japan | 29550631 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Israel | 28296765 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Jersey | 23985875 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Germany | 22190586 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Czech Republic | 21504135 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Chile | 21412323 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| France | 21228940 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Zambia | 18865664 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Switzerland | 13414097 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Finland | 11743020 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Bermuda | 1425000 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Australia | 1254528 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Italy | 472340 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Denmark | 266460 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Norway | 208829 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Macao | 199910 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Hong Kong | 193727 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Total | $8026876415 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

22 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*6/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*12/31/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 7.9% | Investment Companies - 7.9% | Investment Companies - 7.9% | Investment Companies - 7.9% | Investment Companies - 7.9% | Investment Companies - 7.9% | Investment Companies - 7.9% | Investment Companies - 7.9% | Investment Companies - 7.9% |
| Exchange-Traded Funds (ETFs) - 3.8% | Exchange-Traded Funds (ETFs) - 3.8% | Exchange-Traded Funds (ETFs) - 3.8% | Exchange-Traded Funds (ETFs) - 3.8% | Exchange-Traded Funds (ETFs) - 3.8% | Exchange-Traded Funds (ETFs) - 3.8% | Exchange-Traded Funds (ETFs) - 3.8% | Exchange-Traded Funds (ETFs) - 3.8% | Exchange-Traded Funds (ETFs) - 3.8% |
| Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency |
|  | $241262326 | $- | $- | $- | $8978361 | $250240687 | 4662146 | $9300674 |
| Money Markets - 4.1% | Money Markets - 4.1% | Money Markets - 4.1% | Money Markets - 4.1% | Money Markets - 4.1% | Money Markets - 4.1% | Money Markets - 4.1% | Money Markets - 4.1% | Money Markets - 4.1% |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | 101246616 | 1481584623 | (1309635127) | (2005) | 24928 | 273219035 | 273137094 | 6940319 |
| Total Investment Companies - 7.9% | Total Investment Companies - 7.9% | Total Investment Companies - 7.9% | Total Investment Companies - 7.9% | Total Investment Companies - 7.9% | Total Investment Companies - 7.9% | Total Investment Companies - 7.9% | Total Investment Companies - 7.9% | Total Investment Companies - 7.9% |
|  | $342508942 | $1481584623 | $(1309635127) | $(2005) | $9003289 | $523459722 | 277799240 | $16240993 |
| Investments Purchased with Cash Collateral from Securities Lending - 1.1% | Investments Purchased with Cash Collateral from Securities Lending - 1.1% | Investments Purchased with Cash Collateral from Securities Lending - 1.1% | Investments Purchased with Cash Collateral from Securities Lending - 1.1% | Investments Purchased with Cash Collateral from Securities Lending - 1.1% | Investments Purchased with Cash Collateral from Securities Lending - 1.1% | Investments Purchased with Cash Collateral from Securities Lending - 1.1% | Investments Purchased with Cash Collateral from Securities Lending - 1.1% | Investments Purchased with Cash Collateral from Securities Lending - 1.1% |
| Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% | Investment Companies - 1.1% |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  |
|  | 5868156 | 256792050 | (188572172) | - | - | 74088034 | 74088034 | 183843 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 9.0% | Total Affiliated Investments - 9.0% | Total Affiliated Investments - 9.0% | Total Affiliated Investments - 9.0% | Total Affiliated Investments - 9.0% | Total Affiliated Investments - 9.0% | Total Affiliated Investments - 9.0% | Total Affiliated Investments - 9.0% | Total Affiliated Investments - 9.0% |
|  | $348377098 | $1738376673 | $(1498207299) | $(2005) | $9003289 | $597547756 | 351887274 | $16424836 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** |
| *Counterparty/* <br>*Foreign Currency*<br>| *Settlement* <br>*Date*<br>| &nbsp;&nbsp; *Foreign Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *USD Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *Market Value and* <br>*Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: |
| British Pound | 3/4/26 | &nbsp;&nbsp; (11400164) | &nbsp;&nbsp; $15209752 | &nbsp;&nbsp; $(151738) |
| Canadian Dollar | 3/4/26 | &nbsp;&nbsp; 20583 | &nbsp;&nbsp; (15101) | &nbsp;&nbsp;&nbsp;&nbsp;(63) |
| Canadian Dollar | 3/4/26 | &nbsp;&nbsp; (4462849) | &nbsp;&nbsp; 3208770 | &nbsp;&nbsp; (51862) |
| Euro | 3/4/26 | &nbsp;&nbsp; 17674405 | &nbsp;&nbsp; (20876361) | &nbsp;&nbsp; (48014) |
| Euro | 3/4/26 | &nbsp;&nbsp; 233442 | &nbsp;&nbsp; (272966) | &nbsp;&nbsp; 2135 |
| Euro | 3/4/26 | &nbsp;&nbsp; (15801009) | &nbsp;&nbsp; 18650418 | &nbsp;&nbsp; 29768 |
| Euro | 3/4/26 | &nbsp;&nbsp; (286893054) | &nbsp;&nbsp; 336298712 | &nbsp;&nbsp; (1789529) |
| Total |  |  |  | &nbsp;&nbsp; $(2009303) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Schedule of Futures*** | ***Schedule of Futures*** | ***Schedule of Futures*** | ***Schedule of Futures*** | ***Schedule of Futures*** |
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount*<br>| &nbsp;&nbsp; *Value and* <br>*Unrealized* <br>*Appreciation/(Depreciation)*<br>|
| *Futures Long:* |  |  |  |  |
| 10 Year US Treasury Note | 1996 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; $224425250 | &nbsp;&nbsp; $(1749552) |
| 2 Year US Treasury Note | 2779 | &nbsp;&nbsp; 4/3/26 | &nbsp;&nbsp; 580224803 | &nbsp;&nbsp; (370284) |
| 5 Year US Treasury Note | 8319 | &nbsp;&nbsp; 4/3/26 | &nbsp;&nbsp; 909305700 | &nbsp;&nbsp; (3770500) |
| Total - Futures Long |  |  |  | &nbsp;&nbsp; (5890336) |
| *Futures Short:* |  |  |  |  |
| Ultra 10 Year Treasury Note | 3237 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; (372305578) | &nbsp;&nbsp; 2267590 |
| Ultra Long Term US Treasury Bond | 875 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; (103250000) | &nbsp;&nbsp; 1561829 |
| US Treasury Long Bond | 317 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; (36643219) | &nbsp;&nbsp; 76893 |
| Total - Futures Short |  |  |  | &nbsp;&nbsp; 3906312 |
| Total |  |  |  | &nbsp;&nbsp; $(1984024) |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 23

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Total Return Swaps*** | ***Schedule of Total Return Swaps*** | ***Schedule of Total Return Swaps*** | ***Schedule of Total Return Swaps*** | ***Schedule of Total Return Swaps*** | ***Schedule of Total Return Swaps*** |  |
| *Counterparty/* <br>*Return Paid* <br>*by the Fund*<br>| *Return Received* <br>*by the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount*<br>|  | &nbsp;&nbsp; *Swap* <br>*Contracts, at* <br>*Value and* <br>*Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| JPMorgan Chase Bank, National <br> Association:<br>|  |  |  |  |  |  |
| USD SOFR + 0.19% | Janus Henderson AAA CLO ETF | Quarterly | &nbsp;&nbsp; 1/23/26 | &nbsp;&nbsp; $278324216 | USD | &nbsp;&nbsp; $(2588090) |

---

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, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** |
|  | *Credit* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| *Asset Derivatives:* |  |  |  |  |
| Forward foreign currency exchange contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31903 |
| <sup>\*</sup>Futures contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3906312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3906312 |
| Total Asset Derivatives | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3906312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3938215 |
| *Liability Derivatives:* |  |  |  |  |
| Forward foreign currency exchange contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2041206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2041206 |
| Swaps - OTC, at value | 2588090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2588090 |
| <sup>\*</sup>Futures contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5890336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5890336 |
| Total Liability Derivatives | $2588090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2041206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5890336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10519632 |

---

\* 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, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** |
| *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*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| Futures contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7687952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7687952 |
| Forward foreign currency exchange contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9633794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(9633794) |
| Swap contracts | 3313828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3313828 |
| Total | $3313828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(9633794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7687952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1367986 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

24 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| Futures contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(6365150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(6365150) |
| Forward foreign currency exchange contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11894855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11894855 |
| Swap contracts | (1990766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1990766) |
| Total | $(1990766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11894855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(6365150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3538939 |

---

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, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2025** |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased - in USD | $57936209 |
| Average amounts sold - in USD | 331868133 |
| Futures contracts: |  |
| Average notional amount of contracts - long | 1953936270 |
| Average notional amount of contracts - short | 488094354 |
| Total return swaps: |  |
| Average notional amount | 266164951 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Assets*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| BNP Paribas | $31903 | &nbsp;&nbsp; $(31903) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| JPMorgan Chase Bank, National Association | 88960501 | &nbsp;&nbsp; — | &nbsp;&nbsp; (88960501) | &nbsp;&nbsp; — |
| Total | $88992404 | &nbsp;&nbsp; $(31903) | &nbsp;&nbsp; $(88960501) | &nbsp;&nbsp; $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Liabilities*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| BNP Paribas | $2041206 | &nbsp;&nbsp; $(31903) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2009303 |
| JPMorgan Chase Bank, National Association | 2588090 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1210000) | &nbsp;&nbsp; 1378090 |
| Total | $4629296 | &nbsp;&nbsp; $(31903) | &nbsp;&nbsp; $(1210000) | &nbsp;&nbsp; $3387393 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 25

------

**Janus Henderson Multi-Sector Income Fund**

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

---

| | |
|:---|:---|
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| ICE | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| OTC | Over-the-Counter |
| 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 |
| SONIA | Sterling Overnight Interbank Average Rate |
| TBA | (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate <br> principal amount and no defined maturity date. The actual principal and maturity date will be determined upon <br> settlement when specific mortgage pools are assigned.<br>|
| ULC | Unlimited Liability Company |

---

---

| |
|:---|
| &nbsp;&nbsp; Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale <br> and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be <br> liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2025 <br> is $4,611,524,217, which represents 70.0% of net assets.<br>|
| Non-income producing security. |
| &nbsp;&nbsp; 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 <br> will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements.<br>|
| &nbsp;&nbsp; Variable or floating rate security. Rate shown is the current rate as of December 31, 2025. Certain variable rate securities are not based on <br> a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as <br> of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.<br>|
| Rate shown is the 7-day yield as of December 31, 2025. |
| Loaned security; a portion of the security is on loan at December 31, 2025. |
| &nbsp;&nbsp; Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if <br> any, represents the next call date.<br>|
| &nbsp;&nbsp; Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the <br> current rate.<br>|
| Zero coupon bond. |
| &nbsp;&nbsp; Interest only security. An interest only security represents the interest only portion of a pool of underlying mortgages or mortgage-backed <br> securities which are separated and sold individually from the principal portion of the securities. Principal amount shown represents the par <br> value on which interest payments are based.<br>|
| &nbsp;&nbsp; Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and <br> possible payment rates.<br>|
| Security is in default, thus not accruing interest income. The rate and maturity date shown is as of the contractual maturity date. |
| &nbsp;&nbsp; Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended December 31, 2025 is <br> $43,394,469, which represents 0.7% of net assets.<br>|
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

26 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

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

§ Schedule of Restricted Securities (as of December 31, 2025)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Acquisition* <br>*Date*<br>| *Cost* | *Value* | &nbsp;&nbsp; *Value as a* <br>*% of Net* <br>*Assets*<br>|
| GCI/Liberty - Series A | 7/14/25 | &nbsp;&nbsp; $9750000 | $9750000 | &nbsp;&nbsp;&nbsp;&nbsp; 0.1<br> %<br>|
| Oasis Securitization 2024-1A A, 5.8800%, 9/30/38 | 9/24/24 | &nbsp;&nbsp; 7998825 | 8003150 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Oasis Securitization 2024-1A B, 7.9100%, 9/30/38 | 9/24/24 | &nbsp;&nbsp; 2999222 | 3007215 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Total |  | &nbsp;&nbsp; $20748047 | $20760365 | &nbsp;&nbsp; 0.2% |

---

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, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Asset-Backed/Commercial Mortgage-Backed Securities* | $- | &nbsp;&nbsp; $3052769713 | &nbsp;&nbsp; $16046556 |
| *Bank Loans and Mezzanine Loans* | - | &nbsp;&nbsp; 669324399 | &nbsp;&nbsp; - |
| *Corporate Bonds* | - | &nbsp;&nbsp; 2198525441 | &nbsp;&nbsp; - |
| *Promissory Notes* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 589778 |
| *Mortgage-Backed Securities* | - | &nbsp;&nbsp; 1433866194 | &nbsp;&nbsp; - |
| *Common Stocks* |  |  |  |
| Advertising | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 9328 |
| Semiconductor & Semiconductor Equipment | 5775717 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Preferred Stocks* | - | &nbsp;&nbsp; 7150718 | &nbsp;&nbsp; - |
| *Private Placements* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 9750000 |
| *Private Preferred Equity* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 16998807 |
| *Investment Companies* | 250240687 | &nbsp;&nbsp; 273219035 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 92610042 | &nbsp;&nbsp; - |
| Total Investments in Securities | $256016404 | &nbsp;&nbsp; $7727465542 | &nbsp;&nbsp; $43394469 |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | - | &nbsp;&nbsp; 31903 | &nbsp;&nbsp; - |
| *Futures Contracts* | 3906312 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| **Total Assets** | $259922716 | &nbsp;&nbsp; $7727497445 | &nbsp;&nbsp; $43394469 |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | $- | &nbsp;&nbsp; $2041206 | &nbsp;&nbsp; $- |
| *Futures Contracts* | 5890336 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *OTC Swaps* | - | &nbsp;&nbsp; 2588090 | &nbsp;&nbsp; - |
| **Total Liabilities** | $5890336 | &nbsp;&nbsp; $4629296 | &nbsp;&nbsp; $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 centrally
 cleared 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, written swaptions, and OTC swaps are reported at their market value at measurement date.

Janus Investment Fund \| 27

------

**Janus Henderson Multi-Sector Income Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $7,387,870,867)<sup>(1)</sup> <br>| $7429328659 |
| Affiliated investments, at value (cost $584,528,565) | 597547756 |
| Collateral for To Be Announced transactions | 4448973 |
| Deposits with brokers for futures | 3010723 |
| Deposits with brokers for OTC derivatives | 1210000 |
| Forward foreign currency exchange contracts | 31903 |
| Cash denominated in foreign currency (cost $442,456) | 442456 |
| Variation margin receivable on futures contracts | 1004381 |
| Trustees' deferred compensation | 193556 |
| Receivables: |  |
| Interest | 62498125 |
| Investments sold | 56226893 |
| Fund shares sold | 8584261 |
| Dividends from affiliates | 905753 |
| Dividends | 87333 |
| Other assets | 568023 |
| Total Assets | 8166088795 |
| Liabilities: |  |
| Due to custodian | 634225 |
| Collateral for securities loaned (Note 3) | 92610042 |
| Forward foreign currency exchange contracts | 2041206 |
| OTC swap contracts, at value (premium paid/received $0) | 2588090 |
| Variation margin payable on futures contracts | 1575719 |
| Payables: |  |
| TBA investments purchased | 1321070579 |
| Investments purchased | 135712495 |
| Fund shares repurchased | 14100140 |
| Advisory fees | 2779000 |
| Dividends | 1934722 |
| Transfer agent fees and expenses | 786928 |
| Trustees' deferred compensation fees | 193556 |
| 12b-1 Distribution and shareholder servicing fees | 135274 |
| Affiliated fund administration fees payable | 14314 |
| Professional fees | 12552 |
| Trustees' fees and expenses | 3206 |
| Custodian fees | 1903 |
| Accrued expenses and other payables | 708026 |
| Total Liabilities | 1576901977 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $6589186818 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

28 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $6924726209 |
| Total distributable earnings (loss) | (335539391) |
| Total Net Assets | $6589186818 |
| Net Assets - Class A Shares | $139432011 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 15865682 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $8.79 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $9.23 |
| Net Assets - Class C Shares | $119199466 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 13560074 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $8.79 |
| Net Assets - Class D Shares | $129865625 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 14773855 |
| Net Asset Value Per Share | $8.79 |
| Net Assets - Class I Shares | $5958429979 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 677984205 |
| Net Asset Value Per Share | $8.79 |
| Net Assets - Class N Shares | $144068005 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 16390912 |
| Net Asset Value Per Share | $8.79 |
| Net Assets - Class S Shares | $10096788 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1149364 |
| Net Asset Value Per Share | $8.78 |
| Net Assets - Class T Shares | $88094944 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 10026550 |
| Net Asset Value Per Share | $8.79 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $88,960,501 of securities on loan. See Note 3 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Maximum offering price is computed at 100/95.25 of net asset value.

See Notes to Financial Statements.

Janus Investment Fund \| 29

------

**Janus Henderson Multi-Sector Income Fund**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Interest | $199525011 |
| Dividends from affiliates | 16240993 |
| Dividends | 1403927 |
| Affiliated securities lending income, net | 183843 |
| Unaffiliated securities lending income, net | 46456 |
| Other income | 66732 |
| Total Investment Income | 217466962 |
| Expenses: |  |
| Advisory fees | 16049705 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 151456 |
| Class C Shares | 530075 |
| Class S Shares | 11258 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 67179 |
| Class S Shares | 11257 |
| Class T Shares | 102121 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 29261 |
| Class C Shares | 36221 |
| Class I Shares | 2722139 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 3177 |
| Class C Shares | 2447 |
| Class D Shares | 8795 |
| Class I Shares | 74519 |
| Class N Shares | 3789 |
| Class S Shares | 53 |
| Class T Shares | 362 |
| Shareholder reports expense | 306186 |
| Registration fees | 112471 |
| Affiliated fund administration fees | 106848 |
| Professional fees | 71264 |
| Custodian fees | 70852 |
| Trustees' fees and expenses | 59841 |
| Other expenses | 469006 |
| Total Expenses | 21000282 |
| Less: Excess Expense Reimbursement and Waivers | (631991) |
| Net Expenses | 20368291 |
| Net Investment Income/(Loss) | 197098671 |

---

See Notes to Financial Statements.

30 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | $65615671 |
| Investments in affiliates | (2005) |
| Forward foreign currency exchange contracts | (9633794) |
| Futures contracts | 7687952 |
| Swap contracts | 3313828 |
| Total Net Realized Gain/(Loss) on Investments | 66981652 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (12321266) |
| Investments in affiliates | 9003289 |
| Forward foreign currency exchange contracts | 11894855 |
| Futures contracts | (6365150) |
| Swap contracts | (1990766) |
| Total Change in Unrealized Net Appreciation/Depreciation | 220962 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $264301285 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 31

------

**Janus Henderson Multi-Sector Income Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*December 31, 2025* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*June 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $197098671 | &nbsp;&nbsp; $328892781 |
| Net realized gain/(loss) on investments | 66981652 | &nbsp;&nbsp; 12658557 |
| Change in unrealized net appreciation/depreciation | 220962 | &nbsp;&nbsp; 91328964 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 264301285 | &nbsp;&nbsp; 432880302 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (3890643) | &nbsp;&nbsp; (4757680) |
| Class C Shares | (3142246) | &nbsp;&nbsp; (5111957) |
| Class D Shares | (4132344) | &nbsp;&nbsp; (7401326) |
| Class I Shares | (187555162) | &nbsp;&nbsp; (309153131) |
| Class N Shares | (4650009) | &nbsp;&nbsp; (6756910) |
| Class S Shares | (278794) | &nbsp;&nbsp; (279267) |
| Class T Shares | (2647247) | &nbsp;&nbsp; (5612551) |
| Net Decrease from Dividends and Distributions to Shareholders | (206296445) | &nbsp;&nbsp; (339072822) |
| Capital Share Transactions: |  |  |
| Class A Shares | 36605181 | &nbsp;&nbsp; 50587374 |
| Class C Shares | 17871145 | &nbsp;&nbsp; 31353495 |
| Class D Shares | 8805319 | &nbsp;&nbsp; 21727170 |
| Class I Shares | 830787875 | &nbsp;&nbsp; 1239342445 |
| Class N Shares | 17725039 | &nbsp;&nbsp; 43223357 |
| Class S Shares | 3892810 | &nbsp;&nbsp; 2496009 |
| Class T Shares | 10139993 | &nbsp;&nbsp; (5087577) |
| Net Increase/(Decrease) from Capital Share Transactions | 925827362 | &nbsp;&nbsp; 1383642273 |
| Net Increase/(Decrease) in Net Assets | 983832202 | &nbsp;&nbsp; 1477449753 |
| Net Assets: |  |  |
| Beginning of period | 5605354616 | &nbsp;&nbsp; 4127904863 |
| End of period | $6589186818 | &nbsp;&nbsp; $5605354616 |

---

See Notes to Financial Statements.

32 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $8.71 | &nbsp;&nbsp; $8.53 | &nbsp;&nbsp; $8.44 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $10.12 | &nbsp;&nbsp; $9.47 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net realized and unrealized gain/(loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Total from Investment Operations | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.28) | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.41) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.28) | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.41) |
| Net Asset Value, End of Period | $8.79 | &nbsp;&nbsp; $8.71 | &nbsp;&nbsp; $8.53 | &nbsp;&nbsp; $8.44 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $10.12 |
| Total Return<sup>\*</sup> <br>| 4.24% | &nbsp;&nbsp; 9.02% | &nbsp;&nbsp; 8.15% | &nbsp;&nbsp; 2.50% | &nbsp;&nbsp; (10.18)% | &nbsp;&nbsp; 11.38% <br><sup>(3)</sup><br>|
| Net Assets, End of Period (in thousands) | $139432 | &nbsp;&nbsp; $101730 | &nbsp;&nbsp; $49637 | &nbsp;&nbsp; $34132 | &nbsp;&nbsp; $49566 | &nbsp;&nbsp; $67032 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.87% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.91% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.85% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.91% |
| Ratio of Net Investment Income/(Loss) | 6.18% | &nbsp;&nbsp; 6.38% | &nbsp;&nbsp; 6.78% | &nbsp;&nbsp; 5.64% | &nbsp;&nbsp; 3.43% | &nbsp;&nbsp; 3.91% |
| Portfolio Turnover Rate<sup>(4)</sup> <br>| 49% | &nbsp;&nbsp; 71% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(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%. 

(4) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

Janus Investment Fund \| 33

------

**Janus Henderson Multi-Sector Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $8.71 | &nbsp;&nbsp; $8.53 | &nbsp;&nbsp; $8.44 | &nbsp;&nbsp; $8.74 | &nbsp;&nbsp; $10.12 | &nbsp;&nbsp; $9.47 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain/(loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Total from Investment Operations | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.25) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.34) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.25) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.34) |
| Net Asset Value, End of Period | $8.79 | &nbsp;&nbsp; $8.71 | &nbsp;&nbsp; $8.53 | &nbsp;&nbsp; $8.44 | &nbsp;&nbsp; $8.74 | &nbsp;&nbsp; $10.12 |
| Total Return<sup>\*</sup> <br>| 3.86% | &nbsp;&nbsp; 8.22% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; (10.75)% | &nbsp;&nbsp; 10.58% <br><sup>(3)</sup><br>|
| Net Assets, End of Period (in thousands) | $119199 | &nbsp;&nbsp; $100312 | &nbsp;&nbsp; $67407 | &nbsp;&nbsp; $55343 | &nbsp;&nbsp; $62504 | &nbsp;&nbsp; $71133 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.60% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 1.64% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.58% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 1.64% |
| Ratio of Net Investment Income/(Loss) | 5.44% | &nbsp;&nbsp; 5.64% | &nbsp;&nbsp; 6.03% | &nbsp;&nbsp; 4.99% | &nbsp;&nbsp; 2.70% | &nbsp;&nbsp; 3.19% |
| Portfolio Turnover Rate<sup>(4)</sup> <br>| 49% | &nbsp;&nbsp; 71% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(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%. 

(4) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

34 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $8.71 | &nbsp;&nbsp; $8.53 | &nbsp;&nbsp; $8.44 | &nbsp;&nbsp; $8.74 | &nbsp;&nbsp; $10.12 | &nbsp;&nbsp; $9.47 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net realized and unrealized gain/(loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Total from Investment Operations | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.29) | &nbsp;&nbsp; (0.58) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.43) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.29) | &nbsp;&nbsp; (0.58) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.43) |
| Net Asset Value, End of Period | $8.79 | &nbsp;&nbsp; $8.71 | &nbsp;&nbsp; $8.53 | &nbsp;&nbsp; $8.44 | &nbsp;&nbsp; $8.74 | &nbsp;&nbsp; $10.12 |
| Total Return<sup>\*</sup> <br>| 4.33% | &nbsp;&nbsp; 9.22% | &nbsp;&nbsp; 8.34% | &nbsp;&nbsp; 2.55% | &nbsp;&nbsp; (9.93)% | &nbsp;&nbsp; 11.57% <br><sup>(3)</sup><br>|
| Net Assets, End of Period (in thousands) | $129866 | &nbsp;&nbsp; $119896 | &nbsp;&nbsp; $96046 | &nbsp;&nbsp; $85806 | &nbsp;&nbsp; $91299 | &nbsp;&nbsp; $108418 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.69% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.74% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.67% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.74% |
| Ratio of Net Investment Income/(Loss) | 6.34% | &nbsp;&nbsp; 6.56% | &nbsp;&nbsp; 6.96% | &nbsp;&nbsp; 5.88% | &nbsp;&nbsp; 3.61% | &nbsp;&nbsp; 4.07% |
| Portfolio Turnover Rate<sup>(4)</sup> <br>| 49% | &nbsp;&nbsp; 71% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(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%. 

(4) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

Janus Investment Fund \| 35

------

**Janus Henderson Multi-Sector Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year <br> ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $8.71 | &nbsp;&nbsp; $8.53 | &nbsp;&nbsp; $8.44 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $10.12 | &nbsp;&nbsp; $9.47 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Net realized and unrealized gain/(loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (1.34) | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Total from Investment Operations | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.29) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.43) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.29) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.43) |
| Net Asset Value, End of Period | $8.79 | &nbsp;&nbsp; $8.71 | &nbsp;&nbsp; $8.53 | &nbsp;&nbsp; $8.44 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $10.12 |
| Total Return<sup>\*</sup> <br>| 4.35% | &nbsp;&nbsp; 9.26% | &nbsp;&nbsp; 8.39% | &nbsp;&nbsp; 2.72% | &nbsp;&nbsp; (9.99)% | &nbsp;&nbsp; 11.63% <br><sup>(3)</sup><br>|
| Net Assets, End of Period (in thousands) | $5958430 | &nbsp;&nbsp; $5075046 | &nbsp;&nbsp; $3750736 | &nbsp;&nbsp; $2550145 | &nbsp;&nbsp; $2522907 | &nbsp;&nbsp; $2570289 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.66% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.63% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% |
| Ratio of Net Investment Income/(Loss) | 6.38% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 7.01% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 3.68% | &nbsp;&nbsp; 4.13% |
| Portfolio Turnover Rate<sup>(4)</sup> <br>| 49% | &nbsp;&nbsp; 71% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(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%. 

(4) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

36 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $8.71 | &nbsp;&nbsp; $8.53 | &nbsp;&nbsp; $8.44 | &nbsp;&nbsp; $8.74 | &nbsp;&nbsp; $10.12 | &nbsp;&nbsp; $9.47 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Net realized and unrealized gain/(loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Total from Investment Operations | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.30) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.44) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.30) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.44) |
| Net Asset Value, End of Period | $8.79 | &nbsp;&nbsp; $8.71 | &nbsp;&nbsp; $8.53 | &nbsp;&nbsp; $8.44 | &nbsp;&nbsp; $8.74 | &nbsp;&nbsp; $10.12 |
| Total Return<sup>\*</sup> <br>| 4.40% | &nbsp;&nbsp; 9.36% | &nbsp;&nbsp; 8.49% | &nbsp;&nbsp; 2.70% | &nbsp;&nbsp; (9.80)% | &nbsp;&nbsp; 11.73% <br><sup>(3)</sup><br>|
| Net Assets, End of Period (in thousands) | $144068 | &nbsp;&nbsp; $125067 | &nbsp;&nbsp; $79743 | &nbsp;&nbsp; $73779 | &nbsp;&nbsp; $68120 | &nbsp;&nbsp; $121983 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.56% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.60% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.54% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.60% |
| Ratio of Net Investment Income/(Loss) | 6.47% | &nbsp;&nbsp; 6.69% | &nbsp;&nbsp; 7.09% | &nbsp;&nbsp; 6.06% | &nbsp;&nbsp; 3.73% | &nbsp;&nbsp; 4.21% |
| Portfolio Turnover Rate<sup>(4)</sup> <br>| 49% | &nbsp;&nbsp; 71% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(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%. 

