# EDGAR Filing Document

**Accession Number:** 0000277751
**File Stem:** 0001193125-25-301508
**Filing Date:** 2025-11
**Character Count:** 3854523
**Document Hash:** a17694ac61b5659042176919976fe5b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-301508.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001193125-25-301508

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 339

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**EFFECTIVENESS DATE**: 20251128

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01879
- **FILM NUMBER:** 251533576

**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 Balanced Fund (Series ID: S000010464)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028918 | Class T      | JABAX           |
| C000077650 | Class A      | JDBAX           |
| C000077651 | Class C      | JABCX           |
| C000077652 | Class I      | JBALX           |
| C000077653 | Class R      | JDBRX           |
| C000077654 | Class S      | JABRX           |
| C000083512 | Class D      | JANBX           |
| C000114869 | Class N      | JABNX           |

### Janus Henderson Global Technology and Innovation Fund (Series ID: S000010465)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028919 | Class T      | JAGTX           |
| C000077655 | Class A      | JATAX           |
| C000077656 | Class C      | JAGCX           |
| C000077657 | Class I      | JATIX           |
| C000077658 | Class S      | JATSX           |
| C000083513 | Class D      | JNGTX           |
| C000177052 | Class N      | JATNX           |

### Janus Henderson Growth and Income Fund (Series ID: S000010467)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028923 | Class T      | JAGIX           |
| C000077659 | Class A      | JDNAX           |
| C000077660 | Class C      | JGICX           |
| C000077661 | Class I      | JGINX           |
| C000077662 | Class R      | JDNRX           |
| C000077663 | Class S      | JADGX           |
| C000083515 | Class D      | JNGIX           |
| C000114870 | Class N      | JDNNX           |

### Janus Henderson Research Fund (Series ID: S000010470)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028926 | Class T      | JAMRX           |
| C000077669 | Class A      | JRAAX           |
| C000077670 | Class C      | JRACX           |
| C000077671 | Class I      | JRAIX           |
| C000077672 | Class S      | JRASX           |
| C000083517 | Class D      | JNRFX           |
| C000114872 | Class N      | JRANX           |
| C000177053 | Class R      | JRARX           |

### Janus Henderson Global Select Fund (Series ID: S000010474)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028933 | Class T      | JORNX           |
| C000077678 | Class A      | JORAX           |
| C000077679 | Class C      | JORCX           |
| C000077680 | Class I      | JORFX           |
| C000077681 | Class R      | JORRX           |
| C000077682 | Class S      | JORIX           |
| C000083520 | Class D      | JANRX           |
| C000114874 | Class N      | JSLNX           |

### Janus Henderson Contrarian Fund (Series ID: S000010475)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028934 | Class T      | JSVAX           |
| C000077683 | Class A      | JCNAX           |
| C000077684 | Class C      | JCNCX           |
| C000077685 | Class I      | JCONX           |
| C000077686 | Class R      | JCNRX           |
| C000077687 | Class S      | JCNIX           |
| C000083521 | Class D      | JACNX           |
| C000114875 | Class N      | JCNNX           |

### Janus Henderson Overseas Fund (Series ID: S000010476)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028935 | Class T      | JAOSX           |
| C000077688 | Class A      | JDIAX           |
| C000077689 | Class C      | JIGCX           |
| C000077690 | Class I      | JIGFX           |
| C000077691 | Class R      | JDIRX           |
| C000077692 | Class S      | JIGRX           |
| C000083522 | Class D      | JNOSX           |
| C000114876 | Class N      | JDINX           |

### Janus Henderson Triton Fund (Series ID: S000010485)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028947 | Class T      | JATTX           |
| C000077722 | Class A      | JGMAX           |
| C000077723 | Class C      | JGMCX           |
| C000077724 | Class I      | JSMGX           |
| C000077725 | Class R      | JGMRX           |
| C000077726 | Class S      | JGMIX           |
| C000083530 | Class D      | JANIX           |
| C000114880 | Class N      | JGMNX           |

### Janus Henderson Venture Fund (Series ID: S000010488)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028950 | Class T      | JAVTX           |
| C000083533 | Class D      | JANVX           |
| C000100475 | Class A      | JVTAX           |
| C000100476 | Class C      | JVTCX           |
| C000100477 | Class I      | JVTIX           |
| C000100478 | Class S      | JVTSX           |
| C000114881 | Class N      | JVTNX           |

### Janus Henderson Global Research Fund (Series ID: S000010489)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028951 | Class T      | JAWWX           |
| C000077732 | Class A      | JDWAX           |
| C000077733 | Class C      | JWWCX           |
| C000077734 | Class I      | JWWFX           |
| C000077735 | Class R      | JDWRX           |
| C000077736 | Class S      | JWGRX           |
| C000083534 | Class D      | JANWX           |
| C000114882 | Class N      | JDWNX           |

### Janus Henderson Enterprise Fund (Series ID: S000010490)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028952 | Class T      | JAENX           |
| C000077737 | Class A      | JDMAX           |
| C000077738 | Class C      | JGRCX           |
| C000077739 | Class I      | JMGRX           |
| C000077740 | Class R      | JDMRX           |
| C000077741 | Class S      | JGRTX           |
| C000083535 | Class D      | JANEX           |
| C000114883 | Class N      | JDMNX           |

### Janus Henderson Global Life Sciences Fund (Series ID: S000010494)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028956 | Class T      | JAGLX           |
| C000077752 | Class A      | JFNAX           |
| C000077753 | Class C      | JFNCX           |
| C000077754 | Class I      | JFNIX           |
| C000077755 | Class S      | JFNSX           |
| C000083538 | Class D      | JNGLX           |
| C000198286 | Class N      | JFNNX           |

### Janus Henderson Global Real Estate Fund (Series ID: S000025889)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077597 | Class A      | JERAX           |
| C000077598 | Class C      | JERCX           |
| C000077599 | Class I      | JERIX           |
| C000077600 | Class S      | JERSX           |
| C000077601 | Class T      | JERTX           |
| C000083540 | Class D      | JNGSX           |
| C000198287 | Class N      | JERNX           |

### Janus Henderson Forty Fund (Series ID: S000025893)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077618 | Class A      | JDCAX           |
| C000077619 | Class C      | JACCX           |
| C000077620 | Class I      | JCAPX           |
| C000077621 | Class R      | JDCRX           |
| C000077622 | Class S      | JARTX           |
| C000077623 | Class T      | JACTX           |
| C000114888 | Class N      | JFRNX           |
| C000177054 | Class D      | JFRDX           |

### Janus Henderson Global Equity Income Fund (Series ID: S000057602)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000183893 | Class A      | HFQAX           |
| C000183894 | Class C      | HFQCX           |
| C000183895 | Class D      | HFQDX           |
| C000183896 | Class I      | HFQIX           |
| C000183897 | Class N      | HFQRX           |
| C000183899 | Class S      | HFQSX           |
| C000183900 | Class T      | HFQTX           |

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

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

### Janus Henderson Global Sustainable Equity Fund (Series ID: S000068819)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000219906 | Class S      | JESSX           |
| C000219907 | Class T      | JETTX           |
| C000219908 | Class N      | JETNX           |
| C000219909 | Class A      | JEASX           |
| C000219910 | Class D      | JEDTX           |
| C000219911 | Class C      | JECTX           |
| C000219912 | Class I      | JEUIX           |
| C000225293 | Class R      | JEGRX           |

### Janus Henderson U.S. Dividend Income Fund (Series ID: S000079202)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000240130 | Class I      | JIDVX           |
| C000240131 | Class N      | JNDVX           |
| C000240132 | Class D      | JDDVX           |

?xml version='1.0' encoding='ASCII'? 598252d6-7c9d-4e39-b1d7-0203ebec3180

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### 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:

#### 9/30

#### Date of reporting period:

#### 09/30/25
**Item 1. Report to Stockholders.**

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

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Balanced Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class A Shares:JDBAX
This annual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Balanced Fund<br>(Class A Shares/JDBAX) | $95 | 0.89% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Balanced Fund Class A Shares returned 12.97%. Its broad-based benchmarks, the S&P 500<sup>®</sup> Index, and the Bloomberg U.S. Aggregate Bond Index returned 17.60% and 2.88%, respectively. Its additional benchmark, the Balanced Index, returned 11.67%.

#### TOP CONTRIBUTORS TO PERFORMANCE
The equity allocation outperformed the S&P 500 Index. Contributors to relative performance included NVIDIA, a leading global supplier of data center graphics processing units (GPUs) used in artificial intelligence (AI). The company delivered strong earnings growth and guidance, aided by growing adoption of its next-generation Blackwell GPUs. Another contributor, Amphenol, is also benefiting from AI capacity growth. The cabling and connector company's networking business has expanded through its business relationship with NVIDIA, as it has secured a higher content share in NVIDIA's Blackwell platform. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, driven largely by an overweight to spread-sector risk, including corporate and securitized bonds. Security selection within investment-grade corporate bonds also aided results.

#### TOP DETRACTORS FROM PERFORMANCE
Within the equity position, UnitedHealth Group was a notable detractor relative to the S&P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was another detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation. Within the fixed income portion of the fund, positioning on the yield curve was the primary detractor relative to the Bloomberg U.S. Aggregate Bond Index. The allocation was overweight duration for much of the year, but we moved to a modest underweight position after rates fell near period end. Exposure to asset-backed securities also hindered relative performance.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352652.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Balanced Fund (Class A Shares/JDBAX) at NAV | 12.97% | 9.33% | 10.14% |
| Janus Henderson Balanced Fund (Class A Shares/JDBAX) at Maximum Offering Price - 5.75% | 6.47% | 8.04% | 9.49% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45)% | 1.84% |
| Balanced Index | 11.67% | 8.97% | 9.42% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Balanced Index is an internally-calculated, hypothetical combination of unmanaged indices. From September 1, 1992 to July 9, 2009, the Balanced Index reflects the total returns of the S&P 500 Index (55%) and the Bloomberg Capital U.S. Government/Credit Bond Index (45%). From July 9, 2009 to April 29, 2024, the Balanced Index reflects total returns of the S&P 500 Index (55%) and the Bloomberg U.S. Aggregate Bond Index (45%). Effective April 29, 2024, the Balanced Index reflects the total returns of the S&P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%).

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$28,105M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$145.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 63.5 |
| Corporate Bonds | 11.3 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 11.3 |
| Mortgage-Backed Securities | 6.4 |
| United States Treasury Notes/Bonds | 5.8 |
| Investment Companies | 1.8 |
| Bank Loans and Mezzanine Loans | 0.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (0.8) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352659.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70768A 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Balanced Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class C Shares:JABCX
This annual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Balanced Fund<br>(Class C Shares/JABCX) | $170 | 1.60% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Balanced Fund Class C Shares returned 12.17%. Its broad-based benchmarks, the S&P 500<sup>®</sup> Index, and the Bloomberg U.S. Aggregate Bond Index returned 17.60% and 2.88%, respectively. Its additional benchmark, the Balanced Index, returned 11.67%.

#### TOP CONTRIBUTORS TO PERFORMANCE
The equity allocation outperformed the S&P 500 Index. Contributors to relative performance included NVIDIA, a leading global supplier of data center graphics processing units (GPUs) used in artificial intelligence (AI). The company delivered strong earnings growth and guidance, aided by growing adoption of its next-generation Blackwell GPUs. Another contributor, Amphenol, is also benefiting from AI capacity growth. The cabling and connector company's networking business has expanded through its business relationship with NVIDIA, as it has secured a higher content share in NVIDIA's Blackwell platform. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, driven largely by an overweight to spread-sector risk, including corporate and securitized bonds. Security selection within investment-grade corporate bonds also aided results.

#### TOP DETRACTORS FROM PERFORMANCE
Within the equity position, UnitedHealth Group was a notable detractor relative to the S&P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was another detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation. Within the fixed income portion of the fund, positioning on the yield curve was the primary detractor relative to the Bloomberg U.S. Aggregate Bond Index. The allocation was overweight duration for much of the year, but we moved to a modest underweight position after rates fell near period end. Exposure to asset-backed securities also hindered relative performance.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352677.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Balanced Fund (Class C Shares/JABCX) at NAV | 12.17% | 8.55% | 9.36% |
| Janus Henderson Balanced Fund (Class C Shares/JABCX) with Contingent Deferred Sales Charge | 11.17%\* | 8.55% | 9.36% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45)% | 1.84% |
| Balanced Index | 11.67% | 8.97% | 9.42% |

---

<sup>\*</sup> Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Balanced Index is an internally-calculated, hypothetical combination of unmanaged indices. From September 1, 1992 to July 9, 2009, the Balanced Index reflects the total returns of the S&P 500 Index (55%) and the Bloomberg Capital U.S. Government/Credit Bond Index (45%). From July 9, 2009 to April 29, 2024, the Balanced Index reflects total returns of the S&P 500 Index (55%) and the Bloomberg U.S. Aggregate Bond Index (45%). Effective April 29, 2024, the Balanced Index reflects the total returns of the S&P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%).

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$28,105M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$145.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 63.5 |
| Corporate Bonds | 11.3 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 11.3 |
| Mortgage-Backed Securities | 6.4 |
| United States Treasury Notes/Bonds | 5.8 |
| Investment Companies | 1.8 |
| Bank Loans and Mezzanine Loans | 0.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (0.8) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352684.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70769C 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Balanced Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class D Shares:JANBX
This annual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Balanced Fund<br>(Class D Shares/JANBX) | $74 | 0.69% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Balanced Fund Class D Shares returned 13.18%. Its broad-based benchmarks, the S&P 500<sup>®</sup> Index, and the Bloomberg U.S. Aggregate Bond Index returned 17.60% and 2.88%, respectively. Its additional benchmark, the Balanced Index, returned 11.67%.

#### TOP CONTRIBUTORS TO PERFORMANCE
The equity allocation outperformed the S&P 500 Index. Contributors to relative performance included NVIDIA, a leading global supplier of data center graphics processing units (GPUs) used in artificial intelligence (AI). The company delivered strong earnings growth and guidance, aided by growing adoption of its next-generation Blackwell GPUs. Another contributor, Amphenol, is also benefiting from AI capacity growth. The cabling and connector company's networking business has expanded through its business relationship with NVIDIA, as it has secured a higher content share in NVIDIA's Blackwell platform. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, driven largely by an overweight to spread-sector risk, including corporate and securitized bonds. Security selection within investment-grade corporate bonds also aided results.

#### TOP DETRACTORS FROM PERFORMANCE
Within the equity position, UnitedHealth Group was a notable detractor relative to the S&P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was another detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation. Within the fixed income portion of the fund, positioning on the yield curve was the primary detractor relative to the Bloomberg U.S. Aggregate Bond Index. The allocation was overweight duration for much of the year, but we moved to a modest underweight position after rates fell near period end. Exposure to asset-backed securities also hindered relative performance.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352702.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Balanced Fund (Class D Shares/JANBX) | 13.18% | 9.53% | 10.36% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45)% | 1.84% |
| Balanced Index | 11.67% | 8.97% | 9.42% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Balanced Index is an internally-calculated, hypothetical combination of unmanaged indices. From September 1, 1992 to July 9, 2009, the Balanced Index reflects the total returns of the S&P 500 Index (55%) and the Bloomberg Capital U.S. Government/Credit Bond Index (45%). From July 9, 2009 to April 29, 2024, the Balanced Index reflects total returns of the S&P 500 Index (55%) and the Bloomberg U.S. Aggregate Bond Index (45%). Effective April 29, 2024, the Balanced Index reflects the total returns of the S&P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%).

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$28,105M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$145.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 63.5 |
| Corporate Bonds | 11.3 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 11.3 |
| Mortgage-Backed Securities | 6.4 |
| United States Treasury Notes/Bonds | 5.8 |
| Investment Companies | 1.8 |
| Bank Loans and Mezzanine Loans | 0.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (0.8) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352708.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1791.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 225-65-70770D 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Balanced Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class I Shares:JBALX
This annual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Balanced Fund<br>(Class I Shares/JBALX) | $71 | 0.67% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Balanced Fund Class I Shares returned 13.20%. Its broad-based benchmarks, the S&P 500<sup>®</sup> Index, and the Bloomberg U.S. Aggregate Bond Index returned 17.60% and 2.88%, respectively. Its additional benchmark, the Balanced Index, returned 11.67%.

#### TOP CONTRIBUTORS TO PERFORMANCE
The equity allocation outperformed the S&P 500 Index. Contributors to relative performance included NVIDIA, a leading global supplier of data center graphics processing units (GPUs) used in artificial intelligence (AI). The company delivered strong earnings growth and guidance, aided by growing adoption of its next-generation Blackwell GPUs. Another contributor, Amphenol, is also benefiting from AI capacity growth. The cabling and connector company's networking business has expanded through its business relationship with NVIDIA, as it has secured a higher content share in NVIDIA's Blackwell platform. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, driven largely by an overweight to spread-sector risk, including corporate and securitized bonds. Security selection within investment-grade corporate bonds also aided results.

#### TOP DETRACTORS FROM PERFORMANCE
Within the equity position, UnitedHealth Group was a notable detractor relative to the S&P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was another detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation. Within the fixed income portion of the fund, positioning on the yield curve was the primary detractor relative to the Bloomberg U.S. Aggregate Bond Index. The allocation was overweight duration for much of the year, but we moved to a modest underweight position after rates fell near period end. Exposure to asset-backed securities also hindered relative performance.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352727.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Balanced Fund (Class I Shares/JBALX) | 13.20% | 9.57% | 10.41% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45)% | 1.84% |
| Balanced Index | 11.67% | 8.97% | 9.42% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Balanced Index is an internally-calculated, hypothetical combination of unmanaged indices. From September 1, 1992 to July 9, 2009, the Balanced Index reflects the total returns of the S&P 500 Index (55%) and the Bloomberg Capital U.S. Government/Credit Bond Index (45%). From July 9, 2009 to April 29, 2024, the Balanced Index reflects total returns of the S&P 500 Index (55%) and the Bloomberg U.S. Aggregate Bond Index (45%). Effective April 29, 2024, the Balanced Index reflects the total returns of the S&P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%).

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$28,105M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$145.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 63.5 |
| Corporate Bonds | 11.3 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 11.3 |
| Mortgage-Backed Securities | 6.4 |
| United States Treasury Notes/Bonds | 5.8 |
| Investment Companies | 1.8 |
| Bank Loans and Mezzanine Loans | 0.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (0.8) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352734.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70771I 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Balanced Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class N Shares:JABNX
This annual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Balanced Fund<br>(Class N Shares/JABNX) | $61 | 0.57% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Balanced Fund Class N Shares returned 13.33%. Its broad-based benchmarks, the S&P 500<sup>®</sup> Index, and the Bloomberg U.S. Aggregate Bond Index returned 17.60% and 2.88%, respectively. Its additional benchmark, the Balanced Index, returned 11.67%.

#### TOP CONTRIBUTORS TO PERFORMANCE
The equity allocation outperformed the S&P 500 Index. Contributors to relative performance included NVIDIA, a leading global supplier of data center graphics processing units (GPUs) used in artificial intelligence (AI). The company delivered strong earnings growth and guidance, aided by growing adoption of its next-generation Blackwell GPUs. Another contributor, Amphenol, is also benefiting from AI capacity growth. The cabling and connector company's networking business has expanded through its business relationship with NVIDIA, as it has secured a higher content share in NVIDIA's Blackwell platform. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, driven largely by an overweight to spread-sector risk, including corporate and securitized bonds. Security selection within investment-grade corporate bonds also aided results.

#### TOP DETRACTORS FROM PERFORMANCE
Within the equity position, UnitedHealth Group was a notable detractor relative to the S&P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was another detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation. Within the fixed income portion of the fund, positioning on the yield curve was the primary detractor relative to the Bloomberg U.S. Aggregate Bond Index. The allocation was overweight duration for much of the year, but we moved to a modest underweight position after rates fell near period end. Exposure to asset-backed securities also hindered relative performance.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352752.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Balanced Fund (Class N Shares/JABNX) | 13.33% | 9.67% | 10.50% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45)% | 1.84% |
| Balanced Index | 11.67% | 8.97% | 9.42% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Balanced Index is an internally-calculated, hypothetical combination of unmanaged indices. From September 1, 1992 to July 9, 2009, the Balanced Index reflects the total returns of the S&P 500 Index (55%) and the Bloomberg Capital U.S. Government/Credit Bond Index (45%). From July 9, 2009 to April 29, 2024, the Balanced Index reflects total returns of the S&P 500 Index (55%) and the Bloomberg U.S. Aggregate Bond Index (45%). Effective April 29, 2024, the Balanced Index reflects the total returns of the S&P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%).

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$28,105M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$145.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 63.5 |
| Corporate Bonds | 11.3 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 11.3 |
| Mortgage-Backed Securities | 6.4 |
| United States Treasury Notes/Bonds | 5.8 |
| Investment Companies | 1.8 |
| Bank Loans and Mezzanine Loans | 0.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (0.8) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352759.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70772N 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Balanced Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class R Shares:JDBRX
This annual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Balanced Fund<br>(Class R Shares/JDBRX) | $140 | 1.32% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Balanced Fund Class R Shares returned 12.48%. Its broad-based benchmarks, the S&P 500<sup>®</sup> Index, and the Bloomberg U.S. Aggregate Bond Index returned 17.60% and 2.88%, respectively. Its additional benchmark, the Balanced Index, returned 11.67%.

#### TOP CONTRIBUTORS TO PERFORMANCE
The equity allocation outperformed the S&P 500 Index. Contributors to relative performance included NVIDIA, a leading global supplier of data center graphics processing units (GPUs) used in artificial intelligence (AI). The company delivered strong earnings growth and guidance, aided by growing adoption of its next-generation Blackwell GPUs. Another contributor, Amphenol, is also benefiting from AI capacity growth. The cabling and connector company's networking business has expanded through its business relationship with NVIDIA, as it has secured a higher content share in NVIDIA's Blackwell platform. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, driven largely by an overweight to spread-sector risk, including corporate and securitized bonds. Security selection within investment-grade corporate bonds also aided results.

#### TOP DETRACTORS FROM PERFORMANCE
Within the equity position, UnitedHealth Group was a notable detractor relative to the S&P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was another detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation. Within the fixed income portion of the fund, positioning on the yield curve was the primary detractor relative to the Bloomberg U.S. Aggregate Bond Index. The allocation was overweight duration for much of the year, but we moved to a modest underweight position after rates fell near period end. Exposure to asset-backed securities also hindered relative performance.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352777.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Balanced Fund (Class R Shares/JDBRX) | 12.48% | 8.85% | 9.68% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45)% | 1.84% |
| Balanced Index | 11.67% | 8.97% | 9.42% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Balanced Index is an internally-calculated, hypothetical combination of unmanaged indices. From September 1, 1992 to July 9, 2009, the Balanced Index reflects the total returns of the S&P 500 Index (55%) and the Bloomberg Capital U.S. Government/Credit Bond Index (45%). From July 9, 2009 to April 29, 2024, the Balanced Index reflects total returns of the S&P 500 Index (55%) and the Bloomberg U.S. Aggregate Bond Index (45%). Effective April 29, 2024, the Balanced Index reflects the total returns of the S&P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%).

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$28,105M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$145.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 63.5 |
| Corporate Bonds | 11.3 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 11.3 |
| Mortgage-Backed Securities | 6.4 |
| United States Treasury Notes/Bonds | 5.8 |
| Investment Companies | 1.8 |
| Bank Loans and Mezzanine Loans | 0.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (0.8) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352783.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70773R 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Balanced Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class S Shares:JABRX
This annual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Balanced Fund<br>(Class S Shares/JABRX) | $114 | 1.07% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Balanced Fund Class S Shares returned 12.76%. Its broad-based benchmarks, the S&P 500<sup>®</sup> Index, and the Bloomberg U.S. Aggregate Bond Index returned 17.60% and 2.88%, respectively. Its additional benchmark, the Balanced Index, returned 11.67%.

#### TOP CONTRIBUTORS TO PERFORMANCE
The equity allocation outperformed the S&P 500 Index. Contributors to relative performance included NVIDIA, a leading global supplier of data center graphics processing units (GPUs) used in artificial intelligence (AI). The company delivered strong earnings growth and guidance, aided by growing adoption of its next-generation Blackwell GPUs. Another contributor, Amphenol, is also benefiting from AI capacity growth. The cabling and connector company's networking business has expanded through its business relationship with NVIDIA, as it has secured a higher content share in NVIDIA's Blackwell platform. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, driven largely by an overweight to spread-sector risk, including corporate and securitized bonds. Security selection within investment-grade corporate bonds also aided results.

#### TOP DETRACTORS FROM PERFORMANCE
Within the equity position, UnitedHealth Group was a notable detractor relative to the S&P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was another detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation. Within the fixed income portion of the fund, positioning on the yield curve was the primary detractor relative to the Bloomberg U.S. Aggregate Bond Index. The allocation was overweight duration for much of the year, but we moved to a modest underweight position after rates fell near period end. Exposure to asset-backed securities also hindered relative performance.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352802.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Balanced Fund (Class S Shares/JABRX) | 12.76% | 9.13% | 9.96% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45)% | 1.84% |
| Balanced Index | 11.67% | 8.97% | 9.42% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Balanced Index is an internally-calculated, hypothetical combination of unmanaged indices. From September 1, 1992 to July 9, 2009, the Balanced Index reflects the total returns of the S&P 500 Index (55%) and the Bloomberg Capital U.S. Government/Credit Bond Index (45%). From July 9, 2009 to April 29, 2024, the Balanced Index reflects total returns of the S&P 500 Index (55%) and the Bloomberg U.S. Aggregate Bond Index (45%). Effective April 29, 2024, the Balanced Index reflects the total returns of the S&P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%).

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$28,105M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$145.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 63.5 |
| Corporate Bonds | 11.3 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 11.3 |
| Mortgage-Backed Securities | 6.4 |
| United States Treasury Notes/Bonds | 5.8 |
| Investment Companies | 1.8 |
| Bank Loans and Mezzanine Loans | 0.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (0.8) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352808.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70774S 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Balanced Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class T Shares:JABAX
This annual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Balanced Fund<br>(Class T Shares/JABAX) | $86 | 0.81% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Balanced Fund Class T Shares returned 13.05%. Its broad-based benchmarks, the S&P 500<sup>®</sup> Index, and the Bloomberg U.S. Aggregate Bond Index returned 17.60% and 2.88%, respectively. Its additional benchmark, the Balanced Index, returned 11.67%.

#### TOP CONTRIBUTORS TO PERFORMANCE
The equity allocation outperformed the S&P 500 Index. Contributors to relative performance included NVIDIA, a leading global supplier of data center graphics processing units (GPUs) used in artificial intelligence (AI). The company delivered strong earnings growth and guidance, aided by growing adoption of its next-generation Blackwell GPUs. Another contributor, Amphenol, is also benefiting from AI capacity growth. The cabling and connector company's networking business has expanded through its business relationship with NVIDIA, as it has secured a higher content share in NVIDIA's Blackwell platform. The fixed income allocation outperformed the Bloomberg U.S. Aggregate Bond Index, driven largely by an overweight to spread-sector risk, including corporate and securitized bonds. Security selection within investment-grade corporate bonds also aided results.

#### TOP DETRACTORS FROM PERFORMANCE
Within the equity position, UnitedHealth Group was a notable detractor relative to the S&P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was another detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation. Within the fixed income portion of the fund, positioning on the yield curve was the primary detractor relative to the Bloomberg U.S. Aggregate Bond Index. The allocation was overweight duration for much of the year, but we moved to a modest underweight position after rates fell near period end. Exposure to asset-backed securities also hindered relative performance.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352827.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Balanced Fund (Class T Shares/JABAX) | 13.05% | 9.41% | 10.24% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45)% | 1.84% |
| Balanced Index | 11.67% | 8.97% | 9.42% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Balanced Index is an internally-calculated, hypothetical combination of unmanaged indices. From September 1, 1992 to July 9, 2009, the Balanced Index reflects the total returns of the S&P 500 Index (55%) and the Bloomberg Capital U.S. Government/Credit Bond Index (45%). From July 9, 2009 to April 29, 2024, the Balanced Index reflects total returns of the S&P 500 Index (55%) and the Bloomberg U.S. Aggregate Bond Index (45%). Effective April 29, 2024, the Balanced Index reflects the total returns of the S&P 500 Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%).

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$28,105M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$145.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 63.5 |
| Corporate Bonds | 11.3 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 11.3 |
| Mortgage-Backed Securities | 6.4 |
| United States Treasury Notes/Bonds | 5.8 |
| Investment Companies | 1.8 |
| Bank Loans and Mezzanine Loans | 0.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (0.8) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352834.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70775T 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Contrarian Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class A Shares:JCNAX
This annual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Contrarian Fund<br>(Class A Shares/JCNAX) | $95 | 0.90% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Contrarian Fund Class A Shares returned 10.27%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Oracle was a notable contributor to the Fund's performance relative to the S&P 500 Index. The information technology company has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business. Howmet Aerospace was also a top contributor to relative performance. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
Caesars Entertainment was a detractor relative to the S&P 500 Index. The company reported disappointing guidance, which partly reflected seasonal weakness for its Las Vegas casinos. Returns from regional casinos showed improvement, however, and we believe the company has demonstrated resilience despite a challenging market backdrop. Healthcare company Lantheus Holdings, another detractor, missed its second-quarter earnings target. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues related to Medicare reimbursement that we believe will be rectified over coming quarters.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352252.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Contrarian Fund (Class A Shares/JCNAX) at NAV | 10.27% | 12.67% | 11.84% |
| Janus Henderson Contrarian Fund (Class A Shares/JCNAX) at Maximum Offering Price - 5.75% | 3.94% | 11.35% | 11.18% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,002M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$23.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surgery Partners Inc | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.4 |
| Investment Companies | 0.4 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.2 |
| Other | (0.0) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352258.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70776A 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Contrarian Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class C Shares:JCNCX
This annual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Contrarian Fund<br>(Class C Shares/JCNCX) | $161 | 1.54% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Contrarian Fund Class C Shares returned 9.58%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Oracle was a notable contributor to the Fund's performance relative to the S&P 500 Index. The information technology company has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business. Howmet Aerospace was also a top contributor to relative performance. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
Caesars Entertainment was a detractor relative to the S&P 500 Index. The company reported disappointing guidance, which partly reflected seasonal weakness for its Las Vegas casinos. Returns from regional casinos showed improvement, however, and we believe the company has demonstrated resilience despite a challenging market backdrop. Healthcare company Lantheus Holdings, another detractor, missed its second-quarter earnings target. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues related to Medicare reimbursement that we believe will be rectified over coming quarters.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352277.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Contrarian Fund (Class C Shares/JCNCX) at NAV | 9.58% | 11.90% | 11.07% |
| Janus Henderson Contrarian Fund (Class C Shares/JCNCX) with Contingent Deferred Sales Charge | 8.60%\* | 11.90% | 11.07% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

<sup>\*</sup> Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,002M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$23.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surgery Partners Inc | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.4 |
| Investment Companies | 0.4 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.2 |
| Other | (0.0) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352283.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70777C 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Contrarian Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class D Shares:JACNX
This annual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Contrarian Fund<br>(Class D Shares/JACNX) | $68 | 0.65% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Contrarian Fund Class D Shares returned 10.53%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Oracle was a notable contributor to the Fund's performance relative to the S&P 500 Index. The information technology company has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business. Howmet Aerospace was also a top contributor to relative performance. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
Caesars Entertainment was a detractor relative to the S&P 500 Index. The company reported disappointing guidance, which partly reflected seasonal weakness for its Las Vegas casinos. Returns from regional casinos showed improvement, however, and we believe the company has demonstrated resilience despite a challenging market backdrop. Healthcare company Lantheus Holdings, another detractor, missed its second-quarter earnings target. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues related to Medicare reimbursement that we believe will be rectified over coming quarters.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352302.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Contrarian Fund (Class D Shares/JACNX) | 10.53% | 12.94% | 12.09% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,002M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$23.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surgery Partners Inc | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.4 |
| Investment Companies | 0.4 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.2 |
| Other | (0.0) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352309.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1791.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 225-65-70778D 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Contrarian Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class I Shares:JCONX
This annual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Contrarian Fund<br>(Class I Shares/JCONX) | $66 | 0.63% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Contrarian Fund Class I Shares returned 10.59%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Oracle was a notable contributor to the Fund's performance relative to the S&P 500 Index. The information technology company has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business. Howmet Aerospace was also a top contributor to relative performance. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
Caesars Entertainment was a detractor relative to the S&P 500 Index. The company reported disappointing guidance, which partly reflected seasonal weakness for its Las Vegas casinos. Returns from regional casinos showed improvement, however, and we believe the company has demonstrated resilience despite a challenging market backdrop. Healthcare company Lantheus Holdings, another detractor, missed its second-quarter earnings target. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues related to Medicare reimbursement that we believe will be rectified over coming quarters.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352327.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Contrarian Fund (Class I Shares/JCONX) | 10.59% | 12.97% | 12.15% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,002M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$23.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surgery Partners Inc | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.4 |
| Investment Companies | 0.4 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.2 |
| Other | (0.0) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352333.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70779I 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Contrarian Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class N Shares:JCNNX
This annual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Contrarian Fund<br>(Class N Shares/JCNNX) | $56 | 0.53% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Contrarian Fund Class N Shares returned 10.68%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Oracle was a notable contributor to the Fund's performance relative to the S&P 500 Index. The information technology company has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business. Howmet Aerospace was also a top contributor to relative performance. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
Caesars Entertainment was a detractor relative to the S&P 500 Index. The company reported disappointing guidance, which partly reflected seasonal weakness for its Las Vegas casinos. Returns from regional casinos showed improvement, however, and we believe the company has demonstrated resilience despite a challenging market backdrop. Healthcare company Lantheus Holdings, another detractor, missed its second-quarter earnings target. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues related to Medicare reimbursement that we believe will be rectified over coming quarters.

#### Total return based on a $10,000 investment
August 4, 2017, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352352.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception** |
| Janus Henderson Contrarian Fund (Class N Shares/JCNNX) | 10.68% | 13.08% | 13.59% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 14.86% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,002M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$23.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surgery Partners Inc | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.4 |
| Investment Companies | 0.4 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.2 |
| Other | (0.0) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352358.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70780N 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Contrarian Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class R Shares:JCNRX
This annual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Contrarian Fund<br>(Class R Shares/JCNRX) | $143 | 1.36% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Contrarian Fund Class R Shares returned 9.80%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Oracle was a notable contributor to the Fund's performance relative to the S&P 500 Index. The information technology company has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business. Howmet Aerospace was also a top contributor to relative performance. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
Caesars Entertainment was a detractor relative to the S&P 500 Index. The company reported disappointing guidance, which partly reflected seasonal weakness for its Las Vegas casinos. Returns from regional casinos showed improvement, however, and we believe the company has demonstrated resilience despite a challenging market backdrop. Healthcare company Lantheus Holdings, another detractor, missed its second-quarter earnings target. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues related to Medicare reimbursement that we believe will be rectified over coming quarters.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352377.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Contrarian Fund (Class R Shares/JCNRX) | 9.80% | 12.13% | 11.31% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,002M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$23.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surgery Partners Inc | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.4 |
| Investment Companies | 0.4 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.2 |
| Other | (0.0) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352384.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70781R 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Contrarian Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class S Shares:JCNIX
This annual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Contrarian Fund<br>(Class S Shares/JCNIX) | $116 | 1.10% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Contrarian Fund Class S Shares returned 10.06%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Oracle was a notable contributor to the Fund's performance relative to the S&P 500 Index. The information technology company has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business. Howmet Aerospace was also a top contributor to relative performance. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
Caesars Entertainment was a detractor relative to the S&P 500 Index. The company reported disappointing guidance, which partly reflected seasonal weakness for its Las Vegas casinos. Returns from regional casinos showed improvement, however, and we believe the company has demonstrated resilience despite a challenging market backdrop. Healthcare company Lantheus Holdings, another detractor, missed its second-quarter earnings target. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues related to Medicare reimbursement that we believe will be rectified over coming quarters.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352402.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Contrarian Fund (Class S Shares/JCNIX) | 10.06% | 12.43% | 11.61% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,002M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$23.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surgery Partners Inc | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.4 |
| Investment Companies | 0.4 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.2 |
| Other | (0.0) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352409.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70782S 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Contrarian Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class T Shares:JSVAX
This annual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Contrarian Fund<br>(Class T Shares/JSVAX) | $80 | 0.76% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Contrarian Fund Class T Shares returned 10.43%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Oracle was a notable contributor to the Fund's performance relative to the S&P 500 Index. The information technology company has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business. Howmet Aerospace was also a top contributor to relative performance. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
Caesars Entertainment was a detractor relative to the S&P 500 Index. The company reported disappointing guidance, which partly reflected seasonal weakness for its Las Vegas casinos. Returns from regional casinos showed improvement, however, and we believe the company has demonstrated resilience despite a challenging market backdrop. Healthcare company Lantheus Holdings, another detractor, missed its second-quarter earnings target. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues related to Medicare reimbursement that we believe will be rectified over coming quarters.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352427.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Contrarian Fund (Class T Shares/JSVAX) | 10.43% | 12.82% | 11.99% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,002M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$23.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surgery Partners Inc | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.4 |
| Investment Companies | 0.4 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.2 |
| Other | (0.0) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352433.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70783T 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Enterprise Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class A Shares:JDMAX
This annual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Enterprise Fund<br>(Class A Shares/JDMAX) | $114 | 1.11% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Enterprise Fund Class A Shares returned 5.23%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 22.02%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell Midcap Growth Index was lifted by a position in AppLovin, the owner of a mobile marketing platform that matches developers with advertisers looking to be featured on apps and digital games. This platform utilizes artificial intelligence (AI) to improve returns on ad spending. The company's strong second-quarter earnings growth gave investors increased confidence in its business model. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment. This business has been very profitable for Flex, and we believe the company is positioned to expand its share of the data center market.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell Midcap Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index. We did not own these stocks as we believed their valuations were unsupported by fundamentals. Among portfolio holdings, medical device maker Teleflex was a notable detractor, as headwinds for its urology franchise resulted in weaker-than-expected first-quarter results. Constellation Software, another detractor, provides software that targets industry verticals. The stock declined on news that Constellation's visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter in the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352852.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Enterprise Fund (Class A Shares/JDMAX) at NAV | 5.23% | 10.83% | 12.62% |
| Janus Henderson Enterprise Fund (Class A Shares/JDMAX) at Maximum Offering Price - 5.75% | (0.82)% | 9.53% | 11.96% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Growth Index | 22.02% | 11.26% | 13.37% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$23,620M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$145.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp - Class A | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software Inc/Canada | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intact Financial Corp | 2.8 |

---

Asset Allocation (% of net assets)

Common Stocks 96.3 <br> Investment Companies 3.5 <br> Other 0.2

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352859.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70791A 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Enterprise Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class C Shares:JGRCX
This annual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Enterprise Fund<br>(Class C Shares/JGRCX) | $173 | 1.69% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Enterprise Fund Class C Shares returned 4.62%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 22.02%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell Midcap Growth Index was lifted by a position in AppLovin, the owner of a mobile marketing platform that matches developers with advertisers looking to be featured on apps and digital games. This platform utilizes artificial intelligence (AI) to improve returns on ad spending. The company's strong second-quarter earnings growth gave investors increased confidence in its business model. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment. This business has been very profitable for Flex, and we believe the company is positioned to expand its share of the data center market.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell Midcap Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index. We did not own these stocks as we believed their valuations were unsupported by fundamentals. Among portfolio holdings, medical device maker Teleflex was a notable detractor, as headwinds for its urology franchise resulted in weaker-than-expected first-quarter results. Constellation Software, another detractor, provides software that targets industry verticals. The stock declined on news that Constellation's visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter in the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352877.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Enterprise Fund (Class C Shares/JGRCX) at NAV | 4.62% | 10.24% | 11.99% |
| Janus Henderson Enterprise Fund (Class C Shares/JGRCX) with Contingent Deferred Sales Charge | 3.64%\* | 10.24% | 11.99% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Growth Index | 22.02% | 11.26% | 13.37% |

---

<sup>\*</sup> Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$23,620M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$145.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp - Class A | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software Inc/Canada | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intact Financial Corp | 2.8 |

---

Asset Allocation (% of net assets)

Common Stocks 96.3 <br> Investment Companies 3.5 <br> Other 0.2

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352883.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70792C 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Enterprise Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class D Shares:JANEX
This annual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Enterprise Fund<br>(Class D Shares/JANEX) | $81 | 0.79% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Enterprise Fund Class D Shares returned 5.58%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 22.02%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell Midcap Growth Index was lifted by a position in AppLovin, the owner of a mobile marketing platform that matches developers with advertisers looking to be featured on apps and digital games. This platform utilizes artificial intelligence (AI) to improve returns on ad spending. The company's strong second-quarter earnings growth gave investors increased confidence in its business model. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment. This business has been very profitable for Flex, and we believe the company is positioned to expand its share of the data center market.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell Midcap Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index. We did not own these stocks as we believed their valuations were unsupported by fundamentals. Among portfolio holdings, medical device maker Teleflex was a notable detractor, as headwinds for its urology franchise resulted in weaker-than-expected first-quarter results. Constellation Software, another detractor, provides software that targets industry verticals. The stock declined on news that Constellation's visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter in the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352902.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Enterprise Fund (Class D Shares/JANEX) | 5.58% | 11.19% | 12.98% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Growth Index | 22.02% | 11.26% | 13.37% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$23,620M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$145.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp - Class A | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software Inc/Canada | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intact Financial Corp | 2.8 |

---

Asset Allocation (% of net assets)

Common Stocks 96.3 <br> Investment Companies 3.5 <br> Other 0.2

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352908.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1791.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 225-65-70793D 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Enterprise Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class I Shares:JMGRX
This annual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Enterprise Fund<br>(Class I Shares/JMGRX) | $78 | 0.76% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Enterprise Fund Class I Shares returned 5.60%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 22.02%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell Midcap Growth Index was lifted by a position in AppLovin, the owner of a mobile marketing platform that matches developers with advertisers looking to be featured on apps and digital games. This platform utilizes artificial intelligence (AI) to improve returns on ad spending. The company's strong second-quarter earnings growth gave investors increased confidence in its business model. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment. This business has been very profitable for Flex, and we believe the company is positioned to expand its share of the data center market.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell Midcap Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index. We did not own these stocks as we believed their valuations were unsupported by fundamentals. Among portfolio holdings, medical device maker Teleflex was a notable detractor, as headwinds for its urology franchise resulted in weaker-than-expected first-quarter results. Constellation Software, another detractor, provides software that targets industry verticals. The stock declined on news that Constellation's visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter in the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352927.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Enterprise Fund (Class I Shares/JMGRX) | 5.60% | 11.23% | 13.03% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Growth Index | 22.02% | 11.26% | 13.37% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$23,620M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$145.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp - Class A | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software Inc/Canada | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intact Financial Corp | 2.8 |

---

Asset Allocation (% of net assets)

Common Stocks 96.3 <br> Investment Companies 3.5 <br> Other 0.2

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352934.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70794I 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Enterprise Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class N Shares:JDMNX
This annual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Enterprise Fund<br>(Class N Shares/JDMNX) | $68 | 0.66% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Enterprise Fund Class N Shares returned 5.71%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 22.02%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell Midcap Growth Index was lifted by a position in AppLovin, the owner of a mobile marketing platform that matches developers with advertisers looking to be featured on apps and digital games. This platform utilizes artificial intelligence (AI) to improve returns on ad spending. The company's strong second-quarter earnings growth gave investors increased confidence in its business model. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment. This business has been very profitable for Flex, and we believe the company is positioned to expand its share of the data center market.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell Midcap Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index. We did not own these stocks as we believed their valuations were unsupported by fundamentals. Among portfolio holdings, medical device maker Teleflex was a notable detractor, as headwinds for its urology franchise resulted in weaker-than-expected first-quarter results. Constellation Software, another detractor, provides software that targets industry verticals. The stock declined on news that Constellation's visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter in the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352952.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Enterprise Fund (Class N Shares/JDMNX) | 5.71% | 11.33% | 13.13% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Growth Index | 22.02% | 11.26% | 13.37% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$23,620M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$145.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp - Class A | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software Inc/Canada | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intact Financial Corp | 2.8 |

---

Asset Allocation (% of net assets)

Common Stocks 96.3 <br> Investment Companies 3.5 <br> Other 0.2

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352958.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70795N 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Enterprise Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class R Shares:JDMRX
This annual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Enterprise Fund<br>(Class R Shares/JDMRX) | $144 | 1.41% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Enterprise Fund Class R Shares returned 4.93%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 22.02%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell Midcap Growth Index was lifted by a position in AppLovin, the owner of a mobile marketing platform that matches developers with advertisers looking to be featured on apps and digital games. This platform utilizes artificial intelligence (AI) to improve returns on ad spending. The company's strong second-quarter earnings growth gave investors increased confidence in its business model. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment. This business has been very profitable for Flex, and we believe the company is positioned to expand its share of the data center market.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell Midcap Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index. We did not own these stocks as we believed their valuations were unsupported by fundamentals. Among portfolio holdings, medical device maker Teleflex was a notable detractor, as headwinds for its urology franchise resulted in weaker-than-expected first-quarter results. Constellation Software, another detractor, provides software that targets industry verticals. The stock declined on news that Constellation's visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter in the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352977.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Enterprise Fund (Class R Shares/JDMRX) | 4.93% | 10.51% | 12.29% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Growth Index | 22.02% | 11.26% | 13.37% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$23,620M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$145.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp - Class A | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software Inc/Canada | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intact Financial Corp | 2.8 |

---

Asset Allocation (% of net assets)

Common Stocks 96.3 <br> Investment Companies 3.5 <br> Other 0.2

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352983.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70796R 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Enterprise Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class S Shares:JGRTX
This annual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Enterprise Fund<br>(Class S Shares/JGRTX) | $119 | 1.16% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Enterprise Fund Class S Shares returned 5.18%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 22.02%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell Midcap Growth Index was lifted by a position in AppLovin, the owner of a mobile marketing platform that matches developers with advertisers looking to be featured on apps and digital games. This platform utilizes artificial intelligence (AI) to improve returns on ad spending. The company's strong second-quarter earnings growth gave investors increased confidence in its business model. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment. This business has been very profitable for Flex, and we believe the company is positioned to expand its share of the data center market.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell Midcap Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index. We did not own these stocks as we believed their valuations were unsupported by fundamentals. Among portfolio holdings, medical device maker Teleflex was a notable detractor, as headwinds for its urology franchise resulted in weaker-than-expected first-quarter results. Constellation Software, another detractor, provides software that targets industry verticals. The stock declined on news that Constellation's visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter in the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_353002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Enterprise Fund (Class S Shares/JGRTX) | 5.18% | 10.78% | 12.57% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Growth Index | 22.02% | 11.26% | 13.37% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$23,620M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$145.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp - Class A | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software Inc/Canada | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intact Financial Corp | 2.8 |

---

Asset Allocation (% of net assets)

Common Stocks 96.3 <br> Investment Companies 3.5 <br> Other 0.2

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_353009.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70797S 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Enterprise Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class T Shares:JAENX
This annual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Enterprise Fund<br>(Class T Shares/JAENX) | $92 | 0.90% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Enterprise Fund Class T Shares returned 5.45%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 22.02%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell Midcap Growth Index was lifted by a position in AppLovin, the owner of a mobile marketing platform that matches developers with advertisers looking to be featured on apps and digital games. This platform utilizes artificial intelligence (AI) to improve returns on ad spending. The company's strong second-quarter earnings growth gave investors increased confidence in its business model. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment. This business has been very profitable for Flex, and we believe the company is positioned to expand its share of the data center market.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell Midcap Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index. We did not own these stocks as we believed their valuations were unsupported by fundamentals. Among portfolio holdings, medical device maker Teleflex was a notable detractor, as headwinds for its urology franchise resulted in weaker-than-expected first-quarter results. Constellation Software, another detractor, provides software that targets industry verticals. The stock declined on news that Constellation's visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter in the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_353027.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Enterprise Fund (Class T Shares/JAENX) | 5.45% | 11.07% | 12.86% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Growth Index | 22.02% | 11.26% | 13.37% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$23,620M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$145.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp - Class A | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software Inc/Canada | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intact Financial Corp | 2.8 |

---

Asset Allocation (% of net assets)

Common Stocks 96.3 <br> Investment Companies 3.5 <br> Other 0.2

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_353034.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70798T 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson European Focus Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class A Shares:HFEAX
This annual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 European Focus Fund<br>(Class A Shares/HFEAX) | $144 | 1.30% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson European Focus Fund Class A Shares returned 20.80%. Its broad-based benchmark, the MSCI Europe Index<sup>SM</sup>, returned 15.08%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the financials sector was a strong driver of performance relative to the MSCI Europe Index. In particular, bank stocks rallied on expectations that European authorities may relax banking regulation and capital requirements, creating a more favorable environment for lending and mergers and acquisitions. Erste Group Bank, a top relative contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander's Polish business, a deal that could help cement Erste Bank's position in the central and eastern European markets. German defense firm Rheinmetall was another positive contributor. Shares rose on expectations for increased military spending in Europe after NATO members agreed to spend 5% of GDP on defense and security by 2035.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection and an overweight in the consumer discretionary sector detracted relative to the MSCI Europe Index. Relative detractors included Pandora, a Danish company that makes affordable jewelry. Pandora reported disappointing results, reflecting weaker sales in key European markets. This fueled concerns about the sustainability of its growth trajectory. Semiconductor equipment company ASM International was another detractor from relative returns. The stock underperformed due to uncertainty about the capital expenditure plans of some of the firm's key clients.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350502.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson European Focus Fund (Class A Shares/HFEAX) at NAV | 20.80% | 13.03% | 7.90% |
| Janus Henderson European Focus Fund (Class A Shares/HFEAX) at Maximum Offering Price - 5.75% | 13.86% | 11.69% | 7.26% |
| MSCI Europe Index<sup>SM</sup> | 15.08% | 12.19% | 8.14% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Performance for Class A Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See www.janushenderson.com/synthetic for further details.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$705M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$4.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;159% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erste Group Bank AG | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz SE (REG) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | 3.1 |

---

Asset Allocation (% of net assets)

Common Stocks 98.9 <br> Investment Companies 0.9 <br> Other 0.2

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350508.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70799A 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson European Focus Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class C Shares:HFECX
This annual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 European Focus Fund<br>(Class C Shares/HFECX) | $226 | 2.06% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson European Focus Fund Class C Shares returned 19.90%. Its broad-based benchmark, the MSCI Europe Index<sup>SM</sup>, returned 15.08%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the financials sector was a strong driver of performance relative to the MSCI Europe Index. In particular, bank stocks rallied on expectations that European authorities may relax banking regulation and capital requirements, creating a more favorable environment for lending and mergers and acquisitions. Erste Group Bank, a top relative contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander's Polish business, a deal that could help cement Erste Bank's position in the central and eastern European markets. German defense firm Rheinmetall was another positive contributor. Shares rose on expectations for increased military spending in Europe after NATO members agreed to spend 5% of GDP on defense and security by 2035.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection and an overweight in the consumer discretionary sector detracted relative to the MSCI Europe Index. Relative detractors included Pandora, a Danish company that makes affordable jewelry. Pandora reported disappointing results, reflecting weaker sales in key European markets. This fueled concerns about the sustainability of its growth trajectory. Semiconductor equipment company ASM International was another detractor from relative returns. The stock underperformed due to uncertainty about the capital expenditure plans of some of the firm's key clients.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350527.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson European Focus Fund (Class C Shares/HFECX) at NAV | 19.90% | 12.17% | 7.08% |
| Janus Henderson European Focus Fund (Class C Shares/HFECX) with Contingent Deferred Sales Charge | 18.90%\* | 12.17% | 7.08% |
| MSCI Europe Index<sup>SM</sup> | 15.08% | 12.19% | 8.14% |

---

<sup>\*</sup> Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Performance for Class C Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See www.janushenderson.com/synthetic for further details.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$705M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$4.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;159% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erste Group Bank AG | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz SE (REG) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | 3.1 |

---

Asset Allocation (% of net assets)

Common Stocks 98.9 <br> Investment Companies 0.9 <br> Other 0.2

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350533.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70800C 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson European Focus Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class D Shares:HFEDX
This annual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 European Focus Fund<br>(Class D Shares/HFEDX) | $120 | 1.09% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson European Focus Fund Class D Shares returned 21.04%. Its broad-based benchmark, the MSCI Europe Index<sup>SM</sup>, returned 15.08%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the financials sector was a strong driver of performance relative to the MSCI Europe Index. In particular, bank stocks rallied on expectations that European authorities may relax banking regulation and capital requirements, creating a more favorable environment for lending and mergers and acquisitions. Erste Group Bank, a top relative contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander's Polish business, a deal that could help cement Erste Bank's position in the central and eastern European markets. German defense firm Rheinmetall was another positive contributor. Shares rose on expectations for increased military spending in Europe after NATO members agreed to spend 5% of GDP on defense and security by 2035.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection and an overweight in the consumer discretionary sector detracted relative to the MSCI Europe Index. Relative detractors included Pandora, a Danish company that makes affordable jewelry. Pandora reported disappointing results, reflecting weaker sales in key European markets. This fueled concerns about the sustainability of its growth trajectory. Semiconductor equipment company ASM International was another detractor from relative returns. The stock underperformed due to uncertainty about the capital expenditure plans of some of the firm's key clients.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350552.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson European Focus Fund (Class D Shares/HFEDX) | 21.04% | 13.25% | 8.07% |
| MSCI Europe Index<sup>SM</sup> | 15.08% | 12.19% | 8.14% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Performance for Class D Shares that includes periods prior to 6/5/17 reflects the performance of a share class of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See www.janushenderson.com/synthetic for further details.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$705M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$4.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;159% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erste Group Bank AG | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz SE (REG) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | 3.1 |

---

Asset Allocation (% of net assets)

Common Stocks 98.9 <br> Investment Companies 0.9 <br> Other 0.2

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350559.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1791.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 225-65-70801D 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson European Focus Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class I Shares:HFEIX
This annual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 European Focus Fund<br>(Class I Shares/HFEIX) | $117 | 1.06% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson European Focus Fund Class I Shares returned 21.09%. Its broad-based benchmark, the MSCI Europe Index<sup>SM</sup>, returned 15.08%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the financials sector was a strong driver of performance relative to the MSCI Europe Index. In particular, bank stocks rallied on expectations that European authorities may relax banking regulation and capital requirements, creating a more favorable environment for lending and mergers and acquisitions. Erste Group Bank, a top relative contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander's Polish business, a deal that could help cement Erste Bank's position in the central and eastern European markets. German defense firm Rheinmetall was another positive contributor. Shares rose on expectations for increased military spending in Europe after NATO members agreed to spend 5% of GDP on defense and security by 2035.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection and an overweight in the consumer discretionary sector detracted relative to the MSCI Europe Index. Relative detractors included Pandora, a Danish company that makes affordable jewelry. Pandora reported disappointing results, reflecting weaker sales in key European markets. This fueled concerns about the sustainability of its growth trajectory. Semiconductor equipment company ASM International was another detractor from relative returns. The stock underperformed due to uncertainty about the capital expenditure plans of some of the firm's key clients.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350577.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson European Focus Fund (Class I Shares/HFEIX) | 21.09% | 13.31% | 8.18% |
| MSCI Europe Index<sup>SM</sup> | 15.08% | 12.19% | 8.14% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Performance for Class I Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See www.janushenderson.com/synthetic for further details.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$705M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$4.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;159% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erste Group Bank AG | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz SE (REG) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | 3.1 |

---

Asset Allocation (% of net assets)

Common Stocks 98.9 <br> Investment Companies 0.9 <br> Other 0.2

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350583.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70802I 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson European Focus Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class N Shares:HFERX
This annual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 European Focus Fund<br>(Class N Shares/HFERX) | $106 | 0.96% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson European Focus Fund Class N Shares returned 21.21%. Its broad-based benchmark, the MSCI Europe Index<sup>SM</sup>, returned 15.08%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the financials sector was a strong driver of performance relative to the MSCI Europe Index. In particular, bank stocks rallied on expectations that European authorities may relax banking regulation and capital requirements, creating a more favorable environment for lending and mergers and acquisitions. Erste Group Bank, a top relative contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander's Polish business, a deal that could help cement Erste Bank's position in the central and eastern European markets. German defense firm Rheinmetall was another positive contributor. Shares rose on expectations for increased military spending in Europe after NATO members agreed to spend 5% of GDP on defense and security by 2035.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection and an overweight in the consumer discretionary sector detracted relative to the MSCI Europe Index. Relative detractors included Pandora, a Danish company that makes affordable jewelry. Pandora reported disappointing results, reflecting weaker sales in key European markets. This fueled concerns about the sustainability of its growth trajectory. Semiconductor equipment company ASM International was another detractor from relative returns. The stock underperformed due to uncertainty about the capital expenditure plans of some of the firm's key clients.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350602.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson European Focus Fund (Class N Shares/HFERX) | 21.21% | 13.39% | 8.23% |
| MSCI Europe Index<sup>SM</sup> | 15.08% | 12.19% | 8.14% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Performance for Class N Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See www.janushenderson.com/synthetic for further details.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$705M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$4.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;159% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erste Group Bank AG | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz SE (REG) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | 3.1 |

---

Asset Allocation (% of net assets)

Common Stocks 98.9 <br> Investment Companies 0.9 <br> Other 0.2

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350608.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70803N 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson European Focus Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class S Shares:HFESX
This annual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 European Focus Fund<br>(Class S Shares/HFESX) | $152 | 1.38% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson European Focus Fund Class S Shares returned 20.72%. Its broad-based benchmark, the MSCI Europe Index<sup>SM</sup>, returned 15.08%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the financials sector was a strong driver of performance relative to the MSCI Europe Index. In particular, bank stocks rallied on expectations that European authorities may relax banking regulation and capital requirements, creating a more favorable environment for lending and mergers and acquisitions. Erste Group Bank, a top relative contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander's Polish business, a deal that could help cement Erste Bank's position in the central and eastern European markets. German defense firm Rheinmetall was another positive contributor. Shares rose on expectations for increased military spending in Europe after NATO members agreed to spend 5% of GDP on defense and security by 2035.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection and an overweight in the consumer discretionary sector detracted relative to the MSCI Europe Index. Relative detractors included Pandora, a Danish company that makes affordable jewelry. Pandora reported disappointing results, reflecting weaker sales in key European markets. This fueled concerns about the sustainability of its growth trajectory. Semiconductor equipment company ASM International was another detractor from relative returns. The stock underperformed due to uncertainty about the capital expenditure plans of some of the firm's key clients.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350627.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson European Focus Fund (Class S Shares/HFESX) | 20.72% | 13.08% | 7.91% |
| MSCI Europe Index<sup>SM</sup> | 15.08% | 12.19% | 8.14% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Performance for Class S Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See www.janushenderson.com/synthetic for further details.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$705M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$4.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;159% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erste Group Bank AG | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz SE (REG) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | 3.1 |

---

Asset Allocation (% of net assets)

Common Stocks 98.9 <br> Investment Companies 0.9 <br> Other 0.2

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350634.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70804S 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson European Focus Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class T Shares:HFETX
This annual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 European Focus Fund<br>(Class T Shares/HFETX) | $134 | 1.21% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson European Focus Fund Class T Shares returned 20.91%. Its broad-based benchmark, the MSCI Europe Index<sup>SM</sup>, returned 15.08%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the financials sector was a strong driver of performance relative to the MSCI Europe Index. In particular, bank stocks rallied on expectations that European authorities may relax banking regulation and capital requirements, creating a more favorable environment for lending and mergers and acquisitions. Erste Group Bank, a top relative contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander's Polish business, a deal that could help cement Erste Bank's position in the central and eastern European markets. German defense firm Rheinmetall was another positive contributor. Shares rose on expectations for increased military spending in Europe after NATO members agreed to spend 5% of GDP on defense and security by 2035.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection and an overweight in the consumer discretionary sector detracted relative to the MSCI Europe Index. Relative detractors included Pandora, a Danish company that makes affordable jewelry. Pandora reported disappointing results, reflecting weaker sales in key European markets. This fueled concerns about the sustainability of its growth trajectory. Semiconductor equipment company ASM International was another detractor from relative returns. The stock underperformed due to uncertainty about the capital expenditure plans of some of the firm's key clients.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350652.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson European Focus Fund (Class T Shares/HFETX) | 20.91% | 13.12% | 7.99% |
| MSCI Europe Index<sup>SM</sup> | 15.08% | 12.19% | 8.14% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Performance for Class T Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See www.janushenderson.com/synthetic for further details.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$705M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$4.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;159% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erste Group Bank AG | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz SE (REG) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | 3.1 |

---

Asset Allocation (% of net assets)

Common Stocks 98.9 <br> Investment Companies 0.9 <br> Other 0.2

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350659.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70805T 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Forty Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class A Shares:JDCAX
This annual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Forty Fund<br>(Class A Shares/JDCAX) | $97 | 0.88% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Forty Fund Class A Shares returned 20.32%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 25.53%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Growth Index was aided by stock selection in the industrials sector, where Howmet Aerospace was a top contributor. The specialized aircraft components manufacturer's first-quarter earnings exceeded expectations, as the business benefited from a cyclical aerospace recovery and increased aftermarket demand. Howmet has gained market share by investing through the down cycle even as its competitors pulled back. Technology company Oracle, another contributor, has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Growth Index was hindered by an overweight to and stock selection in the healthcare sector, where UnitedHealth Group was a notable detractor. The health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. An out-of-index position in Danaher also detracted. Shares declined sharply in the first quarter after the global life sciences and diagnostics company reported weaker-than-expected sales and earnings growth for the fourth quarter of 2024. We remained invested, and the stock recovered some ground later in the performance period.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351302.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Forty Fund (Class A Shares/JDCAX) at NAV | 20.32% | 13.78% | 16.62% |
| Janus Henderson Forty Fund (Class A Shares/JDCAX) at Maximum Offering Price - 5.75% | 13.40% | 12.44% | 15.93% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 15.04% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$24,573M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$119.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 11.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 10.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 5.4 |

---

Asset Allocation (% of net assets)

Common Stocks 99.5 <br> Investment Companies 0.6 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351308.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70806A 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Forty Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class C Shares:JACCX
This annual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Forty Fund<br>(Class C Shares/JACCX) | $167 | 1.52% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Forty Fund Class C Shares returned 19.54%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 25.53%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Growth Index was aided by stock selection in the industrials sector, where Howmet Aerospace was a top contributor. The specialized aircraft components manufacturer's first-quarter earnings exceeded expectations, as the business benefited from a cyclical aerospace recovery and increased aftermarket demand. Howmet has gained market share by investing through the down cycle even as its competitors pulled back. Technology company Oracle, another contributor, has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Growth Index was hindered by an overweight to and stock selection in the healthcare sector, where UnitedHealth Group was a notable detractor. The health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. An out-of-index position in Danaher also detracted. Shares declined sharply in the first quarter after the global life sciences and diagnostics company reported weaker-than-expected sales and earnings growth for the fourth quarter of 2024. We remained invested, and the stock recovered some ground later in the performance period.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351327.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Forty Fund (Class C Shares/JACCX) at NAV | 19.54% | 13.02% | 15.87% |
| Janus Henderson Forty Fund (Class C Shares/JACCX) with Contingent Deferred Sales Charge | 18.54%\* | 13.02% | 15.87% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 15.04% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

<sup>\*</sup> Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$24,573M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$119.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 11.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 10.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 5.4 |

---

Asset Allocation (% of net assets)

Common Stocks 99.5 <br> Investment Companies 0.6 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351334.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70807C 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Forty Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class D Shares:JFRDX
This annual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Forty Fund<br>(Class D Shares/JFRDX) | $74 | 0.67% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Forty Fund Class D Shares returned 20.58%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 25.53%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Growth Index was aided by stock selection in the industrials sector, where Howmet Aerospace was a top contributor. The specialized aircraft components manufacturer's first-quarter earnings exceeded expectations, as the business benefited from a cyclical aerospace recovery and increased aftermarket demand. Howmet has gained market share by investing through the down cycle even as its competitors pulled back. Technology company Oracle, another contributor, has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Growth Index was hindered by an overweight to and stock selection in the healthcare sector, where UnitedHealth Group was a notable detractor. The health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. An out-of-index position in Danaher also detracted. Shares declined sharply in the first quarter after the global life sciences and diagnostics company reported weaker-than-expected sales and earnings growth for the fourth quarter of 2024. We remained invested, and the stock recovered some ground later in the performance period.

#### Total return based on a $10,000 investment
January 27, 2017, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351352.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception** |
| Janus Henderson Forty Fund (Class D Shares/JFRDX) | 20.58% | 14.01% | 17.55% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 14.81% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 19.52% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.06% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$24,573M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$119.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 11.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 10.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 5.4 |

---

Asset Allocation (% of net assets)

Common Stocks 99.5 <br> Investment Companies 0.6 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351359.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1791.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 225-65-70808D 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Forty Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class I Shares:JCAPX
This annual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Forty Fund<br>(Class I Shares/JCAPX) | $71 | 0.64% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Forty Fund Class I Shares returned 20.61%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 25.53%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Growth Index was aided by stock selection in the industrials sector, where Howmet Aerospace was a top contributor. The specialized aircraft components manufacturer's first-quarter earnings exceeded expectations, as the business benefited from a cyclical aerospace recovery and increased aftermarket demand. Howmet has gained market share by investing through the down cycle even as its competitors pulled back. Technology company Oracle, another contributor, has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Growth Index was hindered by an overweight to and stock selection in the healthcare sector, where UnitedHealth Group was a notable detractor. The health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. An out-of-index position in Danaher also detracted. Shares declined sharply in the first quarter after the global life sciences and diagnostics company reported weaker-than-expected sales and earnings growth for the fourth quarter of 2024. We remained invested, and the stock recovered some ground later in the performance period.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351377.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Forty Fund (Class I Shares/JCAPX) | 20.61% | 14.06% | 16.94% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 15.04% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$24,573M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$119.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 11.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 10.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 5.4 |

---

Asset Allocation (% of net assets)

Common Stocks 99.5 <br> Investment Companies 0.6 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351383.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70809I 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Forty Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class N Shares:JFRNX
This annual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Forty Fund<br>(Class N Shares/JFRNX) | $62 | 0.56% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Forty Fund Class N Shares returned 20.72%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 25.53%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Growth Index was aided by stock selection in the industrials sector, where Howmet Aerospace was a top contributor. The specialized aircraft components manufacturer's first-quarter earnings exceeded expectations, as the business benefited from a cyclical aerospace recovery and increased aftermarket demand. Howmet has gained market share by investing through the down cycle even as its competitors pulled back. Technology company Oracle, another contributor, has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Growth Index was hindered by an overweight to and stock selection in the healthcare sector, where UnitedHealth Group was a notable detractor. The health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. An out-of-index position in Danaher also detracted. Shares declined sharply in the first quarter after the global life sciences and diagnostics company reported weaker-than-expected sales and earnings growth for the fourth quarter of 2024. We remained invested, and the stock recovered some ground later in the performance period.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351402.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Forty Fund (Class N Shares/JFRNX) | 20.72% | 14.15% | 17.02% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 15.04% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$24,573M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$119.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 11.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 10.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 5.4 |

---

Asset Allocation (% of net assets)

Common Stocks 99.5 <br> Investment Companies 0.6 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351409.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70810N 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Forty Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class R Shares:JDCRX
This annual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Forty Fund<br>(Class R Shares/JDCRX) | $143 | 1.30% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Forty Fund Class R Shares returned 19.81%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 25.53%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Growth Index was aided by stock selection in the industrials sector, where Howmet Aerospace was a top contributor. The specialized aircraft components manufacturer's first-quarter earnings exceeded expectations, as the business benefited from a cyclical aerospace recovery and increased aftermarket demand. Howmet has gained market share by investing through the down cycle even as its competitors pulled back. Technology company Oracle, another contributor, has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Growth Index was hindered by an overweight to and stock selection in the healthcare sector, where UnitedHealth Group was a notable detractor. The health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. An out-of-index position in Danaher also detracted. Shares declined sharply in the first quarter after the global life sciences and diagnostics company reported weaker-than-expected sales and earnings growth for the fourth quarter of 2024. We remained invested, and the stock recovered some ground later in the performance period.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351427.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Forty Fund (Class R Shares/JDCRX) | 19.81% | 13.31% | 16.16% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 15.04% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$24,573M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$119.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 11.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 10.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 5.4 |

---

Asset Allocation (% of net assets)

Common Stocks 99.5 <br> Investment Companies 0.6 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351434.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70811R 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Forty Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class S Shares:JARTX
This annual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Forty Fund<br>(Class S Shares/JARTX) | $114 | 1.04% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Forty Fund Class S Shares returned 20.11%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 25.53%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Growth Index was aided by stock selection in the industrials sector, where Howmet Aerospace was a top contributor. The specialized aircraft components manufacturer's first-quarter earnings exceeded expectations, as the business benefited from a cyclical aerospace recovery and increased aftermarket demand. Howmet has gained market share by investing through the down cycle even as its competitors pulled back. Technology company Oracle, another contributor, has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Growth Index was hindered by an overweight to and stock selection in the healthcare sector, where UnitedHealth Group was a notable detractor. The health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. An out-of-index position in Danaher also detracted. Shares declined sharply in the first quarter after the global life sciences and diagnostics company reported weaker-than-expected sales and earnings growth for the fourth quarter of 2024. We remained invested, and the stock recovered some ground later in the performance period.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351452.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Forty Fund (Class S Shares/JARTX) | 20.11% | 13.59% | 16.45% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 15.04% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$24,573M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$119.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 11.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 10.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 5.4 |

---

Asset Allocation (% of net assets)

Common Stocks 99.5 <br> Investment Companies 0.6 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351458.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70812S 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Forty Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class T Shares:JACTX
This annual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Forty Fund<br>(Class T Shares/JACTX) | $87 | 0.79% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Forty Fund Class T Shares returned 20.44%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 25.53%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Growth Index was aided by stock selection in the industrials sector, where Howmet Aerospace was a top contributor. The specialized aircraft components manufacturer's first-quarter earnings exceeded expectations, as the business benefited from a cyclical aerospace recovery and increased aftermarket demand. Howmet has gained market share by investing through the down cycle even as its competitors pulled back. Technology company Oracle, another contributor, has emerged as a leading hyperscaler in the artificial intelligence (AI) market, supported by its strong technological position and ambitious capital spending plans. Oracle reported strong second-quarter results and exceptional forward guidance, especially for its Oracle Cloud Infrastructure business.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Growth Index was hindered by an overweight to and stock selection in the healthcare sector, where UnitedHealth Group was a notable detractor. The health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. An out-of-index position in Danaher also detracted. Shares declined sharply in the first quarter after the global life sciences and diagnostics company reported weaker-than-expected sales and earnings growth for the fourth quarter of 2024. We remained invested, and the stock recovered some ground later in the performance period.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351477.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Forty Fund (Class T Shares/JACTX) | 20.44% | 13.89% | 16.75% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 15.04% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$24,573M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$119.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 11.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 10.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 5.4 |

---

Asset Allocation (% of net assets)

Common Stocks 99.5 <br> Investment Companies 0.6 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351483.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70813T 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Equity Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class A Shares:HFQAX
This annual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Equity Income Fund<br>(Class A Shares/HFQAX) | $122 | 1.12% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Equity Income Fund Class A Shares returned 17.16%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 12.15%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the U.S. lifted performance relative to the MSCI All Country World Index. From a sector perspective, stock selection in financials contributed, aided by positions in UK-based financial services company HSBC Holdings and Italian bank Intesa Sanpaolo. Both stocks benefited from expectations that interest rates will remain higher for longer, aiding bank net interest income. Taiwan Semiconductor Manufacturing Company, another contributor, is a leading supplier of graphics processing units used in artificial intelligence (AI). The company reported very strong earnings growth and guidance, fueled by continued capital investment in the AI buildout.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in Japan detracted relative to the MSCI All Country World Index. From a sector standpoint, stock selection in communication services detracted. This was due in part to an out-of-index position in Publicis. Shares of the advertising conglomerate underperformed on market concerns about the potential negative impact of AI on the company's business model. Global spirits company Pernod Ricard, another detractor, experienced earnings headwinds because of lackluster consumer spending in China. Global package delivery and logistics company United Parcel Service (UPS) was also a detractor. Shares of UPS declined on investor worries over an uncertain economic backdrop and the potential dampening impact of tariffs on consumer spending, industrial activity, and shipping volumes.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350677.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Equity Income Fund (Class A Shares/HFQAX) at NAV | 17.16% | 11.54% | 7.28% |
| Janus Henderson Global Equity Income Fund (Class A Shares/HFQAX) at Maximum Offering Price - 5.75% | 10.43% | 10.23% | 6.64% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index | 12.15% | 12.64% | 8.37% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

The 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World ex-USA High Dividend Yield Index (85%) and the MSCI USA High Dividend Yield Index (15%). The underlying indices reflect the performance of higher dividend yield large and mid-cap equities from (i) global developed and emerging markets excluding the U.S. and (ii) the U.S. markets.

Performance for Class A Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See www.janushenderson.com/synthetic for further details.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,658M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$39.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;175% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;KDDI Corp | 2.5 |

---

Asset Allocation (% of net assets)

Common Stocks 95.0 <br> Preferred Stocks 2.1 <br> Other 2.9

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350683.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70814A 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Equity Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class C Shares:HFQCX
This annual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Equity Income Fund<br>(Class C Shares/HFQCX) | $185 | 1.71% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Equity Income Fund Class C Shares returned 16.62%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 12.15%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the U.S. lifted performance relative to the MSCI All Country World Index. From a sector perspective, stock selection in financials contributed, aided by positions in UK-based financial services company HSBC Holdings and Italian bank Intesa Sanpaolo. Both stocks benefited from expectations that interest rates will remain higher for longer, aiding bank net interest income. Taiwan Semiconductor Manufacturing Company, another contributor, is a leading supplier of graphics processing units used in artificial intelligence (AI). The company reported very strong earnings growth and guidance, fueled by continued capital investment in the AI buildout.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in Japan detracted relative to the MSCI All Country World Index. From a sector standpoint, stock selection in communication services detracted. This was due in part to an out-of-index position in Publicis. Shares of the advertising conglomerate underperformed on market concerns about the potential negative impact of AI on the company's business model. Global spirits company Pernod Ricard, another detractor, experienced earnings headwinds because of lackluster consumer spending in China. Global package delivery and logistics company United Parcel Service (UPS) was also a detractor. Shares of UPS declined on investor worries over an uncertain economic backdrop and the potential dampening impact of tariffs on consumer spending, industrial activity, and shipping volumes.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350702.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Equity Income Fund (Class C Shares/HFQCX) at NAV | 16.62% | 10.91% | 6.57% |
| Janus Henderson Global Equity Income Fund (Class C Shares/HFQCX) with Contingent Deferred Sales Charge | 15.62%\* | 10.91% | 6.57% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index | 12.15% | 12.64% | 8.37% |

---

<sup>\*</sup> Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

The 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World ex-USA High Dividend Yield Index (85%) and the MSCI USA High Dividend Yield Index (15%). The underlying indices reflect the performance of higher dividend yield large and mid-cap equities from (i) global developed and emerging markets excluding the U.S. and (ii) the U.S. markets.

Performance for Class C Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See www.janushenderson.com/synthetic for further details.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,658M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$39.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;175% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;KDDI Corp | 2.5 |

---

Asset Allocation (% of net assets)

Common Stocks 95.0 <br> Preferred Stocks 2.1 <br> Other 2.9

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350708.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70815C 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Equity Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class D Shares:HFQDX
This annual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Equity Income Fund<br>(Class D Shares/HFQDX) | $92 | 0.85% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Equity Income Fund Class D Shares returned 17.41%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 12.15%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the U.S. lifted performance relative to the MSCI All Country World Index. From a sector perspective, stock selection in financials contributed, aided by positions in UK-based financial services company HSBC Holdings and Italian bank Intesa Sanpaolo. Both stocks benefited from expectations that interest rates will remain higher for longer, aiding bank net interest income. Taiwan Semiconductor Manufacturing Company, another contributor, is a leading supplier of graphics processing units used in artificial intelligence (AI). The company reported very strong earnings growth and guidance, fueled by continued capital investment in the AI buildout.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in Japan detracted relative to the MSCI All Country World Index. From a sector standpoint, stock selection in communication services detracted. This was due in part to an out-of-index position in Publicis. Shares of the advertising conglomerate underperformed on market concerns about the potential negative impact of AI on the company's business model. Global spirits company Pernod Ricard, another detractor, experienced earnings headwinds because of lackluster consumer spending in China. Global package delivery and logistics company United Parcel Service (UPS) was also a detractor. Shares of UPS declined on investor worries over an uncertain economic backdrop and the potential dampening impact of tariffs on consumer spending, industrial activity, and shipping volumes.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350727.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Equity Income Fund (Class D Shares/HFQDX) | 17.41% | 11.84% | 7.47% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index | 12.15% | 12.64% | 8.37% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

The 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World ex-USA High Dividend Yield Index (85%) and the MSCI USA High Dividend Yield Index (15%). The underlying indices reflect the performance of higher dividend yield large and mid-cap equities from (i) global developed and emerging markets excluding the U.S. and (ii) the U.S. markets.

Performance for Class D Shares that includes periods prior to 6/5/17 reflects the performance of a share class of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See www.janushenderson.com/synthetic for further details.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,658M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$39.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;175% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;KDDI Corp | 2.5 |

---

Asset Allocation (% of net assets)

Common Stocks 95.0 <br> Preferred Stocks 2.1 <br> Other 2.9

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350734.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1791.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 225-65-70816D 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Equity Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class I Shares:HFQIX
This annual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Equity Income Fund<br>(Class I Shares/HFQIX) | $86 | 0.79% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Equity Income Fund Class I Shares returned 17.51%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 12.15%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the U.S. lifted performance relative to the MSCI All Country World Index. From a sector perspective, stock selection in financials contributed, aided by positions in UK-based financial services company HSBC Holdings and Italian bank Intesa Sanpaolo. Both stocks benefited from expectations that interest rates will remain higher for longer, aiding bank net interest income. Taiwan Semiconductor Manufacturing Company, another contributor, is a leading supplier of graphics processing units used in artificial intelligence (AI). The company reported very strong earnings growth and guidance, fueled by continued capital investment in the AI buildout.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in Japan detracted relative to the MSCI All Country World Index. From a sector standpoint, stock selection in communication services detracted. This was due in part to an out-of-index position in Publicis. Shares of the advertising conglomerate underperformed on market concerns about the potential negative impact of AI on the company's business model. Global spirits company Pernod Ricard, another detractor, experienced earnings headwinds because of lackluster consumer spending in China. Global package delivery and logistics company United Parcel Service (UPS) was also a detractor. Shares of UPS declined on investor worries over an uncertain economic backdrop and the potential dampening impact of tariffs on consumer spending, industrial activity, and shipping volumes.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350752.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Equity Income Fund (Class I Shares/HFQIX) | 17.51% | 11.90% | 7.61% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index | 12.15% | 12.64% | 8.37% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

The 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World ex-USA High Dividend Yield Index (85%) and the MSCI USA High Dividend Yield Index (15%). The underlying indices reflect the performance of higher dividend yield large and mid-cap equities from (i) global developed and emerging markets excluding the U.S. and (ii) the U.S. markets.

Performance for Class I Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See www.janushenderson.com/synthetic for further details.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,658M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$39.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;175% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;KDDI Corp | 2.5 |

---

Asset Allocation (% of net assets)

Common Stocks 95.0 <br> Preferred Stocks 2.1 <br> Other 2.9

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350758.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70817I 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Equity Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class N Shares:HFQRX
This annual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Equity Income Fund<br>(Class N Shares/HFQRX) | $75 | 0.69% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Equity Income Fund Class N Shares returned 17.63%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 12.15%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the U.S. lifted performance relative to the MSCI All Country World Index. From a sector perspective, stock selection in financials contributed, aided by positions in UK-based financial services company HSBC Holdings and Italian bank Intesa Sanpaolo. Both stocks benefited from expectations that interest rates will remain higher for longer, aiding bank net interest income. Taiwan Semiconductor Manufacturing Company, another contributor, is a leading supplier of graphics processing units used in artificial intelligence (AI). The company reported very strong earnings growth and guidance, fueled by continued capital investment in the AI buildout.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in Japan detracted relative to the MSCI All Country World Index. From a sector standpoint, stock selection in communication services detracted. This was due in part to an out-of-index position in Publicis. Shares of the advertising conglomerate underperformed on market concerns about the potential negative impact of AI on the company's business model. Global spirits company Pernod Ricard, another detractor, experienced earnings headwinds because of lackluster consumer spending in China. Global package delivery and logistics company United Parcel Service (UPS) was also a detractor. Shares of UPS declined on investor worries over an uncertain economic backdrop and the potential dampening impact of tariffs on consumer spending, industrial activity, and shipping volumes.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350777.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Equity Income Fund (Class N Shares/HFQRX) | 17.63% | 12.00% | 7.68% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index | 12.15% | 12.64% | 8.37% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

The 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World ex-USA High Dividend Yield Index (85%) and the MSCI USA High Dividend Yield Index (15%). The underlying indices reflect the performance of higher dividend yield large and mid-cap equities from (i) global developed and emerging markets excluding the U.S. and (ii) the U.S. markets.

Performance for Class N Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See www.janushenderson.com/synthetic for further details.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,658M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$39.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;175% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;KDDI Corp | 2.5 |

---

Asset Allocation (% of net assets)

Common Stocks 95.0 <br> Preferred Stocks 2.1 <br> Other 2.9

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350783.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70818N 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Equity Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class S Shares:HFQSX
This annual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Equity Income Fund<br>(Class S Shares/HFQSX) | $130 | 1.20% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Equity Income Fund Class S Shares returned 17.14%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 12.15%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the U.S. lifted performance relative to the MSCI All Country World Index. From a sector perspective, stock selection in financials contributed, aided by positions in UK-based financial services company HSBC Holdings and Italian bank Intesa Sanpaolo. Both stocks benefited from expectations that interest rates will remain higher for longer, aiding bank net interest income. Taiwan Semiconductor Manufacturing Company, another contributor, is a leading supplier of graphics processing units used in artificial intelligence (AI). The company reported very strong earnings growth and guidance, fueled by continued capital investment in the AI buildout.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in Japan detracted relative to the MSCI All Country World Index. From a sector standpoint, stock selection in communication services detracted. This was due in part to an out-of-index position in Publicis. Shares of the advertising conglomerate underperformed on market concerns about the potential negative impact of AI on the company's business model. Global spirits company Pernod Ricard, another detractor, experienced earnings headwinds because of lackluster consumer spending in China. Global package delivery and logistics company United Parcel Service (UPS) was also a detractor. Shares of UPS declined on investor worries over an uncertain economic backdrop and the potential dampening impact of tariffs on consumer spending, industrial activity, and shipping volumes.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350802.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Equity Income Fund (Class S Shares/HFQSX) | 17.14% | 11.44% | 7.14% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index | 12.15% | 12.64% | 8.37% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

The 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World ex-USA High Dividend Yield Index (85%) and the MSCI USA High Dividend Yield Index (15%). The underlying indices reflect the performance of higher dividend yield large and mid-cap equities from (i) global developed and emerging markets excluding the U.S. and (ii) the U.S. markets.

Performance for Class S Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See www.janushenderson.com/synthetic for further details.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,658M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$39.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;175% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;KDDI Corp | 2.5 |

---

Asset Allocation (% of net assets)

Common Stocks 95.0 <br> Preferred Stocks 2.1 <br> Other 2.9

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350809.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70819S 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Equity Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class T Shares:HFQTX
This annual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Equity Income Fund<br>(Class T Shares/HFQTX) | $101 | 0.93% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Equity Income Fund Class T Shares returned 17.49%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its additional benchmark, the 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index, returned 12.15%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the U.S. lifted performance relative to the MSCI All Country World Index. From a sector perspective, stock selection in financials contributed, aided by positions in UK-based financial services company HSBC Holdings and Italian bank Intesa Sanpaolo. Both stocks benefited from expectations that interest rates will remain higher for longer, aiding bank net interest income. Taiwan Semiconductor Manufacturing Company, another contributor, is a leading supplier of graphics processing units used in artificial intelligence (AI). The company reported very strong earnings growth and guidance, fueled by continued capital investment in the AI buildout.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in Japan detracted relative to the MSCI All Country World Index. From a sector standpoint, stock selection in communication services detracted. This was due in part to an out-of-index position in Publicis. Shares of the advertising conglomerate underperformed on market concerns about the potential negative impact of AI on the company's business model. Global spirits company Pernod Ricard, another detractor, experienced earnings headwinds because of lackluster consumer spending in China. Global package delivery and logistics company United Parcel Service (UPS) was also a detractor. Shares of UPS declined on investor worries over an uncertain economic backdrop and the potential dampening impact of tariffs on consumer spending, industrial activity, and shipping volumes.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350827.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Equity Income Fund (Class T Shares/HFQTX) | 17.49% | 11.77% | 7.43% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index | 12.15% | 12.64% | 8.37% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

The 85% MSCI ACWI ex-US High Div Yld / 15% MSCI USA High Div Yld Index is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World ex-USA High Dividend Yield Index (85%) and the MSCI USA High Dividend Yield Index (15%). The underlying indices reflect the performance of higher dividend yield large and mid-cap equities from (i) global developed and emerging markets excluding the U.S. and (ii) the U.S. markets.

Performance for Class T Shares that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See www.janushenderson.com/synthetic for further details.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6,658M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$39.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;175% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Corp | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;KDDI Corp | 2.5 |

---

Asset Allocation (% of net assets)

Common Stocks 95.0 <br> Preferred Stocks 2.1 <br> Other 2.9

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350834.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70820T 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Life Sciences Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class A Shares:JFNAX
This annual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Life Sciences Fund<br>(Class A Shares/JFNAX) | $97 | 1.00% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Life Sciences Fund Class A Shares returned (6.72)%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its performance benchmark, the MSCI World Health Care Index<sup>SM</sup>, returned (8.00)%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Health Care Index was aided by an investment in Madrigal Pharmaceuticals. As a leader in the treatment of metabolic dysfunction-associated steatohepatitis, Madrigal saw strong physician adoption and sales trends for its drug Rezdiffra, which aided its stock performance. Biotechnology company Argenx, another contributor, has benefited from the continued growth of Vyvgart, its treatment for generalized myasthenia gravis, a rare autoimmune condition that causes muscle weakness and fatigue. Argenx also has a robust pipeline, with multiple clinical readouts and events anticipated by 2026.

#### TOP DETRACTORS FROM PERFORMANCE
Vaxcyte was a notable detractor from performance relative to the MSCI World Health Care Index. The biotechnology company is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares declined after clinical trial results raised concerns that the vaccine may not meet the market's elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Clinical data suggested Vaxcyte's pipeline could be best in class, and we used the stock's sell-off to add to our position. Sarepta Therapeutics was another detractor. Shares fell after the firm announced weak first-quarter results and reduced guidance. This followed the unfortunate death of a patient on Elevidys, its gene therapy for Duchenne muscular dystrophy. Given these business headwinds and increased regulatory uncertainty in the U.S., we exited the position.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351902.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Life Sciences Fund (Class A Shares/JFNAX) at NAV | (6.72)% | 6.60% | 8.60% |
| Janus Henderson Global Life Sciences Fund (Class A Shares/JFNAX) at Maximum Offering Price - 5.75% | (12.09)% | 5.35% | 7.95% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| MSCI World Health Care Index<sup>SM</sup> | (8.00)% | 5.69% | 7.78% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,570M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$30.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Inc | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie Inc | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Private Placements | 0.8 |
| Investment Companies | 0.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.3 |
| Warrants | 0.0 |
| Other | (0.3) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351908.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70821A 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Life Sciences Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class C Shares:JFNCX
This annual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Life Sciences Fund<br>(Class C Shares/JFNCX) | $168 | 1.74% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Life Sciences Fund Class C Shares returned (7.40)%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its performance benchmark, the MSCI World Health Care Index<sup>SM</sup>, returned (8.00)%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Health Care Index was aided by an investment in Madrigal Pharmaceuticals. As a leader in the treatment of metabolic dysfunction-associated steatohepatitis, Madrigal saw strong physician adoption and sales trends for its drug Rezdiffra, which aided its stock performance. Biotechnology company Argenx, another contributor, has benefited from the continued growth of Vyvgart, its treatment for generalized myasthenia gravis, a rare autoimmune condition that causes muscle weakness and fatigue. Argenx also has a robust pipeline, with multiple clinical readouts and events anticipated by 2026.

#### TOP DETRACTORS FROM PERFORMANCE
Vaxcyte was a notable detractor from performance relative to the MSCI World Health Care Index. The biotechnology company is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares declined after clinical trial results raised concerns that the vaccine may not meet the market's elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Clinical data suggested Vaxcyte's pipeline could be best in class, and we used the stock's sell-off to add to our position. Sarepta Therapeutics was another detractor. Shares fell after the firm announced weak first-quarter results and reduced guidance. This followed the unfortunate death of a patient on Elevidys, its gene therapy for Duchenne muscular dystrophy. Given these business headwinds and increased regulatory uncertainty in the U.S., we exited the position.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351927.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Life Sciences Fund (Class C Shares/JFNCX) at NAV | (7.40)% | 5.84% | 7.80% |
| Janus Henderson Global Life Sciences Fund (Class C Shares/JFNCX) with Contingent Deferred Sales Charge | (8.28)%\* | 5.84% | 7.80% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| MSCI World Health Care Index<sup>SM</sup> | (8.00)% | 5.69% | 7.78% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

<sup>\*</sup> Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,570M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$30.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Inc | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie Inc | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Private Placements | 0.8 |
| Investment Companies | 0.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.3 |
| Warrants | 0.0 |
| Other | (0.3) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351933.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70822C 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Life Sciences Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class D Shares:JNGLX
This annual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Life Sciences Fund<br>(Class D Shares/JNGLX) | $78 | 0.81% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Life Sciences Fund Class D Shares returned (6.54)%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its performance benchmark, the MSCI World Health Care Index<sup>SM</sup>, returned (8.00)%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Health Care Index was aided by an investment in Madrigal Pharmaceuticals. As a leader in the treatment of metabolic dysfunction-associated steatohepatitis, Madrigal saw strong physician adoption and sales trends for its drug Rezdiffra, which aided its stock performance. Biotechnology company Argenx, another contributor, has benefited from the continued growth of Vyvgart, its treatment for generalized myasthenia gravis, a rare autoimmune condition that causes muscle weakness and fatigue. Argenx also has a robust pipeline, with multiple clinical readouts and events anticipated by 2026.

#### TOP DETRACTORS FROM PERFORMANCE
Vaxcyte was a notable detractor from performance relative to the MSCI World Health Care Index. The biotechnology company is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares declined after clinical trial results raised concerns that the vaccine may not meet the market's elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Clinical data suggested Vaxcyte's pipeline could be best in class, and we used the stock's sell-off to add to our position. Sarepta Therapeutics was another detractor. Shares fell after the firm announced weak first-quarter results and reduced guidance. This followed the unfortunate death of a patient on Elevidys, its gene therapy for Duchenne muscular dystrophy. Given these business headwinds and increased regulatory uncertainty in the U.S., we exited the position.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351952.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Life Sciences Fund (Class D Shares/JNGLX) | (6.54)% | 6.79% | 8.79% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| MSCI World Health Care Index<sup>SM</sup> | (8.00)% | 5.69% | 7.78% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,570M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$30.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Inc | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie Inc | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Private Placements | 0.8 |
| Investment Companies | 0.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.3 |
| Warrants | 0.0 |
| Other | (0.3) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351959.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1791.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 225-65-70823D 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Life Sciences Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class I Shares:JFNIX
This annual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Life Sciences Fund<br>(Class I Shares/JFNIX) | $75 | 0.78% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Life Sciences Fund Class I Shares returned (6.52)%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its performance benchmark, the MSCI World Health Care Index<sup>SM</sup>, returned (8.00)%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Health Care Index was aided by an investment in Madrigal Pharmaceuticals. As a leader in the treatment of metabolic dysfunction-associated steatohepatitis, Madrigal saw strong physician adoption and sales trends for its drug Rezdiffra, which aided its stock performance. Biotechnology company Argenx, another contributor, has benefited from the continued growth of Vyvgart, its treatment for generalized myasthenia gravis, a rare autoimmune condition that causes muscle weakness and fatigue. Argenx also has a robust pipeline, with multiple clinical readouts and events anticipated by 2026.

#### TOP DETRACTORS FROM PERFORMANCE
Vaxcyte was a notable detractor from performance relative to the MSCI World Health Care Index. The biotechnology company is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares declined after clinical trial results raised concerns that the vaccine may not meet the market's elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Clinical data suggested Vaxcyte's pipeline could be best in class, and we used the stock's sell-off to add to our position. Sarepta Therapeutics was another detractor. Shares fell after the firm announced weak first-quarter results and reduced guidance. This followed the unfortunate death of a patient on Elevidys, its gene therapy for Duchenne muscular dystrophy. Given these business headwinds and increased regulatory uncertainty in the U.S., we exited the position.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351977.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Life Sciences Fund (Class I Shares/JFNIX) | (6.52)% | 6.83% | 8.85% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| MSCI World Health Care Index<sup>SM</sup> | (8.00)% | 5.69% | 7.78% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,570M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$30.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Inc | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie Inc | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Private Placements | 0.8 |
| Investment Companies | 0.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.3 |
| Warrants | 0.0 |
| Other | (0.3) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351983.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70824I 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Life Sciences Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class N Shares:JFNNX
This annual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Life Sciences Fund<br>(Class N Shares/JFNNX) | $66 | 0.68% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Life Sciences Fund Class N Shares returned (6.42)%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its performance benchmark, the MSCI World Health Care Index<sup>SM</sup>, returned (8.00)%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Health Care Index was aided by an investment in Madrigal Pharmaceuticals. As a leader in the treatment of metabolic dysfunction-associated steatohepatitis, Madrigal saw strong physician adoption and sales trends for its drug Rezdiffra, which aided its stock performance. Biotechnology company Argenx, another contributor, has benefited from the continued growth of Vyvgart, its treatment for generalized myasthenia gravis, a rare autoimmune condition that causes muscle weakness and fatigue. Argenx also has a robust pipeline, with multiple clinical readouts and events anticipated by 2026.

#### TOP DETRACTORS FROM PERFORMANCE
Vaxcyte was a notable detractor from performance relative to the MSCI World Health Care Index. The biotechnology company is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares declined after clinical trial results raised concerns that the vaccine may not meet the market's elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Clinical data suggested Vaxcyte's pipeline could be best in class, and we used the stock's sell-off to add to our position. Sarepta Therapeutics was another detractor. Shares fell after the firm announced weak first-quarter results and reduced guidance. This followed the unfortunate death of a patient on Elevidys, its gene therapy for Duchenne muscular dystrophy. Given these business headwinds and increased regulatory uncertainty in the U.S., we exited the position.

#### Total return based on a $10,000 investment
January 26, 2018, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception** |
| Janus Henderson Global Life Sciences Fund (Class N Shares/JFNNX) | (6.42)% | 6.94% | 8.62% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 10.63% |
| MSCI World Health Care Index<sup>SM</sup> | (8.00)% | 5.69% | 6.50% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 13.51% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,570M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$30.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Inc | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie Inc | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Private Placements | 0.8 |
| Investment Companies | 0.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.3 |
| Warrants | 0.0 |
| Other | (0.3) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352008.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70825N 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Life Sciences Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class S Shares:JFNSX
This annual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Life Sciences Fund<br>(Class S Shares/JFNSX) | $114 | 1.18% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Life Sciences Fund Class S Shares returned (6.90)%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its performance benchmark, the MSCI World Health Care Index<sup>SM</sup>, returned (8.00)%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Health Care Index was aided by an investment in Madrigal Pharmaceuticals. As a leader in the treatment of metabolic dysfunction-associated steatohepatitis, Madrigal saw strong physician adoption and sales trends for its drug Rezdiffra, which aided its stock performance. Biotechnology company Argenx, another contributor, has benefited from the continued growth of Vyvgart, its treatment for generalized myasthenia gravis, a rare autoimmune condition that causes muscle weakness and fatigue. Argenx also has a robust pipeline, with multiple clinical readouts and events anticipated by 2026.

#### TOP DETRACTORS FROM PERFORMANCE
Vaxcyte was a notable detractor from performance relative to the MSCI World Health Care Index. The biotechnology company is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares declined after clinical trial results raised concerns that the vaccine may not meet the market's elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Clinical data suggested Vaxcyte's pipeline could be best in class, and we used the stock's sell-off to add to our position. Sarepta Therapeutics was another detractor. Shares fell after the firm announced weak first-quarter results and reduced guidance. This followed the unfortunate death of a patient on Elevidys, its gene therapy for Duchenne muscular dystrophy. Given these business headwinds and increased regulatory uncertainty in the U.S., we exited the position.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352027.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Life Sciences Fund (Class S Shares/JFNSX) | (6.90)% | 6.40% | 8.40% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| MSCI World Health Care Index<sup>SM</sup> | (8.00)% | 5.69% | 7.78% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,570M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$30.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Inc | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie Inc | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Private Placements | 0.8 |
| Investment Companies | 0.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.3 |
| Warrants | 0.0 |
| Other | (0.3) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352034.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70826S 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Life Sciences Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class T Shares:JAGLX
This annual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Life Sciences Fund<br>(Class T Shares/JAGLX) | $88 | 0.91% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Life Sciences Fund Class T Shares returned (6.64)%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its performance benchmark, the MSCI World Health Care Index<sup>SM</sup>, returned (8.00)%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Health Care Index was aided by an investment in Madrigal Pharmaceuticals. As a leader in the treatment of metabolic dysfunction-associated steatohepatitis, Madrigal saw strong physician adoption and sales trends for its drug Rezdiffra, which aided its stock performance. Biotechnology company Argenx, another contributor, has benefited from the continued growth of Vyvgart, its treatment for generalized myasthenia gravis, a rare autoimmune condition that causes muscle weakness and fatigue. Argenx also has a robust pipeline, with multiple clinical readouts and events anticipated by 2026.

#### TOP DETRACTORS FROM PERFORMANCE
Vaxcyte was a notable detractor from performance relative to the MSCI World Health Care Index. The biotechnology company is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares declined after clinical trial results raised concerns that the vaccine may not meet the market's elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Clinical data suggested Vaxcyte's pipeline could be best in class, and we used the stock's sell-off to add to our position. Sarepta Therapeutics was another detractor. Shares fell after the firm announced weak first-quarter results and reduced guidance. This followed the unfortunate death of a patient on Elevidys, its gene therapy for Duchenne muscular dystrophy. Given these business headwinds and increased regulatory uncertainty in the U.S., we exited the position.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352052.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Life Sciences Fund (Class T Shares/JAGLX) | (6.64)% | 6.69% | 8.69% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| MSCI World Health Care Index<sup>SM</sup> | (8.00)% | 5.69% | 7.78% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,570M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$30.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Inc | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie Inc | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Private Placements | 0.8 |
| Investment Companies | 0.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.3 |
| Warrants | 0.0 |
| Other | (0.3) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352059.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70827T 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Real Estate Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class A Shares:JERAX
This annual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Real Estate Fund<br>(Class A Shares/JERAX) | $98 | 0.99% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Real Estate Fund Class A Shares returned (1.71)%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 0.86%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned (0.15)%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the FTSE EPRA/NAREIT Global Index was supported by off-benchmark positions in D.R. Horton, the largest homebuilder in the U.S., and CBRE, the world's leading real estate services company. The stocks of both companies rose on strong earnings and expectations for additional interest rate cuts. Hotel operator Wyndham Hotels & Resorts was also a contributor, as shares rose on optimism around the outlook for the economy and demand for mid-scale hotels.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the FTSE EPRA/NAREIT Global Index was hindered by a position in cold storage owner Lineage, as shares declined on disappointing earnings news and broader industry pricing pressures. Several multi-family residential REITs were also relative detractors against the backdrop of weaker-than-expected rent growth in the apartment sector. Detractors among apartment landlords included U.S.-based UDR and Canadian Apartment Properties. Canadian Apartment Properties also faced uncertainty after the Canadian government announced policies that may limit immigration and, by extension, future rental demand.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_349752.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Real Estate Fund (Class A Shares/JERAX) at NAV | (1.71)% | 3.01% | 5.58% |
| Janus Henderson Global Real Estate Fund (Class A Shares/JERAX) at Maximum Offering Price - 5.75% | (7.37)% | 1.80% | 4.95% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| FTSE EPRA Nareit Global Index | 0.86% | 5.72% | 4.59% |
| FTSE EPRA Nareit Global Net Index | (0.15)% | 4.74% | 3.65% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$305M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$1.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;61% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Inc | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ventas Inc | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.0 |
| Investment Companies | 1.3 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.9 |
| Rights | 0.0 |
| Other | (1.2) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_349759.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70828A 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Real Estate Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class C Shares:JERCX
This annual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Real Estate Fund<br>(Class C Shares/JERCX) | $173 | 1.75% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Real Estate Fund Class C Shares returned (2.52)%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 0.86%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned (0.15)%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the FTSE EPRA/NAREIT Global Index was supported by off-benchmark positions in D.R. Horton, the largest homebuilder in the U.S., and CBRE, the world's leading real estate services company. The stocks of both companies rose on strong earnings and expectations for additional interest rate cuts. Hotel operator Wyndham Hotels & Resorts was also a contributor, as shares rose on optimism around the outlook for the economy and demand for mid-scale hotels.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the FTSE EPRA/NAREIT Global Index was hindered by a position in cold storage owner Lineage, as shares declined on disappointing earnings news and broader industry pricing pressures. Several multi-family residential REITs were also relative detractors against the backdrop of weaker-than-expected rent growth in the apartment sector. Detractors among apartment landlords included U.S.-based UDR and Canadian Apartment Properties. Canadian Apartment Properties also faced uncertainty after the Canadian government announced policies that may limit immigration and, by extension, future rental demand.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_349777.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Real Estate Fund (Class C Shares/JERCX) at NAV | (2.52)% | 2.19% | 4.76% |
| Janus Henderson Global Real Estate Fund (Class C Shares/JERCX) with Contingent Deferred Sales Charge | (3.47)%\* | 2.19% | 4.76% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| FTSE EPRA Nareit Global Index | 0.86% | 5.72% | 4.59% |
| FTSE EPRA Nareit Global Net Index | (0.15)% | 4.74% | 3.65% |

---

<sup>\*</sup> Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$305M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$1.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;61% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Inc | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ventas Inc | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.0 |
| Investment Companies | 1.3 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.9 |
| Rights | 0.0 |
| Other | (1.2) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_349784.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70829C 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Real Estate Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class D Shares:JNGSX
This annual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Real Estate Fund<br>(Class D Shares/JNGSX) | $80 | 0.81% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Real Estate Fund Class D Shares returned (1.61)%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 0.86%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned (0.15)%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the FTSE EPRA/NAREIT Global Index was supported by off-benchmark positions in D.R. Horton, the largest homebuilder in the U.S., and CBRE, the world's leading real estate services company. The stocks of both companies rose on strong earnings and expectations for additional interest rate cuts. Hotel operator Wyndham Hotels & Resorts was also a contributor, as shares rose on optimism around the outlook for the economy and demand for mid-scale hotels.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the FTSE EPRA/NAREIT Global Index was hindered by a position in cold storage owner Lineage, as shares declined on disappointing earnings news and broader industry pricing pressures. Several multi-family residential REITs were also relative detractors against the backdrop of weaker-than-expected rent growth in the apartment sector. Detractors among apartment landlords included U.S.-based UDR and Canadian Apartment Properties. Canadian Apartment Properties also faced uncertainty after the Canadian government announced policies that may limit immigration and, by extension, future rental demand.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_349802.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Real Estate Fund (Class D Shares/JNGSX) | (1.61)% | 3.19% | 5.76% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| FTSE EPRA Nareit Global Index | 0.86% | 5.72% | 4.59% |
| FTSE EPRA Nareit Global Net Index | (0.15)% | 4.74% | 3.65% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$305M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$1.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;61% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Inc | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ventas Inc | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.0 |
| Investment Companies | 1.3 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.9 |
| Rights | 0.0 |
| Other | (1.2) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_349808.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1791.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 225-65-70830D 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Real Estate Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class I Shares:JERIX
This annual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Real Estate Fund<br>(Class I Shares/JERIX) | $72 | 0.73% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Real Estate Fund Class I Shares returned (1.54)%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 0.86%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned (0.15)%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the FTSE EPRA/NAREIT Global Index was supported by off-benchmark positions in D.R. Horton, the largest homebuilder in the U.S., and CBRE, the world's leading real estate services company. The stocks of both companies rose on strong earnings and expectations for additional interest rate cuts. Hotel operator Wyndham Hotels & Resorts was also a contributor, as shares rose on optimism around the outlook for the economy and demand for mid-scale hotels.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the FTSE EPRA/NAREIT Global Index was hindered by a position in cold storage owner Lineage, as shares declined on disappointing earnings news and broader industry pricing pressures. Several multi-family residential REITs were also relative detractors against the backdrop of weaker-than-expected rent growth in the apartment sector. Detractors among apartment landlords included U.S.-based UDR and Canadian Apartment Properties. Canadian Apartment Properties also faced uncertainty after the Canadian government announced policies that may limit immigration and, by extension, future rental demand.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_349827.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Real Estate Fund (Class I Shares/JERIX) | (1.54)% | 3.24% | 5.84% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| FTSE EPRA Nareit Global Index | 0.86% | 5.72% | 4.59% |
| FTSE EPRA Nareit Global Net Index | (0.15)% | 4.74% | 3.65% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$305M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$1.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;61% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Inc | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ventas Inc | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.0 |
| Investment Companies | 1.3 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.9 |
| Rights | 0.0 |
| Other | (1.2) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_349834.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70831I 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Real Estate Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class N Shares:JERNX
This annual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Real Estate Fund<br>(Class N Shares/JERNX) | $65 | 0.65% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Real Estate Fund Class N Shares returned (1.39)%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 0.86%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned (0.15)%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the FTSE EPRA/NAREIT Global Index was supported by off-benchmark positions in D.R. Horton, the largest homebuilder in the U.S., and CBRE, the world's leading real estate services company. The stocks of both companies rose on strong earnings and expectations for additional interest rate cuts. Hotel operator Wyndham Hotels & Resorts was also a contributor, as shares rose on optimism around the outlook for the economy and demand for mid-scale hotels.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the FTSE EPRA/NAREIT Global Index was hindered by a position in cold storage owner Lineage, as shares declined on disappointing earnings news and broader industry pricing pressures. Several multi-family residential REITs were also relative detractors against the backdrop of weaker-than-expected rent growth in the apartment sector. Detractors among apartment landlords included U.S.-based UDR and Canadian Apartment Properties. Canadian Apartment Properties also faced uncertainty after the Canadian government announced policies that may limit immigration and, by extension, future rental demand.

#### Total return based on a $10,000 investment
January 26, 2018, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_349852.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception** |
| Janus Henderson Global Real Estate Fund (Class N Shares/JERNX) | (1.39)% | 3.37% | 4.06% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 10.63% |
| FTSE EPRA Nareit Global Index | 0.86% | 5.72% | 2.57% |
| FTSE EPRA Nareit Global Net Index | (0.15)% | 4.74% | 1.63% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$305M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$1.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;61% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Inc | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ventas Inc | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.0 |
| Investment Companies | 1.3 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.9 |
| Rights | 0.0 |
| Other | (1.2) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_349859.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70832N 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Real Estate Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class S Shares:JERSX
This annual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Real Estate Fund<br>(Class S Shares/JERSX) | $116 | 1.17% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Real Estate Fund Class S Shares returned (1.96)%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 0.86%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned (0.15)%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the FTSE EPRA/NAREIT Global Index was supported by off-benchmark positions in D.R. Horton, the largest homebuilder in the U.S., and CBRE, the world's leading real estate services company. The stocks of both companies rose on strong earnings and expectations for additional interest rate cuts. Hotel operator Wyndham Hotels & Resorts was also a contributor, as shares rose on optimism around the outlook for the economy and demand for mid-scale hotels.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the FTSE EPRA/NAREIT Global Index was hindered by a position in cold storage owner Lineage, as shares declined on disappointing earnings news and broader industry pricing pressures. Several multi-family residential REITs were also relative detractors against the backdrop of weaker-than-expected rent growth in the apartment sector. Detractors among apartment landlords included U.S.-based UDR and Canadian Apartment Properties. Canadian Apartment Properties also faced uncertainty after the Canadian government announced policies that may limit immigration and, by extension, future rental demand.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_349877.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Real Estate Fund (Class S Shares/JERSX) | (1.96)% | 2.81% | 5.38% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| FTSE EPRA Nareit Global Index | 0.86% | 5.72% | 4.59% |
| FTSE EPRA Nareit Global Net Index | (0.15)% | 4.74% | 3.65% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$305M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$1.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;61% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Inc | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ventas Inc | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.0 |
| Investment Companies | 1.3 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.9 |
| Rights | 0.0 |
| Other | (1.2) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_349883.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70833S 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Real Estate Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class T Shares:JERTX
This annual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Real Estate Fund<br>(Class T Shares/JERTX) | $87 | 0.88% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Real Estate Fund Class T Shares returned (1.68)%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its performance benchmark, the FTSE EPRA Nareit Global Index, returned 0.86%. Its additional benchmark, the FTSE EPRA Nareit Global Net Index, returned (0.15)%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the FTSE EPRA/NAREIT Global Index was supported by off-benchmark positions in D.R. Horton, the largest homebuilder in the U.S., and CBRE, the world's leading real estate services company. The stocks of both companies rose on strong earnings and expectations for additional interest rate cuts. Hotel operator Wyndham Hotels & Resorts was also a contributor, as shares rose on optimism around the outlook for the economy and demand for mid-scale hotels.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the FTSE EPRA/NAREIT Global Index was hindered by a position in cold storage owner Lineage, as shares declined on disappointing earnings news and broader industry pricing pressures. Several multi-family residential REITs were also relative detractors against the backdrop of weaker-than-expected rent growth in the apartment sector. Detractors among apartment landlords included U.S.-based UDR and Canadian Apartment Properties. Canadian Apartment Properties also faced uncertainty after the Canadian government announced policies that may limit immigration and, by extension, future rental demand.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_349902.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Real Estate Fund (Class T Shares/JERTX) | (1.68)% | 3.11% | 5.69% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| FTSE EPRA Nareit Global Index | 0.86% | 5.72% | 4.59% |
| FTSE EPRA Nareit Global Net Index | (0.15)% | 4.74% | 3.65% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$305M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$1.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;61% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Inc | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ventas Inc | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.0 |
| Investment Companies | 1.3 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.9 |
| Rights | 0.0 |
| Other | (1.2) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_349908.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70834T 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Research Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class A Shares:JDWAX
This annual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Research Fund<br>(Class A Shares/JDWAX) | $124 | 1.13% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Research Fund Class A Shares returned 19.09%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its additional benchmark, the MSCI All Country World Index<sup>SM</sup>, returned 17.27%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Index was aided by a position in Vistra Energy. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the MSCI World Index was hindered by a position in Constellation Brands, a leading international beverage company with brands such as Modelo and Corona. Shares fell on investor concerns over slower beer and spirits sales. We saw these concerns as overstated, and we believe Constellation Brands remains positioned to benefit from the continued premiumization of the U.S. beer market. Consumer products company Unilever was another relative detractor. The company faced uncertainty because of management turnover, slower sales in China, and weakness in its home care and beauty businesses.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351702.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Research Fund (Class A Shares/JDWAX) at NAV | 19.09% | 14.65% | 12.75% |
| Janus Henderson Global Research Fund (Class A Shares/JDWAX) at Maximum Offering Price - 5.75% | 12.24% | 13.30% | 12.08% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| MSCI All Country World Index<sup>SM</sup> | 17.27% | 13.54% | 11.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,454M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$28.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.0 |

---

Asset Allocation (% of net assets)

Common Stocks 99.8 <br> Investments Purchased with Cash Collateral from Securities Lending 0.5 <br> Other (0.3)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351709.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

The Fund's net expense ratio materially changed from the prior fiscal year due to an increase in the Fund's advisory fee rate, which adjusts up or down based on the Fund's performance relative to the MSCI World Index<sup>SM</sup>.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70835A 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Research Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class C Shares:JWWCX
This annual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Research Fund<br>(Class C Shares/JWWCX) | $209 | 1.92% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Research Fund Class C Shares returned 18.16%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its additional benchmark, the MSCI All Country World Index<sup>SM</sup>, returned 17.27%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Index was aided by a position in Vistra Energy. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the MSCI World Index was hindered by a position in Constellation Brands, a leading international beverage company with brands such as Modelo and Corona. Shares fell on investor concerns over slower beer and spirits sales. We saw these concerns as overstated, and we believe Constellation Brands remains positioned to benefit from the continued premiumization of the U.S. beer market. Consumer products company Unilever was another relative detractor. The company faced uncertainty because of management turnover, slower sales in China, and weakness in its home care and beauty businesses.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351727.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Research Fund (Class C Shares/JWWCX) at NAV | 18.16% | 13.81% | 11.96% |
| Janus Henderson Global Research Fund (Class C Shares/JWWCX) with Contingent Deferred Sales Charge | 17.16%\* | 13.81% | 11.96% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| MSCI All Country World Index<sup>SM</sup> | 17.27% | 13.54% | 11.91% |

---

<sup>\*</sup> Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,454M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$28.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.0 |

---

Asset Allocation (% of net assets)

Common Stocks 99.8 <br> Investments Purchased with Cash Collateral from Securities Lending 0.5 <br> Other (0.3)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351733.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70836C 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Research Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class D Shares:JANWX
This annual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Research Fund<br>(Class D Shares/JANWX) | $94 | 0.86% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Research Fund Class D Shares returned 19.41%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its additional benchmark, the MSCI All Country World Index<sup>SM</sup>, returned 17.27%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Index was aided by a position in Vistra Energy. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the MSCI World Index was hindered by a position in Constellation Brands, a leading international beverage company with brands such as Modelo and Corona. Shares fell on investor concerns over slower beer and spirits sales. We saw these concerns as overstated, and we believe Constellation Brands remains positioned to benefit from the continued premiumization of the U.S. beer market. Consumer products company Unilever was another relative detractor. The company faced uncertainty because of management turnover, slower sales in China, and weakness in its home care and beauty businesses.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351752.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Research Fund (Class D Shares/JANWX) | 19.41% | 14.95% | 13.06% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| MSCI All Country World Index<sup>SM</sup> | 17.27% | 13.54% | 11.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,454M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$28.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.0 |

---

Asset Allocation (% of net assets)

Common Stocks 99.8 <br> Investments Purchased with Cash Collateral from Securities Lending 0.5 <br> Other (0.3)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351758.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

The Fund's net expense ratio materially changed from the prior fiscal year due to an increase in the Fund's advisory fee rate, which adjusts up or down based on the Fund's performance relative to the MSCI World Index<sup>SM</sup>.

Where can I find more information?

![QR Code - Individual Investor](images_1791.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 225-65-70837D 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Research Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class I Shares:JWWFX
This annual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Research Fund<br>(Class I Shares/JWWFX) | $90 | 0.82% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Research Fund Class I Shares returned 19.48%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its additional benchmark, the MSCI All Country World Index<sup>SM</sup>, returned 17.27%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Index was aided by a position in Vistra Energy. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the MSCI World Index was hindered by a position in Constellation Brands, a leading international beverage company with brands such as Modelo and Corona. Shares fell on investor concerns over slower beer and spirits sales. We saw these concerns as overstated, and we believe Constellation Brands remains positioned to benefit from the continued premiumization of the U.S. beer market. Consumer products company Unilever was another relative detractor. The company faced uncertainty because of management turnover, slower sales in China, and weakness in its home care and beauty businesses.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351777.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Research Fund (Class I Shares/JWWFX) | 19.48% | 15.02% | 13.15% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| MSCI All Country World Index<sup>SM</sup> | 17.27% | 13.54% | 11.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,454M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$28.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.0 |

---

Asset Allocation (% of net assets)

Common Stocks 99.8 <br> Investments Purchased with Cash Collateral from Securities Lending 0.5 <br> Other (0.3)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351784.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

The Fund's net expense ratio materially changed from the prior fiscal year due to an increase in the Fund's advisory fee rate, which adjusts up or down based on the Fund's performance relative to the MSCI World Index<sup>SM</sup>.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70838I 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Research Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class N Shares:JDWNX
This annual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Research Fund<br>(Class N Shares/JDWNX) | $82 | 0.75% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Research Fund Class N Shares returned 19.56%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its additional benchmark, the MSCI All Country World Index<sup>SM</sup>, returned 17.27%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Index was aided by a position in Vistra Energy. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the MSCI World Index was hindered by a position in Constellation Brands, a leading international beverage company with brands such as Modelo and Corona. Shares fell on investor concerns over slower beer and spirits sales. We saw these concerns as overstated, and we believe Constellation Brands remains positioned to benefit from the continued premiumization of the U.S. beer market. Consumer products company Unilever was another relative detractor. The company faced uncertainty because of management turnover, slower sales in China, and weakness in its home care and beauty businesses.

#### Total return based on a $10,000 investment
August 4, 2017, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351802.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception** |
| Janus Henderson Global Research Fund (Class N Shares/JDWNX) | 19.56% | 15.10% | 13.19% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 11.89% |
| MSCI All Country World Index<sup>SM</sup> | 17.27% | 13.54% | 11.13% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,454M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$28.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.0 |

---

Asset Allocation (% of net assets)

Common Stocks 99.8 <br> Investments Purchased with Cash Collateral from Securities Lending 0.5 <br> Other (0.3)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351808.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

The Fund's net expense ratio materially changed from the prior fiscal year due to an increase in the Fund's advisory fee rate, which adjusts up or down based on the Fund's performance relative to the MSCI World Index<sup>SM</sup>.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70839N 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Research Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class R Shares:JDWRX
This annual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Research Fund<br>(Class R Shares/JDWRX) | $165 | 1.51% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Research Fund Class R Shares returned 18.64%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its additional benchmark, the MSCI All Country World Index<sup>SM</sup>, returned 17.27%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Index was aided by a position in Vistra Energy. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the MSCI World Index was hindered by a position in Constellation Brands, a leading international beverage company with brands such as Modelo and Corona. Shares fell on investor concerns over slower beer and spirits sales. We saw these concerns as overstated, and we believe Constellation Brands remains positioned to benefit from the continued premiumization of the U.S. beer market. Consumer products company Unilever was another relative detractor. The company faced uncertainty because of management turnover, slower sales in China, and weakness in its home care and beauty businesses.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351827.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Research Fund (Class R Shares/JDWRX) | 18.64% | 14.21% | 12.35% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| MSCI All Country World Index<sup>SM</sup> | 17.27% | 13.54% | 11.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,454M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$28.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.0 |

---

Asset Allocation (% of net assets)

Common Stocks 99.8 <br> Investments Purchased with Cash Collateral from Securities Lending 0.5 <br> Other (0.3)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351833.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70840R 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Research Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class S Shares:JWGRX
This annual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Research Fund<br>(Class S Shares/JWGRX) | $136 | 1.24% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Research Fund Class S Shares returned 18.96%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its additional benchmark, the MSCI All Country World Index<sup>SM</sup>, returned 17.27%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Index was aided by a position in Vistra Energy. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the MSCI World Index was hindered by a position in Constellation Brands, a leading international beverage company with brands such as Modelo and Corona. Shares fell on investor concerns over slower beer and spirits sales. We saw these concerns as overstated, and we believe Constellation Brands remains positioned to benefit from the continued premiumization of the U.S. beer market. Consumer products company Unilever was another relative detractor. The company faced uncertainty because of management turnover, slower sales in China, and weakness in its home care and beauty businesses.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351852.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Research Fund (Class S Shares/JWGRX) | 18.96% | 14.52% | 12.66% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| MSCI All Country World Index<sup>SM</sup> | 17.27% | 13.54% | 11.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,454M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$28.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.0 |

---

Asset Allocation (% of net assets)

Common Stocks 99.8 <br> Investments Purchased with Cash Collateral from Securities Lending 0.5 <br> Other (0.3)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351859.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70841S 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Research Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class T Shares:JAWWX
This annual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Research Fund<br>(Class T Shares/JAWWX) | $106 | 0.97% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Research Fund Class T Shares returned 19.29%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%. Its additional benchmark, the MSCI All Country World Index<sup>SM</sup>, returned 17.27%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Index was aided by a position in Vistra Energy. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the MSCI World Index was hindered by a position in Constellation Brands, a leading international beverage company with brands such as Modelo and Corona. Shares fell on investor concerns over slower beer and spirits sales. We saw these concerns as overstated, and we believe Constellation Brands remains positioned to benefit from the continued premiumization of the U.S. beer market. Consumer products company Unilever was another relative detractor. The company faced uncertainty because of management turnover, slower sales in China, and weakness in its home care and beauty businesses.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351877.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Research Fund (Class T Shares/JAWWX) | 19.29% | 14.83% | 12.96% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 12.43% |
| MSCI All Country World Index<sup>SM</sup> | 17.27% | 13.54% | 11.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,454M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$28.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.0 |

---

Asset Allocation (% of net assets)

Common Stocks 99.8 <br> Investments Purchased with Cash Collateral from Securities Lending 0.5 <br> Other (0.3)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351884.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

The Fund's net expense ratio materially changed from the prior fiscal year due to an increase in the Fund's advisory fee rate, which adjusts up or down based on the Fund's performance relative to the MSCI World Index<sup>SM</sup>.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70842T 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Select Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class A Shares:JORAX
This annual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Select Fund<br>(Class A Shares/JORAX) | $109 | 1.01% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Select Fund Class A Shares returned 15.25%. Its broad-based benchmark, the MSCI All Country World Index<sup>SM</sup>, returned 17.27%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the utilities and industrials sectors supported performance relative to the MSCI All Country World Index. Vistra Energy was a top relative contributor. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the consumer discretionary and healthcare sectors detracted relative to the MSCI All Country World Index. Vaxcyte was a relative detractor in the healthcare sector. Vaxcyte is developing a revolutionary pneumococcal conjugate vaccine, VAX-31, that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Additionally, Chipotle Mexican Grill was a relative detractor. The U.S.-based fast casual restaurant chain reported two consecutive quarters of disappointing same-store sales, leading to disappointing earnings and guidance. We exited the position as we lost confidence in the company's execution.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352452.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Select Fund (Class A Shares/JORAX) at NAV | 15.25% | 14.86% | 12.08% |
| Janus Henderson Global Select Fund (Class A Shares/JORAX) at Maximum Offering Price - 5.75% | 8.61% | 13.50% | 11.41% |
| MSCI All Country World Index<sup>SM</sup> | 17.27% | 13.54% | 11.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,139M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$18.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.8 |
| Investment Companies | 1.3 |
| Private Placements | 0.0 |
| Other | (0.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352458.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70843A 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Select Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class C Shares:JORCX
This annual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Select Fund<br>(Class C Shares/JORCX) | $205 | 1.91% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Select Fund Class C Shares returned 14.23%. Its broad-based benchmark, the MSCI All Country World Index<sup>SM</sup>, returned 17.27%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the utilities and industrials sectors supported performance relative to the MSCI All Country World Index. Vistra Energy was a top relative contributor. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the consumer discretionary and healthcare sectors detracted relative to the MSCI All Country World Index. Vaxcyte was a relative detractor in the healthcare sector. Vaxcyte is developing a revolutionary pneumococcal conjugate vaccine, VAX-31, that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Additionally, Chipotle Mexican Grill was a relative detractor. The U.S.-based fast casual restaurant chain reported two consecutive quarters of disappointing same-store sales, leading to disappointing earnings and guidance. We exited the position as we lost confidence in the company's execution.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352477.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Select Fund (Class C Shares/JORCX) at NAV | 14.23% | 13.89% | 11.16% |
| Janus Henderson Global Select Fund (Class C Shares/JORCX) with Contingent Deferred Sales Charge | 13.23%\* | 13.89% | 11.16% |
| MSCI All Country World Index<sup>SM</sup> | 17.27% | 13.54% | 11.91% |

---

<sup>\*</sup> Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,139M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$18.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.8 |
| Investment Companies | 1.3 |
| Private Placements | 0.0 |
| Other | (0.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352484.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70844C 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Select Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class D Shares:JANRX
This annual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Select Fund<br>(Class D Shares/JANRX) | $88 | 0.82% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Select Fund Class D Shares returned 15.44%. Its broad-based benchmark, the MSCI All Country World Index<sup>SM</sup>, returned 17.27%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the utilities and industrials sectors supported performance relative to the MSCI All Country World Index. Vistra Energy was a top relative contributor. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the consumer discretionary and healthcare sectors detracted relative to the MSCI All Country World Index. Vaxcyte was a relative detractor in the healthcare sector. Vaxcyte is developing a revolutionary pneumococcal conjugate vaccine, VAX-31, that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Additionally, Chipotle Mexican Grill was a relative detractor. The U.S.-based fast casual restaurant chain reported two consecutive quarters of disappointing same-store sales, leading to disappointing earnings and guidance. We exited the position as we lost confidence in the company's execution.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352502.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Select Fund (Class D Shares/JANRX) | 15.44% | 15.09% | 12.30% |
| MSCI All Country World Index<sup>SM</sup> | 17.27% | 13.54% | 11.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,139M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$18.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.8 |
| Investment Companies | 1.3 |
| Private Placements | 0.0 |
| Other | (0.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352509.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1791.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 225-65-70845D 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Select Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class I Shares:JORFX
This annual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Select Fund<br>(Class I Shares/JORFX) | $86 | 0.80% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Select Fund Class I Shares returned 15.49%. Its broad-based benchmark, the MSCI All Country World Index<sup>SM</sup>, returned 17.27%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the utilities and industrials sectors supported performance relative to the MSCI All Country World Index. Vistra Energy was a top relative contributor. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the consumer discretionary and healthcare sectors detracted relative to the MSCI All Country World Index. Vaxcyte was a relative detractor in the healthcare sector. Vaxcyte is developing a revolutionary pneumococcal conjugate vaccine, VAX-31, that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Additionally, Chipotle Mexican Grill was a relative detractor. The U.S.-based fast casual restaurant chain reported two consecutive quarters of disappointing same-store sales, leading to disappointing earnings and guidance. We exited the position as we lost confidence in the company's execution.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352527.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Select Fund (Class I Shares/JORFX) | 15.49% | 15.12% | 12.37% |
| MSCI All Country World Index<sup>SM</sup> | 17.27% | 13.54% | 11.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,139M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$18.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.8 |
| Investment Companies | 1.3 |
| Private Placements | 0.0 |
| Other | (0.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352533.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70846I 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Select Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class N Shares:JSLNX
This annual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Select Fund<br>(Class N Shares/JSLNX) | $74 | 0.69% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Select Fund Class N Shares returned 15.60%. Its broad-based benchmark, the MSCI All Country World Index<sup>SM</sup>, returned 17.27%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the utilities and industrials sectors supported performance relative to the MSCI All Country World Index. Vistra Energy was a top relative contributor. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the consumer discretionary and healthcare sectors detracted relative to the MSCI All Country World Index. Vaxcyte was a relative detractor in the healthcare sector. Vaxcyte is developing a revolutionary pneumococcal conjugate vaccine, VAX-31, that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Additionally, Chipotle Mexican Grill was a relative detractor. The U.S.-based fast casual restaurant chain reported two consecutive quarters of disappointing same-store sales, leading to disappointing earnings and guidance. We exited the position as we lost confidence in the company's execution.

#### Total return based on a $10,000 investment
August 4, 2017, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352552.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception** |
| Janus Henderson Global Select Fund (Class N Shares/JSLNX) | 15.60% | 15.24% | 11.89% |
| MSCI All Country World Index<sup>SM</sup> | 17.27% | 13.54% | 11.13% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,139M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$18.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.8 |
| Investment Companies | 1.3 |
| Private Placements | 0.0 |
| Other | (0.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352559.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70847N 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Select Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class R Shares:JORRX
This annual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Select Fund<br>(Class R Shares/JORRX) | $165 | 1.54% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Select Fund Class R Shares returned 14.68%. Its broad-based benchmark, the MSCI All Country World Index<sup>SM</sup>, returned 17.27%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the utilities and industrials sectors supported performance relative to the MSCI All Country World Index. Vistra Energy was a top relative contributor. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the consumer discretionary and healthcare sectors detracted relative to the MSCI All Country World Index. Vaxcyte was a relative detractor in the healthcare sector. Vaxcyte is developing a revolutionary pneumococcal conjugate vaccine, VAX-31, that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Additionally, Chipotle Mexican Grill was a relative detractor. The U.S.-based fast casual restaurant chain reported two consecutive quarters of disappointing same-store sales, leading to disappointing earnings and guidance. We exited the position as we lost confidence in the company's execution.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352577.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Select Fund (Class R Shares/JORRX) | 14.68% | 14.23% | 11.50% |
| MSCI All Country World Index<sup>SM</sup> | 17.27% | 13.54% | 11.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,139M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$18.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.8 |
| Investment Companies | 1.3 |
| Private Placements | 0.0 |
| Other | (0.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352584.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70848R 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Select Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class S Shares:JORIX
This annual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Select Fund<br>(Class S Shares/JORIX) | $139 | 1.29% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Select Fund Class S Shares returned 14.89%. Its broad-based benchmark, the MSCI All Country World Index<sup>SM</sup>, returned 17.27%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the utilities and industrials sectors supported performance relative to the MSCI All Country World Index. Vistra Energy was a top relative contributor. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the consumer discretionary and healthcare sectors detracted relative to the MSCI All Country World Index. Vaxcyte was a relative detractor in the healthcare sector. Vaxcyte is developing a revolutionary pneumococcal conjugate vaccine, VAX-31, that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Additionally, Chipotle Mexican Grill was a relative detractor. The U.S.-based fast casual restaurant chain reported two consecutive quarters of disappointing same-store sales, leading to disappointing earnings and guidance. We exited the position as we lost confidence in the company's execution.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352602.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Select Fund (Class S Shares/JORIX) | 14.89% | 14.50% | 11.79% |
| MSCI All Country World Index<sup>SM</sup> | 17.27% | 13.54% | 11.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,139M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$18.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.8 |
| Investment Companies | 1.3 |
| Private Placements | 0.0 |
| Other | (0.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352608.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70849S 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Select Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class T Shares:JORNX
This annual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Select Fund<br>(Class T Shares/JORNX) | $98 | 0.91% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Select Fund Class T Shares returned 15.34%. Its broad-based benchmark, the MSCI All Country World Index<sup>SM</sup>, returned 17.27%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the utilities and industrials sectors supported performance relative to the MSCI All Country World Index. Vistra Energy was a top relative contributor. The U.S. independent power producer delivered strong profits growth and guidance, supported by increased energy usage to power artificial intelligence (AI). UK-based military contractor BAE Systems was another relative contributor, reflecting its strong earnings growth and large orders backlog. The company received added attention after NATO member countries agreed to raise defense spending targets.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the consumer discretionary and healthcare sectors detracted relative to the MSCI All Country World Index. Vaxcyte was a relative detractor in the healthcare sector. Vaxcyte is developing a revolutionary pneumococcal conjugate vaccine, VAX-31, that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. Investors also worried about increased vaccine skepticism and regulatory uncertainty in the U.S. Additionally, Chipotle Mexican Grill was a relative detractor. The U.S.-based fast casual restaurant chain reported two consecutive quarters of disappointing same-store sales, leading to disappointing earnings and guidance. We exited the position as we lost confidence in the company's execution.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352627.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Select Fund (Class T Shares/JORNX) | 15.34% | 14.98% | 12.22% |
| MSCI All Country World Index<sup>SM</sup> | 17.27% | 13.54% | 11.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,139M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$18.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 5.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.8 |
| Investment Companies | 1.3 |
| Private Placements | 0.0 |
| Other | (0.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352633.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70850T 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Sustainable Equity Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class A Shares:JEASX
This annual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Sustainable Equity Fund<br>(Class A Shares/JEASX) | $129 | 1.22% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Sustainable Equity Fund Class A Shares returned 11.51%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Index benefited from an underweight in the consumer staples sector and stock selection in the communications services sector. Among individual holdings, notable contributors included subscription service Spotify, which saw its competitive position and pricing power increase during the period. In our view, Spotify's relative power in the music industry could translate into better business economics. Cables manufacturer Prysmian, another relative contributor, posted strong quarterly results and full-year guidance. As the world's largest manufacturer of copper cables, we believe the company is well positioned to benefit from greater spending on electrification.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the financials and information technology sectors detracted from performance relative to the MSCI World Index. Several healthcare companies were also relative detractors. ICON is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We have continued to see long-term potential for the company, however. Health insurer Humana was another detractor, as rising medical costs and increased uncertainty around U.S. healthcare policy pressured the stock.

#### Total return based on a $10,000 investment
June 25, 2020, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350852.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception** |
| Janus Henderson Global Sustainable Equity Fund (Class A Shares/JEASX) at NAV | 11.51% | 10.48% | 12.28% |
| Janus Henderson Global Sustainable Equity Fund (Class A Shares/JEASX) at Maximum Offering Price - 5.75% | 5.11% | 9.18% | 11.02% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 15.39% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$57M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$0.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology SA | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp | 3.4 |

---

Asset Allocation (% of net assets)

Common Stocks 98.7 <br> Investment Companies 1.4 <br> Other (0.1)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350858.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70851A 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Sustainable Equity Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class C Shares:JECTX
This annual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Sustainable Equity Fund<br>(Class C Shares/JECTX) | $143 | 1.35% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Sustainable Equity Fund Class C Shares returned 11.40%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Index benefited from an underweight in the consumer staples sector and stock selection in the communications services sector. Among individual holdings, notable contributors included subscription service Spotify, which saw its competitive position and pricing power increase during the period. In our view, Spotify's relative power in the music industry could translate into better business economics. Cables manufacturer Prysmian, another relative contributor, posted strong quarterly results and full-year guidance. As the world's largest manufacturer of copper cables, we believe the company is well positioned to benefit from greater spending on electrification.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the financials and information technology sectors detracted from performance relative to the MSCI World Index. Several healthcare companies were also relative detractors. ICON is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We have continued to see long-term potential for the company, however. Health insurer Humana was another detractor, as rising medical costs and increased uncertainty around U.S. healthcare policy pressured the stock.

#### Total return based on a $10,000 investment
June 25, 2020, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350877.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception** |
| Janus Henderson Global Sustainable Equity Fund (Class C Shares/JECTX) at NAV | 11.40% | 10.50% | 12.26% |
| Janus Henderson Global Sustainable Equity Fund (Class C Shares/JECTX) with Contingent Deferred Sales Charge | 10.40%\* | 10.50% | 12.26% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 15.39% |

---

<sup>\*</sup> Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$57M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$0.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology SA | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp | 3.4 |

---

Asset Allocation (% of net assets)

Common Stocks 98.7 <br> Investment Companies 1.4 <br> Other (0.1)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350883.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70852C 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Sustainable Equity Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class D Shares:JEDTX
This annual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Sustainable Equity Fund<br>(Class D Shares/JEDTX) | $105 | 0.99% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Sustainable Equity Fund Class D Shares returned 11.84%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Index benefited from an underweight in the consumer staples sector and stock selection in the communications services sector. Among individual holdings, notable contributors included subscription service Spotify, which saw its competitive position and pricing power increase during the period. In our view, Spotify's relative power in the music industry could translate into better business economics. Cables manufacturer Prysmian, another relative contributor, posted strong quarterly results and full-year guidance. As the world's largest manufacturer of copper cables, we believe the company is well positioned to benefit from greater spending on electrification.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the financials and information technology sectors detracted from performance relative to the MSCI World Index. Several healthcare companies were also relative detractors. ICON is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We have continued to see long-term potential for the company, however. Health insurer Humana was another detractor, as rising medical costs and increased uncertainty around U.S. healthcare policy pressured the stock.

#### Total return based on a $10,000 investment
June 25, 2020, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350902.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception** |
| Janus Henderson Global Sustainable Equity Fund (Class D Shares/JEDTX) | 11.84% | 10.64% | 12.44% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 15.39% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$57M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$0.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology SA | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp | 3.4 |

---

Asset Allocation (% of net assets)

Common Stocks 98.7 <br> Investment Companies 1.4 <br> Other (0.1)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350909.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1791.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 225-65-70853D 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Sustainable Equity Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class I Shares:JEUIX
This annual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Sustainable Equity Fund<br>(Class I Shares/JEUIX) | $102 | 0.96% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Sustainable Equity Fund Class I Shares returned 11.88%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Index benefited from an underweight in the consumer staples sector and stock selection in the communications services sector. Among individual holdings, notable contributors included subscription service Spotify, which saw its competitive position and pricing power increase during the period. In our view, Spotify's relative power in the music industry could translate into better business economics. Cables manufacturer Prysmian, another relative contributor, posted strong quarterly results and full-year guidance. As the world's largest manufacturer of copper cables, we believe the company is well positioned to benefit from greater spending on electrification.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the financials and information technology sectors detracted from performance relative to the MSCI World Index. Several healthcare companies were also relative detractors. ICON is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We have continued to see long-term potential for the company, however. Health insurer Humana was another detractor, as rising medical costs and increased uncertainty around U.S. healthcare policy pressured the stock.

#### Total return based on a $10,000 investment
June 25, 2020, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350927.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception** |
| Janus Henderson Global Sustainable Equity Fund (Class I Shares/JEUIX) | 11.88% | 10.68% | 12.49% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 15.39% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$57M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$0.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology SA | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp | 3.4 |

---

Asset Allocation (% of net assets)

Common Stocks 98.7 <br> Investment Companies 1.4 <br> Other (0.1)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350933.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70854I 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Sustainable Equity Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class N Shares:JETNX
This annual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Sustainable Equity Fund<br>(Class N Shares/JETNX) | $91 | 0.86% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Sustainable Equity Fund Class N Shares returned 11.94%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Index benefited from an underweight in the consumer staples sector and stock selection in the communications services sector. Among individual holdings, notable contributors included subscription service Spotify, which saw its competitive position and pricing power increase during the period. In our view, Spotify's relative power in the music industry could translate into better business economics. Cables manufacturer Prysmian, another relative contributor, posted strong quarterly results and full-year guidance. As the world's largest manufacturer of copper cables, we believe the company is well positioned to benefit from greater spending on electrification.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the financials and information technology sectors detracted from performance relative to the MSCI World Index. Several healthcare companies were also relative detractors. ICON is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We have continued to see long-term potential for the company, however. Health insurer Humana was another detractor, as rising medical costs and increased uncertainty around U.S. healthcare policy pressured the stock.

#### Total return based on a $10,000 investment
June 25, 2020, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350952.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception** |
| Janus Henderson Global Sustainable Equity Fund (Class N Shares/JETNX) | 11.94% | 10.78% | 12.59% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 15.39% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$57M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$0.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology SA | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp | 3.4 |

---

Asset Allocation (% of net assets)

Common Stocks 98.7 <br> Investment Companies 1.4 <br> Other (0.1)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350958.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70855N 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Sustainable Equity Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class R Shares:JEGRX
This annual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Sustainable Equity Fund<br>(Class R Shares/JEGRX) | $119 | 1.12% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Sustainable Equity Fund Class R Shares returned 11.68%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Index benefited from an underweight in the consumer staples sector and stock selection in the communications services sector. Among individual holdings, notable contributors included subscription service Spotify, which saw its competitive position and pricing power increase during the period. In our view, Spotify's relative power in the music industry could translate into better business economics. Cables manufacturer Prysmian, another relative contributor, posted strong quarterly results and full-year guidance. As the world's largest manufacturer of copper cables, we believe the company is well positioned to benefit from greater spending on electrification.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the financials and information technology sectors detracted from performance relative to the MSCI World Index. Several healthcare companies were also relative detractors. ICON is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We have continued to see long-term potential for the company, however. Health insurer Humana was another detractor, as rising medical costs and increased uncertainty around U.S. healthcare policy pressured the stock.

#### Total return based on a $10,000 investment
January 28, 2021, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350977.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception** |
| Janus Henderson Global Sustainable Equity Fund (Class R Shares/JEGRX) | 11.68% | 7.67% |
| MSCI World Index<sup>SM</sup> | 17.25% | 12.12% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$57M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$0.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology SA | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp | 3.4 |

---

Asset Allocation (% of net assets)

Common Stocks 98.7 <br> Investment Companies 1.4 <br> Other (0.1)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350984.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70856R 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Sustainable Equity Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class S Shares:JESSX
This annual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Sustainable Equity Fund<br>(Class S Shares/JESSX) | $105 | 0.99% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Sustainable Equity Fund Class S Shares returned 11.80%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Index benefited from an underweight in the consumer staples sector and stock selection in the communications services sector. Among individual holdings, notable contributors included subscription service Spotify, which saw its competitive position and pricing power increase during the period. In our view, Spotify's relative power in the music industry could translate into better business economics. Cables manufacturer Prysmian, another relative contributor, posted strong quarterly results and full-year guidance. As the world's largest manufacturer of copper cables, we believe the company is well positioned to benefit from greater spending on electrification.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the financials and information technology sectors detracted from performance relative to the MSCI World Index. Several healthcare companies were also relative detractors. ICON is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We have continued to see long-term potential for the company, however. Health insurer Humana was another detractor, as rising medical costs and increased uncertainty around U.S. healthcare policy pressured the stock.

#### Total return based on a $10,000 investment
June 25, 2020, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception** |
| Janus Henderson Global Sustainable Equity Fund (Class S Shares/JESSX) | 11.80% | 10.65% | 12.43% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 15.39% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$57M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$0.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology SA | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp | 3.4 |

---

Asset Allocation (% of net assets)

Common Stocks 98.7 <br> Investment Companies 1.4 <br> Other (0.1)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351009.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70857S 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Sustainable Equity Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class T Shares:JETTX
This annual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Sustainable Equity Fund<br>(Class T Shares/JETTX) | $116 | 1.10% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Sustainable Equity Fund Class T Shares returned 11.68%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 17.25%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI World Index benefited from an underweight in the consumer staples sector and stock selection in the communications services sector. Among individual holdings, notable contributors included subscription service Spotify, which saw its competitive position and pricing power increase during the period. In our view, Spotify's relative power in the music industry could translate into better business economics. Cables manufacturer Prysmian, another relative contributor, posted strong quarterly results and full-year guidance. As the world's largest manufacturer of copper cables, we believe the company is well positioned to benefit from greater spending on electrification.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the financials and information technology sectors detracted from performance relative to the MSCI World Index. Several healthcare companies were also relative detractors. ICON is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We have continued to see long-term potential for the company, however. Health insurer Humana was another detractor, as rising medical costs and increased uncertainty around U.S. healthcare policy pressured the stock.

#### Total return based on a $10,000 investment
June 25, 2020, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351027.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception** |
| Janus Henderson Global Sustainable Equity Fund (Class T Shares/JETTX) | 11.68% | 10.53% | 12.33% |
| MSCI World Index<sup>SM</sup> | 17.25% | 14.41% | 15.39% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$57M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$0.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology SA | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp | 3.4 |

---

Asset Allocation (% of net assets)

Common Stocks 98.7 <br> Investment Companies 1.4 <br> Other (0.1)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351033.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70858T 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Technology and Innovation Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class A Shares:JATAX
This annual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Technology and Innovation Fund<br>(Class A Shares/JATAX) | $114 | 1.00% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Technology and Innovation Fund Class A Shares returned 27.61%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%. Its additional benchmark, the MSCI All Country World Information Technology Index<sup>SM</sup>, returned 28.09%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Alphabet was a leading contributor to performance relative to the MSCI All Country World Information Technology Index. Shares rose as investors gained more confidence in the Google parent company's plans for deploying artificial intelligence (AI) across its businesses. The stock also rose on a favorable resolution to the government lawsuit against the company. Taiwan Semiconductor Manufacturing, another positive contributor, is a leading supplier of graphics processing units used in AI. The company reported very strong earnings growth and guidance, fueled by the continued capital investment in the AI ecosystem.

#### TOP DETRACTORS FROM PERFORMANCE
Detractors relative to the MSCI All Country World Information Technology Index included Constellation Software, which provides software solutions that target industry verticals. The stock declined on news that Constellation's visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter for the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise. Hyperscaler Amazon.com was another detractor despite relative strength in its e-commerce and advertising businesses. Shares declined on whispers that Amazon's AI offerings may be less secularly advantaged than its legacy cloud business. We believe that any softness in bookings may reflect capacity constraints rather than waning demand.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352077.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Technology and Innovation Fund (Class A Shares/JATAX) at NAV | 27.61% | 16.02% | 21.91% |
| Janus Henderson Global Technology and Innovation Fund (Class A Shares/JATAX) at Maximum Offering Price - 5.75% | 20.26% | 14.65% | 21.18% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| MSCI All Country World Information Technology Index<sup>SM</sup> | 28.09% | 19.80% | 22.25% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,744M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$48.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 15.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 10.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.3 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.9 |
| Investment Companies | 0.9 |
| Private Placements | 0.2 |
| Warrants | 0.0 |
| Other | 0.0 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352083.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. In addition, effective February 19, 2025, the Fund has a fundamental policy to invest 25% or more of the value of its total assets in the industries within the information technology sector in the aggregate.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70859A 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Technology and Innovation Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class C Shares:JAGCX
This annual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Technology and Innovation Fund<br>(Class C Shares/JAGCX) | $193 | 1.70% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Technology and Innovation Fund Class C Shares returned 26.72%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%. Its additional benchmark, the MSCI All Country World Information Technology Index<sup>SM</sup>, returned 28.09%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Alphabet was a leading contributor to performance relative to the MSCI All Country World Information Technology Index. Shares rose as investors gained more confidence in the Google parent company's plans for deploying artificial intelligence (AI) across its businesses. The stock also rose on a favorable resolution to the government lawsuit against the company. Taiwan Semiconductor Manufacturing, another positive contributor, is a leading supplier of graphics processing units used in AI. The company reported very strong earnings growth and guidance, fueled by the continued capital investment in the AI ecosystem.

#### TOP DETRACTORS FROM PERFORMANCE
Detractors relative to the MSCI All Country World Information Technology Index included Constellation Software, which provides software solutions that target industry verticals. The stock declined on news that Constellation's visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter for the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise. Hyperscaler Amazon.com was another detractor despite relative strength in its e-commerce and advertising businesses. Shares declined on whispers that Amazon's AI offerings may be less secularly advantaged than its legacy cloud business. We believe that any softness in bookings may reflect capacity constraints rather than waning demand.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352102.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Technology and Innovation Fund (Class C Shares/JAGCX) at NAV | 26.72% | 15.23% | 21.07% |
| Janus Henderson Global Technology and Innovation Fund (Class C Shares/JAGCX) with Contingent Deferred Sales Charge | 25.72%\* | 15.23% | 21.07% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| MSCI All Country World Information Technology Index<sup>SM</sup> | 28.09% | 19.80% | 22.25% |

---

<sup>\*</sup> Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,744M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$48.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 15.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 10.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.3 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.9 |
| Investment Companies | 0.9 |
| Private Placements | 0.2 |
| Warrants | 0.0 |
| Other | 0.0 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352108.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. In addition, effective February 19, 2025, the Fund has a fundamental policy to invest 25% or more of the value of its total assets in the industries within the information technology sector in the aggregate.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70860C 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Technology and Innovation Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class D Shares:JNGTX
This annual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Technology and Innovation Fund<br>(Class D Shares/JNGTX) | $92 | 0.81% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Technology and Innovation Fund Class D Shares returned 27.86%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%. Its additional benchmark, the MSCI All Country World Information Technology Index<sup>SM</sup>, returned 28.09%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Alphabet was a leading contributor to performance relative to the MSCI All Country World Information Technology Index. Shares rose as investors gained more confidence in the Google parent company's plans for deploying artificial intelligence (AI) across its businesses. The stock also rose on a favorable resolution to the government lawsuit against the company. Taiwan Semiconductor Manufacturing, another positive contributor, is a leading supplier of graphics processing units used in AI. The company reported very strong earnings growth and guidance, fueled by the continued capital investment in the AI ecosystem.

#### TOP DETRACTORS FROM PERFORMANCE
Detractors relative to the MSCI All Country World Information Technology Index included Constellation Software, which provides software solutions that target industry verticals. The stock declined on news that Constellation's visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter for the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise. Hyperscaler Amazon.com was another detractor despite relative strength in its e-commerce and advertising businesses. Shares declined on whispers that Amazon's AI offerings may be less secularly advantaged than its legacy cloud business. We believe that any softness in bookings may reflect capacity constraints rather than waning demand.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352127.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Technology and Innovation Fund (Class D Shares/JNGTX) | 27.86% | 16.24% | 22.13% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| MSCI All Country World Information Technology Index<sup>SM</sup> | 28.09% | 19.80% | 22.25% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,744M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$48.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 15.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 10.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.3 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.9 |
| Investment Companies | 0.9 |
| Private Placements | 0.2 |
| Warrants | 0.0 |
| Other | 0.0 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352134.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. In addition, effective February 19, 2025, the Fund has a fundamental policy to invest 25% or more of the value of its total assets in the industries within the information technology sector in the aggregate.

Where can I find more information?

![QR Code - Individual Investor](images_1791.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 225-65-70861D 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Technology and Innovation Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class I Shares:JATIX
This annual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Technology and Innovation Fund<br>(Class I Shares/JATIX) | $89 | 0.78% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Technology and Innovation Fund Class I Shares returned 27.90%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%. Its additional benchmark, the MSCI All Country World Information Technology Index<sup>SM</sup>, returned 28.09%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Alphabet was a leading contributor to performance relative to the MSCI All Country World Information Technology Index. Shares rose as investors gained more confidence in the Google parent company's plans for deploying artificial intelligence (AI) across its businesses. The stock also rose on a favorable resolution to the government lawsuit against the company. Taiwan Semiconductor Manufacturing, another positive contributor, is a leading supplier of graphics processing units used in AI. The company reported very strong earnings growth and guidance, fueled by the continued capital investment in the AI ecosystem.

#### TOP DETRACTORS FROM PERFORMANCE
Detractors relative to the MSCI All Country World Information Technology Index included Constellation Software, which provides software solutions that target industry verticals. The stock declined on news that Constellation's visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter for the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise. Hyperscaler Amazon.com was another detractor despite relative strength in its e-commerce and advertising businesses. Shares declined on whispers that Amazon's AI offerings may be less secularly advantaged than its legacy cloud business. We believe that any softness in bookings may reflect capacity constraints rather than waning demand.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352152.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Technology and Innovation Fund (Class I Shares/JATIX) | 27.90% | 16.28% | 22.21% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| MSCI All Country World Information Technology Index<sup>SM</sup> | 28.09% | 19.80% | 22.25% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,744M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$48.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 15.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 10.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.3 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.9 |
| Investment Companies | 0.9 |
| Private Placements | 0.2 |
| Warrants | 0.0 |
| Other | 0.0 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352158.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. In addition, effective February 19, 2025, the Fund has a fundamental policy to invest 25% or more of the value of its total assets in the industries within the information technology sector in the aggregate.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70862I 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Technology and Innovation Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class N Shares:JATNX
This annual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Technology and Innovation Fund<br>(Class N Shares/JATNX) | $79 | 0.69% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Technology and Innovation Fund Class N Shares returned 28.01%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%. Its additional benchmark, the MSCI All Country World Information Technology Index<sup>SM</sup>, returned 28.09%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Alphabet was a leading contributor to performance relative to the MSCI All Country World Information Technology Index. Shares rose as investors gained more confidence in the Google parent company's plans for deploying artificial intelligence (AI) across its businesses. The stock also rose on a favorable resolution to the government lawsuit against the company. Taiwan Semiconductor Manufacturing, another positive contributor, is a leading supplier of graphics processing units used in AI. The company reported very strong earnings growth and guidance, fueled by the continued capital investment in the AI ecosystem.

#### TOP DETRACTORS FROM PERFORMANCE
Detractors relative to the MSCI All Country World Information Technology Index included Constellation Software, which provides software solutions that target industry verticals. The stock declined on news that Constellation's visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter for the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise. Hyperscaler Amazon.com was another detractor despite relative strength in its e-commerce and advertising businesses. Shares declined on whispers that Amazon's AI offerings may be less secularly advantaged than its legacy cloud business. We believe that any softness in bookings may reflect capacity constraints rather than waning demand.

#### Total return based on a $10,000 investment
January 27, 2017, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352177.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception** |
| Janus Henderson Global Technology and Innovation Fund (Class N Shares/JATNX) | 28.01% | 16.39% | 22.06% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.06% |
| MSCI All Country World Information Technology Index<sup>SM</sup> | 28.09% | 19.80% | 22.36% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,744M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$48.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 15.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 10.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.3 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.9 |
| Investment Companies | 0.9 |
| Private Placements | 0.2 |
| Warrants | 0.0 |
| Other | 0.0 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352183.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. In addition, effective February 19, 2025, the Fund has a fundamental policy to invest 25% or more of the value of its total assets in the industries within the information technology sector in the aggregate.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70863N 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Technology and Innovation Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class S Shares:JATSX
This annual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Technology and Innovation Fund<br>(Class S Shares/JATSX) | $135 | 1.19% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Technology and Innovation Fund Class S Shares returned 27.38%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%. Its additional benchmark, the MSCI All Country World Information Technology Index<sup>SM</sup>, returned 28.09%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Alphabet was a leading contributor to performance relative to the MSCI All Country World Information Technology Index. Shares rose as investors gained more confidence in the Google parent company's plans for deploying artificial intelligence (AI) across its businesses. The stock also rose on a favorable resolution to the government lawsuit against the company. Taiwan Semiconductor Manufacturing, another positive contributor, is a leading supplier of graphics processing units used in AI. The company reported very strong earnings growth and guidance, fueled by the continued capital investment in the AI ecosystem.

#### TOP DETRACTORS FROM PERFORMANCE
Detractors relative to the MSCI All Country World Information Technology Index included Constellation Software, which provides software solutions that target industry verticals. The stock declined on news that Constellation's visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter for the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise. Hyperscaler Amazon.com was another detractor despite relative strength in its e-commerce and advertising businesses. Shares declined on whispers that Amazon's AI offerings may be less secularly advantaged than its legacy cloud business. We believe that any softness in bookings may reflect capacity constraints rather than waning demand.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352202.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Technology and Innovation Fund (Class S Shares/JATSX) | 27.38% | 15.80% | 21.69% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| MSCI All Country World Information Technology Index<sup>SM</sup> | 28.09% | 19.80% | 22.25% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,744M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$48.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 15.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 10.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.3 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.9 |
| Investment Companies | 0.9 |
| Private Placements | 0.2 |
| Warrants | 0.0 |
| Other | 0.0 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352209.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. In addition, effective February 19, 2025, the Fund has a fundamental policy to invest 25% or more of the value of its total assets in the industries within the information technology sector in the aggregate.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70864S 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Global Technology and Innovation Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class T Shares:JAGTX
This annual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Technology and Innovation Fund<br>(Class T Shares/JAGTX) | $105 | 0.92% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Global Technology and Innovation Fund Class T Shares returned 27.71%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%. Its additional benchmark, the MSCI All Country World Information Technology Index<sup>SM</sup>, returned 28.09%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Alphabet was a leading contributor to performance relative to the MSCI All Country World Information Technology Index. Shares rose as investors gained more confidence in the Google parent company's plans for deploying artificial intelligence (AI) across its businesses. The stock also rose on a favorable resolution to the government lawsuit against the company. Taiwan Semiconductor Manufacturing, another positive contributor, is a leading supplier of graphics processing units used in AI. The company reported very strong earnings growth and guidance, fueled by the continued capital investment in the AI ecosystem.

#### TOP DETRACTORS FROM PERFORMANCE
Detractors relative to the MSCI All Country World Information Technology Index included Constellation Software, which provides software solutions that target industry verticals. The stock declined on news that Constellation's visionary CEO is retiring. Investors also worried that AI could act as a competitive disrupter for the overall software industry. We believe Constellation would be relatively insulated from such disruption due to its strong customer relationships and highly specific industry expertise. Hyperscaler Amazon.com was another detractor despite relative strength in its e-commerce and advertising businesses. Shares declined on whispers that Amazon's AI offerings may be less secularly advantaged than its legacy cloud business. We believe that any softness in bookings may reflect capacity constraints rather than waning demand.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_352227.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Global Technology and Innovation Fund (Class T Shares/JAGTX) | 27.71% | 16.11% | 22.02% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| MSCI All Country World Information Technology Index<sup>SM</sup> | 28.09% | 19.80% | 22.25% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,744M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$48.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 15.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 10.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.3 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.9 |
| Investment Companies | 0.9 |
| Private Placements | 0.2 |
| Warrants | 0.0 |
| Other | 0.0 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_352234.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified. In addition, effective February 19, 2025, the Fund has a fundamental policy to invest 25% or more of the value of its total assets in the industries within the information technology sector in the aggregate.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70865T 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Growth and Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class A Shares:JDNAX
This annual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Growth and Income Fund<br>(Class A Shares/JDNAX) | $105 | 0.97% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Growth and Income Fund Class A Shares returned 17.19%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the S&P 500 Index was supported by a position in Broadcom, a leading developer of custom silicon. The company has benefited from strong demand for custom artificial intelligence (AI) chips. The company also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.

#### TOP DETRACTORS FROM PERFORMANCE
UnitedHealth Group was a top detractor relative to the S&P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was also a detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation as investors tried to assess whether AI will disrupt people-based consulting businesses.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351502.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Growth and Income Fund (Class A Shares/JDNAX) at NAV | 17.19% | 14.14% | 13.71% |
| Janus Henderson Growth and Income Fund (Class A Shares/JDNAX) at Maximum Offering Price - 5.75% | 10.46% | 12.80% | 13.04% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| S&P 500<sup>®</sup> Dividend Aristocrats Index | (1.09)% | 10.06% | 11.04% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,178M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$44.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 8.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 3.6 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.1 <br> Other (0.0)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351509.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70866A 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Growth and Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class C Shares:JGICX
This annual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Growth and Income Fund<br>(Class C Shares/JGICX) | $173 | 1.60% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Growth and Income Fund Class C Shares returned 16.46%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the S&P 500 Index was supported by a position in Broadcom, a leading developer of custom silicon. The company has benefited from strong demand for custom artificial intelligence (AI) chips. The company also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.

#### TOP DETRACTORS FROM PERFORMANCE
UnitedHealth Group was a top detractor relative to the S&P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was also a detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation as investors tried to assess whether AI will disrupt people-based consulting businesses.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351527.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Growth and Income Fund (Class C Shares/JGICX) at NAV | 16.46% | 13.43% | 12.95% |
| Janus Henderson Growth and Income Fund (Class C Shares/JGICX) with Contingent Deferred Sales Charge | 15.46%\* | 13.43% | 12.95% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| S&P 500<sup>®</sup> Dividend Aristocrats Index | (1.09)% | 10.06% | 11.04% |

---

<sup>\*</sup> Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,178M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$44.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 8.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 3.6 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.1 <br> Other (0.0)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351534.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70867C 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Growth and Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class D Shares:JNGIX
This annual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Growth and Income Fund<br>(Class D Shares/JNGIX) | $80 | 0.74% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Growth and Income Fund Class D Shares returned 17.48%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the S&P 500 Index was supported by a position in Broadcom, a leading developer of custom silicon. The company has benefited from strong demand for custom artificial intelligence (AI) chips. The company also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.

#### TOP DETRACTORS FROM PERFORMANCE
UnitedHealth Group was a top detractor relative to the S&P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was also a detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation as investors tried to assess whether AI will disrupt people-based consulting businesses.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351552.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Growth and Income Fund (Class D Shares/JNGIX) | 17.48% | 14.43% | 13.96% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| S&P 500<sup>®</sup> Dividend Aristocrats Index | (1.09)% | 10.06% | 11.04% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,178M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$44.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 8.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 3.6 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.1 <br> Other (0.0)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351558.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1791.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 225-65-70868D 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Growth and Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class I Shares:JGINX
This annual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Growth and Income Fund<br>(Class I Shares/JGINX) | $77 | 0.71% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Growth and Income Fund Class I Shares returned 17.49%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the S&P 500 Index was supported by a position in Broadcom, a leading developer of custom silicon. The company has benefited from strong demand for custom artificial intelligence (AI) chips. The company also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.

#### TOP DETRACTORS FROM PERFORMANCE
UnitedHealth Group was a top detractor relative to the S&P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was also a detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation as investors tried to assess whether AI will disrupt people-based consulting businesses.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351577.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Growth and Income Fund (Class I Shares/JGINX) | 17.49% | 14.48% | 14.02% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| S&P 500<sup>®</sup> Dividend Aristocrats Index | (1.09)% | 10.06% | 11.04% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,178M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$44.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 8.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 3.6 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.1 <br> Other (0.0)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351584.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70869I 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Growth and Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class N Shares:JDNNX
This annual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Growth and Income Fund<br>(Class N Shares/JDNNX) | $67 | 0.62% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Growth and Income Fund Class N Shares returned 17.59%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the S&P 500 Index was supported by a position in Broadcom, a leading developer of custom silicon. The company has benefited from strong demand for custom artificial intelligence (AI) chips. The company also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.

#### TOP DETRACTORS FROM PERFORMANCE
UnitedHealth Group was a top detractor relative to the S&P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was also a detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation as investors tried to assess whether AI will disrupt people-based consulting businesses.

#### Total return based on a $10,000 investment
August 4, 2017, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351602.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception** |
| Janus Henderson Growth and Income Fund (Class N Shares/JDNNX) | 17.59% | 14.58% | 13.21% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 14.86% |
| S&P 500<sup>®</sup> Dividend Aristocrats Index | (1.09)% | 10.06% | 9.98% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,178M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$44.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 8.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 3.6 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.1 <br> Other (0.0)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351609.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70870N 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Growth and Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class R Shares:JDNRX
This annual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Growth and Income Fund<br>(Class R Shares/JDNRX) | $148 | 1.37% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Growth and Income Fund Class R Shares returned 16.72%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the S&P 500 Index was supported by a position in Broadcom, a leading developer of custom silicon. The company has benefited from strong demand for custom artificial intelligence (AI) chips. The company also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.

#### TOP DETRACTORS FROM PERFORMANCE
UnitedHealth Group was a top detractor relative to the S&P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was also a detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation as investors tried to assess whether AI will disrupt people-based consulting businesses.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351627.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Growth and Income Fund (Class R Shares/JDNRX) | 16.72% | 13.70% | 13.24% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| S&P 500<sup>®</sup> Dividend Aristocrats Index | (1.09)% | 10.06% | 11.04% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,178M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$44.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 8.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 3.6 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.1 <br> Other (0.0)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351633.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70871R 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Growth and Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class S Shares:JADGX
This annual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Growth and Income Fund<br>(Class S Shares/JADGX) | $120 | 1.11% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Growth and Income Fund Class S Shares returned 17.02%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the S&P 500 Index was supported by a position in Broadcom, a leading developer of custom silicon. The company has benefited from strong demand for custom artificial intelligence (AI) chips. The company also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.

#### TOP DETRACTORS FROM PERFORMANCE
UnitedHealth Group was a top detractor relative to the S&P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was also a detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation as investors tried to assess whether AI will disrupt people-based consulting businesses.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351652.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Growth and Income Fund (Class S Shares/JADGX) | 17.02% | 14.01% | 13.55% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| S&P 500<sup>®</sup> Dividend Aristocrats Index | (1.09)% | 10.06% | 11.04% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,178M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$44.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 8.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 3.6 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.1 <br> Other (0.0)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351658.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70872S 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Growth and Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class T Shares:JAGIX
This annual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Growth and Income Fund<br>(Class T Shares/JAGIX) | $92 | 0.85% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Growth and Income Fund Class T Shares returned 17.32%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the S&P 500 Index was supported by a position in Broadcom, a leading developer of custom silicon. The company has benefited from strong demand for custom artificial intelligence (AI) chips. The company also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.

#### TOP DETRACTORS FROM PERFORMANCE
UnitedHealth Group was a top detractor relative to the S&P 500 Index. The health insurer faced business headwinds due to high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture was also a detractor. The company experienced moderating organic growth because of government spending cuts and a shift in corporate IT budgets away from traditional consulting and toward AI investments. This shift compressed Accenture's stock valuation as investors tried to assess whether AI will disrupt people-based consulting businesses.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351677.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Growth and Income Fund (Class T Shares/JAGIX) | 17.32% | 14.31% | 13.85% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |
| S&P 500<sup>®</sup> Dividend Aristocrats Index | (1.09)% | 10.06% | 11.04% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8,178M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$44.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 8.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 3.6 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.1 <br> Other (0.0)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351684.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70873T 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Overseas Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class A Shares:JDIAX
This annual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Overseas Fund<br>(Class A Shares/JDIAX) | $124 | 1.15% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Overseas Fund Class A Shares returned 15.35%. Its broad-based benchmark, the MSCI All Country World ex-USA Index<sup>SM</sup>, returned 16.45%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI All Country World Index ex USA benefited from a position in BAE Systems. The UK-based military contractor reported strong earnings growth and a large orders backlog. It has been a beneficiary of increased military spending because of its key weapons systems and early-stage platforms. Erste Group Bank, a top contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander's Polish business, a deal that could help cement Erste Bank's position in the central and eastern European markets. Bank stocks also rallied on expectations that European authorities may relax banking regulation and capital requirements.

#### TOP DETRACTORS FROM PERFORMANCE
Detractors relative to the MSCI All Country World Index ex USA included ICON, a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We sold the position. Beverage company Heineken was another detractor. Shares declined on investor concerns over a sluggish pace of beer sales in North America, which offset strength in emerging markets such as Vietnam. We continue to believe in Heineken's brand strength and the opportunities around its global market expansion.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350127.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Overseas Fund (Class A Shares/JDIAX) at NAV | 15.35% | 12.26% | 9.02% |
| Janus Henderson Overseas Fund (Class A Shares/JDIAX) at Maximum Offering Price - 5.75% | 8.72% | 10.93% | 8.38% |
| MSCI All Country World ex-USA Index<sup>SM</sup> | 16.45% | 10.26% | 8.23% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,892M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$22.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resona Holdings Inc | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 3.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Investment Companies | 2.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 1 |
| Other | (1.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350134.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70874A 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Overseas Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class C Shares:JIGCX
This annual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Overseas Fund<br>(Class C Shares/JIGCX) | $196 | 1.83% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Overseas Fund Class C Shares returned 14.56%. Its broad-based benchmark, the MSCI All Country World ex-USA Index<sup>SM</sup>, returned 16.45%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI All Country World Index ex USA benefited from a position in BAE Systems. The UK-based military contractor reported strong earnings growth and a large orders backlog. It has been a beneficiary of increased military spending because of its key weapons systems and early-stage platforms. Erste Group Bank, a top contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander's Polish business, a deal that could help cement Erste Bank's position in the central and eastern European markets. Bank stocks also rallied on expectations that European authorities may relax banking regulation and capital requirements.

#### TOP DETRACTORS FROM PERFORMANCE
Detractors relative to the MSCI All Country World Index ex USA included ICON, a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We sold the position. Beverage company Heineken was another detractor. Shares declined on investor concerns over a sluggish pace of beer sales in North America, which offset strength in emerging markets such as Vietnam. We continue to believe in Heineken's brand strength and the opportunities around its global market expansion.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350152.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Overseas Fund (Class C Shares/JIGCX) at NAV | 14.56% | 11.42% | 8.19% |
| Janus Henderson Overseas Fund (Class C Shares/JIGCX) with Contingent Deferred Sales Charge | 13.56%\* | 11.42% | 8.19% |
| MSCI All Country World ex-USA Index<sup>SM</sup> | 16.45% | 10.26% | 8.23% |

---

<sup>\*</sup> Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,892M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$22.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resona Holdings Inc | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 3.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Investment Companies | 2.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 1 |
| Other | (1.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350158.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70875C 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Overseas Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class D Shares:JNOSX
This annual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Overseas Fund<br>(Class D Shares/JNOSX) | $90 | 0.83% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Overseas Fund Class D Shares returned 15.72%. Its broad-based benchmark, the MSCI All Country World ex-USA Index<sup>SM</sup>, returned 16.45%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI All Country World Index ex USA benefited from a position in BAE Systems. The UK-based military contractor reported strong earnings growth and a large orders backlog. It has been a beneficiary of increased military spending because of its key weapons systems and early-stage platforms. Erste Group Bank, a top contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander's Polish business, a deal that could help cement Erste Bank's position in the central and eastern European markets. Bank stocks also rallied on expectations that European authorities may relax banking regulation and capital requirements.

#### TOP DETRACTORS FROM PERFORMANCE
Detractors relative to the MSCI All Country World Index ex USA included ICON, a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We sold the position. Beverage company Heineken was another detractor. Shares declined on investor concerns over a sluggish pace of beer sales in North America, which offset strength in emerging markets such as Vietnam. We continue to believe in Heineken's brand strength and the opportunities around its global market expansion.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350177.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Overseas Fund (Class D Shares/JNOSX) | 15.72% | 12.57% | 9.34% |
| MSCI All Country World ex-USA Index<sup>SM</sup> | 16.45% | 10.26% | 8.23% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,892M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$22.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resona Holdings Inc | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 3.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Investment Companies | 2.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 1 |
| Other | (1.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350183.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

The Fund's net expense ratio materially changed from the prior fiscal year due to an decrease in the Fund's advisory fee rate, which adjusts up or down based on the Fund's performance relative to the MSCI All Country World ex-USA Index<sup>SM</sup>.

Where can I find more information?

![QR Code - Individual Investor](images_1791.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 225-65-70876D 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Overseas Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class I Shares:JIGFX
This annual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Overseas Fund<br>(Class I Shares/JIGFX) | $87 | 0.81% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Overseas Fund Class I Shares returned 15.76%. Its broad-based benchmark, the MSCI All Country World ex-USA Index<sup>SM</sup>, returned 16.45%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI All Country World Index ex USA benefited from a position in BAE Systems. The UK-based military contractor reported strong earnings growth and a large orders backlog. It has been a beneficiary of increased military spending because of its key weapons systems and early-stage platforms. Erste Group Bank, a top contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander's Polish business, a deal that could help cement Erste Bank's position in the central and eastern European markets. Bank stocks also rallied on expectations that European authorities may relax banking regulation and capital requirements.

#### TOP DETRACTORS FROM PERFORMANCE
Detractors relative to the MSCI All Country World Index ex USA included ICON, a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We sold the position. Beverage company Heineken was another detractor. Shares declined on investor concerns over a sluggish pace of beer sales in North America, which offset strength in emerging markets such as Vietnam. We continue to believe in Heineken's brand strength and the opportunities around its global market expansion.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350202.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Overseas Fund (Class I Shares/JIGFX) | 15.76% | 12.61% | 9.37% |
| MSCI All Country World ex-USA Index<sup>SM</sup> | 16.45% | 10.26% | 8.23% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,892M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$22.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resona Holdings Inc | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 3.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Investment Companies | 2.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 1 |
| Other | (1.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350209.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70877I 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Overseas Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class N Shares:JDINX
This annual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Overseas Fund<br>(Class N Shares/JDINX) | $74 | 0.69% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Overseas Fund Class N Shares returned 15.88%. Its broad-based benchmark, the MSCI All Country World ex-USA Index<sup>SM</sup>, returned 16.45%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI All Country World Index ex USA benefited from a position in BAE Systems. The UK-based military contractor reported strong earnings growth and a large orders backlog. It has been a beneficiary of increased military spending because of its key weapons systems and early-stage platforms. Erste Group Bank, a top contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander's Polish business, a deal that could help cement Erste Bank's position in the central and eastern European markets. Bank stocks also rallied on expectations that European authorities may relax banking regulation and capital requirements.

#### TOP DETRACTORS FROM PERFORMANCE
Detractors relative to the MSCI All Country World Index ex USA included ICON, a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We sold the position. Beverage company Heineken was another detractor. Shares declined on investor concerns over a sluggish pace of beer sales in North America, which offset strength in emerging markets such as Vietnam. We continue to believe in Heineken's brand strength and the opportunities around its global market expansion.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350227.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Overseas Fund (Class N Shares/JDINX) | 15.88% | 12.72% | 9.49% |
| MSCI All Country World ex-USA Index<sup>SM</sup> | 16.45% | 10.26% | 8.23% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,892M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$22.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resona Holdings Inc | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 3.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Investment Companies | 2.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 1 |
| Other | (1.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350233.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

The Fund's net expense ratio materially changed from the prior fiscal year due to an decrease in the Fund's advisory fee rate, which adjusts up or down based on the Fund's performance relative to the MSCI All Country World ex-USA Index<sup>SM</sup>.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70878N 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Overseas Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class R Shares:JDIRX
This annual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Overseas Fund<br>(Class R Shares/JDIRX) | $156 | 1.45% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Overseas Fund Class R Shares returned 15.00%. Its broad-based benchmark, the MSCI All Country World ex-USA Index<sup>SM</sup>, returned 16.45%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI All Country World Index ex USA benefited from a position in BAE Systems. The UK-based military contractor reported strong earnings growth and a large orders backlog. It has been a beneficiary of increased military spending because of its key weapons systems and early-stage platforms. Erste Group Bank, a top contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander's Polish business, a deal that could help cement Erste Bank's position in the central and eastern European markets. Bank stocks also rallied on expectations that European authorities may relax banking regulation and capital requirements.

#### TOP DETRACTORS FROM PERFORMANCE
Detractors relative to the MSCI All Country World Index ex USA included ICON, a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We sold the position. Beverage company Heineken was another detractor. Shares declined on investor concerns over a sluggish pace of beer sales in North America, which offset strength in emerging markets such as Vietnam. We continue to believe in Heineken's brand strength and the opportunities around its global market expansion.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350252.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Overseas Fund (Class R Shares/JDIRX) | 15.00% | 11.89% | 8.68% |
| MSCI All Country World ex-USA Index<sup>SM</sup> | 16.45% | 10.26% | 8.23% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,892M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$22.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resona Holdings Inc | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 3.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Investment Companies | 2.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 1 |
| Other | (1.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350258.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70879R 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Overseas Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class S Shares:JIGRX
This annual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Overseas Fund<br>(Class S Shares/JIGRX) | $128 | 1.19% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Overseas Fund Class S Shares returned 15.30%. Its broad-based benchmark, the MSCI All Country World ex-USA Index<sup>SM</sup>, returned 16.45%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI All Country World Index ex USA benefited from a position in BAE Systems. The UK-based military contractor reported strong earnings growth and a large orders backlog. It has been a beneficiary of increased military spending because of its key weapons systems and early-stage platforms. Erste Group Bank, a top contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander's Polish business, a deal that could help cement Erste Bank's position in the central and eastern European markets. Bank stocks also rallied on expectations that European authorities may relax banking regulation and capital requirements.

#### TOP DETRACTORS FROM PERFORMANCE
Detractors relative to the MSCI All Country World Index ex USA included ICON, a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We sold the position. Beverage company Heineken was another detractor. Shares declined on investor concerns over a sluggish pace of beer sales in North America, which offset strength in emerging markets such as Vietnam. We continue to believe in Heineken's brand strength and the opportunities around its global market expansion.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350277.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Overseas Fund (Class S Shares/JIGRX) | 15.30% | 12.17% | 8.96% |
| MSCI All Country World ex-USA Index<sup>SM</sup> | 16.45% | 10.26% | 8.23% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,892M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$22.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resona Holdings Inc | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 3.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Investment Companies | 2.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 1 |
| Other | (1.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350284.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70880S 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Overseas Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class T Shares:JAOSX
This annual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Overseas Fund<br>(Class T Shares/JAOSX) | $100 | 0.93% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Overseas Fund Class T Shares returned 15.61%. Its broad-based benchmark, the MSCI All Country World ex-USA Index<sup>SM</sup>, returned 16.45%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the MSCI All Country World Index ex USA benefited from a position in BAE Systems. The UK-based military contractor reported strong earnings growth and a large orders backlog. It has been a beneficiary of increased military spending because of its key weapons systems and early-stage platforms. Erste Group Bank, a top contributor, is a leading financial services company in central Europe. Shares of Erste Group rose on optimism about its acquisition of Banco Santander's Polish business, a deal that could help cement Erste Bank's position in the central and eastern European markets. Bank stocks also rallied on expectations that European authorities may relax banking regulation and capital requirements.

#### TOP DETRACTORS FROM PERFORMANCE
Detractors relative to the MSCI All Country World Index ex USA included ICON, a multinational provider of outsourced drug and medical device development and clinical testing services. Shares of ICON sold off after the company reported disappointing revenue growth and lackluster guidance. It has faced business headwinds as key customers cut research and development budgets. We sold the position. Beverage company Heineken was another detractor. Shares declined on investor concerns over a sluggish pace of beer sales in North America, which offset strength in emerging markets such as Vietnam. We continue to believe in Heineken's brand strength and the opportunities around its global market expansion.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350302.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Overseas Fund (Class T Shares/JAOSX) | 15.61% | 12.47% | 9.24% |
| MSCI All Country World ex-USA Index<sup>SM</sup> | 16.45% | 10.26% | 8.23% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,892M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$22.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resona Holdings Inc | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 3.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Investment Companies | 2.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 1 |
| Other | (1.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350309.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70881T 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Research Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class A Shares:JRAAX
This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Research Fund<br>(Class A Shares/JRAAX) | $115 | 1.03% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Research Fund Class A Shares returned 23.59%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 25.53%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Growth Index was lifted by an overweight position in Broadcom, a supplier of semiconductors and infrastructure software solutions. Broadcom continued to execute well while exceeding its second-quarter earnings targets. It also raised guidance, with management indicating a material acceleration in artificial intelligence (AI) revenue growth, driven by new orders and its relationships with companies such as OpenAI and Google. Howmet Aerospace was another contributor. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Growth Index was hindered by underweight positions in several stocks that were strong contributors to Index returns, but where we had concerns about valuations or fundamentals. Among Fund holdings, healthcare products company Procter & Gamble (P&G) was a relative detractor. The stock declined on investor concerns over the impact of higher commodity prices, tariffs, and softer consumer demand on revenue growth and margins. We believe P&G remains positioned for long-term growth because of its strong brand portfolio and investments in innovation. TFI International, another relative detractor, provides freight and logistics services. Shares underperformed as the business faced macroeconomic headwinds and integration challenges tied to its acquisition of UPS Freight.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_349927.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Research Fund (Class A Shares/JRAAX) at NAV | 23.59% | 15.91% | 16.19% |
| Janus Henderson Research Fund (Class A Shares/JRAAX) at Maximum Offering Price - 5.75% | 16.48% | 14.55% | 15.51% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 15.04% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$28,592M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$172.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 15.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 12.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 5.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9 |
| Investment Companies | 0.2 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (0.2) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_349934.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.

The Fund's net expense ratio materially changed from the prior fiscal year due to an increase in the Fund's advisory fee rate, which adjusts up or down based on the Fund's performance relative to the Russell 1000<sup>®</sup> Growth Index.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70882A 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Research Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class C Shares:JRACX
This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Research Fund<br>(Class C Shares/JRACX) | $199 | 1.79% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Research Fund Class C Shares returned 22.65%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 25.53%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Growth Index was lifted by an overweight position in Broadcom, a supplier of semiconductors and infrastructure software solutions. Broadcom continued to execute well while exceeding its second-quarter earnings targets. It also raised guidance, with management indicating a material acceleration in artificial intelligence (AI) revenue growth, driven by new orders and its relationships with companies such as OpenAI and Google. Howmet Aerospace was another contributor. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Growth Index was hindered by underweight positions in several stocks that were strong contributors to Index returns, but where we had concerns about valuations or fundamentals. Among Fund holdings, healthcare products company Procter & Gamble (P&G) was a relative detractor. The stock declined on investor concerns over the impact of higher commodity prices, tariffs, and softer consumer demand on revenue growth and margins. We believe P&G remains positioned for long-term growth because of its strong brand portfolio and investments in innovation. TFI International, another relative detractor, provides freight and logistics services. Shares underperformed as the business faced macroeconomic headwinds and integration challenges tied to its acquisition of UPS Freight.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_349952.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Research Fund (Class C Shares/JRACX) at NAV | 22.65% | 15.09% | 15.38% |
| Janus Henderson Research Fund (Class C Shares/JRACX) with Contingent Deferred Sales Charge | 21.65%\* | 15.09% | 15.38% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 15.04% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

<sup>\*</sup> Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$28,592M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$172.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 15.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 12.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 5.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9 |
| Investment Companies | 0.2 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (0.2) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_349959.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.

The Fund's net expense ratio materially changed from the prior fiscal year due to an increase in the Fund's advisory fee rate, which adjusts up or down based on the Fund's performance relative to the Russell 1000<sup>®</sup> Growth Index.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70883C 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Research Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class D Shares:JNRFX
This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Research Fund<br>(Class D Shares/JNRFX) | $93 | 0.83% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Research Fund Class D Shares returned 23.83%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 25.53%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Growth Index was lifted by an overweight position in Broadcom, a supplier of semiconductors and infrastructure software solutions. Broadcom continued to execute well while exceeding its second-quarter earnings targets. It also raised guidance, with management indicating a material acceleration in artificial intelligence (AI) revenue growth, driven by new orders and its relationships with companies such as OpenAI and Google. Howmet Aerospace was another contributor. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Growth Index was hindered by underweight positions in several stocks that were strong contributors to Index returns, but where we had concerns about valuations or fundamentals. Among Fund holdings, healthcare products company Procter & Gamble (P&G) was a relative detractor. The stock declined on investor concerns over the impact of higher commodity prices, tariffs, and softer consumer demand on revenue growth and margins. We believe P&G remains positioned for long-term growth because of its strong brand portfolio and investments in innovation. TFI International, another relative detractor, provides freight and logistics services. Shares underperformed as the business faced macroeconomic headwinds and integration challenges tied to its acquisition of UPS Freight.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_349977.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Research Fund (Class D Shares/JNRFX) | 23.83% | 16.14% | 16.42% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 15.04% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$28,592M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$172.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 15.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 12.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 5.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9 |
| Investment Companies | 0.2 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (0.2) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_349983.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.

The Fund's net expense ratio materially changed from the prior fiscal year due to an increase in the Fund's advisory fee rate, which adjusts up or down based on the Fund's performance relative to the Russell 1000<sup>®</sup> Growth Index.

Where can I find more information?

![QR Code - Individual Investor](images_1791.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 225-65-70884D 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Research Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class I Shares:JRAIX
This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Research Fund<br>(Class I Shares/JRAIX) | $91 | 0.81% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Research Fund Class I Shares returned 23.88%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 25.53%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Growth Index was lifted by an overweight position in Broadcom, a supplier of semiconductors and infrastructure software solutions. Broadcom continued to execute well while exceeding its second-quarter earnings targets. It also raised guidance, with management indicating a material acceleration in artificial intelligence (AI) revenue growth, driven by new orders and its relationships with companies such as OpenAI and Google. Howmet Aerospace was another contributor. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Growth Index was hindered by underweight positions in several stocks that were strong contributors to Index returns, but where we had concerns about valuations or fundamentals. Among Fund holdings, healthcare products company Procter & Gamble (P&G) was a relative detractor. The stock declined on investor concerns over the impact of higher commodity prices, tariffs, and softer consumer demand on revenue growth and margins. We believe P&G remains positioned for long-term growth because of its strong brand portfolio and investments in innovation. TFI International, another relative detractor, provides freight and logistics services. Shares underperformed as the business faced macroeconomic headwinds and integration challenges tied to its acquisition of UPS Freight.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Research Fund (Class I Shares/JRAIX) | 23.88% | 16.19% | 16.49% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 15.04% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$28,592M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$172.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 15.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 12.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 5.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9 |
| Investment Companies | 0.2 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (0.2) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350009.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.

The Fund's net expense ratio materially changed from the prior fiscal year due to an increase in the Fund's advisory fee rate, which adjusts up or down based on the Fund's performance relative to the Russell 1000<sup>®</sup> Growth Index.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70885I 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Research Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class N Shares:JRANX
This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Research Fund<br>(Class N Shares/JRANX) | $81 | 0.72% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Research Fund Class N Shares returned 23.98%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 25.53%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Growth Index was lifted by an overweight position in Broadcom, a supplier of semiconductors and infrastructure software solutions. Broadcom continued to execute well while exceeding its second-quarter earnings targets. It also raised guidance, with management indicating a material acceleration in artificial intelligence (AI) revenue growth, driven by new orders and its relationships with companies such as OpenAI and Google. Howmet Aerospace was another contributor. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Growth Index was hindered by underweight positions in several stocks that were strong contributors to Index returns, but where we had concerns about valuations or fundamentals. Among Fund holdings, healthcare products company Procter & Gamble (P&G) was a relative detractor. The stock declined on investor concerns over the impact of higher commodity prices, tariffs, and softer consumer demand on revenue growth and margins. We believe P&G remains positioned for long-term growth because of its strong brand portfolio and investments in innovation. TFI International, another relative detractor, provides freight and logistics services. Shares underperformed as the business faced macroeconomic headwinds and integration challenges tied to its acquisition of UPS Freight.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350027.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Research Fund (Class N Shares/JRANX) | 23.98% | 16.28% | 16.57% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 15.04% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$28,592M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$172.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 15.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 12.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 5.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9 |
| Investment Companies | 0.2 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (0.2) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350034.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.

The Fund's net expense ratio materially changed from the prior fiscal year due to an increase in the Fund's advisory fee rate, which adjusts up or down based on the Fund's performance relative to the Russell 1000<sup>®</sup> Growth Index.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70886N 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Research Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class R Shares:JRARX
This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Research Fund<br>(Class R Shares/JRARX) | $161 | 1.44% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Research Fund Class R Shares returned 23.08%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 25.53%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Growth Index was lifted by an overweight position in Broadcom, a supplier of semiconductors and infrastructure software solutions. Broadcom continued to execute well while exceeding its second-quarter earnings targets. It also raised guidance, with management indicating a material acceleration in artificial intelligence (AI) revenue growth, driven by new orders and its relationships with companies such as OpenAI and Google. Howmet Aerospace was another contributor. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Growth Index was hindered by underweight positions in several stocks that were strong contributors to Index returns, but where we had concerns about valuations or fundamentals. Among Fund holdings, healthcare products company Procter & Gamble (P&G) was a relative detractor. The stock declined on investor concerns over the impact of higher commodity prices, tariffs, and softer consumer demand on revenue growth and margins. We believe P&G remains positioned for long-term growth because of its strong brand portfolio and investments in innovation. TFI International, another relative detractor, provides freight and logistics services. Shares underperformed as the business faced macroeconomic headwinds and integration challenges tied to its acquisition of UPS Freight.

#### Total return based on a $10,000 investment
January 27, 2017, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350052.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception** |
| Janus Henderson Research Fund (Class R Shares/JRARX) | 23.08% | 15.41% | 16.74% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 14.81% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 19.52% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.06% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$28,592M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$172.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 15.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 12.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 5.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9 |
| Investment Companies | 0.2 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (0.2) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350058.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.

The Fund's net expense ratio materially changed from the prior fiscal year due to an increase in the Fund's advisory fee rate, which adjusts up or down based on the Fund's performance relative to the Russell 1000<sup>®</sup> Growth Index.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70887R 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Research Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class S Shares:JRASX
This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Research Fund<br>(Class S Shares/JRASX) | $136 | 1.22% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Research Fund Class S Shares returned 23.36%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 25.53%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Growth Index was lifted by an overweight position in Broadcom, a supplier of semiconductors and infrastructure software solutions. Broadcom continued to execute well while exceeding its second-quarter earnings targets. It also raised guidance, with management indicating a material acceleration in artificial intelligence (AI) revenue growth, driven by new orders and its relationships with companies such as OpenAI and Google. Howmet Aerospace was another contributor. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Growth Index was hindered by underweight positions in several stocks that were strong contributors to Index returns, but where we had concerns about valuations or fundamentals. Among Fund holdings, healthcare products company Procter & Gamble (P&G) was a relative detractor. The stock declined on investor concerns over the impact of higher commodity prices, tariffs, and softer consumer demand on revenue growth and margins. We believe P&G remains positioned for long-term growth because of its strong brand portfolio and investments in innovation. TFI International, another relative detractor, provides freight and logistics services. Shares underperformed as the business faced macroeconomic headwinds and integration challenges tied to its acquisition of UPS Freight.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350077.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Research Fund (Class S Shares/JRASX) | 23.36% | 15.69% | 15.99% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 15.04% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$28,592M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$172.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 15.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 12.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 5.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9 |
| Investment Companies | 0.2 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (0.2) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350083.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.

The Fund's net expense ratio materially changed from the prior fiscal year due to an increase in the Fund's advisory fee rate, which adjusts up or down based on the Fund's performance relative to the Russell 1000<sup>®</sup> Growth Index.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70888S 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Research Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class T Shares:JAMRX
This annual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 Research Fund<br>(Class T Shares/JAMRX) | $105 | 0.94% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Research Fund Class T Shares returned 23.70%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 25.53%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.60%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Growth Index was lifted by an overweight position in Broadcom, a supplier of semiconductors and infrastructure software solutions. Broadcom continued to execute well while exceeding its second-quarter earnings targets. It also raised guidance, with management indicating a material acceleration in artificial intelligence (AI) revenue growth, driven by new orders and its relationships with companies such as OpenAI and Google. Howmet Aerospace was another contributor. The specialized aircraft components maker delivered robust earnings growth, as the business benefited from a cyclical aerospace recovery and higher aftermarket demand. Howmet has also seen higher demand for its industrial gas turbines to support the power generation needs of AI infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Growth Index was hindered by underweight positions in several stocks that were strong contributors to Index returns, but where we had concerns about valuations or fundamentals. Among Fund holdings, healthcare products company Procter & Gamble (P&G) was a relative detractor. The stock declined on investor concerns over the impact of higher commodity prices, tariffs, and softer consumer demand on revenue growth and margins. We believe P&G remains positioned for long-term growth because of its strong brand portfolio and investments in innovation. TFI International, another relative detractor, provides freight and logistics services. Shares underperformed as the business faced macroeconomic headwinds and integration challenges tied to its acquisition of UPS Freight.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_350102.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Research Fund (Class T Shares/JAMRX) | 23.70% | 16.01% | 16.31% |
| Russell 1000<sup>®</sup> Index | 17.75% | 15.99% | 15.04% |
| Russell 1000<sup>®</sup> Growth Index | 25.53% | 17.58% | 18.83% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$28,592M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$172.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 15.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 12.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 5.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9 |
| Investment Companies | 0.2 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (0.2) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_350109.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

Effective February 19, 2025, the Fund is classified as nondiversified, which allows it to hold larger positions in more securities compared to a fund that is classified as diversified.