(4) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

Janus Investment Fund \| 37

------

**Janus Henderson Multi-Sector Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $8.70 | &nbsp;&nbsp; $8.52 | &nbsp;&nbsp; $8.43 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $10.11 | &nbsp;&nbsp; $9.46 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net realized and unrealized gain/(loss) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (1.34) | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Total from Investment Operations | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.27) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.41) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.27) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.41) |
| Net Asset Value, End of Period | $8.78 | &nbsp;&nbsp; $8.70 | &nbsp;&nbsp; $8.52 | &nbsp;&nbsp; $8.43 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $10.11 |
| Total Return<sup>\*</sup> <br>| 4.13% | &nbsp;&nbsp; 8.76% | &nbsp;&nbsp; 7.92% | &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; (10.30)% | &nbsp;&nbsp; 11.32% <br><sup>(3)</sup><br>|
| Net Assets, End of Period (in thousands) | $10097 | &nbsp;&nbsp; $6115 | &nbsp;&nbsp; $3517 | &nbsp;&nbsp; $2030 | &nbsp;&nbsp; $1202 | &nbsp;&nbsp; $745 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.10% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.33% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.07% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 0.98% |
| Ratio of Net Investment Income/(Loss) | 5.95% | &nbsp;&nbsp; 6.12% | &nbsp;&nbsp; 6.57% | &nbsp;&nbsp; 5.66% | &nbsp;&nbsp; 3.33% | &nbsp;&nbsp; 3.88% |
| Portfolio Turnover Rate<sup>(4)</sup> <br>| 49% | &nbsp;&nbsp; 71% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(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%. 

(4) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

38 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $8.70 | &nbsp;&nbsp; $8.52 | &nbsp;&nbsp; $8.43 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $10.12 | &nbsp;&nbsp; $9.47 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net realized and unrealized gain/(loss) | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (1.34) | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Total from Investment Operations | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.29) | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (0.58) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.42) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.29) | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (0.58) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.42) |
| Net Asset Value, End of Period | $8.79 | &nbsp;&nbsp; $8.70 | &nbsp;&nbsp; $8.52 | &nbsp;&nbsp; $8.43 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $10.12 |
| Total Return<sup>\*</sup> <br>| 4.40% | &nbsp;&nbsp; 9.10% | &nbsp;&nbsp; 8.23% | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; (10.12)% | &nbsp;&nbsp; 11.47% <br><sup>(3)</sup><br>|
| Net Assets, End of Period (in thousands) | $88095 | &nbsp;&nbsp; $77189 | &nbsp;&nbsp; $80820 | &nbsp;&nbsp; $94916 | &nbsp;&nbsp; $159043 | &nbsp;&nbsp; $229774 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.81% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.85% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.78% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% |
| Ratio of Net Investment Income/(Loss) | 6.23% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.86% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 3.50% | &nbsp;&nbsp; 4.01% |
| Portfolio Turnover Rate<sup>(4)</sup> <br>| 49% | &nbsp;&nbsp; 71% | &nbsp;&nbsp; 58% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(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%. 

(4) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

Janus Investment Fund \| 39

------

**Janus Henderson Multi-Sector Income Fund**

**Notes to Financial Statements (unaudited)**

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

**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 34 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 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. 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 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, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

40 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Notes to Financial Statements (unaudited)**

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 Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended December 31, 2025. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

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

**Valuation Inputs Summary**

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

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

Janus Investment Fund \| 41

------

**Janus Henderson Multi-Sector Income 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 period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

The following describes the amounts of transfers into or out of Level 3 of the fair value hierarchy during the period.

Financial assets of $232,500 were transferred out of Level 3 to Level 2 since certain securities prices were determined using other significant observable inputs at the end of the current period and significant unobservable inputs at the end

of the prior fiscal year.

The Fund's management has determined the Fund did not hold a significant amount of Level 3 securities as of

December 31, 2025.

**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 an 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.

42 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Notes to Financial Statements (unaudited)**

**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.

**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.

**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, 2025 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.

Janus Investment Fund \| 43

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**Janus Henderson Multi-Sector Income Fund**

**Notes to Financial Statements (unaudited)**

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

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**Janus Henderson Multi-Sector Income Fund**

**Notes to Financial Statements (unaudited)**

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 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.

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**Janus Henderson Multi-Sector Income 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.

Total return swaps involve an exchange by two parties in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains over the payment period. A fixed-income total return swap may be written on many different kinds of underlying reference assets, and may include different indices for various kinds of debt

securities (e.g., U.S. investment grade bonds, high-yield bonds, or emerging market bonds).

During the period, the Fund entered into total return swaps on credit indices to increase exposure to credit risk. These total return swaps require the Fund to pay a floating reference interest rate, and an amount equal to the negative price movement of an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the

positive price movement of the same index multiplied by the notional amount of the contract.

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**Janus Henderson Multi-Sector Income Fund**

**Notes to Financial Statements (unaudited)**

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

**3. Other Investments and Strategies**

**Market 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 value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**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.

**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, 2025.

&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 Secured Overnight Financing Rate ("SOFR"). 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

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**Janus Henderson Multi-Sector Income Fund**

**Notes to Financial Statements (unaudited)**

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. 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.

**Restricted Security Transactions**

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk

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**Janus Henderson Multi-Sector Income Fund**

**Notes to Financial Statements (unaudited)**

of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets

exist.

**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 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 mitigate the counterparty credit risk and in accordance with FINRA 4210 regulatory requirements on TBA commitments and other types of forward-settling transactions, the Fund enters into a Master Securities Forward Transaction Agreement ("MSFTA") bilaterally with each counterparty with which it undertakes transactions. An MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of an MSFTA, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by the defaulting party.

This right to close out and net payments across all transactions traded under an MSFTA may result in a reduction of the Fund's credit risk to such counterparty equal to any amounts payable by the Fund under the applicable transactions, if any.

For mortgage-backed and asset-backed securities traded under an MSFTA, the collateral and margining requirements are contract specific. Amounts across all transactions traded under an MSFTA are netted and an amount is posted from one party to the other to collateralize such obligations. Cash that has been pledged to cover the Fund's collateral or margin obligations under an MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as

restricted cash.

**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

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**Janus Henderson Multi-Sector Income Fund**

**Notes to Financial Statements (unaudited)**

(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 Securities and Exchange Commission (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

50 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Notes to Financial Statements (unaudited)**

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" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of December 31, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $88,960,501. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2025 is $92,610,042,

resulting in the net amount due from the counterparty of $3,649,541.

**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, 2025" 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 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).

---

| | |
|:---|:---|
| &nbsp;&nbsp; *Average Daily Net* <br>*Assets of the Fund*<br>| *Contractual Investment* <br>*Advisory Fee (%)*<br>|
| First $1 Billion | 0.55 |
| Next $2 Billion | 0.52 |
| Over $3 Billion | 0.50 |

---

The Fund's actual investment advisory fee rate for the reporting period was 0.52% of average annual net assets before

any applicable waivers.

Janus Investment Fund \| 51

------

**Janus Henderson Multi-Sector Income Fund**

**Notes to Financial Statements (unaudited)**

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, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.64% for at least a one-year period commencing on October 28, 2025. 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 each Fund's management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange traded funds ("ETFs") in which the Fund invests. The Adviser has agreed to continue the waivers for at least a one-year period commencing October 28, 2025. 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. During the period ended December 31, 2025, the Adviser waived $628,750 of the Fund's management fee, attributable to the Fund's investment in the Janus

Henderson Emerging Markets Debt Hard Currency 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 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 $225,317 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2025. 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 0.11%.

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,

52 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Notes to Financial Statements (unaudited)**

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, 2025, the Distributor

retained upfront sales charges of $13,424.

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, 2025, redeeming shareholders of Class A Shares paid CDSCs of $1,324 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, 2025, redeeming shareholders of Class C

Shares paid CDSCs of $4,832.

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, 2025 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, 2025 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. There were no deferred fees paid by the Trust to the

Janus Investment Fund \| 53

------

**Janus Henderson Multi-Sector Income Fund**

**Notes to Financial Statements (unaudited)**

Trustees under the Deferred Plan during the period ended December 31, 2025.

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 at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government 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). 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, 2025 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.

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2025, 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* |  |
| *For the year ended June 30, 2025* | *For the year ended June 30, 2025* |  |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | &nbsp;&nbsp; Accumulated <br>Capital Losses<br>|
| $(219882655) | &nbsp;&nbsp; $(234744091) | &nbsp;&nbsp; $(454626746) |

---

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, 2025 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships, and

passive foreign investment companies.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $7968746481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $118597930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(60467996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $58129934 |

---

Information on the tax components of derivatives as of December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax* <br>*Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3938215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(10519632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(6581417) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

constitute adjustments to tax basis.

54 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Notes to Financial Statements (unaudited)**

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

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2025* | *Period ended December 31, 2025* | *Year ended June 30, 2025* | *Year ended June 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 6045415 | &nbsp;&nbsp; $52956689 | &nbsp;&nbsp; 8009704 | &nbsp;&nbsp; $69068554 |
| Reinvested dividends and distributions | 415988 | &nbsp;&nbsp; 3646172 | &nbsp;&nbsp; 516258 | &nbsp;&nbsp; 4459878 |
| Shares repurchased | (2281698) | &nbsp;&nbsp; (19997680) | &nbsp;&nbsp; (2662236) | &nbsp;&nbsp; (22941058) |
| Net Increase/(Decrease) | 4179705 | &nbsp;&nbsp; $36605181 | &nbsp;&nbsp; 5863726 | &nbsp;&nbsp; $50587374 |
| Class C Shares: |  |  |  |  |
| Shares sold | 3024278 | &nbsp;&nbsp; $26498755 | &nbsp;&nbsp; 5326709 | &nbsp;&nbsp; $46087552 |
| Reinvested dividends and distributions | 346843 | &nbsp;&nbsp; 3040780 | &nbsp;&nbsp; 575858 | &nbsp;&nbsp; 4977868 |
| Shares repurchased | (1331834) | &nbsp;&nbsp; (11668390) | &nbsp;&nbsp; (2286155) | &nbsp;&nbsp; (19711925) |
| Net Increase/(Decrease) | 2039287 | &nbsp;&nbsp; $17871145 | &nbsp;&nbsp; 3616412 | &nbsp;&nbsp; $31353495 |
| Class D Shares: |  |  |  |  |
| Shares sold | 2099548 | &nbsp;&nbsp; $18387453 | &nbsp;&nbsp; 5806239 | &nbsp;&nbsp; $50056865 |
| Reinvested dividends and distributions | 433586 | &nbsp;&nbsp; 3800844 | &nbsp;&nbsp; 785533 | &nbsp;&nbsp; 6791169 |
| Shares repurchased | (1529393) | &nbsp;&nbsp; (13382978) | &nbsp;&nbsp; (4083893) | &nbsp;&nbsp; (35120864) |
| Net Increase/(Decrease) | 1003741 | &nbsp;&nbsp; $8805319 | &nbsp;&nbsp; 2507879 | &nbsp;&nbsp; $21727170 |
| Class I Shares: |  |  |  |  |
| Shares sold | 140995833 | &nbsp;&nbsp; $1233682012 | &nbsp;&nbsp; 261084662 | &nbsp;&nbsp; $2252436673 |
| Reinvested dividends and distributions | 20384089 | &nbsp;&nbsp; 178639097 | &nbsp;&nbsp; 34524894 | &nbsp;&nbsp; 298327059 |
| Shares repurchased | (66386103) | &nbsp;&nbsp; (581533234) | &nbsp;&nbsp; (152551865) | &nbsp;&nbsp; (1311421287) |
| Net Increase/(Decrease) | 94993819 | &nbsp;&nbsp; $830787875 | &nbsp;&nbsp; 143057691 | &nbsp;&nbsp; $1239342445 |
| Class N Shares: |  |  |  |  |
| Shares sold | 4869391 | &nbsp;&nbsp; $42594547 | &nbsp;&nbsp; 8372580 | &nbsp;&nbsp; $72102826 |
| Reinvested dividends and distributions | 528793 | &nbsp;&nbsp; 4635049 | &nbsp;&nbsp; 764594 | &nbsp;&nbsp; 6608395 |
| Shares repurchased | (3371877) | &nbsp;&nbsp; (29504557) | &nbsp;&nbsp; (4123102) | &nbsp;&nbsp; (35487864) |
| Net Increase/(Decrease) | 2026307 | &nbsp;&nbsp; $17725039 | &nbsp;&nbsp; 5014072 | &nbsp;&nbsp; $43223357 |
| Class S Shares: |  |  |  |  |
| Shares sold | 481412 | &nbsp;&nbsp; $4197378 | &nbsp;&nbsp; 397530 | &nbsp;&nbsp; $3423074 |
| Reinvested dividends and distributions | 31752 | &nbsp;&nbsp; 278115 | &nbsp;&nbsp; 32275 | &nbsp;&nbsp; 278807 |
| Shares repurchased | (66501) | &nbsp;&nbsp; (582683) | &nbsp;&nbsp; (139752) | &nbsp;&nbsp; (1205872) |
| Net Increase/(Decrease) | 446663 | &nbsp;&nbsp; $3892810 | &nbsp;&nbsp; 290053 | &nbsp;&nbsp; $2496009 |
| Class T Shares: |  |  |  |  |
| Shares sold | 1980311 | &nbsp;&nbsp; $17349585 | &nbsp;&nbsp; 2858302 | &nbsp;&nbsp; $24696002 |
| Reinvested dividends and distributions | 296831 | &nbsp;&nbsp; 2600068 | &nbsp;&nbsp; 643600 | &nbsp;&nbsp; 5560209 |
| Shares repurchased | (1120440) | &nbsp;&nbsp; (9809660) | &nbsp;&nbsp; (4112583) | &nbsp;&nbsp; (35343788) |
| Net Increase/(Decrease) | 1156702 | &nbsp;&nbsp; $10139993 | &nbsp;&nbsp; (610681) | &nbsp;&nbsp; $(5087577) |

---

**7. Purchases and Sales of Investment Securities**

For the period ended December 31, 2025, 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*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $3694694689 | &nbsp;&nbsp;&nbsp;&nbsp; $2942276296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**8. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client consents, and

approval by Janus Henderson's shareholders. Management is assessing the impact to the funds.

Janus Investment Fund \| 55

------

**Janus Henderson Multi-Sector Income Fund**

**Notes to Financial Statements (unaudited)**

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

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 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.

56 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the 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 analyses 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 5, 2025 and December 9-10, 2025, 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 over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's 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, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. 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

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**Janus Henderson Multi-Sector Income Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment 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 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. Additionally, 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 and retain 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 at 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, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

58 \| December 31, 2025

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**Janus Henderson Multi-Sector Income Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, 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.

Janus Investment Fund \| 59

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**Janus Henderson Multi-Sector Income Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

60 \| December 31, 2025

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**Janus Henderson Multi-Sector Income Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

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.

Janus Investment Fund \| 61

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**Janus Henderson Multi-Sector Income Fund**

**Additional Information (unaudited)**

***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 identified by Broadridge using Morningstar category schema. 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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% 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 or service 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 considering performance trends, performance histories, recent fee reductions, investment structure changes, 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 institutional/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 institutional/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 the Adviser's explanation 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 the independent fee consultant's 2024 report 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 similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable 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) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

62 \| December 31, 2025

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**Janus Henderson Multi-Sector Income Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, 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 has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 63

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**Janus Henderson Multi-Sector Income Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market 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 reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian 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 had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

64 \| December 31, 2025

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**Janus Henderson Multi-Sector Income Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, 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.

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 receives 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 and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, 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. As part of their overall review of fund profitability, 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 fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 65

------

**Janus Henderson Multi-Sector Income Fund**

**Additional Information (unaudited)**

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 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, 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; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) 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 (3) by setting lower fixed fees from the start on the Flat-Rate Fee 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.

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 Janus Henderson 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.

Based on all of the information reviewed, including the recent and past research and analyses 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 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 other 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 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 such Janus Henderson Funds. 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

66 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Additional Information (unaudited)**

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.

Janus Investment Fund \| 67

------

**Janus Henderson Multi-Sector Income Fund**

**Notes**

68 \| December 31, 2025

------

**Janus Henderson Multi-Sector Income Fund**

**Notes**

Janus Investment Fund \| 69

------

![](imgb81d3edf2.gif)

*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

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93028 02-26

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SEMIANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson Short Duration Flexible Bond Fund**

Janus Investment Fund

![](img6b339ca21.gif)

------

**Table of Contents**

**Janus Henderson Short Duration Flexible Bond Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_c1a93a3e-1d75-40fe-abc5-2a23a7f4112a_SOI-SOI-RunningFooter-9_1)<br> [Management Investment Companies](#xx_c1a93a3e-1d75-40fe-abc5-2a23a7f4112a_SOI-SOI-RunningFooter-9_1)<br>|  |
| [Schedule of Investments](#xx_c1a93a3e-1d75-40fe-abc5-2a23a7f4112a_SOI-SOI-RunningFooter-9_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_c1a93a3e-1d75-40fe-abc5-2a23a7f4112a_SOI-SOI-RunningFooter-9_15) | 15 |
| [Statement of Assets and Liabilities](#xx_c1a93a3e-1d75-40fe-abc5-2a23a7f4112a_SAL-SAL-RunningFooter-9_1) | 17 |
| [Statement of Operations](#xx_c1a93a3e-1d75-40fe-abc5-2a23a7f4112a_SOP-SOP-RunningFooter-9_1) | 19 |
| [Statements of Changes in Net Assets](#xx_c1a93a3e-1d75-40fe-abc5-2a23a7f4112a_SOC-SOC-RunningFooter-9_1) | 20 |
| [Financial Highlights](#xx_c1a93a3e-1d75-40fe-abc5-2a23a7f4112a_FIHI-FIHI-RunningFooter-9_1) | 21 |
| [Notes to Financial Statements](#xx_c1a93a3e-1d75-40fe-abc5-2a23a7f4112a_NTF-NTF-RunningFooter-9_1) | 28 |
| [Items 8-11 - Additional Information](#xx_c1a93a3e-1d75-40fe-abc5-2a23a7f4112a_AI-AI-RunningFooter-9_1) | 44 |

---

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – 44.0% |  |  |
| 208 Park Avenue Mortgage Trust 2017-280P, CME Term SOFR 1 Month + <br> 1.1800%, 4.9580%, 9/15/34<sup>ž,</sup><sup>‡</sup> <br>| $2890000 | $2867757 |
| A&D Mortgage Trust 2024-NQM4 A1, 5.4640%, 8/25/69<sup>ž</sup> <br>| 1247079 | 1251799 |
| A&D Mortgage Trust 2024-NQM5 A1, 5.6990%, 11/25/69<sup>ž</sup> <br>| 549304 | 553025 |
| A&D Mortgage Trust 2025-NQM4 A1, 5.2250%, 10/25/70<sup>ž,</sup><sup>Ç</sup> <br>| 717808 | 719681 |
| Acacia LLC 2025-1 A, 5.2400%, 11/15/37<sup>ž</sup> <br>| 2221183 | 2223270 |
| Affirm Asset Securitization Trust 2024-A A, 5.6100%, 2/15/29<sup>ž</sup> <br>| 692000 | 693141 |
| Affirm Master Trust 2025-3A A, 4.4500%, 10/16/34<sup>ž</sup> <br>| 797000 | 797708 |
| AGL CLO 1 Ltd 2023-26A A1R, CME Term SOFR 3 Month + 1.2800%, <br> 5.1500%, 10/21/38<sup>ž,</sup><sup>‡</sup> <br>| 2614000 | 2621340 |
| ALA Trust 2025-OANA A, CME Term SOFR 1 Month + 1.7426%, 5.4936%, <br> 6/15/40<sup>ž,</sup><sup>‡</sup> <br>| 1658000 | 1662742 |
| ALA Trust 2025-OANA B, CME Term SOFR 1 Month + 1.8425%, 5.5935%, <br> 6/15/40<sup>ž,</sup><sup>‡</sup> <br>| 568000 | 570193 |
| Alloya Auto Receivables Trust 2025-1A A3, 4.6900%, 12/26/28<sup>ž</sup> <br>| 2456000 | 2471679 |
| Ally Bank Auto Credit-Linked Notes 2024-A A2, 5.6810%, 5/17/32<sup>ž</sup> <br>| 1051584 | 1067098 |
| Ally Bank Auto Credit-Linked Notes 2024-B A2, 4.9700%, 9/15/32<sup>ž</sup> <br>| 1333414 | 1346156 |
| Ally Bank Auto Credit-Linked Notes 2025-B A2, 4.3050%, 9/15/33<sup>ž</sup> <br>| 2138782 | 2144459 |
| Alterna Funding LLC 2024-1A A, 6.2600%, 5/16/39<sup>ž</sup> <br>| 1483026 | 1486357 |
| Angel Oak Mortgage Trust I LLC 2019-5, 2.5930%, 10/25/49<sup>ž,</sup><sup>‡</sup> <br>| 36659 | 36315 |
| Angel Oak Mortgage Trust I LLC 2019-6, Refinitiv USD IBOR Consumer Cash <br> Fallbacks 1 Year + 0.9500%, 2.6200%, 11/25/59<sup>ž,</sup><sup>‡</sup> <br>| 31383 | 31092 |
| Angel Oak Mortgage Trust I LLC 2024-5 A1, 4.9500%, 7/25/68<sup>ž,</sup><sup>Ç</sup> <br>| 1599349 | 1600107 |
| Angel Oak Mortgage Trust I LLC 2025-6 A1, 5.5150%, 4/25/70<sup>ž,</sup><sup>Ç</sup> <br>| 1149218 | 1159543 |
| Ansley Park Capital LLC 2025-A A2, 4.4300%, 4/20/35<sup>ž</sup> <br>| 780000 | 783520 |
| Aqua Finance Trust 2021-A A, 1.5400%, 7/17/46<sup>ž</sup> <br>| 213361 | 196003 |
| Aqua Finance Trust 2025-B A, 4.7900%, 5/17/51<sup>ž</sup> <br>| 1582809 | 1578892 |
| Babson CLO Ltd LP-5A A, CME Term SOFR 3 Month + 1.2200%, 5.1044%, <br> 1/22/35<sup>ž,</sup><sup>‡</sup> <br>| 1777880 | 1778492 |
| Bain Capital Credit CLO Ltd 2023-3A A1R, CME Term SOFR 3 Month + <br> 1.3100%, 5.1754%, 10/25/38<sup>ž,</sup><sup>‡</sup> <br>| 1490000 | 1493776 |
| Bayview Opportunity Master Fund 2021-4 A11, US 30 Day Average SOFR + <br> 0.8500%, 4.7242%, 10/25/51<sup>ž,</sup><sup>‡</sup> <br>| 1589759 | 1478726 |
| Bayview Opportunity Master Fund 2021-5 AF, US 30 Day Average SOFR + <br> 0.8500%, 4.7242%, 11/25/51<sup>ž,</sup><sup>‡</sup> <br>| 1514006 | 1408684 |
| Bayview Opportunity Master Fund 2022-2 A1, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 1197961 | 1044505 |
| Bayview Opportunity Master Fund 2025-4 AF1, US 30 Day Average SOFR + <br> 0.9000%, 4.7742%, 12/25/55<sup>ž,</sup><sup>‡</sup> <br>| 2313292 | 2313286 |
| Bayview Opportunity Master Fund VII 2025-EDU1 B, US 30 Day Average SOFR + <br> 1.7000%, 5.5742%, 7/27/48<sup>ž,</sup><sup>‡</sup> <br>| 406599 | 406048 |
| Benefit Street Partners CLO Ltd 2018-15A A1R, CME Term SOFR 3 Month + <br> 1.3900%, 5.2945%, 7/15/37<sup>ž,</sup><sup>‡</sup> <br>| 1119000 | 1123127 |
| Benefit Street Partners CLO Ltd 2025-43A A, CME Term SOFR 3 Month + <br> 1.2700%, 5.1875%, 10/20/38<sup>ž,</sup><sup>‡</sup> <br>| 2100000 | 2104512 |
| BLP Commercial Mortgage Trust 2025-IND A, CME Term SOFR 1 Month + <br> 1.2000%, 4.9501%, 3/17/42<sup>ž,</sup><sup>‡</sup> <br>| 1664700 | 1652543 |
| BLP Commercial Mortgage Trust 2025-IND2 A, CME Term SOFR 1 Month + <br> 1.5000%, 5.2501%, 12/15/42<sup>ž,</sup><sup>‡</sup> <br>| 1016000 | 1016408 |
| Blue Bridge Funding LLC 2023-1A A, 7.3700%, 11/15/30<sup>ž</sup> <br>| 516702 | 520539 |
| Boca Commercial Mortgage Trust 2025-BOCA B, CME Term SOFR 1 Month + <br> 1.9000%, 5.7500%, 12/15/42<sup>ž,</sup><sup>‡</sup> <br>| 1880000 | 1883465 |
| BPR Trust 2023-BRK2 A, 6.8990%, 10/5/38<sup>ž,</sup><sup>‡</sup> <br>| 1788000 | 1866422 |
| BPR Trust 2024-PMDW A, 5.3580%, 11/5/41<sup>ž,</sup><sup>‡</sup> <br>| 1923885 | 1968048 |
| BPR Trust 2024-PMDW D, 5.8500%, 11/5/41<sup>ž,</sup><sup>‡</sup> <br>| 737000 | 735409 |
| BPR Trust 2025-STAR A, 4.9471%, 11/5/42<sup>ž,</sup><sup>‡</sup> <br>| 820000 | 823668 |
| BX Commercial Mortgage Trust 2021-21M A, CME Term SOFR 1 Month + <br> 0.8445%, 4.5945%, 10/15/36<sup>ž,</sup><sup>‡</sup> <br>| 746174 | 744614 |
| BX Commercial Mortgage Trust 2021-LBA AJV, CME Term SOFR 1 Month + <br> 0.9145%, 4.6655%, 2/15/36<sup>ž,</sup><sup>‡</sup> <br>| 1598000 | 1595073 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| BX Commercial Mortgage Trust 2021-LBA AV, CME Term SOFR 1 Month + <br> 0.9145%, 4.6655%, 2/15/36<sup>ž,</sup><sup>‡</sup> <br>| $1436901 | $1433714 |
| BX Commercial Mortgage Trust 2024-AIR2 A, CME Term SOFR 1 Month + <br> 1.4923%, 5.2433%, 10/15/41<sup>ž,</sup><sup>‡</sup> <br>| 1799422 | 1801147 |
| BX Commercial Mortgage Trust 2024-AIRC A, CME Term SOFR 1 Month + <br> 1.6912%, 5.4414%, 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 2393851 | 2396186 |
| BX Commercial Mortgage Trust 2024-AIRC C, CME Term SOFR 1 Month + <br> 2.5900%, 6.3401%, 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 738658 | 739530 |
| BX Commercial Mortgage Trust 2024-BRBK A, CME Term SOFR 1 Month + <br> 2.8796%, 6.6139%, 10/15/41<sup>ž,</sup><sup>‡</sup> <br>| 803659 | 807328 |
| BX Commercial Mortgage Trust 2024-CNYN A, CME Term SOFR 1 Month + <br> 1.4419%, 5.1920%, 4/15/41<sup>ž,</sup><sup>‡</sup> <br>| 1600367 | 1599737 |
| BX Commercial Mortgage Trust 2024-GPA3 A, CME Term SOFR 1 Month + <br> 1.2928%, 5.0429%, 12/15/39<sup>ž,</sup><sup>‡</sup> <br>| 915497 | 915149 |
| BX Commercial Mortgage Trust 2024-GPA3 B, CME Term SOFR 1 Month + <br> 1.6423%, 5.3925%, 12/15/39<sup>ž,</sup><sup>‡</sup> <br>| 422199 | 422255 |
| BX Commercial Mortgage Trust 2024-VLT4 A, CME Term SOFR 1 Month + <br> 1.4914%, 5.2415%, 6/17/41<sup>ž,</sup><sup>‡</sup> <br>| 1797039 | 1794500 |
| BX Commercial Mortgage Trust 2025-ARIA A, 5.0311%, 12/13/42<sup>ž,</sup><sup>‡</sup> <br>| 1807000 | 1818217 |
| BX Commercial Mortgage Trust 2025-DIME A, CME Term SOFR 1 Month + <br> 1.1500%, 4.9001%, 2/15/35<sup>ž,</sup><sup>‡</sup> <br>| 1663000 | 1657502 |
| BX Commercial Mortgage Trust 2025-GW A, CME Term SOFR 1 Month + <br> 1.6000%, 5.3500%, 7/15/42<sup>ž,</sup><sup>‡</sup> <br>| 713000 | 713525 |
| BX Commercial Mortgage Trust 2025-GW B, CME Term SOFR 1 Month + <br> 1.8500%, 5.6000%, 7/15/42<sup>ž,</sup><sup>‡</sup> <br>| 1950000 | 1951764 |
| BX Commercial Mortgage Trust 2025-LUNR A, CME Term SOFR 1 Month + <br> 1.5000%, 5.2501%, 6/15/40<sup>ž,</sup><sup>‡</sup> <br>| 1655524 | 1657561 |
| BX Commercial Mortgage Trust 2025-ROIC A, CME Term SOFR 1 Month + <br> 1.1438%, 4.8940%, 3/15/30<sup>ž,</sup><sup>‡</sup> <br>| 2121725 | 2118208 |
| BX Commercial Mortgage Trust 2025-ROIC B, CME Term SOFR 1 Month + <br> 1.3935%, 5.1436%, 3/15/30<sup>ž,</sup><sup>‡</sup> <br>| 464190 | 462137 |
| BX Commercial Mortgage Trust 2025-SPOT A, CME Term SOFR 1 Month + <br> 1.4434%, 5.1935%, 4/16/40<sup>ž,</sup><sup>‡</sup> <br>| 797845 | 798305 |
| BX Commercial Mortgage Trust 2025-VLT7 A, CME Term SOFR 1 Month + <br> 1.7000%, 5.4501%, 7/15/44<sup>ž,</sup><sup>‡</sup> <br>| 3300000 | 3300561 |
| BXHPP Trust 2021-FILM A, CME Term SOFR 1 Month + 0.7645%, 4.5145%, <br> 8/15/36<sup>ž,</sup><sup>‡</sup> <br>| 430000 | 415320 |
| Carlyle Global Markets Strategies 2018-4A A2R, CME Term SOFR 3 Month + <br> 1.5600%, 5.4416%, 10/19/37<sup>ž,</sup><sup>‡</sup> <br>| 2189000 | 2194284 |
| Carlyle Global Markets Strategies 2023-2A A1R, CME Term SOFR 3 Month + <br> 1.3200%, 5.2044%, 7/20/38<sup>ž,</sup><sup>‡</sup> <br>| 2286000 | 2294261 |
| CART 2024-DFW1 A, CME Term SOFR 1 Month + 1.6417%, 5.3919%, <br> 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 1151000 | 1149066 |
| CART 2024-DFW1 B, CME Term SOFR 1 Month + 2.2908%, 6.0409%, <br> 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 846629 | 845593 |
| CBAMR Ltd 2018-5A A1R, CME Term SOFR 3 Month + 1.3400%, 5.4523%, <br> 10/18/38<sup>ž,</sup><sup>‡</sup> <br>| 1003000 | 1005532 |
| CF Hippolyta Issuer LLC 2021-1A A1, 1.5300%, 3/15/61<sup>ž</sup> <br>| 2144846 | 1727536 |
| CF Hippolyta Issuer LLC 2021-1A B1, 1.9800%, 3/15/61<sup>ž</sup> <br>| 383821 | 234472 |
| CF Hippolyta Issuer LLC 2022-1A A1, 5.9700%, 8/15/62<sup>ž</sup> <br>| 10037869 | 9918291 |
| Chase Mortgage Finance Corp 2020-CL1 M1, CME Term SOFR 1 Month + <br> 2.3645%, 6.0962%, 10/25/57<sup>ž,</sup><sup>‡</sup> <br>| 2236312 | 2308909 |
| CIFC Funding Ltd 2019-7A A1R, CME Term SOFR 3 Month + 1.2800%, <br> 5.3713%, 10/19/38<sup>ž,</sup><sup>‡</sup> <br>| 1699000 | 1703757 |
| Citigroup Mortgage Loan Trust Inc 2025-LTV1 A1, 5.2370%, 12/25/55<sup>ž,</sup><sup>‡</sup> <br>| 1465000 | 1466172 |
| COLEM Mortgage Trust 2022-HLNE A, 2.4610%, 4/12/42<sup>ž,</sup><sup>‡</sup> <br>| 4914000 | 4653221 |
| COMM Mortgage Trust 2024-WCL1 A, CME Term SOFR 1 Month + 1.8410%, <br> 5.5911%, 6/17/41<sup>ž,</sup><sup>‡</sup> <br>| 2536542 | 2535505 |
| Compass Datacenters Issuer II LLC 2024-2A A1, 5.0220%, 8/25/49<sup>ž</sup> <br>| 237000 | 237586 |
| Compass Datacenters Issuer II LLC 2025-1A A1, 5.3160%, 5/25/50<sup>ž</sup> <br>| 4172000 | 4213643 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

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**Janus Henderson Short Duration Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Compass Datacenters Issuer III LLC 2025-1A A2, 5.6560%, 2/25/50<sup>ž</sup> <br>| $1414000 | $1429000 |
| Connecticut Avenue Securities Trust 2021-R03 1M2, US 30 Day Average SOFR <br> + 1.6500%, 5.5242%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 815206 | 818900 |
| Connecticut Avenue Securities Trust 2022-R01 1B1, US 30 Day Average SOFR + <br> 3.1500%, 7.0242%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 1759000 | 1789266 |
| Connecticut Avenue Securities Trust 2022-R05 2M1, US 30 Day Average SOFR <br> + 1.9000%, 5.7742%, 4/25/42<sup>ž,</sup><sup>‡</sup> <br>| 302893 | 303140 |
| Connecticut Avenue Securities Trust 2023-R01 1M1, US 30 Day Average SOFR <br> + 2.4000%, 6.2742%, 12/25/42<sup>ž,</sup><sup>‡</sup> <br>| 548052 | 559235 |
| Connecticut Avenue Securities Trust 2023-R06 1M1, US 30 Day Average SOFR <br> + 1.7000%, 5.5742%, 7/27/43<sup>ž,</sup><sup>‡</sup> <br>| 459263 | 460551 |
| Connecticut Avenue Securities Trust 2023-R07 2M1, US 30 Day Average SOFR <br> + 1.9500%, 5.8242%, 9/25/43<sup>ž,</sup><sup>‡</sup> <br>| 188321 | 189064 |
| Connecticut Avenue Securities Trust 2023-R08 1M1, US 30 Day Average SOFR <br> + 1.5000%, 5.3742%, 10/26/43<sup>ž,</sup><sup>‡</sup> <br>| 362845 | 363334 |
| Connecticut Avenue Securities Trust 2024-R01 1M1, US 30 Day Average SOFR <br> + 1.0500%, 4.9242%, 1/25/44<sup>ž,</sup><sup>‡</sup> <br>| 372199 | 372008 |
| Connecticut Avenue Securities Trust 2024-R03 2M1, US 30 Day Average SOFR <br> + 1.1500%, 5.0242%, 3/25/44<sup>ž,</sup><sup>‡</sup> <br>| 218520 | 218688 |
| Connecticut Avenue Securities Trust 2024-R04 1M1, US 30 Day Average SOFR <br> + 1.1000%, 4.9742%, 5/25/44<sup>ž,</sup><sup>‡</sup> <br>| 233098 | 233054 |
| Connecticut Avenue Securities Trust 2024-R05 2M1, US 30 Day Average SOFR <br> + 1.0000%, 4.8742%, 7/25/44<sup>ž,</sup><sup>‡</sup> <br>| 92958 | 92920 |
| Connecticut Avenue Securities Trust 2024-R06 1M1, US 30 Day Average SOFR <br> + 1.0500%, 4.9242%, 9/26/44<sup>ž,</sup><sup>‡</sup> <br>| 103150 | 103141 |
| Connecticut Avenue Securities Trust 2025-R01 1M1, US 30 Day Average SOFR <br> + 1.1000%, 4.9742%, 1/25/45<sup>ž,</sup><sup>‡</sup> <br>| 200821 | 200903 |
| Connecticut Avenue Securities Trust 2025-R02 1M1, US 30 Day Average SOFR <br> + 1.1500%, 5.0242%, 2/27/45<sup>ž,</sup><sup>‡</sup> <br>| 357712 | 357602 |
| Connecticut Avenue Securities Trust 2025-R03 2M1, US 30 Day Average SOFR <br> + 1.6000%, 5.4742%, 3/27/45<sup>ž,</sup><sup>‡</sup> <br>| 1138597 | 1140615 |
| Connecticut Avenue Securities Trust 2025-R04 1M1, US 30 Day Average SOFR <br> + 1.2000%, 5.0742%, 5/25/45<sup>ž,</sup><sup>‡</sup> <br>| 1060623 | 1061619 |
| Connecticut Avenue Securities Trust 2025-R05 2M1, US 30 Day Average SOFR <br> + 1.2000%, 5.0742%, 7/25/45<sup>ž,</sup><sup>‡</sup> <br>| 599547 | 599890 |
| COOPR Residential Mortgage Trust 2025-CES2 A1A, 5.5020%, 6/25/60<sup>ž,</sup><sup>Ç</sup> <br>| 395154 | 398445 |
| COOPR Residential Mortgage Trust 2025-CES3 A1A, 4.8400%, 9/25/60<sup>ž,</sup><sup>Ç</sup> <br>| 876153 | 882752 |
| COOPR Residential Mortgage Trust 2025-CES4 A1A, 5.0400%, 11/25/60<sup>ž,</sup><sup>Ç</sup> <br>| 362780 | 363132 |
| CPF IV LLC / CP EF Asset Securitization LLC 2023-1A A, 7.4800%, 3/15/32<sup>ž</sup> <br>| 153429 | 154720 |
| CPT Mortgage Trust 2019-CPT F, 2.9968%, 11/13/39<sup>ž,</sup><sup>‡</sup> <br>| 1690000 | 1319121 |
| Croton Park CLO Ltd, CME Term SOFR 3 Month + 1.5600%, 5.4645%, <br> 10/15/36<sup>ž,</sup><sup>‡</sup> <br>| 1121000 | 1123465 |
| CyrusOne Data Centers Issuer I LLC 2023-1A B, 5.4500%, 4/20/48<sup>ž</sup> <br>| 301372 | 299223 |
| CyrusOne Data Centers Issuer I LLC 2024-1A A2, 4.7600%, 3/22/49<sup>ž</sup> <br>| 708449 | 698102 |
| CyrusOne Data Centers Issuer I LLC 2024-2A A2, 4.5000%, 5/20/49<sup>ž</sup> <br>| 838000 | 817727 |
| CyrusOne Data Centers Issuer I LLC 2024-3A A2, 4.6500%, 5/20/49<sup>ž</sup> <br>| 3607000 | 3461771 |
| DB Master Finance LLC 2017-1A A2II, 4.0300%, 11/20/47<sup>ž</sup> <br>| 4726890 | 4689216 |
| DB Master Finance LLC 2021-1A A2II, 2.4930%, 11/20/51<sup>ž</sup> <br>| 278400 | 263369 |
| DC Commercial Mortgage Trust 2023-DC B, 6.8043%, 9/12/40<sup>ž</sup> <br>| 1459617 | 1503152 |
| DI Issuer LLC 2025-1A A2, 5.3100%, 12/15/55<sup>ž</sup> <br>| 561000 | 562848 |
| Diamond Infrastructure Funding LLC 2021-1A A, 1.7600%, 4/15/49<sup>ž</sup> <br>| 2114000 | 2054820 |
| Dominos Pizza Mater Issuer LLC 2021-1A A2I, 2.6620%, 4/25/51<sup>ž</sup> <br>| 1331352 | 1264469 |
| DROP Mortgage Trust 2021-FILE A, CME Term SOFR 1 Month + 1.2645%, <br> 5.0145%, 10/15/43<sup>ž,</sup><sup>‡</sup> <br>| 3929000 | 3823170 |
| Ellington Financial Mortgage Trust 2025-RTL1 A1, 5.2210%, 11/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 701000 | 702308 |
| Elmwood CLO X Ltd 2021-3A AR2, CME Term SOFR 3 Month + 1.3000%, <br> 5.1844%, 7/20/38<sup>ž,</sup><sup>‡</sup> <br>| 1594000 | 1599123 |
| Enva LLC 2024-A A, 7.4300%, 10/21/30<sup>ž</sup> <br>| 12717 | 12729 |
| FIGRE Trust 2024-HE2 A, 6.3800%, 5/25/54<sup>ž,</sup><sup>‡</sup> <br>| 471817 | 481496 |
| FIGRE Trust 2024-HE4 A, 5.0560%, 9/25/54<sup>ž,</sup><sup>‡</sup> <br>| 667833 | 670194 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| FIGRE Trust 2025-FL1 A1, 5.2650%, 7/25/55<sup>ž,</sup><sup>Ç</sup> <br>| $895652 | $895377 |
| FIGRE Trust 2025-HE2 A, 5.7750%, 3/25/55<sup>ž,</sup><sup>‡</sup> <br>| 775868 | 784362 |
| FIGRE Trust 2025-HE3 A, 5.5600%, 5/25/55<sup>ž,</sup><sup>‡</sup> <br>| 852568 | 861149 |
| FIGRE Trust 2025-HE4 A, 5.4080%, 7/25/55<sup>ž,</sup><sup>‡</sup> <br>| 382476 | 384921 |
| FIGRE Trust 2025-HE5 A, 5.2850%, 8/25/55<sup>ž,</sup><sup>‡</sup> <br>| 566450 | 568286 |
| FIGRE Trust 2025-HE6 A, 5.0440%, 9/25/55<sup>ž,</sup><sup>‡</sup> <br>| 421485 | 419956 |
| FIGRE Trust 2025-PF2 A, 5.0170%, 10/25/55<sup>ž,</sup><sup>‡</sup> <br>| 1576416 | 1567520 |
| Finance of America Structured Securities Trust 2025-S1 A1, 3.5000%, 2/25/75<sup>ž</sup> <br>| 652806 | 634321 |
| First Help Financial LLC 2024-2A A2, 5.8900%, 6/15/30<sup>ž</sup> <br>| 484412 | 488049 |
| First Help Financial LLC 2025-2A A1, 4.8390%, 12/15/26<sup>ž</sup> <br>| 3234803 | 3238112 |
| Foundation Finance Trust 2024-2A A, 4.6000%, 3/15/50<sup>ž</sup> <br>| 603431 | 604710 |
| Foundation Finance Trust 2025-2A A, 4.6700%, 4/15/52<sup>ž</sup> <br>| 929966 | 933621 |
| Foundation Finance Trust 2025-3A A, 4.5600%, 8/15/52<sup>ž</sup> <br>| 829391 | 831775 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA6 M2, US <br> 30 Day Average SOFR + 1.5000%, 5.3742%, 10/25/41<sup>ž,</sup><sup>‡</sup> <br>| 959182 | 961766 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA3 M2, US <br> 30 Day Average SOFR + 2.1000%, 5.9742%, 9/25/41<sup>ž,</sup><sup>‡</sup> <br>| 361621 | 364602 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA3 M2, <br> 8.4218%, 4/25/42<sup>ž</sup> <br>| 135794 | 141378 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA4 M2, <br> 9.3218%, 5/25/42<sup>ž</sup> <br>| 530000 | 559214 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA1 M1A, US <br> 30 Day Average SOFR + 2.1000%, 5.9742%, 3/25/42<sup>ž,</sup><sup>‡</sup> <br>| 125391 | 125646 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A, US <br> 30 Day Average SOFR + 2.1000%, 5.9652%, 4/27/43<sup>ž,</sup><sup>‡</sup> <br>| 909216 | 919167 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA2 M1A, US <br> 30 Day Average SOFR + 2.0000%, 5.8742%, 6/25/43<sup>ž,</sup><sup>‡</sup> <br>| 360024 | 360956 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 M1, US <br> 30 Day Average SOFR + 1.8500%, 5.7242%, 11/25/43<sup>ž,</sup><sup>‡</sup> <br>| 404002 | 405374 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA2 M1, US <br> 30 Day Average SOFR + 1.2000%, 5.0742%, 5/25/44<sup>ž,</sup><sup>‡</sup> <br>| 594775 | 595116 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA3 M1, US <br> 30 Day Average SOFR + 1.0000%, 4.8742%, 10/25/44<sup>ž,</sup><sup>‡</sup> <br>| 4525 | 4525 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2024-HQA2 M1, US <br> 30 Day Average SOFR + 1.2000%, 5.0742%, 8/25/44<sup>ž,</sup><sup>‡</sup> <br>| 862405 | 862881 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA1 M1, US <br> 30 Day Average SOFR + 1.0500%, 4.9242%, 1/25/45<sup>ž,</sup><sup>‡</sup> <br>| 388911 | 388816 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA2 M1, US <br> 30 Day Average SOFR + 1.2000%, 5.0742%, 5/25/45<sup>ž,</sup><sup>‡</sup> <br>| 259069 | 259049 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA3 M1, US <br> 30 Day Average SOFR + 1.1000%, 4.9742%, 9/25/45<sup>ž,</sup><sup>‡</sup> <br>| 266065 | 266221 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-HQA1 M1, US <br> 30 Day Average SOFR + 1.1500%, 5.0242%, 2/27/45<sup>ž,</sup><sup>‡</sup> <br>| 936140 | 935631 |
| Golden Tree Loan Management US CLO1 Ltd 2023-17A AR, CME Term SOFR 3 <br> Month + 1.2800%, 5.1644%, 1/20/39<sup>ž,</sup><sup>‡</sup> <br>| 1761000 | 1765530 |
| Gracie Point International Funding 2024-1A A, US 90 Day Average SOFR + <br> 1.7000%, 5.8902%, 3/1/28<sup>ž,</sup><sup>‡</sup> <br>| 558000 | 558421 |
| Gracie Point International Funding 2025-1A A, US 30 Day Average SOFR + <br> 1.5000%, 5.5247%, 8/15/28<sup>ž,</sup><sup>‡</sup> <br>| 892000 | 893450 |
| Great Wolf Trust 2024-WLF2 A, CME Term SOFR 1 Month + 1.6912%, 5.4414%, <br> 5/15/41<sup>ž,</sup><sup>‡</sup> <br>| 2209000 | 2211940 |
| GS Mortgage Securities Trust 2025-800D A, CME Term SOFR 1 Month + <br> 2.6500%, 6.3845%, 11/25/41<sup>ž,</sup><sup>‡</sup> <br>| 2467000 | 2470027 |
| GS Mortgage-Backed Securities Trust 2025-CES2 A1, 5.1800%, 9/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 1142939 | 1146147 |
| Hertz Vehicle Financing LLC 2025-5A A, 4.6200%, 5/25/30<sup>ž</sup> <br>| 715000 | 715544 |
| Hewlett-Packard Financial Services Company Trust 2025-2A A2, 4.0700%, <br> 11/22/32<sup>ž</sup> <br>| 2750000 | 2753067 |
| Hilton Grand Vacations Trust 2020-AA, 2.7400%, 2/25/39<sup>ž</sup> <br>| 634889 | 625852 |
| Homeward Opportunities Fund I Trust 2024-RRTL2 A1, 5.9890%, 9/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 797000 | 800408 |
| Homeward Opportunities Fund I Trust 2024-RTL1 A1, 7.1200%, 7/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 1792000 | 1796370 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Homeward Opportunities Fund I Trust 2025-RRTL1 A1, 5.4760%, 3/25/40<sup>ž,</sup><sup>Ç</sup> <br>| $1154000 | $1159886 |
| Homeward Opportunities Fund I Trust 2025-RRTL2 A1, 5.2370%, 9/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 520000 | 522250 |
| Hudson's Bay Simon JV Trust 2015-HB10 A10, 4.1545%, 8/5/34<sup>ž</sup> <br>| 412000 | 400669 |
| JP Morgan Mortgage Trust 2025-5MPR A1D, 5.5000%, 11/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 475889 | 477806 |
| KRE Commercial Mortgage Trust 2025-AIP4 A, CME Term SOFR 1 Month + <br> 1.3000%, 5.0501%, 3/17/42<sup>ž,</sup><sup>‡</sup> <br>| 1485000 | 1482543 |
| Lendbuzz Securitization Trust 2023-1A A2, 6.9200%, 8/15/28<sup>ž</sup> <br>| 710620 | 717526 |
| Lendbuzz Securitization Trust 2024-1A A2, 6.1900%, 8/15/29<sup>ž</sup> <br>| 734459 | 740597 |
| Lendbuzz Securitization Trust 2024-3A A2, 4.9700%, 10/15/29<sup>ž</sup> <br>| 558318 | 559797 |
| Lex Commercial Loan Master Trust 2024-BBG A, 4.8736%, 10/13/33<sup>ž,</sup><sup>‡</sup> <br>| 427000 | 429735 |
| LHOME Mortgage Trust 2024-RTL1 A1, 7.0170%, 1/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 836000 | 838139 |
| LHOME Mortgage Trust 2024-RTL2 A1, 7.1280%, 3/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 1454356 | 1462691 |
| LHOME Mortgage Trust 2024-RTL3 A1, 6.9000%, 5/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 586465 | 591822 |
| LHOME Mortgage Trust 2024-RTL4 A1, 5.9210%, 7/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 1729143 | 1744203 |
| LHOME Mortgage Trust 2025-RTL3 A1, 5.2390%, 8/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 520000 | 522727 |
| Life Financial Services Trust 2021-BMR C, CME Term SOFR 1 Month + 1.2145%, <br> 4.9645%, 3/15/38<sup>ž,</sup><sup>‡</sup> <br>| 215202 | 214316 |
| Life Financial Services Trust 2022-BMR2 A1, CME Term SOFR 1 Month + <br> 1.2952%, 5.0454%, 5/16/39<sup>ž,</sup><sup>‡</sup> <br>| 2823000 | 2716123 |
| Life Financial Services Trust 2022-BMR2 B, CME Term SOFR 1 Month + <br> 1.7939%, 5.5440%, 5/16/39<sup>ž,</sup><sup>‡</sup> <br>| 1059000 | 952466 |
| Luxury Lease Partners Auto Lease Trust 2025-A A, 5.5100%, 3/15/32<sup>ž</sup> <br>| 1387000 | 1390148 |
| Madison Park Funding Ltd 2019-34A A2RR, CME Term SOFR 3 Month + <br> 1.6000%, 5.4936%, 10/16/37<sup>ž,</sup><sup>‡</sup> <br>| 823000 | 824966 |
| Madison Park Funding Ltd 2022-55A A1R, CME Term SOFR 3 Month + <br> 1.3600%, 5.2444%, 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 2526000 | 2534609 |
| Madison Park Funding Ltd 2022-62A A1R2, CME Term SOFR 3 Month + <br> 1.3000%, 5.1936%, 7/16/38<sup>ž,</sup><sup>‡</sup> <br>| 1720000 | 1725019 |
| Madison Park Funding Ltd 2025-73A A1, CME Term SOFR 3 Month + 1.3000%, <br> 5.2630%, 10/18/38<sup>ž,</sup><sup>‡</sup> <br>| 1850000 | 1855153 |
| Magnetite CLO Ltd 2025-50A A1, CME Term SOFR 3 Month + 1.2800%, <br> 5.5888%, 7/26/38<sup>ž,</sup><sup>‡</sup> <br>| 1357000 | 1360706 |
| Mello Mortgage Capital Acceptance Trust 2021-INV3 A11, US 30 Day Average <br> SOFR + 0.9500%, 5.0000%, 10/25/51<sup>ž,</sup><sup>‡</sup> <br>| 1471923 | 1373827 |
| Mello Mortgage Capital Acceptance Trust 2024-SD1 A1, 4.0000%, 4/25/54<sup>ž,</sup><sup>Ç</sup> <br>| 529439 | 523129 |
| Merchants Fleet Funding LLC 2025-1A A, 4.4900%, 1/20/39<sup>ž</sup> <br>| 506000 | 507372 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-SPL1 A1, US 30 Day <br> Average SOFR + 1.4000%, 4.2500%, 2/25/65<sup>ž,</sup><sup>‡</sup> <br>| 639114 | 624635 |
| MVW Owner Trust 2025-2A A, 4.4800%, 10/20/44<sup>ž</sup> <br>| 257716 | 257156 |
| Neuberger Berman CLO Ltd 2019-32RA A, CME Term SOFR 3 Month + <br> 1.3100%, 5.6390%, 7/20/39<sup>ž,</sup><sup>‡</sup> <br>| 1617259 | 1622898 |
| New Residential Mortgage Loan Trust 2024-NQM2 A1, US 30 Day Average <br> SOFR + 0.1400%, 5.1170%, 9/25/64<sup>ž,</sup><sup>‡</sup> <br>| 899417 | 901806 |
| New Residential Mortgage Loan Trust 2024-RTL1 A1, 6.6640%, 3/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 2019946 | 2030276 |
| New Residential Mortgage Loan Trust 2024-RTL2 A1, 5.4430%, 9/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 646000 | 653153 |
| NRTH PARK Mortgage Trust 2025-PARK A, CME Term SOFR 1 Month + <br> 1.3933%, 5.1434%, 10/15/40<sup>ž,</sup><sup>‡</sup> <br>| 1332000 | 1332013 |
| NRZ Excess Spread Collateralized Notes 2021-FHT1 A, 3.1040%, 7/25/26<sup>ž</sup> <br>| 308199 | 303954 |
| NRZ Excess Spread Collateralized Notes 2024-FNT1 A, 7.3980%, 11/25/31<sup>ž,</sup><sup>Ç</sup> <br>| 762101 | 769709 |
| Oak Hill Credit Partners 2020-7A A1R2, CME Term SOFR 3 Month + 1.2800%, <br> 5.1644%, 7/19/38<sup>ž,</sup><sup>‡</sup> <br>| 1700000 | 1704655 |
| Oak Hill Credit Partners 2021-9A A2R, CME Term SOFR 3 Month + 1.5800%, <br> 5.4644%, 10/19/37<sup>ž,</sup><sup>‡</sup> <br>| 1175000 | 1177643 |
| Oak Street Investment Grade Net Lease Fund 2020-1A A1, 1.8500%, 11/20/50<sup>ž</sup> <br>| 866304 | 796754 |
| Oasis Securitization 2024-1A A, 5.8800%, 9/30/38<sup>§</sup> <br>| 335000 | 335132 |
| Oasis Securitization 2025-1A A, 6.3550%, 8/15/39<sup>ž</sup> <br>| 966000 | 973104 |
| OCCU Auto Receivables Trust 2023-1A A3, 6.2300%, 6/15/28<sup>ž</sup> <br>| 1019000 | 1024883 |
| OCCU Auto Receivables Trust 2025-1A A3, 4.8100%, 11/15/29<sup>ž</sup> <br>| 909000 | 917418 |
| OCP CLO Ltd 2020-18A A2R2, CME Term SOFR 3 Month + 1.5700%, 5.4544%, <br> 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 634793 | 636206 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| OCP CLO Ltd 2025-44A A, CME Term SOFR 3 Month + 1.3000%, 5.5622%, <br> 10/25/38<sup>ž,</sup><sup>‡</sup> <br>| $917000 | $919530 |
| Octagon Investment Partners 42 Ltd 2019-3A A2RR, CME Term SOFR 3 Month <br> + 1.5600%, 5.4645%, 7/15/37<sup>ž,</sup><sup>‡</sup> <br>| 300000 | 300656 |
| Ondeck Asset Securitization Trust LLC 2025-2A A, 4.8400%, 11/17/32<sup>ž</sup> <br>| 2180000 | 2187597 |
| Onslow Bay Financial LLC 2022-INV1 A1, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 503044 | 438837 |
| Onslow Bay Financial LLC 2022-INV1 A18, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 1331382 | 1152052 |
| Onslow Bay Financial LLC 2024-NQM4 A3, 6.3210%, 1/25/64<sup>ž,</sup><sup>Ç</sup> <br>| 260333 | 262036 |
| Pretium Mortgage Credit Partners LLC 2025-RPL1 A1, 4.0000%, 7/25/69<sup>ž,</sup><sup>Ç</sup> <br>| 822206 | 797265 |
| Pretium Mortgage Credit Partners LLC 2025-RPL2 A1, 4.0000%, 8/25/64<sup>ž,</sup><sup>Ç</sup> <br>| 923050 | 910168 |
| Pretium Mortgage Credit Partners LLC 2025-RPL5 A1, 4.1500%, 1/25/70<sup>ž,</sup><sup>Ç</sup> <br>| 1393118 | 1368449 |
| PRP Advisors LLC 2024-RCF2 A1, 3.7500%, 3/25/54<sup>ž,</sup><sup>Ç</sup> <br>| 525371 | 518764 |
| PRP Advisors LLC 2025-RCF4 A1, 4.5000%, 8/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 567819 | 561873 |
| PRP Advisors LLC 2025-RPL3 A1, 3.2500%, 4/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 2274135 | 2204016 |
| PRP Advisors LLC 2025-RPL4 A1, 3.0000%, 5/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 1166078 | 1100487 |
| QTS Issuer ABS I LLC 2025-1A A2, 5.4390%, 5/25/55<sup>ž</sup> <br>| 3071000 | 3089869 |
| QTS Issuer ABS I LLC 2025-1A B, 5.9280%, 5/25/55<sup>ž</sup> <br>| 4177000 | 4153191 |
| RCKT Trust 2025-1A A, 4.9000%, 7/25/34<sup>ž</sup> <br>| 1523090 | 1530769 |
| RCKT Trust 2025-2A A, 4.4800%, 11/27/34<sup>ž</sup> <br>| 1071944 | 1073449 |
| Saluda Grade Alternative Mortgage Trust 2023-FIG3 A, 7.0670%, 8/25/53<sup>ž,</sup><sup>‡</sup> <br>| 278594 | 288005 |
| Saluda Grade Alternative Mortgage Trust 2023-FIG4 A, 6.7180%, 11/25/53<sup>ž,</sup><sup>‡</sup> <br>| 855891 | 901975 |
| Saluda Grade Alternative Mortgage Trust 2024-CES1 A1, 6.3060%, 3/25/54<sup>ž,</sup><sup>‡</sup> <br>| 464302 | 473921 |
| Saluda Grade Alternative Mortgage Trust 2024-FIG5 A, 6.2550%, 4/25/54<sup>ž,</sup><sup>‡</sup> <br>| 614857 | 621970 |
| Saluda Grade Alternative Mortgage Trust 2024-RTL4 A1, 7.5000%, 2/25/30<sup>ž,</sup><sup>Ç</sup> <br>| 2106427 | 2111888 |
| Saluda Grade Alternative Mortgage Trust 2024-RTL5 A1, 7.7620%, 4/25/30<sup>ž,</sup><sup>Ç</sup> <br>| 1160968 | 1170692 |
| Saluda Grade Alternative Mortgage Trust 2024-RTL6 A1, 7.4390%, 7/25/30<sup>ž,</sup><sup>Ç</sup> <br>| 1303500 | 1311088 |
| Saluda Grade Alternative Mortgage Trust 2025-LOC5 A1A, CME Term SOFR 1 <br> Month + 1.6000%, 5.3317%, 10/25/55<sup>ž,</sup><sup>‡</sup> <br>| 1065879 | 1067585 |
| Saluda Grade Alternative Mortgage Trust 2025-RRTL1 A1, 5.3200%, <br> 10/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 820000 | 819970 |
| Saluda Grade Alternative Mortgage Trust 2025-RRTL1 A2, 5.6570%, <br> 10/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 1715000 | 1714376 |
| Santander Bank Auto Credit-Linked Notes 2023-B A2, 5.6440%, 12/15/33<sup>ž</sup> <br>| 1043864 | 1061069 |
| Santander Bank Auto Credit-Linked Notes 2024-A B, 5.6220%, 6/15/32<sup>ž</sup> <br>| 1439804 | 1458679 |
| SCF Equipment Trust LLC 2025-2A B, 4.5100%, 6/20/36<sup>ž</sup> <br>| 1249000 | 1241591 |
| SCG Hotel Issuer Inc 2025-DLFN A, CME Term SOFR 1 Month + 1.2000%, <br> 4.9501%, 3/15/35<sup>ž,</sup><sup>‡</sup> <br>| 1988000 | 1977492 |
| SELF Commercial Mortgage Trust 2024-STRG A, CME Term SOFR 1 Month + <br> 1.5423%, 5.2924%, 11/15/34<sup>ž,</sup><sup>‡</sup> <br>| 1874000 | 1876032 |
| SF ABS Issuer LLC 2025-1A A2, 5.3770%, 11/25/55<sup>ž</sup> <br>| 2531000 | 2458443 |
| Sierra Receivables Funding Co LLC 2021-1A A, 0.9900%, 11/20/37<sup>ž</sup> <br>| 262916 | 262499 |
| Sierra Receivables Funding Co LLC 2025-3A A, 4.4400%, 8/22/44<sup>ž</sup> <br>| 1879229 | 1869567 |
| Sixth Street CLO Ltd 2017-9A AR, CME Term SOFR 3 Month + 1.3800%, <br> 5.2500%, 7/21/37<sup>ž,</sup><sup>‡</sup> <br>| 1771000 | 1777540 |
| SMRT 2022-MINI A, CME Term SOFR 1 Month + 1.0000%, 4.7510%, 1/17/39<sup>ž,</sup><sup>‡</sup> <br>| 2805000 | 2799200 |
| SoFi Professional Loan Program 2020-C Trust, 1.9500%, 2/15/46<sup>ž</sup> <br>| 844112 | 802120 |
| SREIT Trust 2021-MFP A, CME Term SOFR 1 Month + 0.8453%, 4.5954%, <br> 11/15/38<sup>ž,</sup><sup>‡</sup> <br>| 2714491 | 2707367 |
| Taco Bell Funding LLC 2018-1A A2II, 4.9400%, 11/25/48<sup>ž</sup> <br>| 438150 | 438049 |
| Taco Bell Funding LLC 2021-1A A2I, 1.9460%, 8/25/51<sup>ž</sup> <br>| 673012 | 654740 |
| Taco Bell Funding LLC 2021-1A A2II, 2.2940%, 8/25/51<sup>ž</sup> <br>| 383175 | 355787 |
| TEXAS Commercial Mortgage Trust 2025-TWR A, CME Term SOFR 1 Month + <br> 1.2931%, 5.0433%, 4/15/42<sup>ž,</sup><sup>‡</sup> <br>| 551000 | 550311 |