The Fund's net expense ratio materially changed from the prior fiscal year due to an increase in the Fund's advisory fee rate, which adjusts up or down based on the Fund's performance relative to the Russell 1000<sup>®</sup> Growth Index.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70889T 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Triton Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class A Shares:JGMAX
This annual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Triton Fund<br>(Class A Shares/JGMAX) | $114 | 1.12% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Triton Fund Class A Shares returned 3.04%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell 2500™ Growth Index, returned 12.62%. Its additional benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.56%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 2500 Growth Index benefited from a position in OSI Systems, a provider of electronics-enabled, security-related services such as baggage screening. OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment for hyperscalers and large technology companies. This business has been very profitable for Flex, and we believe the company is positioned to benefit from investments in artificial intelligence (AI).

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 2500 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte's broader development pipeline.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_349552.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Triton Fund (Class A Shares/JGMAX) at NAV | 3.04% | 6.62% | 9.35% |
| Janus Henderson Triton Fund (Class A Shares/JGMAX) at Maximum Offering Price - 5.75% | (2.88)% | 5.37% | 8.71% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2500™ Growth Index | 12.62% | 7.76% | 10.93% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,613M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$38.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies Inc | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 2.3 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.3 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.4 |
| Private Placements | 0.6 |
| Investment Companies | 0.2 |
| OTC Purchased Options – Calls | 0.0 |
| Other | (1.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_349558.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70890A 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Triton Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class C Shares:JGMCX
This annual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Triton Fund<br>(Class C Shares/JGMCX) | $170 | 1.68% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Triton Fund Class C Shares returned 2.44%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell 2500™ Growth Index, returned 12.62%. Its additional benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.56%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 2500 Growth Index benefited from a position in OSI Systems, a provider of electronics-enabled, security-related services such as baggage screening. OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment for hyperscalers and large technology companies. This business has been very profitable for Flex, and we believe the company is positioned to benefit from investments in artificial intelligence (AI).

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 2500 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte's broader development pipeline.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_349577.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Triton Fund (Class C Shares/JGMCX) at NAV | 2.44% | 6.06% | 8.74% |
| Janus Henderson Triton Fund (Class C Shares/JGMCX) with Contingent Deferred Sales Charge | 1.50%\* | 6.06% | 8.74% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2500™ Growth Index | 12.62% | 7.76% | 10.93% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |

---

<sup>\*</sup> Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,613M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$38.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies Inc | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 2.3 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.3 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.4 |
| Private Placements | 0.6 |
| Investment Companies | 0.2 |
| OTC Purchased Options – Calls | 0.0 |
| Other | (1.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_349584.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70891C 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Triton Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class D Shares:JANIX
This annual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Triton Fund<br>(Class D Shares/JANIX) | $80 | 0.79% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Triton Fund Class D Shares returned 3.39%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell 2500™ Growth Index, returned 12.62%. Its additional benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.56%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 2500 Growth Index benefited from a position in OSI Systems, a provider of electronics-enabled, security-related services such as baggage screening. OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment for hyperscalers and large technology companies. This business has been very profitable for Flex, and we believe the company is positioned to benefit from investments in artificial intelligence (AI).

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 2500 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte's broader development pipeline.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_349602.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Triton Fund (Class D Shares/JANIX) | 3.39% | 6.97% | 9.70% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2500™ Growth Index | 12.62% | 7.76% | 10.93% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,613M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$38.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies Inc | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 2.3 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.3 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.4 |
| Private Placements | 0.6 |
| Investment Companies | 0.2 |
| OTC Purchased Options – Calls | 0.0 |
| Other | (1.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_349609.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1791.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 225-65-70892D 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Triton Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class I Shares:JSMGX
This annual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Triton Fund<br>(Class I Shares/JSMGX) | $79 | 0.78% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Triton Fund Class I Shares returned 3.38%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell 2500™ Growth Index, returned 12.62%. Its additional benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.56%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 2500 Growth Index benefited from a position in OSI Systems, a provider of electronics-enabled, security-related services such as baggage screening. OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment for hyperscalers and large technology companies. This business has been very profitable for Flex, and we believe the company is positioned to benefit from investments in artificial intelligence (AI).

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 2500 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte's broader development pipeline.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_349627.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Triton Fund (Class I Shares/JSMGX) | 3.38% | 7.00% | 9.74% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2500™ Growth Index | 12.62% | 7.76% | 10.93% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,613M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$38.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies Inc | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 2.3 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.3 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.4 |
| Private Placements | 0.6 |
| Investment Companies | 0.2 |
| OTC Purchased Options – Calls | 0.0 |
| Other | (1.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_349633.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70893I 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Triton Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class N Shares:JGMNX
This annual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Triton Fund<br>(Class N Shares/JGMNX) | $68 | 0.67% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Triton Fund Class N Shares returned 3.51%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell 2500™ Growth Index, returned 12.62%. Its additional benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.56%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 2500 Growth Index benefited from a position in OSI Systems, a provider of electronics-enabled, security-related services such as baggage screening. OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment for hyperscalers and large technology companies. This business has been very profitable for Flex, and we believe the company is positioned to benefit from investments in artificial intelligence (AI).

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 2500 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte's broader development pipeline.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_349652.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Triton Fund (Class N Shares/JGMNX) | 3.51% | 7.11% | 9.85% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2500™ Growth Index | 12.62% | 7.76% | 10.93% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,613M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$38.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies Inc | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 2.3 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.3 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.4 |
| Private Placements | 0.6 |
| Investment Companies | 0.2 |
| OTC Purchased Options – Calls | 0.0 |
| Other | (1.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_349659.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70894N 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Triton Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class R Shares:JGMRX
This annual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Triton Fund<br>(Class R Shares/JGMRX) | $143 | 1.41% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Triton Fund Class R Shares returned 2.73%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell 2500™ Growth Index, returned 12.62%. Its additional benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.56%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 2500 Growth Index benefited from a position in OSI Systems, a provider of electronics-enabled, security-related services such as baggage screening. OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment for hyperscalers and large technology companies. This business has been very profitable for Flex, and we believe the company is positioned to benefit from investments in artificial intelligence (AI).

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 2500 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte's broader development pipeline.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_349677.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Triton Fund (Class R Shares/JGMRX) | 2.73% | 6.31% | 9.04% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2500™ Growth Index | 12.62% | 7.76% | 10.93% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,613M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$38.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies Inc | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 2.3 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.3 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.4 |
| Private Placements | 0.6 |
| Investment Companies | 0.2 |
| OTC Purchased Options – Calls | 0.0 |
| Other | (1.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_349684.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70895R 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Triton Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class S Shares:JGMIX
This annual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Triton Fund<br>(Class S Shares/JGMIX) | $118 | 1.16% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Triton Fund Class S Shares returned 3.02%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell 2500™ Growth Index, returned 12.62%. Its additional benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.56%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 2500 Growth Index benefited from a position in OSI Systems, a provider of electronics-enabled, security-related services such as baggage screening. OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment for hyperscalers and large technology companies. This business has been very profitable for Flex, and we believe the company is positioned to benefit from investments in artificial intelligence (AI).

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 2500 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte's broader development pipeline.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_349702.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Triton Fund (Class S Shares/JGMIX) | 3.02% | 6.58% | 9.31% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2500™ Growth Index | 12.62% | 7.76% | 10.93% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,613M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$38.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies Inc | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 2.3 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.3 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.4 |
| Private Placements | 0.6 |
| Investment Companies | 0.2 |
| OTC Purchased Options – Calls | 0.0 |
| Other | (1.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_349708.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70896S 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Triton Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class T Shares:JATTX
This annual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Triton Fund<br>(Class T Shares/JATTX) | $92 | 0.91% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Triton Fund Class T Shares returned 3.24%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell 2500™ Growth Index, returned 12.62%. Its additional benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.56%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 2500 Growth Index benefited from a position in OSI Systems, a provider of electronics-enabled, security-related services such as baggage screening. OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security. Diversified electronics manufacturer Flex, another relative contributor, has become a critical enabler of the data center buildout by producing customized power and cooling equipment for hyperscalers and large technology companies. This business has been very profitable for Flex, and we believe the company is positioned to benefit from investments in artificial intelligence (AI).

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 2500 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte's broader development pipeline.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_349727.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Triton Fund (Class T Shares/JATTX) | 3.24% | 6.84% | 9.58% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2500™ Growth Index | 12.62% | 7.76% | 10.93% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,613M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$38.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies Inc | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 2.3 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.3 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.4 |
| Private Placements | 0.6 |
| Investment Companies | 0.2 |
| OTC Purchased Options – Calls | 0.0 |
| Other | (1.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_349733.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70897T 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson U.S. Dividend Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class D Shares:JDDVX
This annual shareholder report contains important information about the Janus Henderson U.S. Dividend Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 U.S. Dividend Income Fund<br>(Class D Shares/JDDVX) | $89 | 0.83% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson U.S. Dividend Income Fund Class D Shares returned 14.60%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Value Index, returned 9.44%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Value Index was supported by a position in Broadcom, a leading developer of custom artificial intelligence (AI) chips that have seen growing industry demand. Broadcom has also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Value Index was hindered by a position in UnitedHealth Group, as the health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture also detracted. The company experienced moderating organic growth as government-related business contracted due to federal spending cuts and IT budgets shifted from traditional consulting toward AI investments. This shift compressed Accenture's stock valuation.

#### Total return based on a $10,000 investment
December 20, 2022, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351052.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception** |
| Janus Henderson U.S. Dividend Income Fund (Class D Shares/JDDVX) | 14.60% | 13.34% |
| Russell 1000<sup>®</sup> Index | 17.75% | 23.94% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 14.11% |
| S&P 500<sup>®</sup> Dividend Aristocrats Index | (1.09)% | 7.77% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$55M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$0.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International Inc | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 99.7 <br> Investment Companies 0.4 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351058.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

Effective January 28, 2025, the Fund's contractual limit on total annual operating expense changed from 0.75% to 0.68%. The cap excludes shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses.

Where can I find more information?

![QR Code - Individual Investor](images_1791.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 225-65-70898D 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson U.S. Dividend Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class I Shares:JIDVX
This annual shareholder report contains important information about the Janus Henderson U.S. Dividend Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 U.S. Dividend Income Fund<br>(Class I Shares/JIDVX) | $81 | 0.75% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson U.S. Dividend Income Fund Class I Shares returned 14.79%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Value Index, returned 9.44%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Value Index was supported by a position in Broadcom, a leading developer of custom artificial intelligence (AI) chips that have seen growing industry demand. Broadcom has also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Value Index was hindered by a position in UnitedHealth Group, as the health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture also detracted. The company experienced moderating organic growth as government-related business contracted due to federal spending cuts and IT budgets shifted from traditional consulting toward AI investments. This shift compressed Accenture's stock valuation.

#### Total return based on a $10,000 investment
December 20, 2022, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351077.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception** |
| Janus Henderson U.S. Dividend Income Fund (Class I Shares/JIDVX) | 14.79% | 13.46% |
| Russell 1000<sup>®</sup> Index | 17.75% | 23.94% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 14.11% |
| S&P 500<sup>®</sup> Dividend Aristocrats Index | (1.09)% | 7.77% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$55M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$0.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International Inc | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 99.7 <br> Investment Companies 0.4 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351084.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

Effective January 28, 2025, the Fund's contractual limit on total annual operating expense changed from 0.75% to 0.68%. The cap excludes 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.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70899I 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson U.S. Dividend Income Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class N Shares:JNDVX
This annual shareholder report contains important information about the Janus Henderson U.S. Dividend Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the costs for the year?
*(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 U.S. Dividend Income Fund<br>(Class N Shares/JNDVX) | $75 | 0.70% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson U.S. Dividend Income Fund Class N Shares returned 14.72%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.75%. Its performance benchmark, the Russell 1000<sup>®</sup> Value Index, returned 9.44%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 1000 Value Index was supported by a position in Broadcom, a leading developer of custom artificial intelligence (AI) chips that have seen growing industry demand. Broadcom has also executed well on its software acquisitions, and its analog chip business started to recover from post-COVID inventory issues. Amphenol was another top contributor. The cabling and connector company's networking business has expanded significantly, driven by AI capacity growth. The company is a key supplier of connectors for NVIDIA chips and servers. It also completed several high-return acquisitions that could be accretive to earnings.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 1000 Value Index was hindered by a position in UnitedHealth Group, as the health insurer faced business headwinds because of high healthcare costs and stronger-than-anticipated Medicare Advantage demand. The company's Optum Health unit also came under pressure as patients required more intensive care, partly due to ongoing Medicare funding cuts. Consulting firm Accenture also detracted. The company experienced moderating organic growth as government-related business contracted due to federal spending cuts and IT budgets shifted from traditional consulting toward AI investments. This shift compressed Accenture's stock valuation.

#### Total return based on a $10,000 investment
December 20, 2022, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351102.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception** |
| Janus Henderson U.S. Dividend Income Fund (Class N Shares/JNDVX) | 14.72% | 13.44% |
| Russell 1000<sup>®</sup> Index | 17.75% | 23.94% |
| Russell 1000<sup>®</sup> Value Index | 9.44% | 14.11% |
| S&P 500<sup>®</sup> Dividend Aristocrats Index | (1.09)% | 7.77% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$55M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$0.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International Inc | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 99.7 <br> Investment Companies 0.4 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351108.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Fund since September 30, 2024.

Effective January 28, 2025, the Fund's contractual limit on total annual operating expense changed from 0.75% to 0.68%. The cap excludes 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.

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70900N 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Venture Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class A Shares:JVTAX
This annual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Venture Fund<br>(Class A Shares/JVTAX) | $107 | 1.04% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Venture Fund Class A Shares returned 5.38%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.56%. Its additional benchmark, the Russell 2000<sup>®</sup> Index, returned 10.76%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 2000 Growth Index benefited from an overweight position in Stride, an education technology company that provides a remote learning platform for K-12 education and professional training and recertification. After reporting strong enrollment growth for its education platform, Stride continued to attract additional students over the course of the academic year while maintaining high retention rates. OSI Systems, another contributor, provides electronics-enabled, security-related services such as baggage screening. Given its high market share, OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security that led to a large order backlog.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 2000 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed the valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte's broader development pipeline.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351127.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Venture Fund (Class A Shares/JVTAX) at NAV | 5.38% | 7.58% | 9.69% |
| Janus Henderson Venture Fund (Class A Shares/JVTAX) at Maximum Offering Price - 5.75% | (0.68)% | 6.31% | 9.04% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,207M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$20.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Stride Inc | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp Inc/The | 1.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.3 |
| Investment Companies | 1.2 |
| Private Placements | 1 |
| OTC Purchased Options – Calls | 0 |
| Convertible Corporate Bonds | 0 |
| Other | (1.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351133.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70901A 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Venture Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class C Shares:JVTCX
This annual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Venture Fund<br>(Class C Shares/JVTCX) | $191 | 1.87% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Venture Fund Class C Shares returned 4.51%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.56%. Its additional benchmark, the Russell 2000<sup>®</sup> Index, returned 10.76%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 2000 Growth Index benefited from an overweight position in Stride, an education technology company that provides a remote learning platform for K-12 education and professional training and recertification. After reporting strong enrollment growth for its education platform, Stride continued to attract additional students over the course of the academic year while maintaining high retention rates. OSI Systems, another contributor, provides electronics-enabled, security-related services such as baggage screening. Given its high market share, OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security that led to a large order backlog.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 2000 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed the valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte's broader development pipeline.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351152.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Venture Fund (Class C Shares/JVTCX) at NAV | 4.51% | 6.74% | 8.87% |
| Janus Henderson Venture Fund (Class C Shares/JVTCX) with Contingent Deferred Sales Charge | 3.54%\* | 6.74% | 8.87% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

<sup>\*</sup> Returns include a 1% contingent deferred sales charge on Shares redeemed within 12 months of purchase.

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,207M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$20.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Stride Inc | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp Inc/The | 1.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.3 |
| Investment Companies | 1.2 |
| Private Placements | 1 |
| OTC Purchased Options – Calls | 0 |
| Convertible Corporate Bonds | 0 |
| Other | (1.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351159.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70902C 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Venture Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class D Shares:JANVX
This annual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Venture Fund<br>(Class D Shares/JANVX) | $81 | 0.79% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Venture Fund Class D Shares returned 5.64%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.56%. Its additional benchmark, the Russell 2000<sup>®</sup> Index, returned 10.76%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 2000 Growth Index benefited from an overweight position in Stride, an education technology company that provides a remote learning platform for K-12 education and professional training and recertification. After reporting strong enrollment growth for its education platform, Stride continued to attract additional students over the course of the academic year while maintaining high retention rates. OSI Systems, another contributor, provides electronics-enabled, security-related services such as baggage screening. Given its high market share, OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security that led to a large order backlog.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 2000 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed the valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte's broader development pipeline.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351177.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Venture Fund (Class D Shares/JANVX) | 5.64% | 7.82% | 9.94% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/reports for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,207M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$20.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Stride Inc | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp Inc/The | 1.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.3 |
| Investment Companies | 1.2 |
| Private Placements | 1 |
| OTC Purchased Options – Calls | 0 |
| Convertible Corporate Bonds | 0 |
| Other | (1.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351184.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1791.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 225-65-70903D 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Venture Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class I Shares:JVTIX
This annual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Venture Fund<br>(Class I Shares/JVTIX) | $79 | 0.77% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Venture Fund Class I Shares returned 5.67%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.56%. Its additional benchmark, the Russell 2000<sup>®</sup> Index, returned 10.76%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 2000 Growth Index benefited from an overweight position in Stride, an education technology company that provides a remote learning platform for K-12 education and professional training and recertification. After reporting strong enrollment growth for its education platform, Stride continued to attract additional students over the course of the academic year while maintaining high retention rates. OSI Systems, another contributor, provides electronics-enabled, security-related services such as baggage screening. Given its high market share, OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security that led to a large order backlog.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 2000 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed the valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte's broader development pipeline.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351202.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Venture Fund (Class I Shares/JVTIX) | 5.67% | 7.85% | 9.98% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,207M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$20.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Stride Inc | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp Inc/The | 1.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.3 |
| Investment Companies | 1.2 |
| Private Placements | 1 |
| OTC Purchased Options – Calls | 0 |
| Convertible Corporate Bonds | 0 |
| Other | (1.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351208.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70904I 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Venture Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class N Shares:JVTNX
This annual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Venture Fund<br>(Class N Shares/JVTNX) | $69 | 0.67% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Venture Fund Class N Shares returned 5.76%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.56%. Its additional benchmark, the Russell 2000<sup>®</sup> Index, returned 10.76%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 2000 Growth Index benefited from an overweight position in Stride, an education technology company that provides a remote learning platform for K-12 education and professional training and recertification. After reporting strong enrollment growth for its education platform, Stride continued to attract additional students over the course of the academic year while maintaining high retention rates. OSI Systems, another contributor, provides electronics-enabled, security-related services such as baggage screening. Given its high market share, OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security that led to a large order backlog.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 2000 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed the valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte's broader development pipeline.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351227.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Venture Fund (Class N Shares/JVTNX) | 5.76% | 7.95% | 10.08% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,207M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$20.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Stride Inc | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp Inc/The | 1.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.3 |
| Investment Companies | 1.2 |
| Private Placements | 1 |
| OTC Purchased Options – Calls | 0 |
| Convertible Corporate Bonds | 0 |
| Other | (1.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351234.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70905N 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Venture Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class S Shares:JVTSX
This annual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Venture Fund<br>(Class S Shares/JVTSX) | $121 | 1.18% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Venture Fund Class S Shares returned 5.23%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.56%. Its additional benchmark, the Russell 2000<sup>®</sup> Index, returned 10.76%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 2000 Growth Index benefited from an overweight position in Stride, an education technology company that provides a remote learning platform for K-12 education and professional training and recertification. After reporting strong enrollment growth for its education platform, Stride continued to attract additional students over the course of the academic year while maintaining high retention rates. OSI Systems, another contributor, provides electronics-enabled, security-related services such as baggage screening. Given its high market share, OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security that led to a large order backlog.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 2000 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed the valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte's broader development pipeline.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351252.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Venture Fund (Class S Shares/JVTSX) | 5.23% | 7.41% | 9.53% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,207M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$20.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Stride Inc | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp Inc/The | 1.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.3 |
| Investment Companies | 1.2 |
| Private Placements | 1 |
| OTC Purchased Options – Calls | 0 |
| Convertible Corporate Bonds | 0 |
| Other | (1.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351259.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70906S 11-25

![TSR Front Cover Logo](images_1789.jpg)

#### Janus Henderson Venture Fund

#### ANNUAL SHAREHOLDER REPORT

#### September 30, 2025

#### Class T Shares:JAVTX
This annual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 year?
*(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 Venture Fund<br>(Class T Shares/JAVTX) | $92 | 0.90% |

---

#### What impacted Fund performance over the reporting period?
For the 12-month period ended September 30, 2025, the Janus Henderson Venture Fund Class T Shares returned 5.53%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.41%. Its performance benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.56%. Its additional benchmark, the Russell 2000<sup>®</sup> Index, returned 10.76%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Performance relative to the Russell 2000 Growth Index benefited from an overweight position in Stride, an education technology company that provides a remote learning platform for K-12 education and professional training and recertification. After reporting strong enrollment growth for its education platform, Stride continued to attract additional students over the course of the academic year while maintaining high retention rates. OSI Systems, another contributor, provides electronics-enabled, security-related services such as baggage screening. Given its high market share, OSI has been a strong beneficiary of increased government spending in this area, and it signed several large contracts in port and border security that led to a large order backlog.

#### TOP DETRACTORS FROM PERFORMANCE
Performance relative to the Russell 2000 Growth Index was hindered by a lack of exposure to several stocks that were strong performers for the Index, but where we believed the valuations were not supported by fundamentals. Among Fund holdings, healthcare company Lantheus Holdings was a relative detractor after reporting disappointing earnings. It also lowered full-year guidance, reflecting competitive and pricing challenges for its core prostate cancer imaging product. We saw these as short-term issues and remained invested. Vaxcyte, another detractor, is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares faced headwinds after clinical trial results sparked fears that the vaccine may not meet the market's elevated expectations. We continue to see long-term potential around the vaccine and Vaxcyte's broader development pipeline.

#### Total return based on a $10,000 investment
September 30, 2015, through September 30, 2025

![Fund Performance - Growth of 10K](chartimages_351277.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson Venture Fund (Class T Shares/JAVTX) | 5.53% | 7.70% | 9.82% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

**Keep in mind that the Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund's performance may reflect the effects of expense waivers.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,207M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$20.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Stride Inc | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp Inc/The | 1.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.3 |
| Investment Companies | 1.2 |
| Private Placements | 1 |
| OTC Purchased Options – Calls | 0 |
| Convertible Corporate Bonds | 0 |
| Other | (1.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_351283.jpg)

Where can I find more information?

![QR Code - Advisor](images_1790.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 125-65-70907T 11-25

------

Item 2 - Code of Ethics

Code of Ethics

(a) As of the end of the period covered by this report, the Registrant has adopted the Fund Code of Ethics for Principal Executive Officer and Senior Financial Officers that applies to the Registrant's Principal Executive Officer and Principal Financial Officer; the Registrant's Principal Financial Officer also serves as the Principal Accounting Officer (the ("code of ethics").

(c) There was no amendment to the Registrant's code of ethics described in Item 2(a) above during the period covered by the report.

(d) There was no waiver granted, either actual or implicit, from a provision to the Registrant's code of ethics described in Item 2(a) above during the period covered by the report.

(e) Not applicable.

(f)(3) The Registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the Registrant at 1-877-335-2687, and ask for a copy of the Fund Code of Ethics for Principal Executive Officer and Senior Financial Officers.

------

Item 3 - Audit Committee Financial Expert

The Registrant's Board of Trustees has determined that the following members of the Board's Audit Committee are "audit committee financial experts," as defined in Item 3 to Form N-CSR: Gary A. Poliner, Diane L. Wallace, Cheryl D. Alston, and Dominic Jansenns who are each "independent" under the standards set forth in Item 3 to Form N-CSR.

------

Item 4 - Principal Accountant Fees and Services

Janus Investment Fund (the "Trust"), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end investment company, offers 34 funds which include multiple series of shares with differing investment objectives and policies. The funds comprising the Trust have differing fiscal year ends (June 30 and September 30). This Form N-CSR relates to funds with September 30 fiscal year ends (the "Funds").

(a) Audit Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds' annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $989,752 in the fiscal year ended 2025 and $1,011,328 in the fiscal year ended 2024.

(b) Audit-Related Fees

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Funds' financial statements and are not reported under paragraph (a) of this Item were $0 in the fiscal year ended 2025 and $0 in the fiscal year ended 2024.

(c) Tax Fees

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $246,562 in the fiscal year ended 2025 and $252,651 in the fiscal year ended 2024.

The nature of the services comprising the fees disclosed under this category includes tax compliance, tax planning, tax advice, and corporate actions review.

(d) All Other Fees

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $0 in the fiscal year ended 2025 and $0 in the fiscal year ended 2024.

(e) (1) The Registrant's Audit Committee Charter requires the Registrant's Audit Committee to pre-approve any engagement of the principal accountant (i) to provide audit or non-audit services to the Registrant or (ii) to provide non-audit services to the Registrant's investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X. The Chairman of the Audit Committee or, if the Chairman is unavailable, another member of the Audit Committee who is an independent Trustee, may grant the pre-approval. All such delegated pre-approvals must be presented to the Audit Committee no later than the next Audit Committee meeting.

(2) No services described in paragraphs (b) through (d) of this Item were approved by the Registrant's audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable as less than 50%

(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant were $246,562 in the fiscal year ended 2025 and $252,651 in the fiscal year ended 2024.

(h) The Registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

------

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

------

ANNUAL FINANCIAL STATEMENTS

September 30, 2025

**Janus Henderson Balanced Fund**

Janus Investment Fund

![](img90aa816f1.gif)

------

**Table of Contents**

**Janus Henderson Balanced Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_64bf6653-0bc4-450c-bb19-20f44ac6f950_SOI-SOI-RunningFooter-45_1)<br> [Management Investment Companies](#xx_64bf6653-0bc4-450c-bb19-20f44ac6f950_SOI-SOI-RunningFooter-45_1)<br>|  |
| [Schedule of Investments](#xx_64bf6653-0bc4-450c-bb19-20f44ac6f950_SOI-SOI-RunningFooter-45_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_64bf6653-0bc4-450c-bb19-20f44ac6f950_SOI-SOI-RunningFooter-45_21) | 21 |
| [Statement of Assets and Liabilities](#xx_64bf6653-0bc4-450c-bb19-20f44ac6f950_SAL-SAL-RunningFooter-45_1) | 23 |
| [Statement of Operations](#xx_64bf6653-0bc4-450c-bb19-20f44ac6f950_SOP-SOP-RunningFooter-45_1) | 25 |
| [Statements of Changes in Net Assets](#xx_64bf6653-0bc4-450c-bb19-20f44ac6f950_SOC-SOC-RunningFooter-45_1) | 26 |
| [Financial Highlights](#xx_64bf6653-0bc4-450c-bb19-20f44ac6f950_FIHI-FIHI-RunningFooter-45_1) | 27 |
| [Notes to Financial Statements](#xx_64bf6653-0bc4-450c-bb19-20f44ac6f950_NTF-NTF-RunningFooter-45_1) | 35 |
| [Report of Independent Registered Public Accounting Firm](#xx_64bf6653-0bc4-450c-bb19-20f44ac6f950_AUD-AR-RunningFooter-45_1) | 50 |
| [Designation Requirements](#xx_64bf6653-0bc4-450c-bb19-20f44ac6f950_DR-DR-RunningFooter-45_1) | 51 |
| [Items 8-11 - Additional Information](#xx_64bf6653-0bc4-450c-bb19-20f44ac6f950_AI-AI-RunningFooter-45_1) | 52 |

---

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – 11.3% |  |  |
| 208 Park Avenue Mortgage Trust 2017-280P, CME Term SOFR 1 Month + <br> 1.1800%, 5.3980%, 9/15/34<sup>ž,</sup><sup>‡</sup> <br>| $11417538 | $11323041 |
| A&D Mortgage Trust 2024-NQM5 A1, 5.6990%, 11/25/69<sup>ž</sup> <br>| 8447401 | 8490217 |
| AGL CLO 1 Ltd 2023-26A A1R, CME Term SOFR 3 Month + 1.2800%, <br> 5.5550%, 10/21/38<sup>ž,</sup><sup>‡</sup> <br>| 39500000 | 39646513 |
| ALA Trust 2025-OANA A, CME Term SOFR 1 Month + 1.7426%, 5.8936%, <br> 6/15/40<sup>ž,</sup><sup>‡</sup> <br>| 40760000 | 40907736 |
| Angel Oak Mortgage Trust I LLC 2019-5, 2.5930%, 10/25/49<sup>ž,</sup><sup>‡</sup> <br>| 464679 | 458615 |
| 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>| 1261977 | 1241819 |
| 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>| 1646626 | 1587641 |
| Angel Oak Mortgage Trust I LLC 2024-5 A1, 4.9500%, 7/25/68<sup>ž,</sup><sup>Ç</sup> <br>| 22485251 | 22335896 |
| Angel Oak Mortgage Trust I LLC 2025-6 A1, 5.5150%, 4/25/70<sup>ž,</sup><sup>Ç</sup> <br>| 17940574 | 18089468 |
| Aqua Finance Trust 2021-A A, 1.5400%, 7/17/46<sup>ž</sup> <br>| 1985092 | 1833959 |
| ARES CLO Ltd 2019-53A A1R, CME Term SOFR 3 Month + 1.2800%, 5.5987%, <br> 10/24/36<sup>ž,</sup><sup>‡</sup> <br>| 29842000 | 29889025 |
| Arivo Acceptance Auto Loan Receivables 2022-1A A, 3.9300%, 5/15/28<sup>ž</sup> <br>| 96118 | 96057 |
| Babson CLO Ltd LP-5A A, CME Term SOFR 3 Month + 1.2200%, 5.5455%, <br> 1/22/35<sup>ž,</sup><sup>‡</sup> <br>| 24995203 | 25061833 |
| Bain Capital Credit CLO Ltd 2023-3A A1R, CME Term SOFR 3 Month + <br> 1.3100%, 5.5135%, 10/25/38<sup>ž,</sup><sup>‡</sup> <br>| 22259000 | 22332018 |
| Ballyrock Ltd 2020-14A A1BR, CME Term SOFR 3 Month + 1.5800%, 5.9055%, <br> 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 5292308 | 5313060 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR2 E, 1.2731%, <br> 7/27/50<sup>ž,</sup><sup>‡</sup> <br>| 6911000 | 5844690 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR3 E, 0.4898%, <br> 1/27/50<sup>ž,</sup><sup>‡</sup> <br>| 9329952 | 8349744 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR4 E, 1.1153%, <br> 11/27/48<sup>ž,</sup><sup>‡</sup> <br>| 2077000 | 2028600 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR4 F, 1.0466%, <br> 11/27/48<sup>ž,</sup><sup>‡</sup> <br>| 4286000 | 4172984 |
| Bayview Opportunity Master Fund 2021-5 AF, US 30 Day Average SOFR + <br> 0.8500%, 5.0000%, 11/25/51<sup>ž,</sup><sup>‡</sup> <br>| 12882597 | 11983502 |
| Bayview Opportunity Master Fund 2022-2 A1, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 10057823 | 8695390 |
| Bayview Opportunity Master Fund VII 2025-EDU1 B, US 30 Day Average SOFR + <br> 1.7000%, 6.0333%, 7/27/48<sup>ž,</sup><sup>‡</sup> <br>| 6684000 | 6684000 |
| Benefit Street Partners CLO Ltd 2018-15A A1R, CME Term SOFR 3 Month + <br> 1.3900%, 5.7076%, 7/15/37<sup>ž,</sup><sup>‡</sup> <br>| 36066000 | 36173581 |
| 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>| 31619000 | 31713857 |
| BLP Commercial Mortgage Trust 2025-IND A, CME Term SOFR 1 Month + <br> 1.2000%, 5.3502%, 3/17/42<sup>ž,</sup><sup>‡</sup> <br>| 25528000 | 25447191 |
| BPR Trust 2023-BRK2 A, 7.1465%, 10/5/38<sup>ž,</sup><sup>‡</sup> <br>| 20831000 | 21907813 |
| BPR Trust 2024-PMDW A, 5.3580%, 11/5/41<sup>ž,</sup><sup>‡</sup> <br>| 28442928 | 28938489 |
| BPR Trust 2024-PMDW D, 5.8500%, 11/5/41<sup>ž,</sup><sup>‡</sup> <br>| 11000000 | 10817493 |
| BX Commercial Mortgage Trust 2019-OC11, 3.6050%, 12/9/41<sup>ž</sup> <br>| 2965000 | 2823366 |
| BX Commercial Mortgage Trust 2019-OC11, 3.8560%, 12/9/41<sup>ž</sup> <br>| 8218000 | 7820412 |
| BX Commercial Mortgage Trust 2021-LBA AJV, CME Term SOFR 1 Month + <br> 0.9145%, 5.0655%, 2/15/36<sup>ž,</sup><sup>‡</sup> <br>| 18764000 | 18744607 |
| BX Commercial Mortgage Trust 2021-LBA AV, CME Term SOFR 1 Month + <br> 0.9145%, 5.0655%, 2/15/36<sup>ž,</sup><sup>‡</sup> <br>| 14912300 | 14908757 |
| BX Commercial Mortgage Trust 2021-VOLT B, CME Term SOFR 1 Month + <br> 1.0645%, 5.2146%, 9/15/36<sup>ž,</sup><sup>‡</sup> <br>| 15447964 | 15398852 |
| BX Commercial Mortgage Trust 2021-VOLT D, CME Term SOFR 1 Month + <br> 1.7645%, 5.9146%, 9/15/36<sup>ž,</sup><sup>‡</sup> <br>| 16171679 | 16113136 |
| BX Commercial Mortgage Trust 2022-FOX2 A2, CME Term SOFR 1 Month + <br> 0.7492%, 4.8994%, 4/15/39<sup>ž,</sup><sup>‡</sup> <br>| 11330877 | 11308489 |
| BX Commercial Mortgage Trust 2024-AIR2 A, CME Term SOFR 1 Month + <br> 1.4923%, 5.6433%, 10/15/41<sup>ž,</sup><sup>‡</sup> <br>| 26045578 | 26083992 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| BX Commercial Mortgage Trust 2024-AIRC C, CME Term SOFR 1 Month + <br> 2.5900%, 6.7401%, 8/15/39<sup>ž,</sup><sup>‡</sup> <br>| $10845822 | $10872597 |
| BX Commercial Mortgage Trust 2024-BRBK A, CME Term SOFR 1 Month + <br> 2.8796%, 7.0266%, 10/15/41<sup>ž,</sup><sup>‡</sup> <br>| 29782657 | 29969628 |
| BX Commercial Mortgage Trust 2024-GPA3 A, CME Term SOFR 1 Month + <br> 1.2928%, 5.4430%, 12/15/39<sup>ž,</sup><sup>‡</sup> <br>| 15161566 | 15183369 |
| BX Commercial Mortgage Trust 2024-GPA3 B, CME Term SOFR 1 Month + <br> 1.6423%, 5.7925%, 12/15/39<sup>ž,</sup><sup>‡</sup> <br>| 10474624 | 10494344 |
| BX Commercial Mortgage Trust 2024-VLT4 A, CME Term SOFR 1 Month + <br> 1.4914%, 5.6416%, 6/17/41<sup>ž,</sup><sup>‡</sup> <br>| 24841746 | 24838587 |
| BX Commercial Mortgage Trust 2024-VLT5 A, 5.5908%, 11/13/46<sup>ž,</sup><sup>‡</sup> <br>| 33959000 | 34581044 |
| BX Commercial Mortgage Trust 2024-VLT5 B, 5.9949%, 11/13/46<sup>ž,</sup><sup>‡</sup> <br>| 7887000 | 8079575 |
| BX Commercial Mortgage Trust 2024-VLT5 C, 6.3984%, 11/13/46<sup>ž,</sup><sup>‡</sup> <br>| 4221000 | 4348536 |
| BX Commercial Mortgage Trust 2025-DIME A, CME Term SOFR 1 Month + <br> 1.1500%, 5.3002%, 2/15/35<sup>ž,</sup><sup>‡</sup> <br>| 25165000 | 25092345 |
| BX Commercial Mortgage Trust 2025-GW A, CME Term SOFR 1 Month + <br> 1.6000%, 5.7500%, 7/15/42<sup>ž,</sup><sup>‡</sup> <br>| 23236000 | 23284572 |
| BX Commercial Mortgage Trust 2025-ROIC A, CME Term SOFR 1 Month + <br> 1.1438%, 5.2940%, 3/15/30<sup>ž,</sup><sup>‡</sup> <br>| 31845797 | 31750063 |
| BX Commercial Mortgage Trust 2025-ROIC B, CME Term SOFR 1 Month + <br> 1.3935%, 5.5436%, 3/15/30<sup>ž,</sup><sup>‡</sup> <br>| 6968821 | 6943297 |
| BX Commercial Mortgage Trust 2025-SPOT A, CME Term SOFR 1 Month + <br> 1.4434%, 5.5935%, 4/16/40<sup>ž,</sup><sup>‡</sup> <br>| 12639873 | 12648795 |
| BX Commercial Mortgage Trust 2025-VLT7 A, CME Term SOFR 1 Month + <br> 1.7000%, 5.8502%, 7/15/44<sup>ž,</sup><sup>‡</sup> <br>| 49200000 | 49340250 |
| BXHPP Trust 2021-FILM A, CME Term SOFR 1 Month + 0.7645%, 4.9145%, <br> 8/15/36<sup>ž,</sup><sup>‡</sup> <br>| 5993000 | 5817054 |
| BXP Trust 2017-GM, 3.3790%, 6/13/39<sup>ž</sup> <br>| 4190000 | 4094265 |
| Carlyle Global Markets Strategies 2023-2A A1R, CME Term SOFR 3 Month + <br> 1.3200%, 5.6390%, 7/20/38<sup>ž,</sup><sup>‡</sup> <br>| 33655000 | 33765735 |
| CART 2024-DFW1 A, CME Term SOFR 1 Month + 1.6417%, 5.7919%, <br> 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 17061000 | 17022338 |
| CART 2024-DFW1 B, CME Term SOFR 1 Month + 2.2908%, 6.4410%, <br> 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 12544811 | 12759541 |
| CBAM CLO Management 2019-11RA A1, CME Term SOFR 3 Month + 1.4416%, <br> 5.7671%, 1/22/35<sup>ž,</sup><sup>‡</sup> <br>| 16984000 | 17016169 |
| CBAM CLO Management 2019-11RA B, CME Term SOFR 3 Month + 2.0116%, <br> 6.3371%, 1/22/35<sup>ž,</sup><sup>‡</sup> <br>| 6819244 | 6822653 |
| CBAMR Ltd 2018-5A A1R, CME Term SOFR 3 Month + 1.3400%, 5.4523%, <br> 10/18/38<sup>ž,</sup><sup>‡</sup> <br>| 16113000 | 16162435 |
| CF Hippolyta Issuer LLC 2020-1 A1, 1.6900%, 7/15/60<sup>ž</sup> <br>| 8548534 | 7365627 |
| CF Hippolyta Issuer LLC 2020-1 B1, 2.2800%, 7/15/60<sup>ž</sup> <br>| 818501 | 526512 |
| CF Hippolyta Issuer LLC 2021-1A A1, 1.5300%, 3/15/61<sup>ž</sup> <br>| 15794590 | 13079715 |
| CF Hippolyta Issuer LLC 2021-1A B1, 1.9800%, 3/15/61<sup>ž</sup> <br>| 5435902 | 3472017 |
| CF Hippolyta Issuer LLC 2022-1A A1, 5.9700%, 8/15/62<sup>ž</sup> <br>| 17510774 | 16908498 |
| CF Hippolyta Issuer LLC 2022-1A A2, 6.1100%, 8/15/62<sup>ž</sup> <br>| 49615786 | 46602505 |
| Chase Mortgage Finance Corp 2021-CL1 M1, US 30 Day Average SOFR + <br> 1.2000%, 5.5560%, 2/25/50<sup>ž,</sup><sup>‡</sup> <br>| 12532360 | 12370734 |
| 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>| 25667000 | 25759786 |
| COLT Funding LLC 2020-3, Refinitiv USD IBOR Consumer Cash Fallbacks 1 <br> Year + 1.2000%, 1.5060%, 4/27/65<sup>ž,</sup><sup>‡</sup> <br>| 157027 | 154722 |
| Compass Datacenters Issuer II LLC 2025-1A A1, 5.3160%, 5/25/50<sup>ž</sup> <br>| 40120000 | 40572915 |
| Compass Datacenters Issuer III LLC 2025-1A A2, 5.6560%, 2/25/50<sup>ž</sup> <br>| 21257000 | 21637362 |
| Compass Datacenters Issuer III LLC 2025-2A A2, 5.8350%, 2/25/50<sup>ž</sup> <br>| 13235000 | 13574650 |
| Connecticut Avenue Securities Trust 2021-R02 2M2, US 30 Day Average SOFR <br> + 2.0000%, 6.3560%, 11/25/41<sup>ž,</sup><sup>‡</sup> <br>| 30458568 | 30820906 |
| Connecticut Avenue Securities Trust 2021-R03 1M2, US 30 Day Average SOFR <br> + 1.6500%, 6.0060%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 11430000 | 11480957 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Connecticut Avenue Securities Trust 2022-R02 2M2, US 30 Day Average SOFR <br> + 3.0000%, 7.3560%, 1/27/42<sup>ž,</sup><sup>‡</sup> <br>| $12368000 | $12617859 |
| Connecticut Avenue Securities Trust 2022-R05 2M1, US 30 Day Average SOFR <br> + 1.9000%, 6.2560%, 4/25/42<sup>ž,</sup><sup>‡</sup> <br>| 2607979 | 2613517 |
| Connecticut Avenue Securities Trust 2022-R05 2M2, US 30 Day Average SOFR <br> + 3.0000%, 7.3560%, 4/25/42<sup>ž,</sup><sup>‡</sup> <br>| 9001000 | 9207199 |
| Connecticut Avenue Securities Trust 2022-R09 2M1, US 30 Day Average SOFR <br> + 2.5000%, 6.8560%, 9/25/42<sup>ž,</sup><sup>‡</sup> <br>| 9040497 | 9160365 |
| Connecticut Avenue Securities Trust 2023-R04 1M1, US 30 Day Average SOFR <br> + 2.3000%, 6.6560%, 5/25/43<sup>ž,</sup><sup>‡</sup> <br>| 9445729 | 9637205 |
| Connecticut Avenue Securities Trust 2023-R06 1M1, US 30 Day Average SOFR <br> + 1.7000%, 6.0560%, 7/27/43<sup>ž,</sup><sup>‡</sup> <br>| 6423846 | 6447269 |
| Connecticut Avenue Securities Trust 2023-R07 2M1, US 30 Day Average SOFR <br> + 1.9500%, 6.3060%, 9/25/43<sup>ž,</sup><sup>‡</sup> <br>| 2791200 | 2804843 |
| Connecticut Avenue Securities Trust 2023-R08 1M1, US 30 Day Average SOFR <br> + 1.5000%, 5.8560%, 10/26/43<sup>ž,</sup><sup>‡</sup> <br>| 5620800 | 5629351 |
| Connecticut Avenue Securities Trust 2024-R01 1M1, US 30 Day Average SOFR <br> + 1.0500%, 5.4060%, 1/25/44<sup>ž,</sup><sup>‡</sup> <br>| 5925096 | 5930956 |
| Connecticut Avenue Securities Trust 2024-R03 2M1, US 30 Day Average SOFR <br> + 1.1500%, 5.5060%, 3/25/44<sup>ž,</sup><sup>‡</sup> <br>| 3877595 | 3880422 |
| Connecticut Avenue Securities Trust 2024-R04 1M1, US 30 Day Average SOFR <br> + 1.1000%, 5.4560%, 5/25/44<sup>ž,</sup><sup>‡</sup> <br>| 4966705 | 4967834 |
| Connecticut Avenue Securities Trust 2024-R05 2M1, US 30 Day Average SOFR <br> + 1.0000%, 5.3560%, 7/25/44<sup>ž,</sup><sup>‡</sup> <br>| 2972994 | 2971692 |
| Connecticut Avenue Securities Trust 2025-R01 1M1, US 30 Day Average SOFR <br> + 1.1000%, 5.4560%, 1/25/45<sup>ž,</sup><sup>‡</sup> <br>| 3746764 | 3748312 |
| Connecticut Avenue Securities Trust 2025-R02 1M1, US 30 Day Average SOFR <br> + 1.1500%, 5.5060%, 2/27/45<sup>ž,</sup><sup>‡</sup> <br>| 7073516 | 7074667 |
| Connecticut Avenue Securities Trust 2025-R05 2M1, US 30 Day Average SOFR <br> + 1.2000%, 5.5560%, 7/25/45<sup>ž,</sup><sup>‡</sup> <br>| 10451979 | 10471892 |
| COOPR Residential Mortage Trust 2025-CES3 A1A, 4.8400%, 9/25/60<sup>ž,</sup><sup>Ç</sup> <br>| 14077000 | 14050966 |
| COOPR Residential Mortgage Trust 2025-CES2 A1A, 5.5020%, 6/25/60<sup>ž,</sup><sup>Ç</sup> <br>| 6032500 | 6086777 |
| CPF IV LLC / CP EF Asset Securitization LLC 2023-1A A, 7.4800%, 3/15/32<sup>ž</sup> <br>| 2868773 | 2895466 |
| CRB Securitization Trust 2023-1 A, 6.9600%, 10/20/33<sup>ž</sup> <br>| 176475 | 176678 |
| Croton Park CLO Ltd, CME Term SOFR 3 Month + 1.5600%, 5.8776%, <br> 10/15/36<sup>ž,</sup><sup>‡</sup> <br>| 16432000 | 16472155 |
| CyrusOne Data Centers Issuer I LLC 2023-1A B, 5.4500%, 4/20/48<sup>ž</sup> <br>| 4310447 | 4279939 |
| CyrusOne Data Centers Issuer I LLC 2023-2A A2, 5.5600%, 11/20/48<sup>ž</sup> <br>| 4357481 | 4402947 |
| CyrusOne Data Centers Issuer I LLC 2024-1A A2, 4.7600%, 3/22/49<sup>ž</sup> <br>| 9636018 | 9528178 |
| CyrusOne Data Centers Issuer I LLC 2024-2A A2, 4.5000%, 5/20/49<sup>ž</sup> <br>| 3413000 | 3357027 |
| CyrusOne Data Centers Issuer I LLC 2024-3A A2, 4.6500%, 5/20/49<sup>ž</sup> <br>| 33334000 | 32373172 |
| DATA Mortgage Trust 2024-CTR2 A, 5.4756%, 5/10/46<sup>ž,</sup><sup>‡</sup> <br>| 6852820 | 6906069 |
| DB Master Finance LLC 2017-1A A2II, 4.0300%, 11/20/47<sup>ž</sup> <br>| 5239200 | 5178045 |
| DB Master Finance LLC 2021-1A A23, 2.7910%, 11/20/51<sup>ž</sup> <br>| 3567025 | 3145727 |
| DB Master Finance LLC 2021-1A A2II, 2.4930%, 11/20/51<sup>ž</sup> <br>| 4686412 | 4420995 |
| Diamond Infrastructure Funding LLC 2021-1A A, 1.7600%, 4/15/49<sup>ž</sup> <br>| 17354000 | 16711072 |
| Ellington Financial Mortgage Trust 2025-CES1 A1A, 5.7260%, 1/25/60<sup>ž,</sup><sup>Ç</sup> <br>| 6533083 | 6608436 |
| Elmwood CLO X Ltd 2021-3A AR2, CME Term SOFR 3 Month + 1.3000%, <br> 5.5577%, 7/20/38<sup>ž,</sup><sup>‡</sup> <br>| 24120000 | 24192842 |
| Extended Stay America Trust 2021-ESH A, CME Term SOFR 1 Month + <br> 1.1945%, 5.3445%, 7/15/38<sup>ž,</sup><sup>‡</sup> <br>| 7672968 | 7667881 |
| Extended Stay America Trust 2025-ESH A, CME Term SOFR 1 Month + <br> 1.3000%, 5.4500%, 10/15/42<sup>ž,</sup><sup>‡</sup> <br>| 17117000 | 17100996 |
| Fannie Mae REMICS 2018-27 EA, 3.0000%, 5/25/48 | 5885223 | 5342523 |
| Fannie Mae REMICS 2019-71 P, 3.0000%, 11/25/49 | 8180733 | 7328932 |
| FIGRE Trust 2024-HE1 A, 6.1650%, 3/25/54<sup>ž,</sup><sup>‡</sup> <br>| 8540862 | 8770955 |
| FIGRE Trust 2024-HE2 A, 6.3800%, 5/25/54<sup>ž,</sup><sup>‡</sup> <br>| 8111604 | 8352574 |
| FIGRE Trust 2024-HE3 A, 5.9370%, 7/25/54<sup>ž,</sup><sup>‡</sup> <br>| 5557934 | 5679548 |
| FIGRE Trust 2024-HE4 A, 5.0560%, 9/25/54<sup>ž,</sup><sup>‡</sup> <br>| 10466845 | 10528512 |
| FIGRE Trust 2025-HE2 A, 5.7750%, 3/25/55<sup>ž,</sup><sup>‡</sup> <br>| 11683422 | 11897625 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| FIGRE Trust 2025-HE3 A, 5.5600%, 5/25/55<sup>ž,</sup><sup>‡</sup> <br>| $13023918 | $13205300 |
| FIGRE Trust 2025-HE4 A, 5.4080%, 7/25/55<sup>ž,</sup><sup>‡</sup> <br>| 8400755 | 8494524 |
| FIGRE Trust 2025-HE5 A, 5.2850%, 8/25/55<sup>ž,</sup><sup>‡</sup> <br>| 9072093 | 9153266 |
| Finance of America Structured Securities Trust 2025-S1 A1, 3.5000%, 2/25/75<sup>ž</sup> <br>| 9948783 | 9614809 |
| Flagstar Mortgage Trust 2021-13IN A2, 3.0000%, 12/30/51<sup>ž,</sup><sup>‡</sup> <br>| 17471987 | 15086945 |
| Freddie Mac - SLST 2020-2 M1, 4.7500%, 9/25/60<sup>ž,</sup><sup>‡</sup> <br>| 2343902 | 2329481 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA6 M2, US <br> 30 Day Average SOFR + 1.5000%, 5.8560%, 10/25/41<sup>ž,</sup><sup>‡</sup> <br>| 4226811 | 4239820 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 M1, US <br> 30 Day Average SOFR + 0.8500%, 5.2060%, 11/25/41<sup>ž,</sup><sup>‡</sup> <br>| 2658491 | 2656357 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA3 M2, US <br> 30 Day Average SOFR + 2.1000%, 6.4560%, 9/25/41<sup>ž,</sup><sup>‡</sup> <br>| 5220531 | 5250372 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA4 M1, US <br> 30 Day Average SOFR + 0.9500%, 5.3060%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 12890380 | 12889945 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA4 M2, US <br> 30 Day Average SOFR + 2.3500%, 6.7060%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 6594891 | 6660418 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 M1A, US <br> 30 Day Average SOFR + 1.3000%, 5.6560%, 2/25/42<sup>ž,</sup><sup>‡</sup> <br>| 1306903 | 1307316 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA1 M1A, US <br> 30 Day Average SOFR + 2.1000%, 6.4560%, 3/25/42<sup>ž,</sup><sup>‡</sup> <br>| 2089057 | 2097610 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA3 M1A, US <br> 30 Day Average SOFR + 2.3000%, 6.6560%, 8/25/42<sup>ž,</sup><sup>‡</sup> <br>| 3810708 | 3876604 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A, US <br> 30 Day Average SOFR + 2.1000%, 6.4480%, 4/27/43<sup>ž,</sup><sup>‡</sup> <br>| 4009966 | 4065676 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA2 M1A, US <br> 30 Day Average SOFR + 2.0000%, 6.3560%, 6/25/43<sup>ž,</sup><sup>‡</sup> <br>| 554980 | 556441 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 M1, US <br> 30 Day Average SOFR + 1.8500%, 6.2060%, 11/25/43<sup>ž,</sup><sup>‡</sup> <br>| 5638569 | 5661909 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA2 M1, US <br> 30 Day Average SOFR + 1.2000%, 5.5560%, 5/25/44<sup>ž,</sup><sup>‡</sup> <br>| 9642261 | 9648280 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA3 M1, US <br> 30 Day Average SOFR + 1.0000%, 5.3560%, 10/25/44<sup>ž,</sup><sup>‡</sup> <br>| 2432469 | 2431329 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA1 M1, US <br> 30 Day Average SOFR + 1.0500%, 5.4060%, 1/25/45<sup>ž,</sup><sup>‡</sup> <br>| 7275343 | 7275772 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA2 M1, US <br> 30 Day Average SOFR + 1.2000%, 5.5560%, 5/25/45<sup>ž,</sup><sup>‡</sup> <br>| 4633917 | 4636125 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA3 M1, US <br> 30 Day Average SOFR + 1.1000%, 5.4704%, 9/25/45<sup>ž,</sup><sup>‡</sup> <br>| 5605000 | 5605132 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-HQA1 M1, US <br> 30 Day Average SOFR + 1.1500%, 5.5060%, 2/27/45<sup>ž,</sup><sup>‡</sup> <br>| 17944258 | 17943805 |
| FREMF Mortgage Trust 2023-K511 C, 5.8224%, 11/25/28<sup>ž,</sup><sup>‡</sup> <br>| 5263000 | 4911122 |
| GCAT 2023-INV1 A1, 6.0000%, 8/25/53<sup>ž,</sup><sup>‡</sup> <br>| 17449329 | 17687111 |
| Golden Tree Loan Management US CLO1 Ltd 2023-17A AR, CME Term SOFR 3 <br> Month + 1.2800%, 5.6055%, 1/20/39<sup>ž,</sup><sup>‡</sup> <br>| 27405000 | 27468391 |
| Gracie Point International Funding 2024-1A A, US 90 Day Average SOFR + <br> 1.7000%, 6.0555%, 3/1/28<sup>ž,</sup><sup>‡</sup> <br>| 7709000 | 7723985 |
| Great Wolf Trust 2024-WLF2 A, CME Term SOFR 1 Month + 1.6912%, 5.8414%, <br> 5/15/41<sup>ž,</sup><sup>‡</sup> <br>| 29946000 | 30000311 |
| GS Mortgage Securities Trust 2025-800D A, CME Term SOFR 1 Month + <br> 2.6500%, 6.7858%, 11/25/41<sup>ž,</sup><sup>‡</sup> <br>| 34333000 | 34424394 |
| GS Mortgage-Backed Securites Trust 2025-CES2 A1, 5.1800%, 9/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 19331000 | 19330824 |
| Homeward Opportunities Fund I Trust 2024-RRTL2 A1, 5.9890%, 9/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 11602000 | 11641342 |
| Homeward Opportunities Fund I Trust 2024-RTL1 A1, 7.1200%, 7/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 26188000 | 26286697 |
| Homeward Opportunities Fund I Trust 2025-RRTL1 A1, 5.4760%, 3/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 19839000 | 19941076 |
| Homeward Opportunities Fund I Trust 2025-RRTL2 A1, 5.2370%, 9/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 8497000 | 8521650 |
| Hudson's Bay Simon JV Trust 2015-HB10 A10, 4.1545%, 8/5/34<sup>ž</sup> <br>| 7602661 | 7369146 |
| Hudson's Bay Simon JV Trust 2015-HB7 A7, 3.9141%, 8/5/34<sup>ž</sup> <br>| 856467 | 852399 |
| Hudson's Bay Simon JV Trust 2015-HB7 B7, 4.6662%, 8/5/34<sup>ž</sup> <br>| 644000 | 639685 |
| JP Morgan Mortgage Trust 2025-5MPR A1D, 5.5000%, 11/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 9072895 | 9109639 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| KRE Commercial Mortgage Trust 2025-AIP4 A, CME Term SOFR 1 Month + <br> 1.3000%, 5.4502%, 3/17/42<sup>ž,</sup><sup>‡</sup> <br>| $21828000 | $21796028 |
| LAD Auto Receivables Trust 2022-1A A, 5.2100%, 6/15/27<sup>ž</sup> <br>| 218819 | 218861 |
| LBA Trust 2024-BOLT A, CME Term SOFR 1 Month + 1.5911%, 5.7413%, <br> 6/15/39<sup>ž,</sup><sup>‡</sup> <br>| 19813000 | 19818618 |
| Lendbuzz Securitization Trust 2021-1A A, 4.2200%, 5/17/27<sup>ž</sup> <br>| 2365825 | 2362766 |
| Lendbuzz Securitization Trust 2023-1A A2, 6.9200%, 8/15/28<sup>ž</sup> <br>| 2491014 | 2519989 |
| Lex Commercial Loan Master Trust 2024-BBG A, 5.0361%, 10/13/33<sup>ž,</sup><sup>‡</sup> <br>| 6407000 | 6449298 |
| LHOME Mortgage Trust 2024-RTL2 A1, 7.1280%, 3/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 6506012 | 6563542 |
| LHOME Mortgage Trust 2024-RTL3 A1, 6.9000%, 5/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 8285561 | 8383915 |
| LHOME Mortgage Trust 2024-RTL4 A1, 5.9210%, 7/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 24872433 | 25044836 |
| LHOME Mortgage Trust 2025-RTL3 A1, 5.2390%, 8/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 6892000 | 6916017 |
| Life Financial Services Trust 2021-BMR C, CME Term SOFR 1 Month + 1.2145%, <br> 5.3645%, 3/15/38<sup>ž,</sup><sup>‡</sup> <br>| 1642688 | 1637263 |
| Life Financial Services Trust 2022-BMR2 A1, CME Term SOFR 1 Month + <br> 1.2952%, 5.4454%, 5/16/39<sup>ž,</sup><sup>‡</sup> <br>| 36759000 | 35746822 |
| Life Financial Services Trust 2022-BMR2 B, CME Term SOFR 1 Month + <br> 1.7939%, 5.9441%, 5/16/39<sup>ž,</sup><sup>‡</sup> <br>| 6155000 | 5678672 |
| M&T Equipment Notes 2023-1A A3, 5.7400%, 7/15/30<sup>ž</sup> <br>| 3766744 | 3792624 |
| Madison Park Funding Ltd 2019-34A A2RR, CME Term SOFR 3 Month + <br> 1.6000%, 5.9178%, 10/16/37<sup>ž,</sup><sup>‡</sup> <br>| 11944000 | 11975791 |
| Madison Park Funding Ltd 2022-55A A1R, CME Term SOFR 3 Month + <br> 1.3600%, 5.6890%, 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 37139704 | 37254217 |
| Madison Park Funding Ltd 2022-62A A1R2, CME Term SOFR 3 Month + <br> 1.3000%, 5.6229%, 7/16/38<sup>ž,</sup><sup>‡</sup> <br>| 26531000 | 26621816 |
| 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>| 28500000 | 28572741 |
| 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>| 19768000 | 19832246 |
| Marlette Funding Trust 2023-2A B, 6.5400%, 6/15/33<sup>ž</sup> <br>| 255530 | 255708 |
| 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>| 9387101 | 8760967 |
| 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>| 11846150 | 11059692 |
| Mello Mortgage Capital Acceptance Trust 2024-SD1 A1, 4.0000%, 4/25/54<sup>ž,</sup><sup>Ç</sup> <br>| 7655993 | 7530643 |
| MHC Commercial Mortgage Trust 2021-MHC A, CME Term SOFR 1 Month + <br> 0.9154%, 5.0654%, 4/15/38<sup>ž,</sup><sup>‡</sup> <br>| 3421596 | 3420495 |
| MHC Commercial Mortgage Trust 2021-MHC C, CME Term SOFR 1 Month + <br> 1.4654%, 5.6154%, 4/15/38<sup>ž,</sup><sup>‡</sup> <br>| 12522636 | 12516736 |
| 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>| 10249000 | 10005362 |
| 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>| 24157798 | 24201152 |
| New Economy Assets Phase 1 Issuer LLC 2021-1 B1, 2.4100%, 10/20/61<sup>ž</sup> <br>| 8554000 | 5676197 |
| 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>| 853911 | 842247 |
| 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>| 14598624 | 14751789 |
| New Residential Mortgage Loan Trust 2024-RTL2 A1, 5.4430%, 9/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 9423000 | 9499023 |
| NRTH PARK Mortgage Trust 2024-PARK A, CME Term SOFR 1 Month + <br> 1.6413%, 5.7915%, 3/15/41<sup>ž,</sup><sup>‡</sup> <br>| 35750000 | 35716092 |
| NRTH PARK Mortgage Trust 2025-PARK A, CME Term SOFR 1 Month + <br> 1.3933%, 5.5433%, 10/15/40<sup>ž,</sup><sup>‡</sup> <br>| 20952000 | 20898176 |
| NRZ Excess Spread Collateralized Notes 2020-PLS1 A, 3.8440%, 12/25/25<sup>ž</sup> <br>| 1693490 | 1686197 |
| NRZ Excess Spread Collateralized Notes 2021-FHT1 A, 3.1040%, 7/25/26<sup>ž</sup> <br>| 3780969 | 3703001 |
| NRZ Excess Spread Collateralized Notes 2024-FNT1 A, 7.3980%, 11/25/31<sup>ž,</sup><sup>Ç</sup> <br>| 12158576 | 12288456 |
| Oak Hill Credit Partners 2020-7A A1R2, CME Term SOFR 3 Month + 1.2800%, <br> 5.5438%, 7/19/38<sup>ž,</sup><sup>‡</sup> <br>| 24903000 | 24965258 |
| Oak Hill Credit Partners 2021-9A A2R, CME Term SOFR 3 Month + 1.5800%, <br> 5.9055%, 10/19/37<sup>ž,</sup><sup>‡</sup> <br>| 17357000 | 17439892 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Oak Street Investment Grade Net Lease Fund 2020-1A A1, 1.8500%, 11/20/50<sup>ž</sup> <br>| $11773644 | $11237677 |
| Oasis Securitization 2024-1A A, 5.8800%, 9/30/38<sup>§</sup> <br>| 4807000 | 4797944 |
| Oasis Securitization 2025-1A A, 6.3550%, 8/15/39<sup>ž</sup> <br>| 14654000 | 14735673 |
| OCP CLO Ltd 2017-14A A2R, CME Term SOFR 3 Month + 1.5700%, 5.8955%, <br> 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 7550000 | 7568270 |
| OCP CLO Ltd 2020-8RA AR, CME Term SOFR 3 Month + 1.2500%, 5.5724%, <br> 10/17/36<sup>ž,</sup><sup>‡</sup> <br>| 24995203 | 25026939 |
| 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>| 12300000 | 12338487 |
| Octagon Investment Partners 42 Ltd 2019-3A A2RR, CME Term SOFR 3 Month <br> + 1.5600%, 5.8776%, 7/15/37<sup>ž,</sup><sup>‡</sup> <br>| 2354880 | 2360658 |
| Onslow Bay Financial LLC 2022-INV1 A1, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 4244045 | 3663975 |
| Onslow Bay Financial LLC 2022-INV1 A18, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 11230238 | 9660469 |
| OPEN Trust 2023-AIR A, CME Term SOFR 1 Month + 3.0891%, 7.2392%, <br> 11/15/40<sup>ž,</sup><sup>‡</sup> <br>| 900984 | 900671 |
| OPEN Trust 2023-AIR C, CME Term SOFR 1 Month + 5.2359%, 9.3861%, <br> 11/15/40<sup>ž,</sup><sup>‡</sup> <br>| 4126381 | 4124989 |
| Pretium Mortgage Credit Partners LLC 2025-RPL1 A1, 4.0000%, 7/25/69<sup>ž,</sup><sup>Ç</sup> <br>| 12357595 | 12067475 |
| Pretium Mortgage Credit Partners LLC 2025-RPL2 A1, 4.0000%, 8/25/64<sup>ž,</sup><sup>Ç</sup> <br>| 13228481 | 12921059 |
| PRP Advisors LLC 2024-RCF2 A1, 3.7500%, 3/25/54<sup>ž,</sup><sup>Ç</sup> <br>| 5199945 | 5095144 |
| PRP Advisors LLC 2025-RCF4 A1, 4.5000%, 8/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 9445597 | 9349730 |
| PRP Advisors LLC 2025-RPL4 A1, 3.0000%, 5/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 16407661 | 15399526 |
| QTS Issuer ABS I LLC 2025-1A A2, 5.4390%, 5/25/55<sup>ž</sup> <br>| 49100000 | 50118906 |
| QTS Issuer ABS II LLC 2025-1A A2, 5.0440%, 10/5/55<sup>ž</sup> <br>| 27083000 | 26989081 |
| Regatta XXIII Funding Ltd 2021-4A B, CME Term SOFR 3 Month + 1.9616%, <br> 6.2871%, 1/22/35<sup>ž,</sup><sup>‡</sup> <br>| 5891224 | 5912434 |
| Saluda Grade Alternative Mortgage Trust 2023-FIG3 A, 7.0670%, 8/25/53<sup>ž,</sup><sup>‡</sup> <br>| 20988364 | 21670775 |
| Saluda Grade Alternative Mortgage Trust 2023-FIG4 A, 6.7180%, 11/25/53<sup>ž,</sup><sup>‡</sup> <br>| 11280346 | 11636142 |
| Saluda Grade Alternative Mortgage Trust 2024-CES1 A1, 6.3060%, 3/25/54<sup>ž,</sup><sup>‡</sup> <br>| 7048308 | 7128969 |
| Saluda Grade Alternative Mortgage Trust 2024-FIG5 A, 6.2550%, 4/25/54<sup>ž,</sup><sup>‡</sup> <br>| 8788781 | 8865749 |
| Saluda Grade Alternative Mortgage Trust 2024-RTL6 A1, 7.4390%, 7/25/30<sup>ž,</sup><sup>Ç</sup> <br>| 18334250 | 18504168 |
| Santander Bank Auto Credit-Linked Notes 2022-B A2, 5.5870%, 8/16/32<sup>ž</sup> <br>| 1142692 | 1148624 |
| SCG Hotel Issuer Inc 2025-DLFN A, CME Term SOFR 1 Month + 1.2000%, <br> 5.3502%, 3/15/35<sup>ž,</sup><sup>‡</sup> <br>| 29118000 | 29011508 |
| SELF Commercial Mortgage Trust 2024-STRG A, CME Term SOFR 1 Month + <br> 1.5423%, 5.6924%, 11/15/34<sup>ž,</sup><sup>‡</sup> <br>| 27937000 | 27880800 |
| Sequoia Mortgage Trust 2013-5, 2.5000%, 5/25/43<sup>ž,</sup><sup>‡</sup> <br>| 1789424 | 1591835 |
| Sequoia Mortgage Trust 2020-2, 3.5000%, 3/25/50<sup>ž,</sup><sup>‡</sup> <br>| 717329 | 642913 |
| Sixth Street CLO Ltd 2017-9A AR, CME Term SOFR 3 Month + 1.3800%, <br> 5.7055%, 7/21/37<sup>ž,</sup><sup>‡</sup> <br>| 24810000 | 24874829 |
| SMRT 2022-MINI A, CME Term SOFR 1 Month + 1.0000%, 5.1510%, 1/17/39<sup>ž,</sup><sup>‡</sup> <br>| 10990000 | 10961341 |
| SREIT Trust 2021-MFP A, CME Term SOFR 1 Month + 0.8453%, 4.9954%, <br> 11/15/38<sup>ž,</sup><sup>‡</sup> <br>| 1971278 | 1966693 |
| Taco Bell Funding LLC 2021-1A A2II, 2.2940%, 8/25/51<sup>ž</sup> <br>| 5546212 | 5116566 |
| TEXAS Commercial Mortgage Trust 2025-TWR A, CME Term SOFR 1 Month + <br> 1.2931%, 5.4433%, 4/15/42<sup>ž,</sup><sup>‡</sup> <br>| 8177000 | 8152788 |
| Texas Debt Capital CLO Ltd 2023-2A A1R, CME Term SOFR 3 Month + <br> 1.3700%, 5.6955%, 10/21/37<sup>ž,</sup><sup>‡</sup> <br>| 25800000 | 25871262 |
| THE 2023-MIC Trust 2023-MIC A, 8.7315%, 12/5/38<sup>ž,</sup><sup>‡</sup> <br>| 14644028 | 15860765 |
| The Huntington National Bank 2024-2 B1, 5.4420%, 10/20/32<sup>ž</sup> <br>| 6720147 | 6784978 |
| Toorak Mortgage Corp 2025-RRTL1 A1, 5.5240%, 2/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 7590000 | 7638392 |
| TYSN 2023-CRNR Mortgage Trust 2023-CRNR A, 6.7991%, 12/10/33<sup>ž,</sup><sup>‡</sup> <br>| 23414873 | 24713399 |
| United Wholesale Mortgage LLC 2021-INV1 A9, US 30 Day Average SOFR + <br> 0.9000%, 5.0000%, 8/25/51<sup>ž,</sup><sup>‡</sup> <br>| 11410005 | 10626500 |
| Vantage Data Centers LLC 2020-2A A2, 1.9920%, 9/15/45<sup>ž</sup> <br>| 11511000 | 10891266 |
| VASA Trust 2021-VASA A, CME Term SOFR 1 Month + 1.0145%, 5.1655%, <br> 7/15/39<sup>ž,</sup><sup>‡</sup> <br>| 8418000 | 8214155 |
| Voya CLO Ltd 2024-4A A2, CME Term SOFR 3 Month + 1.5500%, 5.8755%, <br> 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 10074095 | 10096504 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

6 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Voya CLO Ltd 2025-4A A1, CME Term SOFR 3 Month + 1.2900%, 5.5470%, <br> 10/15/38<sup>ž,</sup><sup>‡</sup> <br>| $5006000 | $5019845 |
| Wells Fargo Commercial Mortgage Trust 2021-SAVE A, CME Term SOFR 1 <br> Month + 1.3645%, 5.5155%, 2/15/40<sup>ž,</sup><sup>‡</sup> <br>| 1690876 | 1686473 |
| Wells Fargo Commercial Mortgage Trust 2025-VTT A, 5.2704%, 3/15/38<sup>ž,</sup><sup>‡</sup> <br>| 29711000 | 29820179 |
| Wendy's Funding LLC 2021-1A A2I, 2.3700%, 6/15/51<sup>ž</sup> <br>| 3586932 | 3318038 |
| Wendy's Funding LLC 2021-1A A2II, 2.7750%, 6/15/51<sup>ž</sup> <br>| 9273320 | 8305875 |
| Westgate Resorts 2022-1A A, 1.7880%, 8/20/36<sup>ž</sup> <br>| 932029 | 927307 |
| Woodward Capital Management 2021-3 A21, US 30 Day Average SOFR + <br> 0.8000%, 5.0000%, 7/25/51<sup>ž,</sup><sup>‡</sup> <br>| 8363874 | 7759256 |
| Woodward Capital Management 2023-CES1 A1A, 6.5150%, 6/25/43<sup>ž,</sup><sup>‡</sup> <br>| 4167321 | 4194949 |
| Woodward Capital Management 2024-CES1 A1A, 6.0250%, 2/25/44<sup>ž,</sup><sup>‡</sup> <br>| 8940658 | 9030943 |
| Woodward Capital Management 2024-CES2 A1A, 6.1410%, 4/25/44<sup>ž,</sup><sup>‡</sup> <br>| 19029616 | 19244626 |
| Woodward Capital Management 2024-CES5 A1A, 5.8460%, 8/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 17651529 | 17773457 |
| Woodward Capital Management 2024-CES6 A1A, 5.3440%, 9/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 13959322 | 13977921 |
| Woodward Capital Management 2024-CES7 A1A, 5.1580%, 10/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 21994356 | 22020381 |
| Woodward Capital Management 2024-CES9 A1A, 5.5820%, 12/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 11900513 | 12019415 |
| Woodward Capital Management 2025-CES1 A1A, 5.6530%, 1/25/45<sup>ž,</sup><sup>Ç</sup> <br>| 1307662 | 1320899 |
| Woodward Capital Management 2025-CES2 A1A, 5.5030%, 2/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 12017211 | 12138893 |
| Woodward Capital Management 2025-CES3 A1A, 5.5530%, 3/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 6649626 | 6724644 |
| Woodward Capital Management 2025-CES6 A1A, 5.4720%, 6/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 6272886 | 6334519 |
| Woodward Capital Management 2025-CES7 A1A, 5.3770%, 7/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 9534039 | 9616554 |
| Woodward Capital Management 2025-CES8 A1A, 5.1477%, 8/25/55<sup>ž,</sup><sup>‡</sup> <br>| 17332019 | 17319252 |
| Woodward Capital Management 2025-CES9 A1A, 4.7950%, 9/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 11178000 | 11177907 |
| Total Asset-Backed/Commercial Mortgage-Backed Securities (cost <br> $3,158,176,910)<br>|  | 3161248875 |
| Bank Loans and Mezzanine Loans – 0.7% |  |  |
| Basic Industry – 0% |  |  |
| Qnity Electronics Inc, CME Term SOFR 1 Month + 2.0000%, 6.3513%, <br> 8/12/32<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| 8013000 | 8002984 |
| Capital Goods – 0.3% |  |  |
| EMRLD Borrower LP, CME Term SOFR 3 Month + 2.2500%, 6.4489%, 5/31/30<sup>‡</sup> <br>| 8008366 | 8001221 |
| EMRLD Borrower LP, CME Term SOFR 3 Month + 2.5000%, 6.5660%, 8/4/31<sup>‡</sup> <br>| 41161059 | 41065739 |
| TransDigm Group Inc, CME Term SOFR 3 Month + 2.5000%, 6.5015%, 8/19/32<sup>‡</sup> <br>| 21137000 | 21109944 |
|  |  | 70176904 |
| Consumer Cyclical – 0% |  |  |
| Belron Finance 2019 LLC, CME Term SOFR 3 Month + 2.5000%, 6.7419%, <br> 10/16/31<sup>‡</sup> <br>| 12687090 | 12774596 |
| Consumer Non-Cyclical – 0.1% |  |  |
| Medline Borrower LP, CME Term SOFR 1 Month + 2.0000%, 6.1634%, <br> 10/23/30<sup>‡</sup> <br>| 23108028 | 23151580 |
| Electric – 0.2% |  |  |
| Alpha Generation LLC, CME Term SOFR 1 Month + 2.0000%, 6.1634%, <br> 9/30/31<sup>‡</sup> <br>| 14855940 | 14863668 |
| Lightning Power LLC, CME Term SOFR 3 Month + 2.2500%, 6.2515%, <br> 8/18/31<sup>‡</sup> <br>| 27183583 | 27146341 |
|  |  | 42010009 |
| Transportation – 0.1% |  |  |
| Genesee & Wyoming Inc, CME Term SOFR 3 Month + 1.7500%, 5.7515%, <br> 4/10/31<sup>‡</sup> <br>| 37257665 | 37191885 |
| Total Bank Loans and Mezzanine Loans (cost $192,989,177) |  | 193307958 |
| Corporate Bonds – 11.3% |  |  |
| Banking – 2.9% |  |  |
| American Express Co, SOFR + 1.2200%, 4.9180%, 7/20/33<sup>‡</sup> <br>| 23637000 | 24048482 |
| Bank of America Corp, SOFR + 1.0000%, 5.1620%, 1/24/31<sup>‡</sup> <br>| 47490000 | 49013731 |
| Bank of America Corp, SOFR + 1.8400%, 5.8720%, 9/15/34<sup>‡</sup> <br>| 18294000 | 19602134 |
| Bank of America Corp, SOFR + 1.6970%, 5.7440%, 2/12/36<sup>‡</sup> <br>| 78359000 | 81419055 |
| Bank of New York Mellon Corp/The, SOFR + 1.8450%, 6.4740%, 10/25/34<sup>‡</sup> <br>| 22674000 | 25272037 |
| Capital One Financial Corp, SOFR + 2.6400%, 6.3120%, 6/8/29<sup>‡</sup> <br>| 9194000 | 9644617 |
| Capital One Financial Corp, SOFR + 1.9050%, 5.7000%, 2/1/30<sup>‡</sup> <br>| 5165000 | 5362381 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Banking – (continued) |  |  |
| Capital One Financial Corp, SOFR + 3.0700%, 7.6240%, 10/30/31<sup>‡</sup> <br>| $18133000 | $20508288 |
| Capital One Financial Corp, SOFR + 1.9900%, 5.8840%, 7/26/35<sup>‡</sup> <br>| 23812000 | 24973493 |
| Capital One Financial Corp, SOFR + 2.0360%, 6.1830%, 1/30/36<sup>‡</sup> <br>| 17959000 | 18629860 |
| Citigroup Inc, CME Term SOFR 3 Month + 1.8246%, 3.8870%, 1/10/28<sup>‡</sup> <br>| 36115000 | 35967566 |
| Citigroup Inc, SOFR + 1.1710%, 4.5030%, 9/11/31<sup>‡</sup> <br>| 9685000 | 9690235 |
| Citigroup Inc, SOFR + 2.0560%, 5.8270%, 2/13/35<sup>‡</sup> <br>| 50084000 | 51944688 |
| Citigroup Inc, SOFR + 1.4880%, 5.1740%, 9/11/36<sup>‡</sup> <br>| 8338000 | 8422613 |
| Discover Financial Services, SOFR + 3.3700%, 7.9640%, 11/2/34<sup>‡</sup> <br>| 12097000 | 14302657 |
| Goldman Sachs Group Inc, SOFR + 1.0780%, 5.2070%, 1/28/31<sup>‡</sup> <br>| 24815000 | 25616102 |
| Goldman Sachs Group Inc, SOFR + 1.3800%, 5.5360%, 1/28/36<sup>‡</sup> <br>| 21952000 | 22914466 |
| JPMorgan Chase & Co, SOFR + 1.0100%, 5.1400%, 1/24/31<sup>‡</sup> <br>| 21125000 | 21816439 |
| Morgan Stanley, SOFR + 1.2900%, 2.9430%, 1/21/33<sup>‡</sup> <br>| 16462000 | 14966488 |
| Morgan Stanley, SOFR + 1.8800%, 5.4240%, 7/21/34<sup>‡</sup> <br>| 18294000 | 19060539 |
| Morgan Stanley, SOFR + 1.5550%, 5.3200%, 7/19/35<sup>‡</sup> <br>| 24159000 | 24928431 |
| National Australia Bank Ltd, 2.9900%, 5/21/31<sup>ž</sup> <br>| 28726000 | 26201609 |
| PNC Financial Services Group Inc/The, SOFR + 1.0720%, 5.2220%, 1/29/31<sup>‡</sup> <br>| 7381000 | 7626209 |
| PNC Financial Services Group Inc/The, SOFR + 1.3940%, 5.5750%, 1/29/36<sup>‡</sup> <br>| 10386000 | 10836771 |
| PNC Financial Services Group Inc/The, SOFR + 2.2840%, 6.8750%, 10/20/34<sup>‡</sup> <br>| 22327000 | 25295437 |
| PNC Financial Services Group Inc/The, SOFR + 1.5990%, 5.4010%, 7/23/35<sup>‡</sup> <br>| 23966000 | 24808163 |
| Societe Generale SA, US Treasury Yield Curve Rate 1 Year + 1.2000%, 5.5000%, <br> 4/13/29<sup>ž,</sup><sup>‡</sup> <br>| 14133000 | 14430704 |
| Societe Generale SA, US Treasury Yield Curve Rate 1 Year + 1.6000%, 6.1000%, <br> 4/13/33<sup>ž,</sup><sup>‡</sup> <br>| 34519000 | 36379162 |
| US Bancorp, SOFR + 1.5600%, 5.3840%, 1/23/30<sup>‡</sup> <br>| 19681000 | 20348551 |
| US Bancorp, SOFR + 1.0610%, 5.0460%, 2/12/31<sup>‡</sup> <br>| 20690000 | 21220338 |
| US Bancorp, SOFR + 1.4110%, 5.4240%, 2/12/36<sup>‡</sup> <br>| 22770000 | 23577050 |
| US Bancorp, US Treasury Yield Curve Rate 5 Year + 0.9500%, 2.4910%, <br> 11/3/36<sup>‡</sup> <br>| 20457000 | 17636001 |
| Wells Fargo & Co, SOFR + 1.1100%, 5.2440%, 1/24/31<sup>‡</sup> <br>| 43951000 | 45472047 |
|  |  | 801936344 |
| Basic Industry – 0% |  |  |
| Qnity Electronics Inc, 5.7500%, 8/15/32<sup>ž</sup> <br>| 9965000 | 10041001 |
| Brokerage – 0.8% |  |  |
| Blue Owl Finance LLC, 6.2500%, 4/18/34 | 22767000 | 23876290 |
| Citadel Securities Global Holdings LLC, 5.5000%, 6/18/30<sup>ž</sup> <br>| 1131000 | 1160811 |
| Citadel Securities Global Holdings LLC, 6.2000%, 6/18/35<sup>ž</sup> <br>| 4985000 | 5236620 |
| Jane Street Group / JSG Finance Inc, 7.1250%, 4/30/31<sup>ž</sup> <br>| 14182000 | 14875390 |
| Jane Street Group / JSG Finance Inc, 6.1250%, 11/1/32<sup>ž</sup> <br>| 34751000 | 35222195 |
| LPL Holdings Inc, 6.7500%, 11/17/28 | 30079000 | 32105094 |
| LPL Holdings Inc, 5.2000%, 3/15/30<sup>#</sup> <br>| 8509000 | 8689086 |
| LPL Holdings Inc, 5.1500%, 6/15/30 | 13703000 | 13946999 |
| LPL Holdings Inc, 6.0000%, 5/20/34 | 19554000 | 20431509 |
| LPL Holdings Inc, 5.6500%, 3/15/35 | 14248000 | 14516743 |
| LPL Holdings Inc, 5.7500%, 6/15/35 | 16998000 | 17430449 |
| Nasdaq Inc, 5.5500%, 2/15/34 | 30957000 | 32504545 |
|  |  | 219995731 |
| Capital Goods – 0.4% |  |  |
| Amcor Flexibles North America Inc, 5.5000%, 3/17/35 | 14280000 | 14704219 |
| Berry Global Inc, 5.8000%, 6/15/31 | 32563000 | 34428617 |
| Berry Global Inc, 5.6500%, 1/15/34 | 5911000 | 6158932 |
| Embraer Netherlands Finance BV, 5.4000%, 1/9/38 | 25157000 | 25047064 |
| Quikrete Holdings Inc, 6.3750%, 3/1/32<sup>ž</sup> <br>| 15902000 | 16471991 |
| TransDigm Inc, 6.2500%, 1/31/34<sup>ž</sup> <br>| 3003000 | 3088342 |
| TransDigm Inc, 6.7500%, 1/31/34<sup>ž</sup> <br>| 10283000 | 10632201 |
|  |  | 110531366 |
| Communications – 0.5% |  |  |
| AppLovin Corp, 5.3750%, 12/1/31 | 18923000 | 19575383 |
| AppLovin Corp, 5.5000%, 12/1/34 | 22083000 | 22795094 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Communications – (continued) |  |  |
| Charter Communications Operating LLC / Charter Communications Operating <br> Capital, 6.6500%, 2/1/34<br>| $45850000 | $48995177 |
| T-Mobile USA Inc, 5.1250%, 5/15/32 | 14809000 | 15240796 |
| T-Mobile USA Inc, 5.3000%, 5/15/35 | 32085000 | 32860887 |
|  |  | 139467337 |
| Consumer Cyclical – 0.8% |  |  |
| Carnival Corp, 5.7500%, 8/1/32<sup>ž</sup> <br>| 20705000 | 21071023 |
| CBRE Services Inc, 5.9500%, 8/15/34 | 33063000 | 35266178 |
| Flutter Treasury DAC, 5.8750%, 6/4/31<sup>ž</sup> <br>| 10566000 | 10724701 |
| Ford Motor Credit Co LLC, 7.1220%, 11/7/33 | 10934000 | 11687086 |
| General Motors Co, 6.2500%, 4/15/35 | 11113000 | 11687694 |
| GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29 | 1226000 | 1248421 |
| GLP Capital LP / GLP Financing II Inc, 6.7500%, 12/1/33 | 13964000 | 15130804 |
| GLP Capital LP / GLP Financing II Inc, 5.6250%, 9/15/34 | 14546000 | 14722356 |
| LKQ Corp, 5.7500%, 6/15/28 | 13113000 | 13553609 |
| NCL Corporation Ltd, 5.8750%, 1/15/31<sup>ž</sup> <br>| 38011000 | 38009576 |
| NCL Corporation Ltd, 6.2500%, 9/15/33<sup>ž</sup> <br>| 23566000 | 23687972 |
| VICI Properties LP, 5.6250%, 4/1/35 | 16210000 | 16597578 |
|  |  | 213386998 |
| Consumer Non-Cyclical – 1.2% |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, <br> 6.5000%, 2/15/28<sup>ž</sup> <br>| 14308000 | 14533487 |
| CVS Health Corp, 5.0000%, 9/15/32<sup>#</sup> <br>| 8260000 | 8361073 |
| CVS Health Corp, 5.2500%, 2/21/33 | 2870000 | 2936429 |
| CVS Health Corp, 5.7000%, 6/1/34 | 14746000 | 15388125 |
| CVS Health Corp, 5.4500%, 9/15/35 | 14687000 | 14945525 |
| CVS Health Corp, 4.7800%, 3/25/38 | 32715000 | 30661718 |
| CVS Health Corp, 6.2000%, 9/15/55<sup>#</sup> <br>| 8502000 | 8750523 |
| HCA Inc, 5.8750%, 2/15/26 | 4146000 | 4151348 |
| HCA Inc, 3.6250%, 3/15/32 | 10927000 | 10251186 |
| HCA Inc, 5.6000%, 4/1/34 | 16318000 | 16939466 |
| Illumina Inc, 5.8000%, 12/12/25 | 11709000 | 11724708 |
| JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc, 3.0000%, <br> 5/15/32<br>| 13810000 | 12355449 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV, 6.7500%, 5/15/34<sup>ž</sup> <br>| 16373000 | 15699850 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV, 7.8750%, 5/15/34<sup>ž</sup> <br>| 21790000 | 20186278 |
| Royalty Pharma PLC, 3.5500%, 9/2/50 | 14211000 | 9984237 |
| Solventum Corp, 5.4500%, 3/13/31 | 30323000 | 31620877 |
| Solventum Corp, 5.6000%, 3/23/34 | 39969000 | 41612900 |
| Teva Pharmaceutical Finance Co LLC, 6.1500%, 2/1/36 | 8271000 | 8660399 |
| Teva Pharmaceutical Finance Netherlands III BV, 6.0000%, 12/1/32 | 14987000 | 15608751 |
| Teva Pharmaceutical Finance Netherlands IV BV, 5.7500%, 12/1/30 | 11755000 | 12106580 |
| Universal Health Services Inc, 2.6500%, 10/15/30 | 30267000 | 27325433 |
|  |  | 333804342 |
| Electric – 0.7% |  |  |
| American Electric Power Co Inc, 5.6250%, 3/1/33 | 21563000 | 22666904 |
| Duke Energy Corp, 5.4500%, 6/15/34 | 35348000 | 36767160 |
| Duquesne Light Holdings Inc, 2.7750%, 1/7/32<sup>ž</sup> <br>| 16995000 | 15054486 |
| Exelon Corp, 5.4500%, 3/15/34 | 17447000 | 18108201 |
| National Grid PLC, 5.8090%, 6/12/33 | 16262000 | 17336152 |
| NRG Energy Inc, 4.7340%, 10/15/30<sup>ž</sup> <br>| 21488000 | 21481200 |
| NRG Energy Inc, 5.7500%, 1/15/34<sup>ž</sup> <br>| 11546000 | 11534215 |
| NRG Energy Inc, 5.4070%, 10/15/35<sup>ž</sup> <br>| 14681000 | 14730930 |
| NRG Energy Inc, 6.0000%, 1/15/36<sup>ž</sup> <br>| 21628000 | 21631106 |
| Xcel Energy Inc, 5.6000%, 4/15/35 | 12145000 | 12589962 |
|  |  | 191900316 |
| Energy – 1.1% |  |  |
| Cheniere Energy Inc, 5.6500%, 4/15/34 | 20937000 | 21582703 |
| Civitas Resources Inc, 8.6250%, 11/1/30<sup>ž</sup> <br>| 5452000 | 5646443 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Energy – (continued) |  |  |
| Civitas Resources Inc, 8.7500%, 7/1/31<sup>ž</sup> <br>| $10106000 | $10353708 |
| Civitas Resources Inc, 9.6250%, 6/15/33<sup>ž</sup> <br>| 19592000 | 20693210 |
| Columbia Pipelines Operating Company LLC, 6.0360%, 11/15/33<sup>ž</sup> <br>| 12631000 | 13477735 |
| Columbia Pipelines Operating Company LLC, 6.4970%, 8/15/43<sup>ž</sup> <br>| 2548000 | 2717555 |
| Columbia Pipelines Operating Company LLC, 6.5440%, 11/15/53<sup>ž</sup> <br>| 13172000 | 14129100 |
| DT Midstream Inc, 4.1250%, 6/15/29<sup>ž</sup> <br>| 25682000 | 25057007 |
| DT Midstream Inc, 4.3750%, 6/15/31<sup>ž</sup> <br>| 41648000 | 40250042 |
| DT Midstream Inc, 4.3000%, 4/15/32<sup>ž</sup> <br>| 7191000 | 6877872 |
| Hess Midstream Operations LP, 5.1250%, 6/15/28<sup>ž</sup> <br>| 11121000 | 11108437 |
| Occidental Petroleum Corp, 5.2000%, 8/1/29 | 9302000 | 9438721 |
| Occidental Petroleum Corp, 8.8750%, 7/15/30 | 10356000 | 11964691 |
| Occidental Petroleum Corp, 6.6250%, 9/1/30 | 7296000 | 7817102 |
| Occidental Petroleum Corp, 6.1250%, 1/1/31 | 13083000 | 13781187 |
| Occidental Petroleum Corp, 5.3750%, 1/1/32 | 21392000 | 21755279 |
| Sunoco LP, 7.0000%, 5/1/29<sup>ž</sup> <br>| 22419000 | 23212767 |
| Sunoco LP, 5.6250%, 3/15/31<sup>ž</sup> <br>| 7982000 | 7923117 |
| Sunoco LP, 7.2500%, 5/1/32<sup>ž</sup> <br>| 12629000 | 13253895 |
| Sunoco LP, 5.8750%, 3/15/34<sup>ž</sup> <br>| 13540000 | 13422769 |
| Viper Energy Partners LLC, 4.9000%, 8/1/30 | 6297000 | 6343954 |
| Viper Energy Partners LLC, 5.7000%, 8/1/35 | 16748000 | 17028027 |
|  |  | 317835321 |
| Finance Companies – 0.3% |  |  |
| Blackstone Private Credit Fund, 7.3000%, 11/27/28 | 14859000 | 15871973 |
| Blue Owl Credit Income Corp, 7.9500%, 6/13/28 | 8994000 | 9633443 |
| OWL Rock Core Income Corp, 4.7000%, 2/8/27 | 2729000 | 2724289 |
| Rocket Cos Inc, 6.1250%, 8/1/30<sup>ž</sup> <br>| 10068000 | 10332990 |
| Rocket Cos Inc, 6.3750%, 8/1/33<sup>ž</sup> <br>| 42189000 | 43543858 |
|  |  | 82106553 |
| Insurance – 1.0% |  |  |
| Aon North America Inc, 5.4500%, 3/1/34 | 45231000 | 47117325 |
| Arthur J Gallagher & Co, 5.0000%, 2/15/32 | 3263000 | 3329162 |
| Arthur J Gallagher & Co, 6.5000%, 2/15/34 | 10096000 | 11194316 |
| Arthur J Gallagher & Co, 5.1500%, 2/15/35 | 8158000 | 8254456 |
| Athene Global Funding, 2.6460%, 10/4/31<sup>ž</sup> <br>| 17357000 | 15458541 |
| Brown & Brown Inc, 4.9000%, 6/23/30 | 6298000 | 6382624 |
| Brown & Brown Inc, 5.2500%, 6/23/32 | 2767000 | 2837058 |
| Brown & Brown Inc, 5.5500%, 6/23/35 | 2939000 | 3023207 |
| Brown & Brown Inc, 4.9500%, 3/17/52 | 18886000 | 16633908 |
| Centene Corp, 4.2500%, 12/15/27 | 53971000 | 53000458 |
| Elevance Health Inc, 5.2000%, 2/15/35 | 13031000 | 13280963 |
| Health Care Service Corp, 5.2000%, 6/15/29<sup>ž</sup> <br>| 14413000 | 14806524 |
| Health Care Service Corp, 2.2000%, 6/1/30<sup>ž</sup> <br>| 13536000 | 12237759 |
| Health Care Service Corp, 5.4500%, 6/15/34<sup>ž</sup> <br>| 32502000 | 33379541 |
| Humana Inc, 5.8750%, 3/1/33 | 5208000 | 5479354 |
| Humana Inc, 5.9500%, 3/15/34 | 14187000 | 14921332 |
| UnitedHealth Group Inc, 4.9500%, 1/15/32 | 32617000 | 33420389 |
|  |  | 294756917 |
| Professional Services – 0.2% |  |  |
| Booz Allen Hamilton Inc, 5.9500%, 8/4/33 | 22041000 | 23146392 |
| Booz Allen Hamilton Inc, 5.9500%, 4/15/35<sup>#</sup> <br>| 34511000 | 35977948 |
|  |  | 59124340 |
| Real Estate Investment Trusts (REITs) – 0.2% |  |  |
| American Tower Trust I, 5.4900%, 3/15/28<sup>ž</sup> <br>| 33827000 | 34385247 |
| Sun Communities Operating LP, 2.7000%, 7/15/31 | 21657000 | 19589530 |
|  |  | 53974777 |
| Technology – 1.2% |  |  |
| Broadcom Inc, 4.9000%, 7/15/32 | 12792000 | 13086059 |
| Broadcom Inc, 5.2000%, 7/15/35 | 29979000 | 30896391 |
| Broadcom Inc, 4.8000%, 2/15/36 | 34463000 | 34357859 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Technology – (continued) |  |  |
| Broadcom Inc, 4.9000%, 2/15/38 | $24669000 | $24536828 |
| CACI International Inc, 6.3750%, 6/15/33<sup>ž</sup> <br>| 8503000 | 8771275 |
| Cadence Design Systems Inc, 4.7000%, 9/10/34 | 14339000 | 14315837 |
| Constellation Software Inc/Canada, 5.1580%, 2/16/29<sup>ž</sup> <br>| 6132000 | 6262027 |
| Constellation Software Inc/Canada, 5.4610%, 2/16/34<sup>ž</sup> <br>| 17820000 | 18204266 |
| Foundry JV Holdco LLC, 5.8750%, 1/25/34<sup>ž</sup> <br>| 19865000 | 20694696 |
| Intel Corp, 2.4500%, 11/15/29 | 6546000 | 6078757 |
| Marvell Technology Inc, 1.6500%, 4/15/26 | 13225000 | 13031326 |
| Marvell Technology Inc, 4.7500%, 7/15/30 | 7347000 | 7442695 |
| Marvell Technology Inc, 5.4500%, 7/15/35 | 19195000 | 19788758 |
| MSCI Inc, 4.0000%, 11/15/29<sup>ž</sup> <br>| 4528000 | 4423855 |
| MSCI Inc, 3.6250%, 9/1/30<sup>ž,#</sup> <br>| 25762000 | 24588772 |
| MSCI Inc, 3.8750%, 2/15/31<sup>ž</sup> <br>| 21571000 | 20668046 |
| Oracle Corp, 4.4500%, 9/26/30 | 8516000 | 8511822 |
| Oracle Corp, 4.8000%, 9/26/32 | 17246000 | 17266738 |
| Oracle Corp, 5.2000%, 9/26/35<sup>#</sup> <br>| 8457000 | 8503568 |
| Oracle Corp, 5.9500%, 9/26/55 | 8054000 | 8029224 |
| Synopsys Inc, 5.0000%, 4/1/32 | 14671000 | 14992249 |
| Western Digital Corp, 4.7500%, 2/15/26 | 4400000 | 4397432 |
|  |  | 328848480 |
| Transportation – 0% |  |  |
| GXO Logistics Inc, 1.6500%, 7/15/26 | 14940000 | 14627570 |
| Total Corporate Bonds (cost $3,104,953,709) |  | 3172337393 |
| Mortgage-Backed Securities – 6.4% |  |  |
| Fannie Mae: |  |  |
| 3.5000%, TBA, 30 Year Maturity | 2838025 | 2593597 |
| 5.0000%, TBA, 30 Year Maturity | 14050000 | 13933526 |
| 5.5000%, TBA, 30 Year Maturity | 16859000 | 17000953 |
|  |  | 33528076 |
| Fannie Mae Pool: |  |  |
| 323282, 7.5000%, 7/1/28 | 13792 | 14082 |
| BO3223, 3.0000%, 10/1/34 | 700099 | 675632 |
| BO4725, 2.5000%, 11/1/34 | 592280 | 561387 |
| BO7717, 3.0000%, 11/1/34 | 305553 | 295190 |
| BO5957, 3.0000%, 12/1/34 | 350608 | 338005 |
| FS3713, 2.5000%, 12/1/36 | 25307270 | 23952721 |
| 995757, 6.0000%, 2/1/37 | 146997 | 154609 |
| AL6997, 4.5000%, 11/1/42 | 839730 | 837784 |
| AB7563, 3.0000%, 1/1/43 | 540850 | 496927 |
| MA1363, 3.0000%, 2/1/43 | 120857 | 110415 |
| AT2957, 3.0000%, 5/1/43 | 1206761 | 1104606 |
| AL5942, 5.0000%, 7/1/44 | 91126 | 92327 |
| AL5887, 4.5000%, 10/1/44 | 1972255 | 1966813 |
| AL6542, 4.5000%, 3/1/45 | 3264552 | 3255546 |
| AL6842, 4.0000%, 5/1/45 | 567929 | 548230 |
| AL7381, 4.5000%, 6/1/45 | 1691560 | 1682505 |
| BM3912, 3.0000%, 3/1/47 | 3902691 | 3541143 |
| CA0108, 3.5000%, 8/1/47 | 657735 | 617913 |
| BH1902, 3.5000%, 12/1/47 | 259843 | 244111 |
| BM3282, 3.5000%, 12/1/47 | 195483 | 183648 |
| BJ4559, 3.5000%, 1/1/48 | 1889053 | 1768697 |
| BJ4566, 4.0000%, 1/1/48 | 6693271 | 6472337 |
| BJ4567, 4.0000%, 1/1/48 | 2531148 | 2444636 |
| CA4646, 3.0000%, 2/1/48 | 2595390 | 2356895 |
| BJ5170, 3.5000%, 3/1/48 | 353110 | 331385 |
| BK1964, 4.0000%, 3/1/48 | 1963346 | 1897446 |
| BK3211, 4.5000%, 3/1/48 | 85645 | 84404 |
| BJ9181, 5.0000%, 5/1/48 | 1961481 | 1981688 |
| BN0012, 4.5000%, 8/1/48 | 47122 | 46439 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Fannie Mae Pool – (continued) |  |  |
| MA3521, 4.0000%, 11/1/48 | $4725635 | $4522129 |
| BN3899, 4.0000%, 12/1/48 | 694990 | 665060 |
| FM3664, 4.0000%, 3/1/49 | 2291833 | 2193137 |
| CA3683, 4.5000%, 6/1/49 | 269824 | 265300 |
| BJ8459, 3.0000%, 8/1/49 | 2665338 | 2346091 |
| BO4113, 3.0000%, 8/1/49 | 1342377 | 1181591 |
| CA4035, 4.5000%, 8/1/49 | 425238 | 418109 |
| MA3774, 3.0000%, 9/1/49 | 9203539 | 8202965 |
| BO2983, 3.0000%, 9/1/49 | 565129 | 509922 |
| MA3908, 4.5000%, 1/1/50 | 591620 | 581735 |
| CA5327, 2.5000%, 3/1/50 | 2075792 | 1752396 |
| CA5573, 4.0000%, 4/1/50 | 1752202 | 1669843 |
| MA4079, 3.0000%, 7/1/50 | 7892968 | 7021633 |
| BM7069, 4.5000%, 7/1/50 | 13295689 | 12811945 |
| CA6635, 2.5000%, 8/1/50 | 44195671 | 38121402 |
| BK2913, 2.5000%, 8/1/50 | 1713709 | 1481142 |
| FM5076, 4.0000%, 8/1/50 | 1544176 | 1471595 |
| FS2713, 4.5000%, 10/1/50 | 9910183 | 9766547 |
| FS2546, 4.0000%, 3/1/51 | 385534 | 368931 |
| 20510401, 3.0000%, 4/1/51 | 1771873 | 1577390 |
| MA4378, 2.0000%, 7/1/51 | 54341789 | 44108986 |
| FS0359, 2.5000%, 1/1/52 | 11470331 | 9836748 |
| CB2681, 3.5000%, 1/1/52 | 2136610 | 1986929 |
| FS0662, 2.5000%, 2/1/52 | 55187387 | 47293550 |
| FS5130, 2.5000%, 2/1/52 | 49842606 | 42681277 |
| CB2750, 2.5000%, 2/1/52 | 24763024 | 21044009 |
| CB2891, 3.0000%, 2/1/52 | 33295153 | 29671063 |
| BV2802, 3.0000%, 2/1/52 | 4398579 | 3906193 |
| CB2907, 3.5000%, 2/1/52 | 5832231 | 5423202 |
| CB3043, 2.5000%, 3/1/52 | 23193590 | 19876049 |
| FS1081, 2.5000%, 3/1/52 | 22622738 | 19305039 |
| FS5988, 2.5000%, 3/1/52 | 20970173 | 17924744 |
| CB3042, 2.5000%, 3/1/52 | 8523897 | 7312386 |
| BT2256, 2.5000%, 3/1/52 | 2039768 | 1740471 |
| BV2965, 2.5000%, 3/1/52 | 1684184 | 1437193 |
| BV5152, 2.5000%, 3/1/52 | 1563673 | 1340010 |
| BV2962, 2.5000%, 3/1/52 | 684023 | 584334 |
| BV4144, 3.0000%, 3/1/52 | 10211435 | 9079980 |
| CB3123, 3.5000%, 3/1/52 | 37734571 | 35039185 |
| FS1184, 3.5000%, 3/1/52 | 3559242 | 3309152 |
| CB3240, 3.0000%, 4/1/52 | 16608006 | 14772132 |
| BV5379, 3.0000%, 4/1/52 | 9079067 | 8110357 |
| BV5380, 3.0000%, 4/1/52 | 7769797 | 6908008 |
| BV5394, 3.5000%, 4/1/52 | 7293386 | 6767189 |
| FS1869, 3.5000%, 4/1/52 | 5535404 | 5140009 |
| BV5393, 3.5000%, 4/1/52 | 4014759 | 3729593 |
| FS1301, 3.5000%, 4/1/52 | 4003853 | 3693996 |
| BV8485, 3.5000%, 4/1/52 | 2508536 | 2327552 |
| BV4203, 3.5000%, 4/1/52 | 1394881 | 1295907 |
| BV8484, 3.5000%, 4/1/52 | 1344958 | 1249426 |
| BV6879, 4.5000%, 4/1/52 | 1087748 | 1061069 |
| BV7632, 4.5000%, 4/1/52 | 982943 | 958834 |
| BW0081, 4.5000%, 4/1/52 | 614910 | 599733 |
| BV7132, 4.5000%, 4/1/52 | 432914 | 422229 |
| BW0072, 4.5000%, 4/1/52 | 365124 | 356112 |
| BV7131, 4.5000%, 4/1/52 | 345759 | 337226 |
| FS6926, 2.5000%, 5/1/52 | 58145092 | 49755819 |
| CB3501, 3.5000%, 5/1/52 | 6686090 | 6163977 |
| BV8544, 3.5000%, 5/1/52 | 3873662 | 3593901 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Fannie Mae Pool – (continued) |  |  |
| FS3377, 4.0000%, 5/1/52 | $8165425 | $7813786 |
| BW0343, 4.5000%, 5/1/52 | 1776709 | 1732856 |
| FS3160, 3.0000%, 6/1/52 | 4555868 | 4044816 |
| CB3837, 3.5000%, 6/1/52 | 24205506 | 22470894 |
| FS2144, 3.5000%, 6/1/52 | 13915985 | 12934952 |
| FS5491, 3.0000%, 7/1/52 | 19695901 | 17486525 |
| FS5339, 3.0000%, 7/1/52 | 11417951 | 10138475 |
| CB4076, 3.5000%, 7/1/52 | 3425023 | 3179579 |
| CB4329, 3.5000%, 7/1/52 | 1213534 | 1127890 |
| BW0972, 4.5000%, 7/1/52 | 6682291 | 6531518 |
| CB4320, 3.5000%, 8/1/52 | 2395345 | 2223505 |
| BW7369, 5.0000%, 10/1/52 | 5828361 | 5848775 |
| BW1288, 5.0000%, 10/1/52 | 2603943 | 2608898 |
| BT8021, 5.0000%, 1/1/53 | 2295837 | 2303326 |
| BX5759, 5.0000%, 1/1/53 | 804881 | 807152 |
| BX5969, 5.0000%, 2/1/53 | 962095 | 965085 |
| BX8071, 5.0000%, 3/1/53 | 485142 | 485769 |
| BX7860, 5.5000%, 3/1/53 | 317576 | 324761 |
| BX9351, 5.0000%, 4/1/53 | 1070524 | 1071906 |
| BY0782, 5.5000%, 4/1/53 | 181303 | 185636 |
| BY1920, 5.0000%, 5/1/53 | 583429 | 584143 |
| BY1896, 5.5000%, 5/1/53 | 332632 | 338949 |
| BY0866, 5.5000%, 5/1/53 | 171376 | 174630 |
| BY3263, 5.0000%, 6/1/53 | 1157258 | 1159980 |
| BY2783, 5.0000%, 6/1/53 | 642719 | 643461 |
| BY4284, 5.5000%, 6/1/53 | 475536 | 487448 |
| CB6686, 4.5000%, 7/1/53 | 3103181 | 3049629 |
| BY6374, 5.5000%, 7/1/53 | 1260251 | 1284054 |
| BY7004, 5.5000%, 7/1/53 | 643667 | 659686 |
| BY6690, 5.0000%, 8/1/53 | 690344 | 692154 |
| CB7112, 5.5000%, 9/1/53 | 22321459 | 22848188 |
| CB7430, 5.5000%, 11/1/53 | 6304377 | 6481345 |
| FS8037, 6.0000%, 1/1/54 | 6222930 | 6475734 |
| CB8134, 5.5000%, 3/1/54 | 11811460 | 12131905 |
| FS7607, 6.0000%, 3/1/54 | 5420401 | 5619604 |
| FS7643, 6.0000%, 4/1/54 | 13302529 | 13834953 |
| CB8543, 6.0000%, 5/1/54 | 35673004 | 36979948 |
| 20550801, 6.0000%, 8/1/55 | 10538490 | 10848679 |
| BF0130, 3.5000%, 8/1/56 | 8634186 | 7911422 |
| BF0167, 3.0000%, 2/1/57 | 8731397 | 7613483 |
| BF0189, 3.0000%, 6/1/57 | 163051 | 141434 |
| BF0619, 2.5000%, 3/1/62 | 52367894 | 42909398 |
| BF0598, 2.5000%, 3/1/62 | 17328754 | 14485019 |
|  |  | 896771303 |
| Freddie Mac Gold Pool: |  |  |
| Q58477, 4.0000%, 9/1/48 | 1317547 | 1262371 |
| Freddie Mac Pool: |  |  |
| ZS7403, 3.0000%, 5/1/31 | 5764454 | 5640315 |
| ZK8962, 3.0000%, 9/1/32 | 1545187 | 1501819 |
| ZK9009, 3.0000%, 10/1/32 | 781462 | 758535 |
| ZK9085, 3.0000%, 12/1/32 | 446529 | 433975 |
| ZK9163, 3.0000%, 1/1/33 | 1015932 | 986587 |
| SB0040, 2.5000%, 12/1/33 | 6572656 | 6336254 |
| QN0786, 3.0000%, 10/1/34 | 1879427 | 1813762 |
| QN0783, 3.0000%, 10/1/34 | 850690 | 820198 |
| SB0116, 2.5000%, 11/1/34 | 2223184 | 2108565 |
| QN0951, 2.5000%, 11/1/34 | 573351 | 543418 |
| SB0866, 2.5000%, 6/1/37 | 20009564 | 18824313 |
| ZS3695, 6.0000%, 4/1/40 | 2071767 | 2185335 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Freddie Mac Pool – (continued) |  |  |
| ZT1145, 4.5000%, 5/1/44 | $641447 | $638013 |
| ZT1167, 4.0000%, 4/1/45 | 17451 | 16846 |
| ZT1257, 3.0000%, 1/1/46 | 362900 | 334341 |
| ZM1434, 3.5000%, 7/1/46 | 1567074 | 1470847 |
| ZT1633, 4.0000%, 3/1/47 | 763528 | 737587 |
| ZT0534, 3.5000%, 12/1/47 | 4770281 | 4462079 |
| ZM5707, 3.5000%, 2/1/48 | 1722834 | 1607053 |
| ZM5945, 4.0000%, 3/1/48 | 1588404 | 1535089 |
| ZM5865, 4.5000%, 3/1/48 | 78836 | 77693 |
| ZM6220, 4.0000%, 4/1/48 | 1802231 | 1724619 |
| ZM6276, 4.0000%, 4/1/48 | 1792670 | 1730256 |
| ZM6427, 4.0000%, 5/1/48 | 3142838 | 3007494 |
| ZM7182, 4.5000%, 7/1/48 | 573883 | 565565 |
| ZM7926, 5.0000%, 9/1/48 | 104753 | 105377 |
| ZT1320, 4.0000%, 11/1/48 | 424362 | 406087 |
| SI2017, 4.0000%, 12/1/48 | 5270919 | 5043781 |
| ZN2165, 4.5000%, 12/1/48 | 1603566 | 1592860 |
| ZA7158, 4.5000%, 6/1/49 | 390766 | 383292 |
| RA1087, 4.5000%, 7/1/49 | 2697426 | 2645834 |
| RA1088, 4.5000%, 7/1/49 | 504883 | 496419 |
| QA2159, 3.0000%, 8/1/49 | 766816 | 674969 |
| RA1188, 4.5000%, 8/1/49 | 2653952 | 2603191 |
| QA4936, 3.0000%, 12/1/49 | 890923 | 794065 |
| QA5622, 3.0000%, 12/1/49 | 653994 | 582894 |
| RA1999, 4.5000%, 1/1/50 | 1859856 | 1824283 |
| SD8040, 4.5000%, 1/1/50 | 454981 | 447379 |
| QA8274, 3.5000%, 3/1/50 | 568657 | 522670 |
| SD1551, 4.0000%, 3/1/50 | 5124240 | 4903568 |
| SE9056, 4.5000%, 3/1/50 | 5809614 | 5584891 |
| QB1708, 2.5000%, 8/1/50 | 852179 | 736794 |
| QB2976, 2.5000%, 8/1/50 | 363436 | 314114 |
| QB3353, 2.5000%, 9/1/50 | 1622737 | 1402013 |
| SD1143, 4.5000%, 9/1/50 | 14732884 | 14519348 |
| RA5285, 2.5000%, 5/1/51 | 36242743 | 30889427 |
| SD1137, 2.5000%, 6/1/51 | 13758974 | 11842396 |
| QC5848, 2.5000%, 8/1/51 | 41151722 | 35047831 |
| RA5906, 2.5000%, 9/1/51 | 33643646 | 28799893 |
| SD0688, 2.5000%, 10/1/51 | 36318101 | 31054986 |
| SD7548, 2.5000%, 11/1/51 | 12326017 | 10589639 |
| QD6087, 2.5000%, 1/1/52 | 3576834 | 3070018 |
| QD4842, 2.5000%, 1/1/52 | 2279044 | 1955412 |
| QD7069, 2.5000%, 2/1/52 | 5474296 | 4691269 |
| QD9513, 2.5000%, 2/1/52 | 3308681 | 2818300 |
| QD6554, 3.0000%, 2/1/52 | 2929493 | 2605226 |
| QD6555, 3.0000%, 2/1/52 | 1927305 | 1722101 |
| SD0931, 2.5000%, 3/1/52 | 27221339 | 23242792 |
| QD8288, 2.5000%, 3/1/52 | 905422 | 772639 |
| QD9182, 3.0000%, 3/1/52 | 2765126 | 2470406 |
| QE0318, 4.5000%, 3/1/52 | 289927 | 282816 |
| QE0354, 3.5000%, 4/1/52 | 2819168 | 2615774 |
| QE1072, 3.5000%, 4/1/52 | 2788093 | 2586940 |
| SD0943, 3.5000%, 4/1/52 | 2317560 | 2155024 |
| QE1073, 3.5000%, 4/1/52 | 849454 | 789118 |
| QD9191, 3.5000%, 4/1/52 | 655512 | 609000 |
| SD8212, 2.5000%, 5/1/52 | 12766751 | 10809020 |
| SD3493, 2.5000%, 5/1/52 | 11313025 | 9680579 |
| SD7023, 3.0000%, 6/1/52 | 15899808 | 14110348 |
| SD1840, 3.0000%, 6/1/52 | 11204439 | 9947588 |
| SD1150, 3.5000%, 6/1/52 | 4612662 | 4289165 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