| Texas Debt Capital CLO Ltd 2023-2A A1R, CME Term SOFR 3 Month + <br> 1.3700%, 5.2400%, 10/21/37<sup>ž,</sup><sup>‡</sup> <br>| 1821000 | 1827773 |
| THE 2023-MIC Trust 2023-MIC A, 8.4366%, 12/5/38<sup>ž,</sup><sup>‡</sup> <br>| 1278485 | 1381107 |
| The Huntington National Bank 2024-1 B1, 6.1530%, 5/20/32<sup>ž</sup> <br>| 812132 | 824761 |
| The Huntington National Bank 2024-2 B1, 5.4420%, 10/20/32<sup>ž</sup> <br>| 417450 | 422065 |
| Toorak Mortgage Corp 2025-RRTL1 A1, 5.5240%, 2/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 520000 | 521895 |
| Towd Point Mortgage Trust 2025-FIX2 A1, 5.2490%, 10/25/65<sup>ž,</sup><sup>Ç</sup> <br>| 1323791 | 1329366 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| TYSN 2023-CRNR Mortgage Trust 2023-CRNR A, 6.5797%, 12/10/33<sup>ž,</sup><sup>‡</sup> <br>| $758943 | $798257 |
| TYSN 2023-CRNR Mortgage Trust 2023-CRNR B, 6.5797%, 12/10/33<sup>ž,</sup><sup>‡</sup> <br>| 1530716 | 1539401 |
| UPG HI Issuer Trust 2025-2 A, 5.0000%, 9/25/47<sup>ž</sup> <br>| 547000 | 548780 |
| US Bank National Association 2023-1 B, 6.7890%, 8/25/32<sup>ž</sup> <br>| 410830 | 415189 |
| USASF Receivables LLC 2021-1A C, 2.2000%, 5/15/26<sup>ž</sup> <br>| 658178 | 546686 |
| VASA Trust 2021-VASA A, CME Term SOFR 1 Month + 1.0145%, 4.7655%, <br> 7/15/39<sup>ž,</sup><sup>‡</sup> <br>| 1260000 | 1229121 |
| Voya CLO Ltd 2024-4A A2, CME Term SOFR 3 Month + 1.5500%, 5.4344%, <br> 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 708713 | 710245 |
| Wells Fargo Commercial Mortgage Trust 2025-VTT A, 5.1004%, 3/15/38<sup>ž,</sup><sup>‡</sup> <br>| 2050000 | 2065874 |
| Wendy's Funding LLC 2018-1A A2II, 3.8840%, 3/15/48<sup>ž</sup> <br>| 1705171 | 1678056 |
| Wendy's Funding LLC 2021-1A A2I, 2.3700%, 6/15/51<sup>ž</sup> <br>| 496173 | 462424 |
| Wendy's Funding LLC 2021-1A A2II, 2.7750%, 6/15/51<sup>ž</sup> <br>| 1145991 | 1022982 |
| Wendy's Funding LLC 2022-1A A2I, 4.2360%, 3/15/52<sup>ž</sup> <br>| 2342055 | 2312766 |
| Westgate Resorts 2022-1A A, 1.7880%, 8/20/36<sup>ž</sup> <br>| 81591 | 81233 |
| Westlake Automobile Receivable Trust 2025-P1 A3, 4.5800%, 6/15/29<sup>ž</sup> <br>| 2248000 | 2266397 |
| Wingspire Equipment Finance LLC 2025-1A A2, 4.3300%, 9/20/33<sup>ž</sup> <br>| 2310000 | 2314671 |
| Woodward Capital Management 2021-3 A21, US 30 Day Average SOFR + <br> 0.8000%, 4.6742%, 7/25/51<sup>ž,</sup><sup>‡</sup> <br>| 1029198 | 955356 |
| Woodward Capital Management 2023-CES1 A1A, 6.5150%, 6/25/43<sup>ž,</sup><sup>‡</sup> <br>| 306589 | 307507 |
| Woodward Capital Management 2024-CES1 A1A, 6.0250%, 2/25/44<sup>ž,</sup><sup>‡</sup> <br>| 393929 | 397159 |
| Woodward Capital Management 2024-CES2 A1A, 6.1410%, 4/25/44<sup>ž,</sup><sup>‡</sup> <br>| 1225289 | 1237789 |
| Woodward Capital Management 2024-CES5 A1A, 5.8460%, 8/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 1074907 | 1083525 |
| Woodward Capital Management 2024-CES6 A1A, 5.3440%, 9/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 889058 | 891196 |
| Woodward Capital Management 2024-CES7 A1A, 5.1580%, 10/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 1322702 | 1326355 |
| Woodward Capital Management 2024-CES9 A1A, 5.5820%, 12/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 242952 | 245042 |
| Woodward Capital Management 2025-CES10 A1A, 4.8940%, 11/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 593351 | 593431 |
| Woodward Capital Management 2025-CES2 A1A, 5.5030%, 2/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 739818 | 745981 |
| Woodward Capital Management 2025-CES7 A1A, 5.3770%, 7/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 566609 | 587930 |
| Woodward Capital Management 2025-CES8 A1A, 5.1477%, 8/25/55<sup>ž,</sup><sup>‡</sup> <br>| 997432 | 1001899 |
| Woodward Capital Management 2025-CES9 A1A, 4.7950%, 9/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 382252 | 381576 |
| Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $323,223,298) |  | 322731614 |
| Bank Loans and Mezzanine Loans – 3.9% |  |  |
| Basic Industry – 0.1% |  |  |
| Qnity Electronics Inc, CME Term SOFR 6 Month + 2.0000%, 5.6975%, 11/1/32<sup>‡</sup> <br>| 564000 | 566115 |
| Capital Goods – 0.5% |  |  |
| EMRLD Borrower LP, CME Term SOFR 6 Month + 2.2500%, 6.1219%, 8/4/31<sup>‡</sup> <br>| 3327665 | 3340930 |
| Consumer Cyclical – 0.7% |  |  |
| Delta 2 Lux Sarl, CME Term SOFR 3 Month + 1.7500%, 5.4219%, 9/30/31<sup>‡</sup> <br>| 3217966 | 3226011 |
| Life Time Inc, CME Term SOFR 1 Month + 2.0000%, 5.7837%, 11/5/31<sup>‡</sup> <br>| 1741 | 1750 |
| TKO Worldwide Holdings LLC, CME Term SOFR 3 Month + 2.0000%, 5.8685%, <br> 11/21/31<sup>‡</sup> <br>| 2097973 | 2111700 |
|  |  | 5339461 |
| Consumer Non-Cyclical – 0.6% |  |  |
| Concentra Health Services Inc, CME Term SOFR 1 Month + 2.0000%, 5.7161%, <br> 7/26/31<sup>‡</sup> <br>| 1247423 | 1258382 |
| Lavender US Holdco 1 Inc, CME Term SOFR 1 Month + 3.2500%, 7.3929%, <br> 12/2/32<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| 1491032 | 1501588 |
| Medline Borrower LP, CME Term SOFR 1 Month + 1.7500%, 5.4661%, <br> 10/23/30<sup>‡</sup> <br>| 1741029 | 1751041 |
|  |  | 4511011 |
| Electric – 0.6% |  |  |
| Alpha Generation LLC, CME Term SOFR 1 Month + 2.0000%, 5.7161%, <br> 9/30/31<sup>‡</sup> <br>| 1044775 | 1050143 |
| Talen Energy Supply LLC, CME Term SOFR 1 Month + 2.0000%, 5.6719%, <br> 11/25/32<sup>‡</sup> <br>| 3426442 | 3424317 |
|  |  | 4474460 |
| Energy – 0.1% |  |  |
| Deep Blue Operating I LLC, CME Term SOFR 1 Month + 2.7500%, 6.5929%, <br> 10/1/32<sup>‡</sup> <br>| 790451 | 792261 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Bank Loans and Mezzanine Loans – (continued) |  |  |
| Transportation – 1.3% |  |  |
| First Student Bidco Inc, CME Term SOFR 3 Month + 2.5000%, 6.1719%, <br> 8/15/30<sup>‡</sup> <br>| $2754104 | $2761678 |
| First Student Bidco Inc, CME Term SOFR 3 Month + 2.5000%, 6.1719%, <br> 8/15/30<sup>‡</sup> <br>| 503932 | 504981 |
| Genesee & Wyoming Inc, CME Term SOFR 3 Month + 1.7500%, 5.4219%, <br> 4/10/31<sup>‡</sup> <br>| 4727131 | 4737913 |
| Stonepeak Nile Parent LLC, CME Term SOFR 3 Month + 2.2500%, 6.1615%, <br> 4/9/32<sup>‡</sup> <br>| 1453000 | 1452216 |
|  |  | 9456788 |
| Total Bank Loans and Mezzanine Loans (cost $28,348,272) |  | 28481026 |
| Corporate Bonds – 24.3% |  |  |
| Banking – 6.6% |  |  |
| Bank of America Corp, SOFR + 1.9900%, 6.2040%, 11/10/28<sup>‡</sup> <br>| 2851000 | 2962507 |
| Bank of America Corp, SOFR + 1.0000%, 5.1620%, 1/24/31<sup>‡</sup> <br>| 2356000 | 2432227 |
| Citigroup Inc, SOFR + 1.1710%, 4.5030%, 9/11/31<sup>‡</sup> <br>| 2541000 | 2548864 |
| Discover Financial Services, 4.1000%, 2/9/27 | 5394000 | 5383794 |
| Fifth Third Bancorp, SOFR + 2.3400%, 6.3390%, 7/27/29<sup>‡</sup> <br>| 1256000 | 1322721 |
| Goldman Sachs Group Inc, SOFR + 1.0780%, 5.2070%, 1/28/31<sup>‡</sup> <br>| 2559000 | 2642541 |
| JPMorgan Chase & Co, SOFR + 1.1900%, 5.0400%, 1/23/28<sup>‡</sup> <br>| 1557000 | 1573114 |
| JPMorgan Chase & Co, SOFR + 1.0100%, 5.1400%, 1/24/31<sup>‡</sup> <br>| 1562000 | 1614473 |
| Morgan Stanley, SOFR + 1.5900%, 5.1640%, 4/20/29<sup>‡</sup> <br>| 1918000 | 1961173 |
| Morgan Stanley, SOFR + 1.6300%, 5.4490%, 7/20/29<sup>‡</sup> <br>| 2175000 | 2244489 |
| Morgan Stanley Bank NA, SOFR + 0.9060%, 5.0160%, 1/12/29<sup>‡</sup> <br>| 2610000 | 2657983 |
| Morgan Stanley Private Bank NA, SOFR + 1.0800%, 4.7340%, 7/18/31<sup>‡</sup> <br>| 4119000 | 4175420 |
| PNC Financial Services Group Inc/The, SOFR + 1.0720%, 5.2220%, 1/29/31<sup>‡</sup> <br>| 1124000 | 1162977 |
| Toronto-Dominion Bank/The, US Treasury Yield Curve Rate 5 Year + 2.7210%, <br> 6.3500%, 10/31/85<sup>‡</sup> <br>| 1164000 | 1180187 |
| Truist Financial Corp, SOFR + 1.6200%, 5.4350%, 1/24/30<sup>‡</sup> <br>| 1123000 | 1162678 |
| US Bancorp, SOFR + 1.5600%, 5.3840%, 1/23/30<sup>‡</sup> <br>| 2970000 | 3075989 |
| US Bancorp, SOFR + 1.0610%, 5.0460%, 2/12/31<sup>‡</sup> <br>| 3563000 | 3659739 |
| Wells Fargo & Co, SOFR + 0.7800%, 4.9000%, 1/24/28<sup>‡</sup> <br>| 3421000 | 3449799 |
| Wells Fargo & Co, SOFR + 1.5100%, 3.5260%, 3/24/28<sup>‡</sup> <br>| 3116000 | 3095743 |
|  |  | 48306418 |
| Basic Industry – 0.3% |  |  |
| FMG Resources (August 2006) Pty Ltd, 4.5000%, 9/15/27<sup>ž</sup> <br>| 2526000 | 2519710 |
| Brokerage – 1.4% |  |  |
| LPL Holdings Inc, 5.7000%, 5/20/27 | 4883000 | 4976564 |
| LPL Holdings Inc, 4.9000%, 4/3/28 | 3579000 | 3631270 |
| LPL Holdings Inc, 5.1500%, 6/15/30 | 1552000 | 1582751 |
|  |  | 10190585 |
| Capital Goods – 0.8% |  |  |
| Boeing Co/The, 2.1960%, 2/4/26 | 3735000 | 3727891 |
| Regal Rexnord Corp, 6.0500%, 2/15/26 | 1890000 | 1893623 |
|  |  | 5621514 |
| Communications – 0.6% |  |  |
| ROBLOX Corp, 3.8750%, 5/1/30<sup>ž</sup> <br>| 3214000 | 3072830 |
| Virgin Media Secured Finance PLC, 5.5000%, 5/15/29<sup>ž</sup> <br>| 1462000 | 1440299 |
|  |  | 4513129 |
| Consumer Cyclical – 2.2% |  |  |
| Carnival Corp, 5.1250%, 5/1/29<sup>ž</sup> <br>| 4726000 | 4778409 |
| Carvana Co, 9.0000%, 6/1/30<sup>ž</sup> <br>| 2355604 | 2469122 |
| Flutter Treasury DAC, 5.8750%, 6/4/31<sup>ž</sup> <br>| 741000 | 751300 |
| Ford Motor Credit Co LLC, 5.8000%, 3/8/29 | 3531000 | 3607781 |
| NCL Corporation Ltd, 5.8750%, 1/15/31<sup>ž</sup> <br>| 3204000 | 3191877 |
| Stellantis Finance US Inc, 5.3500%, 3/17/28<sup>ž</sup> <br>| 398000 | 405523 |
| Stellantis Finance US Inc, 5.7500%, 3/18/30<sup>ž</sup> <br>| 728000 | 751019 |
|  |  | 15955031 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Consumer Non-Cyclical – 2.0% |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, <br> 6.5000%, 2/15/28<sup>ž</sup> <br>| $1938000 | $1979504 |
| CVS Health Corp, 4.3000%, 3/25/28 | 3663000 | 3675131 |
| CVS Health Corp, 3.2500%, 8/15/29 | 2577000 | 2487655 |
| Heartland Dental LLC / Heartland Dental Finance Corp, 10.5000%, 4/30/28<sup>ž</sup> <br>| 503000 | 527412 |
| Solventum Corp, 5.4500%, 2/25/27 | 426000 | 432139 |
| Solventum Corp, 5.4000%, 3/1/29 | 1041000 | 1078143 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.1500%, 10/1/26 | 1864000 | 1842482 |
| Teva Pharmaceutical Finance Netherlands IV BV, 5.7500%, 12/1/30 | 2609000 | 2706119 |
|  |  | 14728585 |
| Electric – 0.7% |  |  |
| NRG Energy Inc, 4.7340%, 10/15/30<sup>ž,#</sup> <br>| 3186000 | 3190036 |
| Southern California Edison Co, 5.8500%, 11/1/27 | 2077000 | 2134170 |
|  |  | 5324206 |
| Energy – 4.0% |  |  |
| Civitas Resources Inc, 8.3750%, 7/1/28<sup>ž</sup> <br>| 3416000 | 3519822 |
| Columbia Pipelines Holding Company LLC, 6.0550%, 8/15/26<sup>ž</sup> <br>| 1572000 | 1586441 |
| DT Midstream Inc, 4.1250%, 6/15/29<sup>ž</sup> <br>| 5499000 | 5426506 |
| Hess Midstream Operations LP, 5.8750%, 3/1/28<sup>ž</sup> <br>| 1730000 | 1762479 |
| Hess Midstream Operations LP, 6.5000%, 6/1/29<sup>ž</sup> <br>| 2197000 | 2268842 |
| Hess Midstream Operations LP, 4.2500%, 2/15/30<sup>ž</sup> <br>| 4384000 | 4287928 |
| Occidental Petroleum Corp, 5.2000%, 8/1/29 | 1841000 | 1887008 |
| Occidental Petroleum Corp, 8.8750%, 7/15/30 | 840000 | 971294 |
| Occidental Petroleum Corp, 6.6250%, 9/1/30 | 1596000 | 1718196 |
| Sunoco LP, 5.6250%, 3/15/31<sup>ž</sup> <br>| 1397000 | 1407236 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 5.5000%, <br> 1/15/28<sup>ž</sup> <br>| 3019000 | 3020627 |
| Viper Energy Partners LLC, 4.9000%, 8/1/30 | 1334000 | 1349301 |
|  |  | 29205680 |
| Finance Companies – 2.3% |  |  |
| Apollo Debt Solutions BDC, 5.2000%, 12/8/28<sup>ž</sup> <br>| 1031000 | 1030806 |
| Ares Capital Corp, 5.1000%, 1/15/31 | 1798000 | 1775900 |
| Avolon Holdings Funding Ltd, 2.1250%, 2/21/26<sup>ž</sup> <br>| 1342000 | 1337620 |
| GGAM Finance Ltd, 5.8750%, 3/15/30<sup>ž</sup> <br>| 1873000 | 1900702 |
| Macquarie Airfinance Holdings Ltd, 6.4000%, 3/26/29<sup>ž</sup> <br>| 912000 | 955682 |
| Owl Rock Capital Corp, 3.1250%, 4/13/27 | 4908000 | 4792435 |
| Rocket Cos Inc, 6.1250%, 8/1/30<sup>ž</sup> <br>| 4543000 | 4696004 |
|  |  | 16489149 |
| Financial Institutions – 0.6% |  |  |
| Atlas Warehouse Lending Co LP, 6.0500%, 1/15/28<sup>ž</sup> <br>| 1020000 | 1052168 |
| Atlas Warehouse Lending Co LP, 4.6250%, 11/15/28<sup>ž</sup> <br>| 2145000 | 2153050 |
| Atlas Warehouse Lending Co LP, 6.2500%, 1/15/30<sup>ž</sup> <br>| 1007000 | 1060191 |
|  |  | 4265409 |
| Insurance – 0.3% |  |  |
| Centene Corp, 4.2500%, 12/15/27 | 2006000 | 1994189 |
| Professional Services – 0.8% |  |  |
| Booz Allen Hamilton Inc, 3.8750%, 9/1/28<sup>ž</sup> <br>| 3591000 | 3524619 |
| Booz Allen Hamilton Inc, 4.0000%, 7/1/29<sup>ž</sup> <br>| 2447000 | 2390786 |
|  |  | 5915405 |
| Technology – 1.7% |  |  |
| CrowdStrike Holdings Inc, 3.0000%, 2/15/29 | 2435000 | 2336591 |
| Intel Corp, 3.7500%, 3/25/27 | 4685000 | 4666002 |
| Oracle Corp, 4.4500%, 9/26/30 | 5546000 | 5425852 |
| Western Digital Corp, 4.7500%, 2/15/26 | 321000 | 321246 |
|  |  | 12749691 |
| Total Corporate Bonds (cost $175,079,786) |  | 177778701 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – 3.7% |  |  |
| Fannie Mae: |  |  |
| 3.5000%, TBA, 30 Year Maturity | $382459 | $352391 |
| 4.5000%, TBA, 30 Year Maturity | 1885000 | 1839545 |
|  |  | 2191936 |
| Fannie Mae Pool: |  |  |
| MA3521, 4.0000%, 11/1/48 | 451853 | 435172 |
| BN3899, 4.0000%, 12/1/48 | 67099 | 64622 |
| CA3683, 4.5000%, 6/1/49 | 22494 | 22309 |
| CA4035, 4.5000%, 8/1/49 | 35355 | 35064 |
| MA3908, 4.5000%, 1/1/50 | 48862 | 48460 |
| FS5362, 4.5000%, 12/1/50 | 612130 | 607572 |
| FS2546, 4.0000%, 3/1/51 | 35374 | 34068 |
| 20510401, 3.0000%, 4/1/51 | 202043 | 180957 |
| BV4144, 3.0000%, 3/1/52 | 776247 | 695504 |
| BV5379, 3.0000%, 4/1/52 | 677398 | 608791 |
| BV5380, 3.0000%, 4/1/52 | 583585 | 522816 |
| BV5394, 3.5000%, 4/1/52 | 556722 | 521929 |
| FS1301, 3.5000%, 4/1/52 | 530390 | 494114 |
| BV5393, 3.5000%, 4/1/52 | 295709 | 277584 |
| BV8485, 3.5000%, 4/1/52 | 182967 | 171532 |
| BV4203, 3.5000%, 4/1/52 | 106074 | 99580 |
| BV8484, 3.5000%, 4/1/52 | 97808 | 91813 |
| BV6879, 4.5000%, 4/1/52 | 99712 | 97907 |
| BV7632, 4.5000%, 4/1/52 | 76618 | 75231 |
| BW0081, 4.5000%, 4/1/52 | 56381 | 55351 |
| BV7132, 4.5000%, 4/1/52 | 39689 | 38964 |
| BW0072, 4.5000%, 4/1/52 | 33472 | 32861 |
| BV7131, 4.5000%, 4/1/52 | 31686 | 31108 |
| CB3501, 3.5000%, 5/1/52 | 892210 | 832340 |
| BW0343, 4.5000%, 5/1/52 | 155525 | 152686 |
| FS2420, 3.5000%, 7/1/52 | 2260977 | 2115765 |
| BW7369, 5.0000%, 10/1/52 | 536033 | 542360 |
| BW1288, 5.0000%, 10/1/52 | 239500 | 241868 |
| CB6686, 4.5000%, 7/1/53 | 492368 | 487364 |
| CB6851, 4.5000%, 8/1/53 | 341308 | 337822 |
| CB7430, 5.5000%, 11/1/53 | 342535 | 354740 |
| FS8037, 6.0000%, 1/1/54 | 41638 | 43583 |
| CB8134, 5.5000%, 3/1/54 | 632833 | 653746 |
| FS7607, 6.0000%, 3/1/54 | 35712 | 37235 |
| FS7643, 6.0000%, 4/1/54 | 130140 | 136156 |
| CB8543, 6.0000%, 5/1/54 | 1061111 | 1105780 |
| 20550801, 6.0000%, 8/1/55 | 775402 | 802141 |
| BF0598, 2.5000%, 3/1/62 | 2038131 | 1707353 |
|  |  | 14794248 |
| Freddie Mac Pool: |  |  |
| ZT1320, 4.0000%, 11/1/48 | 40403 | 38911 |
| ZA7158, 4.5000%, 6/1/49 | 33271 | 33019 |
| RA1087, 4.5000%, 7/1/49 | 224049 | 222352 |
| RA1088, 4.5000%, 7/1/49 | 43140 | 42785 |
| RA1188, 4.5000%, 8/1/49 | 226676 | 224960 |
| RA1999, 4.5000%, 1/1/50 | 158573 | 157372 |
| SD8040, 4.5000%, 1/1/50 | 37033 | 36729 |
| SD1551, 4.0000%, 3/1/50 | 475766 | 458202 |
| SD1143, 4.5000%, 9/1/50 | 1364845 | 1354683 |
| QC5848, 2.5000%, 8/1/51 | 989925 | 848154 |
| QD9513, 2.5000%, 2/1/52 | 77825 | 66577 |
| QE0318, 4.5000%, 3/1/52 | 26571 | 26090 |
| QE1073, 3.5000%, 4/1/52 | 69446 | 65190 |
| QD9191, 3.5000%, 4/1/52 | 55523 | 52124 |
| SD7023, 3.0000%, 6/1/52 | 1855177 | 1656396 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Freddie Mac Pool – (continued) |  |  |
| SD1840, 3.0000%, 6/1/52 | $1320338 | $1180987 |
| SD1352, 3.5000%, 7/1/52 | 876759 | 820448 |
| QF2386, 5.0000%, 10/1/52 | 995648 | 1002330 |
| QF2145, 5.0000%, 10/1/52 | 33144 | 33472 |
| SD4294, 5.5000%, 9/1/53 | 245736 | 253782 |
| SD4009, 6.0000%, 9/1/53 | 73161 | 76530 |
| QI2699, 5.5000%, 4/1/54 | 161097 | 166676 |
| RJ1341, 6.0000%, 4/1/54 | 772715 | 805243 |
| SL1226, 5.5000%, 5/1/55 | 641226 | 659793 |
| RJ4363, 5.5000%, 6/1/55 | 179254 | 184838 |
|  |  | 10467643 |
| Total Mortgage-Backed Securities (cost $27,523,499) |  | 27453827 |
| United States Treasury Notes/Bonds – 22.2% |  |  |
| 4.2500%, 12/31/26 | 12839000 | 12928567 |
| 3.7500%, 4/30/27 | 36856500 | 36971677 |
| 3.8750%, 5/31/27 | 8057000 | 8098229 |
| 3.7500%, 6/30/27 | 29290600 | 29403872 |
| 3.6250%, 8/31/27 | 22320000 | 22369697 |
| 3.5000%, 10/31/27 | 5500000 | 5501289 |
| 3.3750%, 11/30/27 | 12405000 | 12381256 |
| 3.5000%, 12/15/28 | 15433000 | 15414914 |
| 3.6250%, 10/31/30 | 2227000 | 2217605 |
| 3.5000%, 11/30/30 | 17380900 | 17205733 |
| Total United States Treasury Notes/Bonds (cost $162,053,095) |  | 162492839 |
| Investment Companies – 2.1% |  |  |
| Money Markets – 2.1% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº,</sup><sup>£</sup> (cost $15,615,555) | 15612181 | 15616865 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.2% |  |  |
| Investment Companies – 0.2% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº,</sup><sup>£</sup> <br>| 1239000 | 1239000 |
| Time Deposits – 0% |  |  |
| Royal Bank of Canada, 3.7000%, 1/2/26 | $309750 | 309750 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $1,548,750) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $1,548,750) | 1548750 |
| Total Investments (total cost $733,392,255) – 100.4% |  | 736103622 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.4)% |  | (3110258) |
| Net Assets – 100% |  | $732993364 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $718243510 | &nbsp;&nbsp;&nbsp;&nbsp; 97.6<br> %<br>|
| Israel | 4548601 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Ireland | 3989622 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Luxembourg | 3226011 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Australia | 2519710 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| United Kingdom | 2395981 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Canada | 1180187 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Total | $736103622 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*6/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*12/31/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% |
| Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | $30248194 | $151638758 | $(166270164) | $(1233) | $1310 | $15616865 | 15612181 | $512473 |
| 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% | 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% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  |
|  | 3422392 | 21444873 | (23628265) | - | - | 1239000 | 1239000 | 4036 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 2.3% | Total Affiliated Investments - 2.3% | Total Affiliated Investments - 2.3% | Total Affiliated Investments - 2.3% | Total Affiliated Investments - 2.3% | Total Affiliated Investments - 2.3% | Total Affiliated Investments - 2.3% | Total Affiliated Investments - 2.3% | Total Affiliated Investments - 2.3% |
|  | $33670586 | $173083631 | $(189898429) | $(1233) | $1310 | $16855865 | 16851181 | $516509 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Schedule of Futures*** | ***Schedule of Futures*** | ***Schedule of Futures*** | ***Schedule of Futures*** | ***Schedule of Futures*** |
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount*<br>| &nbsp;&nbsp; *Value and* <br>*Unrealized* <br>*Appreciation/(Depreciation)*<br>|
| *Futures Long:* |  |  |  |  |
| 2 Year US Treasury Note | 1171 | &nbsp;&nbsp; 4/3/26 | &nbsp;&nbsp; $244491992 | &nbsp;&nbsp; $(157830) |
| Ultra Long Term US Treasury Bond | 17 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; 2006000 | &nbsp;&nbsp; (36897) |
| Total - Futures Long |  |  |  | &nbsp;&nbsp; (194727) |
| *Futures Short:* |  |  |  |  |
| 10 Year US Treasury Note | 134 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; (15066625) | &nbsp;&nbsp; 117932 |
| 5 Year US Treasury Note | 105 | &nbsp;&nbsp; 4/3/26 | &nbsp;&nbsp; (11476992) | &nbsp;&nbsp; 47184 |
| Ultra 10 Year Treasury Note | 38 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; (4370594) | &nbsp;&nbsp; (7125) |
| US Treasury Long Bond | 105 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; (12137344) | &nbsp;&nbsp; 184618 |
| Total - Futures Short |  |  |  | &nbsp;&nbsp; 342609 |
| Total |  |  |  | &nbsp;&nbsp; $147882 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***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*<br>| *Maturity* <br>*Date*<br>| *Notional* <br>*Amount*<br>|  | *Premiums* <br>*Paid/(Received)* <br>| *Unrealized* <br>*Appreciation/* <br>*(Depreciation)* <br>| *Value* |
| CDX.NA.IG.45, Fixed Rate <br>of 1.00%, Paid Quarterly<br>| 12/20/30 | &nbsp;&nbsp; (36500000) | USD | &nbsp;&nbsp; $(815470) | &nbsp;&nbsp; $(21166) | &nbsp;&nbsp; $(836636) |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

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, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** |
|  | *Credit* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| *Asset Derivatives:* |  |  |  |
| <sup>\*</sup>Futures contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $349734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $349734 |
| *Liability Derivatives:* |  |  |  |
| <sup>\*</sup>Futures contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $201852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $201852 |
| <sup>\*</sup>Swaps - centrally cleared | 21166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21166 |
| Total Liability Derivatives | $21166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $201852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $223018 |

---

\* 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, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended December 31, 2025** |
| *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*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| Futures contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(600372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(600372) |
| Swap contracts | (49156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(49156) |
| Total | $(49156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(600372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(649528) |

---

---

| | | | |
|:---|:---|:---|:---|
| *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*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| Futures contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $376447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $376447 |
| Swap contracts | (21166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(21166) |
| Total | $(21166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $376447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $355281 |

---

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, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2025** |
| Credit default swaps: |  |
| Average notional amount - buy protection | $15642857 |
| Futures contracts: |  |
| Average notional amount of contracts - long | 263381146 |
| Average notional amount of contracts - short | 52273992 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Assets*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| JPMorgan Chase Bank, National Association | $1501900 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1501900) | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

14 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

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

---

| | |
|:---|:---|
| IBOR | Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| 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 <br> principal amount and no defined maturity date. The actual principal and maturity date will be determined upon <br> settlement when specific mortgage pools are assigned.<br>|

---

---

| |
|:---|
| &nbsp;&nbsp; Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale <br> and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be <br> liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2025 <br> is $390,855,032, which represents 53.3% of net assets.<br>|
| &nbsp;&nbsp; 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 <br> will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements.<br>|
| &nbsp;&nbsp; Variable or floating rate security. Rate shown is the current rate as of December 31, 2025. Certain variable rate securities are not based on <br> a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as <br> of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.<br>|
| Rate shown is the 7-day yield as of December 31, 2025. |
| Loaned security; a portion of the security is on loan at December 31, 2025. |
| &nbsp;&nbsp; Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the <br> current rate.<br>|
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
| Schedule of Restricted Securities (as of December 31, 2025) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Acquisition* <br>*Date*<br>| *Cost* | *Value* | &nbsp;&nbsp; *Value as a* <br>*% of Net* <br>*Assets*<br>|
| Oasis Securitization 2024-1A A, 5.8800%, 9/30/38 | 9/24/2024 | &nbsp;&nbsp; $334951 | $335132 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %<br>|

---

The Fund has registration rights for certain restricted securities held as of December 31, 2025. The issuer incurs all registration costs.

Janus Investment Fund \| 15

------

**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, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Asset-Backed/Commercial Mortgage-Backed Securities* | $- | &nbsp;&nbsp; $322731614 | &nbsp;&nbsp; $- |
| *Bank Loans and Mezzanine Loans* | - | &nbsp;&nbsp; 28481026 | &nbsp;&nbsp; - |
| *Corporate Bonds* | - | &nbsp;&nbsp; 177778701 | &nbsp;&nbsp; - |
| *Mortgage-Backed Securities* | - | &nbsp;&nbsp; 27453827 | &nbsp;&nbsp; - |
| *United States Treasury Notes/Bonds* | - | &nbsp;&nbsp; 162492839 | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 15616865 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 1548750 | &nbsp;&nbsp; - |
| Total Investments in Securities | $- | &nbsp;&nbsp; $736103622 | &nbsp;&nbsp; $- |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Futures Contracts* | 349734 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| **Total Assets** | $349734 | &nbsp;&nbsp; $736103622 | &nbsp;&nbsp; $- |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Futures Contracts* | $201852 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| *Centrally Cleared Swaps* | - | &nbsp;&nbsp; 21166 | &nbsp;&nbsp; - |
| **Total Liabilities** | $201852 | &nbsp;&nbsp; $21166 | &nbsp;&nbsp; $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 centrally
 cleared 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, written swaptions, and OTC swaps are reported at their market value at measurement date.

16 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $716,537,700)<sup>(1)</sup> <br>| $719247757 |
| Affiliated investments, at value (cost $16,854,555) | 16855865 |
| Cash | 54862 |
| Deposits with brokers for centrally cleared derivatives | 395329 |
| Deposits with brokers for futures | 1599000 |
| Variation margin receivable on futures contracts | 69590 |
| Variation margin receivable on centrally cleared swaps | 801 |
| Trustees' deferred compensation | 21574 |
| Receivables: |  |
| Interest | 4930709 |
| Fund shares sold | 212606 |
| Dividends from affiliates | 60281 |
| Other assets | 14538 |
| Total Assets | 743462912 |
| Liabilities: |  |
| Collateral for securities loaned (Note 3) | 1548750 |
| Variation margin payable on futures contracts | 89510 |
| Payables: |  |
| Investments purchased | 5139674 |
| TBA investments purchased | 2188077 |
| Fund shares repurchased | 882995 |
| Advisory fees | 144205 |
| Transfer agent fees and expenses | 111802 |
| Dividends | 73808 |
| Professional fees | 44665 |
| 12b-1 Distribution and shareholder servicing fees | 23137 |
| Trustees' deferred compensation fees | 21574 |
| Affiliated fund administration fees payable | 1609 |
| Custodian fees | 1415 |
| Trustees' fees and expenses | 262 |
| Accrued expenses and other payables | 198065 |
| Total Liabilities | 10469548 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $732993364 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 17

------

**Janus Henderson Short Duration Flexible Bond Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $814945116 |
| Total distributable earnings (loss) | (81951752) |
| Total Net Assets | $732993364 |
| Net Assets - Class A Shares | $72038428 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 24791316 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $2.91 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $2.98 |
| Net Assets - Class C Shares | $8444388 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2911312 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $2.90 |
| Net Assets - Class D Shares | $157693798 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 54231315 |
| Net Asset Value Per Share | $2.91 |
| Net Assets - Class I Shares | $318595852 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 109711086 |
| Net Asset Value Per Share | $2.90 |
| Net Assets - Class N Shares | $10785752 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3735716 |
| Net Asset Value Per Share | $2.89 |
| Net Assets - Class S Shares | $343128 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 118248 |
| Net Asset Value Per Share | $2.90 |
| Net Assets - Class T Shares | $165092018 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 56763553 |
| Net Asset Value Per Share | $2.91 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $1,501,900 of securities on loan. See Note 3 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Maximum offering price is computed at 100/97.50 of net asset value.

See Notes to Financial Statements.

18 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Interest | $17969133 |
| Dividends from affiliates | 512473 |
| Affiliated securities lending income, net | 4036 |
| Unaffiliated securities lending income, net | 1018 |
| Other income | 55983 |
| Total Investment Income | 18542643 |
| Expenses: |  |
| Advisory fees | 1606986 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 65967 |
| Class C Shares | 41125 |
| Class S Shares | 435 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 84058 |
| Class S Shares | 436 |
| Class T Shares | 217841 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 10743 |
| Class C Shares | 2930 |
| Class I Shares | 232998 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 1529 |
| Class C Shares | 232 |
| Class D Shares | 13101 |
| Class I Shares | 5478 |
| Class N Shares | 302 |
| Class S Shares | 13 |
| Class T Shares | 1272 |
| Non-affiliated fund administration fees | 66509 |
| Shareholder reports expense | 65953 |
| Registration fees | 55172 |
| Professional fees | 35264 |
| Affiliated fund administration fees | 12573 |
| Trustees' fees and expenses | 6568 |
| Custodian fees | 5699 |
| Other expenses | 80708 |
| Total Expenses | 2613892 |
| Less: Excess Expense Reimbursement and Waivers | (652462) |
| Net Expenses | 1961430 |
| Net Investment Income/(Loss) | 16581213 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 1484078 |
| Investments in affiliates | (1233) |
| Futures contracts | (600372) |
| Swap contracts | (49156) |
| Total Net Realized Gain/(Loss) on Investments | 833317 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments and Trustees' deferred compensation | 1056425 |
| Investments in affiliates | 1310 |
| Futures contracts | 376447 |
| Swap contracts | (21166) |
| Total Change in Unrealized Net Appreciation/Depreciation | 1413016 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $18827546 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 19

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*December 31, 2025* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*June 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $16581213 | &nbsp;&nbsp; $35133667 |
| Net realized gain/(loss) on investments | 833317 | &nbsp;&nbsp; 3159710 |
| Change in unrealized net appreciation/depreciation | 1413016 | &nbsp;&nbsp; 8264106 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 18827546 | &nbsp;&nbsp; 46557483 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (1154121) | &nbsp;&nbsp; (1617533) |
| Class C Shares | (162760) | &nbsp;&nbsp; (363697) |
| Class D Shares | (3584233) | &nbsp;&nbsp; (7311185) |
| Class I Shares | (7571279) | &nbsp;&nbsp; (16507093) |
| Class N Shares | (251134) | &nbsp;&nbsp; (562869) |
| Class S Shares | (7325) | &nbsp;&nbsp; (15422) |
| Class T Shares | (3882964) | &nbsp;&nbsp; (9112455) |
| Net Decrease from Dividends and Distributions to Shareholders | (16613816) | &nbsp;&nbsp; (35490254) |
| Capital Share Transactions: |  |  |
| Class A Shares | 37567960 | &nbsp;&nbsp; (303447) |
| Class C Shares | (842959) | &nbsp;&nbsp; (16559) |
| Class D Shares | 3256155 | &nbsp;&nbsp; 10319556 |
| Class I Shares | (16575140) | &nbsp;&nbsp; 11827258 |
| Class N Shares | 334682 | &nbsp;&nbsp; (1390219) |
| Class S Shares | 102 | &nbsp;&nbsp; 8174 |
| Class T Shares | (15068603) | &nbsp;&nbsp; (18382074) |
| Net Increase/(Decrease) from Capital Share Transactions | 8672197 | &nbsp;&nbsp; 2062689 |
| Net Increase/(Decrease) in Net Assets | 10885927 | &nbsp;&nbsp; 13129918 |
| Net Assets: |  |  |
| Beginning of period | 722107437 | &nbsp;&nbsp; 708977519 |
| End of period | $732993364 | &nbsp;&nbsp; $722107437 |

---

See Notes to Financial Statements.

20 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $2.90 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $2.81 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $3.08 | &nbsp;&nbsp; $3.06 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain/(loss) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Total from Investment Operations | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.06) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.05) |
| Total Dividends and Distributions | (0.06) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.05) |
| Net Asset Value, End of Period | $2.91 | &nbsp;&nbsp; $2.90 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $2.81 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $3.08 |
| Total Return<sup>\*</sup> <br>| 2.60% | &nbsp;&nbsp; 6.73% | &nbsp;&nbsp; 6.16% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; (6.28)% | &nbsp;&nbsp; 2.30% |
| Net Assets, End of Period (in thousands) | $72038 | &nbsp;&nbsp; $34309 | &nbsp;&nbsp; $34090 | &nbsp;&nbsp; $45842 | &nbsp;&nbsp; $66254 | &nbsp;&nbsp; $77673 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.84% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.78% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.74% |
| Ratio of Net Investment Income/(Loss) | 4.42% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.49% | &nbsp;&nbsp; 2.68% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.51% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 58% | &nbsp;&nbsp; 167% | &nbsp;&nbsp; 105% | &nbsp;&nbsp; 118% | &nbsp;&nbsp; 94% | &nbsp;&nbsp; 112% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

Janus Investment Fund \| 21

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $2.89 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $2.80 | &nbsp;&nbsp; $2.84 | &nbsp;&nbsp; $3.08 | &nbsp;&nbsp; $3.05 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain/(loss) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Total from Investment Operations | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.05) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.03) |
| Total Dividends and Distributions | (0.05) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.03) |
| Net Asset Value, End of Period | $2.90 | &nbsp;&nbsp; $2.89 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $2.80 | &nbsp;&nbsp; $2.84 | &nbsp;&nbsp; $3.08 |
| Total Return<sup>\*</sup> <br>| 2.24% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.79% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; (7.27)% | &nbsp;&nbsp; 2.04% |
| Net Assets, End of Period (in thousands) | $8444 | &nbsp;&nbsp; $9260 | &nbsp;&nbsp; $9135 | &nbsp;&nbsp; $12886 | &nbsp;&nbsp; $16947 | &nbsp;&nbsp; $23656 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.57% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.37% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.39% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.32% |
| Ratio of Net Investment Income/(Loss) | 3.71% | &nbsp;&nbsp; 4.02% | &nbsp;&nbsp; 3.79% | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.93% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 58% | &nbsp;&nbsp; 167% | &nbsp;&nbsp; 105% | &nbsp;&nbsp; 118% | &nbsp;&nbsp; 94% | &nbsp;&nbsp; 112% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

22 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $2.90 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $2.81 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $3.08 | &nbsp;&nbsp; $3.06 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain/(loss) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Total from Investment Operations | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.07) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.06) |
| Total Dividends and Distributions | (0.07) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.06) |
| Net Asset Value, End of Period | $2.91 | &nbsp;&nbsp; $2.90 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $2.81 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $3.08 |
| Total Return<sup>\*</sup> <br>| 2.69% | &nbsp;&nbsp; 6.93% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; (6.12)% | &nbsp;&nbsp; 2.47% |
| Net Assets, End of Period (in thousands) | $157694 | &nbsp;&nbsp; $153959 | &nbsp;&nbsp; $141411 | &nbsp;&nbsp; $146435 | &nbsp;&nbsp; $172562 | &nbsp;&nbsp; $207596 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.52% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.57% |
| Ratio of Net Investment Income/(Loss) | 4.59% | &nbsp;&nbsp; 4.93% | &nbsp;&nbsp; 4.71% | &nbsp;&nbsp; 2.88% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.68% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 58% | &nbsp;&nbsp; 167% | &nbsp;&nbsp; 105% | &nbsp;&nbsp; 118% | &nbsp;&nbsp; 94% | &nbsp;&nbsp; 112% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

Janus Investment Fund \| 23

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $2.89 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $2.81 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $3.08 | &nbsp;&nbsp; $3.05 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain/(loss) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Total from Investment Operations | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.07) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.06) |
| Total Dividends and Distributions | (0.07) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.06) |
| Net Asset Value, End of Period | $2.90 | &nbsp;&nbsp; $2.89 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $2.81 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $3.08 |
| Total Return<sup>\*</sup> <br>| 2.73% | &nbsp;&nbsp; 6.63% | &nbsp;&nbsp; 6.42% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; (6.08)% | &nbsp;&nbsp; 2.82% |
| Net Assets, End of Period (in thousands) | $318596 | &nbsp;&nbsp; $334190 | &nbsp;&nbsp; $317302 | &nbsp;&nbsp; $368402 | &nbsp;&nbsp; $442881 | &nbsp;&nbsp; $421533 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.67% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.60% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.46% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.56% |
| Ratio of Net Investment Income/(Loss) | 4.65% | &nbsp;&nbsp; 4.99% | &nbsp;&nbsp; 4.76% | &nbsp;&nbsp; 2.94% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.69% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 58% | &nbsp;&nbsp; 167% | &nbsp;&nbsp; 105% | &nbsp;&nbsp; 118% | &nbsp;&nbsp; 94% | &nbsp;&nbsp; 112% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

24 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $2.88 | &nbsp;&nbsp; $2.83 | &nbsp;&nbsp; $2.79 | &nbsp;&nbsp; $2.84 | &nbsp;&nbsp; $3.07 | &nbsp;&nbsp; $3.05 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain/(loss) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Total from Investment Operations | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.07) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.06) |
| Total Dividends and Distributions | (0.07) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.06) |
| Net Asset Value, End of Period | $2.89 | &nbsp;&nbsp; $2.88 | &nbsp;&nbsp; $2.83 | &nbsp;&nbsp; $2.79 | &nbsp;&nbsp; $2.84 | &nbsp;&nbsp; $3.07 |
| Total Return<sup>\*</sup> <br>| 2.76% | &nbsp;&nbsp; 7.07% | &nbsp;&nbsp; 6.49% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; (6.03)% | &nbsp;&nbsp; 2.61% |
| Net Assets, End of Period (in thousands) | $10786 | &nbsp;&nbsp; $10421 | &nbsp;&nbsp; $11647 | &nbsp;&nbsp; $25912 | &nbsp;&nbsp; $45088 | &nbsp;&nbsp; $15816 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.56% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.40% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.44% |
| Ratio of Net Investment Income/(Loss) | 4.71% | &nbsp;&nbsp; 5.06% | &nbsp;&nbsp; 4.78% | &nbsp;&nbsp; 2.83% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.80% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 58% | &nbsp;&nbsp; 167% | &nbsp;&nbsp; 105% | &nbsp;&nbsp; 118% | &nbsp;&nbsp; 94% | &nbsp;&nbsp; 112% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

Janus Investment Fund \| 25

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**Janus Henderson Short Duration Flexible Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, 2025 <br> (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $2.89 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $2.80 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $3.07 | &nbsp;&nbsp; $3.05 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain/(loss) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Total from Investment Operations | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.06) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.04) |
| Total Dividends and Distributions | (0.06) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.04) |
| Net Asset Value, End of Period | $2.90 | &nbsp;&nbsp; $2.89 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $2.80 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $3.07 |
| Total Return<sup>\*</sup> <br>| 2.50% | &nbsp;&nbsp; 6.18% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; (6.16)% | &nbsp;&nbsp; 2.12% |
| Net Assets, End of Period (in thousands) | $343 | &nbsp;&nbsp; $342 | &nbsp;&nbsp; $329 | &nbsp;&nbsp; $381 | &nbsp;&nbsp; $371 | &nbsp;&nbsp; $660 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.91% | &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 1.43% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.89% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.92% |
| Ratio of Net Investment Income/(Loss) | 4.22% | &nbsp;&nbsp; 4.56% | &nbsp;&nbsp; 4.33% | &nbsp;&nbsp; 2.55% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 1.32% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 58% | &nbsp;&nbsp; 167% | &nbsp;&nbsp; 105% | &nbsp;&nbsp; 118% | &nbsp;&nbsp; 94% | &nbsp;&nbsp; 112% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

26 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $2.90 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $2.81 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $3.08 | &nbsp;&nbsp; $3.06 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain/(loss) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Total from Investment Operations | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.07) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.05) |
| Total Dividends and Distributions | (0.07) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.05) |
| Net Asset Value, End of Period | $2.91 | &nbsp;&nbsp; $2.90 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $2.81 | &nbsp;&nbsp; $2.85 | &nbsp;&nbsp; $3.08 |
| Total Return<sup>\*</sup> <br>| 2.63% | &nbsp;&nbsp; 6.81% | &nbsp;&nbsp; 6.23% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; (6.23)% | &nbsp;&nbsp; 2.36% |
| Net Assets, End of Period (in thousands) | $165092 | &nbsp;&nbsp; $179626 | &nbsp;&nbsp; $195063 | &nbsp;&nbsp; $231314 | &nbsp;&nbsp; $294579 | &nbsp;&nbsp; $403560 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.78% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.64% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.69% |
| Ratio of Net Investment Income/(Loss) | 4.47% | &nbsp;&nbsp; 4.82% | &nbsp;&nbsp; 4.58% | &nbsp;&nbsp; 2.75% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.56% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 58% | &nbsp;&nbsp; 167% | &nbsp;&nbsp; 105% | &nbsp;&nbsp; 118% | &nbsp;&nbsp; 94% | &nbsp;&nbsp; 112% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

Janus Investment Fund \| 27

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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

**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 34 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. 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 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, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

28 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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 Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended December 31, 2025. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

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

**Valuation Inputs Summary**

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

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

Janus Investment Fund \| 29

------

**Janus Henderson Short Duration 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 period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments 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 an 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.

30 \| December 31, 2025

------

**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.

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.

**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, 2025 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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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.

Janus Investment Fund \| 31

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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.

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**Janus Henderson Short Duration Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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 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.

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**Janus Henderson Short Duration Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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 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**

**Market 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 value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in

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**Janus Henderson Short Duration Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**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, 2025.

&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 Secured Overnight Financing Rate ("SOFR"). 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

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**Janus Henderson Short Duration Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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.

**Restricted Security Transactions**

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets

exist.

**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 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.

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**Janus Henderson Short Duration Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

To mitigate the counterparty credit risk and in accordance with FINRA 4210 regulatory requirements on TBA commitments and other types of forward-settling transactions, the Fund enters into a Master Securities Forward Transaction Agreement ("MSFTA") bilaterally with each counterparty with which it undertakes transactions. An MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of an MSFTA, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by the defaulting party.

This right to close out and net payments across all transactions traded under an MSFTA may result in a reduction of the Fund's credit risk to such counterparty equal to any amounts payable by the Fund under the applicable transactions, if any.

For mortgage-backed and asset-backed securities traded under an MSFTA, the collateral and margining requirements are contract specific. Amounts across all transactions traded under an MSFTA are netted and an amount is posted from one party to the other to collateralize such obligations. Cash that has been pledged to cover the Fund's collateral or margin obligations under an MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as

restricted cash.

**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.

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**Janus Henderson Short Duration Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

**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 Securities and Exchange Commission (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" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of December 31, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $1,501,900. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2025 is $1,548,750,

resulting in the net amount due to the counterparty of $46,850.

**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

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**Janus Henderson Short Duration Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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 advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.39%. In addition, the Adviser shall reimburse or waive administrative services fees, 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 on October 28, 2025. 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 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 $225,317 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2025. 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 0.11%.

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,

Janus Investment Fund \| 39

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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 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, 2025, the Distributor

retained upfront sales charges of $768.

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,

2025. 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, 2025, redeeming shareholders of Class C

Shares paid CDSCs of $293.

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, 2025 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, 2025 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. There were no deferred fees paid by the Trust to the

40 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

Trustees under the Deferred Plan during the period ended December 31, 2025.

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 at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government 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). 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, 2025 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.

Accumulated capital losses noted below represent net capital loss carryovers, as of June 30, 2025, 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* |  |
| *For the year ended June 30, 2025* | *For the year ended June 30, 2025* |  |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | &nbsp;&nbsp; Accumulated <br>Capital Losses<br>|
| $(45675352) | &nbsp;&nbsp; $(38901796) | &nbsp;&nbsp; $(84577148) |

---

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, 2025 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* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $734641763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4641484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3179625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1461859 |

---

Information on the tax components of derivatives as of December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax* <br>*Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $(815470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $349734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(223018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $126716 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

constitute adjustments to tax basis.