14 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Freddie Mac Pool – (continued) |  |  |
| QF0488, 5.5000%, 9/1/52 | $6153131 | $6272329 |
| QF2386, 5.0000%, 10/1/52 | 10879749 | 10873400 |
| QF2145, 5.0000%, 10/1/52 | 360118 | 360803 |
| QF2437, 5.5000%, 10/1/52 | 370434 | 379903 |
| QF7813, 5.0000%, 1/1/53 | 465012 | 466491 |
| QF6841, 5.0000%, 1/1/53 | 405927 | 406614 |
| QF8398, 5.0000%, 3/1/53 | 1673300 | 1675574 |
| QF9871, 5.0000%, 3/1/53 | 1604880 | 1606952 |
| QG1442, 5.0000%, 4/1/53 | 1856354 | 1849306 |
| QG2380, 5.0000%, 5/1/53 | 5302975 | 5293439 |
| QG3598, 5.0000%, 5/1/53 | 3216466 | 3210683 |
| QG3742, 5.0000%, 5/1/53 | 326326 | 326703 |
| SD2897, 5.5000%, 5/1/53 | 4287658 | 4354194 |
| QG2543, 5.5000%, 5/1/53 | 506515 | 515012 |
| QG4742, 5.0000%, 6/1/53 | 2209035 | 2192437 |
| QG5161, 5.0000%, 6/1/53 | 2069566 | 2053866 |
| QG5055, 5.0000%, 6/1/53 | 1770075 | 1756775 |
| QG3917, 5.0000%, 6/1/53 | 1325599 | 1323216 |
| QG4676, 5.0000%, 6/1/53 | 649499 | 645143 |
| QG3912, 5.5000%, 6/1/53 | 1674009 | 1705797 |
| QG4741, 5.5000%, 6/1/53 | 1253811 | 1264909 |
| QG6693, 5.5000%, 7/1/53 | 5291504 | 5391446 |
| QG7441, 5.5000%, 7/1/53 | 3098503 | 3157026 |
| SD4294, 5.5000%, 9/1/53 | 4548194 | 4665416 |
| RA9851, 6.0000%, 9/1/53 | 35615426 | 36854721 |
| SD4009, 6.0000%, 9/1/53 | 11047695 | 11491941 |
| SD4668, 6.0000%, 10/1/53 | 18200517 | 18733257 |
| SD4247, 6.5000%, 11/1/53 | 13908303 | 14572901 |
| QI2699, 5.5000%, 4/1/54 | 3005340 | 3091142 |
| RJ1341, 6.0000%, 4/1/54 | 25818161 | 26764055 |
| RJ3021, 5.5000%, 12/1/54 | 41884872 | 42495328 |
| SL1226, 5.5000%, 5/1/55 | 8156869 | 8337095 |
| RJ4363, 5.5000%, 6/1/55 | 1213000 | 1241256 |
|  |  | 580221224 |
| Ginnie Mae: |  |  |
| 2.5000%, TBA, 30 Year Maturity | 32578133 | 28032930 |
| 3.5000%, TBA, 30 Year Maturity | 20258806 | 18469528 |
| 4.0000%, TBA, 30 Year Maturity | 11351459 | 10673391 |
| 5.0000%, TBA, 30 Year Maturity | 18848683 | 18746730 |
|  |  | 75922579 |
| Ginnie Mae I Pool: |  |  |
| 625655, 6.0000%, 1/15/34 | 39127 | 41087 |
| 784059, 4.0000%, 1/15/45 | 7180988 | 6851968 |
| 784182, 4.5000%, 8/15/46 | 9201247 | 9092853 |
| BB4357, 4.0000%, 7/15/47 | 1606177 | 1535041 |
| BC7161, 4.0000%, 8/15/47 | 226739 | 216970 |
| BD7109, 4.0000%, 11/15/47 | 214618 | 205371 |
| BD7135, 4.0000%, 12/15/47 | 636585 | 608391 |
|  |  | 18551681 |
| Ginnie Mae II Pool: |  |  |
| MA4068, 3.0000%, 11/20/46 | 26926605 | 24371692 |
| BB9817, 4.0000%, 8/20/47 | 937039 | 895832 |
| BB9814, 4.0000%, 8/20/47 | 153894 | 147126 |
| BB9835, 4.0000%, 8/20/47 | 143772 | 137449 |
| MA5021, 4.5000%, 2/20/48 | 903835 | 892813 |
| BH3673, 4.5000%, 5/20/48 | 1258656 | 1235973 |
| BH3672, 4.5000%, 5/20/48 | 230468 | 226314 |
| MA5264, 4.0000%, 6/20/48 | 7050302 | 6753900 |
| MA5400, 5.0000%, 8/20/48 | 2609487 | 2631444 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Ginnie Mae II Pool – (continued) |  |  |
| MA5930, 3.5000%, 5/20/49 | $35475631 | $32750323 |
| MA7255, 2.5000%, 3/20/51 | 34296303 | 29544741 |
| MA7313, 3.0000%, 4/20/51 | 23282055 | 20830862 |
| MA7473, 3.0000%, 7/20/51 | 18743168 | 16765498 |
| MA7535, 3.0000%, 8/20/51 | 42575031 | 38079473 |
| 785843, 2.5000%, 1/20/52 | 25434104 | 21605098 |
|  |  | 196868538 |
| Total Mortgage-Backed Securities (cost $1,839,250,109) |  | 1803125772 |
| United States Treasury Notes/Bonds – 5.8% |  |  |
| 3.7500%, 4/30/27 | 44150000 | 44212086 |
| 3.8750%, 5/31/27 | 52223000 | 52404556 |
| 3.3750%, 9/15/28 | 163544000 | 162432411 |
| 3.6250%, 9/30/30 | 753960000 | 750131301 |
| 3.8750%, 9/30/32 | 19574000 | 19509773 |
| 4.2500%, 8/15/35 | 113640400 | 114563728 |
| 4.8750%, 8/15/45 | 245136000 | 250613258 |
| 4.7500%, 5/15/55 | 237908500 | 238651964 |
| Total United States Treasury Notes/Bonds (cost $1,622,983,821) |  | 1632519077 |
| Common Stocks – 63.5% |  |  |
| Aerospace & Defense – 1.4% |  |  |
| General Electric Co | 857389 | 257919759 |
| Howmet Aerospace Inc | 680182 | 133472114 |
|  |  | 391391873 |
| Banks – 1.9% |  |  |
| JPMorgan Chase & Co | 1295624 | 408678678 |
| PNC Financial Services Group Inc/The | 670301 | 134683580 |
|  |  | 543362258 |
| Beverages – 0.5% |  |  |
| Monster Beverage Corp<sup>\*</sup> <br>| 1968718 | 132514409 |
| Biotechnology – 1.7% |  |  |
| AbbVie Inc | 940924 | 217861543 |
| Amgen Inc | 428490 | 120919878 |
| Vertex Pharmaceuticals Inc<sup>\*</sup> <br>| 324098 | 126929741 |
|  |  | 465711162 |
| Building Products – 0.6% |  |  |
| Trane Technologies PLC | 391684 | 165274981 |
| Capital Markets – 3.5% |  |  |
| Charles Schwab Corp | 1102949 | 105298541 |
| CME Group Inc | 628933 | 169931407 |
| Goldman Sachs Group Inc | 263592 | 209911489 |
| Intercontinental Exchange Inc | 968366 | 163150304 |
| Moody's Corp | 160144 | 76305413 |
| Morgan Stanley | 1554844 | 247158002 |
|  |  | 971755156 |
| Chemicals – 0.3% |  |  |
| Corteva Inc | 1311175 | 88674765 |
| Communications Equipment – 0.4% |  |  |
| Motorola Solutions Inc | 226760 | 103695080 |
| Consumer Finance – 1.5% |  |  |
| American Express Co | 1310315 | 435234230 |
| Diversified Financial Services – 2.2% |  |  |
| Mastercard Inc - Class A | 1100286 | 625853680 |
| Electrical Equipment – 0.7% |  |  |
| Eaton Corp PLC | 514095 | 192400054 |
| Electronic Equipment, Instruments & Components – 0.8% |  |  |
| Amphenol Corp | 1879859 | 232632551 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

16 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Entertainment – 2.0% |  |  |
| Netflix Inc<sup>\*</sup> <br>| 229190 | $274780475 |
| Walt Disney Co/The | 2416274 | 276663373 |
|  |  | 551443848 |
| Food & Staples Retailing – 0.5% |  |  |
| Costco Wholesale Corp | 145431 | 134615296 |
| Health Care Equipment & Supplies – 1.7% |  |  |
| Abbott Laboratories | 1435149 | 192223857 |
| Intuitive Surgical Inc<sup>\*</sup> <br>| 298965 | 133706117 |
| Stryker Corp | 416389 | 153926522 |
|  |  | 479856496 |
| Health Care Providers & Services – 0.5% |  |  |
| HCA Healthcare Inc | 317355 | 135256701 |
| Hotels, Restaurants & Leisure – 2.2% |  |  |
| Booking Holdings Inc | 51799 | 279676787 |
| Hilton Worldwide Holdings Inc | 567165 | 147145288 |
| Royal Caribbean Cruises Ltd | 613706 | 198582987 |
|  |  | 625405062 |
| Independent Power and Renewable Electricity Producers – 0.3% |  |  |
| Vistra Corp | 424764 | 83219763 |
| Information Technology Services – 0.4% |  |  |
| Accenture PLC | 407024 | 100372118 |
| Insurance – 1.5% |  |  |
| Marsh & McLennan Cos Inc | 548657 | 110570845 |
| Progressive Corp/The | 1301129 | 321313807 |
|  |  | 431884652 |
| Interactive Media & Services – 5.6% |  |  |
| Alphabet Inc - Class C | 3930021 | 957156615 |
| Meta Platforms Inc - Class A | 845916 | 621223792 |
|  |  | 1578380407 |
| Life Sciences Tools & Services – 1.2% |  |  |
| Danaher Corp | 803285 | 159259284 |
| Thermo Fisher Scientific Inc | 382899 | 185713673 |
|  |  | 344972957 |
| Machinery – 0.4% |  |  |
| Deere & Co | 245510 | 112261903 |
| Multiline Retail – 3.0% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 3902802 | 856938235 |
| Oil, Gas & Consumable Fuels – 0.7% |  |  |
| Chevron Corp | 1288458 | 200084643 |
| Pharmaceuticals – 2.2% |  |  |
| Eli Lilly & Co | 430308 | 328325004 |
| Johnson & Johnson | 1079747 | 200206689 |
| Zoetis Inc | 673341 | 98523255 |
|  |  | 627054948 |
| Professional Services – 0.3% |  |  |
| Automatic Data Processing Inc | 331971 | 97433488 |
| Road & Rail – 1.2% |  |  |
| Uber Technologies Inc<sup>\*</sup> <br>| 2174885 | 213073484 |
| Union Pacific Corp | 466701 | 110314115 |
|  |  | 323387599 |
| Semiconductor & Semiconductor Equipment – 10.6% |  |  |
| Broadcom Inc | 1978267 | 652650066 |
| KLA Corp | 227354 | 245224024 |
| Lam Research Corp | 1793370 | 240132243 |
| NVIDIA Corp | 9841876 | 1836297221 |
|  |  | 2974303554 |
| Software – 8.4% |  |  |
| Adobe Inc<sup>\*</sup> <br>| 244739 | 86331682 |
| Cadence Design Systems Inc<sup>\*</sup> <br>| 400117 | 140545098 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 17

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Software – (continued) |  |  |
| Intuit Inc | 252510 | $172441604 |
| Microsoft Corp | 3081315 | 1595967104 |
| Oracle Corp | 719066 | 202230122 |
| ServiceNow Inc<sup>\*</sup> <br>| 165194 | 152024734 |
|  |  | 2349540344 |
| Specialty Retail – 1.3% |  |  |
| Home Depot Inc | 585675 | 237309653 |
| TJX Cos Inc | 901449 | 130295439 |
|  |  | 367605092 |
| Technology Hardware, Storage & Peripherals – 3.1% |  |  |
| Apple Inc | 3403689 | 866681330 |
| Textiles, Apparel & Luxury Goods – 0.5% |  |  |
| NIKE Inc - Class B | 2078314 | 144920835 |
| Tobacco – 0.4% |  |  |
| Philip Morris International Inc | 753447 | 122209103 |
| Total Common Stocks (cost $7,333,440,263) |  | 17856328573 |
| Investment Companies – 1.8% |  |  |
| Money Markets – 1.8% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº,</sup><sup>£</sup> (cost $498,320,147) | 498224982 | 498324627 |
| Investments Purchased with Cash Collateral from Securities Lending – 0% |  |  |
| Investment Companies – 0% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº,</sup><sup>£</sup> <br>| 8318846 | 8318846 |
| Time Deposits – 0% |  |  |
| Royal Bank of Canada, 4.0800%, 10/1/25 | $2079712 | 2079712 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $10,398,558) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $10,398,558) | 10398558 |
| Total Investments (total cost $17,760,512,694) – 100.8% |  | 28327590833 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.8)% |  | (222143464) |
| Net Assets – 100% |  | $28105447369 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $28123854822 | &nbsp;&nbsp;&nbsp;&nbsp; 99.3<br> %<br>|
| France | 50809866 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Israel | 36375730 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| United Kingdom | 30110748 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Australia | 26201609 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Brazil | 25047064 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Canada | 24466293 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Ireland | 10724701 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Total | $28327590833 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

18 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 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>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 1.8% | Investment Companies - 1.8% | Investment Companies - 1.8% | Investment Companies - 1.8% | Investment Companies - 1.8% | Investment Companies - 1.8% | Investment Companies - 1.8% | Investment Companies - 1.8% | Investment Companies - 1.8% |
| Money Markets - 1.8% | Money Markets - 1.8% | Money Markets - 1.8% | Money Markets - 1.8% | Money Markets - 1.8% | Money Markets - 1.8% | Money Markets - 1.8% | Money Markets - 1.8% | Money Markets - 1.8% |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | $768662296 | $4033882064 | $(4304212820) | $15084 | $(21997) | $498324627 | 498224982 | $22631468 |
| 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, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  |
|  | - | 2608908852 | (2600590006) | - | - | 8318846 | 8318846 | 275773 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 1.8% | Total Affiliated Investments - 1.8% | Total Affiliated Investments - 1.8% | Total Affiliated Investments - 1.8% | Total Affiliated Investments - 1.8% | Total Affiliated Investments - 1.8% | Total Affiliated Investments - 1.8% | Total Affiliated Investments - 1.8% | Total Affiliated Investments - 1.8% |
|  | $768662296 | $6642790916 | $(6904802826) | $15084 | $(21997) | $506643473 | 506543828 | $22907241 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***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 | 11378 | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp; $2371157428 | &nbsp;&nbsp; $(888205) |
| 5 Year US Treasury Note | 11688 | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp; 1276274818 | &nbsp;&nbsp; (1511897) |
| US Treasury Long Bond | 5855 | &nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp; 682656406 | &nbsp;&nbsp; 12106067 |
| Total - Futures Long |  |  |  | &nbsp;&nbsp; 9705965 |
| *Futures Short:* |  |  |  |  |
| 10 Year US Treasury Note | 1808 | &nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp; (203400000) | &nbsp;&nbsp; (213674) |
| Ultra 10-Year Treasury Note | 3707 | &nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp; (426594609) | &nbsp;&nbsp; (1847944) |
| Ultra Long Term US Treasury Bond | 4 | &nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp; (480250) | &nbsp;&nbsp; 4187 |
| Total - Futures Short |  |  |  | &nbsp;&nbsp; (2057431) |
| Total |  |  |  | &nbsp;&nbsp; $7648534 |

---

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 September 30, 2025.

---

| | |
|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2025** |
|  | *Interest Rate* <br>*Contracts*<br>|
| *Asset Derivatives:* |  |
| <sup>\*</sup>Futures contracts | $12110254 |
| *Liability Derivatives:* |  |
| <sup>\*</sup>Futures contracts | $4461720 |

---

\* 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 \| 19

------

**Janus Henderson Balanced Fund**

**Schedule of Investments** 

**September 30, 2025**

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement

of Operations for the year ended September 30, 2025.

---

| | |
|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Interest Rate* <br>*Contracts*<br>|
| Futures contracts | $(98835761) |

---

---

| | |
|:---|:---|
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |
| *Derivative* | *Interest Rate* <br>*Contracts*<br>|
| Futures contracts | $8722098 |

---

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 Year Ended September 30, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2025** |
| Futures contracts: |  |
| Average notional amount of contracts - long | $4077503361 |
| Average notional amount of contracts - short | 575754962 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $10011586 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10011586) | &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.

20 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Notes to Schedule of Investments and Other Information** 

---

| | |
|:---|:---|
| 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 year ended September 30, 2025 <br> is $4,021,745,380, which represents 14.3% 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 September 30, 2025. Certain variable rate securities are not based <br> on 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 September 30, 2025. |
| Loaned security; a portion of the security is on loan at September 30, 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 September 30, 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; $4806285 | $4797944 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %<br>|

---

The Fund has registration rights for certain restricted securities held as of September 30, 2025. The issuer incurs all registration costs.

Janus Investment Fund \| 21

------

**Janus Henderson Balanced Fund**

**Notes to Schedule of Investments and Other Information** 

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

instruments as of September 30, 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; $3161248875 | &nbsp;&nbsp; $- |
| *Bank Loans and Mezzanine Loans* | - | &nbsp;&nbsp; 193307958 | &nbsp;&nbsp; - |
| *Corporate Bonds* | - | &nbsp;&nbsp; 3172337393 | &nbsp;&nbsp; - |
| *Mortgage-Backed Securities* | - | &nbsp;&nbsp; 1803125772 | &nbsp;&nbsp; - |
| *United States Treasury Notes/Bonds* | - | &nbsp;&nbsp; 1632519077 | &nbsp;&nbsp; - |
| *Common Stocks* | 17856328573 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 498324627 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 10398558 | &nbsp;&nbsp; - |
| Total Investments in Securities | $17856328573 | &nbsp;&nbsp; $10471262260 | &nbsp;&nbsp; $- |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Futures Contracts* | 12110254 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| **Total Assets** | $17868438827 | &nbsp;&nbsp; $10471262260 | &nbsp;&nbsp; $- |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Futures Contracts* | $4461720 | &nbsp;&nbsp; $- | &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.

22 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $17,253,873,701)<sup>(1)</sup> <br>| $27820947360 |
| Affiliated investments, at value (cost $506,638,993) | 506643473 |
| Cash | 1696941 |
| Collateral for To Be Announced transactions | 376260 |
| Deposits with brokers for futures | 41760000 |
| Variation margin receivable on futures contracts | 1963340 |
| Trustees' deferred compensation | 803289 |
| Receivables: |  |
| Investments sold | 785002954 |
| Interest | 64883381 |
| Fund shares sold | 17196803 |
| Dividends | 4559327 |
| Dividends from affiliates | 1435632 |
| Other assets | 112315 |
| Total Assets | 29247381075 |
| Liabilities: |  |
| Collateral for securities loaned (Note 3) | 10398558 |
| Variation margin payable on futures contracts | 1463750 |
| Payables: |  |
| Investments purchased | 952764611 |
| TBA investments purchased | 110300058 |
| Fund shares repurchased | 38298652 |
| Advisory fees | 12624054 |
| Dividends | 8005354 |
| Transfer agent fees and expenses | 3399276 |
| 12b-1 Distribution and shareholder servicing fees | 2484207 |
| Trustees' deferred compensation fees | 803289 |
| Trustees' fees and expenses | 131669 |
| Professional fees | 114000 |
| Affiliated fund administration fees payable | 57382 |
| Custodian fees | 21421 |
| Accrued expenses and other payables | 1067425 |
| Total Liabilities | 1141933706 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $28105447369 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 23

------

**Janus Henderson Balanced Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $16077027704 |
| Total distributable earnings (loss) | 12028419665 |
| Total Net Assets | $28105447369 |
| Net Assets - Class A Shares | $2596462727 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 51059650 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $50.85 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $53.95 |
| Net Assets - Class C Shares | $2067605191 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 41238194 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $50.14 |
| Net Assets - Class D Shares | $2616881593 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 51265408 |
| Net Asset Value Per Share | $51.05 |
| Net Assets - Class I Shares | $12816511545 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 250984782 |
| Net Asset Value Per Share | $51.06 |
| Net Assets - Class N Shares | $2530539656 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 49615740 |
| Net Asset Value Per Share | $51.00 |
| Net Assets - Class R Shares | $431735715 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 8557867 |
| Net Asset Value Per Share | $50.45 |
| Net Assets - Class S Shares | $395007870 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 7768294 |
| Net Asset Value Per Share | $50.85 |
| Net Assets - Class T Shares | $4650703072 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 91258640 |
| Net Asset Value Per Share | $50.96 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $10,011,586 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 100/94.25 of net asset value.

See Notes to Financial Statements.

24 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Interest | $492921475 |
| Dividends | 167786325 |
| Dividends from affiliates | 22631468 |
| Affiliated securities lending income, net | 275773 |
| Unaffiliated securities lending income, net | 92659 |
| Other income | 2515381 |
| Total Investment Income | 686223081 |
| Expenses: |  |
| Advisory fees | 145444972 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 5873742 |
| Class C Shares | 19914104 |
| Class R Shares | 2045829 |
| Class S Shares | 964226 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 2682320 |
| Class R Shares | 1024527 |
| Class S Shares | 965215 |
| Class T Shares | 11246249 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 1540113 |
| Class C Shares | 1314989 |
| Class I Shares | 11848932 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 117069 |
| Class C Shares | 86268 |
| Class D Shares | 197339 |
| Class I Shares | 325288 |
| Class N Shares | 97575 |
| Class R Shares | 3247 |
| Class S Shares | 3143 |
| Class T Shares | 31101 |
| Shareholder reports expense | 830368 |
| Affiliated fund administration fees | 793640 |
| Trustees' fees and expenses | 502317 |
| Registration fees | 353324 |
| Professional fees | 186355 |
| Custodian fees | 159618 |
| Other expenses | 1897939 |
| Total Expenses | 210449809 |
| Less: Excess Expense Reimbursement and Waivers | (461400) |
| Net Expenses | 209988409 |
| Net Investment Income/(Loss) | 476234672 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 1842235358 |
| Investments in affiliates | 15084 |
| Futures contracts | (98835761) |
| Total Net Realized Gain/(Loss) on Investments | 1743414681 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments and Trustees' deferred compensation | 1053174104 |
| Investments in affiliates | (21997) |
| Futures contracts | 8722098 |
| Total Change in Unrealized Net Appreciation/Depreciation | 1061874205 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $3281523558 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 25

------

**Janus Henderson Balanced Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*September 30, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $476234672 | &nbsp;&nbsp; $477019655 |
| Net realized gain/(loss) on investments | 1743414681 | &nbsp;&nbsp; 1131813251 |
| Change in unrealized net appreciation/depreciation | 1061874205 | &nbsp;&nbsp; 4048249017 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 3281523558 | &nbsp;&nbsp; 5657081923 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (146810019) | &nbsp;&nbsp; (39332783) |
| Class C Shares | (121336044) | &nbsp;&nbsp; (24157822) |
| Class D Shares | (159340075) | &nbsp;&nbsp; (46754140) |
| Class I Shares | (773472014) | &nbsp;&nbsp; (226174529) |
| Class N Shares | (156159669) | &nbsp;&nbsp; (47027108) |
| Class R Shares | (24615658) | &nbsp;&nbsp; (5797091) |
| Class S Shares | (24061185) | &nbsp;&nbsp; (6403509) |
| Class T Shares | (291749698) | &nbsp;&nbsp; (86143109) |
| Net Decrease from Dividends and Distributions to Shareholders | (1697544362) | &nbsp;&nbsp; (481790091) |
| Capital Share Transactions: |  |  |
| Class A Shares | 151609067 | &nbsp;&nbsp; (4969420) |
| Class C Shares | (215406767) | &nbsp;&nbsp; (312490258) |
| Class D Shares | 6857191 | &nbsp;&nbsp; (64121130) |
| Class I Shares | 293156647 | &nbsp;&nbsp; (145618242) |
| Class N Shares | 67522552 | &nbsp;&nbsp; (127855018) |
| Class R Shares | (10754229) | &nbsp;&nbsp; (43813516) |
| Class S Shares | (23792906) | &nbsp;&nbsp; (38710386) |
| Class T Shares | (256604944) | &nbsp;&nbsp; (493061060) |
| Net Increase/(Decrease) from Capital Share Transactions | 12586611 | &nbsp;&nbsp; (1230639030) |
| Net Increase/(Decrease) in Net Assets | 1596565807 | &nbsp;&nbsp; 3944652802 |
| Net Assets: |  |  |
| Beginning of period | 26508881562 | &nbsp;&nbsp; 22564228760 |
| End of period | $28105447369 | &nbsp;&nbsp; $26508881562 |

---

See Notes to Financial Statements.

26 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $47.97 | &nbsp;&nbsp; $38.80 | &nbsp;&nbsp; $35.92 | &nbsp;&nbsp; $44.26 | &nbsp;&nbsp; $38.77 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain/(loss) | 5.12 | &nbsp;&nbsp;&nbsp;&nbsp;9.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp; (6.67) | &nbsp;&nbsp;&nbsp;&nbsp;6.02 |
| Total from Investment Operations | 5.93 | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp; (6.33) | &nbsp;&nbsp;&nbsp;&nbsp;6.36 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.82) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.41) |
| Distributions (from capital gains) | (2.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.46) |
| Total Dividends and Distributions | (3.05) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp; (0.87) |
| Net Asset Value, End of Period | $50.85 | &nbsp;&nbsp; $47.97 | &nbsp;&nbsp; $38.80 | &nbsp;&nbsp; $35.92 | &nbsp;&nbsp; $44.26 |
| Total Return<sup>\*</sup> <br>| 12.97% | &nbsp;&nbsp; 25.93% | &nbsp;&nbsp; 11.04% | &nbsp;&nbsp; (15.13)% | &nbsp;&nbsp; 16.58% |
| Net Assets, End of Period (in thousands) | $2596463 | &nbsp;&nbsp; $2297158 | &nbsp;&nbsp; $1865079 | &nbsp;&nbsp; $1748525 | &nbsp;&nbsp; $1963351 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.89% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.89% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% |
| Ratio of Net Investment Income/(Loss) | 1.70% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 75% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 60% |

---

\* 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. 

(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 Balanced Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $47.34 | &nbsp;&nbsp; $38.29 | &nbsp;&nbsp; $35.46 | &nbsp;&nbsp; $43.74 | &nbsp;&nbsp; $38.34 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain/(loss) | 5.05 | &nbsp;&nbsp;&nbsp;&nbsp;9.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp; (6.57) | &nbsp;&nbsp;&nbsp;&nbsp;5.95 |
| Total from Investment Operations | 5.51 | &nbsp;&nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp; (6.54) | &nbsp;&nbsp;&nbsp;&nbsp;5.99 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.48) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.13) |
| Distributions (from capital gains) | (2.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.46) |
| Total Dividends and Distributions | (2.71) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; (0.59) |
| Net Asset Value, End of Period | $50.14 | &nbsp;&nbsp; $47.34 | &nbsp;&nbsp; $38.29 | &nbsp;&nbsp; $35.46 | &nbsp;&nbsp; $43.74 |
| Total Return<sup>\*</sup> <br>| 12.17% | &nbsp;&nbsp; 25.03% | &nbsp;&nbsp; 10.25% | &nbsp;&nbsp; (15.75)% | &nbsp;&nbsp; 15.76% |
| Net Assets, End of Period (in thousands) | $2067605 | &nbsp;&nbsp; $2171728 | &nbsp;&nbsp; $2035792 | &nbsp;&nbsp; $2180941 | &nbsp;&nbsp; $2817466 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.60% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.60% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.60% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.60% |
| Ratio of Net Investment Income/(Loss) | 1.00% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.10% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 75% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 60% |

---

\* 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. 

(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.

28 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $48.14 | &nbsp;&nbsp; $38.93 | &nbsp;&nbsp; $36.04 | &nbsp;&nbsp; $44.40 | &nbsp;&nbsp; $38.89 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Net realized and unrealized gain/(loss) | 5.15 | &nbsp;&nbsp;&nbsp;&nbsp;9.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp; (6.68) | &nbsp;&nbsp;&nbsp;&nbsp;6.04 |
| Total from Investment Operations | 6.05 | &nbsp;&nbsp;&nbsp;&nbsp;10.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp; (6.27) | &nbsp;&nbsp;&nbsp;&nbsp;6.46 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.91) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.49) |
| Distributions (from capital gains) | (2.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.46) |
| Total Dividends and Distributions | (3.14) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.15) | &nbsp;&nbsp; (2.09) | &nbsp;&nbsp; (0.95) |
| Net Asset Value, End of Period | $51.05 | &nbsp;&nbsp; $48.14 | &nbsp;&nbsp; $38.93 | &nbsp;&nbsp; $36.04 | &nbsp;&nbsp; $44.40 |
| Total Return<sup>\*</sup> <br>| 13.20% | &nbsp;&nbsp; 26.17% | &nbsp;&nbsp; 11.24% | &nbsp;&nbsp; (14.97)% | &nbsp;&nbsp; 16.80% |
| Net Assets, End of Period (in thousands) | $2616882 | &nbsp;&nbsp; $2461743 | &nbsp;&nbsp; $2049685 | &nbsp;&nbsp; $1946256 | &nbsp;&nbsp; $2362421 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% |
| Ratio of Net Investment Income/(Loss) | 1.90% | &nbsp;&nbsp; 2.04% | &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.99% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 75% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 60% |

---

\* 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. 

(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 \| 29

------

**Janus Henderson Balanced Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $48.16 | &nbsp;&nbsp; $38.94 | &nbsp;&nbsp; $36.05 | &nbsp;&nbsp; $44.41 | &nbsp;&nbsp; $38.90 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain/(loss) | 5.14 | &nbsp;&nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp; (6.68) | &nbsp;&nbsp;&nbsp;&nbsp;6.04 |
| Total from Investment Operations | 6.05 | &nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp; (6.25) | &nbsp;&nbsp;&nbsp;&nbsp;6.48 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.92) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.51) |
| Distributions (from capital gains) | (2.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.46) |
| Total Dividends and Distributions | (3.15) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; (2.11) | &nbsp;&nbsp; (0.97) |
| Net Asset Value, End of Period | $51.06 | &nbsp;&nbsp; $48.16 | &nbsp;&nbsp; $38.94 | &nbsp;&nbsp; $36.05 | &nbsp;&nbsp; $44.41 |
| Total Return<sup>\*</sup> <br>| 13.20% | &nbsp;&nbsp; 26.23% | &nbsp;&nbsp; 11.28% | &nbsp;&nbsp; (14.93)% | &nbsp;&nbsp; 16.86% |
| Net Assets, End of Period (in thousands) | $12816512 | &nbsp;&nbsp; $11799023 | &nbsp;&nbsp; $9681874 | &nbsp;&nbsp; $9457091 | &nbsp;&nbsp; $11674873 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% |
| Ratio of Net Investment Income/(Loss) | 1.93% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.04% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 75% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 60% |

---

\* 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. 

(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.

30 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $48.10 | &nbsp;&nbsp; $38.90 | &nbsp;&nbsp; $36.01 | &nbsp;&nbsp; $44.37 | &nbsp;&nbsp; $38.86 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Net realized and unrealized gain/(loss) | 5.14 | &nbsp;&nbsp;&nbsp;&nbsp;9.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp; (6.69) | &nbsp;&nbsp;&nbsp;&nbsp;6.03 |
| Total from Investment Operations | 6.10 | &nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp; (6.22) | &nbsp;&nbsp;&nbsp;&nbsp;6.51 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.97) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.54) |
| Distributions (from capital gains) | (2.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.46) |
| Total Dividends and Distributions | (3.20) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (1.20) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (1.00) |
| Net Asset Value, End of Period | $51.00 | &nbsp;&nbsp; $48.10 | &nbsp;&nbsp; $38.90 | &nbsp;&nbsp; $36.01 | &nbsp;&nbsp; $44.37 |
| Total Return<sup>\*</sup> <br>| 13.33% | &nbsp;&nbsp; 26.32% | &nbsp;&nbsp; 11.39% | &nbsp;&nbsp; (14.87)% | &nbsp;&nbsp; 16.96% |
| Net Assets, End of Period (in thousands) | $2530540 | &nbsp;&nbsp; $2315386 | &nbsp;&nbsp; $1993794 | &nbsp;&nbsp; $1777708 | &nbsp;&nbsp; $1611032 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% |
| Ratio of Net Investment Income/(Loss) | 2.02% | &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 75% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 60% |

---

\* 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. 

(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 \| 31

------

**Janus Henderson Balanced Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $47.62 | &nbsp;&nbsp; $38.52 | &nbsp;&nbsp; $35.67 | &nbsp;&nbsp; $43.96 | &nbsp;&nbsp; $38.52 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain/(loss) | 5.07 | &nbsp;&nbsp;&nbsp;&nbsp;9.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp; (6.61) | &nbsp;&nbsp;&nbsp;&nbsp;5.97 |
| Total from Investment Operations | 5.67 | &nbsp;&nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp; (6.46) | &nbsp;&nbsp;&nbsp;&nbsp;6.13 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.61) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.23) |
| Distributions (from capital gains) | (2.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.46) |
| Total Dividends and Distributions | (2.84) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.83) | &nbsp;&nbsp; (0.69) |
| Net Asset Value, End of Period | $50.45 | &nbsp;&nbsp; $47.62 | &nbsp;&nbsp; $38.52 | &nbsp;&nbsp; $35.67 | &nbsp;&nbsp; $43.96 |
| Total Return<sup>\*</sup> <br>| 12.48% | &nbsp;&nbsp; 25.40% | &nbsp;&nbsp; 10.56% | &nbsp;&nbsp; (15.50)% | &nbsp;&nbsp; 16.08% |
| Net Assets, End of Period (in thousands) | $431736 | &nbsp;&nbsp; $418696 | &nbsp;&nbsp; $378412 | &nbsp;&nbsp; $368360 | &nbsp;&nbsp; $473663 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.32% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.32% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.32% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.31% |
| Ratio of Net Investment Income/(Loss) | 1.28% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.38% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 75% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 60% |

---

\* 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. 

(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.

32 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $47.97 | &nbsp;&nbsp; $38.79 | &nbsp;&nbsp; $35.91 | &nbsp;&nbsp; $44.24 | &nbsp;&nbsp; $38.76 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain/(loss) | 5.12 | &nbsp;&nbsp;&nbsp;&nbsp;9.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp; (6.65) | &nbsp;&nbsp;&nbsp;&nbsp;6.00 |
| Total from Investment Operations | 5.84 | &nbsp;&nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp; (6.40) | &nbsp;&nbsp;&nbsp;&nbsp;6.27 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.73) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.33) |
| Distributions (from capital gains) | (2.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.46) |
| Total Dividends and Distributions | (2.96) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; (1.93) | &nbsp;&nbsp; (0.79) |
| Net Asset Value, End of Period | $50.85 | &nbsp;&nbsp; $47.97 | &nbsp;&nbsp; $38.79 | &nbsp;&nbsp; $35.91 | &nbsp;&nbsp; $44.24 |
| Total Return<sup>\*</sup> <br>| 12.76% | &nbsp;&nbsp; 25.73% | &nbsp;&nbsp; 10.84% | &nbsp;&nbsp; (15.29)% | &nbsp;&nbsp; 16.35% |
| Net Assets, End of Period (in thousands) | $395008 | &nbsp;&nbsp; $396524 | &nbsp;&nbsp; $355150 | &nbsp;&nbsp; $373119 | &nbsp;&nbsp; $566156 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.07% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% |
| Ratio of Net Investment Income/(Loss) | 1.53% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.63% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 75% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 60% |

---

\* 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. 

(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 \| 33

------

**Janus Henderson Balanced Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $48.07 | &nbsp;&nbsp; $38.87 | &nbsp;&nbsp; $35.98 | &nbsp;&nbsp; $44.34 | &nbsp;&nbsp; $38.83 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net realized and unrealized gain/(loss) | 5.12 | &nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp; (6.68) | &nbsp;&nbsp;&nbsp;&nbsp;6.02 |
| Total from Investment Operations | 5.97 | &nbsp;&nbsp;&nbsp;&nbsp;10.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp; (6.32) | &nbsp;&nbsp;&nbsp;&nbsp;6.40 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.85) | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.43) |
| Distributions (from capital gains) | (2.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.46) |
| Total Dividends and Distributions | (3.08) | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (2.04) | &nbsp;&nbsp; (0.89) |
| Net Asset Value, End of Period | $50.96 | &nbsp;&nbsp; $48.07 | &nbsp;&nbsp; $38.87 | &nbsp;&nbsp; $35.98 | &nbsp;&nbsp; $44.34 |
| Total Return<sup>\*</sup> <br>| 13.05% | &nbsp;&nbsp; 26.05% | &nbsp;&nbsp; 11.14% | &nbsp;&nbsp; (15.09)% | &nbsp;&nbsp; 16.67% |
| Net Assets, End of Period (in thousands) | $4650703 | &nbsp;&nbsp; $4648624 | &nbsp;&nbsp; $4204443 | &nbsp;&nbsp; $4289200 | &nbsp;&nbsp; $5616342 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.82% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.82% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.81% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.81% |
| Ratio of Net Investment Income/(Loss) | 1.79% | &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.89% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 75% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 60% |

---

\* 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. 

(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.

34 \| September 30, 2025

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**Janus Henderson Balanced Fund**

**Notes to Financial Statements** 

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

**1. Organization and Significant Accounting Policies**

Janus Henderson Balanced 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 capital growth, consistent with preservation of capital and balanced by current 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 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 \| 35

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**Janus Henderson Balanced Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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.

36 \| September 30, 2025

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**Janus Henderson Balanced Fund**

**Notes to Financial Statements** 

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

rates and similar data.

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

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

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

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

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

Schedule of Investments 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 \| 37

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**Janus Henderson Balanced Fund**

**Notes to Financial Statements** 

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

and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

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

income tax purposes.

**Federal Income Taxes**

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

in the next twelve months.

**2. Derivative Instruments**

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended September 30, 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

38 \| September 30, 2025

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**Janus Henderson Balanced Fund**

**Notes to Financial Statements** 

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.

**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

Janus Investment Fund \| 39

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**Janus Henderson Balanced Fund**

**Notes to Financial Statements** 

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

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

**3. 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, war, 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.* Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. 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 September 30, 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.

40 \| September 30, 2025

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**Janus Henderson Balanced Fund**

**Notes to Financial Statements** 

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

&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 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.

Janus Investment Fund \| 41

------

**Janus Henderson Balanced Fund**

**Notes to Financial Statements** 

**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.

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.

42 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Notes to Financial Statements** 

**When-Issued, Delayed Delivery and Forward Commitment Transactions**

The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund's other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases (including TBA commitments) are outstanding, the purchases may result in a form of leverage.

When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security's price appreciates in value such that the security's price is above the agreed upon price on the settlement date. The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward

commitment securities before the settlement date, which may result in a gain or loss.

**Counterparties**

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have

greater exposure to the risks associated with one or more counterparties.

**Securities Lending**

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

Janus Investment Fund \| 43

------

**Janus Henderson Balanced Fund**

**Notes to Financial Statements** 

the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

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

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" on the Statement of Operations. As of September 30, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $10,011,586. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2025 is $10,398,558, resulting in the net amount due to the counterparty of

$386,972.

**Offsetting Assets and Liabilities**

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

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of

instrument, see the Fund's Schedule of Investments.

**4. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund's

contractual investment advisory fee rate (expressed as an annual rate) is 0.55% 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 0.68% for at least a one-year period commencing on January 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.

44 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Notes to Financial Statements** 

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 $532,252 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 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.

Janus Investment Fund \| 45

------

**Janus Henderson Balanced Fund**

**Notes to Financial Statements** 

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

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

servicing fees" on the Statement of Operations.

Class A Shares include a 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 year ended September 30, 2025, the Distributor

retained upfront sales charges of $284,614.

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 year ended September 30, 2025, redeeming shareholders of Class A Shares paid CDSCs of $4,139 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 year ended September 30, 2025, redeeming shareholders of Class C Shares

paid CDSCs of $146,010.

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 September 30, 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 year ended September 30, 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 year ended September 30, 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.

46 \| September 30, 2025

------

**Janus Henderson Balanced Fund**

**Notes to Financial Statements** 

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

The Fund is permitted to purchase or sell securities ("cross-trade") between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 ("Rule 17a-7"), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust's Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2025, the Fund engaged in cross trades amounting to $4,825,924 in sales, resulting in a net realized loss of $369,601. The net realized loss is

included within the "Net Realized Gain/(Loss) on Investments" section of the Fund's Statement of Operations.

**5. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation and derivatives. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term Gains*<br>| *Accumulated* <br>*Capital Losses*<br>| *Loss Deferrals* | *Other Book* <br>*to Tax* <br>*Differences*<br>| *Net Tax* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| $9562167 | $1502151486 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(759681) | &nbsp;&nbsp; $10517465693 |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2025 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, straddles, and investments in

partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $17810125140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10714869006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(197403313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10517465693 |

---

Information on the tax components of derivatives as of September 30, 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>|
| $7648535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

constitute adjustments to tax basis.

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. Certain permanent differences such as tax returns

of capital and net investment losses noted below have been reclassified to capital.

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $501477013 | &nbsp;&nbsp;&nbsp; $1196067349 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

Janus Investment Fund \| 47

------

**Janus Henderson Balanced Fund**

**Notes to Financial Statements** 

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $481790091 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $101,491,381, all of

which is long-term capital gain, for distributions in connection with Fund shares redemption (tax equalization).

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended September 30, 2025* | *Year ended September 30, 2025* | *Year ended September 30, 2024* | *Year ended September 30, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 8754655 | &nbsp;&nbsp; $414208057 | &nbsp;&nbsp; 8016559 | &nbsp;&nbsp; $351421580 |
| Reinvested dividends and distributions | 2617675 | &nbsp;&nbsp; 122725437 | &nbsp;&nbsp; 736142 | &nbsp;&nbsp; 33087311 |
| Shares repurchased | (8197484) | &nbsp;&nbsp; (385324427) | &nbsp;&nbsp; (8942839) | &nbsp;&nbsp; (389478311) |
| Net Increase/(Decrease) | 3174846 | &nbsp;&nbsp; $151609067 | &nbsp;&nbsp; (190138) | &nbsp;&nbsp; $(4969420) |
| Class C Shares: |  |  |  |  |
| Shares sold | 4506946 | &nbsp;&nbsp; $210134240 | &nbsp;&nbsp; 4936014 | &nbsp;&nbsp; $213546380 |
| Reinvested dividends and distributions | 2484177 | &nbsp;&nbsp; 114626480 | &nbsp;&nbsp; 509355 | &nbsp;&nbsp; 22585245 |
| Shares repurchased | (11628604) | &nbsp;&nbsp; (540167487) | &nbsp;&nbsp; (12731882) | &nbsp;&nbsp; (548621883) |
| Net Increase/(Decrease) | (4637481) | &nbsp;&nbsp; $(215406767) | &nbsp;&nbsp; (7286513) | &nbsp;&nbsp; $(312490258) |
| Class D Shares: |  |  |  |  |
| Shares sold | 2457317 | &nbsp;&nbsp; $115902980 | &nbsp;&nbsp; 2573747 | &nbsp;&nbsp; $113532273 |
| Reinvested dividends and distributions | 3252268 | &nbsp;&nbsp; 153026656 | &nbsp;&nbsp; 995776 | &nbsp;&nbsp; 44893248 |
| Shares repurchased | (5579836) | &nbsp;&nbsp; (262072445) | &nbsp;&nbsp; (5088843) | &nbsp;&nbsp; (222546651) |
| Net Increase/(Decrease) | 129749 | &nbsp;&nbsp; $6857191 | &nbsp;&nbsp; (1519320) | &nbsp;&nbsp; $(64121130) |
| Class I Shares: |  |  |  |  |
| Shares sold | 36816273 | &nbsp;&nbsp; $1746520151 | &nbsp;&nbsp; 39539318 | &nbsp;&nbsp; $1735435736 |
| Reinvested dividends and distributions | 15112871 | &nbsp;&nbsp; 711523664 | &nbsp;&nbsp; 4602147 | &nbsp;&nbsp; 207649301 |
| Shares repurchased | (45948235) | &nbsp;&nbsp; (2164887168) | &nbsp;&nbsp; (47773725) | &nbsp;&nbsp; (2088703279) |
| Net Increase/(Decrease) | 5980909 | &nbsp;&nbsp; $293156647 | &nbsp;&nbsp; (3632260) | &nbsp;&nbsp; $(145618242) |
| Class N Shares: |  |  |  |  |
| Shares sold | 10870633 | &nbsp;&nbsp; $515945410 | &nbsp;&nbsp; 8246489 | &nbsp;&nbsp; $360860260 |
| Reinvested dividends and distributions | 2995129 | &nbsp;&nbsp; 140862583 | &nbsp;&nbsp; 945758 | &nbsp;&nbsp; 42565163 |
| Shares repurchased | (12383869) | &nbsp;&nbsp; (589285441) | &nbsp;&nbsp; (12318809) | &nbsp;&nbsp; (531280441) |
| Net Increase/(Decrease) | 1481893 | &nbsp;&nbsp; $67522552 | &nbsp;&nbsp; (3126562) | &nbsp;&nbsp; $(127855018) |
| Class R Shares: |  |  |  |  |
| Shares sold | 703723 | &nbsp;&nbsp; $33091348 | &nbsp;&nbsp; 654563 | &nbsp;&nbsp; $28488006 |
| Reinvested dividends and distributions | 528937 | &nbsp;&nbsp; 24572560 | &nbsp;&nbsp; 129679 | &nbsp;&nbsp; 5782110 |
| Shares repurchased | (1467620) | &nbsp;&nbsp; (68418137) | &nbsp;&nbsp; (1816391) | &nbsp;&nbsp; (78083632) |
| Net Increase/(Decrease) | (234960) | &nbsp;&nbsp; $(10754229) | &nbsp;&nbsp; (1032149) | &nbsp;&nbsp; $(43813516) |
| Class S Shares: |  |  |  |  |
| Shares sold | 914437 | &nbsp;&nbsp; $43151088 | &nbsp;&nbsp; 1103724 | &nbsp;&nbsp; $48967509 |
| Reinvested dividends and distributions | 500902 | &nbsp;&nbsp; 23459701 | &nbsp;&nbsp; 139832 | &nbsp;&nbsp; 6274223 |
| Shares repurchased | (1913349) | &nbsp;&nbsp; (90403695) | &nbsp;&nbsp; (2132695) | &nbsp;&nbsp; (93952118) |
| Net Increase/(Decrease) | (498010) | &nbsp;&nbsp; $(23792906) | &nbsp;&nbsp; (889139) | &nbsp;&nbsp; $(38710386) |
| Class T Shares: |  |  |  |  |
| Shares sold | 5439677 | &nbsp;&nbsp; $257074592 | &nbsp;&nbsp; 6016618 | &nbsp;&nbsp; $263389376 |
| Reinvested dividends and distributions | 6124552 | &nbsp;&nbsp; 287592625 | &nbsp;&nbsp; 1890960 | &nbsp;&nbsp; 85013739 |
| Shares repurchased | (17015707) | &nbsp;&nbsp; (801272161) | &nbsp;&nbsp; (19368526) | &nbsp;&nbsp; (841464175) |
| Net Increase/(Decrease) | (5451478) | &nbsp;&nbsp; $(256604944) | &nbsp;&nbsp; (11460948) | &nbsp;&nbsp; $(493061060) |

---

**7. Purchases and Sales of Investment Securities**

For the year ended September 30, 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

48 \| September 30, 2025

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**Janus Henderson Balanced Fund**

**Notes to Financial Statements** 

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>|
| $8267162184 | &nbsp;&nbsp;&nbsp;&nbsp; $9860192393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11158745654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10665237290 |

---

**8. Recent Accounting Pronouncements**

The FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—*Improvements to Income Tax Disclosures* (ASU 2023-09) in December 2023. The new guidance enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes the

adoption of the ASU will not have a material impact on the financial statements.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to September 30, 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 \| 49

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**Janus Henderson Balanced Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Balanced Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Balanced Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable

basis for our opinion.

![](imge400826d2.jpg)

Denver, Colorado

November 20, 2025

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

50 \| September 30, 2025

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**Janus Henderson Balanced Fund**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2025:

---

| | |
|:---|:---|
| Section 163(j) Interest Dividend | 74% |
| Capital Gain Distributions | $1297558730 |
| Dividends Received Deduction Percentage | 33% |
| Qualified Dividend Income Percentage | 34% |

---

Janus Investment Fund \| 51

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**Janus Henderson Balanced 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 Trustees 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 1, 2024 and December 4-5, 2024, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2025 through February 1, 2026, subject to earlier termination as provided for in each agreement.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus

52 \| September 30, 2025

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**Janus Henderson Balanced Fund**

**Additional Information (unaudited)**

Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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, 2024, approximately 58% 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, 2024, approximately 61% 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 performance in periods ended September 30, 2024 has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2024, approximately 75% and 61% 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, 2024, approximately 66% and 68% 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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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.

Janus Investment Fund \| 53

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**Janus Henderson Balanced Fund**

**Additional Information (unaudited)**

***<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 first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 High-Yield Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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.

54 \| September 30, 2025

------

**Janus Henderson Balanced 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Contrarian Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted the reasons for the Fund's underperformance over various periods of time, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

Janus Investment Fund \| 55

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**Janus Henderson Balanced 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 Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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, 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 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted that the 36-month end performance was not yet available because of the Fund's inception date.

&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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

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

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as 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 10% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the

56 \| September 30, 2025

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**Janus Henderson Balanced Fund**

**Additional Information (unaudited)**

Janus Henderson Funds, on average, were 11% 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, recent 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) 11 of 12 Janus Henderson Funds had management fees (before waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser and 16 of 18 Janus Henderson Funds had management fees (after waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser. The Trustees noted that for the one Janus Henderson Fund that did not have a lower or in line management fee (before waivers or performance fees) than similar funds subadvised by the Adviser, the management fee was under the average of its 15(c) peer group. For the two Janus Henderson Funds that did not have lower or in line management fees (after waivers or performance fees) than similar funds Subadvised by the Adviser, the management fees were due to performance fee increases resulting from Janus Henderson Fund outperformance of such Janus Henderson Fund's reference index.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2023 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.

&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.

Janus Investment Fund \| 57

------

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

&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 the Fund's total expenses were below the peer group average for all share classes.

&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.

58 \| September 30, 2025

------

**Janus Henderson Balanced 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 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 Responsible 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 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.

&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 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 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.

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

Janus Investment Fund \| 59

------

**Janus Henderson Balanced 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 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 the Fund's total expenses were below the peer group average for all share classes.

&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 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 U.S. Dividend 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 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, 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. The Trustees noted that during the 2023 15(c) review process, the Adviser reported no changes to its allocation methodology; however, at the Trustees' request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant's analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. 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.

60 \| September 30, 2025

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**Janus Henderson Balanced Fund**

**Additional Information (unaudited)**

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 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 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2024 report: (1) past 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 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 42% of Janus Henderson Funds have low flat-rate fees (the "Low Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and higher fees when the fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2024 report that (1) 68% 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 Low 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 analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus 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

Janus Investment Fund \| 61

------

**Janus Henderson Balanced Fund**

**Additional Information (unaudited)**

affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

62 \| September 30, 2025

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![](img14a5ea633.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

125-02-93037 11-25

------

ANNUAL FINANCIAL STATEMENTS

September 30, 2025

**Janus Henderson Contrarian Fund**

Janus Investment Fund

![](img3bfde6d31.gif)

------

**Table of Contents**

**Janus Henderson Contrarian Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_ca100d5d-e82a-44e5-9376-2fe5f67c1717_SOI-SOI-RunningFooter-43_1)<br> [Management Investment Companies](#xx_ca100d5d-e82a-44e5-9376-2fe5f67c1717_SOI-SOI-RunningFooter-43_1)<br>|  |
| [Schedule of Investments](#xx_ca100d5d-e82a-44e5-9376-2fe5f67c1717_SOI-SOI-RunningFooter-43_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_ca100d5d-e82a-44e5-9376-2fe5f67c1717_SOI-SOI-RunningFooter-43_5) | 5 |
| [Statement of Assets and Liabilities](#xx_ca100d5d-e82a-44e5-9376-2fe5f67c1717_SAL-SAL-RunningFooter-43_1) | 6 |
| [Statement of Operations](#xx_ca100d5d-e82a-44e5-9376-2fe5f67c1717_SOP-SOP-RunningFooter-43_1) | 8 |
| [Statements of Changes in Net Assets](#xx_ca100d5d-e82a-44e5-9376-2fe5f67c1717_SOC-SOC-RunningFooter-43_1) | 10 |
| [Financial Highlights](#xx_ca100d5d-e82a-44e5-9376-2fe5f67c1717_FIHI-FIHI-RunningFooter-43_1) | 11 |
| [Notes to Financial Statements](#xx_ca100d5d-e82a-44e5-9376-2fe5f67c1717_NTF-NTF-RunningFooter-43_1) | 19 |
| [Report of Independent Registered Public Accounting Firm](#xx_ca100d5d-e82a-44e5-9376-2fe5f67c1717_AUD-AR-RunningFooter-43_1) | 33 |
| [Designation Requirements](#xx_ca100d5d-e82a-44e5-9376-2fe5f67c1717_DR-DR-RunningFooter-43_1) | 34 |
| [Items 8-11 - Additional Information](#xx_ca100d5d-e82a-44e5-9376-2fe5f67c1717_AI-AI-RunningFooter-43_1) | 35 |

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**Janus Henderson Contrarian Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 99.4% |  |  |
| Aerospace & Defense – 3.1% |  |  |
| Howmet Aerospace Inc | 799932 | $156970656 |
| Banks – 9.8% |  |  |
| Cullen/Frost Bankers Inc | 853195 | 108159530 |
| PNC Financial Services Group Inc/The | 1146607 | 230387745 |
| Western Alliance Bancorp | 1738289 | 150744422 |
|  |  | 489291697 |
| Beverages – 1.7% |  |  |
| Monster Beverage Corp<sup>\*</sup> <br>| 1282875 | 86350316 |
| Biotechnology – 6.5% |  |  |
| Argenx SE (ADR)<sup>\*</sup> <br>| 174068 | 128385594 |
| Madrigal Pharmaceuticals Inc<sup>\*</sup> <br>| 295775 | 135660161 |
| Metsera Inc<sup>\*,#</sup> <br>| 699817 | 36621424 |
| Vaxcyte Inc<sup>\*</sup> <br>| 681033 | 24530809 |
|  |  | 325197988 |
| Building Products – 1.6% |  |  |
| Builders FirstSource Inc<sup>\*</sup> <br>| 661105 | 80158981 |
| Capital Markets – 8.6% |  |  |
| Blackstone Group Inc | 857989 | 146587421 |
| Bullish<sup>\*</sup> <br>| 704185 | 44793208 |
| Hong Kong Exchanges & Clearing Ltd | 2144900 | 121914716 |
| Intercontinental Exchange Inc | 688409 | 115983148 |
|  |  | 429278493 |
| Consumer Finance – 5.9% |  |  |
| Capital One Financial Corp | 1359464 | 288994857 |
| Figure Technology Solutions Inc - Class A<sup>\*</sup> <br>| 128093 | 4658743 |
|  |  | 293653600 |
| Electrical Equipment – 3.8% |  |  |
| Vertiv Holdings Co | 1262443 | 190452151 |
| Energy Equipment & Services – 1.3% |  |  |
| Baker Hughes Co | 1297093 | 63194371 |
| Health Care Equipment & Supplies – 1.6% |  |  |
| Lantheus Holdings Inc<sup>\*</sup> <br>| 1561326 | 80080411 |
| Health Care Providers & Services – 8.6% |  |  |
| CVS Health Corp | 357000 | 26914230 |
| Surgery Partners Inc<sup>\*,</sup><sup>£</sup> <br>| 12479640 | 270059410 |
| UnitedHealth Group Inc | 379734 | 131122150 |
|  |  | 428095790 |
| Hotels, Restaurants & Leisure – 9.2% |  |  |
| Caesars Entertainment Inc<sup>\*</sup> <br>| 7255494 | 196079725 |
| Flutter Entertainment PLC<sup>\*</sup> <br>| 588718 | 149534372 |
| Sportradar Group AG - Class A<sup>\*</sup> <br>| 2271181 | 61094769 |
| Wingstop Inc | 217827 | 54822700 |
|  |  | 461531566 |
| Industrial Conglomerates – 2.5% |  |  |
| 3M Co | 787512 | 122206112 |
| Life Sciences Tools & Services – 1.2% |  |  |
| Sotera Health Co<sup>\*</sup> <br>| 3903536 | 61402621 |
| Media – 1.9% |  |  |
| Nexstar Media Group Inc | 488686 | 96632770 |
| Metals & Mining – 1.5% |  |  |
| Freeport-McMoRan Inc | 1959851 | 76865356 |
| Multiline Retail – 4.1% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 930055 | 204212176 |
| Personal Products – 0.1% |  |  |
| Beauty Health Co/The<sup>\*</sup> <br>| 2500000 | 4975000 |
| Residential Real Estate Investment Trusts (REITs) – 1.0% |  |  |
| Mid-America Apartment Communities Inc | 361951 | 50575413 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Contrarian Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Semiconductor & Semiconductor Equipment – 7.2% |  |  |
| Marvell Technology Inc | 2035911 | $171159038 |
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 668975 | 186838027 |
|  |  | 357997065 |
| Software – 13.9% |  |  |
| HubSpot Inc<sup>\*</sup> <br>| 221325 | 103535835 |
| Oracle Corp | 1678906 | 472175523 |
| Yandex NV<sup>\*</sup> <br>| 1065429 | 119615714 |
|  |  | 695327072 |
| Technology Hardware, Storage & Peripherals – 2.1% |  |  |
| Dell Technologies Inc | 748665 | 106138237 |
| Trading Companies & Distributors – 2.2% |  |  |
| Core & Main Inc - Class A<sup>\*</sup> <br>| 2035208 | 109555247 |
| Total Common Stocks (cost $3,778,198,818) |  | 4970143089 |
| Investment Companies – 0.4% |  |  |
| Money Markets – 0.4% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº,</sup><sup>£</sup> (cost $19,476,298) | 19472404 | 19476298 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.2% |  |  |
| Investment Companies – 0.2% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº,</sup><sup>£</sup> <br>| 10207447 | 10207447 |
| Time Deposits – 0% |  |  |
| Royal Bank of Canada, 4.0800%, 10/1/25 | $2551862 | 2551862 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $12,759,309) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $12,759,309) | 12759309 |
| Total Investments (total cost $3,810,434,425) – 100.0% |  | 5002378696 |
| Liabilities, net of Cash, Receivables and Other Assets – (0)% |  | (457385) |
| Net Assets – 100% |  | $5001921311 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $4339736668 | &nbsp;&nbsp;&nbsp;&nbsp; 86.8<br> %<br>|
| Taiwan | 186838027 | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Belgium | 128385594 | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Hong Kong | 121914716 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Netherlands | 119615714 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Switzerland | 61094769 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Cayman Islands | 44793208 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Total | $5002378696 | &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>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Common Stocks - 5.4% | Common Stocks - 5.4% | Common Stocks - 5.4% | Common Stocks - 5.4% | Common Stocks - 5.4% | Common Stocks - 5.4% | Common Stocks - 5.4% | Common Stocks - 5.4% | Common Stocks - 5.4% |
| Health Care Providers & Services - 5.4% | Health Care Providers & Services - 5.4% | Health Care Providers & Services - 5.4% | Health Care Providers & Services - 5.4% | Health Care Providers & Services - 5.4% | Health Care Providers & Services - 5.4% | Health Care Providers & Services - 5.4% | Health Care Providers & Services - 5.4% | Health Care Providers & Services - 5.4% |
| Surgery Partners Inc<sup>\*</sup>  | Surgery Partners Inc<sup>\*</sup>  | Surgery Partners Inc<sup>\*</sup>  | Surgery Partners Inc<sup>\*</sup>  | Surgery Partners Inc<sup>\*</sup>  | Surgery Partners Inc<sup>\*</sup>  | Surgery Partners Inc<sup>\*</sup>  | Surgery Partners Inc<sup>\*</sup>  | Surgery Partners Inc<sup>\*</sup>  |
|  | $162495919 | $178188433 | $(7075912) | $(1960990) | $(61588040) | $270059410 | 12479640 | $- |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| September 30, 2025

------

**Janus Henderson Contrarian Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliate* | *Affiliated*<br> *Investments,*<br> *at Value at*<br> *9/30/24*<br>| *Purchases* | *Sales*<br> *Proceeds*<br>| *Realized*<br> *Gain/(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation/*<br> *Depreciation*<br>| *Affiliated*<br> *Investments,*<br> *at Value at*<br> *9/30/25*<br>| *Ending*<br> *Shares*<br>| *Dividend*<br> *Income*<br>|
| Common Stocks - (continued) | Common Stocks - (continued) | Common Stocks - (continued) | Common Stocks - (continued) | Common Stocks - (continued) | Common Stocks - (continued) | Common Stocks - (continued) | Common Stocks - (continued) | Common Stocks - (continued) |
| Personal Products - N/A | Personal Products - N/A | Personal Products - N/A | Personal Products - N/A | Personal Products - N/A | Personal Products - N/A | Personal Products - N/A | Personal Products - N/A | Personal Products - N/A |
| Beauty Health Co/The<sup>\*,š</sup>  | Beauty Health Co/The<sup>\*,š</sup>  | Beauty Health Co/The<sup>\*,š</sup>  | Beauty Health Co/The<sup>\*,š</sup>  | Beauty Health Co/The<sup>\*,š</sup>  | Beauty Health Co/The<sup>\*,š</sup>  | Beauty Health Co/The<sup>\*,š</sup>  | Beauty Health Co/The<sup>\*,š</sup>  | Beauty Health Co/The<sup>\*,š</sup>  |
|  | $16009870 | $- | $(15218999) | $(95931111) | $100115240 | $N/A | N/A | $- |
| Total Common Stocks - 5.4% | Total Common Stocks - 5.4% | Total Common Stocks - 5.4% | Total Common Stocks - 5.4% | Total Common Stocks - 5.4% | Total Common Stocks - 5.4% | Total Common Stocks - 5.4% | Total Common Stocks - 5.4% | Total Common Stocks - 5.4% |
|  | $178505789 | $178188433 | $(22294911) | $(97892101) | $38527200 | $270059410 | 12479640 | $- |
| Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% |
| Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | 57107123 | 1304685651 | (1342317790) | (3485) | 4799 | 19476298 | 19472404 | 2295429 |
| 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, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  |
|  | 11654371 | 212961972 | (214408896) | - | - | 10207447 | 10207447 | 116041 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 6.0% | Total Affiliated Investments - 6.0% | Total Affiliated Investments - 6.0% | Total Affiliated Investments - 6.0% | Total Affiliated Investments - 6.0% | Total Affiliated Investments - 6.0% | Total Affiliated Investments - 6.0% | Total Affiliated Investments - 6.0% | Total Affiliated Investments - 6.0% |
|  | $247267283 | $1695836056 | $(1579021597) | $(97895586) | $38531999 | $299743155 | 42159491 | $2411470 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** |
| *Counterparty/* <br>*Reference Asset*<br>| *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Exercise* <br>*Price*<br>|  | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount*<br>| &nbsp;&nbsp; *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>| &nbsp;&nbsp; *Options* <br>*Written,* <br>*at Value*<br>|
| *Written Put Options:* | *Written Put Options:* | *Written Put Options:* | *Written Put Options:* |  |  |  |  |  |
| *Bank of America, National Association:* | *Bank of America, National Association:* | *Bank of America, National Association:* | *Bank of America, National Association:* |  |  |  |  |  |
| Unitedhealth Group Inc | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;360.00 | USD | &nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp; $34530000 | &nbsp;&nbsp; $2950000 | &nbsp;&nbsp; $77113 | &nbsp;&nbsp; $(2872887) |

---

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 September 30, 2025.

---

| | |
|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2025** |
|  | *Equity* <br>*Contracts*<br>|
| *Liability Derivatives:* |  |
| OTC options written, at value | $2872887 |

---

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement

of Operations for the year ended September 30, 2025.

---

| | |
|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Equity* <br>*Contracts*<br>|
| Written options contracts | $10743808 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Contrarian Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | |
|:---|:---|
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |
| *Derivative* | *Equity* <br>*Contracts*<br>|
| Written options contracts | $49418 |

---

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 Year Ended September 30, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2025** |
| Options: |  |
| Average value of option contracts written | $2765439 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $12539472 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(12539472) | &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* |
| Bank of America, National Association | $2872887 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2850000) | &nbsp;&nbsp; $22887 |

---

&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 \| September 30, 2025

------

**Janus Henderson Contrarian Fund**

**Notes to Schedule of Investments and Other Information** 

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| LLC | Limited Liability Company |
| OTC | Over-the-Counter |
| PLC | Public Limited Company |

---

---

| |
|:---|
| Non-income producing security. |
| Rate shown is the 7-day yield as of September 30, 2025. |
| Loaned security; a portion of the security is on loan at September 30, 2025. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| &nbsp;&nbsp; Security was an affiliate during the period, but is no longer an affiliate as of September 30, 2025. Refer to the Schedule of Investments for <br> security value at September 30, 2025. Dividend Income, Realized Gain/(Loss), and Change in Unrealized Appreciation/Depreciation <br> columns in the Schedule of Affiliated Investments – (% of Net Assets) reflect amounts for the entire period ended September 30, 2025 <br> and not just the period in which the security was affiliated.<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 September 30, 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* |  |  |  |
| Capital Markets | $307363777 | &nbsp;&nbsp; $121914716 | &nbsp;&nbsp; $- |
| All Other | 4540864596 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 19476298 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 12759309 | &nbsp;&nbsp; - |
| **Total Assets** | $4848228373 | &nbsp;&nbsp; $154150323 | &nbsp;&nbsp; $- |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *OTC Options Written, at Value* | $- | &nbsp;&nbsp; $2872887 | &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 \| 5

------

**Janus Henderson Contrarian Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $3,469,959,641)<sup>(1)</sup> <br>| $4702635541 |
| Affiliated investments, at value (cost $340,474,784) | 299743155 |
| Deposits with brokers for OTC derivatives | 2850000 |
| Trustees' deferred compensation | 143421 |
| Receivables: |  |
| Investments sold | 16089208 |
| Fund shares sold | 1110401 |
| Dividends | 497314 |
| Dividends from affiliates | 80246 |
| Other assets | 51499 |
| Total Assets | 5023200785 |
| Liabilities: |  |
| Due to custodian | 6357 |
| Collateral for securities loaned (Note 3) | 12759309 |
| OTC options written, at value (premiums received $2,950,000) | 2872887 |
| Payables: |  |
| Fund shares repurchased | 2381684 |
| Advisory fees | 2051821 |
| Transfer agent fees and expenses | 629781 |
| Trustees' deferred compensation fees | 143421 |
| Professional fees | 75952 |
| 12b-1 Distribution and shareholder servicing fees | 29148 |
| Trustees' fees and expenses | 23111 |
| Affiliated fund administration fees payable | 10235 |
| Custodian fees | 5280 |
| Accrued expenses and other payables | 290488 |
| Total Liabilities | 21279474 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $5001921311 |

---

See Notes to Financial Statements.

6 \| September 30, 2025

------

**Janus Henderson Contrarian Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $3344364699 |
| Total distributable earnings (loss) | 1657556612 |
| Total Net Assets | $5001921311 |
| Net Assets - Class A Shares | $67643448 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2211230 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $30.59 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $32.46 |
| Net Assets - Class C Shares | $17130446 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 646549 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $26.50 |
| Net Assets - Class D Shares | $3053216348 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 99063298 |
| Net Asset Value Per Share | $30.82 |
| Net Assets - Class I Shares | $674134549 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 21869190 |
| Net Asset Value Per Share | $30.83 |
| Net Assets - Class N Shares | $110047176 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3576743 |
| Net Asset Value Per Share | $30.77 |
| Net Assets - Class R Shares | $2164528 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 75321 |
| Net Asset Value Per Share | $28.74 |
| Net Assets - Class S Shares | $1487232 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 48820 |
| Net Asset Value Per Share | $30.46 |
| Net Assets - Class T Shares | $1076097584 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 34973582 |
| Net Asset Value Per Share | $30.77 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $12,539,472 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 100/94.25 of net asset value.

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Contrarian Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $45040935 |
| Interest | 2731356 |
| Dividends from affiliates | 2295429 |
| Affiliated securities lending income, net | 116041 |
| Unaffiliated securities lending income, net | 33760 |
| Other income | 20974 |
| Foreign tax withheld | (297234) |
| Total Investment Income | 49941261 |
| Expenses: |  |
| Advisory fees | 23830974 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 165889 |
| Class C Shares | 164260 |
| Class R Shares | 10893 |
| Class S Shares | 3733 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 3156762 |
| Class R Shares | 5474 |
| Class S Shares | 3734 |
| Class T Shares | 2583271 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 79021 |
| Class C Shares | 15656 |
| Class I Shares | 687299 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 3539 |
| Class C Shares | 916 |
| Class D Shares | 321709 |
| Class I Shares | 20692 |
| Class N Shares | 4796 |
| Class R Shares | 155 |
| Class S Shares | 52 |
| Class T Shares | 9515 |
| Shareholder reports expense | 393092 |
| Registration fees | 179459 |
| Custodian fees | 144269 |
| Affiliated fund administration fees | 143386 |
| Professional fees | 104322 |
| Trustees' fees and expenses | 90588 |
| Other expenses | 389037 |
| Total Expenses | 32512493 |
| Less: Excess Expense Reimbursement and Waivers | (161078) |
| Net Expenses | 32351415 |
| Net Investment Income/(Loss) | 17589846 |

---

See Notes to Financial Statements.

8 \| September 30, 2025

------

**Janus Henderson Contrarian Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | $622463999 |
| Investments in affiliates | (97895586) |
| Written options contracts | 10743808 |
| Total Net Realized Gain/(Loss) on Investments | 535312221 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (114884555) |
| Investments in affiliates | 38531999 |
| Written options contracts | 49418 |
| Total Change in Unrealized Net Appreciation/Depreciation | (76303138) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $476598929 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Contrarian Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*September 30, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $17589846 | &nbsp;&nbsp; $23955390 |
| Net realized gain/(loss) on investments | 535312221 | &nbsp;&nbsp; 474065616 |
| Change in unrealized net appreciation/depreciation | (76303138) | &nbsp;&nbsp; 832856015 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 476598929 | &nbsp;&nbsp; 1330877021 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (7355104) | &nbsp;&nbsp; (4414558) |
| Class C Shares | (2206898) | &nbsp;&nbsp; (1412725) |
| Class D Shares | (303691670) | &nbsp;&nbsp; (176139953) |
| Class I Shares | (75641817) | &nbsp;&nbsp; (50419610) |
| Class N Shares | (11380779) | &nbsp;&nbsp; (7305342) |
| Class R Shares | (239114) | &nbsp;&nbsp; (114958) |
| Class S Shares | (158192) | &nbsp;&nbsp; (117472) |
| Class T Shares | (109480151) | &nbsp;&nbsp; (66863860) |
| Net Decrease from Dividends and Distributions to Shareholders | (510153725) | &nbsp;&nbsp; (306788478) |
| Capital Share Transactions: |  |  |
| Class A Shares | (4096847) | &nbsp;&nbsp; (2998453) |
| Class C Shares | (2042795) | &nbsp;&nbsp; (3519149) |
| Class D Shares | 95111534 | &nbsp;&nbsp; (31181080) |
| Class I Shares | (24133004) | &nbsp;&nbsp; (173984737) |
| Class N Shares | 2229871 | &nbsp;&nbsp; 1546567 |
| Class R Shares | (286488) | &nbsp;&nbsp; 206581 |
| Class S Shares | (131561) | &nbsp;&nbsp; (497909) |
| Class T Shares | (24495855) | &nbsp;&nbsp; (51147345) |
| Net Increase/(Decrease) from Capital Share Transactions | 42154855 | &nbsp;&nbsp; (261575525) |
| Net Increase/(Decrease) in Net Assets | 8600059 | &nbsp;&nbsp; 762513018 |
| Net Assets: |  |  |
| Beginning of period | 4993321252 | &nbsp;&nbsp; 4230808234 |
| End of period | $5001921311 | &nbsp;&nbsp; $4993321252 |

---

See Notes to Financial Statements.

10 \| September 30, 2025

------

**Janus Henderson Contrarian Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $30.70 | &nbsp;&nbsp; $24.74 | &nbsp;&nbsp; $20.87 | &nbsp;&nbsp; $31.37 | &nbsp;&nbsp; $22.46 |
| 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;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain/(loss) | 2.97 | &nbsp;&nbsp;&nbsp;&nbsp;7.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp; (7.74) | &nbsp;&nbsp;&nbsp;&nbsp;9.28 |
| Total from Investment Operations | 3.01 | &nbsp;&nbsp;&nbsp;&nbsp;7.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp; (7.71) | &nbsp;&nbsp;&nbsp;&nbsp;9.32 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.06) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.10) |
| Distributions (from capital gains) | (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Total Dividends and Distributions | (3.12) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (2.79) | &nbsp;&nbsp; (0.41) |
| Net Asset Value, End of Period | $30.59 | &nbsp;&nbsp; $30.70 | &nbsp;&nbsp; $24.74 | &nbsp;&nbsp; $20.87 | &nbsp;&nbsp; $31.37 |
| Total Return<sup>\*</sup> <br>| 10.27% | &nbsp;&nbsp; 33.40% | &nbsp;&nbsp; 18.86% | &nbsp;&nbsp; (26.77)% | &nbsp;&nbsp; 41.82% |
| Net Assets, End of Period (in thousands) | $67643 | &nbsp;&nbsp; $73194 | &nbsp;&nbsp; $61193 | &nbsp;&nbsp; $54652 | &nbsp;&nbsp; $63005 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.12% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.12% |
| Ratio of Net Investment Income/(Loss) | 0.14% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; 0.14% |
| Portfolio Turnover Rate | 52% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 48% | &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. 

(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 Contrarian Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $27.09 | &nbsp;&nbsp; $22.11 | &nbsp;&nbsp; $18.72 | &nbsp;&nbsp; $28.59 | &nbsp;&nbsp; $20.55 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.12) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.14) |
| Net realized and unrealized gain/(loss) | 2.59 | &nbsp;&nbsp;&nbsp;&nbsp;6.79 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp; (6.98) | &nbsp;&nbsp;&nbsp;&nbsp;8.49 |
| Total from Investment Operations | 2.47 | &nbsp;&nbsp;&nbsp;&nbsp;6.69 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp; (7.13) | &nbsp;&nbsp;&nbsp;&nbsp;8.35 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Total Dividends and Distributions | (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Net Asset Value, End of Period | $26.50 | &nbsp;&nbsp; $27.09 | &nbsp;&nbsp; $22.11 | &nbsp;&nbsp; $18.72 | &nbsp;&nbsp; $28.59 |
| Total Return<sup>\*</sup> <br>| 9.58% | &nbsp;&nbsp; 32.41% | &nbsp;&nbsp; 18.11% | &nbsp;&nbsp; (27.34)% | &nbsp;&nbsp; 40.91% |
| Net Assets, End of Period (in thousands) | $17130 | &nbsp;&nbsp; $19945 | &nbsp;&nbsp; $19460 | &nbsp;&nbsp; $21790 | &nbsp;&nbsp; $21150 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.54% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 1.81% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.54% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 1.81% |
| Ratio of Net Investment Income/(Loss) | (0.50)% | &nbsp;&nbsp; (0.42)% | &nbsp;&nbsp; (0.24)% | &nbsp;&nbsp; (0.63)% | &nbsp;&nbsp; (0.52)% |
| Portfolio Turnover Rate | 52% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 48% | &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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

12 \| September 30, 2025

------

**Janus Henderson Contrarian Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $30.91 | &nbsp;&nbsp; $24.90 | &nbsp;&nbsp; $21.01 | &nbsp;&nbsp; $31.54 | &nbsp;&nbsp; $22.56 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain/(loss) | 2.99 | &nbsp;&nbsp;&nbsp;&nbsp;7.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp; (7.79) | &nbsp;&nbsp;&nbsp;&nbsp;9.33 |
| Total from Investment Operations | 3.10 | &nbsp;&nbsp;&nbsp;&nbsp;7.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp; (7.70) | &nbsp;&nbsp;&nbsp;&nbsp;9.43 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.13) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.14) |
| Distributions (from capital gains) | (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Total Dividends and Distributions | (3.19) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (2.83) | &nbsp;&nbsp; (0.45) |
| Net Asset Value, End of Period | $30.82 | &nbsp;&nbsp; $30.91 | &nbsp;&nbsp; $24.90 | &nbsp;&nbsp; $21.01 | &nbsp;&nbsp; $31.54 |
| Total Return<sup>\*</sup> <br>| 10.53% | &nbsp;&nbsp; 33.71% | &nbsp;&nbsp; 19.15% | &nbsp;&nbsp; (26.60)% | &nbsp;&nbsp; 42.18% |
| Net Assets, End of Period (in thousands) | $3053216 | &nbsp;&nbsp; $2968836 | &nbsp;&nbsp; $2400757 | &nbsp;&nbsp; $2122792 | &nbsp;&nbsp; $3021999 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.65% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.65% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Investment Income/(Loss) | 0.39% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.34% |
| Portfolio Turnover Rate | 52% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 48% | &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. 