Janus Investment Fund \| 41

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2025* | *Period ended December 31, 2025* | *Year ended June 30, 2025* | *Year ended June 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 14091072 | &nbsp;&nbsp; $40893105 | &nbsp;&nbsp; 2500405 | &nbsp;&nbsp; $7208503 |
| Reinvested dividends and distributions | 337909 | &nbsp;&nbsp; 980727 | &nbsp;&nbsp; 424090 | &nbsp;&nbsp; 1224068 |
| Shares repurchased | (1483602) | &nbsp;&nbsp; (4305872) | &nbsp;&nbsp; (3033129) | &nbsp;&nbsp; (8736018) |
| Net Increase/(Decrease) | 12945379 | &nbsp;&nbsp; $37567960 | &nbsp;&nbsp; (108634) | &nbsp;&nbsp; $(303447) |
| Class C Shares: |  |  |  |  |
| Shares sold | 345503 | &nbsp;&nbsp; $1001203 | &nbsp;&nbsp; 1788416 | &nbsp;&nbsp; $5143149 |
| Reinvested dividends and distributions | 55554 | &nbsp;&nbsp; 160907 | &nbsp;&nbsp; 124691 | &nbsp;&nbsp; 359292 |
| Shares repurchased | (692511) | &nbsp;&nbsp; (2005069) | &nbsp;&nbsp; (1919281) | &nbsp;&nbsp; (5519000) |
| Net Increase/(Decrease) | (291454) | &nbsp;&nbsp; $(842959) | &nbsp;&nbsp; (6174) | &nbsp;&nbsp; $(16559) |
| Class D Shares: |  |  |  |  |
| Shares sold | 4795254 | &nbsp;&nbsp; $13926125 | &nbsp;&nbsp; 12143731 | &nbsp;&nbsp; $35037303 |
| Reinvested dividends and distributions | 1189005 | &nbsp;&nbsp; 3449917 | &nbsp;&nbsp; 2431712 | &nbsp;&nbsp; 7025082 |
| Shares repurchased | (4865564) | &nbsp;&nbsp; (14119887) | &nbsp;&nbsp; (11011556) | &nbsp;&nbsp; (31742829) |
| Net Increase/(Decrease) | 1118695 | &nbsp;&nbsp; $3256155 | &nbsp;&nbsp; 3563887 | &nbsp;&nbsp; $10319556 |
| Class I Shares: |  |  |  |  |
| Shares sold | 9877605 | &nbsp;&nbsp; $28628188 | &nbsp;&nbsp; 31850345 | &nbsp;&nbsp; $91716031 |
| Reinvested dividends and distributions | 2548247 | &nbsp;&nbsp; 7381137 | &nbsp;&nbsp; 5539720 | &nbsp;&nbsp; 15985341 |
| Shares repurchased | (18152686) | &nbsp;&nbsp; (52584465) | &nbsp;&nbsp; (33267917) | &nbsp;&nbsp; (95874114) |
| Net Increase/(Decrease) | (5726834) | &nbsp;&nbsp; $(16575140) | &nbsp;&nbsp; 4122148 | &nbsp;&nbsp; $11827258 |
| Class N Shares: |  |  |  |  |
| Shares sold | 475207 | &nbsp;&nbsp; $1371301 | &nbsp;&nbsp; 836458 | &nbsp;&nbsp; $2396951 |
| Reinvested dividends and distributions | 86277 | &nbsp;&nbsp; 248610 | &nbsp;&nbsp; 195044 | &nbsp;&nbsp; 559352 |
| Shares repurchased | (446539) | &nbsp;&nbsp; (1285229) | &nbsp;&nbsp; (1520567) | &nbsp;&nbsp; (4346522) |
| Net Increase/(Decrease) | 114945 | &nbsp;&nbsp; $334682 | &nbsp;&nbsp; (489065) | &nbsp;&nbsp; $(1390219) |
| Class S Shares: |  |  |  |  |
| Shares sold | 813 | &nbsp;&nbsp; $2355 | &nbsp;&nbsp; 2643 | &nbsp;&nbsp; $7607 |
| Reinvested dividends and distributions | 2529 | &nbsp;&nbsp; 7325 | &nbsp;&nbsp; 5352 | &nbsp;&nbsp; 15422 |
| Shares repurchased | (3303) | &nbsp;&nbsp; (9578) | &nbsp;&nbsp; (5166) | &nbsp;&nbsp; (14855) |
| Net Increase/(Decrease) | 39 | &nbsp;&nbsp; $102 | &nbsp;&nbsp; 2829 | &nbsp;&nbsp; $8174 |
| Class T Shares: |  |  |  |  |
| Shares sold | 1227432 | &nbsp;&nbsp; $3563128 | &nbsp;&nbsp; 2403948 | &nbsp;&nbsp; $6934313 |
| Reinvested dividends and distributions | 1324145 | &nbsp;&nbsp; 3846181 | &nbsp;&nbsp; 3119346 | &nbsp;&nbsp; 9011492 |
| Shares repurchased | (7743011) | &nbsp;&nbsp; (22477912) | &nbsp;&nbsp; (11899516) | &nbsp;&nbsp; (34327879) |
| Net Increase/(Decrease) | (5191434) | &nbsp;&nbsp; $(15068603) | &nbsp;&nbsp; (6376222) | &nbsp;&nbsp; $(18382074) |

---

**7. Purchases and Sales of Investment Securities**

For the period ended December 31, 2025, 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*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $186274928 | &nbsp;&nbsp;&nbsp;&nbsp; $200406811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $235932963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $205710140 |

---

**8. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client consents, and

approval by Janus Henderson's shareholders. Management is assessing the impact to the funds.

42 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Notes to Financial Statements (unaudited)**

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

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 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 other than the following:

Effective January 2, 2026, the Fund's advisory fee reduced to 0.25%, and the Fund's contractual limit on total annual operating expense changed from 0.39% to 0.32%. The cap excludes any performance adjustments to management fees, fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses. In addition, the Adviser shall reimburse or waive out of pocket transfer agency/shareholder serving costs, including, networking/omnibus/shareholder serving fees, payable by any share class so that such fees, in the aggregate, do not exceed 0.06% of a share class's average daily net assets. The contractual waivers will remain in effect for a least one-year period commencing on January 2, 2026.

Janus Investment Fund \| 43

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the 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 analyses 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 5, 2025 and December 9-10, 2025, 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 over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's 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, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. 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

44 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment 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 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. Additionally, 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 and retain 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 at 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, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 45

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, 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.

46 \| December 31, 2025

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**Janus Henderson Short Duration Flexible Bond Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 47

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**Janus Henderson Short Duration Flexible Bond Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

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.

48 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Additional Information (unaudited)**

***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 identified by Broadridge using Morningstar category schema. 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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% 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 or service 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 considering performance trends, performance histories, recent fee reductions, investment structure changes, 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 institutional/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 institutional/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 the Adviser's explanation 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 the independent fee consultant's 2024 report 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 similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable 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) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 49

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**Janus Henderson Short Duration Flexible Bond Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, 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 has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

50 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market 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 reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian 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 had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 51

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**Janus Henderson Short Duration Flexible Bond Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, 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.

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 receives 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 and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, 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. As part of their overall review of fund profitability, 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 fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

52 \| December 31, 2025

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**Janus Henderson Short Duration Flexible Bond Fund**

**Additional Information (unaudited)**

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 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, 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; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) 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 (3) by setting lower fixed fees from the start on the Flat-Rate Fee 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.

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 Janus Henderson 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.

Based on all of the information reviewed, including the recent and past research and analyses 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 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 other 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 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 such Janus Henderson Funds. 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

Janus Investment Fund \| 53

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**Janus Henderson Short Duration Flexible Bond Fund**

**Additional Information (unaudited)**

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.

54 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Notes**

Janus Investment Fund \| 55

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Notes**

56 \| December 31, 2025

------

**Janus Henderson Short Duration Flexible Bond Fund**

**Notes**

Janus Investment Fund \| 57

------

![](imga40676d62.gif)

*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

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93030 02-26

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SEMIANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson Small Cap Value Fund**

Janus Investment Fund

![](img3127bdfe1.gif)

------

**Table of Contents**

**Janus Henderson Small Cap Value Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_e0e48cb9-f039-4100-8659-8c614b7df238_SOI-SOI-RunningFooter-4_1)<br> [Management Investment Companies](#xx_e0e48cb9-f039-4100-8659-8c614b7df238_SOI-SOI-RunningFooter-4_1)<br>|  |
| [Schedule of Investments](#xx_e0e48cb9-f039-4100-8659-8c614b7df238_SOI-SOI-RunningFooter-4_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_e0e48cb9-f039-4100-8659-8c614b7df238_SOI-SOI-RunningFooter-4_5) | 5 |
| [Statement of Assets and Liabilities](#xx_e0e48cb9-f039-4100-8659-8c614b7df238_SAL-SAL-RunningFooter-4_1) | 6 |
| [Statement of Operations](#xx_e0e48cb9-f039-4100-8659-8c614b7df238_SOP-SOP-RunningFooter-4_1) | 8 |
| [Statements of Changes in Net Assets](#xx_e0e48cb9-f039-4100-8659-8c614b7df238_SOC-SOC-RunningFooter-4_1) | 9 |
| [Financial Highlights](#xx_e0e48cb9-f039-4100-8659-8c614b7df238_FIHI-FIHI-RunningFooter-4_1) | 10 |
| [Notes to Financial Statements](#xx_e0e48cb9-f039-4100-8659-8c614b7df238_NTF-NTF-RunningFooter-4_1) | 19 |
| [Items 8-11 - Additional Information](#xx_e0e48cb9-f039-4100-8659-8c614b7df238_AI-AI-RunningFooter-4_1) | 29 |

---

------

**Janus Henderson Small Cap Value Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 98.2% |  |  |
| Aerospace & Defense – 1.2% |  |  |
| AAR Corp<sup>\*</sup> <br>| 171084 | $14164044 |
| Automobiles – 1.0% |  |  |
| Thor Industries Inc | 111836 | 11482202 |
| Banks – 18.9% |  |  |
| Ameris Bancorp | 226441 | 16817773 |
| Business First Bancshares Inc | 735269 | 19219932 |
| Columbia Banking System Inc | 483677 | 13518772 |
| Community Trust Bancorp Inc | 82864 | 4681816 |
| FB Financial Corp | 416984 | 23267707 |
| First Busey Corp | 976828 | 23238738 |
| Fulton Financial Corp | 1377980 | 26636353 |
| Nicolet Bankshares Inc | 95085 | 11533811 |
| OFG Bancorp | 572504 | 23461214 |
| Sierra Bancorp | 259008 | 8464381 |
| Towne Bank/Portsmouth VA | 676181 | 22564160 |
| Wintrust Financial Corp | 207068 | 28952248 |
|  |  | 222356905 |
| Beverages – 1.6% |  |  |
| Coca-Cola Consolidated Inc | 124216 | 19042313 |
| Biotechnology – 1.2% |  |  |
| Dyne Therapeutics Inc<sup>\*</sup> <br>| 117004 | 2288598 |
| IDEAYA Biosciences Inc<sup>\*</sup> <br>| 80194 | 2772307 |
| Praxis Precision Medicines Inc<sup>\*</sup> <br>| 20701 | 6101413 |
| Vaxcyte Inc<sup>\*</sup> <br>| 73323 | 3383123 |
|  |  | 14545441 |
| Building Products – 1.1% |  |  |
| Janus International Group Inc<sup>\*</sup> <br>| 1980913 | 12955171 |
| Capital Markets – 4.4% |  |  |
| Lazard Inc | 357025 | 17337134 |
| Piper Jaffray Cos | 43889 | 14909532 |
| WisdomTree Investments Inc | 1636475 | 19948630 |
|  |  | 52195296 |
| Chemicals – 2.6% |  |  |
| Innospec Inc | 140465 | 10751191 |
| Quaker Chemical Corp | 142636 | 19585349 |
|  |  | 30336540 |
| Commercial Services & Supplies – 1.9% |  |  |
| Boyd Group Services Inc | 95285 | 15179364 |
| Healthcare Services Group Inc<sup>\*</sup> <br>| 384661 | 7354719 |
|  |  | 22534083 |
| Construction Materials – 0.8% |  |  |
| Eagle Materials Inc | 43964 | 9086480 |
| Electrical Equipment – 0.7% |  |  |
| Thermon Group Holdings Inc<sup>\*</sup> <br>| 236216 | 8777787 |
| Electronic Equipment, Instruments & Components – 4.3% |  |  |
| Fabrinet<sup>\*</sup> <br>| 28290 | 12879871 |
| Littelfuse Inc | 44797 | 11330057 |
| Napco Security Technologies Inc | 235861 | 9835404 |
| Vontier Corp | 448812 | 16686830 |
|  |  | 50732162 |
| Equity Real Estate Investment Trusts (REITs) – 1.6% |  |  |
| Broadstone Net Lease Inc | 1107989 | 19245769 |
| Food & Staples Retailing – 2.2% |  |  |
| Casey's General Stores Inc | 25109 | 13877995 |
| Ingles Markets Inc | 184065 | 12617656 |
|  |  | 26495651 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Small Cap Value Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Food Products – 1.1% |  |  |
| Cal-Maine Foods Inc | 72795 | $5792298 |
| John B Sanfilippo & Son Inc | 107376 | 7580746 |
|  |  | 13373044 |
| Gas Utilities – 2.2% |  |  |
| Chesapeake Utilities Corp | 211637 | 26403832 |
| Health Care Equipment & Supplies – 5.5% |  |  |
| Carlsmed Inc<sup>\*</sup> <br>| 343579 | 4243201 |
| Enovis Corp<sup>\*</sup> <br>| 414558 | 11043825 |
| Envista Holdings Corp<sup>\*</sup> <br>| 399388 | 8670713 |
| Glaukos Corp<sup>\*</sup> <br>| 16515 | 1864709 |
| Globus Medical Inc<sup>\*</sup> <br>| 122496 | 10695126 |
| ICU Medical Inc<sup>\*</sup> <br>| 65645 | 9365572 |
| InMode Ltd<sup>\*</sup> <br>| 887471 | 13036949 |
| Tactile Systems Technology Inc<sup>\*</sup> <br>| 189734 | 5502286 |
|  |  | 64422381 |
| Household Durables – 1.5% |  |  |
| M/I Homes Inc<sup>\*</sup> <br>| 81709 | 10454667 |
| Meritage Homes Corp | 103240 | 6793192 |
|  |  | 17247859 |
| Industrial Real Estate Investment Trusts (REITs) – 1.6% |  |  |
| STAG Industrial Inc | 509911 | 18744328 |
| Insurance – 6.1% |  |  |
| Axis Capital Holdings Ltd | 265974 | 28483156 |
| Hanover Insurance Group Inc | 100735 | 18411336 |
| ProAssurance Corp<sup>\*</sup> <br>| 485210 | 11722673 |
| Selective Insurance Group Inc | 158572 | 13267719 |
|  |  | 71884884 |
| Leisure Products – 2.2% |  |  |
| Malibu Boats Inc<sup>\*</sup> <br>| 429086 | 12104516 |
| YETI Holdings Inc<sup>\*</sup> <br>| 315482 | 13934840 |
|  |  | 26039356 |
| Life Sciences Tools & Services – 0.8% |  |  |
| Mesa Laboratories Inc | 116631 | 9155534 |
| Machinery – 3.3% |  |  |
| Atmus Filtration Technologies Inc | 394208 | 20463337 |
| Helios Technologies Inc | 335600 | 17951244 |
|  |  | 38414581 |
| Marine – 2.0% |  |  |
| Kirby Corp<sup>\*</sup> <br>| 208773 | 23002609 |
| Metals & Mining – 2.2% |  |  |
| Commercial Metals Co | 380118 | 26311768 |
| Multi-Utilities – 2.3% |  |  |
| Black Hills Corp | 386388 | 26823055 |
| Oil, Gas & Consumable Fuels – 6.2% |  |  |
| Gulfport Energy Corp<sup>\*</sup> <br>| 106000 | 22046940 |
| HF Sinclair Corp | 227874 | 10500434 |
| Magnolia Oil & Gas Corp | 918201 | 20099420 |
| Oasis Petroleum Inc | 222814 | 20654858 |
|  |  | 73301652 |
| Pharmaceuticals – 0.2% |  |  |
| Ligand Pharmaceuticals Inc<sup>\*</sup> <br>| 13325 | 2519358 |
| Real Estate Management & Development – 1.8% |  |  |
| Cushman & Wakefield Ltd<sup>\*</sup> <br>| 1273609 | 20619730 |
| Retail Real Estate Investment Trusts (REITs) – 2.9% |  |  |
| Curbline Properties Corp | 568085 | 13185253 |
| Phillips Edison & Co Inc | 594636 | 21151202 |
|  |  | 34336455 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Semiconductor & Semiconductor Equipment – 1.8% |  |  |
| Rambus Inc<sup>\*</sup> <br>| 86465 | $7945269 |
| Tower Semiconductor Ltd<sup>\*</sup> <br>| 108900 | 12787038 |
|  |  | 20732307 |
| Software – 1.8% |  |  |
| ACI Worldwide Inc<sup>\*</sup> <br>| 144856 | 6925566 |
| nCino Inc<sup>\*</sup> <br>| 563144 | 14439012 |
|  |  | 21364578 |
| Specialized Real Estate Investment Trusts (REITs) – 1.0% |  |  |
| SmartStop Self Storage | 398468 | 12328600 |
| Specialty Retail – 2.0% |  |  |
| Academy Sports & Outdoors Inc | 215093 | 10746046 |
| Boot Barn Holdings Inc<sup>\*</sup> <br>| 75230 | 13275838 |
|  |  | 24021884 |
| Textiles, Apparel & Luxury Goods – 1.5% |  |  |
| Steven Madden Ltd | 410627 | 17098508 |
| Trading Companies & Distributors – 4.7% |  |  |
| GATX Corp | 128152 | 21734579 |
| MSC Industrial Direct Co Inc | 106768 | 8979189 |
| Rush Enterprises Inc | 365908 | 19737077 |
| Titan Machinery Inc<sup>\*</sup> <br>| 302419 | 4548382 |
|  |  | 54999227 |
| Total Common Stocks (cost $865,530,499) |  | 1157095374 |
| Repurchase Agreements – 2.0% |  |  |
| ING Financial Markets LLC, Joint repurchase agreement, 3.7800%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $10,402,184 collateralized <br> by $10,411,039 in U.S. Treasuries 1.8750% - 4.1250%, 10/15/28 - 7/15/35 <br> with a value of $10,610,233<br>| $10400000 | 10400000 |
| Royal Bank of Canada, NY Branch, Joint repurchase agreement, 3.6800%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $13,002,658 collateralized <br> by $13,109,759 in U.S. Treasuries 2.7500% - 6.3750%, 4/30/27 - 8/15/33 <br> with a value of $13,262,720<br>| 13000000 | 13000000 |
| Total Repurchase Agreements (cost $23,400,000) |  | 23400000 |
| Total Investments (total cost $888,930,499) – 100.2% |  | 1180495374 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.2)% |  | (1843431) |
| Net Assets – 100% |  | $1178651943 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $1139492023 | &nbsp;&nbsp;&nbsp;&nbsp; 96.5<br> %<br>|
| Israel | 25823987 | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Canada | 15179364 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Total | $1180495374 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Small Cap Value Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Assets*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| ING Financial Markets LLC | $10400000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10400000) | &nbsp;&nbsp; $— |
| Royal Bank of Canada, NY Branch | 13000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (13000000) | &nbsp;&nbsp; — |
| Total | $23400000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(23400000) | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

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

LLC Limited Liability Company

\* 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, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* |  |  |  |
| Commercial Services & Supplies | $7354719 | &nbsp;&nbsp; $15179364 | &nbsp;&nbsp; $- |
| All Other | 1134561291 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Repurchase Agreements* | - | &nbsp;&nbsp; 23400000 | &nbsp;&nbsp; - |
| **Total Assets** | $1141916010 | &nbsp;&nbsp; $38579364 | &nbsp;&nbsp; $- |

---

Janus Investment Fund \| 5

------

**Janus Henderson Small Cap Value Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Investments, at value (cost $865,530,499) | $1157095374 |
| Repurchase agreements, at value (cost $23,400,000) | 23400000 |
| Trustees' deferred compensation | 34868 |
| Receivables: |  |
| Investments sold | 11488350 |
| Dividends | 1589975 |
| Fund shares sold | 392202 |
| Interest | 4842 |
| Other assets | 43776 |
| Total Assets | 1194049387 |
| Liabilities: |  |
| Due to custodian | 11450886 |
| Payables: |  |
| Fund shares repurchased | 3000480 |
| Advisory fees | 525153 |
| Transfer agent fees and expenses | 136497 |
| Professional fees | 51820 |
| 12b-1 Distribution and shareholder servicing fees | 35585 |
| Trustees' deferred compensation fees | 34868 |
| Affiliated fund administration fees payable | 2679 |
| Custodian fees | 1492 |
| Trustees' fees and expenses | 496 |
| Accrued expenses and other payables | 157488 |
| Total Liabilities | 15397444 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $1178651943 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $810644762 |
| Total distributable earnings (loss) | 368007181 |
| Total Net Assets | $1178651943 |
| Net Assets - Class A Shares | $20705234 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 873600 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $23.70 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $25.15 |
| Net Assets - Class C Shares | $7105285 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 333948 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $21.28 |
| Net Assets - Class D Shares | $87163789 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3738756 |
| Net Asset Value Per Share | $23.31 |
| Net Assets - Class I Shares | $289432323 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 12298999 |
| Net Asset Value Per Share | $23.53 |
| Net Assets - Class L Shares | $79394966 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3254906 |
| Net Asset Value Per Share | $24.39 |
| Net Assets - Class N Shares | $395790527 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 16914649 |
| Net Asset Value Per Share | $23.40 |
| Net Assets - Class R Shares | $44825664 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1988736 |
| Net Asset Value Per Share | $22.54 |
| Net Assets - Class S Shares | $19867128 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 857266 |
| Net Asset Value Per Share | $23.17 |
| Net Assets - Class T Shares | $234367027 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 9990003 |
| Net Asset Value Per Share | $23.46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Small Cap Value Fund**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $10787016 |
| Interest | 523496 |
| Other income | 2975 |
| Foreign tax withheld | (63545) |
| Total Investment Income | 11249942 |
| Expenses: |  |
| Advisory fees | 3673603 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 27356 |
| Class C Shares | 35677 |
| Class R Shares | 111014 |
| Class S Shares | 27468 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 47286 |
| Class L Shares | 93923 |
| Class R Shares | 55495 |
| Class S Shares | 27508 |
| Class T Shares | 298495 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 20981 |
| Class C Shares | 3519 |
| Class I Shares | 230541 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 636 |
| Class C Shares | 189 |
| Class D Shares | 7527 |
| Class I Shares | 4187 |
| Class L Shares | 629 |
| Class N Shares | 10613 |
| Class R Shares | 262 |
| Class S Shares | 195 |
| Class T Shares | 1123 |
| Registration fees | 93106 |
| Shareholder reports expense | 53071 |
| Professional fees | 32314 |
| Affiliated fund administration fees | 21607 |
| Trustees' fees and expenses | 10658 |
| Custodian fees | 5447 |
| Other expenses | 83045 |
| Total Expenses | 4977475 |
| Less: Excess Expense Reimbursement and Waivers | (100544) |
| Net Expenses | 4876931 |
| Net Investment Income/(Loss) | 6373011 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 111933567 |
| Total Net Realized Gain/(Loss) on Investments | 111933567 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 24185952 |
| Total Change in Unrealized Net Appreciation/Depreciation | 24185952 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $142492530 |

---

See Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*December 31, 2025* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*June 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $6373011 | &nbsp;&nbsp; $6401486 |
| Net realized gain/(loss) on investments | 111933567 | &nbsp;&nbsp; 380012700 |
| Change in unrealized net appreciation/depreciation | 24185952 | &nbsp;&nbsp; (328512482) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 142492530 | &nbsp;&nbsp; 57901704 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (767594) | &nbsp;&nbsp; (2498677) |
| Class C Shares | (275217) | &nbsp;&nbsp; (1469172) |
| Class D Shares | (3493440) | &nbsp;&nbsp; (9786335) |
| Class I Shares | (11294465) | &nbsp;&nbsp; (40392160) |
| Class L Shares | (3178218) | &nbsp;&nbsp; (12666291) |
| Class N Shares | (17334007) | &nbsp;&nbsp; (47991740) |
| Class R Shares | (1605334) | &nbsp;&nbsp; (4392200) |
| Class S Shares | (715357) | &nbsp;&nbsp; (2668006) |
| Class T Shares | (9076302) | &nbsp;&nbsp; (28212096) |
| Net Decrease from Dividends and Distributions to Shareholders | (47739934) | &nbsp;&nbsp; (150076677) |
| Capital Share Transactions: |  |  |
| Class A Shares | (2008306) | &nbsp;&nbsp; (2060642) |
| Class C Shares | (2690771) | &nbsp;&nbsp; (4260875) |
| Class D Shares | (3345159) | &nbsp;&nbsp; 486858 |
| Class I Shares | (50847628) | &nbsp;&nbsp; (1056634703) |
| Class L Shares | (24870471) | &nbsp;&nbsp; 28979622 |
| Class N Shares | (38699377) | &nbsp;&nbsp; (15117587) |
| Class R Shares | 41536 | &nbsp;&nbsp; 4223347 |
| Class S Shares | (2825053) | &nbsp;&nbsp; (2261641) |
| Class T Shares | (14471399) | &nbsp;&nbsp; (28553335) |
| Net Increase/(Decrease) from Capital Share Transactions | (139716628) | &nbsp;&nbsp; (1075198956) |
| Net Increase/(Decrease) in Net Assets | (44964032) | &nbsp;&nbsp; (1167373929) |
| Net Assets: |  |  |
| Beginning of period | 1223615975 | &nbsp;&nbsp; 2390989904 |
| End of period | $1178651943 | &nbsp;&nbsp; $1223615975 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Small Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $21.92 | &nbsp;&nbsp; $24.52 | &nbsp;&nbsp; $22.89 | &nbsp;&nbsp; $21.24 | &nbsp;&nbsp; $24.95 | &nbsp;&nbsp; $17.59 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain/(loss) | 2.57 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp; (3.32) | &nbsp;&nbsp;&nbsp;&nbsp;7.40 |
| Total from Investment Operations | 2.66 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp; (3.28) | &nbsp;&nbsp;&nbsp;&nbsp;7.53 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.04) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.17) |
| Distributions (from capital gains) | (0.84) | &nbsp;&nbsp; (2.24) | &nbsp;&nbsp; (1.04) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.88) | &nbsp;&nbsp; (2.53) | &nbsp;&nbsp; (1.14) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.17) |
| Net Asset Value, End of Period | $23.70 | &nbsp;&nbsp; $21.92 | &nbsp;&nbsp; $24.52 | &nbsp;&nbsp; $22.89 | &nbsp;&nbsp; $21.24 | &nbsp;&nbsp; $24.95 |
| Total Return<sup>\*</sup> <br>| 12.09% | &nbsp;&nbsp; (1.37)% | &nbsp;&nbsp; 12.57% | &nbsp;&nbsp; 12.39% | &nbsp;&nbsp; (13.44)% | &nbsp;&nbsp; 42.99% |
| Net Assets, End of Period (in thousands) | $20705 | &nbsp;&nbsp; $21011 | &nbsp;&nbsp; $25690 | &nbsp;&nbsp; $27930 | &nbsp;&nbsp; $29651 | &nbsp;&nbsp; $69385 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.10% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.76% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.10% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.11% |
| Ratio of Net Investment Income/(Loss) | 0.72% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.59% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 53% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

10 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $19.78 | &nbsp;&nbsp; $22.39 | &nbsp;&nbsp; $21.01 | &nbsp;&nbsp; $19.71 | &nbsp;&nbsp; $23.27 | &nbsp;&nbsp; $16.41 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.01 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.01) |
| Net realized and unrealized gain/(loss) | 2.33 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp; (3.10) | &nbsp;&nbsp;&nbsp;&nbsp;6.91 |
| Total from Investment Operations | 2.34 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp; (3.20) | &nbsp;&nbsp;&nbsp;&nbsp;6.90 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.04) |
| Distributions (from capital gains) | (0.84) | &nbsp;&nbsp; (2.24) | &nbsp;&nbsp; (1.04) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.84) | &nbsp;&nbsp; (2.44) | &nbsp;&nbsp; (1.04) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.04) |
| Net Asset Value, End of Period | $21.28 | &nbsp;&nbsp; $19.78 | &nbsp;&nbsp; $22.39 | &nbsp;&nbsp; $21.01 | &nbsp;&nbsp; $19.71 | &nbsp;&nbsp; $23.27 |
| Total Return<sup>\*</sup> <br>| 11.80% | &nbsp;&nbsp; (1.94)% | &nbsp;&nbsp; 11.96% | &nbsp;&nbsp; 11.56% | &nbsp;&nbsp; (14.02)% | &nbsp;&nbsp; 42.07% |
| Net Assets, End of Period (in thousands) | $7105 | &nbsp;&nbsp; $9147 | &nbsp;&nbsp; $15075 | &nbsp;&nbsp; $17032 | &nbsp;&nbsp; $17440 | &nbsp;&nbsp; $22889 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.66% | &nbsp;&nbsp; 2.02% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.69% | &nbsp;&nbsp; 1.77% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.66% | &nbsp;&nbsp; 2.02% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.69% | &nbsp;&nbsp; 1.77% |
| Ratio of Net Investment Income/(Loss) | 0.13% | &nbsp;&nbsp; (0.41)% | &nbsp;&nbsp; (0.06)% | &nbsp;&nbsp; (0.01)% | &nbsp;&nbsp; (0.45)% | &nbsp;&nbsp; (0.06)% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 53% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Small Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $21.62 | &nbsp;&nbsp; $24.17 | &nbsp;&nbsp; $22.61 | &nbsp;&nbsp; $21.08 | &nbsp;&nbsp; $24.75 | &nbsp;&nbsp; $17.44 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain/(loss) | 2.54 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp; (3.32) | &nbsp;&nbsp;&nbsp;&nbsp;7.35 |
| Total from Investment Operations | 2.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp; (3.20) | &nbsp;&nbsp;&nbsp;&nbsp;7.53 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.13) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.22) |
| Distributions (from capital gains) | (0.84) | &nbsp;&nbsp; (2.24) | &nbsp;&nbsp; (1.04) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.97) | &nbsp;&nbsp; (2.57) | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp; (1.09) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.22) |
| Net Asset Value, End of Period | $23.31 | &nbsp;&nbsp; $21.62 | &nbsp;&nbsp; $24.17 | &nbsp;&nbsp; $22.61 | &nbsp;&nbsp; $21.08 | &nbsp;&nbsp; $24.75 |
| Total Return<sup>\*</sup> <br>| 12.25% | &nbsp;&nbsp; (1.04)% | &nbsp;&nbsp; 12.96% | &nbsp;&nbsp; 12.63% | &nbsp;&nbsp; (13.24)% | &nbsp;&nbsp; 43.43% |
| Net Assets, End of Period (in thousands) | $87164 | &nbsp;&nbsp; $84003 | &nbsp;&nbsp; $94218 | &nbsp;&nbsp; $89434 | &nbsp;&nbsp; $86052 | &nbsp;&nbsp; $107471 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.78% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.84% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.78% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.84% |
| Ratio of Net Investment Income/(Loss) | 1.05% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.84% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 53% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

12 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended <br> June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $21.80 | &nbsp;&nbsp; $24.31 | &nbsp;&nbsp; $22.73 | &nbsp;&nbsp; $21.18 | &nbsp;&nbsp; $24.86 | &nbsp;&nbsp; $17.53 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain/(loss) | 2.55 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp; (3.33) | &nbsp;&nbsp;&nbsp;&nbsp;7.37 |
| Total from Investment Operations | 2.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp; (3.21) | &nbsp;&nbsp;&nbsp;&nbsp;7.56 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.10) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.23) |
| Distributions (from capital gains) | (0.84) | &nbsp;&nbsp; (2.24) | &nbsp;&nbsp; (1.04) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.94) | &nbsp;&nbsp; (2.52) | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp; (1.09) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.23) |
| Net Asset Value, End of Period | $23.53 | &nbsp;&nbsp; $21.80 | &nbsp;&nbsp; $24.31 | &nbsp;&nbsp; $22.73 | &nbsp;&nbsp; $21.18 | &nbsp;&nbsp; $24.86 |
| Total Return<sup>\*</sup> <br>| 12.23% | &nbsp;&nbsp; (1.05)% | &nbsp;&nbsp; 12.96% | &nbsp;&nbsp; 12.65% | &nbsp;&nbsp; (13.21)% | &nbsp;&nbsp; 43.36% |
| Net Assets, End of Period (in thousands) | $289432 | &nbsp;&nbsp; $316403 | &nbsp;&nbsp; $1343912 | &nbsp;&nbsp; $1372677 | &nbsp;&nbsp; $1436933 | &nbsp;&nbsp; $2121333 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.80% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.81% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.79% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.81% |
| Ratio of Net Investment Income/(Loss) | 1.02% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.87% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 53% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Small Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class L Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $22.59 | &nbsp;&nbsp; $25.14 | &nbsp;&nbsp; $23.49 | &nbsp;&nbsp; $21.86 | &nbsp;&nbsp; $25.62 | &nbsp;&nbsp; $18.05 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain/(loss) | 2.65 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp; (3.43) | &nbsp;&nbsp;&nbsp;&nbsp;7.60 |
| Total from Investment Operations | 2.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp; (3.27) | &nbsp;&nbsp;&nbsp;&nbsp;7.82 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.15) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.25) |
| Distributions (from capital gains) | (0.84) | &nbsp;&nbsp; (2.24) | &nbsp;&nbsp; (1.04) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.99) | &nbsp;&nbsp; (2.59) | &nbsp;&nbsp; (1.30) | &nbsp;&nbsp; (1.13) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.25) |
| Net Asset Value, End of Period | $24.39 | &nbsp;&nbsp; $22.59 | &nbsp;&nbsp; $25.14 | &nbsp;&nbsp; $23.49 | &nbsp;&nbsp; $21.86 | &nbsp;&nbsp; $25.62 |
| Total Return<sup>\*</sup> <br>| 12.34% | &nbsp;&nbsp; (0.93)% | &nbsp;&nbsp; 13.10% | &nbsp;&nbsp; 12.80% | &nbsp;&nbsp; (13.07)% | &nbsp;&nbsp; 43.60% |
| Net Assets, End of Period (in thousands) | $79395 | &nbsp;&nbsp; $96634 | &nbsp;&nbsp; $85472 | &nbsp;&nbsp; $81633 | &nbsp;&nbsp; $90492 | &nbsp;&nbsp; $120351 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.85% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.88% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.66% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.69% |
| Ratio of Net Investment Income/(Loss) | 1.14% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 1.00% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 53% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

14 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June <br> 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $21.71 | &nbsp;&nbsp; $24.25 | &nbsp;&nbsp; $22.70 | &nbsp;&nbsp; $21.16 | &nbsp;&nbsp; $24.82 | &nbsp;&nbsp; $17.50 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain/(loss) | 2.55 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp; (3.33) | &nbsp;&nbsp;&nbsp;&nbsp;7.36 |
| Total from Investment Operations | 2.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp; (3.17) | &nbsp;&nbsp;&nbsp;&nbsp;7.58 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.16) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.26) |
| Distributions (from capital gains) | (0.84) | &nbsp;&nbsp; (2.24) | &nbsp;&nbsp; (1.04) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.00) | &nbsp;&nbsp; (2.59) | &nbsp;&nbsp; (1.30) | &nbsp;&nbsp; (1.13) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.26) |
| Net Asset Value, End of Period | $23.40 | &nbsp;&nbsp; $21.71 | &nbsp;&nbsp; $24.25 | &nbsp;&nbsp; $22.70 | &nbsp;&nbsp; $21.16 | &nbsp;&nbsp; $24.82 |
| Total Return<sup>\*</sup> <br>| 12.36% | &nbsp;&nbsp; (0.92)% | &nbsp;&nbsp; 13.12% | &nbsp;&nbsp; 12.81% | &nbsp;&nbsp; (13.09)% | &nbsp;&nbsp; 43.57% |
| Net Assets, End of Period (in thousands) | $395791 | &nbsp;&nbsp; $403107 | &nbsp;&nbsp; $468911 | &nbsp;&nbsp; $525231 | &nbsp;&nbsp; $586927 | &nbsp;&nbsp; $922073 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.64% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.67% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.64% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.67% |
| Ratio of Net Investment Income/(Loss) | 1.18% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 1.01% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 53% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Small Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $20.88 | &nbsp;&nbsp; $23.50 | &nbsp;&nbsp; $21.94 | &nbsp;&nbsp; $20.47 | &nbsp;&nbsp; $24.12 | &nbsp;&nbsp; $17.03 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.05 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain/(loss) | 2.45 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp; (3.22) | &nbsp;&nbsp;&nbsp;&nbsp;7.16 |
| Total from Investment Operations | 2.50 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp; (3.25) | &nbsp;&nbsp;&nbsp;&nbsp;7.21 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.12) |
| Distributions (from capital gains) | (0.84) | &nbsp;&nbsp; (2.24) | &nbsp;&nbsp; (1.04) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.84) | &nbsp;&nbsp; (2.49) | &nbsp;&nbsp; (1.04) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.12) |
| Net Asset Value, End of Period | $22.54 | &nbsp;&nbsp; $20.88 | &nbsp;&nbsp; $23.50 | &nbsp;&nbsp; $21.94 | &nbsp;&nbsp; $20.47 | &nbsp;&nbsp; $24.12 |
| Total Return<sup>\*</sup> <br>| 11.94% | &nbsp;&nbsp; (1.68)% | &nbsp;&nbsp; 12.28% | &nbsp;&nbsp; 11.97% | &nbsp;&nbsp; (13.73)% | &nbsp;&nbsp; 42.49% |
| Net Assets, End of Period (in thousands) | $44826 | &nbsp;&nbsp; $41505 | &nbsp;&nbsp; $42209 | &nbsp;&nbsp; $42027 | &nbsp;&nbsp; $44592 | &nbsp;&nbsp; $48908 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.40% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 1.42% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.40% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 1.42% |
| Ratio of Net Investment Income/(Loss) | 0.43% | &nbsp;&nbsp; (0.17)% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; (0.11)% | &nbsp;&nbsp; 0.25% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 53% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

16 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $21.43 | &nbsp;&nbsp; $24.03 | &nbsp;&nbsp; $22.45 | &nbsp;&nbsp; $20.91 | &nbsp;&nbsp; $24.57 | &nbsp;&nbsp; $17.32 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain/(loss) | 2.51 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp; (3.28) | &nbsp;&nbsp;&nbsp;&nbsp;7.29 |
| Total from Investment Operations | 2.59 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp; (3.25) | &nbsp;&nbsp;&nbsp;&nbsp;7.40 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.01) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.15) |
| Distributions (from capital gains) | (0.84) | &nbsp;&nbsp; (2.24) | &nbsp;&nbsp; (1.04) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.85) | &nbsp;&nbsp; (2.52) | &nbsp;&nbsp; (1.14) | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.15) |
| Net Asset Value, End of Period | $23.17 | &nbsp;&nbsp; $21.43 | &nbsp;&nbsp; $24.03 | &nbsp;&nbsp; $22.45 | &nbsp;&nbsp; $20.91 | &nbsp;&nbsp; $24.57 |
| Total Return<sup>\*</sup> <br>| 12.05% | &nbsp;&nbsp; (1.45)% | &nbsp;&nbsp; 12.57% | &nbsp;&nbsp; 12.22% | &nbsp;&nbsp; (13.49)% | &nbsp;&nbsp; 42.91% |
| Net Assets, End of Period (in thousands) | $19867 | &nbsp;&nbsp; $20949 | &nbsp;&nbsp; $26322 | &nbsp;&nbsp; $27150 | &nbsp;&nbsp; $26996 | &nbsp;&nbsp; $42715 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.16% | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.18% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.16% | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.18% |
| Ratio of Net Investment Income/(Loss) | 0.66% | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.55% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 53% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 17

------

**Janus Henderson Small Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> December 31, 2025 (unaudited) and the year ended June <br> 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $21.73 | &nbsp;&nbsp; $24.30 | &nbsp;&nbsp; $22.70 | &nbsp;&nbsp; $21.14 | &nbsp;&nbsp; $24.82 | &nbsp;&nbsp; $17.49 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain/(loss) | 2.55 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp; (3.33) | &nbsp;&nbsp;&nbsp;&nbsp;7.36 |
| Total from Investment Operations | 2.66 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp; (3.23) | &nbsp;&nbsp;&nbsp;&nbsp;7.53 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.09) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.20) |
| Distributions (from capital gains) | (0.84) | &nbsp;&nbsp; (2.24) | &nbsp;&nbsp; (1.04) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.93) | &nbsp;&nbsp; (2.55) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.20) |
| Net Asset Value, End of Period | $23.46 | &nbsp;&nbsp; $21.73 | &nbsp;&nbsp; $24.30 | &nbsp;&nbsp; $22.70 | &nbsp;&nbsp; $21.14 | &nbsp;&nbsp; $24.82 |
| Total Return<sup>\*</sup> <br>| 12.23% | &nbsp;&nbsp; (1.17)% | &nbsp;&nbsp; 12.87% | &nbsp;&nbsp; 12.51% | &nbsp;&nbsp; (13.29)% | &nbsp;&nbsp; 43.30% |
| Net Assets, End of Period (in thousands) | $234367 | &nbsp;&nbsp; $230857 | &nbsp;&nbsp; $289181 | &nbsp;&nbsp; $307982 | &nbsp;&nbsp; $386007 | &nbsp;&nbsp; $574472 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.89% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.92% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.89% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.92% |
| Ratio of Net Investment Income/(Loss) | 0.94% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.78% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 44% | &nbsp;&nbsp; 53% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

18 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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

**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 34 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. 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 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 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

Janus Investment Fund \| 19

------

**Janus Henderson Small Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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 Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended December 31, 2025. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

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

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that

20 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

**Notes to Financial Statements (unaudited)**

market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

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

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

rates and similar data.

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

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments 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 an 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.

Janus Investment Fund \| 21

------

**Janus Henderson Small Cap Value Fund**

**Notes to Financial Statements (unaudited)**

**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.

**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.

**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**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

22 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**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.

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

Janus Investment Fund \| 23

------

**Janus Henderson Small Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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 0.72%, and the Fund's benchmark index used in the calculation is the Russell 2000<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, 2025, 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 advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.91% for at least a one-year period commencing on October 28, 2025. 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

24 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

**Notes to Financial Statements (unaudited)**

Adviser 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 $225,317 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2025. 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 0.11%.

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

Janus Investment Fund \| 25

------

**Janus Henderson Small Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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, 2025, the Distributor

retained upfront sales charges of $115.

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,

2025. 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, 2025, redeeming shareholders of Class C

Shares paid CDSCs of $120.

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, 2025 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, 2025 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. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the period ended December 31, 2025.

**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.

26 \| December 31, 2025

------

**Janus Henderson Small Cap Value 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, 2025 are noted below. The primary difference between

book and tax appreciation or depreciation of investments is investments in partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $888725693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $321272085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(29502404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $291769681 |

---

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2025* | *Period ended December 31, 2025* | *Year ended June 30, 2025* | *Year ended June 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 57161 | &nbsp;&nbsp; $1341662 | &nbsp;&nbsp; 212746 | &nbsp;&nbsp; $5002278 |
| Reinvested dividends and distributions | 28572 | &nbsp;&nbsp; 680866 | &nbsp;&nbsp; 88083 | &nbsp;&nbsp; 2158034 |
| Shares repurchased | (170615) | &nbsp;&nbsp; (4030834) | &nbsp;&nbsp; (389956) | &nbsp;&nbsp; (9220954) |
| Net Increase/(Decrease) | (84882) | &nbsp;&nbsp; $(2008306) | &nbsp;&nbsp; (89127) | &nbsp;&nbsp; $(2060642) |
| Class C Shares: |  |  |  |  |
| Shares sold | 4501 | &nbsp;&nbsp; $94233 | &nbsp;&nbsp; 17550 | &nbsp;&nbsp; $388649 |
| Reinvested dividends and distributions | 12732 | &nbsp;&nbsp; 272602 | &nbsp;&nbsp; 65841 | &nbsp;&nbsp; 1460347 |
| Shares repurchased | (145698) | &nbsp;&nbsp; (3057606) | &nbsp;&nbsp; (294165) | &nbsp;&nbsp; (6109871) |
| Net Increase/(Decrease) | (128465) | &nbsp;&nbsp; $(2690771) | &nbsp;&nbsp; (210774) | &nbsp;&nbsp; $(4260875) |
| Class D Shares: |  |  |  |  |
| Shares sold | 72713 | &nbsp;&nbsp; $1699208 | &nbsp;&nbsp; 280933 | &nbsp;&nbsp; $6843184 |
| Reinvested dividends and distributions | 144048 | &nbsp;&nbsp; 3376491 | &nbsp;&nbsp; 393614 | &nbsp;&nbsp; 9493974 |
| Shares repurchased | (363448) | &nbsp;&nbsp; (8420858) | &nbsp;&nbsp; (686501) | &nbsp;&nbsp; (15850300) |
| Net Increase/(Decrease) | (146687) | &nbsp;&nbsp; $(3345159) | &nbsp;&nbsp; (11954) | &nbsp;&nbsp; $486858 |
| Class I Shares: |  |  |  |  |
| Shares sold | 1048058 | &nbsp;&nbsp; $24662617 | &nbsp;&nbsp; 1674463 | &nbsp;&nbsp; $39536185 |
| Reinvested dividends and distributions | 454687 | &nbsp;&nbsp; 10757899 | &nbsp;&nbsp; 1594754 | &nbsp;&nbsp; 38784425 |
| Shares repurchased | (3720402) | &nbsp;&nbsp; (86268144) | &nbsp;&nbsp; (44034313) | &nbsp;&nbsp; (1134955313) |
| Net Increase/(Decrease) | (2217657) | &nbsp;&nbsp; $(50847628) | &nbsp;&nbsp; (40765096) | &nbsp;&nbsp; $(1056634703) |
| Class L Shares: |  |  |  |  |
| Shares sold | 73917 | &nbsp;&nbsp; $1808945 | &nbsp;&nbsp; 1850478 | &nbsp;&nbsp; $50696220 |
| Reinvested dividends and distributions | 105570 | &nbsp;&nbsp; 2588577 | &nbsp;&nbsp; 442290 | &nbsp;&nbsp; 11141295 |
| Shares repurchased | (1201738) | &nbsp;&nbsp; (29267993) | &nbsp;&nbsp; (1414800) | &nbsp;&nbsp; (32857893) |
| Net Increase/(Decrease) | (1022251) | &nbsp;&nbsp; $(24870471) | &nbsp;&nbsp; 877968 | &nbsp;&nbsp; $28979622 |
| Class N Shares: |  |  |  |  |
| Shares sold | 2167962 | &nbsp;&nbsp; $50250032 | &nbsp;&nbsp; 2796412 | &nbsp;&nbsp; $65198467 |
| Reinvested dividends and distributions | 645521 | &nbsp;&nbsp; 15182659 | &nbsp;&nbsp; 1663928 | &nbsp;&nbsp; 40283694 |
| Shares repurchased | (4464112) | &nbsp;&nbsp; (104132068) | &nbsp;&nbsp; (5228819) | &nbsp;&nbsp; (120599748) |
| Net Increase/(Decrease) | (1650629) | &nbsp;&nbsp; $(38699377) | &nbsp;&nbsp; (768479) | &nbsp;&nbsp; $(15117587) |
| Class R Shares: |  |  |  |  |
| Shares sold | 82127 | &nbsp;&nbsp; $1840656 | &nbsp;&nbsp; 218917 | &nbsp;&nbsp; $4761008 |
| Reinvested dividends and distributions | 70806 | &nbsp;&nbsp; 1605178 | &nbsp;&nbsp; 187841 | &nbsp;&nbsp; 4391720 |
| Shares repurchased | (151576) | &nbsp;&nbsp; (3404298) | &nbsp;&nbsp; (215323) | &nbsp;&nbsp; (4929381) |
| Net Increase/(Decrease) | 1357 | &nbsp;&nbsp; $41536 | &nbsp;&nbsp; 191435 | &nbsp;&nbsp; $4223347 |
| Class S Shares: |  |  |  |  |
| Shares sold | 115041 | &nbsp;&nbsp; $2624042 | &nbsp;&nbsp; 163590 | &nbsp;&nbsp; $3857907 |
| Reinvested dividends and distributions | 30681 | &nbsp;&nbsp; 715173 | &nbsp;&nbsp; 111332 | &nbsp;&nbsp; 2667505 |
| Shares repurchased | (265827) | &nbsp;&nbsp; (6164268) | &nbsp;&nbsp; (393042) | &nbsp;&nbsp; (8787053) |
| Net Increase/(Decrease) | (120105) | &nbsp;&nbsp; $(2825053) | &nbsp;&nbsp; (118120) | &nbsp;&nbsp; $(2261641) |
| Class T Shares: |  |  |  |  |
| Shares sold | 213895 | &nbsp;&nbsp; $5049975 | &nbsp;&nbsp; 712353 | &nbsp;&nbsp; $16682289 |
| Reinvested dividends and distributions | 374746 | &nbsp;&nbsp; 8840267 | &nbsp;&nbsp; 1134391 | &nbsp;&nbsp; 27520336 |
| Shares repurchased | (1220205) | &nbsp;&nbsp; (28361641) | &nbsp;&nbsp; (3124786) | &nbsp;&nbsp; (72755960) |
| Net Increase/(Decrease) | (631564) | &nbsp;&nbsp; $(14471399) | &nbsp;&nbsp; (1278042) | &nbsp;&nbsp; $(28553335) |

---

Janus Investment Fund \| 27

------

**Janus Henderson Small Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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

**6. Purchases and Sales of Investment Securities**

For the period ended December 31, 2025, 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*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $165235144 | &nbsp;&nbsp;&nbsp;&nbsp; $340820937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client consents, and

approval by Janus Henderson's shareholders. Management is assessing the impact to the funds.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 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

28 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the 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 analyses 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 5, 2025 and December 9-10, 2025, 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 over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's 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, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. 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

Janus Investment Fund \| 29

------

**Janus Henderson Small Cap Value Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment 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 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. Additionally, 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 and retain 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 at 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, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

30 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, 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.

Janus Investment Fund \| 31

------

**Janus Henderson Small Cap Value Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

32 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

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.

Janus Investment Fund \| 33

------

**Janus Henderson Small Cap Value Fund**

**Additional Information (unaudited)**

***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 identified by Broadridge using Morningstar category schema. 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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% 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 or service 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 considering performance trends, performance histories, recent fee reductions, investment structure changes, 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 institutional/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 institutional/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 the Adviser's explanation 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 the independent fee consultant's 2024 report 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 similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable 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) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

34 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, 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 has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 35

------

**Janus Henderson Small Cap Value Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market 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 reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian 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 had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

36 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, 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.

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 receives 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 and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, 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. As part of their overall review of fund profitability, 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 fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 37

------

**Janus Henderson Small Cap Value Fund**

**Additional Information (unaudited)**

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 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, 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; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) 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 (3) by setting lower fixed fees from the start on the Flat-Rate Fee 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.

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 Janus Henderson 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.

Based on all of the information reviewed, including the recent and past research and analyses 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 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 other 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 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 such Janus Henderson Funds. 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

38 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

**Additional Information (unaudited)**

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.

Janus Investment Fund \| 39

------

**Janus Henderson Small Cap Value Fund**

**Notes**

40 \| December 31, 2025

------

**Janus Henderson Small Cap Value Fund**

**Notes**

Janus Investment Fund \| 41

------

![](imgc5c106c42.gif)

*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

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93034 02-26

------

SEMIANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson Small-Mid Cap Value Fund**

Janus Investment Fund

![](img9c2150a21.gif)

------

**Table of Contents**

**Janus Henderson Small-Mid Cap Value Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_e4d14298-1032-4364-bddf-5ef4ac853dad_SOI-SOI-RunningFooter-16_1)<br> [Management Investment Companies](#xx_e4d14298-1032-4364-bddf-5ef4ac853dad_SOI-SOI-RunningFooter-16_1)<br>|  |
| [Schedule of Investments](#xx_e4d14298-1032-4364-bddf-5ef4ac853dad_SOI-SOI-RunningFooter-16_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_e4d14298-1032-4364-bddf-5ef4ac853dad_SOI-SOI-RunningFooter-16_4) | 4 |
| [Statement of Assets and Liabilities](#xx_e4d14298-1032-4364-bddf-5ef4ac853dad_SAL-SAL-RunningFooter-16_1) | 5 |
| [Statement of Operations](#xx_e4d14298-1032-4364-bddf-5ef4ac853dad_SOP-SOP-RunningFooter-16_1) | 7 |
| [Statements of Changes in Net Assets](#xx_e4d14298-1032-4364-bddf-5ef4ac853dad_SOC-SOC-RunningFooter-16_1) | 8 |
| [Financial Highlights](#xx_e4d14298-1032-4364-bddf-5ef4ac853dad_FIHI-FIHI-RunningFooter-16_1) | 9 |
| [Notes to Financial Statements](#xx_e4d14298-1032-4364-bddf-5ef4ac853dad_NTF-NTF-RunningFooter-16_1) | 16 |
| [Items 8-11 - Additional Information](#xx_e4d14298-1032-4364-bddf-5ef4ac853dad_AI-AI-RunningFooter-16_1) | 26 |

---

------

**Janus Henderson Small-Mid Cap Value Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 98.2% |  |  |
| Aerospace & Defense – 0.7% |  |  |
| BWX Technologies Inc | 2616 | $452149 |
| Automobiles – 1.1% |  |  |
| Thor Industries Inc | 7632 | 783577 |
| Banks – 10.1% |  |  |
| Business First Bancshares Inc | 72001 | 1882106 |
| Fulton Financial Corp | 93475 | 1806872 |
| OFG Bancorp | 37667 | 1543594 |
| Wintrust Financial Corp | 12378 | 1730692 |
|  |  | 6963264 |
| Building Products – 3.9% |  |  |
| Carlisle Cos Inc | 4116 | 1316544 |
| Janus International Group Inc<sup>\*</sup> <br>| 203474 | 1330720 |
|  |  | 2647264 |
| Capital Markets – 4.0% |  |  |
| Lazard Inc | 25309 | 1229005 |
| WisdomTree Investments Inc | 124528 | 1517996 |
|  |  | 2747001 |
| Chemicals – 4.4% |  |  |
| Quaker Chemical Corp | 13992 | 1921241 |
| Solstice Advanced Materials Inc<sup>\*</sup> <br>| 23389 | 1136238 |
|  |  | 3057479 |
| Commercial Services & Supplies – 1.2% |  |  |
| Boyd Group Inc/The | 5305 | 845086 |
| Consumer Finance – 1.9% |  |  |
| Ally Financial Inc | 28917 | 1309651 |
| Containers & Packaging – 2.6% |  |  |
| Ball Corp | 34093 | 1805906 |
| Distributors – 1.8% |  |  |
| LKQ Corp | 40672 | 1228294 |
| Electric Utilities – 2.9% |  |  |
| Alliant Energy Corp | 31027 | 2017065 |
| Electronic Equipment, Instruments & Components – 8.8% |  |  |
| CDW Corp/DE | 10296 | 1402315 |
| Fabrinet<sup>\*</sup> <br>| 1761 | 801748 |
| Littelfuse Inc | 7371 | 1864273 |
| Vontier Corp | 54114 | 2011959 |
|  |  | 6080295 |
| Food & Staples Retailing – 2.3% |  |  |
| Casey's General Stores Inc | 2815 | 1555879 |
| Health Care Equipment & Supplies – 3.9% |  |  |
| Carlsmed Inc<sup>\*</sup> <br>| 56101 | 692847 |
| Globus Medical Inc<sup>\*</sup> <br>| 7929 | 692281 |
| ICU Medical Inc<sup>\*</sup> <br>| 9267 | 1322123 |
|  |  | 2707251 |
| Household Durables – 3.1% |  |  |
| Toll Brothers Inc | 9507 | 1285537 |
| TopBuild Corp<sup>\*</sup> <br>| 2071 | 864000 |
|  |  | 2149537 |
| Insurance – 7.6% |  |  |
| Axis Capital Holdings Ltd | 19092 | 2044562 |
| Hartford Financial Services Group Inc | 8659 | 1193210 |
| Selective Insurance Group Inc | 24065 | 2013519 |
|  |  | 5251291 |
| Life Sciences Tools & Services – 2.7% |  |  |
| ICON PLC<sup>\*</sup> <br>| 10066 | 1834227 |
| Machinery – 5.4% |  |  |
| Helios Technologies Inc | 37573 | 2009780 |
| Lincoln Electric Holdings Inc | 7239 | 1734754 |
|  |  | 3744534 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Small-Mid Cap Value Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Marine – 1.9% |  |  |
| Kirby Corp<sup>\*</sup> <br>| 11989 | $1320948 |
| Metals & Mining – 1.8% |  |  |
| Commercial Metals Co | 18215 | 1260842 |
| Oil, Gas & Consumable Fuels – 4.8% |  |  |
| Gulfport Energy Corp<sup>\*</sup> <br>| 7907 | 1644577 |
| Magnolia Oil & Gas Corp | 75731 | 1657752 |
|  |  | 3302329 |
| Professional Services – 2.0% |  |  |
| TransUnion | 15985 | 1370714 |
| Real Estate Management & Development – 1.7% |  |  |
| Cushman & Wakefield Ltd<sup>\*</sup> <br>| 72656 | 1176301 |
| Retail Real Estate Investment Trusts (REITs) – 2.5% |  |  |
| Agree Realty Corp | 23493 | 1692201 |
| Road & Rail – 3.8% |  |  |
| Landstar System Inc | 7869 | 1130775 |
| Saia Inc<sup>\*</sup> <br>| 4535 | 1480768 |
|  |  | 2611543 |
| Semiconductor & Semiconductor Equipment – 2.8% |  |  |
| Qnity Electronics Inc | 14710 | 1201072 |
| Teradyne Inc | 3747 | 725269 |
|  |  | 1926341 |
| Software – 1.8% |  |  |
| nCino Inc<sup>\*</sup> <br>| 49255 | 1262898 |
| Specialized Real Estate Investment Trusts (REITs) – 2.6% |  |  |
| Lamar Advertising Co | 14267 | 1805917 |
| Specialty Retail – 4.1% |  |  |
| Academy Sports & Outdoors Inc | 16571 | 827887 |
| Bath & Body Works Inc | 21619 | 434110 |
| Boot Barn Holdings Inc<sup>\*</sup> <br>| 1948 | 343764 |
| Burlington Stores Inc<sup>\*</sup> <br>| 4290 | 1239166 |
|  |  | 2844927 |
| Total Common Stocks (cost $53,033,751) |  | 67754711 |
| Repurchase Agreements – 1.6% |  |  |
| ING Financial Markets LLC, Joint repurchase agreement, 3.7800%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $1,100,231 collateralized by <br> $1,101,168 in U.S. Treasuries 1.8750% - 4.1250%, 10/15/28 - 7/15/35 with <br> a value of $1,122,236 (cost $1,100,000)<br>| $1100000 | 1100000 |
| Total Investments (total cost $54,133,751) – 99.8% |  | 68854711 |
| Cash, Receivables and Other Assets, net of Liabilities – 0.2% |  | 163821 |
| Net Assets – 100% |  | $69018532 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $66175398 | &nbsp;&nbsp;&nbsp;&nbsp; 96.1<br> %<br>|
| Ireland | 1834227 | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Canada | 845086 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Total | $68854711 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