(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 Contrarian Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $30.91 | &nbsp;&nbsp; $24.90 | &nbsp;&nbsp; $21.01 | &nbsp;&nbsp; $31.55 | &nbsp;&nbsp; $22.58 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain/(loss) | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;7.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp; (7.79) | &nbsp;&nbsp;&nbsp;&nbsp;9.30 |
| Total from Investment Operations | 3.12 | &nbsp;&nbsp;&nbsp;&nbsp;7.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp; (7.69) | &nbsp;&nbsp;&nbsp;&nbsp;9.44 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.14) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.16) |
| Distributions (from capital gains) | (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Total Dividends and Distributions | (3.20) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; (0.47) |
| Net Asset Value, End of Period | $30.83 | &nbsp;&nbsp; $30.91 | &nbsp;&nbsp; $24.90 | &nbsp;&nbsp; $21.01 | &nbsp;&nbsp; $31.55 |
| Total Return<sup>\*</sup> <br>| 10.59% | &nbsp;&nbsp; 33.73% | &nbsp;&nbsp; 19.18% | &nbsp;&nbsp; (26.57)% | &nbsp;&nbsp; 42.18% |
| Net Assets, End of Period (in thousands) | $674135 | &nbsp;&nbsp; $712611 | &nbsp;&nbsp; $730721 | &nbsp;&nbsp; $754492 | &nbsp;&nbsp; $679220 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.63% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.85% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.63% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.85% |
| Ratio of Net Investment Income/(Loss) | 0.42% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.48% |
| Portfolio Turnover Rate | 52% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 48% | &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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

14 \| September 30, 2025

------

**Janus Henderson Contrarian Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $30.86 | &nbsp;&nbsp; $24.86 | &nbsp;&nbsp; $20.98 | &nbsp;&nbsp; $31.50 | &nbsp;&nbsp; $22.54 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain/(loss) | 2.99 | &nbsp;&nbsp;&nbsp;&nbsp;7.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp; (7.77) | &nbsp;&nbsp;&nbsp;&nbsp;9.31 |
| Total from Investment Operations | 3.14 | &nbsp;&nbsp;&nbsp;&nbsp;7.88 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp; (7.65) | &nbsp;&nbsp;&nbsp;&nbsp;9.44 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.17) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.17) |
| Distributions (from capital gains) | (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Total Dividends and Distributions | (3.23) | &nbsp;&nbsp; (1.88) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (2.87) | &nbsp;&nbsp; (0.48) |
| Net Asset Value, End of Period | $30.77 | &nbsp;&nbsp; $30.86 | &nbsp;&nbsp; $24.86 | &nbsp;&nbsp; $20.98 | &nbsp;&nbsp; $31.50 |
| Total Return<sup>\*</sup> <br>| 10.68% | &nbsp;&nbsp; 33.91% | &nbsp;&nbsp; 19.30% | &nbsp;&nbsp; (26.50)% | &nbsp;&nbsp; 42.28% |
| Net Assets, End of Period (in thousands) | $110047 | &nbsp;&nbsp; $107976 | &nbsp;&nbsp; $81340 | &nbsp;&nbsp; $83560 | &nbsp;&nbsp; $78699 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.53% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.77% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.53% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.77% |
| Ratio of Net Investment Income/(Loss) | 0.52% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% |
| Portfolio Turnover Rate | 52% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 48% | &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. 

(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 Contrarian Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $29.08 | &nbsp;&nbsp; $23.55 | &nbsp;&nbsp; $19.91 | &nbsp;&nbsp; $30.14 | &nbsp;&nbsp; $21.62 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.08) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.10) |
| Net realized and unrealized gain/(loss) | 2.80 | &nbsp;&nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp; (7.40) | &nbsp;&nbsp;&nbsp;&nbsp;8.93 |
| Total from Investment Operations | 2.72 | &nbsp;&nbsp;&nbsp;&nbsp;7.24 | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp; (7.49) | &nbsp;&nbsp;&nbsp;&nbsp;8.83 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Total Dividends and Distributions | (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Net Asset Value, End of Period | $28.74 | &nbsp;&nbsp; $29.08 | &nbsp;&nbsp; $23.55 | &nbsp;&nbsp; $19.91 | &nbsp;&nbsp; $30.14 |
| Total Return<sup>\*</sup> <br>| 9.80% | &nbsp;&nbsp; 32.78% | &nbsp;&nbsp; 18.28% | &nbsp;&nbsp; (27.11)% | &nbsp;&nbsp; 41.11% |
| Net Assets, End of Period (in thousands) | $2165 | &nbsp;&nbsp; $2451 | &nbsp;&nbsp; $1794 | &nbsp;&nbsp; $1628 | &nbsp;&nbsp; $1450 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.76% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.36% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.61% |
| Ratio of Net Investment Income/(Loss) | (0.31)% | &nbsp;&nbsp; (0.17)% | &nbsp;&nbsp; (0.03)% | &nbsp;&nbsp; (0.36)% | &nbsp;&nbsp; (0.33)% |
| Portfolio Turnover Rate | 52% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 48% | &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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

16 \| September 30, 2025

------

**Janus Henderson Contrarian Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $30.58 | &nbsp;&nbsp; $24.64 | &nbsp;&nbsp; $20.80 | &nbsp;&nbsp; $31.34 | &nbsp;&nbsp; $22.41 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.03) |
| Net realized and unrealized gain/(loss) | 2.96 | &nbsp;&nbsp;&nbsp;&nbsp;7.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp; (7.74) | &nbsp;&nbsp;&nbsp;&nbsp;9.27 |
| Total from Investment Operations | 2.94 | &nbsp;&nbsp;&nbsp;&nbsp;7.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp; (7.76) | &nbsp;&nbsp;&nbsp;&nbsp;9.24 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Total Dividends and Distributions | (3.06) | &nbsp;&nbsp; (1.73) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (0.31) |
| Net Asset Value, End of Period | $30.46 | &nbsp;&nbsp; $30.58 | &nbsp;&nbsp; $24.64 | &nbsp;&nbsp; $20.80 | &nbsp;&nbsp; $31.34 |
| Total Return<sup>\*</sup> <br>| 10.06% | &nbsp;&nbsp; 33.10% | &nbsp;&nbsp; 18.64% | &nbsp;&nbsp; (26.94)% | &nbsp;&nbsp; 41.49% |
| Net Assets, End of Period (in thousands) | $1487 | &nbsp;&nbsp; $1637 | &nbsp;&nbsp; $1796 | &nbsp;&nbsp; $1402 | &nbsp;&nbsp; $739 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.22% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.74% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.10% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.35% |
| Ratio of Net Investment Income/(Loss) | (0.06)% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; (0.08)% | &nbsp;&nbsp; (0.09)% |
| Portfolio Turnover Rate | 52% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 48% | &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. 

(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 Contrarian Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $30.86 | &nbsp;&nbsp; $24.86 | &nbsp;&nbsp; $20.97 | &nbsp;&nbsp; $31.48 | &nbsp;&nbsp; $22.54 |
| 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;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain/(loss) | 2.99 | &nbsp;&nbsp;&nbsp;&nbsp;7.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp; (7.77) | &nbsp;&nbsp;&nbsp;&nbsp;9.30 |
| Total from Investment Operations | 3.07 | &nbsp;&nbsp;&nbsp;&nbsp;7.82 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp; (7.71) | &nbsp;&nbsp;&nbsp;&nbsp;9.37 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.10) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.12) |
| Distributions (from capital gains) | (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Total Dividends and Distributions | (3.16) | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (2.80) | &nbsp;&nbsp; (0.43) |
| Net Asset Value, End of Period | $30.77 | &nbsp;&nbsp; $30.86 | &nbsp;&nbsp; $24.86 | &nbsp;&nbsp; $20.97 | &nbsp;&nbsp; $31.48 |
| Total Return<sup>\*</sup> <br>| 10.43% | &nbsp;&nbsp; 33.57% | &nbsp;&nbsp; 19.04% | &nbsp;&nbsp; (26.66)% | &nbsp;&nbsp; 41.94% |
| Net Assets, End of Period (in thousands) | $1076098 | &nbsp;&nbsp; $1106670 | &nbsp;&nbsp; $933747 | &nbsp;&nbsp; $866118 | &nbsp;&nbsp; $1259649 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.01% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.76% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.00% |
| Ratio of Net Investment Income/(Loss) | 0.28% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.24% |
| Portfolio Turnover Rate | 52% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 48% | &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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

18 \| September 30, 2025

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**Janus Henderson Contrarian Fund**

**Notes to Financial Statements** 

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

**1. Organization and Significant Accounting Policies**

Janus Henderson Contrarian 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 nondiversified, 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 \| 19

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**Janus Henderson Contrarian Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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.

20 \| September 30, 2025

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**Janus Henderson Contrarian Fund**

**Notes to Financial Statements** 

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

rates and similar data.

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

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

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

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

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

Schedule of Investments 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 \| 21

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**Janus Henderson Contrarian Fund**

**Notes to Financial Statements** 

**Foreign Currency Translations**

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

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

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

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

could result in additional tax, interest, or penalties to be paid by the Fund.

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

income tax purposes.

**Federal Income Taxes**

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

in the next twelve months.

**2. Derivative Instruments**

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended September 30, 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

22 \| September 30, 2025

------

**Janus Henderson Contrarian Fund**

**Notes to Financial Statements** 

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.

**Options Contracts** 

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

Janus Investment Fund \| 23

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**Janus Henderson Contrarian Fund**

**Notes to Financial Statements** 

for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of premium received or paid. Upon expiration, or closing of the option transaction, a realized gain or loss is reported on the Statement of Operations (if applicable). The difference between the premium paid/received and the market value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported on the Statement of Operations (if applicable). Option contracts are typically valued using an approved vendor's option valuation model. To the extent reliable market quotations are available, option contracts are valued using market quotations. In cases when an approved vendor cannot provide coverage for an option and there is no reliable market quotation, a broker quotation or an internal valuation using the Black-Scholes model, the Cox-Rubinstein Binomial Option Pricing Model, or other appropriate option pricing model is used. Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as "Variation margin receivable" or "Variation margin payable" (if applicable).

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

pursuing its investment objective through its investments in options contracts.

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

cover the Fund's exposure to the counterparty.

In writing an option, the Fund bears the risk of an unfavorable change in the price of the security underlying the written option. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options written are reported as a liability on the Statement of Assets and Liabilities as "Options written, at value" (if applicable). The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the options are exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the security decreases and the options are exercised. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Exercise of an option written by the Fund could result in the Fund buying or selling a security at a price

different from the current market value.

During the year, the Fund wrote call options on various equity securities for the purpose of decreasing exposure to

individual equity risk and/or generating income.

During the year, the Fund wrote put options on various for the purpose of increasing exposure to individual equity risk

and/or generating income.

**3. 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, war, 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.

24 \| September 30, 2025

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**Janus Henderson Contrarian Fund**

**Notes to Financial Statements** 

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

• *Armed Conflict.* Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. 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 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

Janus Investment Fund \| 25

------

**Janus Henderson Contrarian Fund**

**Notes to Financial Statements** 

affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" on the Statement of Operations. As of September 30, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $12,539,472. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2025 is $12,759,309, resulting in the net amount due to the counterparty of

$219,837.

**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

September 30, 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.

**4. 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.

26 \| September 30, 2025

------

**Janus Henderson Contrarian Fund**

**Notes to Financial Statements** 

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 S&P 500<sup>®</sup> 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 ±7.00%. 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 prospectus 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 year ended September 30, 2025, the performance adjusted investment advisory

fee rate before any waivers and/or reimbursements of expenses is 0.50%.

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 0.75% for at least a one-year period commencing on January 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 $532,252 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 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 \| 27

------

**Janus Henderson Contrarian Fund**

**Notes to Financial Statements** 

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 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 year ended September 30, 2025, the Distributor

retained upfront sales charges of $12,283.

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 year ended September 30, 2025, redeeming shareholders of Class A Shares paid CDSCs of $72 to Janus Henderson

Distributors.

28 \| September 30, 2025

------

**Janus Henderson Contrarian Fund**

**Notes to Financial Statements** 

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 year ended September 30, 2025, redeeming shareholders of Class C Shares

paid CDSCs of $2,161.

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 September 30, 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 year ended September 30, 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 year ended September 30, 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 year ended September 30, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

The Fund is permitted to purchase or sell securities ("cross-trade") between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 ("Rule 17a-7"), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust's Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2025, the Fund engaged in cross trades amounting to $2,256,863 in sales, resulting in a net realized loss of $477,547. The net realized loss is

included within the "Net Realized Gain/(Loss) on Investments" section of the Fund's Statement of Operations.

**5. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Janus Investment Fund \| 29

------

**Janus Henderson Contrarian Fund**

**Notes to Financial Statements** 

Other book to tax differences primarily consist of deferred compensation and derivatives. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term Gains*<br>| *Accumulated* <br>*Capital Losses*<br>| *Loss Deferrals* | *Other Book* <br>*to Tax* <br>*Differences*<br>| *Net Tax* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| $9702824 | $466627530 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(51067) | &nbsp;&nbsp; $1181277325 |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment

securities for federal income tax purposes as of September 30, 2025 are noted below.

---

| | | | |
|:---|:---|:---|:---|
| *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;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $3821101371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1520818930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(339541605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1181277325 |

---

Information on the tax components of derivatives as of September 30, 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>|
| $(2950000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $77113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $77113 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

constitute adjustments to tax basis.

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. Certain permanent differences such as tax returns

of capital and net investment losses noted below have been reclassified to capital.

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $53172943 | &nbsp;&nbsp;&nbsp; $456980782 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $22305296 | &nbsp;&nbsp;&nbsp; $284483182 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $24,798,308, including $24,021,216 of long-term capital gain, for distributions in connection with Fund shares redemption (tax

equalization).

30 \| September 30, 2025

------

**Janus Henderson Contrarian Fund**

**Notes to Financial Statements** 

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

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended September 30, 2025* | *Year ended September 30, 2025* | *Year ended September 30, 2024* | *Year ended September 30, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 308213 | &nbsp;&nbsp; $8810468 | &nbsp;&nbsp; 390638 | &nbsp;&nbsp; $10306771 |
| Reinvested dividends and distributions | 208528 | &nbsp;&nbsp; 6101543 | &nbsp;&nbsp; 151076 | &nbsp;&nbsp; 3604673 |
| Shares repurchased | (689765) | &nbsp;&nbsp; (19008858) | &nbsp;&nbsp; (630724) | &nbsp;&nbsp; (16909897) |
| Net Increase/(Decrease) | (173024) | &nbsp;&nbsp; $(4096847) | &nbsp;&nbsp; (89010) | &nbsp;&nbsp; $(2998453) |
| Class C Shares: |  |  |  |  |
| Shares sold | 60995 | &nbsp;&nbsp; $1561506 | &nbsp;&nbsp; 73846 | &nbsp;&nbsp; $1707282 |
| Reinvested dividends and distributions | 79106 | &nbsp;&nbsp; 2014819 | &nbsp;&nbsp; 60721 | &nbsp;&nbsp; 1285470 |
| Shares repurchased | (229857) | &nbsp;&nbsp; (5619120) | &nbsp;&nbsp; (278580) | &nbsp;&nbsp; (6511901) |
| Net Increase/(Decrease) | (89756) | &nbsp;&nbsp; $(2042795) | &nbsp;&nbsp; (144013) | &nbsp;&nbsp; $(3519149) |
| Class D Shares: |  |  |  |  |
| Shares sold | 2193402 | &nbsp;&nbsp; $62480508 | &nbsp;&nbsp; 1735825 | &nbsp;&nbsp; $46127750 |
| Reinvested dividends and distributions | 9927762 | &nbsp;&nbsp; 292074733 | &nbsp;&nbsp; 7083881 | &nbsp;&nbsp; 169800627 |
| Shares repurchased | (9119535) | &nbsp;&nbsp; (259443707) | &nbsp;&nbsp; (9191678) | &nbsp;&nbsp; (247109457) |
| Net Increase/(Decrease) | 3001629 | &nbsp;&nbsp; $95111534 | &nbsp;&nbsp; (371972) | &nbsp;&nbsp; $(31181080) |
| Class I Shares: |  |  |  |  |
| Shares sold | 6169860 | &nbsp;&nbsp; $179826523 | &nbsp;&nbsp; 6633110 | &nbsp;&nbsp; $174324788 |
| Reinvested dividends and distributions | 2498424 | &nbsp;&nbsp; 73503644 | &nbsp;&nbsp; 2044919 | &nbsp;&nbsp; 49016708 |
| Shares repurchased | (9855437) | &nbsp;&nbsp; (277463171) | &nbsp;&nbsp; (14971995) | &nbsp;&nbsp; (397326233) |
| Net Increase/(Decrease) | (1187153) | &nbsp;&nbsp; $(24133004) | &nbsp;&nbsp; (6293966) | &nbsp;&nbsp; $(173984737) |
| Class N Shares: |  |  |  |  |
| Shares sold | 1120925 | &nbsp;&nbsp; $31841505 | &nbsp;&nbsp; 2182193 | &nbsp;&nbsp; $56454192 |
| Reinvested dividends and distributions | 378213 | &nbsp;&nbsp; 11096775 | &nbsp;&nbsp; 299543 | &nbsp;&nbsp; 7162066 |
| Shares repurchased | (1421741) | &nbsp;&nbsp; (40708409) | &nbsp;&nbsp; (2254393) | &nbsp;&nbsp; (62069691) |
| Net Increase/(Decrease) | 77397 | &nbsp;&nbsp; $2229871 | &nbsp;&nbsp; 227343 | &nbsp;&nbsp; $1546567 |
| Class R Shares: |  |  |  |  |
| Shares sold | 23609 | &nbsp;&nbsp; $600488 | &nbsp;&nbsp; 27231 | &nbsp;&nbsp; $688730 |
| Reinvested dividends and distributions | 8524 | &nbsp;&nbsp; 235176 | &nbsp;&nbsp; 4976 | &nbsp;&nbsp; 112915 |
| Shares repurchased | (41100) | &nbsp;&nbsp; (1122152) | &nbsp;&nbsp; (24091) | &nbsp;&nbsp; (595064) |
| Net Increase/(Decrease) | (8967) | &nbsp;&nbsp; $(286488) | &nbsp;&nbsp; 8116 | &nbsp;&nbsp; $206581 |
| Class S Shares: |  |  |  |  |
| Shares sold | 4272 | &nbsp;&nbsp; $116000 | &nbsp;&nbsp; 13137 | &nbsp;&nbsp; $356516 |
| Reinvested dividends and distributions | 5421 | &nbsp;&nbsp; 158192 | &nbsp;&nbsp; 4934 | &nbsp;&nbsp; 117472 |
| Shares repurchased | (14383) | &nbsp;&nbsp; (405753) | &nbsp;&nbsp; (37448) | &nbsp;&nbsp; (971897) |
| Net Increase/(Decrease) | (4690) | &nbsp;&nbsp; $(131561) | &nbsp;&nbsp; (19377) | &nbsp;&nbsp; $(497909) |
| Class T Shares: |  |  |  |  |
| Shares sold | 2812134 | &nbsp;&nbsp; $81053576 | &nbsp;&nbsp; 2497312 | &nbsp;&nbsp; $67029618 |
| Reinvested dividends and distributions | 3657532 | &nbsp;&nbsp; 107494874 | &nbsp;&nbsp; 2749409 | &nbsp;&nbsp; 65875840 |
| Shares repurchased | (7361631) | &nbsp;&nbsp; (213044305) | &nbsp;&nbsp; (6946291) | &nbsp;&nbsp; (184052803) |
| Net Increase/(Decrease) | (891965) | &nbsp;&nbsp; $(24495855) | &nbsp;&nbsp; (1699570) | &nbsp;&nbsp; $(51147345) |

---

**7. Purchases and Sales of Investment Securities**

For the year ended September 30, 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>|
| $2487479649 | &nbsp;&nbsp;&nbsp;&nbsp; $2958407211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

Janus Investment Fund \| 31

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**Janus Henderson Contrarian Fund**

**Notes to Financial Statements** 

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

**8. Recent Accounting Pronouncements**

The FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—*Improvements to Income Tax Disclosures* (ASU 2023-09) in December 2023. The new guidance enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes the

adoption of the ASU will not have a material impact on the financial statements.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to September 30, 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.

32 \| September 30, 2025

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**Janus Henderson Contrarian Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Contrarian Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Contrarian Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our

audits provide a reasonable basis for our opinion.

![](img0b543c862.jpg)

Denver, Colorado

November 20, 2025

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

Janus Investment Fund \| 33

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**Janus Henderson Contrarian Fund**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2025:

---

| | |
|:---|:---|
| Section 163(j) Interest Dividend | 10% |
| Capital Gain Distributions | $481001998 |
| Dividends Received Deduction Percentage | 100% |
| Qualified Dividend Income Percentage | 100% |

---

34 \| September 30, 2025

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**Janus Henderson Contrarian 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 Trustees 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 1, 2024 and December 4-5, 2024, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2025 through February 1, 2026, subject to earlier termination as provided for in each agreement.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus

Janus Investment Fund \| 35

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**Janus Henderson Contrarian Fund**

**Additional Information (unaudited)**

Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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, 2024, approximately 58% 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, 2024, approximately 61% 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 performance in periods ended September 30, 2024 has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2024, approximately 75% and 61% 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, 2024, approximately 66% and 68% 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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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.

36 \| September 30, 2025

------

**Janus Henderson Contrarian Fund**

**Additional Information (unaudited)**

***<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 first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 High-Yield Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 \| 37

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**Janus Henderson Contrarian 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Contrarian Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted the reasons for the Fund's underperformance over various periods of time, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

38 \| September 30, 2025

------

**Janus Henderson Contrarian 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 Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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, 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 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted that the 36-month end performance was not yet available because of the Fund's inception date.

&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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

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

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as 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 10% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the

Janus Investment Fund \| 39

------

**Janus Henderson Contrarian Fund**

**Additional Information (unaudited)**

Janus Henderson Funds, on average, were 11% 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, recent 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) 11 of 12 Janus Henderson Funds had management fees (before waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser and 16 of 18 Janus Henderson Funds had management fees (after waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser. The Trustees noted that for the one Janus Henderson Fund that did not have a lower or in line management fee (before waivers or performance fees) than similar funds subadvised by the Adviser, the management fee was under the average of its 15(c) peer group. For the two Janus Henderson Funds that did not have lower or in line management fees (after waivers or performance fees) than similar funds Subadvised by the Adviser, the management fees were due to performance fee increases resulting from Janus Henderson Fund outperformance of such Janus Henderson Fund's reference index.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2023 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.

&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.

40 \| September 30, 2025

------

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

&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 the Fund's total expenses were below the peer group average for all share classes.

&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.

Janus Investment Fund \| 41

------

**Janus Henderson Contrarian 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 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 Responsible 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 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.

&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 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 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.

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

42 \| September 30, 2025

------

**Janus Henderson Contrarian 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 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 the Fund's total expenses were below the peer group average for all share classes.

&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 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 U.S. Dividend 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 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, 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. The Trustees noted that during the 2023 15(c) review process, the Adviser reported no changes to its allocation methodology; however, at the Trustees' request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant's analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. 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.

Janus Investment Fund \| 43

------

**Janus Henderson Contrarian Fund**

**Additional Information (unaudited)**

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 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 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2024 report: (1) past 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 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 42% of Janus Henderson Funds have low flat-rate fees (the "Low Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and higher fees when the fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2024 report that (1) 68% 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 Low 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 analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus 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

44 \| September 30, 2025

------

**Janus Henderson Contrarian Fund**

**Additional Information (unaudited)**

affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 45

------

![](img658f0dbf3.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

125-02-93038 11-25

------

ANNUAL FINANCIAL STATEMENTS

September 30, 2025

**Janus Henderson Enterprise Fund**

Janus Investment Fund

![](img017ed4911.gif)

------

**Table of Contents**

**Janus Henderson Enterprise Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_c89dba92-f748-4050-be55-534b51dca336_SOI-SOI-RunningFooter-46_1)<br> [Management Investment Companies](#xx_c89dba92-f748-4050-be55-534b51dca336_SOI-SOI-RunningFooter-46_1)<br>|  |
| [Schedule of Investments](#xx_c89dba92-f748-4050-be55-534b51dca336_SOI-SOI-RunningFooter-46_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_c89dba92-f748-4050-be55-534b51dca336_SOI-SOI-RunningFooter-46_8) | 8 |
| [Statement of Assets and Liabilities](#xx_c89dba92-f748-4050-be55-534b51dca336_SAL-SAL-RunningFooter-46_1) | 9 |
| [Statement of Operations](#xx_c89dba92-f748-4050-be55-534b51dca336_SOP-SOP-RunningFooter-46_1) | 11 |
| [Statements of Changes in Net Assets](#xx_c89dba92-f748-4050-be55-534b51dca336_SOC-SOC-RunningFooter-46_1) | 13 |
| [Financial Highlights](#xx_c89dba92-f748-4050-be55-534b51dca336_FIHI-FIHI-RunningFooter-46_1) | 14 |
| [Notes to Financial Statements](#xx_c89dba92-f748-4050-be55-534b51dca336_NTF-NTF-RunningFooter-46_1) | 22 |
| [Report of Independent Registered Public Accounting Firm](#xx_c89dba92-f748-4050-be55-534b51dca336_AUD-AR-RunningFooter-46_1) | 36 |
| [Designation Requirements](#xx_c89dba92-f748-4050-be55-534b51dca336_DR-DR-RunningFooter-46_1) | 37 |
| [Items 8-11 - Additional Information](#xx_c89dba92-f748-4050-be55-534b51dca336_AI-AI-RunningFooter-46_1) | 38 |

---

------

**Janus Henderson Enterprise Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 96.3% |  |  |
| Aerospace & Defense – 0.6% |  |  |
| Standardaero Inc<sup>\*</sup> <br>| 5345304 | $145873346 |
| Airlines – 1.1% |  |  |
| Ryanair Holdings PLC | 2031916 | 59435571 |
| Ryanair Holdings PLC (ADR) | 3441065 | 207220934 |
|  |  | 266656505 |
| Biotechnology – 3.0% |  |  |
| Argenx SE (ADR)<sup>\*</sup> <br>| 328515 | 242299523 |
| Ascendis Pharma A/S (ADR)<sup>\*</sup> <br>| 976876 | 194212718 |
| Avidity Biosciences Inc<sup>\*</sup> <br>| 1669830 | 72754493 |
| Revolution Medicines Inc<sup>\*</sup> <br>| 2086737 | 97450618 |
| Vaxcyte Inc<sup>\*</sup> <br>| 2570623 | 92593840 |
|  |  | 699311192 |
| Capital Markets – 3.7% |  |  |
| Cboe Global Markets Inc | 638291 | 156540868 |
| Charles Schwab Corp | 2185746 | 208673170 |
| LPL Financial Holdings Inc | 1522214 | 506425376 |
|  |  | 871639414 |
| Chemicals – 1.4% |  |  |
| Corteva Inc | 4946203 | 334511709 |
| Commercial Services & Supplies – 4.9% |  |  |
| Cimpress PLC<sup>\*,</sup><sup>£</sup> <br>| 2355405 | 148484731 |
| Clean Harbors Inc<sup>\*</sup> <br>| 1300549 | 302013489 |
| RB Global Inc | 2544231 | 275692871 |
| Rentokil Initial PLC | 16467941 | 83204110 |
| Rentokil Initial PLC (ADR) | 6389737 | 161340859 |
| Veralto Corp | 1744191 | 185948203 |
|  |  | 1156684263 |
| Construction & Engineering – 1.8% |  |  |
| APi Group Corp<sup>\*</sup> <br>| 12480807 | 428965337 |
| Diversified Financial Services – 2.2% |  |  |
| Global Payments Inc | 1491375 | 123903435 |
| WEX Inc<sup>\*,</sup><sup>£</sup> <br>| 2499077 | 393679600 |
|  |  | 517583035 |
| Electric Utilities – 2.1% |  |  |
| Alliant Energy Corp | 7227173 | 487183732 |
| Electrical Equipment – 0.9% |  |  |
| Sensata Technologies Holding PLC | 6977054 | 213149000 |
| Electronic Equipment, Instruments & Components – 7.9% |  |  |
| CDW Corp/DE | 1411060 | 224753637 |
| Flex Ltd<sup>\*</sup> <br>| 15424119 | 894136178 |
| TE Connectivity PLC | 801524 | 175958564 |
| Teledyne Technologies Inc<sup>\*</sup> <br>| 980451 | 574583504 |
|  |  | 1869431883 |
| Entertainment – 2.4% |  |  |
| Liberty Media Corp-Liberty Formula One - Series A<sup>\*</sup> <br>| 731603 | 69663238 |
| Liberty Media Corp-Liberty Formula One - Series C<sup>\*</sup> <br>| 4700460 | 490963047 |
|  |  | 560626285 |
| Food & Staples Retailing – 0.6% |  |  |
| Dollar Tree Inc<sup>\*</sup> <br>| 1473986 | 139100059 |
| Health Care Equipment & Supplies – 6.5% |  |  |
| Boston Scientific Corp<sup>\*</sup> <br>| 5565902 | 543399012 |
| Cooper Cos Inc/The<sup>\*</sup> <br>| 1678964 | 115109772 |
| Globus Medical Inc<sup>\*</sup> <br>| 2207141 | 126402965 |
| ICU Medical Inc<sup>\*</sup> <br>| 1230753 | 147641130 |
| Lantheus Holdings Inc<sup>\*</sup> <br>| 1132936 | 58108287 |
| STERIS PLC | 739181 | 182902947 |
| Teleflex Inc<sup>£</sup> <br>| 2885870 | 353115053 |
|  |  | 1526679166 |
| Hotels, Restaurants & Leisure – 3.7% |  |  |
| Aramark | 10081068 | 387113011 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Enterprise Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Hotels, Restaurants & Leisure – (continued) |  |  |
| DoorDash Inc - Class A<sup>\*</sup> <br>| 1353906 | $368248893 |
| Entain PLC | 11134775 | 130510503 |
|  |  | 885872407 |
| Industrial Real Estate Investment Trusts (REITs) – 0.4% |  |  |
| Lineage Inc | 2693811 | 104088857 |
| Information Technology Services – 1.2% |  |  |
| Amdocs Ltd | 1847676 | 151601816 |
| GoDaddy Inc<sup>\*</sup> <br>| 898387 | 122926293 |
|  |  | 274528109 |
| Insurance – 5.4% |  |  |
| Intact Financial Corp | 3417236 | 664955078 |
| Willis Towers Watson PLC | 641071 | 221457977 |
| WR Berkley Corp | 5112080 | 391687570 |
|  |  | 1278100625 |
| Interactive Media & Services – 0.3% |  |  |
| Ziff Davis Inc<sup>\*</sup> <br>| 1581368 | 60250121 |
| Life Sciences Tools & Services – 3.8% |  |  |
| Illumina Inc<sup>\*</sup> <br>| 1338491 | 127116490 |
| PerkinElmer Inc | 5624564 | 492993035 |
| Waters Corp<sup>\*</sup> <br>| 956856 | 286874997 |
|  |  | 906984522 |
| Machinery – 1.6% |  |  |
| Ingersoll Rand Inc | 4436839 | 366571638 |
| Multi-Utilities – 2.9% |  |  |
| Ameren Corp | 3512382 | 366622433 |
| DTE Energy Co | 2204308 | 311755281 |
|  |  | 678377714 |
| Oil, Gas & Consumable Fuels – 0.9% |  |  |
| ONEOK Inc | 2877348 | 209960083 |
| Professional Services – 8.5% |  |  |
| Broadridge Financial Solutions Inc | 1784760 | 425076289 |
| Ceridian HCM Holding Inc<sup>\*</sup> <br>| 6506275 | 448217285 |
| SS&C Technologies Holdings Inc | 9770978 | 867272007 |
| TransUnion | 2085935 | 174759634 |
| UL Solutions Inc - Class A | 1411452 | 100015489 |
|  |  | 2015340704 |
| Real Estate Management & Development – 1.9% |  |  |
| CoStar Group Inc<sup>\*</sup> <br>| 4095740 | 345557584 |
| FirstService Corp | 488535 | 93061032 |
|  |  | 438618616 |
| Road & Rail – 2.3% |  |  |
| JB Hunt Transport Services Inc | 2853222 | 382816796 |
| TFI International Inc | 1889400 | 166380564 |
|  |  | 549197360 |
| Semiconductor & Semiconductor Equipment – 4.3% |  |  |
| KLA Corp | 227828 | 245735281 |
| NXP Semiconductors NV | 1800147 | 409947476 |
| ON Semiconductor Corp<sup>\*</sup> <br>| 7509031 | 370270319 |
|  |  | 1025953076 |
| Software – 12.8% |  |  |
| AppLovin Corp - Class A<sup>\*</sup> <br>| 1597233 | 1147675800 |
| Constellation Software Inc/Canada | 297017 | 806413428 |
| Descartes Systems Group Inc/The<sup>\*</sup> <br>| 1231244 | 116020122 |
| Dynatrace Inc<sup>\*</sup> <br>| 2457390 | 119060546 |
| PTC Inc<sup>\*</sup> <br>| 2528600 | 513356372 |
| Topicus.com Inc<sup>\*</sup> <br>| 1001381 | 107406478 |
| Workday Inc - Class A<sup>\*</sup> <br>| 878110 | 211387420 |
|  |  | 3021320166 |
| Specialized Real Estate Investment Trusts (REITs) – 1.1% |  |  |
| Lamar Advertising Co | 2190671 | 268181944 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| September 30, 2025

------

**Janus Henderson Enterprise Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Specialty Retail – 2.1% |  |  |
| Burlington Stores Inc<sup>\*</sup> <br>| 546782 | $139156019 |
| CarMax Inc<sup>\*</sup> <br>| 3484996 | 156371771 |
| Wayfair Inc - Class A<sup>\*</sup> <br>| 2173558 | 194163936 |
|  |  | 489691726 |
| Textiles, Apparel & Luxury Goods – 1.3% |  |  |
| Gildan Activewear Inc | 5492104 | 317443611 |
| Trading Companies & Distributors – 2.7% |  |  |
| Ferguson Enterprises Inc | 2825411 | 634530802 |
| Total Common Stocks (cost $14,373,683,932) |  | 22742407007 |
| Investment Companies – 3.5% |  |  |
| Money Markets – 3.5% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº,</sup><sup>£</sup> (cost $839,224,402) | 839083192 | 839251009 |
| Total Investments (total cost $15,212,908,334) – 99.8% |  | 23581658016 |
| Cash, Receivables and Other Assets, net of Liabilities – 0.2% |  | 38046186 |
| Net Assets – 100% |  | $23619704202 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $19780102050 | &nbsp;&nbsp;&nbsp;&nbsp; 83.9<br> %<br>|
| Canada | 2547373184 | &nbsp;&nbsp;&nbsp;&nbsp;10.8 |
| Ireland | 442615069 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| United Kingdom | 375055472 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Belgium | 242299523 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Denmark | 194212718 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Total | $23581658016 | &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>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Common Stocks - 3.8% | Common Stocks - 3.8% | Common Stocks - 3.8% | Common Stocks - 3.8% | Common Stocks - 3.8% | Common Stocks - 3.8% | Common Stocks - 3.8% | Common Stocks - 3.8% | Common Stocks - 3.8% |
| Commercial Services & Supplies - 0.6% | Commercial Services & Supplies - 0.6% | Commercial Services & Supplies - 0.6% | Commercial Services & Supplies - 0.6% | Commercial Services & Supplies - 0.6% | Commercial Services & Supplies - 0.6% | Commercial Services & Supplies - 0.6% | Commercial Services & Supplies - 0.6% | Commercial Services & Supplies - 0.6% |
| Cimpress PLC<sup>\*</sup>  | Cimpress PLC<sup>\*</sup>  | Cimpress PLC<sup>\*</sup>  | Cimpress PLC<sup>\*</sup>  | Cimpress PLC<sup>\*</sup>  | Cimpress PLC<sup>\*</sup>  | Cimpress PLC<sup>\*</sup>  | Cimpress PLC<sup>\*</sup>  | Cimpress PLC<sup>\*</sup>  |
|  | $181699461 | $11085515 | $- | $- | $(44300245) | $148484731 | 2355405 | $- |
| Diversified Financial Services - 1.7% | Diversified Financial Services - 1.7% | Diversified Financial Services - 1.7% | Diversified Financial Services - 1.7% | Diversified Financial Services - 1.7% | Diversified Financial Services - 1.7% | Diversified Financial Services - 1.7% | Diversified Financial Services - 1.7% | Diversified Financial Services - 1.7% |
| WEX Inc<sup>\*</sup>  | WEX Inc<sup>\*</sup>  | WEX Inc<sup>\*</sup>  | WEX Inc<sup>\*</sup>  | WEX Inc<sup>\*</sup>  | WEX Inc<sup>\*</sup>  | WEX Inc<sup>\*</sup>  | WEX Inc<sup>\*</sup>  | WEX Inc<sup>\*</sup>  |
|  | 524131419 | - | - | - | (130451819) | 393679600 | 2499077 | - |
| Health Care Equipment & Supplies - 1.5% | Health Care Equipment & Supplies - 1.5% | Health Care Equipment & Supplies - 1.5% | Health Care Equipment & Supplies - 1.5% | Health Care Equipment & Supplies - 1.5% | Health Care Equipment & Supplies - 1.5% | Health Care Equipment & Supplies - 1.5% | Health Care Equipment & Supplies - 1.5% | Health Care Equipment & Supplies - 1.5% |
| ICU Medical Inc<sup>\*,š</sup>  | ICU Medical Inc<sup>\*,š</sup>  | ICU Medical Inc<sup>\*,š</sup>  | ICU Medical Inc<sup>\*,š</sup>  | ICU Medical Inc<sup>\*,š</sup>  | ICU Medical Inc<sup>\*,š</sup>  | ICU Medical Inc<sup>\*,š</sup>  | ICU Medical Inc<sup>\*,š</sup>  | ICU Medical Inc<sup>\*,š</sup>  |
|  | 224267812 | - | - | - | (76626682) | N/A | N/A | - |
| Teleflex Inc | Teleflex Inc | Teleflex Inc | Teleflex Inc | Teleflex Inc | Teleflex Inc | Teleflex Inc | Teleflex Inc | Teleflex Inc |
|  | 699360119 | 13727637 | - | - | (359972703) | 353115053 | 2885870 | 3924783 |
| Total Health Care Equipment & Supplies - 1.5% | Total Health Care Equipment & Supplies - 1.5% | Total Health Care Equipment & Supplies - 1.5% | Total Health Care Equipment & Supplies - 1.5% | Total Health Care Equipment & Supplies - 1.5% | Total Health Care Equipment & Supplies - 1.5% | Total Health Care Equipment & Supplies - 1.5% | Total Health Care Equipment & Supplies - 1.5% | Total Health Care Equipment & Supplies - 1.5% |
|  | $923627931 | $13727637 | $- | $- | $(436599385) | $353115053 | 2885870 | $3924783 |
| Total Common Stocks - 3.8% | Total Common Stocks - 3.8% | Total Common Stocks - 3.8% | Total Common Stocks - 3.8% | Total Common Stocks - 3.8% | Total Common Stocks - 3.8% | Total Common Stocks - 3.8% | Total Common Stocks - 3.8% | Total Common Stocks - 3.8% |
|  | $1629458811 | $24813152 | $- | $- | $(611351449) | $895279384 | 7740352 | $3924783 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Enterprise Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliate* | *Affiliated*<br> *Investments,*<br> *at Value at*<br> *9/30/24*<br>| *Purchases* | *Sales*<br> *Proceeds*<br>| *Realized*<br> *Gain/(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation/*<br> *Depreciation*<br>| *Affiliated*<br> *Investments,*<br> *at Value at*<br> *9/30/25*<br>| *Ending*<br> *Shares*<br>| *Dividend*<br> *Income*<br>|
| Investment Companies - 3.5% | Investment Companies - 3.5% | Investment Companies - 3.5% | Investment Companies - 3.5% | Investment Companies - 3.5% | Investment Companies - 3.5% | Investment Companies - 3.5% | Investment Companies - 3.5% | Investment Companies - 3.5% |
| Money Markets - 3.5% | Money Markets - 3.5% | Money Markets - 3.5% | Money Markets - 3.5% | Money Markets - 3.5% | Money Markets - 3.5% | Money Markets - 3.5% | Money Markets - 3.5% | Money Markets - 3.5% |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | $1063373927 | $2150735989 | $(2374856087) | $(6398) | $3578 | $839251009 | 839083192 | $38253966 |
| Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A |
| Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  |
|  | 47423507 | 977476067 | (1024899574) | - | - | - | - | 47329 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 7.3% | Total Affiliated Investments - 7.3% | Total Affiliated Investments - 7.3% | Total Affiliated Investments - 7.3% | Total Affiliated Investments - 7.3% | Total Affiliated Investments - 7.3% | Total Affiliated Investments - 7.3% | Total Affiliated Investments - 7.3% | Total Affiliated Investments - 7.3% |
|  | $2740256245 | $3153025208 | $(3399755661) | $(6398) | $(611347871) | $1734530393 | 846823544 | $42226078 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***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>|
| Bank of America, National Association: | Bank of America, National Association: | Bank of America, National Association: | Bank of America, National Association: | Bank of America, National Association: |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; 17949000 | &nbsp;&nbsp; $(13031735) | &nbsp;&nbsp; $(88925) |
| Euro | 12/11/25 | &nbsp;&nbsp; 73362000 | &nbsp;&nbsp; (86488663) | &nbsp;&nbsp; (14601) |
|  |  |  |  | &nbsp;&nbsp; (103526) |
| Barclays Capital Inc: | Barclays Capital Inc: | Barclays Capital Inc: | Barclays Capital Inc: | Barclays Capital Inc: |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (147248871) | &nbsp;&nbsp; 106888376 | &nbsp;&nbsp; 708968 |
| Euro | 12/11/25 | &nbsp;&nbsp; (106443500) | &nbsp;&nbsp; 125474225 | &nbsp;&nbsp; 5974 |
|  |  |  |  | &nbsp;&nbsp; 714942 |
| BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (37833000) | &nbsp;&nbsp; 27465489 | &nbsp;&nbsp; 184563 |
| Euro | 12/11/25 | &nbsp;&nbsp; (22746000) | &nbsp;&nbsp; 26806275 | &nbsp;&nbsp; (5140) |
|  |  |  |  | &nbsp;&nbsp; 179423 |
| Citibank, National Association: | Citibank, National Association: | Citibank, National Association: | Citibank, National Association: | Citibank, National Association: |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (233784000) | &nbsp;&nbsp; 169702921 | &nbsp;&nbsp; 1124061 |
| Euro | 12/11/25 | &nbsp;&nbsp; 19136000 | &nbsp;&nbsp; (22726293) | &nbsp;&nbsp; (170097) |
| Euro | 12/11/25 | &nbsp;&nbsp; (55080912) | &nbsp;&nbsp; 64892547 | &nbsp;&nbsp; (33031) |
|  |  |  |  | &nbsp;&nbsp; 920933 |
| Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; 97979000 | &nbsp;&nbsp; (71210558) | &nbsp;&nbsp; (559067) |
| Euro | 12/11/25 | &nbsp;&nbsp; (45334000) | &nbsp;&nbsp; 53444389 | &nbsp;&nbsp; 7798 |
|  |  |  |  | &nbsp;&nbsp; (551269) |
| HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (147831464) | &nbsp;&nbsp; 107307917 | &nbsp;&nbsp; 708408 |
| Euro | 12/11/25 | &nbsp;&nbsp; 32709381 | &nbsp;&nbsp; (38550426) | &nbsp;&nbsp; 5135 |
|  |  |  |  | &nbsp;&nbsp; 713543 |
| JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (266955000) | &nbsp;&nbsp; 193844719 | &nbsp;&nbsp; 1346646 |
| Euro | 12/11/25 | &nbsp;&nbsp; (77346270) | &nbsp;&nbsp; 91151017 | &nbsp;&nbsp; (19428) |
|  |  |  |  | &nbsp;&nbsp; 1327218 |
| 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: |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (27370536) | &nbsp;&nbsp; 19875663 | &nbsp;&nbsp; 139095 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| September 30, 2025

------

**Janus Henderson Enterprise Fund**

**Schedule of Investments** 

**September 30, 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>|
| Euro | 12/11/25 | &nbsp;&nbsp; 8007000 | &nbsp;&nbsp; $(9414468) | &nbsp;&nbsp; $23631 |
| Euro | 12/11/25 | &nbsp;&nbsp; (27483000) | &nbsp;&nbsp; 32394679 | &nbsp;&nbsp;&nbsp;&nbsp;(384) |
|  |  |  |  | &nbsp;&nbsp; 162342 |
| State Street Bank and Trust Company: | State Street Bank and Trust Company: | State Street Bank and Trust Company: | State Street Bank and Trust Company: | State Street Bank and Trust Company: |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; 21151000 | &nbsp;&nbsp; (15434901) | &nbsp;&nbsp; (183166) |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (143146500) | &nbsp;&nbsp; 103876447 | &nbsp;&nbsp; 655210 |
| Euro | 12/11/25 | &nbsp;&nbsp; 9875000 | &nbsp;&nbsp; (11660720) | &nbsp;&nbsp; (20752) |
| Euro | 12/11/25 | &nbsp;&nbsp; (154664000) | &nbsp;&nbsp; 182254356 | &nbsp;&nbsp; (52891) |
|  |  |  |  | &nbsp;&nbsp; 398401 |
| Total |  |  |  | &nbsp;&nbsp; $3762007 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***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>|
| UBS AG, London Branch: |  |  |  |  |  |  |
| Euro short-term rate + 0.65% | Ryanair Holdings PLC | At Maturity | &nbsp;&nbsp; 11/14/25 | &nbsp;&nbsp; 18644513 | EUR | &nbsp;&nbsp; $9800325 |
| Euro short-term rate + 0.695% | Ryanair Holdings PLC | At Maturity | &nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp; 26425813 | EUR | &nbsp;&nbsp; 8528776 |
| Total |  |  |  |  |  | &nbsp;&nbsp; $18329101 |

---

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 September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2025** |
|  | *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Equity* <br>*Contracts*<br>| *Total* |
| *Asset Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $4909489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4909489 |
| Swaps - OTC, at value | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18329101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18329101 |
| Total Asset Derivatives | $4909489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18329101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23238590 |
| *Liability Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $1147482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1147482 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Enterprise Fund**

**Schedule of Investments** 

**September 30, 2025**

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement

of Operations for the year ended September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 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* | *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Equity* <br>*Contracts*<br>| *Total* |
| Forward foreign currency exchange contracts | $(10598924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(10598924) |
| Swap contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 904404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $904404 |
| Total | $(10598924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $904404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(9694520) |

---

---

| | | | |
|:---|:---|:---|:---|
| *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; *Equity* <br>*Contracts*<br>| *Total* |
| Forward foreign currency exchange contracts | $18016942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18016942 |
| Swap contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29080991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29080991 |
| Total | $18016942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29080991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $47097933 |

---

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 Year Ended September 30, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2025** |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased - in USD | $296447788 |
| Average amounts sold - in USD | 1414290712 |
| Total return swaps: |  |
| Average notional amount | 63424100 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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* |
| Barclays Capital Inc | $714942 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $714942 |
| BNP Paribas | 184563 | &nbsp;&nbsp; (5140) | &nbsp;&nbsp; — | &nbsp;&nbsp; 179423 |
| Citibank, National Association | 1124061 | &nbsp;&nbsp; (203128) | &nbsp;&nbsp; — | &nbsp;&nbsp; 920933 |
| Goldman Sachs & Co LLC | 7798 | &nbsp;&nbsp; (7798) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Securities (USA) Inc | 713543 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 713543 |
| JPMorgan Chase Bank, National Association | 1346646 | &nbsp;&nbsp; (19428) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1327218 |
| Morgan Stanley & Co International PLC | 162726 | &nbsp;&nbsp;&nbsp;&nbsp;(384) | &nbsp;&nbsp; — | &nbsp;&nbsp; 162342 |
| State Street Bank and Trust Company | 655210 | &nbsp;&nbsp; (256809) | &nbsp;&nbsp; — | &nbsp;&nbsp; 398401 |
| UBS AG, London Branch | 18329101 | &nbsp;&nbsp; — | &nbsp;&nbsp; (16560580) <br><sup>(c)</sup><br>| &nbsp;&nbsp; 1768521 |
| Total | $23238590 | &nbsp;&nbsp; $(492687) | &nbsp;&nbsp; $(16560580) | &nbsp;&nbsp; $6185323 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

6 \| September 30, 2025

------

**Janus Henderson Enterprise Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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* |
| Bank of America, National Association | $103526 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $103526 |
| BNP Paribas | 5140 | &nbsp;&nbsp; (5140) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank, National Association | 203128 | &nbsp;&nbsp; (203128) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co LLC | 559067 | &nbsp;&nbsp; (7798) | &nbsp;&nbsp; — | &nbsp;&nbsp; 551269 |
| JPMorgan Chase Bank, National Association | 19428 | &nbsp;&nbsp; (19428) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co International PLC | 384 | &nbsp;&nbsp;&nbsp;&nbsp;(384) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank and Trust Company | 256809 | &nbsp;&nbsp; (256809) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | $1147482 | &nbsp;&nbsp; $(492687) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $654795 |

---

&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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) At September 30, 2025, the Fund received U.S. Treasury Notes/Bonds as collateral for
 total return swaps.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Enterprise Fund**

**Notes to Schedule of Investments and Other Information** 

ADR American Depositary Receipt <br> LLC Limited Liability Company <br> PLC Public Limited Company

---

| |
|:---|
| Non-income producing security. |
| Rate shown is the 7-day yield as of September 30, 2025. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| &nbsp;&nbsp; Security was an affiliate during the period, but is no longer an affiliate as of September 30, 2025. Refer to the Schedule of Investments for <br> security value at September 30, 2025. Dividend Income, Realized Gain/(Loss), and Change in Unrealized Appreciation/Depreciation <br> columns in the Schedule of Affiliated Investments – (% of Net Assets) reflect amounts for the entire period ended September 30, 2025 <br> and not just the period in which the security was affiliated.<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 September 30, 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* |  |  |  |
| Airlines | $207220934 | &nbsp;&nbsp; $59435571 | &nbsp;&nbsp; $- |
| Commercial Services & Supplies | 1073480153 | &nbsp;&nbsp; 83204110 | &nbsp;&nbsp; - |
| Hotels, Restaurants & Leisure | 755361904 | &nbsp;&nbsp; 130510503 | &nbsp;&nbsp; - |
| All Other | 20433193832 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 839251009 | &nbsp;&nbsp; - |
| Total Investments in Securities | $22469256823 | &nbsp;&nbsp; $1112401193 | &nbsp;&nbsp; $- |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | - | &nbsp;&nbsp; 4909489 | &nbsp;&nbsp; - |
| *OTC Swaps* | - | &nbsp;&nbsp; 18329101 | &nbsp;&nbsp; - |
| **Total Assets** | $22469256823 | &nbsp;&nbsp; $1135639783 | &nbsp;&nbsp; $- |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | $- | &nbsp;&nbsp; $1147482 | &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.

8 \| September 30, 2025

------

**Janus Henderson Enterprise Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $13,478,404,548) | $21847127623 |
| Affiliated investments, at value (cost $1,734,503,786) | 1734530393 |
| Cash | 2937686 |
| Forward foreign currency exchange contracts | 4909489 |
| OTC swap contracts, at value (premium paid/received $0) | 18329101 |
| Trustees' deferred compensation | 676856 |
| Receivables: |  |
| Fund shares sold | 32828301 |
| Investments sold | 21047546 |
| Dividends | 12318098 |
| Dividends from affiliates | 2982115 |
| Dividends and interest on swap contracts | 1226269 |
| Other assets | 1063415 |
| Total Assets | 23679976892 |
| Liabilities: |  |
| Foreign cash due to custodian | 3 |
| Forward foreign currency exchange contracts | 1147482 |
| Payables: |  |
| Fund shares repurchased | 23388514 |
| Investments purchased | 18788987 |
| Advisory fees | 12459050 |
| Transfer agent fees and expenses | 2321000 |
| Trustees' deferred compensation fees | 676856 |
| 12b-1 Distribution and shareholder servicing fees | 249709 |
| Trustees' fees and expenses | 112051 |
| Professional fees | 95952 |
| Affiliated fund administration fees payable | 48668 |
| Custodian fees | 42091 |
| Accrued expenses and other payables | 942327 |
| Total Liabilities | 60272690 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $23619704202 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Enterprise Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $14104815129 |
| Total distributable earnings (loss) | 9514889073 |
| Total Net Assets | $23619704202 |
| Net Assets - Class A Shares | $484327446 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3435947 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $140.96 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $149.56 |
| Net Assets - Class C Shares | $64271764 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 546453 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $117.62 |
| Net Assets - Class D Shares | $2517980582 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 16855104 |
| Net Asset Value Per Share | $149.39 |
| Net Assets - Class I Shares | $10023410713 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 66449119 |
| Net Asset Value Per Share | $150.84 |
| Net Assets - Class N Shares | $6972912283 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 45788869 |
| Net Asset Value Per Share | $152.28 |
| Net Assets - Class R Shares | $99975586 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 769523 |
| Net Asset Value Per Share | $129.92 |
| Net Assets - Class S Shares | $267571246 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1920798 |
| Net Asset Value Per Share | $139.30 |
| Net Assets - Class T Shares | $3189254582 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 21655090 |
| Net Asset Value Per Share | $147.28 |

---

&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.

10 \| September 30, 2025

------

**Janus Henderson Enterprise Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $191018113 |
| Dividends from affiliates | 42178749 |
| Affiliated securities lending income, net | 47329 |
| Unaffiliated securities lending income, net | 16530 |
| Other income | 103130 |
| Foreign tax withheld | (4683654) |
| Total Investment Income | 228680197 |
| Expenses: |  |
| Advisory fees | 145013346 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 1176026 |
| Class C Shares | 642849 |
| Class R Shares | 479395 |
| Class S Shares | 701237 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 2738974 |
| Class R Shares | 242097 |
| Class S Shares | 702750 |
| Class T Shares | 8214686 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 1059290 |
| Class C Shares | 67660 |
| Class I Shares | 9180419 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 25125 |
| Class C Shares | 3194 |
| Class D Shares | 257796 |
| Class I Shares | 280399 |
| Class N Shares | 299000 |
| Class R Shares | 1696 |
| Class S Shares | 5238 |
| Class T Shares | 31804 |
| Shareholder reports expense | 1153256 |
| Affiliated fund administration fees | 680903 |
| Registration fees | 483423 |
| Trustees' fees and expenses | 438782 |
| Custodian fees | 325261 |
| Professional fees | 294598 |
| Other expenses | 1329695 |
| Total Expenses | 175828899 |
| Less: Excess Expense Reimbursement and Waivers | (386886) |
| Net Expenses | 175442013 |
| Net Investment Income/(Loss) | 53238184 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Enterprise Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | $1318262329 |
| Investments in affiliates | (6398) |
| Forward foreign currency exchange contracts | (10598924) |
| Swap contracts | 904404 |
| Total Net Realized Gain/(Loss) on Investments | 1308561411 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 468268004 |
| Investments in affiliates | (611347871) |
| Forward foreign currency exchange contracts | 18016942 |
| Swap contracts | 29080991 |
| Total Change in Unrealized Net Appreciation/Depreciation | (95981934) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $1265817661 |

---

See Notes to Financial Statements.

12 \| September 30, 2025

------

**Janus Henderson Enterprise Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*September 30, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $53238184 | &nbsp;&nbsp; $82376261 |
| Net realized gain/(loss) on investments | 1308561411 | &nbsp;&nbsp; 1635678410 |
| Change in unrealized net appreciation/depreciation | (95981934) | &nbsp;&nbsp; 2987217920 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 1265817661 | &nbsp;&nbsp; 4705272591 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (31459279) | &nbsp;&nbsp; (30972227) |
| Class C Shares | (5745359) | &nbsp;&nbsp; (8795612) |
| Class D Shares | (166597171) | &nbsp;&nbsp; (164831054) |
| Class I Shares | (577658133) | &nbsp;&nbsp; (504886750) |
| Class N Shares | (448121413) | &nbsp;&nbsp; (409539265) |
| Class R Shares | (6571390) | &nbsp;&nbsp; (6581271) |
| Class S Shares | (19538878) | &nbsp;&nbsp; (21841246) |
| Class T Shares | (224284043) | &nbsp;&nbsp; (235171323) |
| Net Decrease from Dividends and Distributions to Shareholders | (1479975666) | &nbsp;&nbsp; (1382618748) |
| Capital Share Transactions: |  |  |
| Class A Shares | 26321527 | &nbsp;&nbsp; 11436142 |
| Class C Shares | (22020635) | &nbsp;&nbsp; (24817425) |
| Class D Shares | (20895764) | &nbsp;&nbsp; (5181320) |
| Class I Shares | 1237432858 | &nbsp;&nbsp; 756456697 |
| Class N Shares | 80902474 | &nbsp;&nbsp; 671814346 |
| Class R Shares | 5870920 | &nbsp;&nbsp; 7459261 |
| Class S Shares | (29257065) | &nbsp;&nbsp; (20836394) |
| Class T Shares | (228867729) | &nbsp;&nbsp; (211363938) |
| Net Increase/(Decrease) from Capital Share Transactions | 1049486586 | &nbsp;&nbsp; 1184967369 |
| Net Increase/(Decrease) in Net Assets | 835328581 | &nbsp;&nbsp; 4507621212 |
| Net Assets: |  |  |
| Beginning of period | 22784375621 | &nbsp;&nbsp; 18276754409 |
| End of period | $23619704202 | &nbsp;&nbsp; $22784375621 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Enterprise Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $142.98 | &nbsp;&nbsp; $123.25 | &nbsp;&nbsp; $116.22 | &nbsp;&nbsp; $168.35 | &nbsp;&nbsp; $137.77 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.27) |
| Net realized and unrealized gain/(loss) | 7.58 | &nbsp;&nbsp;&nbsp;&nbsp;29.46 | &nbsp;&nbsp;&nbsp;&nbsp;19.41 | &nbsp;&nbsp; (27.16) | &nbsp;&nbsp;&nbsp;&nbsp;43.67 |
| Total from Investment Operations | 7.44 | &nbsp;&nbsp;&nbsp;&nbsp;29.56 | &nbsp;&nbsp;&nbsp;&nbsp;19.60 | &nbsp;&nbsp; (27.46) | &nbsp;&nbsp;&nbsp;&nbsp;43.40 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (1.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (8.35) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Total Dividends and Distributions | (9.46) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Net Asset Value, End of Period | $140.96 | &nbsp;&nbsp; $142.98 | &nbsp;&nbsp; $123.25 | &nbsp;&nbsp; $116.22 | &nbsp;&nbsp; $168.35 |
| Total Return<sup>\*</sup> <br>| 5.21% | &nbsp;&nbsp; 25.76% | &nbsp;&nbsp; 17.82% | &nbsp;&nbsp; (19.08)% | &nbsp;&nbsp; 32.57% |
| Net Assets, End of Period (in thousands) | $484327 | &nbsp;&nbsp; $466764 | &nbsp;&nbsp; $388721 | &nbsp;&nbsp; $327176 | &nbsp;&nbsp; $472904 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.13% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.11% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.11% |
| Ratio of Net Investment Income/(Loss) | (0.10)% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; (0.21)% | &nbsp;&nbsp; (0.17)% |
| Portfolio Turnover Rate | 17% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

14 \| September 30, 2025

------

**Janus Henderson Enterprise Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $120.73 | &nbsp;&nbsp; $106.05 | &nbsp;&nbsp; $102.11 | &nbsp;&nbsp; $151.54 | &nbsp;&nbsp; $125.75 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.80) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; (1.06) |
| Net realized and unrealized gain/(loss) | 6.38 | &nbsp;&nbsp;&nbsp;&nbsp;25.00 | &nbsp;&nbsp;&nbsp;&nbsp;16.92 | &nbsp;&nbsp; (23.89) | &nbsp;&nbsp;&nbsp;&nbsp;39.67 |
| Total from Investment Operations | 5.58 | &nbsp;&nbsp;&nbsp;&nbsp;24.51 | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp; (24.76) | &nbsp;&nbsp;&nbsp;&nbsp;38.61 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.34) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (8.35) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Total Dividends and Distributions | (8.69) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Net Asset Value, End of Period | $117.62 | &nbsp;&nbsp; $120.73 | &nbsp;&nbsp; $106.05 | &nbsp;&nbsp; $102.11 | &nbsp;&nbsp; $151.54 |
| Total Return<sup>\*</sup> <br>| 4.59% | &nbsp;&nbsp; 25.12% | &nbsp;&nbsp; 17.20% | &nbsp;&nbsp; (19.47)% | &nbsp;&nbsp; 31.83% |
| Net Assets, End of Period (in thousands) | $64272 | &nbsp;&nbsp; $88844 | &nbsp;&nbsp; $101480 | &nbsp;&nbsp; $110936 | &nbsp;&nbsp; $179240 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.69% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.67% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.69% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.67% |
| Ratio of Net Investment Income/(Loss) | (0.70)% | &nbsp;&nbsp; (0.45)% | &nbsp;&nbsp; (0.38)% | &nbsp;&nbsp; (0.69)% | &nbsp;&nbsp; (0.73)% |
| Portfolio Turnover Rate | 17% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

(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 Enterprise Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $150.93 | &nbsp;&nbsp; $129.17 | &nbsp;&nbsp; $120.89 | &nbsp;&nbsp; $174.13 | &nbsp;&nbsp; $142.10 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain/(loss) | 8.03 | &nbsp;&nbsp;&nbsp;&nbsp;31.05 | &nbsp;&nbsp;&nbsp;&nbsp;20.24 | &nbsp;&nbsp; (28.23) | &nbsp;&nbsp;&nbsp;&nbsp;45.06 |
| Total from Investment Operations | 8.35 | &nbsp;&nbsp;&nbsp;&nbsp;31.59 | &nbsp;&nbsp;&nbsp;&nbsp;20.85 | &nbsp;&nbsp; (28.05) | &nbsp;&nbsp;&nbsp;&nbsp;45.31 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (1.54) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.46) |
| Distributions (from capital gains) | (8.35) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Total Dividends and Distributions | (9.89) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (25.19) | &nbsp;&nbsp; (13.28) |
| Net Asset Value, End of Period | $149.39 | &nbsp;&nbsp; $150.93 | &nbsp;&nbsp; $129.17 | &nbsp;&nbsp; $120.89 | &nbsp;&nbsp; $174.13 |
| Total Return<sup>\*</sup> <br>| 5.55% | &nbsp;&nbsp; 26.17% | &nbsp;&nbsp; 18.20% | &nbsp;&nbsp; (18.82)% | &nbsp;&nbsp; 32.99% |
| Net Assets, End of Period (in thousands) | $2517981 | &nbsp;&nbsp; $2570953 | &nbsp;&nbsp; $2189482 | &nbsp;&nbsp; $1937787 | &nbsp;&nbsp; $2507220 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% |
| Ratio of Net Investment Income/(Loss) | 0.22% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.15% |
| Portfolio Turnover Rate | 17% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

16 \| September 30, 2025

------

**Janus Henderson Enterprise Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $152.31 | &nbsp;&nbsp; $130.24 | &nbsp;&nbsp; $121.76 | &nbsp;&nbsp; $175.21 | &nbsp;&nbsp; $142.89 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain/(loss) | 8.10 | &nbsp;&nbsp;&nbsp;&nbsp;31.31 | &nbsp;&nbsp;&nbsp;&nbsp;20.38 | &nbsp;&nbsp; (28.42) | &nbsp;&nbsp;&nbsp;&nbsp;45.33 |
| Total from Investment Operations | 8.46 | &nbsp;&nbsp;&nbsp;&nbsp;31.90 | &nbsp;&nbsp;&nbsp;&nbsp;21.05 | &nbsp;&nbsp; (28.19) | &nbsp;&nbsp;&nbsp;&nbsp;45.65 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (1.58) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.51) |
| Distributions (from capital gains) | (8.35) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Total Dividends and Distributions | (9.93) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (25.26) | &nbsp;&nbsp; (13.33) |
| Net Asset Value, End of Period | $150.84 | &nbsp;&nbsp; $152.31 | &nbsp;&nbsp; $130.24 | &nbsp;&nbsp; $121.76 | &nbsp;&nbsp; $175.21 |
| Total Return<sup>\*</sup> <br>| 5.58% | &nbsp;&nbsp; 26.20% | &nbsp;&nbsp; 18.23% | &nbsp;&nbsp; (18.78)% | &nbsp;&nbsp; 33.06% |
| Net Assets, End of Period (in thousands) | $10023411 | &nbsp;&nbsp; $8817446 | &nbsp;&nbsp; $6792381 | &nbsp;&nbsp; $5404045 | &nbsp;&nbsp; $8014607 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.74% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.74% |
| Ratio of Net Investment Income/(Loss) | 0.25% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.19% |
| Portfolio Turnover Rate | 17% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

(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

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**Janus Henderson Enterprise Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $153.66 | &nbsp;&nbsp; $131.19 | &nbsp;&nbsp; $122.44 | &nbsp;&nbsp; $176.05 | &nbsp;&nbsp; $143.53 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Net realized and unrealized gain/(loss) | 8.18 | &nbsp;&nbsp;&nbsp;&nbsp;31.57 | &nbsp;&nbsp;&nbsp;&nbsp;20.52 | &nbsp;&nbsp; (28.59) | &nbsp;&nbsp;&nbsp;&nbsp;45.53 |
| Total from Investment Operations | 8.69 | &nbsp;&nbsp;&nbsp;&nbsp;32.30 | &nbsp;&nbsp;&nbsp;&nbsp;21.32 | &nbsp;&nbsp; (28.21) | &nbsp;&nbsp;&nbsp;&nbsp;46.00 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (1.72) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (0.66) |
| Distributions (from capital gains) | (8.35) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Total Dividends and Distributions | (10.07) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (25.40) | &nbsp;&nbsp; (13.48) |
| Net Asset Value, End of Period | $152.28 | &nbsp;&nbsp; $153.66 | &nbsp;&nbsp; $131.19 | &nbsp;&nbsp; $122.44 | &nbsp;&nbsp; $176.05 |
| Total Return<sup>\*</sup> <br>| 5.68% | &nbsp;&nbsp; 26.32% | &nbsp;&nbsp; 18.36% | &nbsp;&nbsp; (18.71)% | &nbsp;&nbsp; 33.17% |
| Net Assets, End of Period (in thousands) | $6972912 | &nbsp;&nbsp; $6967680 | &nbsp;&nbsp; $5279269 | &nbsp;&nbsp; $4678462 | &nbsp;&nbsp; $5636167 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% |
| Ratio of Net Investment Income/(Loss) | 0.34% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.28% |
| Portfolio Turnover Rate | 17% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

18 \| September 30, 2025

------

**Janus Henderson Enterprise Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $132.53 | &nbsp;&nbsp; $115.25 | &nbsp;&nbsp; $109.72 | &nbsp;&nbsp; $160.72 | &nbsp;&nbsp; $132.38 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.50) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.69) |
| Net realized and unrealized gain/(loss) | 7.02 | &nbsp;&nbsp;&nbsp;&nbsp;27.37 | &nbsp;&nbsp;&nbsp;&nbsp;18.26 | &nbsp;&nbsp; (25.66) | &nbsp;&nbsp;&nbsp;&nbsp;41.85 |
| Total from Investment Operations | 6.52 | &nbsp;&nbsp;&nbsp;&nbsp;27.11 | &nbsp;&nbsp;&nbsp;&nbsp;18.10 | &nbsp;&nbsp; (26.33) | &nbsp;&nbsp;&nbsp;&nbsp;41.16 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.78) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (8.35) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Total Dividends and Distributions | (9.13) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Net Asset Value, End of Period | $129.92 | &nbsp;&nbsp; $132.53 | &nbsp;&nbsp; $115.25 | &nbsp;&nbsp; $109.72 | &nbsp;&nbsp; $160.72 |
| Total Return<sup>\*</sup> <br>| 4.90% | &nbsp;&nbsp; 25.40% | &nbsp;&nbsp; 17.48% | &nbsp;&nbsp; (19.32)% | &nbsp;&nbsp; 32.18% |
| Net Assets, End of Period (in thousands) | $99976 | &nbsp;&nbsp; $96080 | &nbsp;&nbsp; $75820 | &nbsp;&nbsp; $69756 | &nbsp;&nbsp; $110802 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.41% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.40% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.41% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.40% |
| Ratio of Net Investment Income/(Loss) | (0.40)% | &nbsp;&nbsp; (0.22)% | &nbsp;&nbsp; (0.14)% | &nbsp;&nbsp; (0.50)% | &nbsp;&nbsp; (0.45)% |
| Portfolio Turnover Rate | 17% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

(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 Enterprise Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $141.37 | &nbsp;&nbsp; $122.02 | &nbsp;&nbsp; $115.22 | &nbsp;&nbsp; $167.17 | &nbsp;&nbsp; $136.94 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.34) |
| Net realized and unrealized gain/(loss) | 7.50 | &nbsp;&nbsp;&nbsp;&nbsp;29.15 | &nbsp;&nbsp;&nbsp;&nbsp;19.24 | &nbsp;&nbsp; (26.92) | &nbsp;&nbsp;&nbsp;&nbsp;43.39 |
| Total from Investment Operations | 7.29 | &nbsp;&nbsp;&nbsp;&nbsp;29.18 | &nbsp;&nbsp;&nbsp;&nbsp;19.37 | &nbsp;&nbsp; (27.28) | &nbsp;&nbsp;&nbsp;&nbsp;43.05 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (1.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (8.35) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Total Dividends and Distributions | (9.36) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Net Asset Value, End of Period | $139.30 | &nbsp;&nbsp; $141.37 | &nbsp;&nbsp; $122.02 | &nbsp;&nbsp; $115.22 | &nbsp;&nbsp; $167.17 |
| Total Return<sup>\*</sup> <br>| 5.16% | &nbsp;&nbsp; 25.70% | &nbsp;&nbsp; 17.77% | &nbsp;&nbsp; (19.12)% | &nbsp;&nbsp; 32.51% |
| Net Assets, End of Period (in thousands) | $267571 | &nbsp;&nbsp; $303098 | &nbsp;&nbsp; $279289 | &nbsp;&nbsp; $283177 | &nbsp;&nbsp; $442011 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% |
| Ratio of Net Investment Income/(Loss) | (0.15)% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; (0.25)% | &nbsp;&nbsp; (0.21)% |
| Portfolio Turnover Rate | 17% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

20 \| September 30, 2025

------

**Janus Henderson Enterprise Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $148.93 | &nbsp;&nbsp; $127.72 | &nbsp;&nbsp; $119.78 | &nbsp;&nbsp; $172.66 | &nbsp;&nbsp; $141.02 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain/(loss) | 7.92 | &nbsp;&nbsp;&nbsp;&nbsp;30.66 | &nbsp;&nbsp;&nbsp;&nbsp;20.04 | &nbsp;&nbsp; (27.97) | &nbsp;&nbsp;&nbsp;&nbsp;44.71 |
| Total from Investment Operations | 8.07 | &nbsp;&nbsp;&nbsp;&nbsp;31.04 | &nbsp;&nbsp;&nbsp;&nbsp;20.51 | &nbsp;&nbsp; (27.96) | &nbsp;&nbsp;&nbsp;&nbsp;44.78 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (1.37) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.32) |
| Distributions (from capital gains) | (8.35) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Total Dividends and Distributions | (9.72) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.92) | &nbsp;&nbsp; (13.14) |
| Net Asset Value, End of Period | $147.28 | &nbsp;&nbsp; $148.93 | &nbsp;&nbsp; $127.72 | &nbsp;&nbsp; $119.78 | &nbsp;&nbsp; $172.66 |
| Total Return<sup>\*</sup> <br>| 5.43% | &nbsp;&nbsp; 26.03% | &nbsp;&nbsp; 18.07% | &nbsp;&nbsp; (18.91)% | &nbsp;&nbsp; 32.84% |
| Net Assets, End of Period (in thousands) | $3189255 | &nbsp;&nbsp; $3473510 | &nbsp;&nbsp; $3170313 | &nbsp;&nbsp; $3197451 | &nbsp;&nbsp; $5208155 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Investment Income/(Loss) | 0.10% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.05% |
| Portfolio Turnover Rate | 17% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

(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 Enterprise Fund**

**Notes to Financial Statements** 

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

**1. Organization and Significant Accounting Policies**

Janus Henderson Enterprise 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.

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

22 \| September 30, 2025

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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 \| 23

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements** 

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

rates and similar data.

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

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

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

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

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

Schedule of Investments 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.

24 \| September 30, 2025

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements** 

**Foreign Currency Translations**

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

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

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

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

could result in additional tax, interest, or penalties to be paid by the Fund.

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

income tax purposes.

**Federal Income Taxes**

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

in the next twelve months.

**2. Derivative Instruments**

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended September 30, 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 \| 25

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements** 

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

26 \| September 30, 2025

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**Janus Henderson Enterprise Fund**

**Notes to Financial Statements** 

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 year, 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 year, 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.

**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

Janus Investment Fund \| 27

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**Janus Henderson Enterprise Fund**

**Notes to Financial Statements** 

on the Fund's Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the year is included in the Statement of Operations (if applicable).

The Fund's maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of

collateral by the counterparty to cover the Fund's exposure to the counterparty.

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 year, the Fund entered into total return swaps on to increase exposure to equity 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 securities or an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index multiplied by the notional amount of the contract and, in some

cases, dividends paid on the securities.

**3. 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, war, 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.* Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. 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 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

28 \| September 30, 2025

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**Janus Henderson Enterprise Fund**

**Notes to Financial Statements** 

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" on the Statement of Operations.

There were no securities on loan as of September 30, 2025.

**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

Janus Investment Fund \| 29

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**Janus Henderson Enterprise Fund**

**Notes to Financial Statements** 

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

September 30, 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 Fund's

contractual investment advisory fee rate (expressed as an annual rate) is 0.64% 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 0.80% for at least a one-year period commencing on January 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 $532,252 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 2025. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

30 \| September 30, 2025

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements** 

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 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 year ended September 30, 2025, the Distributor

Janus Investment Fund \| 31

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**Janus Henderson Enterprise Fund**

**Notes to Financial Statements** 

retained upfront sales charges of $37,777.

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 year ended September 30, 2025, redeeming shareholders of Class A Shares paid CDSCs of $26 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 year ended September 30, 2025, redeeming shareholders of Class C Shares

paid CDSCs of $30,171.

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 September 30, 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 year ended September 30, 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 year ended September 30, 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 year ended September 30, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

The Fund is permitted to purchase or sell securities ("cross-trade") between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 ("Rule 17a-7"), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust's Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2025, the Fund engaged in

cross trades amounting to $9,911,797 in purchases.

32 \| September 30, 2025

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements** 

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

**5. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation, derivatives, and foreign currency contract adjustments. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term Gains*<br>| *Accumulated* <br>*Capital Losses*<br>| *Loss Deferrals* | *Other Book* <br>*to Tax* <br>*Differences*<br>| *Net Tax* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| $42684644 | $1069583829 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $17662691 | &nbsp;&nbsp; $8384957909 |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 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; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $15196700107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9816512403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1431554494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8384957909 |

---

Information on the tax components of derivatives as of September 30, 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>|
| $3762007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18329101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18329101 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

constitute adjustments to tax basis.

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. Certain permanent differences such as tax returns

of capital and net investment losses noted below have been reclassified to capital.

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $239148996 | &nbsp;&nbsp;&nbsp; $1240826670 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $- | &nbsp;&nbsp;&nbsp; $1382618748 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $106,967,717, including $102,841,798 of long-term capital gain, for distributions in connection with Fund shares redemption (tax

equalization).

Janus Investment Fund \| 33

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements** 

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

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended September 30, 2025* | *Year ended September 30, 2025* | *Year ended September 30, 2024* | *Year ended September 30, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 964280 | &nbsp;&nbsp; $133269389 | &nbsp;&nbsp; 905701 | &nbsp;&nbsp; $115827699 |
| Reinvested dividends and distributions | 154686 | &nbsp;&nbsp; 21806099 | &nbsp;&nbsp; 177264 | &nbsp;&nbsp; 20738166 |
| Shares repurchased | (947551) | &nbsp;&nbsp; (128753961) | &nbsp;&nbsp; (972436) | &nbsp;&nbsp; (125129723) |
| Net Increase/(Decrease) | 171415 | &nbsp;&nbsp; $26321527 | &nbsp;&nbsp; 110529 | &nbsp;&nbsp; $11436142 |
| Class C Shares: |  |  |  |  |
| Shares sold | 168417 | &nbsp;&nbsp; $19342994 | &nbsp;&nbsp; 192932 | &nbsp;&nbsp; $21115076 |
| Reinvested dividends and distributions | 47032 | &nbsp;&nbsp; 5559157 | &nbsp;&nbsp; 87538 | &nbsp;&nbsp; 8686403 |
| Shares repurchased | (404908) | &nbsp;&nbsp; (46922786) | &nbsp;&nbsp; (501499) | &nbsp;&nbsp; (54618904) |
| Net Increase/(Decrease) | (189459) | &nbsp;&nbsp; $(22020635) | &nbsp;&nbsp; (221029) | &nbsp;&nbsp; $(24817425) |
| Class D Shares: |  |  |  |  |
| Shares sold | 564809 | &nbsp;&nbsp; $81017686 | &nbsp;&nbsp; 514477 | &nbsp;&nbsp; $69974738 |
| Reinvested dividends and distributions | 1075646 | &nbsp;&nbsp; 160281983 | &nbsp;&nbsp; 1289423 | &nbsp;&nbsp; 158818308 |
| Shares repurchased | (1819773) | &nbsp;&nbsp; (262195433) | &nbsp;&nbsp; (1719452) | &nbsp;&nbsp; (233974366) |
| Net Increase/(Decrease) | (179318) | &nbsp;&nbsp; $(20895764) | &nbsp;&nbsp; 84448 | &nbsp;&nbsp; $(5181320) |
| Class I Shares: |  |  |  |  |
| Shares sold | 21987122 | &nbsp;&nbsp; $3170857559 | &nbsp;&nbsp; 19581772 | &nbsp;&nbsp; $2679109531 |
| Reinvested dividends and distributions | 3614768 | &nbsp;&nbsp; 543769506 | &nbsp;&nbsp; 3802392 | &nbsp;&nbsp; 472523288 |
| Shares repurchased | (17044033) | &nbsp;&nbsp; (2477194207) | &nbsp;&nbsp; (17646097) | &nbsp;&nbsp; (2395176122) |
| Net Increase/(Decrease) | 8557857 | &nbsp;&nbsp; $1237432858 | &nbsp;&nbsp; 5738067 | &nbsp;&nbsp; $756456697 |
| Class N Shares: |  |  |  |  |
| Shares sold | 10912333 | &nbsp;&nbsp; $1613104089 | &nbsp;&nbsp; 12175824 | &nbsp;&nbsp; $1684690879 |
| Reinvested dividends and distributions | 2616845 | &nbsp;&nbsp; 397080087 | &nbsp;&nbsp; 2886628 | &nbsp;&nbsp; 361607926 |
| Shares repurchased | (13084540) | &nbsp;&nbsp; (1929281702) | &nbsp;&nbsp; (9960949) | &nbsp;&nbsp; (1374484459) |
| Net Increase/(Decrease) | 444638 | &nbsp;&nbsp; $80902474 | &nbsp;&nbsp; 5101503 | &nbsp;&nbsp; $671814346 |
| Class R Shares: |  |  |  |  |
| Shares sold | 167288 | &nbsp;&nbsp; $20956577 | &nbsp;&nbsp; 212990 | &nbsp;&nbsp; $25552793 |
| Reinvested dividends and distributions | 50010 | &nbsp;&nbsp; 6513346 | &nbsp;&nbsp; 59646 | &nbsp;&nbsp; 6483482 |
| Shares repurchased | (172728) | &nbsp;&nbsp; (21599003) | &nbsp;&nbsp; (205548) | &nbsp;&nbsp; (24577014) |
| Net Increase/(Decrease) | 44570 | &nbsp;&nbsp; $5870920 | &nbsp;&nbsp; 67088 | &nbsp;&nbsp; $7459261 |
| Class S Shares: |  |  |  |  |
| Shares sold | 226964 | &nbsp;&nbsp; $30857069 | &nbsp;&nbsp; 250035 | &nbsp;&nbsp; $31819842 |
| Reinvested dividends and distributions | 139939 | &nbsp;&nbsp; 19503271 | &nbsp;&nbsp; 188335 | &nbsp;&nbsp; 21794142 |
| Shares repurchased | (590100) | &nbsp;&nbsp; (79617405) | &nbsp;&nbsp; (583260) | &nbsp;&nbsp; (74450378) |
| Net Increase/(Decrease) | (223197) | &nbsp;&nbsp; $(29257065) | &nbsp;&nbsp; (144890) | &nbsp;&nbsp; $(20836394) |
| Class T Shares: |  |  |  |  |
| Shares sold | 2089961 | &nbsp;&nbsp; $297432911 | &nbsp;&nbsp; 2428731 | &nbsp;&nbsp; $327233262 |
| Reinvested dividends and distributions | 1494776 | &nbsp;&nbsp; 219791846 | &nbsp;&nbsp; 1900354 | &nbsp;&nbsp; 231178024 |
| Shares repurchased | (5252885) | &nbsp;&nbsp; (746092486) | &nbsp;&nbsp; (5827558) | &nbsp;&nbsp; (769775224) |
| Net Increase/(Decrease) | (1668148) | &nbsp;&nbsp; $(228867729) | &nbsp;&nbsp; (1498473) | &nbsp;&nbsp; $(211363938) |

---

**7. Purchases and Sales of Investment Securities**

For the year ended September 30, 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>|
| $3812193457 | &nbsp;&nbsp;&nbsp;&nbsp; $3985640049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

34 \| September 30, 2025

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements** 

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

**8. Recent Accounting Pronouncements**

The FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—*Improvements to Income Tax Disclosures* (ASU 2023-09) in December 2023. The new guidance enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes the

adoption of the ASU will not have a material impact on the financial statements.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to September 30, 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 \| 35

------

**Janus Henderson Enterprise Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Enterprise Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Enterprise Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our

opinion.

![](imgd0d85b9b2.jpg)

Denver, Colorado

November 20, 2025

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

36 \| September 30, 2025

------

**Janus Henderson Enterprise Fund**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2025:

---

| | |
|:---|:---|
| Section 163(j) Interest Dividend | 24% |
| Capital Gain Distributions | $1343668468 |
| Dividends Received Deduction Percentage | 100% |
| Qualified Dividend Income Percentage | 100% |

---

Janus Investment Fund \| 37

------

**Janus Henderson Enterprise 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 Trustees 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 1, 2024 and December 4-5, 2024, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2025 through February 1, 2026, subject to earlier termination as provided for in each agreement.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus

38 \| September 30, 2025

------

**Janus Henderson Enterprise Fund**

**Additional Information (unaudited)**

Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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, 2024, approximately 58% 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, 2024, approximately 61% 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 performance in periods ended September 30, 2024 has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2024, approximately 75% and 61% 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, 2024, approximately 66% and 68% 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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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.

Janus Investment Fund \| 39

------

**Janus Henderson Enterprise Fund**

**Additional Information (unaudited)**

***<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 first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 High-Yield Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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.

40 \| September 30, 2025

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**Janus Henderson Enterprise 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Contrarian Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted the reasons for the Fund's underperformance over various periods of time, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

Janus Investment Fund \| 41

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**Janus Henderson Enterprise 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 Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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, 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 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted that the 36-month end performance was not yet available because of the Fund's inception date.

&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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

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

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as 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 10% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the

42 \| September 30, 2025

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**Janus Henderson Enterprise Fund**

**Additional Information (unaudited)**

Janus Henderson Funds, on average, were 11% 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, recent 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) 11 of 12 Janus Henderson Funds had management fees (before waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser and 16 of 18 Janus Henderson Funds had management fees (after waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser. The Trustees noted that for the one Janus Henderson Fund that did not have a lower or in line management fee (before waivers or performance fees) than similar funds subadvised by the Adviser, the management fee was under the average of its 15(c) peer group. For the two Janus Henderson Funds that did not have lower or in line management fees (after waivers or performance fees) than similar funds Subadvised by the Adviser, the management fees were due to performance fee increases resulting from Janus Henderson Fund outperformance of such Janus Henderson Fund's reference index.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2023 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.

&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.

Janus Investment Fund \| 43

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

&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 the Fund's total expenses were below the peer group average for all share classes.

&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.

44 \| September 30, 2025

------

**Janus Henderson Enterprise 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 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 Responsible 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 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.

&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 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 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.

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

Janus Investment Fund \| 45

------

**Janus Henderson Enterprise 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 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 the Fund's total expenses were below the peer group average for all share classes.

&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 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 U.S. Dividend 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 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, 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. The Trustees noted that during the 2023 15(c) review process, the Adviser reported no changes to its allocation methodology; however, at the Trustees' request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant's analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. 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.

46 \| September 30, 2025

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**Janus Henderson Enterprise Fund**

**Additional Information (unaudited)**

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 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 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2024 report: (1) past 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 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 42% of Janus Henderson Funds have low flat-rate fees (the "Low Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and higher fees when the fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2024 report that (1) 68% 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 Low 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 analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus 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

Janus Investment Fund \| 47

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**Janus Henderson Enterprise Fund**

**Additional Information (unaudited)**

affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

48 \| September 30, 2025

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**Janus Henderson Enterprise Fund**

**Notes**

Janus Investment Fund \| 49

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*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-02-93040 11-25

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ANNUAL FINANCIAL STATEMENTS

September 30, 2025

**Janus Henderson European Focus Fund**

Janus Investment Fund

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**Table of Contents**

**Janus Henderson European Focus Fund** 

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|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_05a4a66e-fc97-4c84-9510-c827a4907455_SOI-SOI-RunningFooter-23_1)<br> [Management Investment Companies](#xx_05a4a66e-fc97-4c84-9510-c827a4907455_SOI-SOI-RunningFooter-23_1)<br>|  |
| [Schedule of Investments](#xx_05a4a66e-fc97-4c84-9510-c827a4907455_SOI-SOI-RunningFooter-23_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_05a4a66e-fc97-4c84-9510-c827a4907455_SOI-SOI-RunningFooter-23_4) | 4 |
| [Statement of Assets and Liabilities](#xx_05a4a66e-fc97-4c84-9510-c827a4907455_SAL-SAL-RunningFooter-23_1) | 5 |
| [Statement of Operations](#xx_05a4a66e-fc97-4c84-9510-c827a4907455_SOP-SOP-RunningFooter-23_1) | 7 |
| [Statements of Changes in Net Assets](#xx_05a4a66e-fc97-4c84-9510-c827a4907455_SOC-SOC-RunningFooter-23_1) | 8 |
| [Financial Highlights](#xx_05a4a66e-fc97-4c84-9510-c827a4907455_FIHI-FIHI-RunningFooter-23_1) | 9 |
| [Notes to Financial Statements](#xx_05a4a66e-fc97-4c84-9510-c827a4907455_NTF-NTF-RunningFooter-23_1) | 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_05a4a66e-fc97-4c84-9510-c827a4907455_AUD-AR-RunningFooter-23_1) | 27 |
| [Designation Requirements](#xx_05a4a66e-fc97-4c84-9510-c827a4907455_DR-DR-RunningFooter-23_1) | 28 |
| [Items 8-11 - Additional Information](#xx_05a4a66e-fc97-4c84-9510-c827a4907455_AI-AI-RunningFooter-23_1) | 29 |

---

------

**Janus Henderson European Focus Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 98.9% |  |  |
| Aerospace & Defense – 7.3% |  |  |
| Airbus SE | 64109 | $14984561 |
| MTU Aero Engines AG | 32623 | 14971152 |
| Rheinmetall AG | 9341 | 21741785 |
|  |  | 51697498 |
| Banks – 12.2% |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 968171 | 18623805 |
| Banco Santander SA | 2457102 | 25676634 |
| Erste Group Bank AG | 289629 | 28309251 |
| FinecoBank Banca Fineco SpA | 617720 | 13379683 |
|  |  | 85989373 |
| Biotechnology – 2.5% |  |  |
| argenx SE<sup>\*</sup> <br>| 24302 | 17849545 |
| Building Products – 1.5% |  |  |
| Cie de Saint-Gobain | 97679 | 10639868 |
| Capital Markets – 4.8% |  |  |
| Deutsche Bank AG | 546335 | 19212948 |
| St James's Place PLC | 842522 | 14407069 |
|  |  | 33620017 |
| Commercial Services & Supplies – 1.5% |  |  |
| SPIE SA | 188108 | 10170915 |
| Construction & Engineering – 2.2% |  |  |
| ACS Actividades de Construccion y Servicios SA | 194753 | 15575168 |
| Construction Materials – 3.7% |  |  |
| CRH PLC | 106013 | 12710959 |
| HeidelbergCement AG | 58314 | 13126529 |
|  |  | 25837488 |
| Containers & Packaging – 1.2% |  |  |
| Smurfit WestRock PLC (ADR) | 202363 | 8614593 |
| Diversified Telecommunication Services – 2.3% |  |  |
| Deutsche Telekom AG | 481305 | 16396248 |
| Electric Utilities – 2.8% |  |  |
| Iberdrola SA | 1044118 | 19781717 |
| Electrical Equipment – 4.7% |  |  |
| Prysmian SpA | 159230 | 15902535 |
| Siemens Energy AG<sup>\*</sup> <br>| 144579 | 16903178 |
|  |  | 32805713 |
| Food & Staples Retailing – 1.8% |  |  |
| Koninklijke Ahold Delhaize NV | 306120 | 12382856 |
| Food Products – 2.8% |  |  |
| Danone SA | 226855 | 19762092 |
| Health Care Equipment & Supplies – 2.1% |  |  |
| EssilorLuxottica SA | 44072 | 14373406 |
| Hotels, Restaurants & Leisure – 2.1% |  |  |
| InterContinental Hotels Group PLC | 122729 | 14872509 |
| Insurance – 5.6% |  |  |
| Allianz SE (REG) | 60414 | 25391354 |
| ASR Nederland NV | 208534 | 14190169 |
|  |  | 39581523 |
| Life Sciences Tools & Services – 1.5% |  |  |
| Lonza Group AG | 15852 | 10640870 |
| Machinery – 5.8% |  |  |
| FLSmidth & Company A/S | 247157 | 17394034 |
| Knorr-Bremse AG | 141494 | 13285770 |
| Wartsila OYJ Abp | 344994 | 10330204 |
|  |  | 41010008 |
| Metals & Mining – 2.0% |  |  |
| Antofagasta PLC | 374979 | 13966052 |
| Pharmaceuticals – 4.3% |  |  |
| Novartis AG | 236891 | 30467680 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson European Focus Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Professional Services – 1.7% |  |  |
| RELX PLC | 247416 | $11815385 |
| Semiconductor & Semiconductor Equipment – 9.9% |  |  |
| ASM International NV | 24085 | 14475947 |
| ASML Holding NV | 21664 | 21118906 |
| BE Semiconductor Industries NV | 69206 | 10378194 |
| Infineon Technologies AG | 353335 | 13789527 |
| Nordic Semiconductor ASA<sup>\*</sup> <br>| 655455 | 10101162 |
|  |  | 69863736 |
| Software – 3.9% |  |  |
| Nemetschek SE | 101081 | 13152261 |
| Yandex NV<sup>\*</sup> <br>| 126857 | 14242236 |
|  |  | 27394497 |
| Textiles, Apparel & Luxury Goods – 6.9% |  |  |
| adidas AG | 50089 | 10563505 |
| Cie Financiere Richemont SA (REG) | 105133 | 20176605 |
| LVMH Moet Hennessy Louis Vuitton SE | 29379 | 17974265 |
|  |  | 48714375 |
| Trading Companies & Distributors – 1.8% |  |  |
| Ashtead Group PLC | 191335 | 12855876 |
| Total Common Stocks (cost $572,795,787) |  | 696679008 |
| Investment Companies – 0.9% |  |  |
| Money Markets – 0.9% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº,</sup><sup>£</sup> (cost $6,296,595) | 6295336 | 6296595 |
| Total Investments (total cost $579,092,382) – 99.8% |  | 702975603 |
| Cash, Receivables and Other Assets, net of Liabilities – 0.2% |  | 1596622 |
| Net Assets – 100% |  | $704572225 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| Germany | $178534257 | &nbsp;&nbsp;&nbsp;&nbsp; 25.4<br> %<br>|
| France | 87905107 | &nbsp;&nbsp;&nbsp;&nbsp;12.5 |
| Netherlands | 86788308 | &nbsp;&nbsp;&nbsp;&nbsp;12.4 |
| Spain | 79657324 | &nbsp;&nbsp;&nbsp;&nbsp;11.3 |
| United Kingdom | 67916891 | &nbsp;&nbsp;&nbsp;&nbsp;9.7 |
| Switzerland | 61285155 | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| Italy | 29282218 | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Austria | 28309251 | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| United States | 27622147 | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Belgium | 17849545 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Denmark | 17394034 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Finland | 10330204 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Norway | 10101162 | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Total | $702975603 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| September 30, 2025

------

**Janus Henderson European Focus Fund**

**Schedule of Investments** 

**September 30, 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>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% |
| Money Markets - 0.9% | Money Markets - 0.9% | Money Markets - 0.9% | Money Markets - 0.9% | Money Markets - 0.9% | Money Markets - 0.9% | Money Markets - 0.9% | Money Markets - 0.9% | Money Markets - 0.9% |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | $2866473 | $373057844 | $(369627621) | $(101) | $- | $6296595 | 6295336 | $310206 |
| Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A |
| Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  |
|  | - | 45482719 | (45482719) | - | - | - | - | 10743 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% |
|  | $2866473 | $418540563 | $(415110340) | $(101) | $- | $6296595 | 6295336 | $320949 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson European Focus Fund**

**Notes to Schedule of Investments and Other Information** 

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| LLC | Limited Liability Company |
| PLC | Public Limited Company |
| REG | Registered |

---

---

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

---

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

instruments as of September 30, 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* |  |  |  |
| Construction Materials | $12710959 | &nbsp;&nbsp; $13126529 | &nbsp;&nbsp; $- |
| Containers & Packaging | 8614593 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Software | 14242236 | &nbsp;&nbsp; 13152261 | &nbsp;&nbsp; - |
| All Other | - | &nbsp;&nbsp; 634832430 | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 6296595 | &nbsp;&nbsp; - |
| **Total Assets** | $35567788 | &nbsp;&nbsp; $667407815 | &nbsp;&nbsp; $- |

---

4 \| September 30, 2025

------

**Janus Henderson European Focus Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $572,795,787) | $696679008 |
| Affiliated investments, at value (cost $6,296,595) | 6296595 |
| Cash denominated in foreign currency (cost $78,306) | 78306 |
| Trustees' deferred compensation | 20201 |
| Receivables: |  |
| Foreign tax reclaims | 4272491 |
| Fund shares sold | 253318 |
| Investments sold | 129232 |
| Dividends | 67559 |
| Dividends from affiliates | 19944 |
| Other assets | 289816 |
| Total Assets | 708106470 |
| Liabilities: |  |
| Due to custodian | 4959 |
| Payables: |  |
| Foreign withholding tax reclaim fee (Note 1) | 1723633 |
| Investments purchased | 682255 |
| Advisory fees | 443057 |
| Fund shares repurchased | 396390 |
| Transfer agent fees and expenses | 76345 |
| Professional fees | 68515 |
| 12b-1 Distribution and shareholder servicing fees | 33329 |
| Trustees' deferred compensation fees | 20201 |
| Custodian fees | 8694 |
| Trustees' fees and expenses | 2962 |
| Affiliated fund administration fees payable | 1412 |
| Accrued expenses and other payables | 72493 |
| Total Liabilities | 3534245 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $704572225 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson European Focus Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $907809845 |
| Total distributable earnings (loss) | (203237620) |
| Total Net Assets | $704572225 |
| Net Assets - Class A Shares | $147180583 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2485960 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $59.20 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $62.81 |
| Net Assets - Class C Shares | $4499400 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 80381 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $55.98 |
| Net Assets - Class D Shares | $46194580 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 785450 |
| Net Asset Value Per Share | $58.81 |
| Net Assets - Class I Shares | $427909525 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 7272121 |
| Net Asset Value Per Share | $58.84 |
| Net Assets - Class N Shares | $49053622 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 841096 |
| Net Asset Value Per Share | $58.32 |
| Net Assets - Class S Shares | $785363 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 14020 |
| Net Asset Value Per Share | $56.02 |
| Net Assets - Class T Shares | $28949152 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 493154 |
| Net Asset Value Per Share | $58.70 |

---

&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 \| September 30, 2025

------

**Janus Henderson European Focus Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $15529750 |
| Dividends from affiliates | 310206 |
| Affiliated securities lending income, net | 10743 |
| Unaffiliated securities lending income, net | 2678 |
| Other income | 41771 |
| Foreign tax withheld (net of foreign withholding tax reclaim fee of $108,877 (Note 1)) | (1185023) |
| Total Investment Income | 14710125 |
| Expenses: |  |
| Advisory fees | 5445534 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 326757 |
| Class C Shares | 39080 |
| Class S Shares | 1708 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 24613 |
| Class S Shares | 1708 |
| Class T Shares | 49525 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 104955 |
| Class C Shares | 3834 |
| Class I Shares | 350395 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 7185 |
| Class C Shares | 207 |
| Class D Shares | 3808 |
| Class I Shares | 10915 |
| Class N Shares | 1183 |
| Class S Shares | 10 |
| Class T Shares | 288 |
| Custodian fees | 152262 |
| Registration fees | 138794 |
| Professional fees | 118017 |
| Shareholder reports expense | 35264 |
| Affiliated fund administration fees | 17075 |
| Trustees' fees and expenses | 10738 |
| Other expenses | 160535 |
| Total Expenses | 7004390 |
| Less: Excess Expense Reimbursement and Waivers | (787399) |
| Net Expenses | 6216991 |
| Net Investment Income/(Loss) | 8493134 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 55334671 |
| Investments in affiliates | (101) |
| Total Net Realized Gain/(Loss) on Investments | 55334570 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 48004629 |
| Total Change in Unrealized Net Appreciation/Depreciation | 48004629 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $111832333 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson European Focus Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*September 30, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $8493134 | &nbsp;&nbsp; $6952584 |
| Net realized gain/(loss) on investments | 55334570 | &nbsp;&nbsp; 51871328 |
| Change in unrealized net appreciation/depreciation | 48004629 | &nbsp;&nbsp; 54912935 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 111832333 | &nbsp;&nbsp; 113736847 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (1672649) | &nbsp;&nbsp; (2727702) |
| Class C Shares | (17019) | &nbsp;&nbsp; (68289) |
| Class D Shares | (169845) | &nbsp;&nbsp; (245718) |
| Class I Shares | (4925044) | &nbsp;&nbsp; (7153673) |
| Class N Shares | (83733) | &nbsp;&nbsp; (474658) |
| Class S Shares | (8872) | &nbsp;&nbsp; (7643) |
| Class T Shares | (216448) | &nbsp;&nbsp; (309858) |
| Net Decrease from Dividends and Distributions to Shareholders | (7093610) | &nbsp;&nbsp; (10987541) |
| Capital Share Transactions: |  |  |
| Class A Shares | (9161741) | &nbsp;&nbsp; (11474901) |
| Class C Shares | (322339) | &nbsp;&nbsp; (3002771) |
| Class D Shares | 29464912 | &nbsp;&nbsp; 46840 |
| Class I Shares | 29953096 | &nbsp;&nbsp; (4856275) |
| Class N Shares | 36739880 | &nbsp;&nbsp; (15673349) |
| Class S Shares | 4850 | &nbsp;&nbsp; 307856 |
| Class T Shares | 9250034 | &nbsp;&nbsp; (129523) |
| Net Increase/(Decrease) from Capital Share Transactions | 95928692 | &nbsp;&nbsp; (34782123) |
| Net Increase/(Decrease) in Net Assets | 200667415 | &nbsp;&nbsp; 67967183 |
| Net Assets: |  |  |
| Beginning of period | 503904810 | &nbsp;&nbsp; 435937627 |
| End of period | $704572225 | &nbsp;&nbsp; $503904810 |

---

See Notes to Financial Statements.

8 \| September 30, 2025

------

**Janus Henderson European Focus Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $49.68 | &nbsp;&nbsp; $39.83 | &nbsp;&nbsp; $32.52 | &nbsp;&nbsp; $44.48 | &nbsp;&nbsp; $34.23 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.68 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain/(loss) | 9.49 | &nbsp;&nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp; (12.80) | &nbsp;&nbsp;&nbsp;&nbsp;10.20 |
| Total from Investment Operations | 10.17 | &nbsp;&nbsp;&nbsp;&nbsp;10.82 | &nbsp;&nbsp;&nbsp;&nbsp;8.23 | &nbsp;&nbsp; (11.90) | &nbsp;&nbsp;&nbsp;&nbsp;10.36 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.65) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.11) |
| Total Dividends and Distributions | (0.65) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.11) |
| Net Asset Value, End of Period | $59.20 | &nbsp;&nbsp; $49.68 | &nbsp;&nbsp; $39.83 | &nbsp;&nbsp; $32.52 | &nbsp;&nbsp; $44.48 |
| Total Return<sup>\*</sup> <br>| 20.80% | &nbsp;&nbsp; 27.58% | &nbsp;&nbsp; 25.45% | &nbsp;&nbsp; (26.79)% | &nbsp;&nbsp; 30.31% |
| Net Assets, End of Period (in thousands) | $147181 | &nbsp;&nbsp; $132785 | &nbsp;&nbsp; $116476 | &nbsp;&nbsp; $96858 | &nbsp;&nbsp; $141908 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.44% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.43% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 1.51% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.41% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.30% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.30% |
| Ratio of Net Investment Income/(Loss) | 1.32% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.29% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 2.05% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 2.17% | &nbsp;&nbsp; 0.37% |
| Portfolio Turnover Rate | 159% | &nbsp;&nbsp; 168% | &nbsp;&nbsp; 169% | &nbsp;&nbsp; 145% | &nbsp;&nbsp; 184% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.06 and 0.12%, 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 fiscal year ended 2024. 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 $0.02 and 0.05%, respectively. 

(4) 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 fiscal year ended 2023. 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 $0.31 and 0.76%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson European Focus Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $46.90 | &nbsp;&nbsp; $37.46 | &nbsp;&nbsp; $30.43 | &nbsp;&nbsp; $41.90 | &nbsp;&nbsp; $32.40 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.25 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp; (0.18) |
| Net realized and unrealized gain/(loss) | 9.03 | &nbsp;&nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;&nbsp;&nbsp;6.96 | &nbsp;&nbsp; (12.04) | &nbsp;&nbsp;&nbsp;&nbsp;9.68 |
| Total from Investment Operations | 9.28 | &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp; (11.47) | &nbsp;&nbsp;&nbsp;&nbsp;9.50 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.20) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.20) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Asset Value, End of Period | $55.98 | &nbsp;&nbsp; $46.90 | &nbsp;&nbsp; $37.46 | &nbsp;&nbsp; $30.43 | &nbsp;&nbsp; $41.90 |
| Total Return<sup>\*</sup> <br>| 19.90% | &nbsp;&nbsp; 26.65% | &nbsp;&nbsp; 24.51% | &nbsp;&nbsp; (27.37)% | &nbsp;&nbsp; 29.32% |
| Net Assets, End of Period (in thousands) | $4499 | &nbsp;&nbsp; $4132 | &nbsp;&nbsp; $5957 | &nbsp;&nbsp; $9829 | &nbsp;&nbsp; $23302 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 2.28% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 2.21% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 2.30% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.17% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 2.06% | &nbsp;&nbsp; 2.02% | &nbsp;&nbsp; 2.06% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 2.05% |
| Ratio of Net Investment Income/(Loss) | 0.52% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.42% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.28% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; (0.46)% |
| Portfolio Turnover Rate | 159% | &nbsp;&nbsp; 168% | &nbsp;&nbsp; 169% | &nbsp;&nbsp; 145% | &nbsp;&nbsp; 184% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.06 and 0.12%, 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 fiscal year ended 2024. 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 $0.02 and 0.05%, respectively. 

(4) 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 fiscal year ended 2023. 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 $0.29 and 0.76%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

10 \| September 30, 2025

------

**Janus Henderson European Focus Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $49.35 | &nbsp;&nbsp; $39.57 | &nbsp;&nbsp; $32.32 | &nbsp;&nbsp; $44.21 | &nbsp;&nbsp; $34.01 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.85 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain/(loss) | 9.35 | &nbsp;&nbsp;&nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;&nbsp;7.34 | &nbsp;&nbsp; (12.73) | &nbsp;&nbsp;&nbsp;&nbsp;10.13 |
| Total from Investment Operations | 10.20 | &nbsp;&nbsp;&nbsp;&nbsp;10.83 | &nbsp;&nbsp;&nbsp;&nbsp;8.25 | &nbsp;&nbsp; (11.75) | &nbsp;&nbsp;&nbsp;&nbsp;10.37 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.74) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.17) |
| Total Dividends and Distributions | (0.74) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.17) |
| Net Asset Value, End of Period | $58.81 | &nbsp;&nbsp; $49.35 | &nbsp;&nbsp; $39.57 | &nbsp;&nbsp; $32.32 | &nbsp;&nbsp; $44.21 |
| Total Return<sup>\*</sup> <br>| 21.07% | &nbsp;&nbsp; 27.82% | &nbsp;&nbsp; 25.69% | &nbsp;&nbsp; (26.66)% | &nbsp;&nbsp; 30.57% |
| Net Assets, End of Period (in thousands) | $46195 | &nbsp;&nbsp; $11650 | &nbsp;&nbsp; $9386 | &nbsp;&nbsp; $6899 | &nbsp;&nbsp; $10102 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.25% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.31% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 1.41% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.28% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.09% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.10% |
| Ratio of Net Investment Income/(Loss) | 1.62% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.42% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 2.26% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 2.39% | &nbsp;&nbsp; 0.57% |
| Portfolio Turnover Rate | 159% | &nbsp;&nbsp; 168% | &nbsp;&nbsp; 169% | &nbsp;&nbsp; 145% | &nbsp;&nbsp; 184% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.06 and 0.12%, 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 fiscal year ended 2024. 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 $0.02 and 0.05%, respectively. 

(4) 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 fiscal year ended 2023. 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 $0.31 and 0.76%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson European Focus Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $49.39 | &nbsp;&nbsp; $39.61 | &nbsp;&nbsp; $32.36 | &nbsp;&nbsp; $44.25 | &nbsp;&nbsp; $34.03 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.80 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain/(loss) | 9.42 | &nbsp;&nbsp;&nbsp;&nbsp;10.16 | &nbsp;&nbsp;&nbsp;&nbsp;7.32 | &nbsp;&nbsp; (12.75) | &nbsp;&nbsp;&nbsp;&nbsp;10.15 |
| Total from Investment Operations | 10.22 | &nbsp;&nbsp;&nbsp;&nbsp;10.85 | &nbsp;&nbsp;&nbsp;&nbsp;8.28 | &nbsp;&nbsp; (11.73) | &nbsp;&nbsp;&nbsp;&nbsp;10.41 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.77) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.03) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.19) |
| Total Dividends and Distributions | (0.77) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.03) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.19) |
| Net Asset Value, End of Period | $58.84 | &nbsp;&nbsp; $49.39 | &nbsp;&nbsp; $39.61 | &nbsp;&nbsp; $32.36 | &nbsp;&nbsp; $44.25 |
| Total Return<sup>\*</sup> <br>| 21.09% | &nbsp;&nbsp; 27.88% | &nbsp;&nbsp; 25.77% | &nbsp;&nbsp; (26.60)% | &nbsp;&nbsp; 30.66% |
| Net Assets, End of Period (in thousands) | $427910 | &nbsp;&nbsp; $333621 | &nbsp;&nbsp; $273922 | &nbsp;&nbsp; $196068 | &nbsp;&nbsp; $299272 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.20% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.18% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 1.26% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.14% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.06% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.03% |
| Ratio of Net Investment Income/(Loss) | 1.56% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.52% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 2.39% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 2.47% | &nbsp;&nbsp; 0.62% |
| Portfolio Turnover Rate | 159% | &nbsp;&nbsp; 168% | &nbsp;&nbsp; 169% | &nbsp;&nbsp; 145% | &nbsp;&nbsp; 184% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.06 and 0.12%, 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 fiscal year ended 2024. 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 $0.02 and 0.05%, respectively. 

(4) 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 fiscal year ended 2023. 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 $0.31 and 0.76%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

12 \| September 30, 2025

------

**Janus Henderson European Focus Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $49.04 | &nbsp;&nbsp; $39.35 | &nbsp;&nbsp; $32.15 | &nbsp;&nbsp; $43.95 | &nbsp;&nbsp; $33.80 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 1.34 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain/(loss) | 8.84 | &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;7.24 | &nbsp;&nbsp; (12.56) | &nbsp;&nbsp;&nbsp;&nbsp;10.01 |
| Total from Investment Operations | 10.18 | &nbsp;&nbsp;&nbsp;&nbsp;10.80 | &nbsp;&nbsp;&nbsp;&nbsp;8.25 | &nbsp;&nbsp; (11.61) | &nbsp;&nbsp;&nbsp;&nbsp;10.36 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.90) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.21) |
| Total Dividends and Distributions | (0.90) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.21) |
| Net Asset Value, End of Period | $58.32 | &nbsp;&nbsp; $49.04 | &nbsp;&nbsp; $39.35 | &nbsp;&nbsp; $32.15 | &nbsp;&nbsp; $43.95 |
| Total Return<sup>\*</sup> <br>| 21.23% | &nbsp;&nbsp; 27.94% | &nbsp;&nbsp; 25.84% | &nbsp;&nbsp; (26.54)% | &nbsp;&nbsp; 30.72% |
| Net Assets, End of Period (in thousands) | $49054 | &nbsp;&nbsp; $5144 | &nbsp;&nbsp; $16922 | &nbsp;&nbsp; $14170 | &nbsp;&nbsp; $9763 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.10% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.11% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 1.21% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.11% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.96% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.96% |
| Ratio of Net Investment Income/(Loss) | 2.54% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 2.00% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 2.54% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 0.85% |
| Portfolio Turnover Rate | 159% | &nbsp;&nbsp; 168% | &nbsp;&nbsp; 169% | &nbsp;&nbsp; 145% | &nbsp;&nbsp; 184% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.06 and 0.12%, 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 fiscal year ended 2024. 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 $0.02 and 0.05%, respectively. 

(4) 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 fiscal year ended 2023. 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 $0.30 and 0.76%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson European Focus Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $47.07 | &nbsp;&nbsp; $37.83 | &nbsp;&nbsp; $31.03 | &nbsp;&nbsp; $42.42 | &nbsp;&nbsp; $32.57 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.61 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain/(loss) | 8.98 | &nbsp;&nbsp;&nbsp;&nbsp;9.61 | &nbsp;&nbsp;&nbsp;&nbsp;7.00 | &nbsp;&nbsp; (12.13) | &nbsp;&nbsp;&nbsp;&nbsp;9.73 |
| Total from Investment Operations | 9.59 | &nbsp;&nbsp;&nbsp;&nbsp;10.22 | &nbsp;&nbsp;&nbsp;&nbsp;7.82 | &nbsp;&nbsp; (11.25) | &nbsp;&nbsp;&nbsp;&nbsp;9.96 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.64) | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.11) |
| Total Dividends and Distributions | (0.64) | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.11) |
| Net Asset Value, End of Period | $56.02 | &nbsp;&nbsp; $47.07 | &nbsp;&nbsp; $37.83 | &nbsp;&nbsp; $31.03 | &nbsp;&nbsp; $42.42 |
| Total Return<sup>\*</sup> <br>| 20.72% | &nbsp;&nbsp; 27.45% | &nbsp;&nbsp; 25.38% | &nbsp;&nbsp; (26.61)% | &nbsp;&nbsp; 30.63% |
| Net Assets, End of Period (in thousands) | $785 | &nbsp;&nbsp; $654 | &nbsp;&nbsp; $246 | &nbsp;&nbsp; $101 | &nbsp;&nbsp; $85 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 2.04% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 2.18% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 2.89% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; 5.71% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.38% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.07% |
| Ratio of Net Investment Income/(Loss) | 1.25% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.38% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 2.13% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 2.27% | &nbsp;&nbsp; 0.58% |
| Portfolio Turnover Rate | 159% | &nbsp;&nbsp; 168% | &nbsp;&nbsp; 169% | &nbsp;&nbsp; 145% | &nbsp;&nbsp; 184% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.06 and 0.12%, 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 fiscal year ended 2024. 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 $0.02 and 0.05%, respectively. 

(4) 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 fiscal year ended 2023. 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 $0.29 and 0.76%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

14 \| September 30, 2025

------

**Janus Henderson European Focus Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $49.27 | &nbsp;&nbsp; $39.51 | &nbsp;&nbsp; $32.27 | &nbsp;&nbsp; $44.17 | &nbsp;&nbsp; $34.02 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.73 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain/(loss) | 9.39 | &nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;7.26 | &nbsp;&nbsp; (12.70) | &nbsp;&nbsp;&nbsp;&nbsp;10.12 |
| Total from Investment Operations | 10.12 | &nbsp;&nbsp;&nbsp;&nbsp;10.77 | &nbsp;&nbsp;&nbsp;&nbsp;8.19 | &nbsp;&nbsp; (11.77) | &nbsp;&nbsp;&nbsp;&nbsp;10.32 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.69) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.17) |
| Total Dividends and Distributions | (0.69) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.17) |
| Net Asset Value, End of Period | $58.70 | &nbsp;&nbsp; $49.27 | &nbsp;&nbsp; $39.51 | &nbsp;&nbsp; $32.27 | &nbsp;&nbsp; $44.17 |
| Total Return<sup>\*</sup> <br>| 20.91% | &nbsp;&nbsp; 27.70% | &nbsp;&nbsp; 25.54% | &nbsp;&nbsp; (26.73)% | &nbsp;&nbsp; 30.41% |
| Net Assets, End of Period (in thousands) | $28949 | &nbsp;&nbsp; $15919 | &nbsp;&nbsp; $13027 | &nbsp;&nbsp; $7392 | &nbsp;&nbsp; $10590 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.36% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.37% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 1.46% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.38% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.21% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.21% |
| Ratio of Net Investment Income/(Loss) | 1.41% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.39% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 2.31% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 2.25% | &nbsp;&nbsp; 0.47% |
| Portfolio Turnover Rate | 159% | &nbsp;&nbsp; 168% | &nbsp;&nbsp; 169% | &nbsp;&nbsp; 145% | &nbsp;&nbsp; 184% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.06 and 0.12%, 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 fiscal year ended 2024. 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 $0.02 and 0.05%, respectively. 

(4) 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 fiscal year ended 2023. 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 $0.31 and 0.76%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements** 

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

**1. Organization and Significant Accounting Policies**

Janus Henderson European Focus 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 capital appreciation primarily through investment in equities of European companies. 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 \| September 30, 2025

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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 European Focus Fund**

**Notes to Financial Statements** 

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

rates and similar data.

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

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

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

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

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

Schedule of Investments 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 \| September 30, 2025

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements** 

**Foreign Currency Translations**

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

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

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

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

could result in additional tax, interest, or penalties to be paid by the Fund.

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

income tax purposes.

**Federal Income Taxes**

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

in the next twelve months.

**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 $807,764 of tax reclaims received as well as $56,794 of professional fees and $108,877 of certain fees assessed by the Internal Revenue Service 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, war, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and

Janus Investment Fund \| 19

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**Janus Henderson European Focus Fund**

**Notes to Financial Statements** 

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.* Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. 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.

**Geographic Investment Risk**

To the extent the Fund invests a significant portion of its assets in a particular country or geographic region, the Fund will generally have more exposure to certain risks due to possible political, economic, social, or regulatory events in that country or region. Adverse developments in certain regions could also adversely affect securities of other countries

whose economies appear to be unrelated and could have a negative impact on the Fund's performance.

**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.

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

20 \| September 30, 2025

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**Janus Henderson European Focus Fund**

**Notes to Financial Statements** 

purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

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

There were no securities on loan as of September 30, 2025.

**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 $500 Million | 1.00 |
| Next $1 Billion | 0.90 |
| Next $1 Billion | 0.85 |
| Over $2.5 Billion | 0.80 |

---

The Fund's actual investment advisory fee rate for the reporting period was 0.99% of average annual net assets before

any applicable waivers.

The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, "HGIL"), pursuant to which HGIL and certain employees of HGIL serve as "associated persons" of the Adviser. In this capacity, such employees of HGIL are subject to the oversight and supervision of the Adviser and may

provide portfolio management, research, and related services to the Fund on behalf of the Adviser.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, 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 0.96% for at least a one-year period commencing on January 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

Janus Investment Fund \| 21

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements** 

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 $532,252 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 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 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.

22 \| September 30, 2025

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements** 

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 year ended September 30, 2025, the Distributor

retained upfront sales charges of $5,781.

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 year ended September 30,

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 year ended September 30, 2025, redeeming shareholders of Class C Shares

paid CDSCs of $875.

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 September 30, 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 year ended September 30, 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 year ended September 30, 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 year ended September 30, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

Janus Investment Fund \| 23

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements** 

As of September 30, 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 | 86 | &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**

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term Gains*<br>| *Accumulated* <br>*Capital Losses*<br>| *Loss Deferrals* | *Other Book* <br>*to Tax* <br>*Differences*<br>| *Net Tax* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| $9032869 | $- | &nbsp;&nbsp; $(332106992) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(1454139) | &nbsp;&nbsp; $121290642 |

---

Accumulated capital losses noted below represent net capital loss carryovers, as of September 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 September 30, 2025* | *For the year ended September 30, 2025* |  |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | &nbsp;&nbsp; Accumulated <br>Capital Losses<br>|
| $(213830205) | &nbsp;&nbsp; $(118276787) | &nbsp;&nbsp; $(332106992) |

---

During the year ended September 30, 2025, capital loss carryovers of $54,515,716 were utilized by the Fund.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 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>|
| $581684961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $124187886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2897244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $121290642 |

---

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. Certain permanent differences such as tax returns

of capital and net investment losses noted below have been reclassified to capital.

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $7093610 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

24 \| September 30, 2025

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements** 

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $10987541 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These

differences have no impact on the results of operations or net assets.

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended September 30, 2025* | *Year ended September 30, 2025* | *Year ended September 30, 2024* | *Year ended September 30, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 127289 | &nbsp;&nbsp; $6514148 | &nbsp;&nbsp; 181297 | &nbsp;&nbsp; $8120774 |
| Reinvested dividends and distributions | 31602 | &nbsp;&nbsp; 1483375 | &nbsp;&nbsp; 56921 | &nbsp;&nbsp; 2408317 |
| Shares repurchased | (345741) | &nbsp;&nbsp; (17159264) | &nbsp;&nbsp; (489929) | &nbsp;&nbsp; (22003992) |
| Net Increase/(Decrease) | (186850) | &nbsp;&nbsp; $(9161741) | &nbsp;&nbsp; (251711) | &nbsp;&nbsp; $(11474901) |
| Class C Shares: |  |  |  |  |
| Shares sold | 28164 | &nbsp;&nbsp; $1402108 | &nbsp;&nbsp; 5009 | &nbsp;&nbsp; $217188 |
| Reinvested dividends and distributions | 345 | &nbsp;&nbsp; 15397 | &nbsp;&nbsp; 1559 | &nbsp;&nbsp; 62640 |
| Shares repurchased | (36229) | &nbsp;&nbsp; (1739844) | &nbsp;&nbsp; (77507) | &nbsp;&nbsp; (3282599) |
| Net Increase/(Decrease) | (7720) | &nbsp;&nbsp; $(322339) | &nbsp;&nbsp; (70939) | &nbsp;&nbsp; $(3002771) |
| Class D Shares: |  |  |  |  |
| Shares sold | 757367 | &nbsp;&nbsp; $40383812 | &nbsp;&nbsp; 67910 | &nbsp;&nbsp; $3137797 |
| Reinvested dividends and distributions | 3484 | &nbsp;&nbsp; 162171 | &nbsp;&nbsp; 5668 | &nbsp;&nbsp; 237893 |
| Shares repurchased | (211457) | &nbsp;&nbsp; (11081071) | &nbsp;&nbsp; (74723) | &nbsp;&nbsp; (3328850) |
| Net Increase/(Decrease) | 549394 | &nbsp;&nbsp; $29464912 | &nbsp;&nbsp; (1145) | &nbsp;&nbsp; $46840 |
| Class I Shares: |  |  |  |  |
| Shares sold | 3002155 | &nbsp;&nbsp; $151659289 | &nbsp;&nbsp; 1399532 | &nbsp;&nbsp; $64747878 |
| Reinvested dividends and distributions | 94309 | &nbsp;&nbsp; 4391038 | &nbsp;&nbsp; 149197 | &nbsp;&nbsp; 6263275 |
| Shares repurchased | (2578907) | &nbsp;&nbsp; (126097231) | &nbsp;&nbsp; (1710483) | &nbsp;&nbsp; (75867428) |
| Net Increase/(Decrease) | 517557 | &nbsp;&nbsp; $29953096 | &nbsp;&nbsp; (161754) | &nbsp;&nbsp; $(4856275) |
| Class N Shares: |  |  |  |  |
| Shares sold | 907084 | &nbsp;&nbsp; $45775801 | &nbsp;&nbsp; 73057 | &nbsp;&nbsp; $3367205 |
| Reinvested dividends and distributions | 1255 | &nbsp;&nbsp; 57865 | &nbsp;&nbsp; 11236 | &nbsp;&nbsp; 468330 |
| Shares repurchased | (172141) | &nbsp;&nbsp; (9093786) | &nbsp;&nbsp; (409431) | &nbsp;&nbsp; (19508884) |
| Net Increase/(Decrease) | 736198 | &nbsp;&nbsp; $36739880 | &nbsp;&nbsp; (325138) | &nbsp;&nbsp; $(15673349) |
| Class S Shares: |  |  |  |  |
| Shares sold | 88 | &nbsp;&nbsp; $3968 | &nbsp;&nbsp; 7211 | &nbsp;&nbsp; $300741 |
| Reinvested dividends and distributions | 200 | &nbsp;&nbsp; 8872 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 7643 |
| Shares repurchased | (161) | &nbsp;&nbsp; (7990) | &nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp;&nbsp;&nbsp;(528) |
| Net Increase/(Decrease) | 127 | &nbsp;&nbsp; $4850 | &nbsp;&nbsp; 7388 | &nbsp;&nbsp; $307856 |
| Class T Shares: |  |  |  |  |
| Shares sold | 367008 | &nbsp;&nbsp; $19423518 | &nbsp;&nbsp; 97562 | &nbsp;&nbsp; $4536140 |
| Reinvested dividends and distributions | 4637 | &nbsp;&nbsp; 215646 | &nbsp;&nbsp; 7349 | &nbsp;&nbsp; 308133 |
| Shares repurchased | (201595) | &nbsp;&nbsp; (10389130) | &nbsp;&nbsp; (111539) | &nbsp;&nbsp; (4973796) |
| Net Increase/(Decrease) | 170050 | &nbsp;&nbsp; $9250034 | &nbsp;&nbsp; (6628) | &nbsp;&nbsp; $(129523) |

---

**6. Purchases and Sales of Investment Securities**

For the year ended September 30, 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>|
| $963701765 | &nbsp;&nbsp;&nbsp;&nbsp; $869373182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

Janus Investment Fund \| 25

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements** 

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

**7. Recent Accounting Pronouncements**

The FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—*Improvements to Income Tax Disclosures* (ASU 2023-09) in December 2023. The new guidance enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes the

adoption of the ASU will not have a material impact on the financial statements.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to September 30, 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 \| September 30, 2025

------

**Janus Henderson European Focus Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson European Focus Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson European Focus Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our

opinion.

![](img8db1d0082.jpg)

Denver, Colorado

November 20, 2025

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

Janus Investment Fund \| 27

------

**Janus Henderson European Focus Fund**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2025:

---

| | |
|:---|:---|
| Section 163(j) Interest Dividend | 2% |
| Foreign Taxes Paid | $1002569 |
| Foreign Source Income | $12762942 |
| Dividends Received Deduction Percentage | 1% |
| Qualified Dividend Income Percentage | 100% |

---

28 \| September 30, 2025

------

**Janus Henderson European Focus 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 Trustees 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 1, 2024 and December 4-5, 2024, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2025 through February 1, 2026, subject to earlier termination as provided for in each agreement.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus

Janus Investment Fund \| 29

------

**Janus Henderson European Focus Fund**

**Additional Information (unaudited)**

Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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, 2024, approximately 58% 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, 2024, approximately 61% 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 performance in periods ended September 30, 2024 has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2024, approximately 75% and 61% 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, 2024, approximately 66% and 68% 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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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.

30 \| September 30, 2025

------

**Janus Henderson European Focus Fund**

**Additional Information (unaudited)**

***<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 first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 High-Yield Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Contrarian Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted the reasons for the Fund's underperformance over various periods of time, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

32 \| September 30, 2025

------

**Janus Henderson European Focus 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 Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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, 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 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted that the 36-month end performance was not yet available because of the Fund's inception date.

&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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

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

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as 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 10% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the

Janus Investment Fund \| 33

------

**Janus Henderson European Focus Fund**

**Additional Information (unaudited)**

Janus Henderson Funds, on average, were 11% 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, recent 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) 11 of 12 Janus Henderson Funds had management fees (before waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser and 16 of 18 Janus Henderson Funds had management fees (after waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser. The Trustees noted that for the one Janus Henderson Fund that did not have a lower or in line management fee (before waivers or performance fees) than similar funds subadvised by the Adviser, the management fee was under the average of its 15(c) peer group. For the two Janus Henderson Funds that did not have lower or in line management fees (after waivers or performance fees) than similar funds Subadvised by the Adviser, the management fees were due to performance fee increases resulting from Janus Henderson Fund outperformance of such Janus Henderson Fund's reference index.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2023 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.

&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.

34 \| September 30, 2025

------

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

&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 the Fund's total expenses were below the peer group average for all share classes.

&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.

Janus Investment Fund \| 35

------

**Janus Henderson European Focus 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 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 Responsible 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 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.

&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 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 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.

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

36 \| September 30, 2025

------

**Janus Henderson European Focus 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 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 the Fund's total expenses were below the peer group average for all share classes.

&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 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 U.S. Dividend 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 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, 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. The Trustees noted that during the 2023 15(c) review process, the Adviser reported no changes to its allocation methodology; however, at the Trustees' request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant's analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. 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.

Janus Investment Fund \| 37

------

**Janus Henderson European Focus Fund**

**Additional Information (unaudited)**

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 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 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2024 report: (1) past 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 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 42% of Janus Henderson Funds have low flat-rate fees (the "Low Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and higher fees when the fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2024 report that (1) 68% 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 Low 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 analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus 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

38 \| September 30, 2025

------

**Janus Henderson European Focus Fund**

**Additional Information (unaudited)**

affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 39

------

**Janus Henderson European Focus Fund**

**Notes**

40 \| September 30, 2025

------

**Janus Henderson European Focus Fund**

**Notes**

Janus Investment Fund \| 41

------

![](img5d94d6873.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

125-02-93080 11-25

------

ANNUAL FINANCIAL STATEMENTS

September 30, 2025

**Janus Henderson Forty Fund**

Janus Investment Fund

![](img2b1d43121.gif)

------

**Table of Contents**

**Janus Henderson Forty Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_a965fa66-b246-4501-b056-7a92fb1651f2_SOI-SOI-RunningFooter-36_1)<br> [Management Investment Companies](#xx_a965fa66-b246-4501-b056-7a92fb1651f2_SOI-SOI-RunningFooter-36_1)<br>|  |
| [Schedule of Investments](#xx_a965fa66-b246-4501-b056-7a92fb1651f2_SOI-SOI-RunningFooter-36_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_a965fa66-b246-4501-b056-7a92fb1651f2_SOI-SOI-RunningFooter-36_3) | 3 |
| [Statement of Assets and Liabilities](#xx_a965fa66-b246-4501-b056-7a92fb1651f2_SAL-SAL-RunningFooter-36_1) | 4 |
| [Statement of Operations](#xx_a965fa66-b246-4501-b056-7a92fb1651f2_SOP-SOP-RunningFooter-36_1) | 6 |
| [Statements of Changes in Net Assets](#xx_a965fa66-b246-4501-b056-7a92fb1651f2_SOC-SOC-RunningFooter-36_1) | 7 |
| [Financial Highlights](#xx_a965fa66-b246-4501-b056-7a92fb1651f2_FIHI-FIHI-RunningFooter-36_1) | 8 |
| [Notes to Financial Statements](#xx_a965fa66-b246-4501-b056-7a92fb1651f2_NTF-NTF-RunningFooter-36_1) | 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_a965fa66-b246-4501-b056-7a92fb1651f2_AUD-AR-RunningFooter-36_1) | 28 |
| [Designation Requirements](#xx_a965fa66-b246-4501-b056-7a92fb1651f2_DR-DR-RunningFooter-36_1) | 29 |
| [Items 8-11 - Additional Information](#xx_a965fa66-b246-4501-b056-7a92fb1651f2_AI-AI-RunningFooter-36_1) | 30 |

---

------

**Janus Henderson Forty Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 99.5% |  |  |
| Aerospace & Defense – 3.7% |  |  |
| Boeing Co<sup>\*</sup> <br>| 1018317 | $219783358 |
| Howmet Aerospace Inc | 3468022 | 680529957 |
|  |  | 900313315 |
| Beverages – 2.0% |  |  |
| Monster Beverage Corp<sup>\*</sup> <br>| 7239388 | 487283206 |
| Biotechnology – 2.7% |  |  |
| Argenx SE (ADR)<sup>\*</sup> <br>| 572746 | 422434540 |
| Madrigal Pharmaceuticals Inc<sup>\*</sup> <br>| 522050 | 239443453 |
|  |  | 661877993 |
| Capital Markets – 4.2% |  |  |
| Blackstone Group Inc | 4405573 | 752692147 |
| Intercontinental Exchange Inc | 1714887 | 288924162 |
|  |  | 1041616309 |
| Diversified Financial Services – 3.5% |  |  |
| Mastercard Inc - Class A | 1535043 | 873147809 |
| Electrical Equipment – 2.6% |  |  |
| Eaton Corp PLC | 1710274 | 640070045 |
| Health Care Providers & Services – 2.0% |  |  |
| UnitedHealth Group Inc | 1390630 | 480184539 |
| Hotels, Restaurants & Leisure – 6.9% |  |  |
| Booking Holdings Inc | 108742 | 587127418 |
| Chipotle Mexican Grill Inc<sup>\*</sup> <br>| 5872029 | 230124817 |
| DoorDash Inc - Class A<sup>\*</sup> <br>| 1490027 | 405272444 |
| DraftKings Inc<sup>\*</sup> <br>| 12816580 | 479340092 |
|  |  | 1701864771 |
| Information Technology Services – 1.7% |  |  |
| Shopify Inc<sup>\*</sup> <br>| 2876686 | 427504306 |
| Interactive Media & Services – 8.3% |  |  |
| Alphabet Inc - Class C | 3654001 | 889931944 |
| Meta Platforms Inc - Class A | 1565798 | 1149890735 |
|  |  | 2039822679 |
| Life Sciences Tools & Services – 2.1% |  |  |
| Danaher Corp | 2602782 | 516027559 |
| Multiline Retail – 10.0% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 8821022 | 1936831801 |
| MercadoLibre Inc<sup>\*</sup> <br>| 223443 | 522172884 |
|  |  | 2459004685 |
| Pharmaceuticals – 2.8% |  |  |
| Eli Lilly & Co | 893446 | 681699298 |
| Semiconductor & Semiconductor Equipment – 20.2% |  |  |
| Broadcom Inc | 4486096 | 1480007931 |
| NVIDIA Corp | 13898206 | 2593127275 |
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 3163788 | 883614351 |
|  |  | 4956749557 |
| Software – 21.7% |  |  |
| AppLovin Corp - Class A<sup>\*</sup> <br>| 496687 | 356889477 |
| Datadog Inc - Class A<sup>\*</sup> <br>| 4244246 | 604380631 |
| HubSpot Inc<sup>\*</sup> <br>| 504413 | 235964401 |
| Microsoft Corp | 5444807 | 2820137786 |
| Oracle Corp | 4690914 | 1319272653 |
|  |  | 5336644948 |
| Technology Hardware, Storage & Peripherals – 5.1% |  |  |
| Apple Inc | 4880424 | 1242702363 |
| Total Common Stocks (cost $12,058,879,179) |  | 24446513382 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

\| 1

------

**Janus Henderson Forty Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Investment Companies – 0.6% |  |  |
| Money Markets – 0.6% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº,</sup><sup>£</sup> (cost $140,520,981) | 140492883 | $140520981 |
| Total Investments (total cost $12,199,400,160) – 100.1% |  | 24587034363 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.1)% |  | (14349305) |
| Net Assets – 100% |  | $24572685058 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $22331308282 | &nbsp;&nbsp;&nbsp;&nbsp; 90.8<br> %<br>|
| Taiwan | 883614351 | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Argentina | 522172884 | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Canada | 427504306 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Belgium | 422434540 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Total | $24587034363 | &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>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 0.6% | Investment Companies - 0.6% | Investment Companies - 0.6% | Investment Companies - 0.6% | Investment Companies - 0.6% | Investment Companies - 0.6% | Investment Companies - 0.6% | Investment Companies - 0.6% | Investment Companies - 0.6% |
| Money Markets - 0.6% | Money Markets - 0.6% | Money Markets - 0.6% | Money Markets - 0.6% | Money Markets - 0.6% | Money Markets - 0.6% | Money Markets - 0.6% | Money Markets - 0.6% | Money Markets - 0.6% |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | $262382580 | $3243031647 | $(3364890790) | $745 | $(3201) | $140520981 | 140492883 | $6116538 |
| Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A |
| Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  |
|  | - | 897108513 | (897108513) | - | - | - | - | 25577 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 0.6% | Total Affiliated Investments - 0.6% | Total Affiliated Investments - 0.6% | Total Affiliated Investments - 0.6% | Total Affiliated Investments - 0.6% | Total Affiliated Investments - 0.6% | Total Affiliated Investments - 0.6% | Total Affiliated Investments - 0.6% | Total Affiliated Investments - 0.6% |
|  | $262382580 | $4140140160 | $(4261999303) | $745 | $(3201) | $140520981 | 140492883 | $6142115 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \|

------

**Janus Henderson Forty Fund**

**Notes to Schedule of Investments and Other Information** 

ADR American Depositary Receipt <br> LLC Limited Liability Company <br> PLC Public Limited Company

---

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

---

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

instruments as of September 30, 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* | $24446513382 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| *Investment Companies* | - | &nbsp;&nbsp; 140520981 | &nbsp;&nbsp; - |
| **Total Assets** | $24446513382 | &nbsp;&nbsp; $140520981 | &nbsp;&nbsp; $- |

---

\| 3

------

**Janus Henderson Forty Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $12,058,879,179) | $24446513382 |
| Affiliated investments, at value (cost $140,520,981) | 140520981 |
| Cash | 3690720 |
| Trustees' deferred compensation | 704556 |
| Receivables: |  |
| Fund shares sold | 3276239 |
| Dividends | 3124621 |
| Dividends from affiliates | 378010 |
| Foreign tax reclaims | 32114 |
| Other assets | 143998 |
| Total Assets | 24598384621 |
| Liabilities: |  |
| Payables: |  |
| Advisory fees | 11847100 |
| Fund shares repurchased | 9058398 |
| Transfer agent fees and expenses | 2874636 |
| Trustees' deferred compensation fees | 704556 |
| 12b-1 Distribution and shareholder servicing fees | 339372 |
| Trustees' fees and expenses | 108166 |
| Professional fees | 79645 |
| Affiliated fund administration fees payable | 50075 |
| Custodian fees | 15419 |
| Accrued expenses and other payables | 622196 |
| Total Liabilities | 25699563 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $24572685058 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

4 \| September 30, 2025

------

**Janus Henderson Forty Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $10040221073 |
| Total distributable earnings (loss) | 14532463985 |
| Total Net Assets | $24572685058 |
| Net Assets - Class A Shares | $578366529 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 9253710 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $62.50 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $66.31 |
| Net Assets - Class C Shares | $102410099 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2422282 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $42.28 |
| Net Assets - Class D Shares | $15043727420 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 250934563 |
| Net Asset Value Per Share | $59.95 |
| Net Assets - Class I Shares | $2539705315 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 37855798 |
| Net Asset Value Per Share | $67.09 |
| Net Assets - Class N Shares | $700232186 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 10349648 |
| Net Asset Value Per Share | $67.66 |
| Net Assets - Class R Shares | $92129414 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1835943 |
| Net Asset Value Per Share | $50.18 |
| Net Assets - Class S Shares | $485418020 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 8389109 |
| Net Asset Value Per Share | $57.86 |
| Net Assets - Class T Shares | $5030696075 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 82614181 |
| Net Asset Value Per Share | $60.89 |

---

&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 \| 5

------

**Janus Henderson Forty Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $135944353 |
| Dividends from affiliates | 6116538 |
| Affiliated securities lending income, net | 25577 |
| Unaffiliated securities lending income, net | 7378 |
| Other income | 91135 |
| Foreign tax withheld | (620459) |
| Total Investment Income | 141564522 |
| Expenses: |  |
| Advisory fees | 119713092 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 1290503 |
| Class C Shares | 887233 |
| Class R Shares | 435526 |
| Class S Shares | 1154355 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 14765146 |
| Class R Shares | 220591 |
| Class S Shares | 1157111 |
| Class T Shares | 11246794 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 377224 |
| Class C Shares | 81868 |
| Class I Shares | 1899980 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 25347 |
| Class C Shares | 4184 |
| Class D Shares | 629158 |
| Class I Shares | 62176 |
| Class N Shares | 26895 |
| Class R Shares | 781 |
| Class S Shares | 4434 |
| Class T Shares | 26514 |
| Shareholder reports expense | 772227 |
| Affiliated fund administration fees | 669012 |
| Trustees' fees and expenses | 421247 |
| Professional fees | 239987 |
| Custodian fees | 234446 |
| Registration fees | 229478 |
| Other expenses | 1276346 |
| Total Expenses | 157851655 |
| Less: Excess Expense Reimbursement and Waivers | (919348) |
| Net Expenses | 156932307 |
| Net Investment Income/(Loss) | (15367785) |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 2448050845 |
| Investments in affiliates | 745 |
| Total Net Realized Gain/(Loss) on Investments | 2448051590 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 1825936793 |
| Investments in affiliates | (3201) |
| Total Change in Unrealized Net Appreciation/Depreciation | 1825933592 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $4258617397 |

---

See Notes to Financial Statements.

6 \| September 30, 2025

------

**Janus Henderson Forty Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*September 30, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $(15367785) | &nbsp;&nbsp; $27629552 |
| Net realized gain/(loss) on investments | 2448051590 | &nbsp;&nbsp; 2339298500 |
| Change in unrealized net appreciation/depreciation | 1825933592 | &nbsp;&nbsp; 4469423392 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 4258617397 | &nbsp;&nbsp; 6836351444 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (49778163) | &nbsp;&nbsp; (33530762) |
| Class C Shares | (14591697) | &nbsp;&nbsp; (11528193) |
| Class D Shares | (1373661795) | &nbsp;&nbsp; (934107293) |
| Class I Shares | (218700081) | &nbsp;&nbsp; (155927384) |
| Class N Shares | (62850300) | &nbsp;&nbsp; (43022244) |
| Class R Shares | (10536057) | &nbsp;&nbsp; (7337749) |
| Class S Shares | (49881862) | &nbsp;&nbsp; (35919513) |
| Class T Shares | (449429496) | &nbsp;&nbsp; (306510959) |
| Net Decrease from Dividends and Distributions to Shareholders | (2229429451) | &nbsp;&nbsp; (1527884097) |
| Capital Share Transactions: |  |  |
| Class A Shares | 17170476 | &nbsp;&nbsp; 9961090 |
| Class C Shares | (9047546) | &nbsp;&nbsp; (13838399) |
| Class D Shares | 456873421 | &nbsp;&nbsp; 205532197 |
| Class I Shares | (95818075) | &nbsp;&nbsp; (9703797) |
| Class N Shares | (41257740) | &nbsp;&nbsp; 19956685 |
| Class R Shares | (3812228) | &nbsp;&nbsp; (1032389) |
| Class S Shares | (34908610) | &nbsp;&nbsp; (14561651) |
| Class T Shares | 158663915 | &nbsp;&nbsp; 40882022 |
| Net Increase/(Decrease) from Capital Share Transactions | 447863613 | &nbsp;&nbsp; 237195758 |
| Net Increase/(Decrease) in Net Assets | 2477051559 | &nbsp;&nbsp; 5545663105 |
| Net Assets: |  |  |
| Beginning of period | 22095633499 | &nbsp;&nbsp; 16549970394 |
| End of period | $24572685058 | &nbsp;&nbsp; $22095633499 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Forty Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $57.23 | &nbsp;&nbsp; $43.76 | &nbsp;&nbsp; $33.69 | &nbsp;&nbsp; $56.20 | &nbsp;&nbsp; $46.81 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.14) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.26) |
| Net realized and unrealized gain/(loss) | 11.07 | &nbsp;&nbsp;&nbsp;&nbsp;17.38 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp; (17.22) | &nbsp;&nbsp;&nbsp;&nbsp;13.50 |
| Total from Investment Operations | 10.93 | &nbsp;&nbsp;&nbsp;&nbsp;17.37 | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp; (17.30) | &nbsp;&nbsp;&nbsp;&nbsp;13.24 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Total Dividends and Distributions | (5.66) | &nbsp;&nbsp; (3.90) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Net Asset Value, End of Period | $62.50 | &nbsp;&nbsp; $57.23 | &nbsp;&nbsp; $43.76 | &nbsp;&nbsp; $33.69 | &nbsp;&nbsp; $56.20 |
| Total Return<sup>\*</sup> <br>| 20.32% | &nbsp;&nbsp; 42.41% | &nbsp;&nbsp; 29.97% | &nbsp;&nbsp; (34.00)% | &nbsp;&nbsp; 29.72% |
| Net Assets, End of Period (in thousands) | $578367 | &nbsp;&nbsp; $511272 | &nbsp;&nbsp; $377708 | &nbsp;&nbsp; $326566 | &nbsp;&nbsp; $525208 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.88% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 1.02% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.88% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 1.02% |
| Ratio of Net Investment Income/(Loss) | (0.25)% | &nbsp;&nbsp; (0.03)% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; (0.17)% | &nbsp;&nbsp; (0.50)% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 31% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

8 \| September 30, 2025

------

**Janus Henderson Forty Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $40.65 | &nbsp;&nbsp; $32.32 | &nbsp;&nbsp; $25.06 | &nbsp;&nbsp; $43.38 | &nbsp;&nbsp; $37.15 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.33) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.47) |
| Net realized and unrealized gain/(loss) | 7.62 | &nbsp;&nbsp;&nbsp;&nbsp;12.47 | &nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp; (12.83) | &nbsp;&nbsp;&nbsp;&nbsp;10.55 |
| Total from Investment Operations | 7.29 | &nbsp;&nbsp;&nbsp;&nbsp;12.22 | &nbsp;&nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp; (13.11) | &nbsp;&nbsp;&nbsp;&nbsp;10.08 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Total Dividends and Distributions | (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Net Asset Value, End of Period | $42.28 | &nbsp;&nbsp; $40.65 | &nbsp;&nbsp; $32.32 | &nbsp;&nbsp; $25.06 | &nbsp;&nbsp; $43.38 |
| Total Return<sup>\*</sup> <br>| 19.57% | &nbsp;&nbsp; 41.41% | &nbsp;&nbsp; 29.07% | &nbsp;&nbsp; (34.43)% | &nbsp;&nbsp; 28.88% |
| Net Assets, End of Period (in thousands) | $102410 | &nbsp;&nbsp; $108611 | &nbsp;&nbsp; $97763 | &nbsp;&nbsp; $89166 | &nbsp;&nbsp; $160133 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.52% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.68% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.52% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.68% |
| Ratio of Net Investment Income/(Loss) | (0.88)% | &nbsp;&nbsp; (0.71)% | &nbsp;&nbsp; (0.57)% | &nbsp;&nbsp; (0.80)% | &nbsp;&nbsp; (1.15)% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 31% |

---

\* 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. 

(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 Forty Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $55.06 | &nbsp;&nbsp; $42.26 | &nbsp;&nbsp; $32.47 | &nbsp;&nbsp; $54.28 | &nbsp;&nbsp; $45.24 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.15) |
| Net realized and unrealized gain/(loss) | 10.63 | &nbsp;&nbsp;&nbsp;&nbsp;16.72 | &nbsp;&nbsp;&nbsp;&nbsp;9.68 | &nbsp;&nbsp; (16.58) | &nbsp;&nbsp;&nbsp;&nbsp;13.04 |
| Total from Investment Operations | 10.61 | &nbsp;&nbsp;&nbsp;&nbsp;16.80 | &nbsp;&nbsp;&nbsp;&nbsp;9.81 | &nbsp;&nbsp; (16.57) | &nbsp;&nbsp;&nbsp;&nbsp;12.89 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.06) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Total Dividends and Distributions | (5.72) | &nbsp;&nbsp; (4.00) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.24) | &nbsp;&nbsp; (3.85) |
| Net Asset Value, End of Period | $59.95 | &nbsp;&nbsp; $55.06 | &nbsp;&nbsp; $42.26 | &nbsp;&nbsp; $32.47 | &nbsp;&nbsp; $54.28 |
| Total Return<sup>\*</sup> <br>| 20.58% | &nbsp;&nbsp; 42.68% | &nbsp;&nbsp; 30.23% | &nbsp;&nbsp; (33.86)% | &nbsp;&nbsp; 30.00% |
| Net Assets, End of Period (in thousands) | $15043727 | &nbsp;&nbsp; $13355517 | &nbsp;&nbsp; $9953141 | &nbsp;&nbsp; $8069316 | &nbsp;&nbsp; $12846210 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.67% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.82% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.67% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.82% |
| Ratio of Net Investment Income/(Loss) | (0.03)% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; (0.29)% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 31% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

10 \| September 30, 2025

------

**Janus Henderson Forty Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $60.98 | &nbsp;&nbsp; $46.40 | &nbsp;&nbsp; $35.63 | &nbsp;&nbsp; $59.06 | &nbsp;&nbsp; $48.89 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| — <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.13) |
| Net realized and unrealized gain/(loss) | 11.85 | &nbsp;&nbsp;&nbsp;&nbsp;18.48 | &nbsp;&nbsp;&nbsp;&nbsp;10.63 | &nbsp;&nbsp; (18.21) | &nbsp;&nbsp;&nbsp;&nbsp;14.15 |
| Total from Investment Operations | 11.85 | &nbsp;&nbsp;&nbsp;&nbsp;18.60 | &nbsp;&nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp; (18.17) | &nbsp;&nbsp;&nbsp;&nbsp;14.02 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.08) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Total Dividends and Distributions | (5.74) | &nbsp;&nbsp; (4.02) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.26) | &nbsp;&nbsp; (3.85) |
| Net Asset Value, End of Period | $67.09 | &nbsp;&nbsp; $60.98 | &nbsp;&nbsp; $46.40 | &nbsp;&nbsp; $35.63 | &nbsp;&nbsp; $59.06 |
| Total Return<sup>\*</sup> <br>| 20.61% | &nbsp;&nbsp; 42.76% | &nbsp;&nbsp; 30.30% | &nbsp;&nbsp; (33.84)% | &nbsp;&nbsp; 30.07% |
| Net Assets, End of Period (in thousands) | $2539705 | &nbsp;&nbsp; $2405255 | &nbsp;&nbsp; $1826123 | &nbsp;&nbsp; $1547668 | &nbsp;&nbsp; $2360269 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.64% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.76% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.64% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.76% |
| Ratio of Net Investment Income/(Loss) | 0.00% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; (0.24)% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 31% |

---

\* 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. 

(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 Forty Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $61.44 | &nbsp;&nbsp; $46.73 | &nbsp;&nbsp; $35.86 | &nbsp;&nbsp; $59.38 | &nbsp;&nbsp; $49.11 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.10) |
| Net realized and unrealized gain/(loss) | 11.95 | &nbsp;&nbsp;&nbsp;&nbsp;18.61 | &nbsp;&nbsp;&nbsp;&nbsp;10.69 | &nbsp;&nbsp; (18.30) | &nbsp;&nbsp;&nbsp;&nbsp;14.22 |
| Total from Investment Operations | 12.00 | &nbsp;&nbsp;&nbsp;&nbsp;18.77 | &nbsp;&nbsp;&nbsp;&nbsp;10.89 | &nbsp;&nbsp; (18.23) | &nbsp;&nbsp;&nbsp;&nbsp;14.12 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.12) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Total Dividends and Distributions | (5.78) | &nbsp;&nbsp; (4.06) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.29) | &nbsp;&nbsp; (3.85) |
| Net Asset Value, End of Period | $67.66 | &nbsp;&nbsp; $61.44 | &nbsp;&nbsp; $46.73 | &nbsp;&nbsp; $35.86 | &nbsp;&nbsp; $59.38 |
| Total Return<sup>\*</sup> <br>| 20.72% | &nbsp;&nbsp; 42.86% | &nbsp;&nbsp; 30.38% | &nbsp;&nbsp; (33.78)% | &nbsp;&nbsp; 30.15% |
| Net Assets, End of Period (in thousands) | $700232 | &nbsp;&nbsp; $679864 | &nbsp;&nbsp; $490179 | &nbsp;&nbsp; $371702 | &nbsp;&nbsp; $581225 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.56% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.70% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.56% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.70% |
| Ratio of Net Investment Income/(Loss) | 0.08% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; (0.17)% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 31% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

12 \| September 30, 2025

------

**Janus Henderson Forty Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $47.17 | &nbsp;&nbsp; $36.83 | &nbsp;&nbsp; $28.48 | &nbsp;&nbsp; $48.48 | &nbsp;&nbsp; $41.01 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.29) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.40) |
| Net realized and unrealized gain/(loss) | 8.96 | &nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;8.46 | &nbsp;&nbsp; (14.56) | &nbsp;&nbsp;&nbsp;&nbsp;11.72 |
| Total from Investment Operations | 8.67 | &nbsp;&nbsp;&nbsp;&nbsp;14.23 | &nbsp;&nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp; (14.79) | &nbsp;&nbsp;&nbsp;&nbsp;11.32 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Total Dividends and Distributions | (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Net Asset Value, End of Period | $50.18 | &nbsp;&nbsp; $47.17 | &nbsp;&nbsp; $36.83 | &nbsp;&nbsp; $28.48 | &nbsp;&nbsp; $48.48 |
| Total Return<sup>\*</sup> <br>| 19.81% | &nbsp;&nbsp; 41.82% | &nbsp;&nbsp; 29.41% | &nbsp;&nbsp; (34.26)% | &nbsp;&nbsp; 29.21% |
| Net Assets, End of Period (in thousands) | $92129 | &nbsp;&nbsp; $90397 | &nbsp;&nbsp; $70645 | &nbsp;&nbsp; $60027 | &nbsp;&nbsp; $103653 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.30% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.43% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.30% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.42% |
| Ratio of Net Investment Income/(Loss) | (0.66)% | &nbsp;&nbsp; (0.45)% | &nbsp;&nbsp; (0.28)% | &nbsp;&nbsp; (0.59)% | &nbsp;&nbsp; (0.90)% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 31% |

---

\* 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. 

(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 Forty Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $53.45 | &nbsp;&nbsp; $41.17 | &nbsp;&nbsp; $31.75 | &nbsp;&nbsp; $53.33 | &nbsp;&nbsp; $44.67 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.21) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.33) |
| Net realized and unrealized gain/(loss) | 10.28 | &nbsp;&nbsp;&nbsp;&nbsp;16.26 | &nbsp;&nbsp;&nbsp;&nbsp;9.45 | &nbsp;&nbsp; (16.22) | &nbsp;&nbsp;&nbsp;&nbsp;12.84 |
| Total from Investment Operations | 10.07 | &nbsp;&nbsp;&nbsp;&nbsp;16.17 | &nbsp;&nbsp;&nbsp;&nbsp;9.44 | &nbsp;&nbsp; (16.37) | &nbsp;&nbsp;&nbsp;&nbsp;12.51 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Total Dividends and Distributions | (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Net Asset Value, End of Period | $57.86 | &nbsp;&nbsp; $53.45 | &nbsp;&nbsp; $41.17 | &nbsp;&nbsp; $31.75 | &nbsp;&nbsp; $53.33 |
| Total Return<sup>\*</sup> <br>| 20.13% | &nbsp;&nbsp; 42.15% | &nbsp;&nbsp; 29.75% | &nbsp;&nbsp; (34.09)% | &nbsp;&nbsp; 29.50% |
| Net Assets, End of Period (in thousands) | $485418 | &nbsp;&nbsp; $486739 | &nbsp;&nbsp; $381719 | &nbsp;&nbsp; $331903 | &nbsp;&nbsp; $586481 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.05% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.20% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.04% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.19% |
| Ratio of Net Investment Income/(Loss) | (0.40)% | &nbsp;&nbsp; (0.19)% | &nbsp;&nbsp; (0.02)% | &nbsp;&nbsp; (0.34)% | &nbsp;&nbsp; (0.66)% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 31% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

14 \| September 30, 2025

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**Janus Henderson Forty Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $55.85 | &nbsp;&nbsp; $42.80 | &nbsp;&nbsp; $32.92 | &nbsp;&nbsp; $54.99 | &nbsp;&nbsp; $45.83 |
| 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;0.09 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.21) |
| Net realized and unrealized gain/(loss) | 10.79 | &nbsp;&nbsp;&nbsp;&nbsp;16.97 | &nbsp;&nbsp;&nbsp;&nbsp;9.81 | &nbsp;&nbsp; (16.83) | &nbsp;&nbsp;&nbsp;&nbsp;13.22 |
| Total from Investment Operations | 10.71 | &nbsp;&nbsp;&nbsp;&nbsp;17.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp; (16.86) | &nbsp;&nbsp;&nbsp;&nbsp;13.01 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.01) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Total Dividends and Distributions | (5.67) | &nbsp;&nbsp; (3.95) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Net Asset Value, End of Period | $60.89 | &nbsp;&nbsp; $55.85 | &nbsp;&nbsp; $42.80 | &nbsp;&nbsp; $32.92 | &nbsp;&nbsp; $54.99 |
| Total Return<sup>\*</sup> <br>| 20.44% | &nbsp;&nbsp; 42.55% | &nbsp;&nbsp; 30.09% | &nbsp;&nbsp; (33.94)% | &nbsp;&nbsp; 29.86% |
| Net Assets, End of Period (in thousands) | $5030696 | &nbsp;&nbsp; $4457979 | &nbsp;&nbsp; $3352693 | &nbsp;&nbsp; $2759921 | &nbsp;&nbsp; $4465117 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.80% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.95% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.79% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.93% |
| Ratio of Net Investment Income/(Loss) | (0.15)% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; (0.07)% | &nbsp;&nbsp; (0.41)% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 31% |

---

\* 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. 

(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

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**Janus Henderson Forty Fund**

**Notes to Financial Statements** 

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

**1. Organization and Significant Accounting Policies**

Janus Henderson Forty 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 nondiversified, 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.

16 \| September 30, 2025

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**Janus Henderson Forty Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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 Forty Fund**

**Notes to Financial Statements** 

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

rates and similar data.

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

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

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

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

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

Schedule of Investments 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 \| September 30, 2025

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**Janus Henderson Forty Fund**

**Notes to Financial Statements** 

**Foreign Currency Translations**

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

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

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

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

could result in additional tax, interest, or penalties to be paid by the Fund.

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

income tax purposes.

**Federal Income Taxes**

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

in the next twelve months.

**2. Other Investments and Strategies**

**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, war, 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.* Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. 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.

Janus Investment Fund \| 19

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**Janus Henderson Forty Fund**

**Notes to Financial Statements** 

**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.

**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.

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

20 \| September 30, 2025

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**Janus Henderson Forty Fund**

**Notes to Financial Statements** 

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" on the Statement of Operations.

There were no securities on loan as of September 30, 2025.

**3. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee rate that may adjust up or down based on the Fund's

performance relative to its benchmark index.

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund's average daily net assets during the previous month (the "Base Fee Rate"), plus or minus (2) a performance-fee adjustment (the "Performance Adjustment") calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund's average daily net assets based on the Fund's relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund's Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund's Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Fund's benchmark index used in the calculation is the Russell 1000<sup>®</sup> Growth Index.

Janus Investment Fund \| 21

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**Janus Henderson Forty Fund**

**Notes to Financial Statements** 

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 ±8.50%. 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 prospectus 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 year ended September 30, 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 0.68% for at least a one-year period commencing on January 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 $532,252 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 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% |

---

22 \| September 30, 2025

------

**Janus Henderson Forty Fund**

**Notes to Financial Statements** 

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 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 year ended September 30, 2025, the Distributor

retained upfront sales charges of $33,904.

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 year ended September 30, 2025, redeeming shareholders of Class A Shares paid CDSCs of $1,372 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 year ended September 30, 2025, redeeming shareholders of Class C Shares

paid CDSCs of $6,518.

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

Janus Investment Fund \| 23

------

**Janus Henderson Forty Fund**

**Notes to Financial Statements** 

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 September 30, 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 year ended September 30, 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 year ended September 30, 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 year ended September 30, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

The Fund is permitted to purchase or sell securities ("cross-trade") between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 ("Rule 17a-7"), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust's Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2025, the Fund engaged in

cross trades amounting to $14,666,303 in purchases.

**4. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. 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 Fund has elected to defer qualified late-year losses as noted in the table below. These losses will be deferred for

24 \| September 30, 2025

------

**Janus Henderson Forty Fund**

**Notes to Financial Statements** 

tax purposes and recognized during the next fiscal year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term Gains*<br>| *Accumulated* <br>*Capital Losses*<br>| *Loss Deferrals* | *Other Book* <br>*to Tax* <br>*Differences*<br>| *Net Tax* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| $- | $2160682206 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(15396263) | &nbsp;&nbsp; $(694966) | &nbsp;&nbsp; $12387873008 |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 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; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $12199161355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12705969816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(318096808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12387873008 |

---

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. Certain permanent differences such as tax returns

of capital and net investment losses noted below have been reclassified to capital.

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $94898222 | &nbsp;&nbsp;&nbsp; $2134531229 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $38072772 | &nbsp;&nbsp;&nbsp; $1489811325 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $84,559,466, all of

which is long-term capital gain, for distributions in connection with Fund shares redemption (tax equalization).

Janus Investment Fund \| 25

------

**Janus Henderson Forty Fund**

**Notes to Financial Statements** 

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

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended September 30, 2025* | *Year ended September 30, 2025* | *Year ended September 30, 2024* | *Year ended September 30, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 1233177 | &nbsp;&nbsp; $67115402 | &nbsp;&nbsp; 1410580 | &nbsp;&nbsp; $69113423 |
| Reinvested dividends and distributions | 722254 | &nbsp;&nbsp; 40186220 | &nbsp;&nbsp; 614204 | &nbsp;&nbsp; 26902132 |
| Shares repurchased | (1635315) | &nbsp;&nbsp; (90131146) | &nbsp;&nbsp; (1722964) | &nbsp;&nbsp; (86054465) |
| Net Increase/(Decrease) | 320116 | &nbsp;&nbsp; $17170476 | &nbsp;&nbsp; 301820 | &nbsp;&nbsp; $9961090 |
| Class C Shares: |  |  |  |  |
| Shares sold | 328298 | &nbsp;&nbsp; $12264421 | &nbsp;&nbsp; 445197 | &nbsp;&nbsp; $15666516 |
| Reinvested dividends and distributions | 352998 | &nbsp;&nbsp; 13357443 | &nbsp;&nbsp; 336867 | &nbsp;&nbsp; 10540565 |
| Shares repurchased | (930560) | &nbsp;&nbsp; (34669410) | &nbsp;&nbsp; (1135790) | &nbsp;&nbsp; (40045480) |
| Net Increase/(Decrease) | (249264) | &nbsp;&nbsp; $(9047546) | &nbsp;&nbsp; (353726) | &nbsp;&nbsp; $(13838399) |
| Class D Shares: |  |  |  |  |
| Shares sold | 5064263 | &nbsp;&nbsp; $266852554 | &nbsp;&nbsp; 5464582 | &nbsp;&nbsp; $262472676 |
| Reinvested dividends and distributions | 24484743 | &nbsp;&nbsp; 1304547068 | &nbsp;&nbsp; 21142971 | &nbsp;&nbsp; 889696219 |
| Shares repurchased | (21159337) | &nbsp;&nbsp; (1114526201) | &nbsp;&nbsp; (19611522) | &nbsp;&nbsp; (946636698) |
| Net Increase/(Decrease) | 8389669 | &nbsp;&nbsp; $456873421 | &nbsp;&nbsp; 6996031 | &nbsp;&nbsp; $205532197 |
| Class I Shares: |  |  |  |  |
| Shares sold | 6464548 | &nbsp;&nbsp; $377097294 | &nbsp;&nbsp; 7686938 | &nbsp;&nbsp; $403783119 |
| Reinvested dividends and distributions | 3208069 | &nbsp;&nbsp; 191233008 | &nbsp;&nbsp; 2887353 | &nbsp;&nbsp; 134492896 |
| Shares repurchased | (11261051) | &nbsp;&nbsp; (664148377) | &nbsp;&nbsp; (10487265) | &nbsp;&nbsp; (547979812) |
| Net Increase/(Decrease) | (1588434) | &nbsp;&nbsp; $(95818075) | &nbsp;&nbsp; 87026 | &nbsp;&nbsp; $(9703797) |
| Class N Shares: |  |  |  |  |
| Shares sold | 1529927 | &nbsp;&nbsp; $91527231 | &nbsp;&nbsp; 2161028 | &nbsp;&nbsp; $112998865 |
| Reinvested dividends and distributions | 976450 | &nbsp;&nbsp; 58655380 | &nbsp;&nbsp; 850867 | &nbsp;&nbsp; 39914178 |
| Shares repurchased | (3221867) | &nbsp;&nbsp; (191440351) | &nbsp;&nbsp; (2436663) | &nbsp;&nbsp; (132956358) |
| Net Increase/(Decrease) | (715490) | &nbsp;&nbsp; $(41257740) | &nbsp;&nbsp; 575232 | &nbsp;&nbsp; $19956685 |
| Class R Shares: |  |  |  |  |
| Shares sold | 199231 | &nbsp;&nbsp; $8856190 | &nbsp;&nbsp; 287703 | &nbsp;&nbsp; $11911642 |
| Reinvested dividends and distributions | 232601 | &nbsp;&nbsp; 10425185 | &nbsp;&nbsp; 200137 | &nbsp;&nbsp; 7250966 |
| Shares repurchased | (512321) | &nbsp;&nbsp; (23093603) | &nbsp;&nbsp; (489529) | &nbsp;&nbsp; (20194997) |
| Net Increase/(Decrease) | (80489) | &nbsp;&nbsp; $(3812228) | &nbsp;&nbsp; (1689) | &nbsp;&nbsp; $(1032389) |
| Class S Shares: |  |  |  |  |
| Shares sold | 815049 | &nbsp;&nbsp; $41355279 | &nbsp;&nbsp; 1104039 | &nbsp;&nbsp; $51652610 |
| Reinvested dividends and distributions | 962892 | &nbsp;&nbsp; 49665982 | &nbsp;&nbsp; 873881 | &nbsp;&nbsp; 35802904 |
| Shares repurchased | (2494495) | &nbsp;&nbsp; (125929871) | &nbsp;&nbsp; (2145079) | &nbsp;&nbsp; (102017165) |
| Net Increase/(Decrease) | (716554) | &nbsp;&nbsp; $(34908610) | &nbsp;&nbsp; (167159) | &nbsp;&nbsp; $(14561651) |
| Class T Shares: |  |  |  |  |
| Shares sold | 7351432 | &nbsp;&nbsp; $396834935 | &nbsp;&nbsp; 6882408 | &nbsp;&nbsp; $336692521 |
| Reinvested dividends and distributions | 8098372 | &nbsp;&nbsp; 438688801 | &nbsp;&nbsp; 7011623 | &nbsp;&nbsp; 299536526 |
| Shares repurchased | (12650679) | &nbsp;&nbsp; (676859821) | &nbsp;&nbsp; (12404356) | &nbsp;&nbsp; (595347025) |
| Net Increase/(Decrease) | 2799125 | &nbsp;&nbsp; $158663915 | &nbsp;&nbsp; 1489675 | &nbsp;&nbsp; $40882022 |

---

**6. Purchases and Sales of Investment Securities**

For the year ended September 30, 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>|
| $7282336959 | &nbsp;&nbsp;&nbsp;&nbsp; $9015560967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

26 \| September 30, 2025

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**Janus Henderson Forty Fund**

**Notes to Financial Statements** 

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

**7. Recent Accounting Pronouncements**

The FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—*Improvements to Income Tax Disclosures* (ASU 2023-09) in December 2023. The new guidance enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes the

adoption of the ASU will not have a material impact on the financial statements.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to September 30, 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 \| 27

------

**Janus Henderson Forty Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Forty Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Forty Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian. We believe that our audits provide a

reasonable basis for our opinion.

![](img18f6a93a2.jpg)

Denver, Colorado

November 20, 2025

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

28 \| September 30, 2025

------

**Janus Henderson Forty Fund**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2025:

---

| | |
|:---|:---|
| Capital Gain Distributions | $2219090695 |

---

Janus Investment Fund \| 29

------

**Janus Henderson Forty 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 Trustees 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 1, 2024 and December 4-5, 2024, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2025 through February 1, 2026, subject to earlier termination as provided for in each agreement.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus

30 \| September 30, 2025

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**Janus Henderson Forty Fund**

**Additional Information (unaudited)**

Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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, 2024, approximately 58% 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, 2024, approximately 61% 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 performance in periods ended September 30, 2024 has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2024, approximately 75% and 61% 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, 2024, approximately 66% and 68% 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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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.

Janus Investment Fund \| 31

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**Janus Henderson Forty Fund**

**Additional Information (unaudited)**

***<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 first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 High-Yield Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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.

32 \| September 30, 2025

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**Janus Henderson Forty 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Contrarian Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted the reasons for the Fund's underperformance over various periods of time, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

Janus Investment Fund \| 33

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**Janus Henderson Forty 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 Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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, 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 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted that the 36-month end performance was not yet available because of the Fund's inception date.

&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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

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

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as 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 10% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the

34 \| September 30, 2025

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**Janus Henderson Forty Fund**

**Additional Information (unaudited)**

Janus Henderson Funds, on average, were 11% 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, recent 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) 11 of 12 Janus Henderson Funds had management fees (before waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser and 16 of 18 Janus Henderson Funds had management fees (after waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser. The Trustees noted that for the one Janus Henderson Fund that did not have a lower or in line management fee (before waivers or performance fees) than similar funds subadvised by the Adviser, the management fee was under the average of its 15(c) peer group. For the two Janus Henderson Funds that did not have lower or in line management fees (after waivers or performance fees) than similar funds Subadvised by the Adviser, the management fees were due to performance fee increases resulting from Janus Henderson Fund outperformance of such Janus Henderson Fund's reference index.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2023 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.

&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.

Janus Investment Fund \| 35

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

&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 the Fund's total expenses were below the peer group average for all share classes.

&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.

36 \| September 30, 2025

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**Janus Henderson Forty 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 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 Responsible 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 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.

&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 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 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.

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

Janus Investment Fund \| 37

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**Janus Henderson Forty 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 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 the Fund's total expenses were below the peer group average for all share classes.

&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 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 U.S. Dividend 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 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, 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. The Trustees noted that during the 2023 15(c) review process, the Adviser reported no changes to its allocation methodology; however, at the Trustees' request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant's analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. 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.

38 \| September 30, 2025

------

**Janus Henderson Forty Fund**

**Additional Information (unaudited)**

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 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 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2024 report: (1) past 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 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 42% of Janus Henderson Funds have low flat-rate fees (the "Low Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and higher fees when the fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2024 report that (1) 68% 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 Low 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 analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus 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

Janus Investment Fund \| 39

------

**Janus Henderson Forty Fund**

**Additional Information (unaudited)**

affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

40 \| September 30, 2025

------

**Janus Henderson Forty Fund**

**Notes**

Janus Investment Fund \| 41

------

![](img965b03b23.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

125-02-93041 11-25

------

ANNUAL FINANCIAL STATEMENTS

September 30, 2025

**Janus Henderson Global Equity Income Fund**

Janus Investment Fund

![](img83ebbd281.gif)

------

**Table of Contents**

**Janus Henderson Global Equity Income Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_c270c5af-961f-4a9d-9570-dcba2e3a45d6_SOI-SOI-RunningFooter-24_1)<br> [Management Investment Companies](#xx_c270c5af-961f-4a9d-9570-dcba2e3a45d6_SOI-SOI-RunningFooter-24_1)<br>|  |
| [Schedule of Investments](#xx_c270c5af-961f-4a9d-9570-dcba2e3a45d6_SOI-SOI-RunningFooter-24_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_c270c5af-961f-4a9d-9570-dcba2e3a45d6_SOI-SOI-RunningFooter-24_6) | 6 |
| [Statement of Assets and Liabilities](#xx_c270c5af-961f-4a9d-9570-dcba2e3a45d6_SAL-SAL-RunningFooter-24_1) | 7 |
| [Statement of Operations](#xx_c270c5af-961f-4a9d-9570-dcba2e3a45d6_SOP-SOP-RunningFooter-24_1) | 9 |
| [Statements of Changes in Net Assets](#xx_c270c5af-961f-4a9d-9570-dcba2e3a45d6_SOC-SOC-RunningFooter-24_1) | 10 |
| [Financial Highlights](#xx_c270c5af-961f-4a9d-9570-dcba2e3a45d6_FIHI-FIHI-RunningFooter-24_1) | 11 |
| [Notes to Financial Statements](#xx_c270c5af-961f-4a9d-9570-dcba2e3a45d6_NTF-NTF-RunningFooter-24_1) | 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_c270c5af-961f-4a9d-9570-dcba2e3a45d6_AUD-AR-RunningFooter-24_1) | 31 |
| [Designation Requirements](#xx_c270c5af-961f-4a9d-9570-dcba2e3a45d6_DR-DR-RunningFooter-24_1) | 32 |
| [Items 8-11 - Additional Information](#xx_c270c5af-961f-4a9d-9570-dcba2e3a45d6_AI-AI-RunningFooter-24_1) | 33 |

---

------

**Janus Henderson Global Equity Income Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 95.0% |  |  |
| Automobiles – 0.9% |  |  |
| Hyundai Motor Co | 390640 | $60059217 |
| Banks – 13.0% |  |  |
| ABN AMRO Bank NV, CVA<sup>ž</sup> <br>| 1171696 | 37518022 |
| BNP Paribas SA | 1303773 | 118834551 |
| China Merchants Bank Co Ltd | 4848000 | 29166880 |
| DBS Group Holdings Ltd | 2744500 | 108725198 |
| Erste Group Bank AG | 450427 | 44026155 |
| HSBC Holdings PLC | 12352455 | 174326136 |
| Industrial & Commercial Bank of China Ltd | 41447000 | 30602796 |
| Intesa Sanpaolo SpA | 10210051 | 67511681 |
| Mizuho Financial Group Inc | 1981900 | 66340804 |
| Natwest Group PLC | 4606643 | 32329638 |
| Sumitomo Mitsui Financial Group Inc | 2334600 | 65360129 |
| United Overseas Bank Ltd | 3507700 | 94126410 |
|  |  | 868868400 |
| Beverages – 4.1% |  |  |
| Carlsberg A/S | 222746 | 25899552 |
| Coca-Cola European Partners PLC | 546977 | 49452191 |
| Diageo PLC | 5667834 | 134907434 |
| Pernod Ricard SA | 621653 | 61116465 |
|  |  | 271375642 |
| Capital Markets – 0.7% |  |  |
| IG Group Holdings PLC | 3211526 | 46564031 |
| Consumer Finance – 0.5% |  |  |
| OneMain Holdings Inc | 616793 | 34824133 |
| Containers & Packaging – 0.9% |  |  |
| Amcor PLC | 7787877 | 63704834 |
| Diversified Financial Services – 0.2% |  |  |
| M&G PLC | 3385281 | 11573910 |
| Diversified Telecommunication Services – 4.8% |  |  |
| BT Group PLC | 11416178 | 29382499 |
| Elisa Oyj | 921426 | 48341638 |
| Infrastrutture Wireless Italiane SpA<sup>ž</sup> <br>| 4999707 | 58746935 |
| Telenor ASA | 3303290 | 54843909 |
| Telia Co AB | 9058285 | 34602110 |
| TELUS Corp | 5942854 | 93616500 |
|  |  | 319533591 |
| Electric Utilities – 3.9% |  |  |
| Enel SpA | 13631503 | 129270759 |
| Iberdrola SA | 3440538 | 65183963 |
| SSE PLC | 2793142 | 65447298 |
|  |  | 259902020 |
| Electrical Equipment – 1.0% |  |  |
| Schneider Electric SE | 238826 | 67413350 |
| Equity Real Estate Investment Trusts (REITs) – 1.0% |  |  |
| British Land Co PLC | 14798940 | 69539046 |
| Food & Staples Retailing – 1.6% |  |  |
| Koninklijke Ahold Delhaize NV | 1230707 | 49783313 |
| Tesco PLC | 9395386 | 56309993 |
|  |  | 106093306 |
| Food Products – 0.5% |  |  |
| Mowi ASA | 1616592 | 34291358 |
| Hotels, Restaurants & Leisure – 0.5% |  |  |
| Sodexo SA | 547959 | 34492681 |
| Household Durables – 3.5% |  |  |
| Sony Corp | 6676100 | 191591516 |
| Taylor Wimpey PLC | 29115946 | 40522281 |
|  |  | 232113797 |
| Household Products – 1.9% |  |  |
| Reckitt Benckiser Group PLC | 1608484 | 124206003 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Global Equity Income Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Industrial Conglomerates – 1.0% |  |  |
| Swire Pacific Ltd | 7555000 | $64114385 |
| Industrial Real Estate Investment Trusts (REITs) – 1.0% |  |  |
| Prologis Inc | 578382 | 66236307 |
| Insurance – 5.9% |  |  |
| ASR Nederland NV | 32003 | 2177717 |
| Aviva PLC | 2577818 | 23867353 |
| Dai-ichi Life Holdings Inc | 17485700 | 137571496 |
| Legal & General Group PLC | 22804592 | 73282686 |
| NN Group NV | 944114 | 66649028 |
| Phoenix Group Holdings PLC | 9186403 | 79716106 |
| Sony Financial Holdings Inc<sup>\*</sup> <br>| 6676100 | 7404344 |
|  |  | 390668730 |
| Machinery – 2.6% |  |  |
| Daimler Truck Holding AG | 1035812 | 42675061 |
| Komatsu Ltd | 3738800 | 130110006 |
|  |  | 172785067 |
| Media – 1.0% |  |  |
| Publicis Groupe SA | 697021 | 66896461 |
| Metals & Mining – 2.5% |  |  |
| Freeport-McMoRan Inc | 1528582 | 59950986 |
| Rio Tinto PLC | 1587473 | 104599266 |
|  |  | 164550252 |
| Multi-Utilities – 1.0% |  |  |
| National Grid PLC | 4720871 | 68048832 |
| Oil, Gas & Consumable Fuels – 10.6% |  |  |
| Eni SpA | 6314122 | 110241720 |
| Pembina Pipeline Corp | 2587227 | 104623258 |
| Shell PLC | 2723039 | 97805787 |
| Suncor Energy Inc | 1708824 | 71521315 |
| TotalEnergies SE | 3118046 | 190242074 |
| Var Energi ASA | 19924615 | 66732447 |
| Williams Cos Inc | 1055731 | 66880559 |
|  |  | 708047160 |
| Paper & Forest Products – 0.5% |  |  |
| Mondi PLC | 2276967 | 31529152 |
| Personal Products – 2.5% |  |  |
| Unilever PLC | 2776009 | 164769597 |
| Pharmaceuticals – 2.2% |  |  |
| Merck & Co Inc | 1590716 | 133508794 |
| Pfizer Inc | 494486 | 12599503 |
|  |  | 146108297 |
| Real Estate Management & Development – 0.3% |  |  |
| Swire Properties Ltd | 7756000 | 22066968 |
| Semiconductor & Semiconductor Equipment – 6.2% |  |  |
| MediaTek Inc | 2978000 | 129131856 |
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 584610 | 163275727 |
| Texas Instruments Inc | 165717 | 30447184 |
| Tokyo Electron Ltd | 505500 | 91150901 |
|  |  | 414005668 |
| Specialized Real Estate Investment Trusts (REITs) – 1.5% |  |  |
| Digital Realty Trust Inc | 197204 | 34092628 |
| VICI Properties Inc | 1980510 | 64584431 |
|  |  | 98677059 |
| Specialty Retail – 4.5% |  |  |
| Best Buy Co Inc | 889449 | 67260133 |
| Home Depot Inc | 236689 | 95904016 |
| Industria de Diseno Textil SA | 2460215 | 135900263 |
|  |  | 299064412 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| September 30, 2025

------

**Janus Henderson Global Equity Income Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Textiles, Apparel & Luxury Goods – 3.0% |  |  |
| Cie Financiere Richemont SA (REG) | 863658 | $165748966 |
| LVMH Moet Hennessy Louis Vuitton SE | 53733 | 32874201 |
|  |  | 198623167 |
| Tobacco – 6.0% |  |  |
| British American Tobacco PLC | 5032770 | 267030452 |
| Imperial Brands PLC | 3121052 | 132561734 |
|  |  | 399592186 |
| Wireless Telecommunication Services – 3.7% |  |  |
| KDDI Corp | 10374500 | 166252984 |
| Tele2 AB | 4617623 | 78813691 |
|  |  | 245066675 |
| Total Common Stocks (cost $5,871,339,724) |  | 6325405694 |
| Preferred Stocks – 2.1% |  |  |
| Automobiles – 0% |  |  |
| Hyundai Motor Co | 35401 | 4120644 |
| Technology Hardware, Storage & Peripherals – 2.1% |  |  |
| Samsung Electronics Co Ltd | 2897449 | 137772964 |
| Total Preferred Stocks (cost $127,601,017) |  | 141893608 |
| Total Investments (total cost $5,998,940,741) – 97.1% |  | 6467299302 |
| Cash, Receivables and Other Assets, net of Liabilities – 2.9% |  | 191064760 |
| Net Assets – 100% |  | $6658364062 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United Kingdom | $1615196041 | &nbsp;&nbsp;&nbsp;&nbsp; 25.0<br> %<br>|
| Japan | 855782180 | &nbsp;&nbsp;&nbsp;&nbsp;13.2 |
| United States | 827799295 | &nbsp;&nbsp;&nbsp;&nbsp;12.8 |
| France | 571869783 | &nbsp;&nbsp;&nbsp;&nbsp;8.8 |
| Italy | 365771095 | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Netherlands | 320897677 | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| Taiwan | 292407583 | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Canada | 269761073 | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Singapore | 202851608 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| South Korea | 201952825 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Spain | 201084226 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Switzerland | 165748966 | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Norway | 155867714 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Sweden | 113415801 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Hong Kong | 86181353 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| China | 59769676 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Finland | 48341638 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Austria | 44026155 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Germany | 42675061 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Denmark | 25899552 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Total | $6467299302 | &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 Global Equity Income Fund**

**Schedule of Investments** 

**September 30, 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>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A |
| Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | $215145892 | $3936551066 | $(4151694423) | $(10207) | $7672 | $- | - | $5838681 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***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 | 10/22/25 | &nbsp;&nbsp; (402062606) | &nbsp;&nbsp; $543522595 | &nbsp;&nbsp; $2801277 |
| Euro | 10/22/25 | &nbsp;&nbsp; (623066387) | &nbsp;&nbsp; 730174672 | &nbsp;&nbsp; (2257429) |
| Total |  |  |  | &nbsp;&nbsp; $543848 |

---

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 September 30, 2025.

---

| | |
|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2025** |
|  | *Currency* <br>*Contracts*<br>|
| *Asset Derivatives:* |  |
| Forward foreign currency exchange contracts | $2801277 |
| *Liability Derivatives:* |  |
| Forward foreign currency exchange contracts | $2257429 |

---

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement

of Operations for the year ended September 30, 2025.

---

| | |
|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Currency* <br>*Contracts*<br>|
| Forward foreign currency exchange contracts | $(35725937) |

---

---

| | |
|:---|:---|
| *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>|
| Forward foreign currency exchange contracts | $7971067 |

---

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.

4 \| September 30, 2025

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**Janus Henderson Global Equity Income Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2025** |
| Forward foreign currency exchange contracts: |  |
| Average amounts sold - in USD | $1215909522 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $2801277 | &nbsp;&nbsp; $(2257429) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $543848 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $2257429 | &nbsp;&nbsp; $(2257429) | &nbsp;&nbsp; $— | &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 \| 5

------

**Janus Henderson Global Equity Income Fund**

**Notes to Schedule of Investments and Other Information** 

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CVA | Certificate Van Aandelen (Bearer) |
| LLC | Limited Liability Company |
| PLC | Public Limited Company |
| REG | Registered |

---

---

| | |
|:---|:---|
| 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 year ended September 30, 2025 <br> is $96,264,957, which represents 1.4% of net assets.<br>|
| \* | Non-income producing security. |
| ºº | Rate shown is the 7-day yield as of September 30, 2025. |

---

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 September 30, 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 | $49452191 | &nbsp;&nbsp; $221923451 | &nbsp;&nbsp; $- |
| Consumer Finance | 34824133 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Containers & Packaging | 63704834 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Diversified Telecommunication Services | 93616500 | &nbsp;&nbsp; 225917091 | &nbsp;&nbsp; - |
| Industrial Real Estate Investment Trusts (REITs) | 66236307 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Insurance | 7404344 | &nbsp;&nbsp; 383264386 | &nbsp;&nbsp; - |
| Metals & Mining | 59950986 | &nbsp;&nbsp; 104599266 | &nbsp;&nbsp; - |
| Oil, Gas & Consumable Fuels | 243025132 | &nbsp;&nbsp; 465022028 | &nbsp;&nbsp; - |
| Pharmaceuticals | 146108297 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Semiconductor & Semiconductor Equipment | 193722911 | &nbsp;&nbsp; 220282757 | &nbsp;&nbsp; - |
| Specialized Real Estate Investment Trusts (REITs) | 98677059 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Specialty Retail | 163164149 | &nbsp;&nbsp; 135900263 | &nbsp;&nbsp; - |
| All Other | - | &nbsp;&nbsp; 3348609609 | &nbsp;&nbsp; - |
| *Preferred Stocks* | - | &nbsp;&nbsp; 141893608 | &nbsp;&nbsp; - |
| Total Investments in Securities | $1219886843 | &nbsp;&nbsp; $5247412459 | &nbsp;&nbsp; $- |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | - | &nbsp;&nbsp; 2801277 | &nbsp;&nbsp; - |
| **Total Assets** | $1219886843 | &nbsp;&nbsp; $5250213736 | &nbsp;&nbsp; $- |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | $- | &nbsp;&nbsp; $2257429 | &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.

6 \| September 30, 2025

------

**Janus Henderson Global Equity Income Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Investments, at value (cost $5,998,940,741) | $6467299302 |
| Forward foreign currency exchange contracts | 2801277 |
| Cash denominated in foreign currency (cost $11,656,545) | 11656545 |
| Trustees' deferred compensation | 189030 |
| Receivables: |  |
| Investments sold | 209809500 |
| Foreign tax reclaims | 76381334 |
| Dividends | 25079703 |
| Fund shares sold | 9770376 |
| Dividends from affiliates | 215244 |
| Other assets | 8332173 |
| Total Assets | 6811534484 |
| Liabilities: |  |
| Due to custodian | 39339282 |
| Forward foreign currency exchange contracts | 2257429 |
| Payables: |  |
| Investments purchased | 51645769 |
| Fund shares repurchased | 40131798 |
| Dividends | 9401780 |
| Foreign withholding tax reclaim fee | 5033363 |
| Advisory fees | 3536583 |
| Transfer agent fees and expenses | 760025 |
| 12b-1 Distribution and shareholder servicing fees | 370939 |
| Trustees' deferred compensation fees | 189030 |
| Professional fees | 80218 |
| Custodian fees | 56522 |
| Trustees' fees and expenses | 30495 |
| Affiliated fund administration fees payable | 13708 |
| Accrued expenses and other payables | 323481 |
| Total Liabilities | 153170422 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $6658364062 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Global Equity Income Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $7376683324 |
| Total distributable earnings (loss) | (718319262) |
| Total Net Assets | $6658364062 |
| Net Assets - Class A Shares | $730579360 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 104737832 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $6.98 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $7.41 |
| Net Assets - Class C Shares | $259921302 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 38032760 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $6.83 |
| Net Assets - Class D Shares | $47401389 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 6821478 |
| Net Asset Value Per Share | $6.95 |
| Net Assets - Class I Shares | $5050767728 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 721288165 |
| Net Asset Value Per Share | $7.00 |
| Net Assets - Class N Shares | $462611688 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 66072664 |
| Net Asset Value Per Share | $7.00 |
| Net Assets - Class S Shares | $22621338 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3283796 |
| Net Asset Value Per Share | $6.89 |
| Net Assets - Class T Shares | $84461257 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 12161141 |
| Net Asset Value Per Share | $6.95 |

---

&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.

8 \| September 30, 2025

------

**Janus Henderson Global Equity Income Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $488060323 |
| Dividends from affiliates | 5838681 |
| Other income | 492251 |
| Foreign tax withheld (net of foreign withholding tax reclaim fee of $216,105) | (40798490) |
| Total Investment Income | 453592765 |
| Expenses: |  |
| Advisory fees | 39070198 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 1713981 |
| Class C Shares | 2448515 |
| Class S Shares | 48395 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 39511 |
| Class S Shares | 48426 |
| Class T Shares | 189917 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 1238881 |
| Class C Shares | 193647 |
| Class I Shares | 4499656 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 36412 |
| Class C Shares | 11478 |
| Class D Shares | 6758 |
| Class I Shares | 135999 |
| Class N Shares | 17388 |
| Class S Shares | 251 |
| Class T Shares | 848 |
| Custodian fees | 530671 |
| Professional fees | 385414 |
| Shareholder reports expense | 284919 |
| Affiliated fund administration fees | 182553 |
| Registration fees | 178129 |
| Trustees' fees and expenses | 114389 |
| Other expenses | 489922 |
| Total Expenses | 51866258 |
| Less: Excess Expense Reimbursement and Waivers | (26011) |
| Net Expenses | 51840247 |
| Net Investment Income/(Loss) | 401752518 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 470663009 |
| Investments in affiliates | (10207) |
| Forward foreign currency exchange contracts | (35725937) |
| Total Net Realized Gain/(Loss) on Investments | 434926865 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 139797792 |
| Investments in affiliates | 7672 |
| Forward foreign currency exchange contracts | 7971067 |
| Total Change in Unrealized Net Appreciation/Depreciation | 147776531 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $984455914 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Global Equity Income Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*September 30, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $401752518 | &nbsp;&nbsp; $428663301 |
| Net realized gain/(loss) on investments | 434926865 | &nbsp;&nbsp; 12877871 |
| Change in unrealized net appreciation/depreciation | 147776531 | &nbsp;&nbsp; 668794413 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 984455914 | &nbsp;&nbsp; 1110335585 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (49975660) | &nbsp;&nbsp; (52290787) |
| Class C Shares | (17238299) | &nbsp;&nbsp; (20837058) |
| Class D Shares | (2939342) | &nbsp;&nbsp; (2337042) |
| Class I Shares | (349129825) | &nbsp;&nbsp; (347914335) |
| Class N Shares | (31085541) | &nbsp;&nbsp; (25248816) |
| Class S Shares | (1461942) | &nbsp;&nbsp; (1284979) |
| Class T Shares | (5805891) | &nbsp;&nbsp; (6171652) |
| Net Decrease from Dividends and Distributions to Shareholders | (457636500) | &nbsp;&nbsp; (456084669) |
| Capital Share Transactions: |  |  |
| Class A Shares | (23287566) | &nbsp;&nbsp; (34132944) |
| Class C Shares | (40062611) | &nbsp;&nbsp; (55426728) |
| Class D Shares | 11840662 | &nbsp;&nbsp; 5416908 |
| Class I Shares | 215291340 | &nbsp;&nbsp; (396723150) |
| Class N Shares | 90633078 | &nbsp;&nbsp; (15330353) |
| Class S Shares | 4082131 | &nbsp;&nbsp; (1939096) |
| Class T Shares | 3756724 | &nbsp;&nbsp; (28174104) |
| Net Increase/(Decrease) from Capital Share Transactions | 262253758 | &nbsp;&nbsp; (526309467) |
| Net Increase/(Decrease) in Net Assets | 789073172 | &nbsp;&nbsp; 127941449 |
| Net Assets: |  |  |
| Beginning of period | 5869290890 | &nbsp;&nbsp; 5741349441 |
| End of period | $6658364062 | &nbsp;&nbsp; $5869290890 |

---

See Notes to Financial Statements.