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**Janus Henderson Small-Mid Cap Value Fund**

**Schedule of Investments (unaudited)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Assets*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| ING Financial Markets LLC | $1100000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1100000) | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

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**Janus Henderson Small-Mid Cap Value Fund**

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

LLC Limited Liability Company <br> PLC Public Limited Company

\* 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, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* | $67754711 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| *Repurchase Agreements* | - | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; - |
| **Total Assets** | $67754711 | &nbsp;&nbsp; $1100000 | &nbsp;&nbsp; $- |

---

4 \| December 31, 2025

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**Janus Henderson Small-Mid Cap Value Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Investments, at value (cost $53,033,751) | $67754711 |
| Repurchase agreements, at value (cost $1,100,000) | 1100000 |
| Cash | 69192 |
| Trustees' deferred compensation | 2046 |
| Receivables: |  |
| Investments sold | 497616 |
| Dividends | 55621 |
| Due from adviser | 32920 |
| Fund shares sold | 18682 |
| Interest | 231 |
| Other assets | 500 |
| Total Assets | 69531519 |
| Liabilities: |  |
| Payables: |  |
| Fund shares repurchased | 323803 |
| Investments purchased | 69767 |
| Professional fees | 37720 |
| Advisory fees | 31025 |
| Transfer agent fees and expenses | 9627 |
| Trustees' deferred compensation fees | 2046 |
| 12b-1 Distribution and shareholder servicing fees | 1340 |
| Affiliated fund administration fees payable | 155 |
| Trustees' fees and expenses | 99 |
| Custodian fees | 36 |
| Accrued expenses and other payables | 37369 |
| Total Liabilities | 512987 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $69018532 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 5

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**Janus Henderson Small-Mid Cap Value Fund**

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

**December 31, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $52623234 |
| Total distributable earnings (loss) | 16395298 |
| Total Net Assets | $69018532 |
| Net Assets - Class A Shares | $3038855 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 204247 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $14.88 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $15.79 |
| Net Assets - Class C Shares | $600073 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 43038 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $13.94 |
| Net Assets - Class D Shares | $39133035 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2609760 |
| Net Asset Value Per Share | $14.99 |
| Net Assets - Class I Shares | $6658201 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 438567 |
| Net Asset Value Per Share | $15.18 |
| Net Assets - Class N Shares | $12429574 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 829940 |
| Net Asset Value Per Share | $14.98 |
| Net Assets - Class S Shares | $223137 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 15144 |
| Net Asset Value Per Share | $14.73 |
| Net Assets - Class T Shares | $6935657 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 462003 |
| Net Asset Value Per Share | $15.01 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson Small-Mid Cap Value Fund**

**Statement of Operations (unaudited)**

**For the period ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $579808 |
| Interest | 43353 |
| Other income | 208 |
| Foreign tax withheld | (4623) |
| Total Investment Income | 618746 |
| Expenses: |  |
| Advisory fees | 291725 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 3790 |
| Class C Shares | 3684 |
| Class S Shares | 136 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 23014 |
| Class S Shares | 273 |
| Class T Shares | 8658 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 1769 |
| Class C Shares | 342 |
| Class I Shares | 4087 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 105 |
| Class C Shares | 23 |
| Class D Shares | 5243 |
| Class I Shares | 158 |
| Class N Shares | 668 |
| Class S Shares | 5 |
| Class T Shares | 93 |
| Registration fees | 75797 |
| Professional fees | 27916 |
| Non-affiliated fund administration fees | 24583 |
| Shareholder reports expense | 8694 |
| Custodian fees | 2988 |
| Affiliated fund administration fees | 1460 |
| Trustees' fees and expenses | 749 |
| Other expenses | 21610 |
| Total Expenses | 507570 |
| Less: Excess Expense Reimbursement and Waivers | (147526) |
| Net Expenses | 360044 |
| Net Investment Income/(Loss) | 258702 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 7872728 |
| Total Net Realized Gain/(Loss) on Investments | 7872728 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments and Trustees' deferred compensation | (852806) |
| Total Change in Unrealized Net Appreciation/Depreciation | (852806) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $7278624 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Small-Mid Cap Value Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*December 31, 2025* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*June 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $258702 | &nbsp;&nbsp; $616500 |
| Net realized gain/(loss) on investments | 7872728 | &nbsp;&nbsp; 4091654 |
| Change in unrealized net appreciation/depreciation | (852806) | &nbsp;&nbsp; (4696406) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 7278624 | &nbsp;&nbsp; 11748 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (258400) | &nbsp;&nbsp; (225953) |
| Class C Shares | (65932) | &nbsp;&nbsp; (38498) |
| Class D Shares | (3464209) | &nbsp;&nbsp; (3671846) |
| Class I Shares | (600185) | &nbsp;&nbsp; (749712) |
| Class N Shares | (1135522) | &nbsp;&nbsp; (2384269) |
| Class S Shares | (19156) | &nbsp;&nbsp; (14829) |
| Class T Shares | (574516) | &nbsp;&nbsp; (544438) |
| Net Decrease from Dividends and Distributions to Shareholders | (6117920) | &nbsp;&nbsp; (7629545) |
| Capital Share Transactions: |  |  |
| Class A Shares | 192925 | &nbsp;&nbsp; 218038 |
| Class C Shares | (89869) | &nbsp;&nbsp; 413382 |
| Class D Shares | (4499516) | &nbsp;&nbsp; 1764520 |
| Class I Shares | (471689) | &nbsp;&nbsp; 377076 |
| Class N Shares | (10962366) | &nbsp;&nbsp; (6398949) |
| Class S Shares | 27885 | &nbsp;&nbsp; (3653) |
| Class T Shares | (1460059) | &nbsp;&nbsp; 1655397 |
| Net Increase/(Decrease) from Capital Share Transactions | (17262689) | &nbsp;&nbsp; (1974189) |
| Net Increase/(Decrease) in Net Assets | (16101985) | &nbsp;&nbsp; (9591986) |
| Net Assets: |  |  |
| Beginning of period | 85120517 | &nbsp;&nbsp; 94712503 |
| End of period | $69018532 | &nbsp;&nbsp; $85120517 |

---

See Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson Small-Mid Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $14.84 | &nbsp;&nbsp; $15.89 | &nbsp;&nbsp; $13.45 | &nbsp;&nbsp; $11.72 | &nbsp;&nbsp; $13.98 | &nbsp;&nbsp; $10.17 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain/(loss) | 1.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp; (1.93) | &nbsp;&nbsp;&nbsp;&nbsp;3.78 |
| Total from Investment Operations | 1.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp; (1.87) | &nbsp;&nbsp;&nbsp;&nbsp;3.88 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.01) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.07) |
| Distributions (from capital gains) | (1.36) | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.37) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.07) |
| Net Asset Value, End of Period | $14.88 | &nbsp;&nbsp; $14.84 | &nbsp;&nbsp; $15.89 | &nbsp;&nbsp; $13.45 | &nbsp;&nbsp; $11.72 | &nbsp;&nbsp; $13.98 |
| Total Return<sup>\*</sup> <br>| 9.63% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 18.99% | &nbsp;&nbsp; 15.09% | &nbsp;&nbsp; (13.78)% | &nbsp;&nbsp; 38.27% |
| Net Assets, End of Period (in thousands) | $3039 | &nbsp;&nbsp; $2834 | &nbsp;&nbsp; $2877 | &nbsp;&nbsp; $2424 | &nbsp;&nbsp; $2387 | &nbsp;&nbsp; $3279 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.55% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.35% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.11% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.07% |
| Ratio of Net Investment Income/(Loss) | 0.40% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.81% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 63% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 80% | &nbsp;&nbsp; 99% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Small-Mid Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $14.02 | &nbsp;&nbsp; $15.14 | &nbsp;&nbsp; $12.81 | &nbsp;&nbsp; $11.22 | &nbsp;&nbsp; $13.45 | &nbsp;&nbsp; $9.80 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.03) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain/(loss) | 1.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp;&nbsp;&nbsp;3.63 |
| Total from Investment Operations | 1.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp; (1.89) | &nbsp;&nbsp;&nbsp;&nbsp;3.65 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (1.36) | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.36) | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; — |
| Net Asset Value, End of Period | $13.94 | &nbsp;&nbsp; $14.02 | &nbsp;&nbsp; $15.14 | &nbsp;&nbsp; $12.81 | &nbsp;&nbsp; $11.22 | &nbsp;&nbsp; $13.45 |
| Total Return<sup>\*</sup> <br>| 9.23% | &nbsp;&nbsp; (0.57)% | &nbsp;&nbsp; 18.28% | &nbsp;&nbsp; 14.17% | &nbsp;&nbsp; (14.41)% | &nbsp;&nbsp; 37.24% |
| Net Assets, End of Period (in thousands) | $600 | &nbsp;&nbsp; $690 | &nbsp;&nbsp; $354 | &nbsp;&nbsp; $354 | &nbsp;&nbsp; $450 | &nbsp;&nbsp; $515 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 2.59% | &nbsp;&nbsp; 2.79% | &nbsp;&nbsp; 2.74% | &nbsp;&nbsp; 2.72% | &nbsp;&nbsp; 2.51% | &nbsp;&nbsp; 2.70% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.85% | &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 1.79% | &nbsp;&nbsp; 1.84% | &nbsp;&nbsp; 1.84% | &nbsp;&nbsp; 1.81% |
| Ratio of Net Investment Income/(Loss) | (0.35)% | &nbsp;&nbsp; (0.34)% | &nbsp;&nbsp; (0.07)% | &nbsp;&nbsp; (0.15)% | &nbsp;&nbsp; (0.33)% | &nbsp;&nbsp; 0.14% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 63% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 80% | &nbsp;&nbsp; 99% |

---

\* 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. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

10 \| December 31, 2025

------

**Janus Henderson Small-Mid Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $14.96 | &nbsp;&nbsp; $16.01 | &nbsp;&nbsp; $13.54 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $14.08 | &nbsp;&nbsp; $10.24 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain/(loss) | 1.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp; (1.93) | &nbsp;&nbsp;&nbsp;&nbsp;3.83 |
| Total from Investment Operations | 1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp;&nbsp;&nbsp;3.93 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.05) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.09) |
| Distributions (from capital gains) | (1.36) | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.41) | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.09) |
| Net Asset Value, End of Period | $14.99 | &nbsp;&nbsp; $14.96 | &nbsp;&nbsp; $16.01 | &nbsp;&nbsp; $13.54 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $14.08 |
| Total Return<sup>\*</sup> <br>| 9.73% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 19.34% | &nbsp;&nbsp; 15.28% | &nbsp;&nbsp; (13.54)% | &nbsp;&nbsp; 38.52% |
| Net Assets, End of Period (in thousands) | $39133 | &nbsp;&nbsp; $43085 | &nbsp;&nbsp; $45141 | &nbsp;&nbsp; $40871 | &nbsp;&nbsp; $40878 | &nbsp;&nbsp; $66854 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.23% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.06% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.88% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.89% |
| Ratio of Net Investment Income/(Loss) | 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.78% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 63% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 80% | &nbsp;&nbsp; 99% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Small-Mid Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $15.13 | &nbsp;&nbsp; $16.18 | &nbsp;&nbsp; $13.69 | &nbsp;&nbsp; $11.93 | &nbsp;&nbsp; $14.22 | &nbsp;&nbsp; $10.34 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain/(loss) | 1.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp; (1.96) | &nbsp;&nbsp;&nbsp;&nbsp;3.84 |
| Total from Investment Operations | 1.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (1.87) | &nbsp;&nbsp;&nbsp;&nbsp;3.97 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.05) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.09) |
| Distributions (from capital gains) | (1.36) | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.41) | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.09) |
| Net Asset Value, End of Period | $15.18 | &nbsp;&nbsp; $15.13 | &nbsp;&nbsp; $16.18 | &nbsp;&nbsp; $13.69 | &nbsp;&nbsp; $11.93 | &nbsp;&nbsp; $14.22 |
| Total Return<sup>\*</sup> <br>| 9.78% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 19.32% | &nbsp;&nbsp; 15.40% | &nbsp;&nbsp; (13.56)% | &nbsp;&nbsp; 38.58% |
| Net Assets, End of Period (in thousands) | $6658 | &nbsp;&nbsp; $7072 | &nbsp;&nbsp; $7545 | &nbsp;&nbsp; $7074 | &nbsp;&nbsp; $8309 | &nbsp;&nbsp; $14659 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.23% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 1.10% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.86% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.89% |
| Ratio of Net Investment Income/(Loss) | 0.64% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 1.02% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 63% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 80% | &nbsp;&nbsp; 99% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

12 \| December 31, 2025

------

**Janus Henderson Small-Mid Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $14.97 | &nbsp;&nbsp; $16.01 | &nbsp;&nbsp; $13.55 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $14.09 | &nbsp;&nbsp; $10.24 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain/(loss) | 1.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp; (1.95) | &nbsp;&nbsp;&nbsp;&nbsp;3.84 |
| Total from Investment Operations | 1.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (1.84) | &nbsp;&nbsp;&nbsp;&nbsp;3.95 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.08) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.10) |
| Distributions (from capital gains) | (1.36) | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.44) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.10) |
| Net Asset Value, End of Period | $14.98 | &nbsp;&nbsp; $14.97 | &nbsp;&nbsp; $16.01 | &nbsp;&nbsp; $13.55 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $14.09 |
| Total Return<sup>\*</sup> <br>| 9.83% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 19.42% | &nbsp;&nbsp; 15.54% | &nbsp;&nbsp; (13.48)% | &nbsp;&nbsp; 38.72% |
| Net Assets, End of Period (in thousands) | $12430 | &nbsp;&nbsp; $22935 | &nbsp;&nbsp; $31468 | &nbsp;&nbsp; $46653 | &nbsp;&nbsp; $56752 | &nbsp;&nbsp; $70581 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.09% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.88% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.77% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.76% |
| Ratio of Net Investment Income/(Loss) | 0.73% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.83% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 63% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 80% | &nbsp;&nbsp; 99% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Small-Mid Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $14.71 | &nbsp;&nbsp; $15.76 | &nbsp;&nbsp; $13.34 | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp; $13.84 | &nbsp;&nbsp; $10.06 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain/(loss) | 1.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp; (1.91) | &nbsp;&nbsp;&nbsp;&nbsp;3.75 |
| Total from Investment Operations | 1.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp; (1.87) | &nbsp;&nbsp;&nbsp;&nbsp;3.83 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.03) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.05) |
| Distributions (from capital gains) | (1.36) | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.39) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.05) |
| Net Asset Value, End of Period | $14.73 | &nbsp;&nbsp; $14.71 | &nbsp;&nbsp; $15.76 | &nbsp;&nbsp; $13.34 | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp; $13.84 |
| Total Return<sup>\*</sup> <br>| 9.66% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 19.04% | &nbsp;&nbsp; 15.00% | &nbsp;&nbsp; (13.85)% | &nbsp;&nbsp; 38.16% |
| Net Assets, End of Period (in thousands) | $223 | &nbsp;&nbsp; $195 | &nbsp;&nbsp; $211 | &nbsp;&nbsp; $229 | &nbsp;&nbsp; $939 | &nbsp;&nbsp; $1136 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 2.85% | &nbsp;&nbsp; 2.98% | &nbsp;&nbsp; 2.58% | &nbsp;&nbsp; 1.84% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.71% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.06% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.23% |
| Ratio of Net Investment Income/(Loss) | 0.46% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.68% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 63% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 80% | &nbsp;&nbsp; 99% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

14 \| December 31, 2025

------

**Janus Henderson Small-Mid Cap Value Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended December 31, <br> 2025 (unaudited) and the year ended June 30<br>| 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $14.97 | &nbsp;&nbsp; $16.02 | &nbsp;&nbsp; $13.55 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $14.07 | &nbsp;&nbsp; $10.21 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain/(loss) | 1.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp; (1.93) | &nbsp;&nbsp;&nbsp;&nbsp;3.86 |
| Total from Investment Operations | 1.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp; (1.87) | &nbsp;&nbsp;&nbsp;&nbsp;3.92 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.03) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.06) |
| Distributions (from capital gains) | (1.36) | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.39) | &nbsp;&nbsp; (1.23) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.06) |
| Net Asset Value, End of Period | $15.01 | &nbsp;&nbsp; $14.97 | &nbsp;&nbsp; $16.02 | &nbsp;&nbsp; $13.55 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $14.07 |
| Total Return<sup>\*</sup> <br>| 9.68% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 19.20% | &nbsp;&nbsp; 15.18% | &nbsp;&nbsp; (13.67)% | &nbsp;&nbsp; 38.50% |
| Net Assets, End of Period (in thousands) | $6936 | &nbsp;&nbsp; $8310 | &nbsp;&nbsp; $7115 | &nbsp;&nbsp; $6190 | &nbsp;&nbsp; $7416 | &nbsp;&nbsp; $18663 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.37% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.18% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.99% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.02% |
| Ratio of Net Investment Income/(Loss) | 0.51% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.49% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 63% | &nbsp;&nbsp; 62% | &nbsp;&nbsp; 80% | &nbsp;&nbsp; 99% |

---

\* 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. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Small-Mid Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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

**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 34 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. 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 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, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

16 \| December 31, 2025

------

**Janus Henderson Small-Mid Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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 Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended December 31, 2025. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

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 Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

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

**Valuation Inputs Summary**

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

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

Janus Investment Fund \| 17

------

**Janus Henderson Small-Mid Cap Value 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 period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments 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 an 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.

18 \| December 31, 2025

------

**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.

**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**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**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.

Janus Investment Fund \| 19

------

**Janus Henderson Small-Mid Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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-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

20 \| December 31, 2025

------

**Janus Henderson Small-Mid Cap Value Fund**

**Notes to Financial Statements (unaudited)**

performance adjustment (expressed as an annual rate) is 0.70%, and the Fund's benchmark index used in the calculation is the Russell 2500<sup>TM</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, 2025, the performance adjusted investment advisory

fee rate before any waivers and/or reimbursements of expenses is 0.70%.

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, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.74% for at least a one-year period commencing on October 28, 2025. The previous expense limit (for a one-year period commencing October 27, 2023) was 0.82%. 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 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 $225,317 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended December 31, 2025. 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.

Janus Investment Fund \| 21

------

**Janus Henderson Small-Mid Cap Value 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 0.11%.

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 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, 2025, the Distributor

retained upfront sales charges of $8.

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,

2025. 22 \| December 31, 2025

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**Janus Henderson Small-Mid Cap Value 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. There were no CDSCs paid by redeeming shareholders of Class C Shares during the

period ended December 31, 2025.

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, 2025 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, 2025 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. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the period ended December 31, 2025.

As of December 31, 2025, 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 | -<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -<br> %<br>|
| Class C Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class D Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class I Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class N Shares | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Class S Shares | 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - <br><sup>\*</sup><br>|
| Class T Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

\*Less than 0.50%<br>

**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, 2025 are noted below. The primary difference between

book and tax appreciation or depreciation of investments is wash sale loss deferrals.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $54582295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15987259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1714843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14272416 |

---

Janus Investment Fund \| 23

------

**Janus Henderson Small-Mid Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended December 31, 2025* | *Period ended December 31, 2025* | *Year ended June 30, 2025* | *Year ended June 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 1623 | &nbsp;&nbsp; $24994 | &nbsp;&nbsp; 35445 | &nbsp;&nbsp; $573916 |
| Reinvested dividends and distributions | 17566 | &nbsp;&nbsp; 258400 | &nbsp;&nbsp; 13579 | &nbsp;&nbsp; 225953 |
| Shares repurchased | (5955) | &nbsp;&nbsp; (90469) | &nbsp;&nbsp; (39077) | &nbsp;&nbsp; (581831) |
| Net Increase/(Decrease) | 13234 | &nbsp;&nbsp; $192925 | &nbsp;&nbsp; 9947 | &nbsp;&nbsp; $218038 |
| Class C Shares: |  |  |  |  |
| Shares sold | - | &nbsp;&nbsp; $- | &nbsp;&nbsp; 30451 | &nbsp;&nbsp; $470889 |
| Reinvested dividends and distributions | 4781 | &nbsp;&nbsp; 65932 | &nbsp;&nbsp; 2438 | &nbsp;&nbsp; 38498 |
| Shares repurchased | (10941) | &nbsp;&nbsp; (155801) | &nbsp;&nbsp; (7079) | &nbsp;&nbsp; (96005) |
| Net Increase/(Decrease) | (6160) | &nbsp;&nbsp; $(89869) | &nbsp;&nbsp; 25810 | &nbsp;&nbsp; $413382 |
| Class D Shares: |  |  |  |  |
| Shares sold | 101577 | &nbsp;&nbsp; $1614850 | &nbsp;&nbsp; 992004 | &nbsp;&nbsp; $16428080 |
| Reinvested dividends and distributions | 226207 | &nbsp;&nbsp; 3354655 | &nbsp;&nbsp; 214097 | &nbsp;&nbsp; 3586126 |
| Shares repurchased | (597921) | &nbsp;&nbsp; (9469021) | &nbsp;&nbsp; (1146077) | &nbsp;&nbsp; (18249686) |
| Net Increase/(Decrease) | (270137) | &nbsp;&nbsp; $(4499516) | &nbsp;&nbsp; 60024 | &nbsp;&nbsp; $1764520 |
| Class I Shares: |  |  |  |  |
| Shares sold | 34198 | &nbsp;&nbsp; $559657 | &nbsp;&nbsp; 251599 | &nbsp;&nbsp; $4293206 |
| Reinvested dividends and distributions | 39986 | &nbsp;&nbsp; 600185 | &nbsp;&nbsp; 44257 | &nbsp;&nbsp; 749712 |
| Shares repurchased | (102925) | &nbsp;&nbsp; (1631531) | &nbsp;&nbsp; (294851) | &nbsp;&nbsp; (4665842) |
| Net Increase/(Decrease) | (28741) | &nbsp;&nbsp; $(471689) | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; $377076 |
| Class N Shares: |  |  |  |  |
| Shares sold | 50135 | &nbsp;&nbsp; $790521 | &nbsp;&nbsp; 195331 | &nbsp;&nbsp; $3119005 |
| Reinvested dividends and distributions | 76673 | &nbsp;&nbsp; 1135522 | &nbsp;&nbsp; 142344 | &nbsp;&nbsp; 2384269 |
| Shares repurchased | (829054) | &nbsp;&nbsp; (12888409) | &nbsp;&nbsp; (770447) | &nbsp;&nbsp; (11902223) |
| Net Increase/(Decrease) | (702246) | &nbsp;&nbsp; $(10962366) | &nbsp;&nbsp; (432772) | &nbsp;&nbsp; $(6398949) |
| Class S Shares: |  |  |  |  |
| Shares sold | 692 | &nbsp;&nbsp; $10568 | &nbsp;&nbsp; 416 | &nbsp;&nbsp; $6747 |
| Reinvested dividends and distributions | 1315 | &nbsp;&nbsp; 19156 | &nbsp;&nbsp; 899 | &nbsp;&nbsp; 14829 |
| Shares repurchased | (122) | &nbsp;&nbsp; (1839) | &nbsp;&nbsp; (1467) | &nbsp;&nbsp; (25229) |
| Net Increase/(Decrease) | 1885 | &nbsp;&nbsp; $27885 | &nbsp;&nbsp;&nbsp;&nbsp;(152) | &nbsp;&nbsp; $(3653) |
| Class T Shares: |  |  |  |  |
| Shares sold | 88348 | &nbsp;&nbsp; $1392285 | &nbsp;&nbsp; 207798 | &nbsp;&nbsp; $3164180 |
| Reinvested dividends and distributions | 38695 | &nbsp;&nbsp; 574237 | &nbsp;&nbsp; 32465 | &nbsp;&nbsp; 544438 |
| Shares repurchased | (220243) | &nbsp;&nbsp; (3426581) | &nbsp;&nbsp; (129326) | &nbsp;&nbsp; (2053221) |
| Net Increase/(Decrease) | (93200) | &nbsp;&nbsp; $(1460059) | &nbsp;&nbsp; 110937 | &nbsp;&nbsp; $1655397 |

---

**6. Purchases and Sales of Investment Securities**

For the period ended December 31, 2025, 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*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $20971902 | &nbsp;&nbsp;&nbsp;&nbsp; $43996504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client consents, and

approval by Janus Henderson's shareholders. Management is assessing the impact to the funds.

24 \| December 31, 2025

------

**Janus Henderson Small-Mid Cap Value Fund**

**Notes to Financial Statements (unaudited)**

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

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 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.

Janus Investment Fund \| 25

------

**Janus Henderson Small-Mid Cap Value Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the 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 analyses 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 5, 2025 and December 9-10, 2025, 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 over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's 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, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. 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

26 \| December 31, 2025

------

**Janus Henderson Small-Mid Cap Value Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment 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 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. Additionally, 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 and retain 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 at 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, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 27

------

**Janus Henderson Small-Mid Cap Value Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, 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.

28 \| December 31, 2025

------

**Janus Henderson Small-Mid Cap Value Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 29

------

**Janus Henderson Small-Mid Cap Value Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

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.

30 \| December 31, 2025

------

**Janus Henderson Small-Mid Cap Value Fund**

**Additional Information (unaudited)**

***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 identified by Broadridge using Morningstar category schema. 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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% 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 or service 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 considering performance trends, performance histories, recent fee reductions, investment structure changes, 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 institutional/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 institutional/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 the Adviser's explanation 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 the independent fee consultant's 2024 report 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 similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable 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) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 31

------

**Janus Henderson Small-Mid Cap Value Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, 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 has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

32 \| December 31, 2025

------

**Janus Henderson Small-Mid Cap Value Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, 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>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market 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 reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian 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 had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Janus Investment Fund \| 33

------

**Janus Henderson Small-Mid Cap Value Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, 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.

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 receives 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 and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, 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. As part of their overall review of fund profitability, 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 fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

34 \| December 31, 2025

------

**Janus Henderson Small-Mid Cap Value Fund**

**Additional Information (unaudited)**

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 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, 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; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) 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 (3) by setting lower fixed fees from the start on the Flat-Rate Fee 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.

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 Janus Henderson 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.

Based on all of the information reviewed, including the recent and past research and analyses 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 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 other 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 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 such Janus Henderson Funds. 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

Janus Investment Fund \| 35

------

**Janus Henderson Small-Mid Cap Value Fund**

**Additional Information (unaudited)**

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.

36 \| December 31, 2025

------

**Janus Henderson Small-Mid Cap Value Fund**

**Notes**

Janus Investment Fund \| 37

------

![](img0e4da4c62.gif)

*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

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93033 02-26

------

Item 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

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Item 13 - Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

------

Item 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

------

Item 15 - 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.

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Item 16 - Controls and Procedures

(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;

(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.

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Item 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

(a) Not applicable.

(b) Not applicable.

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Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

------

Item 19 - Exhibits

(a)(1) Not applicable because the Registrant has posted its code of ethics (as defined in Item 2(b) of Form N-CSR) on its website pursuant to paragraph (f)(2) of Item 2 of Form N-CSR.

(a)(2) Not applicable.

(a)(3) 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 [Ex99CERT](JIF_12-31-25_N-CSR_Ex-99.htm).

(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 [Ex99.906CERT](JIF_12-31-25_N-CSR_Ex-99.906.htm).

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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, 2025, as filed with the Securities and Exchange Commission on February 27, 2026 (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)

February 27, 2026

/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)

February 27, 2026

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.

Classification : Confidential

------

## Ex-99

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: February 27, 2026

/s/ Michelle Rosenberg

Michelle Rosenberg, President and Chief Executive Officer of Janus Investment Fund

(Principal Executive Officer)

------

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: February 27, 2026

/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)

Classification : Confidential

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