10 \| September 30, 2025

------

**Janus Henderson Global Equity Income Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $6.40 | &nbsp;&nbsp; $5.71 | &nbsp;&nbsp; $5.22 | &nbsp;&nbsp; $6.54 | &nbsp;&nbsp; $5.90 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.42 | &nbsp;&nbsp;&nbsp;&nbsp; 0.44 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net realized and unrealized gain/(loss) | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp; (1.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Total from Investment Operations | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.49) |
| Total Dividends and Distributions | (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.49) |
| Net Asset Value, End of Period | $6.98 | &nbsp;&nbsp; $6.40 | &nbsp;&nbsp; $5.71 | &nbsp;&nbsp; $5.22 | &nbsp;&nbsp; $6.54 |
| Total Return<sup>\*</sup> <br>| 17.16% | &nbsp;&nbsp; 21.09% | &nbsp;&nbsp; 18.45% | &nbsp;&nbsp; (13.71)% | &nbsp;&nbsp; 19.08% |
| Net Assets, End of Period (in thousands) | $730579 | &nbsp;&nbsp; $696218 | &nbsp;&nbsp; $653602 | &nbsp;&nbsp; $558995 | &nbsp;&nbsp; $662514 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.12% | &nbsp;&nbsp; 1.18% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.25% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.14% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.12% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.14% |
| Ratio of Net Investment Income/(Loss) | 6.39% | &nbsp;&nbsp; 7.20% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 6.86% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 7.28% |
| Portfolio Turnover Rate | 175% | &nbsp;&nbsp; 155% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 123% |

---

\* 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. 

(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 January and August 2024. 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 0.15%, 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 in November 2021 and March 2022. 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 $0.05 and 0.69%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in January and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Global Equity Income Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $6.27 | &nbsp;&nbsp; $5.61 | &nbsp;&nbsp; $5.14 | &nbsp;&nbsp; $6.46 | &nbsp;&nbsp; $5.83 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.37 | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp; 0.40 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain/(loss) | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Total from Investment Operations | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.44) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.45) |
| Total Dividends and Distributions | (0.44) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.45) |
| Net Asset Value, End of Period | $6.83 | &nbsp;&nbsp; $6.27 | &nbsp;&nbsp; $5.61 | &nbsp;&nbsp; $5.14 | &nbsp;&nbsp; $6.46 |
| Total Return<sup>\*</sup> <br>| 16.45% | &nbsp;&nbsp; 20.29% | &nbsp;&nbsp; 17.74% | &nbsp;&nbsp; (14.29)% | &nbsp;&nbsp; 18.54% |
| Net Assets, End of Period (in thousands) | $259921 | &nbsp;&nbsp; $279019 | &nbsp;&nbsp; $301866 | &nbsp;&nbsp; $314778 | &nbsp;&nbsp; $437512 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.71% | &nbsp;&nbsp; 1.73% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.80% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.72% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.71% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.72% |
| Ratio of Net Investment Income/(Loss) | 5.73% | &nbsp;&nbsp; 6.55% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 6.92% | &nbsp;&nbsp; 6.22% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 6.66% |
| Portfolio Turnover Rate | 175% | &nbsp;&nbsp; 155% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 123% |

---

\* 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. 

(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 January and August 2024. 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 0.15%, 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 in November 2021 and March 2022. 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 $0.05 and 0.69%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in January and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

12 \| September 30, 2025

------

**Janus Henderson Global Equity Income Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $6.38 | &nbsp;&nbsp; $5.69 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $6.52 | &nbsp;&nbsp; $5.88 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 0.46 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Net realized and unrealized gain/(loss) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp; (1.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Total from Investment Operations | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) |
| Total Dividends and Distributions | (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) |
| Net Asset Value, End of Period | $6.95 | &nbsp;&nbsp; $6.38 | &nbsp;&nbsp; $5.69 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $6.52 |
| Total Return<sup>\*</sup> <br>| 17.41% | &nbsp;&nbsp; 21.48% | &nbsp;&nbsp; 18.57% | &nbsp;&nbsp; (13.38)% | &nbsp;&nbsp; 19.43% |
| Net Assets, End of Period (in thousands) | $47401 | &nbsp;&nbsp; $32820 | &nbsp;&nbsp; $24238 | &nbsp;&nbsp; $21653 | &nbsp;&nbsp; $13132 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.85% | &nbsp;&nbsp; 0.87% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.95% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 0.89% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.85% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.89% |
| Ratio of Net Investment Income/(Loss) | 6.83% | &nbsp;&nbsp; 7.62% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 7.57% | &nbsp;&nbsp; 7.72% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 7.60% |
| Portfolio Turnover Rate | 175% | &nbsp;&nbsp; 155% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 123% |

---

\* 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. 

(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 January and August 2024. 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 0.15%, 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 in November 2021 and March 2022. 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 0.69%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in January and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Global Equity Income Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $6.42 | &nbsp;&nbsp; $5.73 | &nbsp;&nbsp; $5.24 | &nbsp;&nbsp; $6.55 | &nbsp;&nbsp; $5.91 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.44 | &nbsp;&nbsp;&nbsp;&nbsp; 0.46 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp; 0.48 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net realized and unrealized gain/(loss) | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp; (1.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Total from Investment Operations | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.51) |
| Total Dividends and Distributions | (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.51) |
| Net Asset Value, End of Period | $7.00 | &nbsp;&nbsp; $6.42 | &nbsp;&nbsp; $5.73 | &nbsp;&nbsp; $5.24 | &nbsp;&nbsp; $6.55 |
| Total Return<sup>\*</sup> <br>| 17.51% | &nbsp;&nbsp; 21.39% | &nbsp;&nbsp; 18.75% | &nbsp;&nbsp; (13.27)% | &nbsp;&nbsp; 19.43% |
| Net Assets, End of Period (in thousands) | $5050768 | &nbsp;&nbsp; $4435455 | &nbsp;&nbsp; $4337578 | &nbsp;&nbsp; $3552771 | &nbsp;&nbsp; $3719987 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.79% | &nbsp;&nbsp; 0.79% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.87% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 0.78% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.78% |
| Ratio of Net Investment Income/(Loss) | 6.76% | &nbsp;&nbsp; 7.54% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 7.87% | &nbsp;&nbsp; 7.33% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 7.70% |
| Portfolio Turnover Rate | 175% | &nbsp;&nbsp; 155% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 123% |

---

\* 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. 

(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 January and August 2024. 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 0.15%, 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 in November 2021 and March 2022. 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 $0.05 and 0.69%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in January and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

14 \| September 30, 2025

------

**Janus Henderson Global Equity Income Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $6.42 | &nbsp;&nbsp; $5.73 | &nbsp;&nbsp; $5.24 | &nbsp;&nbsp; $6.55 | &nbsp;&nbsp; $5.91 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.46 | &nbsp;&nbsp;&nbsp;&nbsp; 0.48 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net realized and unrealized gain/(loss) | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp; (1.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Total from Investment Operations | 1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.51) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.51) |
| Total Dividends and Distributions | (0.51) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.51) |
| Net Asset Value, End of Period | $7.00 | &nbsp;&nbsp; $6.42 | &nbsp;&nbsp; $5.73 | &nbsp;&nbsp; $5.24 | &nbsp;&nbsp; $6.55 |
| Total Return<sup>\*</sup> <br>| 17.63% | &nbsp;&nbsp; 21.50% | &nbsp;&nbsp; 18.85% | &nbsp;&nbsp; (13.20)% | &nbsp;&nbsp; 19.51% |
| Net Assets, End of Period (in thousands) | $462612 | &nbsp;&nbsp; $334727 | &nbsp;&nbsp; $314464 | &nbsp;&nbsp; $255001 | &nbsp;&nbsp; $134486 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.69% | &nbsp;&nbsp; 0.70% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.78% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 0.70% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.69% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.70% |
| Ratio of Net Investment Income/(Loss) | 6.95% | &nbsp;&nbsp; 7.73% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 7.91% | &nbsp;&nbsp; 7.69% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 7.85% |
| Portfolio Turnover Rate | 175% | &nbsp;&nbsp; 155% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 123% |

---

\* 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. 

(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 January and August 2024. 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 0.15%, 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 in November 2021 and March 2022. 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 $0.05 and 0.69%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in January and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Global Equity Income Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $6.32 | &nbsp;&nbsp; $5.65 | &nbsp;&nbsp; $5.17 | &nbsp;&nbsp; $6.49 | &nbsp;&nbsp; $5.86 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.42 | &nbsp;&nbsp;&nbsp;&nbsp; 0.43 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 0.44 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net realized and unrealized gain/(loss) | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Total from Investment Operations | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) |
| Total Dividends and Distributions | (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) |
| Net Asset Value, End of Period | $6.89 | &nbsp;&nbsp; $6.32 | &nbsp;&nbsp; $5.65 | &nbsp;&nbsp; $5.17 | &nbsp;&nbsp; $6.49 |
| Total Return<sup>\*</sup> <br>| 17.14% | &nbsp;&nbsp; 20.89% | &nbsp;&nbsp; 18.38% | &nbsp;&nbsp; (13.85)% | &nbsp;&nbsp; 19.01% |
| Net Assets, End of Period (in thousands) | $22621 | &nbsp;&nbsp; $16715 | &nbsp;&nbsp; $16746 | &nbsp;&nbsp; $14587 | &nbsp;&nbsp; $16510 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.20% | &nbsp;&nbsp; 1.21% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.30% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.21% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.20% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.21% |
| Ratio of Net Investment Income/(Loss) | 6.48% | &nbsp;&nbsp; 7.09% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 7.46% | &nbsp;&nbsp; 6.81% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 7.31% |
| Portfolio Turnover Rate | 175% | &nbsp;&nbsp; 155% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 123% |

---

\* 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. 

(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 January and August 2024. 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 0.15%, 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 in November 2021 and March 2022. 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 $0.05 and 0.69%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in January and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

16 \| September 30, 2025

------

**Janus Henderson Global Equity Income Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $6.37 | &nbsp;&nbsp; $5.69 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $6.52 | &nbsp;&nbsp; $5.88 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.43 | &nbsp;&nbsp;&nbsp;&nbsp; 0.43 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net realized and unrealized gain/(loss) | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp; (1.32) | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Total from Investment Operations | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.49) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.50) |
| Total Dividends and Distributions | (0.49) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.50) |
| Net Asset Value, End of Period | $6.95 | &nbsp;&nbsp; $6.37 | &nbsp;&nbsp; $5.69 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $6.52 |
| Total Return<sup>\*</sup> <br>| 17.49% | &nbsp;&nbsp; 21.21% | &nbsp;&nbsp; 18.50% | &nbsp;&nbsp; (13.41)% | &nbsp;&nbsp; 19.35% |
| Net Assets, End of Period (in thousands) | $84461 | &nbsp;&nbsp; $74338 | &nbsp;&nbsp; $92856 | &nbsp;&nbsp; $122858 | &nbsp;&nbsp; $71551 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.94% | &nbsp;&nbsp; 0.95% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.02% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 0.94% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.94% |
| Ratio of Net Investment Income/(Loss) | 6.66% | &nbsp;&nbsp; 7.14% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 7.63% | &nbsp;&nbsp; 7.76% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 7.70% |
| Portfolio Turnover Rate | 175% | &nbsp;&nbsp; 155% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 123% |

---

\* 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. 

(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 January and August 2024. 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 0.15%, 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 in November 2021 and March 2022. 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 0.69%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in January and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

Janus Investment Fund \| 17

------

**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements** 

&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 Equity 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 to achieve a high level of current income and, as a secondary objective, steady 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.

18 \| September 30, 2025

------

**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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 \| 19

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**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements** 

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

rates and similar data.

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

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

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

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

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

Schedule of Investments 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.

20 \| September 30, 2025

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**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements** 

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

and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

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

income tax purposes.

**Federal Income Taxes**

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

in the next twelve months.

**2. Derivative Instruments**

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended September 30, 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 \| 21

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**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements** 

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

22 \| September 30, 2025

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**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements** 

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 year, 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.

**3. 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, war, 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.* Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. 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

Janus Investment Fund \| 23

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**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements** 

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.

**Geographic Investment Risk**

To the extent the Fund invests a significant portion of its assets in a particular country or geographic region, the Fund will generally have more exposure to certain risks due to possible political, economic, social, or regulatory events in that country or region. Adverse developments in certain regions could also adversely affect securities of other countries

whose economies appear to be unrelated and could have a negative impact on the Fund's performance.

**Counterparties**

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have

greater exposure to the risks associated with one or more counterparties.

**Offsetting Assets and Liabilities**

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

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

The Offsetting Assets and Liabilities 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

September 30, 2025" table located in the Fund's Schedule of Investments.

24 \| September 30, 2025

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**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements** 

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 | 0.85 |
| Next $1 Billion | 0.65 |
| Over $2 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.) 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 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 0.84% for at least a one-year period commencing on January 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 $532,252 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 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 \| 25

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**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements** 

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 year ended September 30, 2025, the Distributor

retained upfront sales charges of $78,949.

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 year ended September 30, 2025, redeeming shareholders of Class A Shares paid CDSCs of $461 to Janus Henderson

Distributors.

26 \| September 30, 2025

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**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements** 

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 year ended September 30, 2025, redeeming shareholders of Class C Shares

paid CDSCs of $13,513.

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 September 30, 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 year ended September 30, 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 year ended September 30, 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 year ended September 30, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

**5. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation, derivatives, and foreign currency contract adjustments. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term Gains*<br>| *Accumulated* <br>*Capital Losses*<br>| *Loss Deferrals* | *Other Book* <br>*to Tax* <br>*Differences*<br>| *Net Tax* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| $17051672 | $- | &nbsp;&nbsp; $(1157861994) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2965756 | &nbsp;&nbsp; $419525304 |

---

Janus Investment Fund \| 27

------

**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements** 

Accumulated capital losses noted below represent net capital loss carryovers, as of September 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 September 30, 2025* | *For the year ended September 30, 2025* |  |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | &nbsp;&nbsp; Accumulated <br>Capital Losses<br>|
| $(1014311921) | &nbsp;&nbsp; $(143550073) | &nbsp;&nbsp; $(1157861994) |

---

During the year ended September 30, 2025, capital loss carryovers of $374,760,069 were utilized by the Fund.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 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

investments in 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;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $6047773998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $556025012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(136499708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $419525304 |

---

Information on the tax components of derivatives as of September 30, 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>|
| $543848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

constitute adjustments to tax basis.

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. Certain permanent differences such as tax returns

of capital and net investment losses noted below have been reclassified to capital.

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $457636500 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $456084669 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These

differences have no impact on the results of operations or net assets.

28 \| September 30, 2025

------

**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements** 

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

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended September 30, 2025* | *Year ended September 30, 2025* | *Year ended September 30, 2024* | *Year ended September 30, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 21010740 | &nbsp;&nbsp; $137202958 | &nbsp;&nbsp; 20970427 | &nbsp;&nbsp; $127716415 |
| Reinvested dividends and distributions | 6241002 | &nbsp;&nbsp; 41466665 | &nbsp;&nbsp; 6787725 | &nbsp;&nbsp; 41720024 |
| Shares repurchased | (31367470) | &nbsp;&nbsp; (201957189) | &nbsp;&nbsp; (33372162) | &nbsp;&nbsp; (203569383) |
| Net Increase/(Decrease) | (4115728) | &nbsp;&nbsp; $(23287566) | &nbsp;&nbsp; (5614010) | &nbsp;&nbsp; $(34132944) |
| Class C Shares: |  |  |  |  |
| Shares sold | 4622956 | &nbsp;&nbsp; $29678178 | &nbsp;&nbsp; 4899529 | &nbsp;&nbsp; $29347205 |
| Reinvested dividends and distributions | 2583118 | &nbsp;&nbsp; 16789726 | &nbsp;&nbsp; 3355865 | &nbsp;&nbsp; 20223646 |
| Shares repurchased | (13647938) | &nbsp;&nbsp; (86530515) | &nbsp;&nbsp; (17570570) | &nbsp;&nbsp; (104997579) |
| Net Increase/(Decrease) | (6441864) | &nbsp;&nbsp; $(40062611) | &nbsp;&nbsp; (9315176) | &nbsp;&nbsp; $(55426728) |
| Class D Shares: |  |  |  |  |
| Shares sold | 4179401 | &nbsp;&nbsp; $27559201 | &nbsp;&nbsp; 1702382 | &nbsp;&nbsp; $10371528 |
| Reinvested dividends and distributions | 400185 | &nbsp;&nbsp; 2658785 | &nbsp;&nbsp; 350575 | &nbsp;&nbsp; 2149978 |
| Shares repurchased | (2904926) | &nbsp;&nbsp; (18377324) | &nbsp;&nbsp; (1164075) | &nbsp;&nbsp; (7104598) |
| Net Increase/(Decrease) | 1674660 | &nbsp;&nbsp; $11840662 | &nbsp;&nbsp; 888882 | &nbsp;&nbsp; $5416908 |
| Class I Shares: |  |  |  |  |
| Shares sold | 182114687 | &nbsp;&nbsp; $1200600616 | &nbsp;&nbsp; 157189888 | &nbsp;&nbsp; $959197257 |
| Reinvested dividends and distributions | 49119545 | &nbsp;&nbsp; 327328352 | &nbsp;&nbsp; 52957227 | &nbsp;&nbsp; 326464430 |
| Shares repurchased | (200762304) | &nbsp;&nbsp; (1312637628) | &nbsp;&nbsp; (276556698) | &nbsp;&nbsp; (1682384837) |
| Net Increase/(Decrease) | 30471928 | &nbsp;&nbsp; $215291340 | &nbsp;&nbsp; (66409583) | &nbsp;&nbsp; $(396723150) |
| Class N Shares: |  |  |  |  |
| Shares sold | 28660149 | &nbsp;&nbsp; $186814697 | &nbsp;&nbsp; 17700131 | &nbsp;&nbsp; $108349997 |
| Reinvested dividends and distributions | 3086765 | &nbsp;&nbsp; 20618601 | &nbsp;&nbsp; 2506396 | &nbsp;&nbsp; 15456293 |
| Shares repurchased | (17812720) | &nbsp;&nbsp; (116800220) | &nbsp;&nbsp; (22972815) | &nbsp;&nbsp; (139136643) |
| Net Increase/(Decrease) | 13934194 | &nbsp;&nbsp; $90633078 | &nbsp;&nbsp; (2766288) | &nbsp;&nbsp; $(15330353) |
| Class S Shares: |  |  |  |  |
| Shares sold | 1202337 | &nbsp;&nbsp; $7794049 | &nbsp;&nbsp; 295670 | &nbsp;&nbsp; $1790595 |
| Reinvested dividends and distributions | 222211 | &nbsp;&nbsp; 1461942 | &nbsp;&nbsp; 211607 | &nbsp;&nbsp; 1284979 |
| Shares repurchased | (784107) | &nbsp;&nbsp; (5173860) | &nbsp;&nbsp; (827615) | &nbsp;&nbsp; (5014670) |
| Net Increase/(Decrease) | 640441 | &nbsp;&nbsp; $4082131 | &nbsp;&nbsp; (320338) | &nbsp;&nbsp; $(1939096) |
| Class T Shares: |  |  |  |  |
| Shares sold | 3630105 | &nbsp;&nbsp; $23890038 | &nbsp;&nbsp; 2602911 | &nbsp;&nbsp; $15770839 |
| Reinvested dividends and distributions | 859155 | &nbsp;&nbsp; 5683869 | &nbsp;&nbsp; 990313 | &nbsp;&nbsp; 6043183 |
| Shares repurchased | (3995694) | &nbsp;&nbsp; (25817183) | &nbsp;&nbsp; (8250654) | &nbsp;&nbsp; (49988126) |
| Net Increase/(Decrease) | 493566 | &nbsp;&nbsp; $3756724 | &nbsp;&nbsp; (4657430) | &nbsp;&nbsp; $(28174104) |

---

**7. Purchases and Sales of Investment Securities**

For the year ended September 30, 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; *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>|
| $10466622762 | &nbsp;&nbsp;&nbsp;&nbsp; $10195091863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**8. Recent Accounting Pronouncements**

The FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—*Improvements to Income Tax Disclosures* (ASU 2023-09) in December 2023. The new guidance enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes the

adoption of the ASU will not have a material impact on the financial statements.

Janus Investment Fund \| 29

------

**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements** 

&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 September 30, 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.

30 \| September 30, 2025

------

**Janus Henderson Global Equity Income Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Global Equity Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Global Equity Income Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our

opinion.

![](img82f723db2.jpg)

Denver, Colorado

November 20, 2025

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

Janus Investment Fund \| 31

------

**Janus Henderson Global Equity Income Fund**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2025:

---

| | |
|:---|:---|
| Section 163(j) Interest Dividend | 1% |
| Foreign Taxes Paid | $40106035 |
| Foreign Source Income | $330305679 |
| Dividends Received Deduction Percentage | 14% |
| Qualified Dividend Income Percentage | 100% |

---

32 \| September 30, 2025

------

**Janus Henderson Global Equity 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 Trustees 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 1, 2024 and December 4-5, 2024, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2025 through February 1, 2026, subject to earlier termination as provided for in each agreement.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus

Janus Investment Fund \| 33

------

**Janus Henderson Global Equity Income Fund**

**Additional Information (unaudited)**

Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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, 2024, approximately 58% 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, 2024, approximately 61% 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 performance in periods ended September 30, 2024 has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2024, approximately 75% and 61% 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, 2024, approximately 66% and 68% 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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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.

34 \| September 30, 2025

------

**Janus Henderson Global Equity Income Fund**

**Additional Information (unaudited)**

***<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 first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 High-Yield Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 \| 35

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**Janus Henderson Global Equity 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Contrarian Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted the reasons for the Fund's underperformance over various periods of time, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

36 \| September 30, 2025

------

**Janus Henderson Global Equity 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 Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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, 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 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted that the 36-month end performance was not yet available because of the Fund's inception date.

&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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

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

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as 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 10% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the

Janus Investment Fund \| 37

------

**Janus Henderson Global Equity Income Fund**

**Additional Information (unaudited)**

Janus Henderson Funds, on average, were 11% 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, recent 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) 11 of 12 Janus Henderson Funds had management fees (before waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser and 16 of 18 Janus Henderson Funds had management fees (after waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser. The Trustees noted that for the one Janus Henderson Fund that did not have a lower or in line management fee (before waivers or performance fees) than similar funds subadvised by the Adviser, the management fee was under the average of its 15(c) peer group. For the two Janus Henderson Funds that did not have lower or in line management fees (after waivers or performance fees) than similar funds Subadvised by the Adviser, the management fees were due to performance fee increases resulting from Janus Henderson Fund outperformance of such Janus Henderson Fund's reference index.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2023 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.

&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.

38 \| September 30, 2025

------

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

&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 the Fund's total expenses were below the peer group average for all share classes.

&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.

Janus Investment Fund \| 39

------

**Janus Henderson Global Equity 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 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 Responsible 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 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.

&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 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 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.

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

40 \| September 30, 2025

------

**Janus Henderson Global Equity 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 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 the Fund's total expenses were below the peer group average for all share classes.

&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 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 U.S. Dividend 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 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, 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. The Trustees noted that during the 2023 15(c) review process, the Adviser reported no changes to its allocation methodology; however, at the Trustees' request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant's analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. 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.

Janus Investment Fund \| 41

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**Janus Henderson Global Equity Income Fund**

**Additional Information (unaudited)**

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 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 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2024 report: (1) past 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 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 42% of Janus Henderson Funds have low flat-rate fees (the "Low Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and higher fees when the fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2024 report that (1) 68% 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 Low 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 analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus 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

42 \| September 30, 2025

------

**Janus Henderson Global Equity Income Fund**

**Additional Information (unaudited)**

affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 43

------

**Janus Henderson Global Equity Income Fund**

**Notes**

44 \| September 30, 2025

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**Janus Henderson Global Equity Income Fund**

**Notes**

Janus Investment Fund \| 45

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![](imgc20c85023.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

125-02-93081 11-25

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ANNUAL FINANCIAL STATEMENTS

September 30, 2025

**Janus Henderson Global Life Sciences Fund**

Janus Investment Fund

![](imgc84d85201.gif)

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**Table of Contents**

**Janus Henderson Global Life Sciences Fund** 

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| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_be1a293f-3e04-476f-872d-dda674e86b1b_SOI-SOI-RunningFooter-41_1)<br> [Management Investment Companies](#xx_be1a293f-3e04-476f-872d-dda674e86b1b_SOI-SOI-RunningFooter-41_1)<br>|  |
| [Schedule of Investments](#xx_be1a293f-3e04-476f-872d-dda674e86b1b_SOI-SOI-RunningFooter-41_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_be1a293f-3e04-476f-872d-dda674e86b1b_SOI-SOI-RunningFooter-41_5) | 5 |
| [Statement of Assets and Liabilities](#xx_be1a293f-3e04-476f-872d-dda674e86b1b_SAL-SAL-RunningFooter-41_1) | 7 |
| [Statement of Operations](#xx_be1a293f-3e04-476f-872d-dda674e86b1b_SOP-SOP-RunningFooter-41_1) | 9 |
| [Statements of Changes in Net Assets](#xx_be1a293f-3e04-476f-872d-dda674e86b1b_SOC-SOC-RunningFooter-41_1) | 10 |
| [Financial Highlights](#xx_be1a293f-3e04-476f-872d-dda674e86b1b_FIHI-FIHI-RunningFooter-41_1) | 11 |
| [Notes to Financial Statements](#xx_be1a293f-3e04-476f-872d-dda674e86b1b_NTF-NTF-RunningFooter-41_1) | 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_be1a293f-3e04-476f-872d-dda674e86b1b_AUD-AR-RunningFooter-41_1) | 29 |
| [Designation Requirements](#xx_be1a293f-3e04-476f-872d-dda674e86b1b_DR-DR-RunningFooter-41_1) | 30 |
| [Items 8-11 - Additional Information](#xx_be1a293f-3e04-476f-872d-dda674e86b1b_AI-AI-RunningFooter-41_1) | 31 |

---

------

**Janus Henderson Global Life Sciences Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 98.5% |  |  |
| Biotechnology – 35.1% |  |  |
| 4D Molecular Therapeutics Inc<sup>\*</sup> <br>| 851188 | $7396824 |
| 89bio Inc<sup>\*</sup> <br>| 184334 | 2709710 |
| AbbVie Inc | 706535 | 163591114 |
| Akero Therapeutics Inc<sup>\*</sup> <br>| 1289433 | 61222279 |
| Alnylam Pharmaceuticals Inc<sup>\*</sup> <br>| 48877 | 22287912 |
| Amgen Inc | 362293 | 102239085 |
| Amicus Therapeutics Inc<sup>\*</sup> <br>| 1009777 | 7957043 |
| Apogee Therapeutics Inc<sup>\*</sup> <br>| 205848 | 8178341 |
| Arcellx Inc<sup>\*</sup> <br>| 244065 | 20037736 |
| Ardelyx Inc<sup>\*</sup> <br>| 3146321 | 17336229 |
| Argenx SE (ADR)<sup>\*</sup> <br>| 175105 | 129150444 |
| Ascendis Pharma A/S (ADR)<sup>\*</sup> <br>| 382422 | 76029318 |
| Avidity Biosciences Inc<sup>\*</sup> <br>| 1656561 | 72176363 |
| Biohaven Ltd<sup>\*</sup> <br>| 898042 | 13479610 |
| Bridgebio Pharma Inc<sup>\*</sup> <br>| 1502856 | 78058341 |
| Crinetics Pharmaceuticals Inc<sup>\*</sup> <br>| 304704 | 12690922 |
| Dyne Therapeutics Inc<sup>\*</sup> <br>| 2858143 | 36155509 |
| Gilead Sciences Inc | 483974 | 53721114 |
| IDEAYA Biosciences Inc<sup>\*</sup> <br>| 767758 | 20890695 |
| Immunome Inc<sup>\*</sup> <br>| 349668 | 4094612 |
| Insmed Inc<sup>\*</sup> <br>| 144837 | 20857976 |
| Janux Therapeutics Inc<sup>\*</sup> <br>| 482882 | 11801636 |
| Legend Biotech Corp (ADR)<sup>\*</sup> <br>| 437283 | 14259799 |
| LEXEO Therapeutics Inc<sup>\*</sup> <br>| 642299 | 4264865 |
| Madrigal Pharmaceuticals Inc<sup>\*</sup> <br>| 148582 | 68148620 |
| Metsera Inc<sup>\*,#</sup> <br>| 557010 | 29148333 |
| Mirum Pharmaceuticals Inc<sup>\*</sup> <br>| 654790 | 48002655 |
| Neurocrine Biosciences Inc<sup>\*</sup> <br>| 124275 | 17445724 |
| Nuvalent Inc - Class A<sup>\*</sup> <br>| 302812 | 26187182 |
| Praxis Precision Medicines Inc<sup>\*</sup> <br>| 382496 | 20272288 |
| PTC Therapeutics Inc<sup>\*</sup> <br>| 712301 | 43713912 |
| Revolution Medicines Inc<sup>\*</sup> <br>| 1321139 | 61697191 |
| Rhythm Pharmaceuticals Inc<sup>\*</sup> <br>| 220147 | 22232646 |
| Scholar Rock Holding Corp<sup>\*</sup> <br>| 360796 | 13436043 |
| Soleno Therapeutics Inc<sup>\*</sup> <br>| 1015340 | 68636984 |
| Travere Therapeutics Inc<sup>\*</sup> <br>| 1616705 | 38639249 |
| United Therapeutics Corp<sup>\*</sup> <br>| 50486 | 21164236 |
| Vaxcyte Inc<sup>\*</sup> <br>| 998056 | 35949977 |
| Vertex Pharmaceuticals Inc<sup>\*</sup> <br>| 243863 | 95506505 |
| Xenon Pharmaceuticals Inc<sup>\*</sup> <br>| 317935 | 12765090 |
| Zai Lab Ltd (ADR)<sup>\*,#</sup> <br>| 579330 | 19633494 |
|  |  | 1603167606 |
| Health Care Equipment & Supplies – 18.0% |  |  |
| Abbott Laboratories | 1079904 | 144642342 |
| Align Technology Inc<sup>\*</sup> <br>| 92443 | 11575712 |
| Becton Dickinson and Co | 167825 | 31411805 |
| Boston Scientific Corp<sup>\*</sup> <br>| 1285401 | 125493700 |
| Cooper Cos Inc/The<sup>\*</sup> <br>| 475586 | 32606176 |
| DexCom Inc<sup>\*</sup> <br>| 654827 | 44063309 |
| Edwards Lifesciences Corp<sup>\*</sup> <br>| 463525 | 36048339 |
| Globus Medical Inc<sup>\*</sup> <br>| 764829 | 43801757 |
| Inspire Medical Systems Inc<sup>\*</sup> <br>| 148268 | 11001486 |
| Intuitive Surgical Inc<sup>\*</sup> <br>| 219297 | 98076197 |
| Lantheus Holdings Inc<sup>\*</sup> <br>| 544082 | 27905966 |
| Medtronic PLC | 795435 | 75757229 |
| Penumbra Inc<sup>\*</sup> <br>| 93774 | 23754830 |
| STERIS PLC | 82962 | 20528117 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Global Life Sciences Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Health Care Equipment & Supplies – (continued) |  |  |
| Stryker Corp | 225946 | $83525458 |
| Teleflex Inc | 102708 | 12567351 |
|  |  | 822759774 |
| Health Care Providers & Services – 11.9% |  |  |
| AmerisourceBergen Corp | 164570 | 51433062 |
| Anthem Inc | 99500 | 32150440 |
| Centene Corp<sup>\*</sup> <br>| 345196 | 12316593 |
| CVS Health Corp | 998078 | 75245101 |
| HCA Healthcare Inc | 228288 | 97296346 |
| Humana Inc | 64704 | 16834040 |
| McKesson Corp | 85319 | 65912340 |
| UnitedHealth Group Inc | 556891 | 192294462 |
|  |  | 543482384 |
| Life Sciences Tools & Services – 4.7% |  |  |
| Danaher Corp | 424559 | 84173067 |
| Illumina Inc<sup>\*</sup> <br>| 103520 | 9831295 |
| Sotera Health Co<sup>\*</sup> <br>| 1071478 | 16854349 |
| Thermo Fisher Scientific Inc | 216413 | 104964633 |
|  |  | 215823344 |
| Pharmaceuticals – 28.2% |  |  |
| AstraZeneca PLC | 1264267 | 193092382 |
| Avadel Pharmaceuticals PLC<sup>\*</sup> <br>| 1503297 | 22955345 |
| Daiichi Sankyo Co Ltd | 1707200 | 38215029 |
| Edgewise Therapeutics Inc<sup>\*</sup> <br>| 724994 | 11759403 |
| Eli Lilly & Co | 497962 | 379945006 |
| Johnson & Johnson | 1235890 | 229158724 |
| Novartis AG (ADR) | 914366 | 117258296 |
| Roche Holding AG | 235574 | 77549377 |
| Sanofi | 1300755 | 122937329 |
| Structure Therapeutics Inc (ADR)<sup>\*</sup> <br>| 476741 | 13348748 |
| Tarsus Pharmaceuticals Inc<sup>\*</sup> <br>| 298519 | 17740984 |
| Teva Pharmaceutical Industries Ltd (ADR)<sup>\*</sup> <br>| 2078509 | 41985882 |
| Zoetis Inc | 144275 | 21110318 |
|  |  | 1287056823 |
| Software – 0.6% |  |  |
| HeartFlow Inc<sup>\*,</sup><sup>§</sup> <br>| 145275 | 4889957 |
| HeartFlow Inc - Series F<sup>\*,</sup><sup>§</sup> <br>| 662334 | 22294162 |
|  |  | 27184119 |
| Total Common Stocks (cost $2,838,198,046) |  | 4499474050 |
| Private Placements – 0.8% |  |  |
| Biotechnology – 0.4% |  |  |
| Asher Biotherapeutics - Series C<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 2580733 | 1619926 |
| Asher Biotherapeutics Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 1214301 | 762217 |
| Attralus Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 669935 | 1112092 |
| Curevo Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 2031087 | 5330344 |
| Curevo Inc - Series B<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 674104 | 1769105 |
| Curevo Inc - Series B-1<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 886774 | 2327232 |
| Element Biosciences Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 425023 | 2461308 |
| Shoreline Biosciences Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 747187 | 164381 |
| Sonoma Biotherapeutics Inc - Series B<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 1924628 | 3021666 |
| TwinStrand Biosciences Inc<sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 344314 | 1380527 |
|  |  | 19948798 |
| Health Care Providers & Services – 0.1% |  |  |
| Freenome Holdings Inc - Series C<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 337474 | 1542256 |
| Freenome Holdings Inc - Series D<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 342803 | 1570038 |
|  |  | 3112294 |
| Health Care Technology – 0.3% |  |  |
| Kardium Inc - Series 8 Class D Preferred shares<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 13234820 | 12237311 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| September 30, 2025

------

**Janus Henderson Global Life Sciences Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Private Placements – (continued) |  |  |
| Health Care Technology – (continued) |  |  |
| Magnolia Medical Technologies Inc - Series D<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 1821717 | $3096919 |
| Magnolia Medical Technologies Inc - Series E1<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 301933 | 411790 |
|  |  | 15746020 |
| Total Private Placements (cost $59,961,253) |  | 38807112 |
| Warrants – 0% |  |  |
| Health Care Technology – 0% |  |  |
| Magnolia Medical Technologies Inc - Series D, expires 12/31/32<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 1 | 0 |
| Magnolia Medical Technologies Inc, expires 12/31/25<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 37748 | 38 |
| Total Warrants (cost $0) |  | 38 |
| Investment Companies – 0.7% |  |  |
| Money Markets – 0.7% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº,</sup><sup>£</sup> (cost $30,062,294) | 30056283 | 30062294 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.3% |  |  |
| Investment Companies – 0.2% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº,</sup><sup>£</sup> <br>| 11307042 | 11307042 |
| Time Deposits – 0.1% |  |  |
| Royal Bank of Canada, 4.0800%, 10/1/25 | $2826761 | 2826761 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $14,133,803) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $14,133,803) | 14133803 |
| Total Investments (total cost $2,942,355,396) – 100.3% |  | 4582477297 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.3)% |  | (12187502) |
| Net Assets – 100% |  | $4570289795 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $3750292098 | &nbsp;&nbsp;&nbsp;&nbsp; 81.8<br> %<br>|
| Switzerland | 194807673 | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| United Kingdom | 193092382 | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Belgium | 129150444 | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| France | 122937329 | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Denmark | 76029318 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Israel | 41985882 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Japan | 38215029 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| China | 19633494 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Canada | 12237311 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| South Korea | 4096337 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Total | $4582477297 | &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>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% |
| Money Markets - 0.7% | Money Markets - 0.7% | Money Markets - 0.7% | Money Markets - 0.7% | Money Markets - 0.7% | Money Markets - 0.7% | Money Markets - 0.7% | Money Markets - 0.7% | Money Markets - 0.7% |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | $1199814 | $671102045 | $(642239792) | $106 | $121 | $30062294 | 30056283 | $999198 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Global Life Sciences Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliate* | *Affiliated*<br> *Investments,*<br> *at Value at*<br> *9/30/24*<br>| *Purchases* | *Sales*<br> *Proceeds*<br>| *Realized*<br> *Gain/(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation/*<br> *Depreciation*<br>| *Affiliated*<br> *Investments,*<br> *at Value at*<br> *9/30/25*<br>| *Ending*<br> *Shares*<br>| *Dividend*<br> *Income*<br>|
| 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, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  |
|  | $9641428 | $161550938 | $(159885324) | $- | $- | $11307042 | 11307042 | $471755 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% |
|  | $10841242 | $832652983 | $(802125116) | $106 | $121 | $41369336 | 41363325 | $1470953 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $13977488 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(13977488) | &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 \| September 30, 2025

------

**Janus Henderson Global Life Sciences Fund**

**Notes to Schedule of Investments and Other Information** 

ADR American Depositary Receipt <br> LLC Limited Liability Company <br> PLC Public Limited Company

---

| |
|:---|
| Non-income producing security. |
| Rate shown is the 7-day yield as of September 30, 2025. |
| Loaned security; a portion of the security is on loan at September 30, 2025. |
| &nbsp;&nbsp; Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the year ended September 30, 2025 is <br> $38,807,150, which represents 0.8% 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. |
| Schedule of Restricted Securities (as of September 30, 2025) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Acquisition* <br>*Date*<br>| &nbsp;&nbsp; *Lock-up Agreement* <br>*Expiration Date*<br>| *Cost* | *Value* | &nbsp;&nbsp; Value as a % of Net <br>Assets<br>|
| Asher Biotherapeutics - Series C | 4/3/24 |  | $2999999 | &nbsp;&nbsp; $1619926 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %<br>|
| Asher Biotherapeutics Inc | 8/23/21 |  | 2438924 | &nbsp;&nbsp; 762217 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Attralus Inc | 8/31/21 |  | 5198696 | &nbsp;&nbsp; 1112092 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Curevo Inc | 11/10/22 |  | 5330344 | &nbsp;&nbsp; 5330344 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Curevo Inc - Series B | 3/6/25 |  | 1769105 | &nbsp;&nbsp; 1769105 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Curevo Inc - Series B-1 | 2/28/25 |  | 1861786 | &nbsp;&nbsp; 2327232 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Element Biosciences Inc | 6/21/21 |  | 8737070 | &nbsp;&nbsp; 2461308 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Freenome Holdings Inc - Series C | 8/14/20 |  | 2231817 | &nbsp;&nbsp; 1542256 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Freenome Holdings Inc - Series D | 11/22/21 |  | 2585523 | &nbsp;&nbsp; 1570038 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| HeartFlow Inc | 6/9/25 - 9/10/25 | 2/3/26 | 2160000 | &nbsp;&nbsp; 4889957 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| HeartFlow Inc - Series F | 3/24/23 | 2/3/26 | 5512910 | &nbsp;&nbsp; 22294162 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Kardium Inc - Series 8 Class D Preferred shares | 6/6/25 |  | 8566105 | &nbsp;&nbsp; 12237311 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Magnolia Medical Technologies Inc - Series D, <br> 12/31/32<br>| 1/10/22 |  | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Magnolia Medical Technologies Inc, 12/31/25 | 7/12/24 |  | 0 | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Magnolia Medical Technologies Inc - Series D | 1/10/22 |  | 3092692 | &nbsp;&nbsp; 3096919 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Magnolia Medical Technologies Inc - Series E1 | 2/26/25 |  | 411790 | &nbsp;&nbsp; 411790 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Shoreline Biosciences Inc | 10/28/21 |  | 7522230 | &nbsp;&nbsp; 164381 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Sonoma Biotherapeutics Inc - Series B | 7/23/21 - 12/14/22 |  | 4465171 | &nbsp;&nbsp; 3021666 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| TwinStrand Biosciences Inc | 4/30/21 |  | 2750001 | &nbsp;&nbsp; 1380527 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Total |  |  | $67634163 | &nbsp;&nbsp; $65991269 | &nbsp;&nbsp; 1.4% |

---

The Fund has registration rights for certain restricted securities held as of September 30, 2025. The issuer incurs all registration costs. As of September 30, 2025, the fair value of equity securities subject to a contractual sale restriction is $27,184,119, which represents 0.6% of net assets. Lock-up agreements last for 180 days, with the last one ending on February 3, 2026. A lapse in the restriction may occur if the company decides to waive or modify the lock up

agreement.

Janus Investment Fund \| 5

------

**Janus Henderson Global Life Sciences Fund**

**Notes to Schedule of Investments and Other Information** 

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

instruments as of September 30, 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* |  |  |  |
| Pharmaceuticals | $855262706 | &nbsp;&nbsp; $431794117 | &nbsp;&nbsp; $- |
| All Other | 3212417227 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Private Placements* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 38807112 |
| *Warrants* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 38 |
| *Investment Companies* | - | &nbsp;&nbsp; 30062294 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 14133803 | &nbsp;&nbsp; - |
| **Total Assets** | $4067679933 | &nbsp;&nbsp; $475990214 | &nbsp;&nbsp; $38807150 |

---

6 \| September 30, 2025

------

**Janus Henderson Global Life Sciences Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $2,900,986,060)<sup>(1)</sup> <br>| $4541107961 |
| Affiliated investments, at value (cost $41,369,336) | 41369336 |
| Trustees' deferred compensation | 131087 |
| Receivables: |  |
| Foreign tax reclaims | 9423517 |
| Investments sold | 3871834 |
| Fund shares sold | 1809469 |
| Dividends | 1520109 |
| Dividends from affiliates | 103127 |
| Other assets | 605671 |
| Total Assets | 4599942111 |
| Liabilities: |  |
| Collateral for securities loaned (Note 2) | 14133803 |
| Payables: |  |
| Investments purchased | 7354477 |
| Fund shares repurchased | 4522598 |
| Advisory fees | 2362622 |
| Transfer agent fees and expenses | 617421 |
| Trustees' deferred compensation fees | 131087 |
| 12b-1 Distribution and shareholder servicing fees | 98528 |
| Professional fees | 79150 |
| Trustees' fees and expenses | 23048 |
| Affiliated fund administration fees payable | 9229 |
| Custodian fees | 283 |
| Accrued expenses and other payables | 320070 |
| Total Liabilities | 29652316 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $4570289795 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Global Life Sciences Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $2815052219 |
| Total distributable earnings (loss) | 1755237576 |
| Total Net Assets | $4570289795 |
| Net Assets - Class A Shares | $253588788 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3643945 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $69.59 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $73.84 |
| Net Assets - Class C Shares | $50378533 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 844338 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $59.67 |
| Net Assets - Class D Shares | $1612667595 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 22579906 |
| Net Asset Value Per Share | $71.42 |
| Net Assets - Class I Shares | $1329182281 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 18572114 |
| Net Asset Value Per Share | $71.57 |
| Net Assets - Class N Shares | $176453869 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2473817 |
| Net Asset Value Per Share | $71.33 |
| Net Assets - Class S Shares | $25103861 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 371526 |
| Net Asset Value Per Share | $67.57 |
| Net Assets - Class T Shares | $1122914868 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 15831297 |
| Net Asset Value Per Share | $70.93 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $13,977,488 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.

8 \| September 30, 2025

------

**Janus Henderson Global Life Sciences Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $54713180 |
| Dividends from affiliates | 999198 |
| Affiliated securities lending income, net | 471755 |
| Unaffiliated securities lending income, net | 56589 |
| Interest | 101 |
| Other income | 37231 |
| Foreign tax withheld | (219804) |
| Total Investment Income | 56058250 |
| Expenses: |  |
| Advisory fees | 30488526 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 670183 |
| Class C Shares | 574098 |
| Class S Shares | 64418 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 1820608 |
| Class S Shares | 64497 |
| Class T Shares | 2962435 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 182732 |
| Class C Shares | 59979 |
| Class I Shares | 1463503 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 15033 |
| Class C Shares | 2870 |
| Class D Shares | 197840 |
| Class I Shares | 44466 |
| Class N Shares | 10167 |
| Class S Shares | 378 |
| Class T Shares | 12625 |
| Shareholder reports expense | 379772 |
| Professional fees | 338683 |
| Registration fees | 209475 |
| Custodian fees | 159804 |
| Affiliated fund administration fees | 140494 |
| Trustees' fees and expenses | 90010 |
| Other expenses | 436860 |
| Total Expenses | 40389456 |
| Less: Excess Expense Reimbursement and Waivers | (181863) |
| Net Expenses | 40207593 |
| Net Investment Income/(Loss) | 15850657 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 215138029 |
| Investments in affiliates | 106 |
| Total Net Realized Gain/(Loss) on Investments | 215138135 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (632291918) |
| Investments in affiliates | 121 |
| Total Change in Unrealized Net Appreciation/Depreciation | (632291797) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $(401303005) |

---

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Global Life Sciences Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*September 30, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $15850657 | &nbsp;&nbsp; $13614037 |
| Net realized gain/(loss) on investments | 215138135 | &nbsp;&nbsp; 242483814 |
| Change in unrealized net appreciation/depreciation | (632291797) | &nbsp;&nbsp; 926270532 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (401303005) | &nbsp;&nbsp; 1182368383 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (14515428) | &nbsp;&nbsp; (11901763) |
| Class C Shares | (4036556) | &nbsp;&nbsp; (3759454) |
| Class D Shares | (93982722) | &nbsp;&nbsp; (71917170) |
| Class I Shares | (76880313) | &nbsp;&nbsp; (45395099) |
| Class N Shares | (10379173) | &nbsp;&nbsp; (7168551) |
| Class S Shares | (1377508) | &nbsp;&nbsp; (1236013) |
| Class T Shares | (66909401) | &nbsp;&nbsp; (51942773) |
| Net Decrease from Dividends and Distributions to Shareholders | (268081101) | &nbsp;&nbsp; (193320823) |
| Capital Share Transactions: |  |  |
| Class A Shares | (10036183) | &nbsp;&nbsp; (31171308) |
| Class C Shares | (14785938) | &nbsp;&nbsp; (19924539) |
| Class D Shares | (97239982) | &nbsp;&nbsp; (60154805) |
| Class I Shares | (27711786) | &nbsp;&nbsp; 247669042 |
| Class N Shares | (229419518) | &nbsp;&nbsp; 85181680 |
| Class S Shares | (1773678) | &nbsp;&nbsp; (3199072) |
| Class T Shares | (111711224) | &nbsp;&nbsp; (57094224) |
| Net Increase/(Decrease) from Capital Share Transactions | (492678309) | &nbsp;&nbsp; 161306774 |
| Net Increase/(Decrease) in Net Assets | (1162062415) | &nbsp;&nbsp; 1150354334 |
| Net Assets: |  |  |
| Beginning of period | 5732352210 | &nbsp;&nbsp; 4581997876 |
| End of period | $4570289795 | &nbsp;&nbsp; $5732352210 |

---

See Notes to Financial Statements.

10 \| September 30, 2025

------

**Janus Henderson Global Life Sciences Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $78.64 | &nbsp;&nbsp; $65.05 | &nbsp;&nbsp; $57.73 | &nbsp;&nbsp; $72.24 | &nbsp;&nbsp; $66.20 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain/(loss) | (5.38) | &nbsp;&nbsp;&nbsp;&nbsp;16.39 | &nbsp;&nbsp;&nbsp;&nbsp;7.21 | &nbsp;&nbsp; (7.84) | &nbsp;&nbsp;&nbsp;&nbsp;11.44 |
| Total from Investment Operations | (5.25) | &nbsp;&nbsp;&nbsp;&nbsp;16.46 | &nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp; (7.80) | &nbsp;&nbsp;&nbsp;&nbsp;11.51 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.09) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp; (0.66) |
| Distributions (from capital gains) | (3.71) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.95) | &nbsp;&nbsp; (4.81) |
| Total Dividends and Distributions | (3.80) | &nbsp;&nbsp; (2.87) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (6.71) | &nbsp;&nbsp; (5.47) |
| Net Asset Value, End of Period | $69.59 | &nbsp;&nbsp; $78.64 | &nbsp;&nbsp; $65.05 | &nbsp;&nbsp; $57.73 | &nbsp;&nbsp; $72.24 |
| Total Return<sup>\*</sup> <br>| (6.73)% | &nbsp;&nbsp; 26.32% | &nbsp;&nbsp; 12.77% | &nbsp;&nbsp; (11.96)% | &nbsp;&nbsp; 17.70% |
| Net Assets, End of Period (in thousands) | $253589 | &nbsp;&nbsp; $300274 | &nbsp;&nbsp; $276513 | &nbsp;&nbsp; $238774 | &nbsp;&nbsp; $285239 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.00% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.97% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.00% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.97% |
| Ratio of Net Investment Income/(Loss) | 0.19% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.10% |
| Portfolio Turnover Rate | 30% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 32% |

---

\* 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. 

(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 Global Life Sciences Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $68.38 | &nbsp;&nbsp; $57.33 | &nbsp;&nbsp; $51.22 | &nbsp;&nbsp; $64.73 | &nbsp;&nbsp; $59.83 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.33) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.39) |
| Net realized and unrealized gain/(loss) | (4.67) | &nbsp;&nbsp;&nbsp;&nbsp;14.30 | &nbsp;&nbsp;&nbsp;&nbsp;6.40 | &nbsp;&nbsp; (6.96) | &nbsp;&nbsp;&nbsp;&nbsp;10.32 |
| Total from Investment Operations | (5.00) | &nbsp;&nbsp;&nbsp;&nbsp;13.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp; (7.31) | &nbsp;&nbsp;&nbsp;&nbsp;9.93 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.22) |
| Distributions (from capital gains) | (3.71) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.95) | &nbsp;&nbsp; (4.81) |
| Total Dividends and Distributions | (3.71) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.20) | &nbsp;&nbsp; (5.03) |
| Net Asset Value, End of Period | $59.67 | &nbsp;&nbsp; $68.38 | &nbsp;&nbsp; $57.33 | &nbsp;&nbsp; $51.22 | &nbsp;&nbsp; $64.73 |
| Total Return<sup>\*</sup> <br>| (7.40)% | &nbsp;&nbsp; 25.36% | &nbsp;&nbsp; 11.93% | &nbsp;&nbsp; (12.55)% | &nbsp;&nbsp; 16.86% |
| Net Assets, End of Period (in thousands) | $50379 | &nbsp;&nbsp; $75676 | &nbsp;&nbsp; $82025 | &nbsp;&nbsp; $106819 | &nbsp;&nbsp; $157110 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.74% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.69% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.74% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.69% |
| Ratio of Net Investment Income/(Loss) | (0.57)% | &nbsp;&nbsp; (0.65)% | &nbsp;&nbsp; (0.50)% | &nbsp;&nbsp; (0.61)% | &nbsp;&nbsp; (0.61)% |
| Portfolio Turnover Rate | 30% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 32% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

12 \| September 30, 2025

------

**Janus Henderson Global Life Sciences Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $80.62 | &nbsp;&nbsp; $66.57 | &nbsp;&nbsp; $59.09 | &nbsp;&nbsp; $73.77 | &nbsp;&nbsp; $67.47 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain/(loss) | (5.50) | &nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp; (8.02) | &nbsp;&nbsp;&nbsp;&nbsp;11.66 |
| Total from Investment Operations | (5.24) | &nbsp;&nbsp;&nbsp;&nbsp;16.99 | &nbsp;&nbsp;&nbsp;&nbsp;7.65 | &nbsp;&nbsp; (7.86) | &nbsp;&nbsp;&nbsp;&nbsp;11.86 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.25) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; (0.75) |
| Distributions (from capital gains) | (3.71) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.95) | &nbsp;&nbsp; (4.81) |
| Total Dividends and Distributions | (3.96) | &nbsp;&nbsp; (2.94) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (6.82) | &nbsp;&nbsp; (5.56) |
| Net Asset Value, End of Period | $71.42 | &nbsp;&nbsp; $80.62 | &nbsp;&nbsp; $66.57 | &nbsp;&nbsp; $59.09 | &nbsp;&nbsp; $73.77 |
| Total Return<sup>\*</sup> <br>| (6.55)% | &nbsp;&nbsp; 26.56% | &nbsp;&nbsp; 12.95% | &nbsp;&nbsp; (11.81)% | &nbsp;&nbsp; 17.91% |
| Net Assets, End of Period (in thousands) | $1612668 | &nbsp;&nbsp; $1938487 | &nbsp;&nbsp; $1649818 | &nbsp;&nbsp; $1538660 | &nbsp;&nbsp; $1848983 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.81% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.81% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% |
| Ratio of Net Investment Income/(Loss) | 0.38% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.28% |
| Portfolio Turnover Rate | 30% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 32% |

---

\* 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. 

(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 Global Life Sciences Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $80.80 | &nbsp;&nbsp; $66.72 | &nbsp;&nbsp; $59.22 | &nbsp;&nbsp; $73.93 | &nbsp;&nbsp; $67.61 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain/(loss) | (5.51) | &nbsp;&nbsp;&nbsp;&nbsp;16.79 | &nbsp;&nbsp;&nbsp;&nbsp;7.39 | &nbsp;&nbsp; (8.03) | &nbsp;&nbsp;&nbsp;&nbsp;11.69 |
| Total from Investment Operations | (5.23) | &nbsp;&nbsp;&nbsp;&nbsp;17.04 | &nbsp;&nbsp;&nbsp;&nbsp;7.70 | &nbsp;&nbsp; (7.85) | &nbsp;&nbsp;&nbsp;&nbsp;11.92 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.29) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (0.79) |
| Distributions (from capital gains) | (3.71) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.95) | &nbsp;&nbsp; (4.81) |
| Total Dividends and Distributions | (4.00) | &nbsp;&nbsp; (2.96) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (6.86) | &nbsp;&nbsp; (5.60) |
| Net Asset Value, End of Period | $71.57 | &nbsp;&nbsp; $80.80 | &nbsp;&nbsp; $66.72 | &nbsp;&nbsp; $59.22 | &nbsp;&nbsp; $73.93 |
| Total Return<sup>\*</sup> <br>| (6.52)% | &nbsp;&nbsp; 26.58% | &nbsp;&nbsp; 13.01% | &nbsp;&nbsp; (11.77)% | &nbsp;&nbsp; 17.96% |
| Net Assets, End of Period (in thousands) | $1329182 | &nbsp;&nbsp; $1539840 | &nbsp;&nbsp; $1047057 | &nbsp;&nbsp; $839582 | &nbsp;&nbsp; $1079081 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Investment Income/(Loss) | 0.40% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.32% |
| Portfolio Turnover Rate | 30% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 32% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

14 \| September 30, 2025

------

**Janus Henderson Global Life Sciences Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $80.53 | &nbsp;&nbsp; $66.48 | &nbsp;&nbsp; $59.02 | &nbsp;&nbsp; $73.69 | &nbsp;&nbsp; $67.41 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Net realized and unrealized gain/(loss) | (5.43) | &nbsp;&nbsp;&nbsp;&nbsp;16.72 | &nbsp;&nbsp;&nbsp;&nbsp;7.34 | &nbsp;&nbsp; (7.99) | &nbsp;&nbsp;&nbsp;&nbsp;11.62 |
| Total from Investment Operations | (5.14) | &nbsp;&nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;&nbsp;&nbsp;7.73 | &nbsp;&nbsp; (7.75) | &nbsp;&nbsp;&nbsp;&nbsp;11.93 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.35) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (0.84) |
| Distributions (from capital gains) | (3.71) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.95) | &nbsp;&nbsp; (4.81) |
| Total Dividends and Distributions | (4.06) | &nbsp;&nbsp; (3.00) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (6.92) | &nbsp;&nbsp; (5.65) |
| Net Asset Value, End of Period | $71.33 | &nbsp;&nbsp; $80.53 | &nbsp;&nbsp; $66.48 | &nbsp;&nbsp; $59.02 | &nbsp;&nbsp; $73.69 |
| Total Return<sup>\*</sup> <br>| (6.42)% | &nbsp;&nbsp; 26.71% | &nbsp;&nbsp; 13.10% | &nbsp;&nbsp; (11.68)% | &nbsp;&nbsp; 18.04% |
| Net Assets, End of Period (in thousands) | $176454 | &nbsp;&nbsp; $445638 | &nbsp;&nbsp; $289363 | &nbsp;&nbsp; $138495 | &nbsp;&nbsp; $176576 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% |
| Ratio of Net Investment Income/(Loss) | 0.41% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.43% |
| Portfolio Turnover Rate | 30% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 32% |

---

\* 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. 

(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

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**Janus Henderson Global Life Sciences Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $76.51 | &nbsp;&nbsp; $63.47 | &nbsp;&nbsp; $56.40 | &nbsp;&nbsp; $70.72 | &nbsp;&nbsp; $64.93 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (—) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.07) |
| Net realized and unrealized gain/(loss) | (5.23) | &nbsp;&nbsp;&nbsp;&nbsp;15.95 | &nbsp;&nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp; (7.66) | &nbsp;&nbsp;&nbsp;&nbsp;11.21 |
| Total from Investment Operations | (5.23) | &nbsp;&nbsp;&nbsp;&nbsp;15.89 | &nbsp;&nbsp;&nbsp;&nbsp;7.07 | &nbsp;&nbsp; (7.74) | &nbsp;&nbsp;&nbsp;&nbsp;11.14 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.54) |
| Distributions (from capital gains) | (3.71) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.95) | &nbsp;&nbsp; (4.81) |
| Total Dividends and Distributions | (3.71) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.58) | &nbsp;&nbsp; (5.35) |
| Net Asset Value, End of Period | $67.57 | &nbsp;&nbsp; $76.51 | &nbsp;&nbsp; $63.47 | &nbsp;&nbsp; $56.40 | &nbsp;&nbsp; $70.72 |
| Total Return<sup>\*</sup> <br>| (6.90)% | &nbsp;&nbsp; 26.06% | &nbsp;&nbsp; 12.54% | &nbsp;&nbsp; (12.13)% | &nbsp;&nbsp; 17.46% |
| Net Assets, End of Period (in thousands) | $25104 | &nbsp;&nbsp; $30286 | &nbsp;&nbsp; $28027 | &nbsp;&nbsp; $24128 | &nbsp;&nbsp; $27575 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.19% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.17% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.17% |
| Ratio of Net Investment Income/(Loss) | (0.00)% <br><sup>(3)</sup><br>| &nbsp;&nbsp; (0.09)% | &nbsp;&nbsp; 0.05% | &nbsp;&nbsp; (0.13)% | &nbsp;&nbsp; (0.09)% |
| Portfolio Turnover Rate | 30% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 32% |

---

\* 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. 

(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.

16 \| September 30, 2025

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**Janus Henderson Global Life Sciences Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $80.07 | &nbsp;&nbsp; $66.17 | &nbsp;&nbsp; $58.72 | &nbsp;&nbsp; $73.33 | &nbsp;&nbsp; $67.11 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain/(loss) | (5.47) | &nbsp;&nbsp;&nbsp;&nbsp;16.66 | &nbsp;&nbsp;&nbsp;&nbsp;7.33 | &nbsp;&nbsp; (7.96) | &nbsp;&nbsp;&nbsp;&nbsp;11.60 |
| Total from Investment Operations | (5.28) | &nbsp;&nbsp;&nbsp;&nbsp;16.80 | &nbsp;&nbsp;&nbsp;&nbsp;7.54 | &nbsp;&nbsp; (7.87) | &nbsp;&nbsp;&nbsp;&nbsp;11.72 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.15) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.69) |
| Distributions (from capital gains) | (3.71) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.95) | &nbsp;&nbsp; (4.81) |
| Total Dividends and Distributions | (3.86) | &nbsp;&nbsp; (2.90) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (6.74) | &nbsp;&nbsp; (5.50) |
| Net Asset Value, End of Period | $70.93 | &nbsp;&nbsp; $80.07 | &nbsp;&nbsp; $66.17 | &nbsp;&nbsp; $58.72 | &nbsp;&nbsp; $73.33 |
| Total Return<sup>\*</sup> <br>| (6.64)% | &nbsp;&nbsp; 26.40% | &nbsp;&nbsp; 12.85% | &nbsp;&nbsp; (11.89)% | &nbsp;&nbsp; 17.78% |
| Net Assets, End of Period (in thousands) | $1122915 | &nbsp;&nbsp; $1402150 | &nbsp;&nbsp; $1209195 | &nbsp;&nbsp; $1104248 | &nbsp;&nbsp; $1378342 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.91% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Investment Income/(Loss) | 0.27% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.17% |
| Portfolio Turnover Rate | 30% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 32% |

---

\* 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. 

(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

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**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements** 

&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 Life Sciences 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.

18 \| September 30, 2025

------

**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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 \| 19

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**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements** 

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

rates and similar data.

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

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

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

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

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

Schedule of Investments and Other Information.

The following describes the amounts of transfers into or out of Level 3 of the fair value hierarchy during the year.

Financial assets of $6,150,168 were transferred out of Level 3 to Level 1 since certain securities prices were determined using other significant observable inputs at the end of the current fiscal year 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

September 30, 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.

20 \| September 30, 2025

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**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements** 

**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**

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

could result in additional tax, interest, or penalties to be paid by the Fund.

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

income tax purposes.

**Federal Income Taxes**

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

in the next twelve months.

**2. Other Investments and Strategies**

**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

Janus Investment Fund \| 21

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**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements** 

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, war, 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.* Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. 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.

**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.

**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.

22 \| September 30, 2025

------

**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements** 

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

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" on the Statement of Operations. As of September 30, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $13,977,488. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2025 is $14,133,803, resulting in the net amount due to the counterparty of

$156,315.

**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 0.64% of its average daily net assets.

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

Janus Investment Fund \| 23

------

**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements** 

certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $532,252 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 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 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

24 \| September 30, 2025

------

**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements** 

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 year ended September 30, 2025, the Distributor

retained upfront sales charges of $31,772.

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 year ended September 30, 2025, redeeming shareholders of Class A Shares paid CDSCs of $9,515 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 year ended September 30, 2025, redeeming shareholders of Class C Shares

paid CDSCs of $4,703.

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 September 30, 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 year ended September 30, 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 year ended September 30, 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 year ended September 30, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

The Fund is permitted to purchase or sell securities ("cross-trade") between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 ("Rule 17a-7"), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust's Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common

Janus Investment Fund \| 25

------

**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements** 

Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2025, the Fund engaged in

cross trades amounting to $3,553,433 in purchases.

**4. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term Gains*<br>| *Accumulated* <br>*Capital Losses*<br>| *Loss Deferrals* | *Other Book* <br>*to Tax* <br>*Differences*<br>| *Net Tax* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| $22120538 | $163629572 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $451196 | &nbsp;&nbsp; $1569036270 |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 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

investments in 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;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $3013441027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1717644470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(148608200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1569036270 |

---

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. Certain permanent differences such as tax returns

of capital and net investment losses noted below have been reclassified to capital.

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $123857306 | &nbsp;&nbsp;&nbsp; $144223795 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $5295400 | &nbsp;&nbsp;&nbsp; $188025423 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $17,652,279, including $15,790,684 of long-term capital gain, for distributions in connection with Fund shares redemption (tax

equalization).

26 \| September 30, 2025

------

**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements** 

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

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended September 30, 2025* | *Year ended September 30, 2025* | *Year ended September 30, 2024* | *Year ended September 30, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 704956 | &nbsp;&nbsp; $48428863 | &nbsp;&nbsp; 764084 | &nbsp;&nbsp; $54409116 |
| Reinvested dividends and distributions | 172500 | &nbsp;&nbsp; 12152644 | &nbsp;&nbsp; 132352 | &nbsp;&nbsp; 8457279 |
| Shares repurchased | (1051956) | &nbsp;&nbsp; (70617690) | &nbsp;&nbsp; (1328880) | &nbsp;&nbsp; (94037703) |
| Net Increase/(Decrease) | (174500) | &nbsp;&nbsp; $(10036183) | &nbsp;&nbsp; (432444) | &nbsp;&nbsp; $(31171308) |
| Class C Shares: |  |  |  |  |
| Shares sold | 154670 | &nbsp;&nbsp; $9280260 | &nbsp;&nbsp; 154188 | &nbsp;&nbsp; $9604877 |
| Reinvested dividends and distributions | 61900 | &nbsp;&nbsp; 3761650 | &nbsp;&nbsp; 62167 | &nbsp;&nbsp; 3475745 |
| Shares repurchased | (478851) | &nbsp;&nbsp; (27827848) | &nbsp;&nbsp; (540445) | &nbsp;&nbsp; (33005161) |
| Net Increase/(Decrease) | (262281) | &nbsp;&nbsp; $(14785938) | &nbsp;&nbsp; (324090) | &nbsp;&nbsp; $(19924539) |
| Class D Shares: |  |  |  |  |
| Shares sold | 541436 | &nbsp;&nbsp; $38078424 | &nbsp;&nbsp; 676108 | &nbsp;&nbsp; $49574091 |
| Reinvested dividends and distributions | 1250348 | &nbsp;&nbsp; 90250081 | &nbsp;&nbsp; 1056894 | &nbsp;&nbsp; 69141965 |
| Shares repurchased | (3256858) | &nbsp;&nbsp; (225568487) | &nbsp;&nbsp; (2469701) | &nbsp;&nbsp; (178870861) |
| Net Increase/(Decrease) | (1465074) | &nbsp;&nbsp; $(97239982) | &nbsp;&nbsp; (736699) | &nbsp;&nbsp; $(60154805) |
| Class I Shares: |  |  |  |  |
| Shares sold | 6468455 | &nbsp;&nbsp; $452496908 | &nbsp;&nbsp; 7252908 | &nbsp;&nbsp; $529875031 |
| Reinvested dividends and distributions | 874513 | &nbsp;&nbsp; 63244751 | &nbsp;&nbsp; 581451 | &nbsp;&nbsp; 38114130 |
| Shares repurchased | (7828181) | &nbsp;&nbsp; (543453445) | &nbsp;&nbsp; (4471068) | &nbsp;&nbsp; (320320119) |
| Net Increase/(Decrease) | (485213) | &nbsp;&nbsp; $(27711786) | &nbsp;&nbsp; 3363291 | &nbsp;&nbsp; $247669042 |
| Class N Shares: |  |  |  |  |
| Shares sold | 905685 | &nbsp;&nbsp; $63589956 | &nbsp;&nbsp; 5399873 | &nbsp;&nbsp; $383563542 |
| Reinvested dividends and distributions | 138132 | &nbsp;&nbsp; 9948281 | &nbsp;&nbsp; 106451 | &nbsp;&nbsp; 6949142 |
| Shares repurchased | (4103582) | &nbsp;&nbsp; (302957755) | &nbsp;&nbsp; (4325327) | &nbsp;&nbsp; (305331004) |
| Net Increase/(Decrease) | (3059765) | &nbsp;&nbsp; $(229419518) | &nbsp;&nbsp; 1180997 | &nbsp;&nbsp; $85181680 |
| Class S Shares: |  |  |  |  |
| Shares sold | 83305 | &nbsp;&nbsp; $5495122 | &nbsp;&nbsp; 59598 | &nbsp;&nbsp; $4112788 |
| Reinvested dividends and distributions | 20110 | &nbsp;&nbsp; 1377508 | &nbsp;&nbsp; 19846 | &nbsp;&nbsp; 1236013 |
| Shares repurchased | (127722) | &nbsp;&nbsp; (8646308) | &nbsp;&nbsp; (125203) | &nbsp;&nbsp; (8547873) |
| Net Increase/(Decrease) | (24307) | &nbsp;&nbsp; $(1773678) | &nbsp;&nbsp; (45759) | &nbsp;&nbsp; $(3199072) |
| Class T Shares: |  |  |  |  |
| Shares sold | 1063966 | &nbsp;&nbsp; $74583123 | &nbsp;&nbsp; 1328625 | &nbsp;&nbsp; $97459125 |
| Reinvested dividends and distributions | 911891 | &nbsp;&nbsp; 65428172 | &nbsp;&nbsp; 782824 | &nbsp;&nbsp; 50907051 |
| Shares repurchased | (3655192) | &nbsp;&nbsp; (251722519) | &nbsp;&nbsp; (2875971) | &nbsp;&nbsp; (205460400) |
| Net Increase/(Decrease) | (1679335) | &nbsp;&nbsp; $(111711224) | &nbsp;&nbsp; (764522) | &nbsp;&nbsp; $(57094224) |

---

**6. Purchases and Sales of Investment Securities**

For the year ended September 30, 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>|
| $1435678827 | &nbsp;&nbsp;&nbsp;&nbsp; $2177421734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**7. Recent Accounting Pronouncements**

The FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—*Improvements to Income Tax Disclosures* (ASU 2023-09) in December 2023. The new guidance enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes the

adoption of the ASU will not have a material impact on the financial statements.

Janus Investment Fund \| 27

------

**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements** 

&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 September 30, 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 \| September 30, 2025

------

**Janus Henderson Global Life Sciences Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Global Life Sciences Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Global Life Sciences Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agent, investee companies and brokers; when replies were not received from brokers and investee companies, we performed other auditing procedures.

We believe that our audits provide a reasonable basis for our opinion.

![](img0c32fa832.jpg)

Denver, Colorado

November 20, 2025

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

Janus Investment Fund \| 29

------

**Janus Henderson Global Life Sciences Fund**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2025:

---

| | |
|:---|:---|
| Section 163(j) Interest Dividend | 1% |
| Capital Gain Distributions | $160014479 |
| Dividends Received Deduction Percentage | 73% |
| Qualified Dividend Income Percentage | 72% |

---

30 \| September 30, 2025

------

**Janus Henderson Global Life Sciences 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 Trustees 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 1, 2024 and December 4-5, 2024, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2025 through February 1, 2026, subject to earlier termination as provided for in each agreement.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus

Janus Investment Fund \| 31

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**Janus Henderson Global Life Sciences Fund**

**Additional Information (unaudited)**

Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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, 2024, approximately 58% 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, 2024, approximately 61% 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 performance in periods ended September 30, 2024 has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2024, approximately 75% and 61% 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, 2024, approximately 66% and 68% 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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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.

32 \| September 30, 2025

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**Janus Henderson Global Life Sciences Fund**

**Additional Information (unaudited)**

***<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 first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 High-Yield Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 \| 33

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**Janus Henderson Global Life Sciences 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Contrarian Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted the reasons for the Fund's underperformance over various periods of time, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

34 \| September 30, 2025

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**Janus Henderson Global Life Sciences 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 Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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, 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 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted that the 36-month end performance was not yet available because of the Fund's inception date.

&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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

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

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as 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 10% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the

Janus Investment Fund \| 35

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**Janus Henderson Global Life Sciences Fund**

**Additional Information (unaudited)**

Janus Henderson Funds, on average, were 11% 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, recent 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) 11 of 12 Janus Henderson Funds had management fees (before waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser and 16 of 18 Janus Henderson Funds had management fees (after waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser. The Trustees noted that for the one Janus Henderson Fund that did not have a lower or in line management fee (before waivers or performance fees) than similar funds subadvised by the Adviser, the management fee was under the average of its 15(c) peer group. For the two Janus Henderson Funds that did not have lower or in line management fees (after waivers or performance fees) than similar funds Subadvised by the Adviser, the management fees were due to performance fee increases resulting from Janus Henderson Fund outperformance of such Janus Henderson Fund's reference index.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2023 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.

&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.

36 \| September 30, 2025

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

&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 the Fund's total expenses were below the peer group average for all share classes.

&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.

Janus Investment Fund \| 37

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**Janus Henderson Global Life Sciences 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 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 Responsible 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 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.

&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 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 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.

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

38 \| September 30, 2025

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**Janus Henderson Global Life Sciences 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 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 the Fund's total expenses were below the peer group average for all share classes.

&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 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 U.S. Dividend 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 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, 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. The Trustees noted that during the 2023 15(c) review process, the Adviser reported no changes to its allocation methodology; however, at the Trustees' request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant's analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. 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.

Janus Investment Fund \| 39

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**Janus Henderson Global Life Sciences Fund**

**Additional Information (unaudited)**

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 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 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2024 report: (1) past 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 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 42% of Janus Henderson Funds have low flat-rate fees (the "Low Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and higher fees when the fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2024 report that (1) 68% 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 Low 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 analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus 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

40 \| September 30, 2025

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**Janus Henderson Global Life Sciences Fund**

**Additional Information (unaudited)**

affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 41

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![](img573b6bb43.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

125-02-93043 11-25

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ANNUAL FINANCIAL STATEMENTS

September 30, 2025

**Janus Henderson Global Real Estate Fund**

Janus Investment Fund

![](imge2a61f821.gif)

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**Table of Contents**

**Janus Henderson Global Real Estate Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_2e450370-2691-41cd-84e0-456cc6d599ca_SOI-SOI-RunningFooter-10_1)<br> [Management Investment Companies](#xx_2e450370-2691-41cd-84e0-456cc6d599ca_SOI-SOI-RunningFooter-10_1)<br>|  |
| [Schedule of Investments](#xx_2e450370-2691-41cd-84e0-456cc6d599ca_SOI-SOI-RunningFooter-10_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_2e450370-2691-41cd-84e0-456cc6d599ca_SOI-SOI-RunningFooter-10_4) | 4 |
| [Statement of Assets and Liabilities](#xx_2e450370-2691-41cd-84e0-456cc6d599ca_SAL-SAL-RunningFooter-10_1) | 5 |
| [Statement of Operations](#xx_2e450370-2691-41cd-84e0-456cc6d599ca_SOP-SOP-RunningFooter-10_1) | 7 |
| [Statements of Changes in Net Assets](#xx_2e450370-2691-41cd-84e0-456cc6d599ca_SOC-SOC-RunningFooter-10_1) | 8 |
| [Financial Highlights](#xx_2e450370-2691-41cd-84e0-456cc6d599ca_FIHI-FIHI-RunningFooter-10_1) | 9 |
| [Notes to Financial Statements](#xx_2e450370-2691-41cd-84e0-456cc6d599ca_NTF-NTF-RunningFooter-10_1) | 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_2e450370-2691-41cd-84e0-456cc6d599ca_AUD-AR-RunningFooter-10_1) | 28 |
| [Designation Requirements](#xx_2e450370-2691-41cd-84e0-456cc6d599ca_DR-DR-RunningFooter-10_1) | 29 |
| [Items 8-11 - Additional Information](#xx_2e450370-2691-41cd-84e0-456cc6d599ca_AI-AI-RunningFooter-10_1) | 30 |

---

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**Janus Henderson Global Real Estate Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 99.0% |  |  |
| Capital Markets – 0.2% |  |  |
| HMC Capital Ltd | 302597 | $639418 |
| Diversified Telecommunication Services – 0.5% |  |  |
| Cellnex Telecom SA<sup>ž,\*</sup> <br>| 43000 | 1490732 |
| Equity Real Estate Investment Trusts (REITs) – 4.5% |  |  |
| British Land Co PLC | 431503 | 2027598 |
| Merlin Properties Socimi SA | 242000 | 3668725 |
| Stockland | 1211188 | 4918713 |
| United Urban Investment Corp | 2624 | 3184175 |
|  |  | 13799211 |
| Health Care Real Estate Investment Trusts (REITs) – 13.8% |  |  |
| Aedifica SA | 28000 | 2078203 |
| Healthcare Realty Trust Inc | 430821 | 7767703 |
| Sabra Health Care Inc | 411181 | 7664414 |
| Ventas Inc | 158947 | 11124700 |
| Welltower Inc | 76416 | 13612746 |
|  |  | 42247766 |
| Hotel & Resort Real Estate Investment Trusts (REITs) – 1.4% |  |  |
| Ryman Hospitality Properties Inc | 49136 | 4402094 |
| Household Durables – 1.5% |  |  |
| DR Horton Inc | 26966 | 4569928 |
| Industrial Real Estate Investment Trusts (REITs) – 10.9% |  |  |
| EastGroup Properties Inc | 24683 | 4177845 |
| First Industrial Realty Trust Inc | 13101 | 674308 |
| Goodman Group | 329974 | 7182302 |
| Prologis Inc | 141204 | 16170682 |
| Segro PLC | 235000 | 2079122 |
| Tritax Big Box REIT PLC | 1550000 | 3014151 |
|  |  | 33298410 |
| Office Real Estate Investment Trusts (REITs) – 3.5% |  |  |
| Helical PLC | 434155 | 1198479 |
| Highwoods Properties Inc | 178147 | 5668638 |
| Japan Real Estate Investment Corp | 4525 | 3810490 |
|  |  | 10677607 |
| Real Estate Management & Development – 17.8% |  |  |
| Capitaland Investment Ltd/Singapore | 1737600 | 3630305 |
| CBRE Group Inc<sup>\*</sup> <br>| 25721 | 4052601 |
| Centurion Accommodation<sup>\*</sup> <br>| 1517552 | 1223832 |
| China Resources Land Ltd | 2037500 | 7965902 |
| CTP NV<sup>ž</sup> <br>| 93117 | 2072942 |
| Fastighets AB Balder - Class B<sup>\*</sup> <br>| 500020 | 3593825 |
| Hongkong Land Holdings Ltd | 784000 | 4961152 |
| Mitsubishi Estate Co Ltd | 199551 | 4595849 |
| Mitsui Fudosan Co Ltd | 790300 | 8634275 |
| Sun Hung Kai Properties Ltd | 453500 | 5439471 |
| TAG Immobilien AG | 93720 | 1620128 |
| VGP NV | 23486 | 2635694 |
| Vonovia SE | 129000 | 4025625 |
|  |  | 54451601 |
| Residential Real Estate Investment Trusts (REITs) – 11.3% |  |  |
| American Homes 4 Rent LP | 247108 | 8216341 |
| AvalonBay Communities Inc | 47740 | 9221936 |
| Comforia Residential Inc | 1128 | 2479324 |
| Equity LifeStyle Properties Inc | 98341 | 5969298 |
| UDR Inc | 181700 | 6770142 |
| UNITE Group PLC | 191194 | 1850190 |
|  |  | 34507231 |
| Retail Real Estate Investment Trusts (REITs) – 15.9% |  |  |
| Agree Realty Corp | 86166 | 6121233 |
| CapitaLand Integrated Commercial Trust | 1647550 | 2925835 |

---

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 Real Estate Fund**

**Schedule of Investments** 

**September 30, 2025**

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| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Retail Real Estate Investment Trusts (REITs) – (continued) |  |  |
| Federal Realty Investment Trust | 53827 | $5453213 |
| Hammerson PLC | 500000 | 1967376 |
| Japan Retail Fund Investment Corp | 5108 | 3927959 |
| Link | 750600 | 3861034 |
| Macerich Co | 322955 | 5877781 |
| NetSTREIT Corp<sup>#</sup> <br>| 468556 | 8462121 |
| Scentre Group | 1990261 | 5383449 |
| Unibail-Rodamco-Westfield<sup>\*</sup> <br>| 42250 | 4454911 |
|  |  | 48434912 |
| Specialized Real Estate Investment Trusts (REITs) – 17.7% |  |  |
| CubeSmart | 185024 | 7523076 |
| Digital Realty Trust Inc | 79094 | 13673771 |
| Equinix Inc | 22190 | 17380095 |
| Keppel DC | 1345400 | 2496550 |
| Public Storage | 36829 | 10638057 |
| Safestore Holdings PLC | 245000 | 2178915 |
|  |  | 53890464 |
| Total Common Stocks (cost $264,189,545) |  | 302409374 |
| Rights – 0% |  |  |
| Specialized Real Estate Investment Trusts (REITs) – 0% |  |  |
| Keppel DC<sup>\*</sup> (cost $0) | 107632 | 0 |
| Investment Companies – 1.3% |  |  |
| Money Markets – 1.3% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº,</sup><sup>£</sup> (cost $3,987,688) | 3986891 | 3987688 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.9% |  |  |
| Investment Companies – 0.7% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº,</sup><sup>£</sup> <br>| 2232153 | 2232153 |
| Time Deposits – 0.2% |  |  |
| Royal Bank of Canada, 4.0800%, 10/1/25 | $558038 | 558038 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $2,790,191) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $2,790,191) | 2790191 |
| Total Investments (total cost $270,967,424) – 101.2% |  | 309187253 |
| Liabilities, net of Cash, Receivables and Other Assets – (1.2)% |  | (3812849) |
| Net Assets – 100% |  | $305374404 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $191970602 | &nbsp;&nbsp;&nbsp;&nbsp; 62.1<br> %<br>|
| Japan | 26632072 | &nbsp;&nbsp;&nbsp;&nbsp;8.6 |
| Australia | 18123882 | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| United Kingdom | 14315831 | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Hong Kong | 14261657 | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Singapore | 10276522 | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| China | 7965902 | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Germany | 5645753 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Spain | 5159457 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Belgium | 4713897 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| France | 4454911 | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Sweden | 3593825 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Netherlands | 2072942 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Total | $309187253 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| September 30, 2025

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**Janus Henderson Global Real Estate Fund**

**Schedule of Investments** 

**September 30, 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>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% |
| Money Markets - 1.3% | Money Markets - 1.3% | Money Markets - 1.3% | Money Markets - 1.3% | Money Markets - 1.3% | Money Markets - 1.3% | Money Markets - 1.3% | Money Markets - 1.3% | Money Markets - 1.3% |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | $1857946 | $82334913 | $(80205232) | $(3) | $64 | $3987688 | 3986891 | $96605 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.7% | Investments Purchased with Cash Collateral from Securities Lending - 0.7% | Investments Purchased with Cash Collateral from Securities Lending - 0.7% | Investments Purchased with Cash Collateral from Securities Lending - 0.7% | Investments Purchased with Cash Collateral from Securities Lending - 0.7% | Investments Purchased with Cash Collateral from Securities Lending - 0.7% | Investments Purchased with Cash Collateral from Securities Lending - 0.7% | Investments Purchased with Cash Collateral from Securities Lending - 0.7% | Investments Purchased with Cash Collateral from Securities Lending - 0.7% |
| Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  |
|  | 4537152 | 42551831 | (44856830) | - | - | 2232153 | 2232153 | 12808 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 2.0% | Total Affiliated Investments - 2.0% | Total Affiliated Investments - 2.0% | Total Affiliated Investments - 2.0% | Total Affiliated Investments - 2.0% | Total Affiliated Investments - 2.0% | Total Affiliated Investments - 2.0% | Total Affiliated Investments - 2.0% | Total Affiliated Investments - 2.0% |
|  | $6395098 | $124886744 | $(125062062) | $(3) | $64 | $6219841 | 6219044 | $109413 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $2746095 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2746095) | &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 Global Real Estate Fund**

**Notes to Schedule of Investments and Other Information** 

LLC Limited Liability Company <br> LP Limited Partnership <br> PLC Public Limited 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 year ended September 30, 2025 <br> is $3,563,674, which represents 1.2% of net assets.<br>|
| Non-income producing security. |
| Rate shown is the 7-day yield as of September 30, 2025. |
| Loaned security; a portion of the security is on loan at September 30, 2025. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

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

instruments as of September 30, 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* |  |  |  |
| Health Care Real Estate Investment Trusts (REITs) | $40169563 | &nbsp;&nbsp; $2078203 | &nbsp;&nbsp; $- |
| Hotel & Resort Real Estate Investment Trusts (REITs) | 4402094 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Household Durables | 4569928 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Industrial Real Estate Investment Trusts (REITs) | 21022835 | &nbsp;&nbsp; 12275575 | &nbsp;&nbsp; - |
| Office Real Estate Investment Trusts (REITs) | 5668638 | &nbsp;&nbsp; 5008969 | &nbsp;&nbsp; - |
| Real Estate Management & Development | 5276433 | &nbsp;&nbsp; 49175168 | &nbsp;&nbsp; - |
| Residential Real Estate Investment Trusts (REITs) | 30177717 | &nbsp;&nbsp; 4329514 | &nbsp;&nbsp; - |
| Retail Real Estate Investment Trusts (REITs) | 25914348 | &nbsp;&nbsp; 22520564 | &nbsp;&nbsp; - |
| Specialized Real Estate Investment Trusts (REITs) | 49214999 | &nbsp;&nbsp; 4675465 | &nbsp;&nbsp; - |
| All Other | - | &nbsp;&nbsp; 15929361 | &nbsp;&nbsp; - |
| *Rights* | - | &nbsp;&nbsp; 0 | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 3987688 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 2790191 | &nbsp;&nbsp; - |
| **Total Assets** | $186416555 | &nbsp;&nbsp; $122770698 | &nbsp;&nbsp; $- |

---

4 \| September 30, 2025

------

**Janus Henderson Global Real Estate Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $264,747,583)<sup>(1)</sup> <br>| $302967412 |
| Affiliated investments, at value (cost $6,219,841) | 6219841 |
| Cash denominated in foreign currency (cost $8,460) | 8460 |
| Trustees' deferred compensation | 8699 |
| Receivables: |  |
| Investments sold | 4826211 |
| Dividends | 879012 |
| Foreign tax reclaims | 412168 |
| Fund shares sold | 215976 |
| Dividends from affiliates | 7963 |
| Other assets | 22147 |
| Total Assets | 315567889 |
| Liabilities: |  |
| Due to custodian | 104 |
| Collateral for securities loaned (Note 2) | 2790191 |
| Payables: |  |
| Investments purchased | 5187335 |
| Fund shares repurchased | 1617154 |
| Dividends | 270248 |
| Advisory fees | 130859 |
| Professional fees | 78587 |
| Transfer agent fees and expenses | 35636 |
| Trustees' deferred compensation fees | 8699 |
| 12b-1 Distribution and shareholder servicing fees | 4884 |
| Custodian fees | 3812 |
| Trustees' fees and expenses | 1513 |
| Affiliated fund administration fees payable | 627 |
| Accrued expenses and other payables | 63836 |
| Total Liabilities | 10193485 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $305374404 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Global Real Estate Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $343734075 |
| Total distributable earnings (loss) | (38359671) |
| Total Net Assets | $305374404 |
| Net Assets - Class A Shares | $11134249 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 913012 |
| 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 | $1577986 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 132817 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $11.88 |
| Net Assets - Class D Shares | $33938191 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2756909 |
| Net Asset Value Per Share | $12.31 |
| Net Assets - Class I Shares | $151287040 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 12306490 |
| Net Asset Value Per Share | $12.29 |
| Net Assets - Class N Shares | $52633974 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 4278955 |
| Net Asset Value Per Share | $12.30 |
| Net Assets - Class S Shares | $6210913 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 511664 |
| Net Asset Value Per Share | $12.14 |
| Net Assets - Class T Shares | $48592051 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3954613 |
| Net Asset Value Per Share | $12.29 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $2,746,095 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.

6 \| September 30, 2025

------

**Janus Henderson Global Real Estate Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $10181235 |
| Dividends from affiliates | 96605 |
| Affiliated securities lending income, net | 12808 |
| Unaffiliated securities lending income, net | 3335 |
| Other income | 3499 |
| Foreign tax withheld | (345436) |
| Total Investment Income | 9952046 |
| Expenses: |  |
| Advisory fees | 1682646 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 28107 |
| Class C Shares | 18141 |
| Class S Shares | 15437 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 37834 |
| Class S Shares | 15493 |
| Class T Shares | 129618 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 8863 |
| Class C Shares | 1833 |
| Class I Shares | 152992 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 741 |
| Class C Shares | 108 |
| Class D Shares | 10456 |
| Class I Shares | 5503 |
| Class N Shares | 3444 |
| Class S Shares | 195 |
| Class T Shares | 804 |
| Registration fees | 125587 |
| Non-affiliated fund administration fees | 97870 |
| Professional fees | 69347 |
| Custodian fees | 38739 |
| Shareholder reports expense | 29731 |
| Affiliated fund administration fees | 9750 |
| Trustees' fees and expenses | 6037 |
| Other expenses | 64414 |
| Total Expenses | 2553690 |
| Less: Excess Expense Reimbursement and Waivers | (6446) |
| Net Expenses | 2547244 |
| Net Investment Income/(Loss) | 7404802 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 2895473 |
| Investments in affiliates | (3) |
| Total Net Realized Gain/(Loss) on Investments | 2895470 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (24640839) |
| Investments in affiliates | 64 |
| Total Change in Unrealized Net Appreciation/Depreciation | (24640775) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $(14340503) |

---

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Global Real Estate Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*September 30, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $7404802 | &nbsp;&nbsp; $10892437 |
| Net realized gain/(loss) on investments | 2895470 | &nbsp;&nbsp; (8337216) |
| Change in unrealized net appreciation/depreciation | (24640775) | &nbsp;&nbsp; 96234577 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (14340503) | &nbsp;&nbsp; 98789798 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (329367) | &nbsp;&nbsp; (294526) |
| Class C Shares | (42463) | &nbsp;&nbsp; (51527) |
| Class D Shares | (1059322) | &nbsp;&nbsp; (1098753) |
| Class I Shares | (4939875) | &nbsp;&nbsp; (6217989) |
| Class N Shares | (2158278) | &nbsp;&nbsp; (3080051) |
| Class S Shares | (173108) | &nbsp;&nbsp; (180910) |
| Class T Shares | (1545827) | &nbsp;&nbsp; (1778993) |
| Net Decrease from Dividends and Distributions to Shareholders | (10248240) | &nbsp;&nbsp; (12702749) |
| Capital Share Transactions: |  |  |
| Class A Shares | (824971) | &nbsp;&nbsp; 364319 |
| Class C Shares | (684762) | &nbsp;&nbsp; (1374687) |
| Class D Shares | (4371672) | &nbsp;&nbsp; (5105624) |
| Class I Shares | (30978621) | &nbsp;&nbsp; (89760693) |
| Class N Shares | (46624468) | &nbsp;&nbsp; (9903658) |
| Class S Shares | (770312) | &nbsp;&nbsp; (1139074) |
| Class T Shares | (11160356) | &nbsp;&nbsp; (15795512) |
| Net Increase/(Decrease) from Capital Share Transactions | (95415162) | &nbsp;&nbsp; (122714929) |
| Net Increase/(Decrease) in Net Assets | (120003905) | &nbsp;&nbsp; (36627880) |
| Net Assets: |  |  |
| Beginning of period | 425378309 | &nbsp;&nbsp; 462006189 |
| End of period | $305374404 | &nbsp;&nbsp; $425378309 |

---

See Notes to Financial Statements.

8 \| September 30, 2025

------

**Janus Henderson Global Real Estate Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.78 | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $14.65 | &nbsp;&nbsp; $12.18 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain/(loss) | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp; (0.08) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (3.55) | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| Total from Investment Operations | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp; (3.34) | &nbsp;&nbsp;&nbsp;&nbsp;2.70 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.35) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.23) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.35) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.23) |
| Net Asset Value, End of Period | $12.20 | &nbsp;&nbsp; $12.78 | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $14.65 |
| Total Return<sup>\*</sup> <br>| (1.71)% | &nbsp;&nbsp; 25.87% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; (24.19)% | &nbsp;&nbsp; 22.32% |
| Net Assets, End of Period (in thousands) | $11134 | &nbsp;&nbsp; $12584 | &nbsp;&nbsp; $9944 | &nbsp;&nbsp; $11566 | &nbsp;&nbsp; $15294 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.23% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.23% |
| Ratio of Net Investment Income/(Loss) | 2.08% | &nbsp;&nbsp; 2.31% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 2.25% |
| Portfolio Turnover Rate | 61% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 68% | &nbsp;&nbsp; 77% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The amount shown does not correlate with the change in the aggregate gains and losses in the Fund's securities for the year or period due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's securities. 

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Global Real Estate Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.48 | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp; $10.28 | &nbsp;&nbsp; $14.34 | &nbsp;&nbsp; $11.98 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain/(loss) | (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp; (0.07) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (3.46) | &nbsp;&nbsp;&nbsp;&nbsp;2.37 |
| Total from Investment Operations | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp;&nbsp;2.55 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.28) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.19) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.28) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp; (0.19) |
| Net Asset Value, End of Period | $11.88 | &nbsp;&nbsp; $12.48 | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp; $10.28 | &nbsp;&nbsp; $14.34 |
| Total Return<sup>\*</sup> <br>| (2.52)% | &nbsp;&nbsp; 24.87% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; (24.81)% | &nbsp;&nbsp; 21.34% |
| Net Assets, End of Period (in thousands) | $1578 | &nbsp;&nbsp; $2404 | &nbsp;&nbsp; $3249 | &nbsp;&nbsp; $4548 | &nbsp;&nbsp; $6766 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.87% | &nbsp;&nbsp; 1.83% | &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 2.03% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.75% | &nbsp;&nbsp; 1.79% | &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 2.03% |
| Ratio of Net Investment Income/(Loss) | 1.25% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 1.31% |
| Portfolio Turnover Rate | 61% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 68% | &nbsp;&nbsp; 77% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The amount shown does not correlate with the change in the aggregate gains and losses in the Fund's securities for the year or period due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's securities. 

See Notes to Financial Statements.

10 \| September 30, 2025

------

**Janus Henderson Global Real Estate Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.90 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp; $14.77 | &nbsp;&nbsp; $12.26 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain/(loss) | (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp; (0.08) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (3.58) | &nbsp;&nbsp;&nbsp;&nbsp;2.41 |
| Total from Investment Operations | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (3.34) | &nbsp;&nbsp;&nbsp;&nbsp;2.75 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.37) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.24) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.37) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp; (0.24) |
| Net Asset Value, End of Period | $12.31 | &nbsp;&nbsp; $12.90 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp; $14.77 |
| Total Return<sup>\*</sup> <br>| (1.61)% | &nbsp;&nbsp; 26.15% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; (24.05)% | &nbsp;&nbsp; 22.59% |
| Net Assets, End of Period (in thousands) | $33938 | &nbsp;&nbsp; $40373 | &nbsp;&nbsp; $37677 | &nbsp;&nbsp; $44666 | &nbsp;&nbsp; $58872 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.81% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.06% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.81% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.06% |
| Ratio of Net Investment Income/(Loss) | 2.24% | &nbsp;&nbsp; 2.49% | &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 2.41% |
| Portfolio Turnover Rate | 61% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 68% | &nbsp;&nbsp; 77% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The amount shown does not correlate with the change in the aggregate gains and losses in the Fund's securities for the year or period due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's securities. 

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Global Real Estate Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.88 | &nbsp;&nbsp; $10.51 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $14.75 | &nbsp;&nbsp; $12.25 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain/(loss) | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp; (0.07) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (3.58) | &nbsp;&nbsp;&nbsp;&nbsp;2.41 |
| Total from Investment Operations | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp; (3.34) | &nbsp;&nbsp;&nbsp;&nbsp;2.75 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.38) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.25) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.38) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp; (0.25) |
| Net Asset Value, End of Period | $12.29 | &nbsp;&nbsp; $12.88 | &nbsp;&nbsp; $10.51 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $14.75 |
| Total Return<sup>\*</sup> <br>| (1.54)% | &nbsp;&nbsp; 26.17% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; (24.04)% | &nbsp;&nbsp; 22.56% |
| Net Assets, End of Period (in thousands) | $151287 | &nbsp;&nbsp; $192605 | &nbsp;&nbsp; $241439 | &nbsp;&nbsp; $383144 | &nbsp;&nbsp; $551129 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.00% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.00% |
| Ratio of Net Investment Income/(Loss) | 2.28% | &nbsp;&nbsp; 2.57% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 2.44% |
| Portfolio Turnover Rate | 61% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 68% | &nbsp;&nbsp; 77% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The amount shown does not correlate with the change in the aggregate gains and losses in the Fund's securities for the year or period due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's securities. 

See Notes to Financial Statements.

12 \| September 30, 2025

------

**Janus Henderson Global Real Estate Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.88 | &nbsp;&nbsp; $10.51 | &nbsp;&nbsp; $10.61 | &nbsp;&nbsp; $14.76 | &nbsp;&nbsp; $12.24 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain/(loss) | (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp; (0.09) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (3.58) | &nbsp;&nbsp;&nbsp;&nbsp;2.42 |
| Total from Investment Operations | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp; (3.32) | &nbsp;&nbsp;&nbsp;&nbsp;2.77 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.39) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.25) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.39) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (0.25) |
| Net Asset Value, End of Period | $12.30 | &nbsp;&nbsp; $12.88 | &nbsp;&nbsp; $10.51 | &nbsp;&nbsp; $10.61 | &nbsp;&nbsp; $14.76 |
| Total Return<sup>\*</sup> <br>| (1.39)% | &nbsp;&nbsp; 26.30% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; (23.94)% | &nbsp;&nbsp; 22.80% |
| Net Assets, End of Period (in thousands) | $52634 | &nbsp;&nbsp; $106918 | &nbsp;&nbsp; $96342 | &nbsp;&nbsp; $82484 | &nbsp;&nbsp; $114928 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.65% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.65% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Investment Income/(Loss) | 2.29% | &nbsp;&nbsp; 2.66% | &nbsp;&nbsp; 2.22% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 2.49% |
| Portfolio Turnover Rate | 61% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 68% | &nbsp;&nbsp; 77% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The amount shown does not correlate with the change in the aggregate gains and losses in the Fund's securities for the year or period due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's securities. 

See Notes to Financial Statements.

Janus Investment Fund \| 13

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**Janus Henderson Global Real Estate Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.73 | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $10.48 | &nbsp;&nbsp; $14.59 | &nbsp;&nbsp; $12.15 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain/(loss) | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp; (0.08) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (3.54) | &nbsp;&nbsp;&nbsp;&nbsp;2.37 |
| Total from Investment Operations | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp; (3.35) | &nbsp;&nbsp;&nbsp;&nbsp;2.66 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.33) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.22) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.33) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp; (0.22) |
| Net Asset Value, End of Period | $12.14 | &nbsp;&nbsp; $12.73 | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $10.48 | &nbsp;&nbsp; $14.59 |
| Total Return<sup>\*</sup> <br>| (1.96)% | &nbsp;&nbsp; 25.67% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; (24.37)% | &nbsp;&nbsp; 22.03% |
| Net Assets, End of Period (in thousands) | $6211 | &nbsp;&nbsp; $7358 | &nbsp;&nbsp; $7085 | &nbsp;&nbsp; $7238 | &nbsp;&nbsp; $9178 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.18% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 1.43% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.17% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.43% |
| Ratio of Net Investment Income/(Loss) | 1.88% | &nbsp;&nbsp; 2.14% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 2.06% |
| Portfolio Turnover Rate | 61% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 68% | &nbsp;&nbsp; 77% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The amount shown does not correlate with the change in the aggregate gains and losses in the Fund's securities for the year or period due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's securities. 

See Notes to Financial Statements.

14 \| September 30, 2025

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**Janus Henderson Global Real Estate Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.87 | &nbsp;&nbsp; $10.50 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $14.75 | &nbsp;&nbsp; $12.25 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain/(loss) | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp; (0.09) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (3.59) | &nbsp;&nbsp;&nbsp;&nbsp;2.42 |
| Total from Investment Operations | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp;&nbsp;2.74 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.36) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.24) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.36) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.24) |
| Net Asset Value, End of Period | $12.29 | &nbsp;&nbsp; $12.87 | &nbsp;&nbsp; $10.50 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $14.75 |
| Total Return<sup>\*</sup> <br>| (1.61)% | &nbsp;&nbsp; 26.02% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; (24.15)% | &nbsp;&nbsp; 22.49% |
| Net Assets, End of Period (in thousands) | $48592 | &nbsp;&nbsp; $63136 | &nbsp;&nbsp; $66270 | &nbsp;&nbsp; $87895 | &nbsp;&nbsp; $121737 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.89% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.14% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.88% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.14% |
| Ratio of Net Investment Income/(Loss) | 2.15% | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 2.30% |
| Portfolio Turnover Rate | 61% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 68% | &nbsp;&nbsp; 77% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The amount shown does not correlate with the change in the aggregate gains and losses in the Fund's securities for the year or period due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's securities. 

See Notes to Financial Statements.

Janus Investment Fund \| 15

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**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements** 

&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 Real Estate 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 a combination of capital appreciation and current 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 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 \| September 30, 2025

------

**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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 Global Real Estate Fund**

**Notes to Financial Statements** 

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

rates and similar data.

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

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

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

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

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

Schedule of Investments 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 \| September 30, 2025

------

**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements** 

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

and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

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

income tax purposes.

**Federal Income Taxes**

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

in the next twelve months.

**2. Other Investments and Strategies**

**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, war, 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.* Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. 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.

Janus Investment Fund \| 19

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**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements** 

**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.

**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%

20 \| September 30, 2025

------

**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements** 

for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" on the Statement of Operations. As of September 30, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $2,746,095. Gross amounts of recognized liabilities for securities lending (collateral

received) as of September 30, 2025 is $2,790,191, resulting in the net amount due to the counterparty of $44,096.

**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 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 0.75%, and the Fund's benchmark index used in the calculation is the FTSE EPRA Nareit Global 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

Janus Investment Fund \| 21

------

**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements** 

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 prospectus 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 year ended September 30, 2025, the performance adjusted investment advisory

fee rate before any waivers and/or reimbursements of expenses is 0.51%.

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 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 January 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 $532,252 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 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 \| September 30, 2025

------

**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements** 

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 year ended September 30, 2025, the Distributor

retained upfront sales charges of $440.

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 year ended September 30,

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 year ended September 30, 2025, redeeming shareholders of Class C Shares

paid CDSCs of $186.

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 September 30, 2025 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and

Janus Investment Fund \| 23

------

**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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 year ended September 30, 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 year ended September 30, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

**4. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term Gains*<br>| *Accumulated* <br>*Capital Losses*<br>| *Loss Deferrals* | *Other Book* <br>*to Tax* <br>*Differences*<br>| *Net Tax* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| $2339587 | $- | &nbsp;&nbsp; $(73149951) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13067 | &nbsp;&nbsp; $32437626 |

---

Accumulated capital losses noted below represent net capital loss carryovers, as of September 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 September 30, 2025* | *For the year ended September 30, 2025* |  |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | &nbsp;&nbsp; Accumulated <br>Capital Losses<br>|
| $(57150514) | &nbsp;&nbsp; $(15999437) | &nbsp;&nbsp; $(73149951) |

---

During the year ended September 30, 2025, capital loss carryovers of $125,618 were utilized by the Fund.

24 \| September 30, 2025

------

**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements** 

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 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

investments in passive foreign investment companies.

---

| | | | |
|:---|:---|:---|:---|
| *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>|
| $276749627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $41769282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(9331656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32437626 |

---

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. Certain permanent differences such as tax returns

of capital and net investment losses noted below have been reclassified to capital.

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $10248240 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $12702749 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These

differences have no impact on the results of operations or net assets.

Janus Investment Fund \| 25

------

**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements** 

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

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended September 30, 2025* | *Year ended September 30, 2025* | *Year ended September 30, 2024* | *Year ended September 30, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 91626 | &nbsp;&nbsp; $1079192 | &nbsp;&nbsp; 182748 | &nbsp;&nbsp; $2038137 |
| Reinvested dividends and distributions | 24586 | &nbsp;&nbsp; 294326 | &nbsp;&nbsp; 22993 | &nbsp;&nbsp; 265414 |
| Shares repurchased | (187755) | &nbsp;&nbsp; (2198489) | &nbsp;&nbsp; (174687) | &nbsp;&nbsp; (1939232) |
| Net Increase/(Decrease) | (71543) | &nbsp;&nbsp; $(824971) | &nbsp;&nbsp; 31054 | &nbsp;&nbsp; $364319 |
| Class C Shares: |  |  |  |  |
| Shares sold | 5889 | &nbsp;&nbsp; $67022 | &nbsp;&nbsp; 7138 | &nbsp;&nbsp; $78405 |
| Reinvested dividends and distributions | 3583 | &nbsp;&nbsp; 41830 | &nbsp;&nbsp; 4181 | &nbsp;&nbsp; 46828 |
| Shares repurchased | (69331) | &nbsp;&nbsp; (793614) | &nbsp;&nbsp; (137578) | &nbsp;&nbsp; (1499920) |
| Net Increase/(Decrease) | (59859) | &nbsp;&nbsp; $(684762) | &nbsp;&nbsp; (126259) | &nbsp;&nbsp; $(1374687) |
| Class D Shares: |  |  |  |  |
| Shares sold | 253211 | &nbsp;&nbsp; $3019983 | &nbsp;&nbsp; 221103 | &nbsp;&nbsp; $2560913 |
| Reinvested dividends and distributions | 83374 | &nbsp;&nbsp; 1005994 | &nbsp;&nbsp; 90968 | &nbsp;&nbsp; 1054465 |
| Shares repurchased | (710172) | &nbsp;&nbsp; (8397649) | &nbsp;&nbsp; (763359) | &nbsp;&nbsp; (8721002) |
| Net Increase/(Decrease) | (373587) | &nbsp;&nbsp; $(4371672) | &nbsp;&nbsp; (451288) | &nbsp;&nbsp; $(5105624) |
| Class I Shares: |  |  |  |  |
| Shares sold | 4232127 | &nbsp;&nbsp; $49630938 | &nbsp;&nbsp; 3648165 | &nbsp;&nbsp; $40761835 |
| Reinvested dividends and distributions | 360549 | &nbsp;&nbsp; 4342123 | &nbsp;&nbsp; 481803 | &nbsp;&nbsp; 5540169 |
| Shares repurchased | (7240184) | &nbsp;&nbsp; (84951682) | &nbsp;&nbsp; (12158932) | &nbsp;&nbsp; (136062697) |
| Net Increase/(Decrease) | (2647508) | &nbsp;&nbsp; $(30978621) | &nbsp;&nbsp; (8028964) | &nbsp;&nbsp; $(89760693) |
| Class N Shares: |  |  |  |  |
| Shares sold | 1118801 | &nbsp;&nbsp; $13130555 | &nbsp;&nbsp; 1594189 | &nbsp;&nbsp; $17994441 |
| Reinvested dividends and distributions | 150535 | &nbsp;&nbsp; 1813314 | &nbsp;&nbsp; 192910 | &nbsp;&nbsp; 2230319 |
| Shares repurchased | (5289673) | &nbsp;&nbsp; (61568337) | &nbsp;&nbsp; (2656887) | &nbsp;&nbsp; (30128418) |
| Net Increase/(Decrease) | (4020337) | &nbsp;&nbsp; $(46624468) | &nbsp;&nbsp; (869788) | &nbsp;&nbsp; $(9903658) |
| Class S Shares: |  |  |  |  |
| Shares sold | 53874 | &nbsp;&nbsp; $639471 | &nbsp;&nbsp; 51436 | &nbsp;&nbsp; $567964 |
| Reinvested dividends and distributions | 14519 | &nbsp;&nbsp; 173108 | &nbsp;&nbsp; 15807 | &nbsp;&nbsp; 180910 |
| Shares repurchased | (134963) | &nbsp;&nbsp; (1582891) | &nbsp;&nbsp; (171190) | &nbsp;&nbsp; (1887948) |
| Net Increase/(Decrease) | (66570) | &nbsp;&nbsp; $(770312) | &nbsp;&nbsp; (103947) | &nbsp;&nbsp; $(1139074) |
| Class T Shares: |  |  |  |  |
| Shares sold | 350959 | &nbsp;&nbsp; $4163086 | &nbsp;&nbsp; 331085 | &nbsp;&nbsp; $3760034 |
| Reinvested dividends and distributions | 127116 | &nbsp;&nbsp; 1531325 | &nbsp;&nbsp; 152631 | &nbsp;&nbsp; 1762437 |
| Shares repurchased | (1427720) | &nbsp;&nbsp; (16854767) | &nbsp;&nbsp; (1890502) | &nbsp;&nbsp; (21317983) |
| Net Increase/(Decrease) | (949645) | &nbsp;&nbsp; $(11160356) | &nbsp;&nbsp; (1406786) | &nbsp;&nbsp; $(15795512) |

---

**6. Purchases and Sales of Investment Securities**

For the year ended September 30, 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>|
| $201649592 | &nbsp;&nbsp;&nbsp;&nbsp; $298672062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**7. Recent Accounting Pronouncements**

The FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—*Improvements to Income Tax Disclosures* (ASU 2023-09) in December 2023. The new guidance enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes the

adoption of the ASU will not have a material impact on the financial statements.

26 \| September 30, 2025

------

**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements** 

&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 September 30, 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 \| 27

------

**Janus Henderson Global Real Estate Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Global Real Estate Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Global Real Estate Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable

basis for our opinion.

![](img4ade506a2.jpg)

Denver, Colorado

November 20, 2025

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

28 \| September 30, 2025

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**Janus Henderson Global Real Estate Fund**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2025:

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| | |
|:---|:---|
| Section 163(j) Interest Dividend | 1% |
| Dividends Received Deduction Percentage | 3% |
| Qualified Dividend Income Percentage | 12% |

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Janus Investment Fund \| 29

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**Janus Henderson Global Real Estate 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 Trustees 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 1, 2024 and December 4-5, 2024, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2025 through February 1, 2026, subject to earlier termination as provided for in each agreement.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus

30 \| September 30, 2025

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**Janus Henderson Global Real Estate Fund**

**Additional Information (unaudited)**

Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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, 2024, approximately 58% 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, 2024, approximately 61% 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 performance in periods ended September 30, 2024 has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2024, approximately 75% and 61% 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, 2024, approximately 66% and 68% 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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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.

Janus Investment Fund \| 31

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**Janus Henderson Global Real Estate Fund**

**Additional Information (unaudited)**

***<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 first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 High-Yield Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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.

32 \| September 30, 2025

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**Janus Henderson Global Real Estate 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Contrarian Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted the reasons for the Fund's underperformance over various periods of time, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

Janus Investment Fund \| 33

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**Janus Henderson Global Real Estate 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 Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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, 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 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted that the 36-month end performance was not yet available because of the Fund's inception date.

&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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

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

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as 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 10% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the

34 \| September 30, 2025

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**Janus Henderson Global Real Estate Fund**

**Additional Information (unaudited)**

Janus Henderson Funds, on average, were 11% 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, recent 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) 11 of 12 Janus Henderson Funds had management fees (before waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser and 16 of 18 Janus Henderson Funds had management fees (after waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser. The Trustees noted that for the one Janus Henderson Fund that did not have a lower or in line management fee (before waivers or performance fees) than similar funds subadvised by the Adviser, the management fee was under the average of its 15(c) peer group. For the two Janus Henderson Funds that did not have lower or in line management fees (after waivers or performance fees) than similar funds Subadvised by the Adviser, the management fees were due to performance fee increases resulting from Janus Henderson Fund outperformance of such Janus Henderson Fund's reference index.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2023 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.

&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.

Janus Investment Fund \| 35

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

&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 the Fund's total expenses were below the peer group average for all share classes.

&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.

36 \| September 30, 2025

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**Janus Henderson Global Real Estate 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 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 Responsible 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 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.

&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 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 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.

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

Janus Investment Fund \| 37

------

**Janus Henderson Global Real Estate 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 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 the Fund's total expenses were below the peer group average for all share classes.

&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 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 U.S. Dividend 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 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, 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. The Trustees noted that during the 2023 15(c) review process, the Adviser reported no changes to its allocation methodology; however, at the Trustees' request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant's analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. 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.

38 \| September 30, 2025

------

**Janus Henderson Global Real Estate Fund**

**Additional Information (unaudited)**

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 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 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2024 report: (1) past 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 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 42% of Janus Henderson Funds have low flat-rate fees (the "Low Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and higher fees when the fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2024 report that (1) 68% 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 Low 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 analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus 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

Janus Investment Fund \| 39

------

**Janus Henderson Global Real Estate Fund**

**Additional Information (unaudited)**

affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

40 \| September 30, 2025

------

**Janus Henderson Global Real Estate Fund**

**Notes**

Janus Investment Fund \| 41

------

![](imgb92a92c93.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

125-02-93044 11-25

------

ANNUAL FINANCIAL STATEMENTS

September 30, 2025

**Janus Henderson Global Research Fund**

Janus Investment Fund

![](imgffb1f07d1.gif)

------

**Table of Contents**

**Janus Henderson Global Research Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_f194f0c5-6b16-4e8c-bf01-0158403002a9_SOI-SOI-RunningFooter-40_1)<br> [Management Investment Companies](#xx_f194f0c5-6b16-4e8c-bf01-0158403002a9_SOI-SOI-RunningFooter-40_1)<br>|  |
| [Schedule of Investments](#xx_f194f0c5-6b16-4e8c-bf01-0158403002a9_SOI-SOI-RunningFooter-40_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_f194f0c5-6b16-4e8c-bf01-0158403002a9_SOI-SOI-RunningFooter-40_6) | 6 |
| [Statement of Assets and Liabilities](#xx_f194f0c5-6b16-4e8c-bf01-0158403002a9_SAL-SAL-RunningFooter-40_1) | 7 |
| [Statement of Operations](#xx_f194f0c5-6b16-4e8c-bf01-0158403002a9_SOP-SOP-RunningFooter-40_1) | 9 |
| [Statements of Changes in Net Assets](#xx_f194f0c5-6b16-4e8c-bf01-0158403002a9_SOC-SOC-RunningFooter-40_1) | 11 |
| [Financial Highlights](#xx_f194f0c5-6b16-4e8c-bf01-0158403002a9_FIHI-FIHI-RunningFooter-40_1) | 12 |
| [Notes to Financial Statements](#xx_f194f0c5-6b16-4e8c-bf01-0158403002a9_NTF-NTF-RunningFooter-40_1) | 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_f194f0c5-6b16-4e8c-bf01-0158403002a9_AUD-AR-RunningFooter-40_1) | 34 |
| [Designation Requirements](#xx_f194f0c5-6b16-4e8c-bf01-0158403002a9_DR-DR-RunningFooter-40_1) | 35 |
| [Items 8-11 - Additional Information](#xx_f194f0c5-6b16-4e8c-bf01-0158403002a9_AI-AI-RunningFooter-40_1) | 36 |

---

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**Janus Henderson Global Research Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 99.8% |  |  |
| Aerospace & Defense – 4.6% |  |  |
| BAE Systems PLC | 2409067 | $66744986 |
| Boeing Co<sup>\*</sup> <br>| 176391 | 38070469 |
| General Electric Co | 204374 | 61479787 |
| Howmet Aerospace Inc | 198870 | 39024260 |
|  |  | 205319502 |
| Airlines – 0.5% |  |  |
| Ryanair Holdings PLC | 745337 | 21801851 |
| Banks – 8.2% |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 2473647 | 47583246 |
| BNP Paribas SA | 359259 | 32745257 |
| Erste Group Bank AG | 500893 | 48958861 |
| HDFC Bank Ltd | 1553066 | 16640408 |
| JPMorgan Chase & Co | 317779 | 100237030 |
| Natwest Group PLC | 6009521 | 42175102 |
| Resona Holdings Inc | 1972400 | 20080998 |
| UniCredit SpA | 753368 | 57191250 |
|  |  | 365612152 |
| Beverages – 1.3% |  |  |
| Constellation Brands Inc - Class A | 101781 | 13706847 |
| Monster Beverage Corp<sup>\*</sup> <br>| 416531 | 28036702 |
| Pernod Ricard SA | 148871 | 14635929 |
|  |  | 56379478 |
| Biotechnology – 2.5% |  |  |
| AbbVie Inc | 125852 | 29139772 |
| Amgen Inc | 44899 | 12670498 |
| Argenx SE (ADR)<sup>\*</sup> <br>| 32772 | 24171316 |
| Ascendis Pharma A/S (ADR)<sup>\*</sup> <br>| 44360 | 8819212 |
| Avidity Biosciences Inc<sup>\*</sup> <br>| 161398 | 7032111 |
| United Therapeutics Corp<sup>\*</sup> <br>| 10459 | 4384517 |
| Vaxcyte Inc<sup>\*</sup> <br>| 175314 | 6314810 |
| Vertex Pharmaceuticals Inc<sup>\*</sup> <br>| 51964 | 20351181 |
|  |  | 112883417 |
| Building Products – 0.8% |  |  |
| Trane Technologies PLC | 87107 | 36755670 |
| Capital Markets – 3.1% |  |  |
| Ares Management Corp - Class A | 141780 | 22669204 |
| Bank of New York Mellon Corp | 234311 | 25530527 |
| Blackstone Group Inc | 171723 | 29338875 |
| LPL Financial Holdings Inc | 86280 | 28704493 |
| Morgan Stanley | 198423 | 31541320 |
|  |  | 137784419 |
| Chemicals – 1.3% |  |  |
| Ecolab Inc | 117692 | 32231131 |
| Taiyo Nippon Sanso Corp | 732500 | 25958796 |
|  |  | 58189927 |
| Communications Equipment – 0.3% |  |  |
| Arista Networks Inc<sup>\*</sup> <br>| 91181 | 13285983 |
| Consumer Finance – 1.3% |  |  |
| Capital One Financial Corp | 198920 | 42286414 |
| OneMain Holdings Inc | 250136 | 14122678 |
|  |  | 56409092 |
| Diversified Financial Services – 3.4% |  |  |
| Apollo Global Management Inc | 148401 | 19777401 |
| Mastercard Inc - Class A | 118876 | 67617858 |
| Visa Inc | 182558 | 62321650 |
|  |  | 149716909 |
| Electric Utilities – 0.7% |  |  |
| Xcel Energy Inc | 383330 | 30915564 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

\| 1

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**Janus Henderson Global Research Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Electrical Equipment – 0.9% |  |  |
| Eaton Corp PLC | 105607 | $39523420 |
| Electronic Equipment, Instruments & Components – 1.3% |  |  |
| Hexagon AB - Class B | 4652261 | 55833559 |
| Entertainment – 2.5% |  |  |
| Liberty Media Corp-Liberty Formula One - Series C<sup>\*</sup> <br>| 295115 | 30824762 |
| Netflix Inc<sup>\*</sup> <br>| 46540 | 55797737 |
| Spotify Technology SA<sup>\*</sup> <br>| 33294 | 23239212 |
|  |  | 109861711 |
| Health Care Equipment & Supplies – 1.6% |  |  |
| Abbott Laboratories | 195399 | 26171742 |
| Boston Scientific Corp<sup>\*</sup> <br>| 265116 | 25883275 |
| DexCom Inc<sup>\*</sup> <br>| 105368 | 7090213 |
| Intuitive Surgical Inc<sup>\*</sup> <br>| 26859 | 12012151 |
| Lantheus Holdings Inc<sup>\*</sup> <br>| 42290 | 2169054 |
|  |  | 73326435 |
| Health Care Providers & Services – 1.0% |  |  |
| McKesson Corp | 27074 | 20915748 |
| UnitedHealth Group Inc | 66094 | 22822258 |
|  |  | 43738006 |
| Hotels, Restaurants & Leisure – 3.1% |  |  |
| Booking Holdings Inc | 4239 | 22887506 |
| DoorDash Inc - Class A<sup>\*</sup> <br>| 80128 | 21794015 |
| Flutter Entertainment PLC<sup>\*</sup> <br>| 54873 | 13937742 |
| Hilton Worldwide Holdings Inc | 80663 | 20927209 |
| McDonald's Corp | 151453 | 46025052 |
| Royal Caribbean Cruises Ltd | 33488 | 10836047 |
| Wingstop Inc | 14061 | 3538872 |
|  |  | 139946443 |
| Household Durables – 0.4% |  |  |
| Lennar Corp | 146260 | 18434610 |
| Independent Power and Renewable Electricity Producers – 1.9% |  |  |
| RWE AG | 404859 | 17977998 |
| Vistra Corp | 336101 | 65848908 |
|  |  | 83826906 |
| Industrial Conglomerates – 1.4% |  |  |
| 3M Co | 390320 | 60569858 |
| Information Technology Services – 0.3% |  |  |
| Snowflake Inc - Class A<sup>\*</sup> <br>| 60211 | 13580591 |
| Insurance – 2.9% |  |  |
| Arthur J Gallagher & Co | 113971 | 35301378 |
| AXA SA | 417851 | 20004542 |
| Beazley PLC | 1822907 | 22297729 |
| Progressive Corp/The | 205041 | 50634875 |
|  |  | 128238524 |
| Interactive Media & Services – 6.2% |  |  |
| Alphabet Inc - Class C | 547829 | 133423753 |
| Meta Platforms Inc - Class A | 195592 | 143638853 |
|  |  | 277062606 |
| Life Sciences Tools & Services – 0.4% |  |  |
| Danaher Corp | 91201 | 18081510 |
| Machinery – 2.3% |  |  |
| Alstom SA<sup>\*</sup> <br>| 1264685 | 33227642 |
| Atlas Copco AB - Class A | 2236681 | 38105183 |
| Deere & Co | 68074 | 31127517 |
|  |  | 102460342 |
| Metals & Mining – 0.8% |  |  |
| Teck Resources Ltd | 485400 | 21296205 |
| Vale SA | 1470839 | 15914259 |
|  |  | 37210464 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \|

------

**Janus Henderson Global Research Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Multiline Retail – 3.0% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 605954 | $133049320 |
| Oil, Gas & Consumable Fuels – 3.9% |  |  |
| Canadian Natural Resources Ltd | 749292 | 23962267 |
| Cheniere Energy Inc | 52450 | 12324701 |
| Chevron Corp | 163580 | 25402338 |
| ConocoPhillips | 190965 | 18063379 |
| EOG Resources Inc | 110138 | 12348672 |
| Marathon Petroleum Corp | 20835 | 4015738 |
| Suncor Energy Inc | 479123 | 20053269 |
| TC Energy Corp<sup>#</sup> <br>| 696675 | 37885302 |
| TotalEnergies SE | 292791 | 17864126 |
|  |  | 171919792 |
| Personal Products – 1.5% |  |  |
| Unilever PLC | 1151917 | 68371861 |
| Pharmaceuticals – 3.1% |  |  |
| AstraZeneca PLC | 183306 | 27996453 |
| Eli Lilly & Co | 59404 | 45325252 |
| Johnson & Johnson | 226892 | 42070315 |
| Roche Holding AG | 69676 | 22936871 |
|  |  | 138328891 |
| Professional Services – 0.5% |  |  |
| Booz Allen Hamilton Holding Corp | 238463 | 23834377 |
| Road & Rail – 0.5% |  |  |
| Canadian Pacific Kansas City Ltd | 289377 | 21555103 |
| Semiconductor & Semiconductor Equipment – 13.5% |  |  |
| Analog Devices Inc | 71834 | 17649614 |
| ASML Holding NV | 9856 | 9608011 |
| Broadcom Inc | 384106 | 126720410 |
| Lam Research Corp | 316150 | 42332485 |
| NVIDIA Corp | 1709339 | 318928471 |
| ON Semiconductor Corp<sup>\*</sup> <br>| 245346 | 12098011 |
| Taiwan Semiconductor Manufacturing Co Ltd | 1681000 | 73154820 |
|  |  | 600491822 |
| Software – 10.4% |  |  |
| Atlassian Corp - Class A<sup>\*</sup> <br>| 89625 | 14313112 |
| Autodesk Inc<sup>\*</sup> <br>| 122877 | 39034337 |
| Cadence Design Systems Inc<sup>\*</sup> <br>| 79335 | 27867212 |
| Datadog Inc - Class A<sup>\*</sup> <br>| 128141 | 18247278 |
| HubSpot Inc<sup>\*</sup> <br>| 8464 | 3959459 |
| Intuit Inc | 62761 | 42860115 |
| Microsoft Corp | 471750 | 244342912 |
| Oracle Corp | 110015 | 30940619 |
| ServiceNow Inc<sup>\*</sup> <br>| 19717 | 18145161 |
| Synopsys Inc<sup>\*</sup> <br>| 25069 | 12368794 |
| Workday Inc - Class A<sup>\*</sup> <br>| 44169 | 10632803 |
|  |  | 462711802 |
| Specialized Real Estate Investment Trusts (REITs) – 0.6% |  |  |
| American Tower Corp | 139708 | 26868643 |
| Specialty Retail – 1.8% |  |  |
| O'Reilly Automotive Inc<sup>\*</sup> <br>| 308100 | 33216261 |
| TJX Cos Inc | 338025 | 48858133 |
|  |  | 82074394 |
| Technology Hardware, Storage & Peripherals – 2.4% |  |  |
| Apple Inc | 421653 | 107365503 |
| Textiles, Apparel & Luxury Goods – 1.4% |  |  |
| Gildan Activewear Inc | 335212 | 19375254 |
| LVMH Moet Hennessy Louis Vuitton SE | 34148 | 20891970 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

\| 3

------

**Janus Henderson Global Research Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Textiles, Apparel & Luxury Goods – (continued) |  |  |
| Moncler SpA | 163090 | $9566388 |
| NIKE Inc - Class B | 208172 | 14515833 |
|  |  | 64349445 |
| Trading Companies & Distributors – 1.0% |  |  |
| Ferguson Enterprises Inc/DE | 198799 | 44786185 |
| Wireless Telecommunication Services – 1.2% |  |  |
| T-Mobile US Inc | 218011 | 52187473 |
| Total Common Stocks (cost $2,358,531,776) |  | 4444643560 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.5% |  |  |
| Investment Companies – 0.4% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº,</sup><sup>£</sup> <br>| 19410600 | 19410600 |
| Time Deposits – 0.1% |  |  |
| Royal Bank of Canada, 4.0800%, 10/1/25 | $4852650 | 4852650 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $24,263,250) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $24,263,250) | 24263250 |
| Total Investments (total cost $2,382,795,026) – 100.3% |  | 4468906810 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.3)% |  | (14569597) |
| Net Assets – 100% |  | $4454337213 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $3420281574 | &nbsp;&nbsp;&nbsp;&nbsp; 76.5<br> %<br>|
| United Kingdom | 159214270 | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Canada | 144127400 | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| France | 139369466 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Sweden | 117177954 | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Netherlands | 77979872 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Taiwan | 73154820 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Italy | 66757638 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Austria | 48958861 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Spain | 47583246 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Japan | 46039794 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Belgium | 24171316 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Switzerland | 22936871 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Ireland | 21801851 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Germany | 17977998 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| India | 16640408 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Brazil | 15914259 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Denmark | 8819212 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Total | $4468906810 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \|

------

**Janus Henderson Global Research Fund**

**Schedule of Investments** 

**September 30, 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>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A |
| Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | $22611347 | $356636089 | $(379247211) | $(977) | $752 | $- | - | $621052 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% |
| Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  |
|  | 14011060 | 301673997 | (296274457) | - | - | 19410600 | 19410600 | 58003 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% |
|  | $36622407 | $658310086 | $(675521668) | $(977) | $752 | $19410600 | 19410600 | $679055 |

---

---

| | |
|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Equity* <br>*Contracts*<br>|
| Swap contracts | $1580983 |

---

---

| | |
|:---|:---|
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |
| *Derivative* | *Equity* <br>*Contracts*<br>|
| Swap contracts | $1679408 |

---

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2025** |
| Total return swaps: |  |
| Average notional amount | $7146640 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $23519421 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(23519421) | &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.

\| 5

------

**Janus Henderson Global Research Fund**

**Notes to Schedule of Investments and Other Information** 

ADR American Depositary Receipt <br> LLC Limited Liability Company <br> PLC Public Limited Company

---

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

---

The Fund has registration rights for certain restricted securities held as of September 30, 2025. The issuer incurs all registration costs.

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 September 30, 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* |  |  |  |
| Aerospace & Defense | $138574516 | &nbsp;&nbsp; $66744986 | &nbsp;&nbsp; $- |
| Airlines | - | &nbsp;&nbsp; 21801851 | &nbsp;&nbsp; - |
| Banks | 100237030 | &nbsp;&nbsp; 265375122 | &nbsp;&nbsp; - |
| Beverages | 41743549 | &nbsp;&nbsp; 14635929 | &nbsp;&nbsp; - |
| Chemicals | 32231131 | &nbsp;&nbsp; 25958796 | &nbsp;&nbsp; - |
| Electronic Equipment, Instruments & Components | - | &nbsp;&nbsp; 55833559 | &nbsp;&nbsp; - |
| Independent Power and Renewable Electricity Producers | 65848908 | &nbsp;&nbsp; 17977998 | &nbsp;&nbsp; - |
| Insurance | 85936253 | &nbsp;&nbsp; 42302271 | &nbsp;&nbsp; - |
| Machinery | 31127517 | &nbsp;&nbsp; 71332825 | &nbsp;&nbsp; - |
| Oil, Gas & Consumable Fuels | 154055666 | &nbsp;&nbsp; 17864126 | &nbsp;&nbsp; - |
| Personal Products | - | &nbsp;&nbsp; 68371861 | &nbsp;&nbsp; - |
| Pharmaceuticals | 87395567 | &nbsp;&nbsp; 50933324 | &nbsp;&nbsp; - |
| Semiconductor & Semiconductor Equipment | 517728991 | &nbsp;&nbsp; 82762831 | &nbsp;&nbsp; - |
| Textiles, Apparel & Luxury Goods | 33891087 | &nbsp;&nbsp; 30458358 | &nbsp;&nbsp; - |
| Trading Companies & Distributors | - | &nbsp;&nbsp; 44786185 | &nbsp;&nbsp; - |
| All Other | 2278733323 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 24263250 | &nbsp;&nbsp; - |
| **Total Assets** | $3567503538 | &nbsp;&nbsp; $901403272 | &nbsp;&nbsp; $- |

---

6 \|

------

**Janus Henderson Global Research Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $2,363,384,426)<sup>(1)</sup> <br>| $4449496210 |
| Affiliated investments, at value (cost $19,410,600) | 19410600 |
| Cash denominated in foreign currency (cost $2,693) | 2693 |
| Trustees' deferred compensation | 127677 |
| Receivables: |  |
| Investments sold | 72006056 |
| Dividends | 2483554 |
| Foreign tax reclaims | 2330580 |
| Fund shares sold | 1055597 |
| Dividends from affiliates | 22917 |
| Other assets | 366144 |
| Total Assets | 4547302028 |
| Liabilities: |  |
| Due to custodian | 40986544 |
| Collateral for securities loaned (Note 3) | 24263250 |
| Payables: |  |
| Investments purchased | 21665675 |
| Advisory fees | 2608416 |
| Foreign tax liability | 1526705 |
| Fund shares repurchased | 811020 |
| Transfer agent fees and expenses | 610184 |
| Trustees' deferred compensation fees | 127677 |
| Professional fees | 79438 |
| Trustees' fees and expenses | 20244 |
| Custodian fees | 19033 |
| 12b-1 Distribution and shareholder servicing fees | 17893 |
| Affiliated fund administration fees payable | 9086 |
| Accrued expenses and other payables | 219650 |
| Total Liabilities | 92964815 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $4454337213 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Global Research Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $2062778795 |
| Total distributable earnings (loss) (includes $1,526,705 of foreign capital gains tax) | 2391558418 |
| Total Net Assets | $4454337213 |
| Net Assets - Class A Shares | $32870731 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 251670 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $130.61 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $138.58 |
| Net Assets - Class C Shares | $3471375 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 28055 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $123.73 |
| Net Assets - Class D Shares | $2452956820 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 19063248 |
| Net Asset Value Per Share | $128.67 |
| Net Assets - Class I Shares | $266951310 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2029439 |
| Net Asset Value Per Share | $131.54 |
| Net Assets - Class N Shares | $99397517 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 773959 |
| Net Asset Value Per Share | $128.43 |
| Net Assets - Class R Shares | $9820336 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 76578 |
| Net Asset Value Per Share | $128.24 |
| Net Assets - Class S Shares | $23227289 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 177143 |
| Net Asset Value Per Share | $131.12 |
| Net Assets - Class T Shares | $1565641835 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 12193486 |
| Net Asset Value Per Share | $128.40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $23,519,421 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 100/94.25 of net asset value.

See Notes to Financial Statements.

8 \| September 30, 2025

------

**Janus Henderson Global Research Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $58825128 |
| Dividends from affiliates | 621052 |
| Affiliated securities lending income, net | 58003 |
| Unaffiliated securities lending income, net | 14968 |
| Other income | 39572 |
| Foreign tax withheld (Note 1) | (1176352) |
| Total Investment Income | 58382371 |
| Expenses: |  |
| Advisory fees | 28170794 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 85434 |
| Class C Shares | 26105 |
| Class R Shares | 39792 |
| Class S Shares | 53557 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 2453029 |
| Class R Shares | 19945 |
| Class S Shares | 53620 |
| Class T Shares | 3566338 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 46815 |
| Class C Shares | 2201 |
| Class I Shares | 176713 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 1778 |
| Class C Shares | 129 |
| Class D Shares | 253035 |
| Class I Shares | 6103 |
| Class N Shares | 3121 |
| Class R Shares | 92 |
| Class S Shares | 311 |
| Class T Shares | 12009 |
| Shareholder reports expense | 303714 |
| Professional fees | 267311 |
| Registration fees | 173243 |
| Custodian fees | 150668 |
| Affiliated fund administration fees | 121710 |
| Trustees' fees and expenses | 77257 |
| Other expenses | 358424 |
| Total Expenses | 36423248 |
| Less: Excess Expense Reimbursement and Waivers | (186035) |
| Net Expenses | 36237213 |
| Net Investment Income/(Loss) | 22145158 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Global Research Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | $303107934 |
| Investments in affiliates | (977) |
| Swap contracts | 1580983 |
| Total Net Realized Gain/(Loss) on Investments | 304687940 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation (net of increase in deferred foreign taxes of <br> $1,526,705)<br>| 400993084 |
| Investments in affiliates | 752 |
| Swap contracts | 1679408 |
| Total Change in Unrealized Net Appreciation/Depreciation | 402673244 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $729506342 |

---

See Notes to Financial Statements.

10 \| September 30, 2025

------

**Janus Henderson Global Research Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*September 30, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $22145158 | &nbsp;&nbsp; $26960852 |
| Net realized gain/(loss) on investments | 304687940 | &nbsp;&nbsp; 251186359 |
| Change in unrealized net appreciation/depreciation | 402673244 | &nbsp;&nbsp; 795440951 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 729506342 | &nbsp;&nbsp; 1073588162 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (2489712) | &nbsp;&nbsp; (950148) |
| Class C Shares | (176208) | &nbsp;&nbsp; (105628) |
| Class D Shares | (167850365) | &nbsp;&nbsp; (87322040) |
| Class I Shares | (14014693) | &nbsp;&nbsp; (6336902) |
| Class N Shares | (3372315) | &nbsp;&nbsp; (1998967) |
| Class R Shares | (523606) | &nbsp;&nbsp; (297358) |
| Class S Shares | (1537402) | &nbsp;&nbsp; (782628) |
| Class T Shares | (105916949) | &nbsp;&nbsp; (54760140) |
| Net Decrease from Dividends and Distributions to Shareholders | (295881250) | &nbsp;&nbsp; (152553811) |
| Capital Share Transactions: |  |  |
| Class A Shares | (4471060) | &nbsp;&nbsp; 8178123 |
| Class C Shares | 799252 | &nbsp;&nbsp; (735908) |
| Class D Shares | 30129606 | &nbsp;&nbsp; (24536239) |
| Class I Shares | 57694130 | &nbsp;&nbsp; 23009424 |
| Class N Shares | 49311140 | &nbsp;&nbsp; (9014227) |
| Class R Shares | 382159 | &nbsp;&nbsp; (467166) |
| Class S Shares | (462870) | &nbsp;&nbsp; (393103) |
| Class T Shares | 16937487 | &nbsp;&nbsp; (6173198) |
| Net Increase/(Decrease) from Capital Share Transactions | 150319844 | &nbsp;&nbsp; (10132294) |
| Net Increase/(Decrease) in Net Assets | 583944936 | &nbsp;&nbsp; 910902057 |
| Net Assets: |  |  |
| Beginning of period | 3870392277 | &nbsp;&nbsp; 2959490220 |
| End of period | $4454337213 | &nbsp;&nbsp; $3870392277 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Global Research Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $118.11 | &nbsp;&nbsp; $90.46 | &nbsp;&nbsp; $75.40 | &nbsp;&nbsp; $110.18 | &nbsp;&nbsp; $89.60 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.41 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain/(loss) | 20.93 | &nbsp;&nbsp;&nbsp;&nbsp;31.49 | &nbsp;&nbsp;&nbsp;&nbsp;17.74 | &nbsp;&nbsp; (23.60) | &nbsp;&nbsp;&nbsp;&nbsp;23.77 |
| Total from Investment Operations | 21.34 | &nbsp;&nbsp;&nbsp;&nbsp;32.11 | &nbsp;&nbsp;&nbsp;&nbsp;18.36 | &nbsp;&nbsp; (23.19) | &nbsp;&nbsp;&nbsp;&nbsp;24.00 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.65) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.16) |
| Distributions (from capital gains) | (8.19) | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Total Dividends and Distributions | (8.84) | &nbsp;&nbsp; (4.46) | &nbsp;&nbsp; (3.30) | &nbsp;&nbsp; (11.59) | &nbsp;&nbsp; (3.42) |
| Net Asset Value, End of Period | $130.61 | &nbsp;&nbsp; $118.11 | &nbsp;&nbsp; $90.46 | &nbsp;&nbsp; $75.40 | &nbsp;&nbsp; $110.18 |
| Total Return<sup>\*</sup> <br>| 19.09% | &nbsp;&nbsp; 36.88% | &nbsp;&nbsp; 24.94% | &nbsp;&nbsp; (23.60)% | &nbsp;&nbsp; 27.28% |
| Net Assets, End of Period (in thousands) | $32871 | &nbsp;&nbsp; $33722 | &nbsp;&nbsp; $19068 | &nbsp;&nbsp; $17175 | &nbsp;&nbsp; $24310 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.13% | &nbsp;&nbsp; 0.97% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.17% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.13% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.17% |
| Ratio of Net Investment Income/(Loss) | 0.34% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.59% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.23% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 25% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.06 and 0.05%, 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 fiscal year ended 2024. 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 $0.05 and 0.05%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

12 \| September 30, 2025

------

**Janus Henderson Global Research Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $112.55 | &nbsp;&nbsp; $86.48 | &nbsp;&nbsp; $72.28 | &nbsp;&nbsp; $106.56 | &nbsp;&nbsp; $87.19 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.54) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.22) <br><sup>(3)</sup><br>| &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.45) |
| Net realized and unrealized gain/(loss) | 19.91 | &nbsp;&nbsp;&nbsp;&nbsp;30.13 | &nbsp;&nbsp;&nbsp;&nbsp;17.00 | &nbsp;&nbsp; (22.64) | &nbsp;&nbsp;&nbsp;&nbsp;23.08 |
| Total from Investment Operations | 19.37 | &nbsp;&nbsp;&nbsp;&nbsp;29.91 | &nbsp;&nbsp;&nbsp;&nbsp;16.98 | &nbsp;&nbsp; (22.85) | &nbsp;&nbsp;&nbsp;&nbsp;22.63 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (8.19) | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Total Dividends and Distributions | (8.19) | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Net Asset Value, End of Period | $123.73 | &nbsp;&nbsp; $112.55 | &nbsp;&nbsp; $86.48 | &nbsp;&nbsp; $72.28 | &nbsp;&nbsp; $106.56 |
| Total Return<sup>\*</sup> <br>| 18.16% | &nbsp;&nbsp; 35.79% | &nbsp;&nbsp; 23.99% | &nbsp;&nbsp; (24.09)% | &nbsp;&nbsp; 26.42% |
| Net Assets, End of Period (in thousands) | $3471 | &nbsp;&nbsp; $2385 | &nbsp;&nbsp; $2437 | &nbsp;&nbsp; $2971 | &nbsp;&nbsp; $4491 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.92% | &nbsp;&nbsp; 1.76% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.85% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.92% | &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.85% |
| Ratio of Net Investment Income/(Loss) | (0.48)% <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.22)% <br><sup>(3)</sup><br>| &nbsp;&nbsp; (0.02)% | &nbsp;&nbsp; (0.23)% | &nbsp;&nbsp; (0.45)% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 25% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.06 and 0.05%, 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 fiscal year ended 2024. 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 $0.05 and 0.05%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Global Research Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $116.40 | &nbsp;&nbsp; $89.22 | &nbsp;&nbsp; $74.51 | &nbsp;&nbsp; $109.10 | &nbsp;&nbsp; $88.69 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.68 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Net realized and unrealized gain/(loss) | 20.65 | &nbsp;&nbsp;&nbsp;&nbsp;31.01 | &nbsp;&nbsp;&nbsp;&nbsp;17.49 | &nbsp;&nbsp; (23.29) | &nbsp;&nbsp;&nbsp;&nbsp;23.50 |
| Total from Investment Operations | 21.33 | &nbsp;&nbsp;&nbsp;&nbsp;31.85 | &nbsp;&nbsp;&nbsp;&nbsp;18.30 | &nbsp;&nbsp; (22.61) | &nbsp;&nbsp;&nbsp;&nbsp;24.06 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.87) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.39) |
| Distributions (from capital gains) | (8.19) | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Total Dividends and Distributions | (9.06) | &nbsp;&nbsp; (4.67) | &nbsp;&nbsp; (3.59) | &nbsp;&nbsp; (11.98) | &nbsp;&nbsp; (3.65) |
| Net Asset Value, End of Period | $128.67 | &nbsp;&nbsp; $116.40 | &nbsp;&nbsp; $89.22 | &nbsp;&nbsp; $74.51 | &nbsp;&nbsp; $109.10 |
| Total Return<sup>\*</sup> <br>| 19.41% | &nbsp;&nbsp; 37.17% | &nbsp;&nbsp; 25.23% | &nbsp;&nbsp; (23.37)% | &nbsp;&nbsp; 27.68% |
| Net Assets, End of Period (in thousands) | $2452957 | &nbsp;&nbsp; $2184606 | &nbsp;&nbsp; $1685915 | &nbsp;&nbsp; $1424181 | &nbsp;&nbsp; $1959177 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.86% | &nbsp;&nbsp; 0.75% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.86% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.86% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.86% |
| Ratio of Net Investment Income/(Loss) | 0.59% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.81% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.54% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 25% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.06 and 0.05%, 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 fiscal year ended 2024. 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 $0.05 and 0.05%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

14 \| September 30, 2025

------

**Janus Henderson Global Research Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $118.82 | &nbsp;&nbsp; $90.99 | &nbsp;&nbsp; $75.93 | &nbsp;&nbsp; $110.96 | &nbsp;&nbsp; $90.13 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.75 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net realized and unrealized gain/(loss) | 21.11 | &nbsp;&nbsp;&nbsp;&nbsp;31.64 | &nbsp;&nbsp;&nbsp;&nbsp;17.83 | &nbsp;&nbsp; (23.73) | &nbsp;&nbsp;&nbsp;&nbsp;23.90 |
| Total from Investment Operations | 21.86 | &nbsp;&nbsp;&nbsp;&nbsp;32.56 | &nbsp;&nbsp;&nbsp;&nbsp;18.72 | &nbsp;&nbsp; (22.98) | &nbsp;&nbsp;&nbsp;&nbsp;24.54 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.95) | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.45) |
| Distributions (from capital gains) | (8.19) | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Total Dividends and Distributions | (9.14) | &nbsp;&nbsp; (4.73) | &nbsp;&nbsp; (3.66) | &nbsp;&nbsp; (12.05) | &nbsp;&nbsp; (3.71) |
| Net Asset Value, End of Period | $131.54 | &nbsp;&nbsp; $118.82 | &nbsp;&nbsp; $90.99 | &nbsp;&nbsp; $75.93 | &nbsp;&nbsp; $110.96 |
| Total Return<sup>\*</sup> <br>| 19.48% | &nbsp;&nbsp; 37.25% | &nbsp;&nbsp; 25.31% | &nbsp;&nbsp; (23.33)% | &nbsp;&nbsp; 27.78% |
| Net Assets, End of Period (in thousands) | $266951 | &nbsp;&nbsp; $182801 | &nbsp;&nbsp; $119712 | &nbsp;&nbsp; $100359 | &nbsp;&nbsp; $145610 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.82% | &nbsp;&nbsp; 0.70% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.79% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.82% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.79% |
| Ratio of Net Investment Income/(Loss) | 0.63% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.87% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.61% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 25% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.06 and 0.05%, 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 fiscal year ended 2024. 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 $0.05 and 0.05%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Global Research Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $116.22 | &nbsp;&nbsp; $89.09 | &nbsp;&nbsp; $74.42 | &nbsp;&nbsp; $109.00 | &nbsp;&nbsp; $88.60 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.87 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Net realized and unrealized gain/(loss) | 20.57 | &nbsp;&nbsp;&nbsp;&nbsp;30.92 | &nbsp;&nbsp;&nbsp;&nbsp;17.46 | &nbsp;&nbsp; (23.27) | &nbsp;&nbsp;&nbsp;&nbsp;23.48 |
| Total from Investment Operations | 21.44 | &nbsp;&nbsp;&nbsp;&nbsp;31.91 | &nbsp;&nbsp;&nbsp;&nbsp;18.39 | &nbsp;&nbsp; (22.47) | &nbsp;&nbsp;&nbsp;&nbsp;24.17 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (1.04) | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (0.51) |
| Distributions (from capital gains) | (8.19) | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Total Dividends and Distributions | (9.23) | &nbsp;&nbsp; (4.78) | &nbsp;&nbsp; (3.72) | &nbsp;&nbsp; (12.11) | &nbsp;&nbsp; (3.77) |
| Net Asset Value, End of Period | $128.43 | &nbsp;&nbsp; $116.22 | &nbsp;&nbsp; $89.09 | &nbsp;&nbsp; $74.42 | &nbsp;&nbsp; $109.00 |
| Total Return<sup>\*</sup> <br>| 19.56% | &nbsp;&nbsp; 37.34% | &nbsp;&nbsp; 25.40% | &nbsp;&nbsp; (23.28)% | &nbsp;&nbsp; 27.85% |
| Net Assets, End of Period (in thousands) | $99398 | &nbsp;&nbsp; $38550 | &nbsp;&nbsp; $36233 | &nbsp;&nbsp; $30831 | &nbsp;&nbsp; $43521 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.75% | &nbsp;&nbsp; 0.62% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.73% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.75% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.73% |
| Ratio of Net Investment Income/(Loss) | 0.76% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.97% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.67% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 25% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.06 and 0.05%, 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 fiscal year ended 2024. 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 $0.05 and 0.05%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

16 \| September 30, 2025

------

**Janus Henderson Global Research Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $115.92 | &nbsp;&nbsp; $88.77 | &nbsp;&nbsp; $74.11 | &nbsp;&nbsp; $108.69 | &nbsp;&nbsp; $88.57 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.09) <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp; (0.10) |
| Net realized and unrealized gain/(loss) | 20.60 | &nbsp;&nbsp;&nbsp;&nbsp;30.96 | &nbsp;&nbsp;&nbsp;&nbsp;17.45 | &nbsp;&nbsp; (23.23) | &nbsp;&nbsp;&nbsp;&nbsp;23.48 |
| Total from Investment Operations | 20.51 | &nbsp;&nbsp;&nbsp;&nbsp;31.12 | &nbsp;&nbsp;&nbsp;&nbsp;17.70 | &nbsp;&nbsp; (23.15) | &nbsp;&nbsp;&nbsp;&nbsp;23.38 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (8.19) | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Total Dividends and Distributions | (8.19) | &nbsp;&nbsp; (3.97) | &nbsp;&nbsp; (3.04) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Net Asset Value, End of Period | $128.24 | &nbsp;&nbsp; $115.92 | &nbsp;&nbsp; $88.77 | &nbsp;&nbsp; $74.11 | &nbsp;&nbsp; $108.69 |
| Total Return<sup>\*</sup> <br>| 18.64% | &nbsp;&nbsp; 36.28% | &nbsp;&nbsp; 24.43% | &nbsp;&nbsp; (23.87)% | &nbsp;&nbsp; 26.87% |
| Net Assets, End of Period (in thousands) | $9820 | &nbsp;&nbsp; $8572 | &nbsp;&nbsp; $6985 | &nbsp;&nbsp; $8123 | &nbsp;&nbsp; $9736 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.52% | &nbsp;&nbsp; 1.40% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.50% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.51% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.50% |
| Ratio of Net Investment Income/(Loss) | (0.07)% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.16% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; (0.10)% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 25% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.06 and 0.05%, 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 fiscal year ended 2024. 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 $0.05 and 0.05%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 17

------

**Janus Henderson Global Research Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $118.37 | &nbsp;&nbsp; $90.67 | &nbsp;&nbsp; $75.58 | &nbsp;&nbsp; $110.34 | &nbsp;&nbsp; $89.62 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.24 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain/(loss) | 21.04 | &nbsp;&nbsp;&nbsp;&nbsp;31.57 | &nbsp;&nbsp;&nbsp;&nbsp;17.78 | &nbsp;&nbsp; (23.65) | &nbsp;&nbsp;&nbsp;&nbsp;23.70 |
| Total from Investment Operations | 21.28 | &nbsp;&nbsp;&nbsp;&nbsp;32.03 | &nbsp;&nbsp;&nbsp;&nbsp;18.28 | &nbsp;&nbsp; (23.33) | &nbsp;&nbsp;&nbsp;&nbsp;23.98 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.34) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (8.19) | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Total Dividends and Distributions | (8.53) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (3.19) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Net Asset Value, End of Period | $131.12 | &nbsp;&nbsp; $118.37 | &nbsp;&nbsp; $90.67 | &nbsp;&nbsp; $75.58 | &nbsp;&nbsp; $110.34 |
| Total Return<sup>\*</sup> <br>| 18.96% | &nbsp;&nbsp; 36.65% | &nbsp;&nbsp; 24.76% | &nbsp;&nbsp; (23.66)% | &nbsp;&nbsp; 27.23% |
| Net Assets, End of Period (in thousands) | $23227 | &nbsp;&nbsp; $21491 | &nbsp;&nbsp; $16766 | &nbsp;&nbsp; $14034 | &nbsp;&nbsp; $24088 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.24% | &nbsp;&nbsp; 1.13% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.21% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.24% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.21% |
| Ratio of Net Investment Income/(Loss) | 0.20% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.44% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.27% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 25% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.06 and 0.05%, 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 fiscal year ended 2024. 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 $0.05 and 0.05%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

18 \| September 30, 2025

------

**Janus Henderson Global Research Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $116.15 | &nbsp;&nbsp; $89.04 | &nbsp;&nbsp; $74.35 | &nbsp;&nbsp; $108.88 | &nbsp;&nbsp; $88.54 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.56 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Net realized and unrealized gain/(loss) | 20.61 | &nbsp;&nbsp;&nbsp;&nbsp;30.96 | &nbsp;&nbsp;&nbsp;&nbsp;17.46 | &nbsp;&nbsp; (23.25) | &nbsp;&nbsp;&nbsp;&nbsp;23.47 |
| Total from Investment Operations | 21.17 | &nbsp;&nbsp;&nbsp;&nbsp;31.69 | &nbsp;&nbsp;&nbsp;&nbsp;18.19 | &nbsp;&nbsp; (22.67) | &nbsp;&nbsp;&nbsp;&nbsp;23.92 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.73) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.32) |
| Distributions (from capital gains) | (8.19) | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Total Dividends and Distributions | (8.92) | &nbsp;&nbsp; (4.58) | &nbsp;&nbsp; (3.50) | &nbsp;&nbsp; (11.86) | &nbsp;&nbsp; (3.58) |
| Net Asset Value, End of Period | $128.40 | &nbsp;&nbsp; $116.15 | &nbsp;&nbsp; $89.04 | &nbsp;&nbsp; $74.35 | &nbsp;&nbsp; $108.88 |
| Total Return<sup>\*</sup> <br>| 19.29% | &nbsp;&nbsp; 37.04% | &nbsp;&nbsp; 25.10% | &nbsp;&nbsp; (23.45)% | &nbsp;&nbsp; 27.55% |
| Net Assets, End of Period (in thousands) | $1565642 | &nbsp;&nbsp; $1398267 | &nbsp;&nbsp; $1072375 | &nbsp;&nbsp; $916960 | &nbsp;&nbsp; $1307732 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.98% | &nbsp;&nbsp; 0.87% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.97% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.97% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.96% |
| Ratio of Net Investment Income/(Loss) | 0.48% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.71% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.44% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 25% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.06 and 0.05%, 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 fiscal year ended 2024. 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 $0.05 and 0.05%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 19

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**Janus Henderson Global Research Fund**

**Notes to Financial Statements** 

&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 Research 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.

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

20 \| September 30, 2025

------

**Janus Henderson Global Research Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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 \| 21

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**Janus Henderson Global Research Fund**

**Notes to Financial Statements** 

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

rates and similar data.

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

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

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

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

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

Schedule of Investments and Other Information.

The Fund's management has determined the Fund did not hold a significant amount of Level 3 securities as of

September 30, 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.

22 \| September 30, 2025

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**Janus Henderson Global Research Fund**

**Notes to Financial Statements** 

**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.

**Federal Income Taxes**

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

in the next twelve months.

**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 $2,275,212 of tax reclaims received as well as $179,595 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. 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

Janus Investment Fund \| 23

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**Janus Henderson Global Research Fund**

**Notes to Financial Statements** 

by the Fund during the year ended September 30, 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.

&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

24 \| September 30, 2025

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**Janus Henderson Global Research Fund**

**Notes to Financial Statements** 

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.

**Swaps**

Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund's total return.

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty ("CCP"). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant ("FCM") that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the "Executing Dealer") and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission ("CFTC"). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades.

The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund's Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund's Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the year is included in the Statement of Operations (if applicable).

The Fund's maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of

collateral by the counterparty to cover the Fund's exposure to the counterparty.

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

Janus Investment Fund \| 25

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**Janus Henderson Global Research Fund**

**Notes to Financial Statements** 

securities (e.g., U.S. investment grade bonds, high-yield bonds, or emerging market bonds).

During the year, the Fund entered into total return swaps on to increase exposure to equity 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 securities or an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index multiplied by the notional amount of the contract and, in some

cases, dividends paid on the securities.

There were no total return swaps held at September 30, 2025.

**3. 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, war, 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.* Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. 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 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

26 \| September 30, 2025

------

**Janus Henderson Global Research Fund**

**Notes to Financial Statements** 

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" on the Statement of Operations. As of September 30, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $23,519,421. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2025 is $24,263,250, resulting in the net amount due to the counterparty of

$743,829.

**Offsetting Assets and Liabilities**

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

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of

instrument, see the Fund's Schedule of Investments.

**4. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee 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

Janus Investment Fund \| 27

------

**Janus Henderson Global Research Fund**

**Notes to Financial Statements** 

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 0.60%, and the Fund's benchmark index used in the calculation is the MSCI World Index<sup>SM</sup>.

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 ±6.00%. 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 prospectus 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 year ended September 30, 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 0.86% for at least a one-year period commencing on January 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 $532,252 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 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

28 \| September 30, 2025

------

**Janus Henderson Global Research Fund**

**Notes to Financial Statements** 

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 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 year ended September 30, 2025, the Distributor

retained upfront sales charges of $2,540.

Janus Investment Fund \| 29

------

**Janus Henderson Global Research Fund**

**Notes to Financial Statements** 

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 year ended September 30, 2025, redeeming shareholders of Class A Shares paid CDSCs of $9,870 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 year ended September 30, 2025, redeeming shareholders of Class C Shares

paid CDSCs of $165.

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 September 30, 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 year ended September 30, 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 year ended September 30, 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 year ended September 30, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

The Fund is permitted to purchase or sell securities ("cross-trade") between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 ("Rule 17a-7"), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust's Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2025, the Fund engaged in

cross trades amounting to $24,039,325 in purchases.

30 \| September 30, 2025

------

**Janus Henderson Global Research Fund**

**Notes to Financial Statements** 

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

**5. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term Gains*<br>| *Accumulated* <br>*Capital Losses*<br>| *Loss Deferrals* | *Other Book* <br>*to Tax* <br>*Differences*<br>| *Net Tax* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| $22473924 | $287074277 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $213490 | &nbsp;&nbsp; $2081796727 |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 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; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $2385583378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2128805669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(45482237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2083323432 |

---

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. Certain permanent differences such as tax returns

of capital and net investment losses noted below have been reclassified to capital.

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $36308149 | &nbsp;&nbsp;&nbsp; $259573101 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $26153173 | &nbsp;&nbsp;&nbsp; $126400638 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These

differences have no impact on the results of operations or net assets.

Janus Investment Fund \| 31

------

**Janus Henderson Global Research Fund**

**Notes to Financial Statements** 

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

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended September 30, 2025* | *Year ended September 30, 2025* | *Year ended September 30, 2024* | *Year ended September 30, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 78622 | &nbsp;&nbsp; $9176686 | &nbsp;&nbsp; 94523 | &nbsp;&nbsp; $10410794 |
| Reinvested dividends and distributions | 18748 | &nbsp;&nbsp; 2154370 | &nbsp;&nbsp; 8357 | &nbsp;&nbsp; 771282 |
| Shares repurchased | (131208) | &nbsp;&nbsp; (15802116) | &nbsp;&nbsp; (28173) | &nbsp;&nbsp; (3003953) |
| Net Increase/(Decrease) | (33838) | &nbsp;&nbsp; $(4471060) | &nbsp;&nbsp; 74707 | &nbsp;&nbsp; $8178123 |
| Class C Shares: |  |  |  |  |
| Shares sold | 13885 | &nbsp;&nbsp; $1568462 | &nbsp;&nbsp; 6568 | &nbsp;&nbsp; $629345 |
| Reinvested dividends and distributions | 1551 | &nbsp;&nbsp; 169891 | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 100092 |
| Shares repurchased | (8574) | &nbsp;&nbsp; (939101) | &nbsp;&nbsp; (14681) | &nbsp;&nbsp; (1465345) |
| Net Increase/(Decrease) | 6862 | &nbsp;&nbsp; $799252 | &nbsp;&nbsp; (6983) | &nbsp;&nbsp; $(735908) |
| Class D Shares: |  |  |  |  |
| Shares sold | 450049 | &nbsp;&nbsp; $51972250 | &nbsp;&nbsp; 325359 | &nbsp;&nbsp; $33390574 |
| Reinvested dividends and distributions | 1404160 | &nbsp;&nbsp; 158599851 | &nbsp;&nbsp; 909550 | &nbsp;&nbsp; 82587123 |
| Shares repurchased | (1558993) | &nbsp;&nbsp; (180442495) | &nbsp;&nbsp; (1364014) | &nbsp;&nbsp; (140513936) |
| Net Increase/(Decrease) | 295216 | &nbsp;&nbsp; $30129606 | &nbsp;&nbsp; (129105) | &nbsp;&nbsp; $(24536239) |
| Class I Shares: |  |  |  |  |
| Shares sold | 707110 | &nbsp;&nbsp; $83570921 | &nbsp;&nbsp; 415654 | &nbsp;&nbsp; $44198525 |
| Reinvested dividends and distributions | 116607 | &nbsp;&nbsp; 13458778 | &nbsp;&nbsp; 65293 | &nbsp;&nbsp; 6049432 |
| Shares repurchased | (332684) | &nbsp;&nbsp; (39335569) | &nbsp;&nbsp; (258182) | &nbsp;&nbsp; (27238533) |
| Net Increase/(Decrease) | 491033 | &nbsp;&nbsp; $57694130 | &nbsp;&nbsp; 222765 | &nbsp;&nbsp; $23009424 |
| Class N Shares: |  |  |  |  |
| Shares sold | 491590 | &nbsp;&nbsp; $55118529 | &nbsp;&nbsp; 131545 | &nbsp;&nbsp; $13703478 |
| Reinvested dividends and distributions | 29201 | &nbsp;&nbsp; 3288610 | &nbsp;&nbsp; 21657 | &nbsp;&nbsp; 1961468 |
| Shares repurchased | (78535) | &nbsp;&nbsp; (9095999) | &nbsp;&nbsp; (228223) | &nbsp;&nbsp; (24679173) |
| Net Increase/(Decrease) | 442256 | &nbsp;&nbsp; $49311140 | &nbsp;&nbsp; (75021) | &nbsp;&nbsp; $(9014227) |
| Class R Shares: |  |  |  |  |
| Shares sold | 20956 | &nbsp;&nbsp; $2513162 | &nbsp;&nbsp; 15952 | &nbsp;&nbsp; $1678692 |
| Reinvested dividends and distributions | 4627 | &nbsp;&nbsp; 523606 | &nbsp;&nbsp; 3271 | &nbsp;&nbsp; 297358 |
| Shares repurchased | (22948) | &nbsp;&nbsp; (2654609) | &nbsp;&nbsp; (23964) | &nbsp;&nbsp; (2443216) |
| Net Increase/(Decrease) | 2635 | &nbsp;&nbsp; $382159 | &nbsp;&nbsp; (4741) | &nbsp;&nbsp; $(467166) |
| Class S Shares: |  |  |  |  |
| Shares sold | 40021 | &nbsp;&nbsp; $4750652 | &nbsp;&nbsp; 31694 | &nbsp;&nbsp; $3349670 |
| Reinvested dividends and distributions | 13315 | &nbsp;&nbsp; 1537270 | &nbsp;&nbsp; 8448 | &nbsp;&nbsp; 782565 |
| Shares repurchased | (57750) | &nbsp;&nbsp; (6750792) | &nbsp;&nbsp; (43505) | &nbsp;&nbsp; (4525338) |
| Net Increase/(Decrease) | (4414) | &nbsp;&nbsp; $(462870) | &nbsp;&nbsp; (3363) | &nbsp;&nbsp; $(393103) |
| Class T Shares: |  |  |  |  |
| Shares sold | 872311 | &nbsp;&nbsp; $101429863 | &nbsp;&nbsp; 953482 | &nbsp;&nbsp; $98930138 |
| Reinvested dividends and distributions | 922847 | &nbsp;&nbsp; 104106341 | &nbsp;&nbsp; 594299 | &nbsp;&nbsp; 53891005 |
| Shares repurchased | (1639952) | &nbsp;&nbsp; (188598717) | &nbsp;&nbsp; (1552571) | &nbsp;&nbsp; (158994341) |
| Net Increase/(Decrease) | 155206 | &nbsp;&nbsp; $16937487 | &nbsp;&nbsp; (4790) | &nbsp;&nbsp; $(6173198) |

---

**7. Purchases and Sales of Investment Securities**

For the year ended September 30, 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>|
| $1343917696 | &nbsp;&nbsp;&nbsp;&nbsp; $1445011166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

32 \| September 30, 2025

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**Janus Henderson Global Research Fund**

**Notes to Financial Statements** 

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

**8. Recent Accounting Pronouncements**

The FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—*Improvements to Income Tax Disclosures* (ASU 2023-09) in December 2023. The new guidance enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes the

adoption of the ASU will not have a material impact on the financial statements.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to September 30, 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 \| 33

------

**Janus Henderson Global Research Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Global Research Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Global Research Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable

basis for our opinion.

![](imgf830c5c12.jpg)

Denver, Colorado

November 20, 2025

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

34 \| September 30, 2025

------

**Janus Henderson Global Research Fund**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2025:

---

| | |
|:---|:---|
| Section 163(j) Interest Dividend | 1% |
| Capital Gain Distributions | $259573101 |
| Dividends Received Deduction Percentage | 100% |
| Qualified Dividend Income Percentage | 100% |

---

Janus Investment Fund \| 35

------

**Janus Henderson Global Research 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 Trustees 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 1, 2024 and December 4-5, 2024, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2025 through February 1, 2026, subject to earlier termination as provided for in each agreement.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus

36 \| September 30, 2025

------

**Janus Henderson Global Research Fund**

**Additional Information (unaudited)**

Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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, 2024, approximately 58% 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, 2024, approximately 61% 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 performance in periods ended September 30, 2024 has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2024, approximately 75% and 61% 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, 2024, approximately 66% and 68% 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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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.

Janus Investment Fund \| 37

------

**Janus Henderson Global Research Fund**

**Additional Information (unaudited)**

***<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 first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 High-Yield Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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.

38 \| September 30, 2025

------

**Janus Henderson Global Research 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Contrarian Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted the reasons for the Fund's underperformance over various periods of time, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

Janus Investment Fund \| 39

------

**Janus Henderson Global Research 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 Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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, 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 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted that the 36-month end performance was not yet available because of the Fund's inception date.

&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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

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

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as 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 10% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the

40 \| September 30, 2025

------

**Janus Henderson Global Research Fund**

**Additional Information (unaudited)**

Janus Henderson Funds, on average, were 11% 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, recent 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) 11 of 12 Janus Henderson Funds had management fees (before waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser and 16 of 18 Janus Henderson Funds had management fees (after waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser. The Trustees noted that for the one Janus Henderson Fund that did not have a lower or in line management fee (before waivers or performance fees) than similar funds subadvised by the Adviser, the management fee was under the average of its 15(c) peer group. For the two Janus Henderson Funds that did not have lower or in line management fees (after waivers or performance fees) than similar funds Subadvised by the Adviser, the management fees were due to performance fee increases resulting from Janus Henderson Fund outperformance of such Janus Henderson Fund's reference index.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2023 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.

&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.

Janus Investment Fund \| 41

------

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

&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 the Fund's total expenses were below the peer group average for all share classes.

&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.

42 \| September 30, 2025

------

**Janus Henderson Global Research 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 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 Responsible 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 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.

&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 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 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.

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

Janus Investment Fund \| 43

------

**Janus Henderson Global Research 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 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 the Fund's total expenses were below the peer group average for all share classes.

&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 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 U.S. Dividend 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 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, 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. The Trustees noted that during the 2023 15(c) review process, the Adviser reported no changes to its allocation methodology; however, at the Trustees' request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant's analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. 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.

44 \| September 30, 2025

------

**Janus Henderson Global Research Fund**

**Additional Information (unaudited)**

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 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 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2024 report: (1) past 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 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 42% of Janus Henderson Funds have low flat-rate fees (the "Low Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and higher fees when the fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2024 report that (1) 68% 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 Low 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 analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus 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

Janus Investment Fund \| 45

------

**Janus Henderson Global Research Fund**

**Additional Information (unaudited)**

affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

46 \| September 30, 2025

------

**Janus Henderson Global Research Fund**

**Notes**

Janus Investment Fund \| 47

------

**Janus Henderson Global Research Fund**

**Notes**

48 \| September 30, 2025

------

**Janus Henderson Global Research Fund**

**Notes**

Janus Investment Fund \| 49

------

![](img175cb12c3.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

125-02-93045 11-25

------

ANNUAL FINANCIAL STATEMENTS

September 30, 2025

**Janus Henderson Global Select Fund**

Janus Investment Fund

![](img2579ddbb1.gif)

------

**Table of Contents**

**Janus Henderson Global Select Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_33fea40f-d93a-4010-a254-80439ef3aadd_SOI-SOI-RunningFooter-44_1)<br> [Management Investment Companies](#xx_33fea40f-d93a-4010-a254-80439ef3aadd_SOI-SOI-RunningFooter-44_1)<br>|  |
| [Schedule of Investments](#xx_33fea40f-d93a-4010-a254-80439ef3aadd_SOI-SOI-RunningFooter-44_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_33fea40f-d93a-4010-a254-80439ef3aadd_SOI-SOI-RunningFooter-44_5) | 5 |
| [Statement of Assets and Liabilities](#xx_33fea40f-d93a-4010-a254-80439ef3aadd_SAL-SAL-RunningFooter-44_1) | 7 |
| [Statement of Operations](#xx_33fea40f-d93a-4010-a254-80439ef3aadd_SOP-SOP-RunningFooter-44_1) | 9 |
| [Statements of Changes in Net Assets](#xx_33fea40f-d93a-4010-a254-80439ef3aadd_SOC-SOC-RunningFooter-44_1) | 11 |
| [Financial Highlights](#xx_33fea40f-d93a-4010-a254-80439ef3aadd_FIHI-FIHI-RunningFooter-44_1) | 12 |
| [Notes to Financial Statements](#xx_33fea40f-d93a-4010-a254-80439ef3aadd_NTF-NTF-RunningFooter-44_1) | 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_33fea40f-d93a-4010-a254-80439ef3aadd_AUD-AR-RunningFooter-44_1) | 34 |
| [Designation Requirements](#xx_33fea40f-d93a-4010-a254-80439ef3aadd_DR-DR-RunningFooter-44_1) | 35 |
| [Items 8-11 - Additional Information](#xx_33fea40f-d93a-4010-a254-80439ef3aadd_AI-AI-RunningFooter-44_1) | 36 |

---

------

**Janus Henderson Global Select Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 98.8% |  |  |
| Aerospace & Defense – 5.9% |  |  |
| BAE Systems PLC | 4499606 | $124664917 |
| Boeing Co<sup>\*</sup> <br>| 144762 | 31243983 |
| Rheinmetall AG | 12091 | 28142589 |
|  |  | 184051489 |
| Airlines – 1.1% |  |  |
| Ryanair Holdings PLC | 1226722 | 35882843 |
| Banks – 6.4% |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 2622887 | 50454037 |
| Erste Group Bank AG | 769208 | 75184815 |
| HDFC Bank Ltd | 4025922 | 43135956 |
| Resona Holdings Inc | 3106400 | 31626248 |
|  |  | 200401056 |
| Beverages – 1.2% |  |  |
| Monster Beverage Corp<sup>\*</sup> <br>| 541089 | 36420701 |
| Biotechnology – 2.8% |  |  |
| Argenx SE (ADR)<sup>\*</sup> <br>| 56275 | 41506189 |
| Ascendis Pharma A/S (ADR)<sup>\*</sup> <br>| 133447 | 26530598 |
| Vaxcyte Inc<sup>\*</sup> <br>| 515385 | 18564168 |
|  |  | 86600955 |
| Capital Markets – 0.9% |  |  |
| St James's Place PLC | 1676539 | 28668703 |
| Chemicals – 2.0% |  |  |
| Linde PLC | 132041 | 62719475 |
| Commercial Services & Supplies – 1.1% |  |  |
| Rentokil Initial PLC | 6968991 | 35210758 |
| Diversified Financial Services – 1.4% |  |  |
| Mastercard Inc - Class A | 75677 | 43045834 |
| Electrical Equipment – 1.5% |  |  |
| Contemporary Amperex Technology Co Ltd - Class A | 820976 | 46367189 |
| Electronic Equipment, Instruments & Components – 2.0% |  |  |
| Hexagon AB - Class B | 5125630 | 61514641 |
| Entertainment – 3.2% |  |  |
| Liberty Media Corp-Liberty Formula One - Series C<sup>\*</sup> <br>| 459773 | 48023290 |
| Spotify Technology SA<sup>\*</sup> <br>| 72624 | 50691552 |
|  |  | 98714842 |
| Hotels, Restaurants & Leisure – 0.7% |  |  |
| Booking Holdings Inc | 4191 | 22628341 |
| Household Durables – 1.7% |  |  |
| Lennar Corp | 430322 | 54237785 |
| Independent Power and Renewable Electricity Producers – 1.1% |  |  |
| Vistra Corp | 181799 | 35618060 |
| Industrial Conglomerates – 1.0% |  |  |
| 3M Co | 198893 | 30864216 |
| Insurance – 9.6% |  |  |
| AIA Group Ltd | 6020200 | 57706907 |
| Arthur J Gallagher & Co | 274451 | 85008453 |
| Dai-ichi Life Holdings Inc | 8266600 | 65038776 |
| Progressive Corp/The | 372097 | 91889354 |
|  |  | 299643490 |
| Interactive Media & Services – 5.0% |  |  |
| Meta Platforms Inc - Class A | 149798 | 110008655 |
| Tencent Holdings Ltd | 552500 | 47072187 |
|  |  | 157080842 |
| Machinery – 1.9% |  |  |
| Deere & Co | 130371 | 59613443 |
| Metals & Mining – 2.4% |  |  |
| Teck Resources Ltd | 1729489 | 75878766 |
| Multiline Retail – 4.5% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 645319 | 141692693 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Global Select Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Oil, Gas & Consumable Fuels – 3.5% |  |  |
| Canadian Natural Resources Ltd | 2021097 | $64594260 |
| Marathon Petroleum Corp | 238687 | 46004532 |
|  |  | 110598792 |
| Personal Products – 2.4% |  |  |
| Unilever PLC | 1292317 | 76380324 |
| Pharmaceuticals – 3.3% |  |  |
| AstraZeneca PLC | 264801 | 40443242 |
| Eli Lilly & Co | 82243 | 62751409 |
|  |  | 103194651 |
| Semiconductor & Semiconductor Equipment – 12.9% |  |  |
| ASML Holding NV | 78558 | 76581382 |
| NVIDIA Corp | 882701 | 164694353 |
| Taiwan Semiconductor Manufacturing Co Ltd | 3780000 | 164500428 |
|  |  | 405776163 |
| Software – 7.9% |  |  |
| Microsoft Corp | 353560 | 183126402 |
| SAP SE | 97029 | 26009366 |
| Synopsys Inc<sup>\*</sup> <br>| 77860 | 38415346 |
|  |  | 247551114 |
| Specialty Retail – 2.5% |  |  |
| TJX Cos Inc | 542488 | 78411216 |
| Textiles, Apparel & Luxury Goods – 2.9% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE | 73336 | 44867445 |
| Samsonite International SA<sup>ž</sup> <br>| 21524700 | 46149673 |
|  |  | 91017118 |
| Trading Companies & Distributors – 3.4% |  |  |
| Ferguson Enterprises Inc | 481423 | 108117977 |
| Wireless Telecommunication Services – 2.6% |  |  |
| T-Mobile US Inc | 341353 | 81713081 |
| Total Common Stocks (cost $2,065,309,336) |  | 3099616558 |
| Private Placements – 0% |  |  |
| Software – 0% |  |  |
| Magic Leap Inc - Class A private equity common shares<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> (cost $9,254,547) | 19041 | 0 |
| Investment Companies – 1.3% |  |  |
| Money Markets – 1.3% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº,</sup><sup>£</sup> (cost $42,218,438) | 42209996 | 42218438 |
| Total Investments (total cost $2,116,782,321) – 100.1% |  | 3141834996 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.1)% |  | (2958705) |
| Net Assets – 100% |  | $3138876291 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| September 30, 2025

------

**Janus Henderson Global Select Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $1677031205 | &nbsp;&nbsp;&nbsp;&nbsp; 53.4<br> %<br>|
| United Kingdom | 305367944 | &nbsp;&nbsp;&nbsp;&nbsp;9.7 |
| Taiwan | 164500428 | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| Canada | 140473026 | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Sweden | 112206193 | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Hong Kong | 103856580 | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Japan | 96665024 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| China | 93439376 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Netherlands | 76581382 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Austria | 75184815 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Germany | 54151955 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Spain | 50454037 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| France | 44867445 | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| India | 43135956 | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Belgium | 41506189 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Ireland | 35882843 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Denmark | 26530598 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Total | $3141834996 | &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>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% |
| Money Markets - 1.3% | Money Markets - 1.3% | Money Markets - 1.3% | Money Markets - 1.3% | Money Markets - 1.3% | Money Markets - 1.3% | Money Markets - 1.3% | Money Markets - 1.3% | Money Markets - 1.3% |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | $57391966 | $589814234 | $(604987815) | $1196 | $(1143) | $42218438 | 42209996 | $2289099 |
| Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A |
| Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  |
|  | - | 180837804 | (180837804) | - | - | - | - | 35262 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 1.3% | Total Affiliated Investments - 1.3% | Total Affiliated Investments - 1.3% | Total Affiliated Investments - 1.3% | Total Affiliated Investments - 1.3% | Total Affiliated Investments - 1.3% | Total Affiliated Investments - 1.3% | Total Affiliated Investments - 1.3% | Total Affiliated Investments - 1.3% |
|  | $57391966 | $770652038 | $(785825619) | $1196 | $(1143) | $42218438 | 42209996 | $2324361 |

---

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement

of Operations for the year ended September 30, 2025.

---

| | |
|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Equity* <br>*Contracts*<br>|
| Swap contracts | $2191930 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Global Select Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | |
|:---|:---|
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |
| *Derivative* | *Equity* <br>*Contracts*<br>|
| Swap contracts | $2950716 |

---

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 Year Ended September 30, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2025** |
| Total return swaps: |  |
| Average notional amount | $13874294 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| September 30, 2025

------

**Janus Henderson Global Select Fund**

**Notes to Schedule of Investments and Other Information** 

ADR American Depositary Receipt <br> LLC Limited Liability Company <br> PLC Public Limited 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 year ended September 30, 2025 <br> is $46,149,673, which represents 1.5% of net assets.<br>|
| Non-income producing security. |
| Rate shown is the 7-day yield as of September 30, 2025. |
| &nbsp;&nbsp; Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the year ended September 30, 2025 is <br> $0, which represents 0.0% 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. |
| Schedule of Restricted Securities (as of September 30, 2025) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Acquisition* <br>*Date*<br>| *Cost* | *Value* | &nbsp;&nbsp; *Value as a* <br>*% of Net* <br>*Assets*<br>|
| Magic Leap Inc - Class A private equity common shares | 10/5/17 | &nbsp;&nbsp; $9254547 | $0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %<br>|

---

The Fund has registration rights for certain restricted securities held as of September 30, 2025. The issuer incurs all registration costs.

Janus Investment Fund \| 5

------

**Janus Henderson Global Select Fund**

**Notes to Schedule of Investments and Other Information** 

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

instruments as of September 30, 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* |  |  |  |
| Aerospace & Defense | $31243983 | &nbsp;&nbsp; $152807506 | &nbsp;&nbsp; $- |
| Airlines | - | &nbsp;&nbsp; 35882843 | &nbsp;&nbsp; - |
| Banks | - | &nbsp;&nbsp; 200401056 | &nbsp;&nbsp; - |
| Capital Markets | - | &nbsp;&nbsp; 28668703 | &nbsp;&nbsp; - |
| Commercial Services & Supplies | - | &nbsp;&nbsp; 35210758 | &nbsp;&nbsp; - |
| Electrical Equipment | - | &nbsp;&nbsp; 46367189 | &nbsp;&nbsp; - |
| Electronic Equipment, Instruments & Components | - | &nbsp;&nbsp; 61514641 | &nbsp;&nbsp; - |
| Insurance | 176897807 | &nbsp;&nbsp; 122745683 | &nbsp;&nbsp; - |
| Interactive Media & Services | 110008655 | &nbsp;&nbsp; 47072187 | &nbsp;&nbsp; - |
| Personal Products | - | &nbsp;&nbsp; 76380324 | &nbsp;&nbsp; - |
| Pharmaceuticals | 62751409 | &nbsp;&nbsp; 40443242 | &nbsp;&nbsp; - |
| Semiconductor & Semiconductor Equipment | 164694353 | &nbsp;&nbsp; 241081810 | &nbsp;&nbsp; - |
| Software | 221541748 | &nbsp;&nbsp; 26009366 | &nbsp;&nbsp; - |
| Textiles, Apparel & Luxury Goods | - | &nbsp;&nbsp; 91017118 | &nbsp;&nbsp; - |
| All Other | 1126876177 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Private Placements* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 0 |
| *Investment Companies* | - | &nbsp;&nbsp; 42218438 | &nbsp;&nbsp; - |
| **Total Assets** | $1894014132 | &nbsp;&nbsp; $1247820864 | &nbsp;&nbsp; $0 |

---

6 \| September 30, 2025

------

**Janus Henderson Global Select Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $2,074,563,883) | $3099616558 |
| Affiliated investments, at value (cost $42,218,438) | 42218438 |
| Cash | 90582 |
| Cash denominated in foreign currency (cost $16) | 16 |
| Trustees' deferred compensation | 89992 |
| Receivables: |  |
| Dividends | 3354337 |
| Foreign tax reclaims | 1334682 |
| Fund shares sold | 858928 |
| Dividends from affiliates | 88228 |
| Other assets | 151023 |
| Total Assets | 3147802784 |
| Liabilities: |  |
| Payables: |  |
| Foreign tax liability | 5134673 |
| Advisory fees | 1623973 |
| Fund shares repurchased | 1297254 |
| Transfer agent fees and expenses | 406378 |
| Trustees' deferred compensation fees | 89992 |
| Professional fees | 79974 |
| Custodian fees | 23390 |
| Trustees' fees and expenses | 14343 |
| Affiliated fund administration fees payable | 6344 |
| 12b-1 Distribution and shareholder servicing fees | 3999 |
| Accrued expenses and other payables | 246173 |
| Total Liabilities | 8926493 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $3138876291 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Global Select Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $1817962833 |
| Total distributable earnings (loss) (includes $5,134,673 of foreign capital gains tax) | 1320913458 |
| Total Net Assets | $3138876291 |
| Net Assets - Class A Shares | $11747583 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 550304 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $21.35 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $22.65 |
| Net Assets - Class C Shares | $1398257 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 70458 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $19.85 |
| Net Assets - Class D Shares | $2251112062 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 106276900 |
| Net Asset Value Per Share | $21.18 |
| Net Assets - Class I Shares | $128126603 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 6026133 |
| Net Asset Value Per Share | $21.26 |
| Net Assets - Class N Shares | $35479407 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1672225 |
| Net Asset Value Per Share | $21.22 |
| Net Assets - Class R Shares | $1427585 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 68784 |
| Net Asset Value Per Share | $20.75 |
| Net Assets - Class S Shares | $285716 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 13368 |
| Net Asset Value Per Share | $21.37 |
| Net Assets - Class T Shares | $709299078 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 33404099 |
| Net Asset Value Per Share | $21.23 |

---

&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.

8 \| September 30, 2025

------

**Janus Henderson Global Select Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $40357172 |
| Dividends from affiliates | 2289099 |
| Affiliated securities lending income, net | 35262 |
| Unaffiliated securities lending income, net | 8408 |
| Other income | 35335 |
| Foreign tax withheld | (1674540) |
| Total Investment Income | 41050736 |
| Expenses: |  |
| Advisory fees | 18457891 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 26854 |
| Class C Shares | 9737 |
| Class R Shares | 2980 |
| Class S Shares | 590 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 2263119 |
| Class R Shares | 1490 |
| Class S Shares | 591 |
| Class T Shares | 1625561 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 5696 |
| Class C Shares | 846 |
| Class I Shares | 127815 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 610 |
| Class C Shares | 55 |
| Class D Shares | 351921 |
| Class I Shares | 3494 |
| Class N Shares | 1866 |
| Class R Shares | 36 |
| Class S Shares | 14 |
| Class T Shares | 7189 |
| Shareholder reports expense | 386069 |
| Professional fees | 287111 |
| Registration fees | 188975 |
| Custodian fees | 171953 |
| Affiliated fund administration fees | 86851 |
| Trustees' fees and expenses | 54785 |
| Other expenses | 278525 |
| Total Expenses | 24342624 |
| Less: Excess Expense Reimbursement and Waivers | (112430) |
| Net Expenses | 24230194 |
| Net Investment Income/(Loss) | 16820542 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Global Select Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions (net of foreign taxes of $17) | $356309996 |
| Investments in affiliates | 1196 |
| Swap contracts | 2191930 |
| Total Net Realized Gain/(Loss) on Investments | 358503122 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation (net of increase in deferred foreign taxes of <br> $4,499,524)<br>| 45028482 |
| Investments in affiliates | (1143) |
| Swap contracts | 2950716 |
| Total Change in Unrealized Net Appreciation/Depreciation | 47978055 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $423301719 |

---

See Notes to Financial Statements.

10 \| September 30, 2025

------

**Janus Henderson Global Select Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*September 30, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $16820542 | &nbsp;&nbsp; $28803796 |
| Net realized gain/(loss) on investments | 358503122 | &nbsp;&nbsp; 184997706 |
| Change in unrealized net appreciation/depreciation | 47978055 | &nbsp;&nbsp; 529811541 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 423301719 | &nbsp;&nbsp; 743613043 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (1000489) | &nbsp;&nbsp; (624764) |
| Class C Shares | (82343) | &nbsp;&nbsp; (57837) |
| Class D Shares | (191598506) | &nbsp;&nbsp; (145264462) |
| Class I Shares | (9065981) | &nbsp;&nbsp; (4733384) |
| Class N Shares | (5000839) | &nbsp;&nbsp; (4233946) |
| Class R Shares | (36729) | &nbsp;&nbsp; (12599) |
| Class S Shares | (23353) | &nbsp;&nbsp; (12565) |
| Class T Shares | (59901072) | &nbsp;&nbsp; (44803657) |
| Net Decrease from Dividends and Distributions to Shareholders | (266709312) | &nbsp;&nbsp; (199743214) |
| Capital Share Transactions: |  |  |
| Class A Shares | (93152) | &nbsp;&nbsp; 2323182 |
| Class C Shares | 407146 | &nbsp;&nbsp; 67189 |
| Class D Shares | 49872178 | &nbsp;&nbsp; 20788840 |
| Class I Shares | 16162981 | &nbsp;&nbsp; 36187507 |
| Class N Shares | (23063485) | &nbsp;&nbsp; 1963927 |
| Class R Shares | 983183 | &nbsp;&nbsp; 183012 |
| Class S Shares | 15691 | &nbsp;&nbsp; 72585 |
| Class T Shares | 14790306 | &nbsp;&nbsp; 15986315 |
| Net Increase/(Decrease) from Capital Share Transactions | 59074848 | &nbsp;&nbsp; 77572557 |
| Net Increase/(Decrease) in Net Assets | 215667255 | &nbsp;&nbsp; 621442386 |
| Net Assets: |  |  |
| Beginning of period | 2923209036 | &nbsp;&nbsp; 2301766650 |
| End of period | $3138876291 | &nbsp;&nbsp; $2923209036 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Global Select Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $20.30 | &nbsp;&nbsp; $16.62 | &nbsp;&nbsp; $14.17 | &nbsp;&nbsp; $19.70 | &nbsp;&nbsp; $15.56 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.08 | &nbsp;&nbsp;&nbsp;&nbsp; 0.18 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain/(loss) | 2.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp; (3.38) | &nbsp;&nbsp;&nbsp;&nbsp;4.91 |
| Total from Investment Operations | 2.89 | &nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp; (3.24) | &nbsp;&nbsp;&nbsp;&nbsp;5.01 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.18) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.12) |
| Distributions (from capital gains) | (1.66) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.75) |
| Total Dividends and Distributions | (1.84) | &nbsp;&nbsp; (1.43) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (2.29) | &nbsp;&nbsp; (0.87) |
| Net Asset Value, End of Period | $21.35 | &nbsp;&nbsp; $20.30 | &nbsp;&nbsp; $16.62 | &nbsp;&nbsp; $14.17 | &nbsp;&nbsp; $19.70 |
| Total Return<sup>\*</sup> <br>| 15.25% | &nbsp;&nbsp; 32.99% | &nbsp;&nbsp; 20.26% | &nbsp;&nbsp; (18.45)% | &nbsp;&nbsp; 32.96% |
| Net Assets, End of Period (in thousands) | $11748 | &nbsp;&nbsp; $11383 | &nbsp;&nbsp; $7207 | &nbsp;&nbsp; $5582 | &nbsp;&nbsp; $7039 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.01% | &nbsp;&nbsp; 1.02% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.03% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.01% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.03% |
| Ratio of Net Investment Income/(Loss) | 0.39% | &nbsp;&nbsp; 0.95% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.56% |
| Portfolio Turnover Rate | 48% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 56% | &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. 

(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 April and August 2024. 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 0.06%, respectively. 

(3) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in April and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

12 \| September 30, 2025

------

**Janus Henderson Global Select Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $19.03 | &nbsp;&nbsp; $15.65 | &nbsp;&nbsp; $13.42 | &nbsp;&nbsp; $18.82 | &nbsp;&nbsp; $14.92 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; 0.02 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; — <br><sup>(3)</sup><br>| &nbsp;&nbsp; (0.06) |
| Net realized and unrealized gain/(loss) | 2.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp; (3.21) | &nbsp;&nbsp;&nbsp;&nbsp;4.71 |
| Total from Investment Operations | 2.53 | &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp; (3.21) | &nbsp;&nbsp;&nbsp;&nbsp;4.65 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.05) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (1.66) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.75) |
| Total Dividends and Distributions | (1.71) | &nbsp;&nbsp; (1.30) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.75) |
| Net Asset Value, End of Period | $19.85 | &nbsp;&nbsp; $19.03 | &nbsp;&nbsp; $15.65 | &nbsp;&nbsp; $13.42 | &nbsp;&nbsp; $18.82 |
| Total Return<sup>\*</sup> <br>| 14.23% | &nbsp;&nbsp; 31.98% | &nbsp;&nbsp; 19.24% | &nbsp;&nbsp; (19.14)% | &nbsp;&nbsp; 31.84% |
| Net Assets, End of Period (in thousands) | $1398 | &nbsp;&nbsp; $922 | &nbsp;&nbsp; $721 | &nbsp;&nbsp; $564 | &nbsp;&nbsp; $586 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 2.09% | &nbsp;&nbsp; 2.06% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 2.10% | &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 2.14% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.91% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 1.88% |
| Ratio of Net Investment Income/(Loss) | (0.50)% | &nbsp;&nbsp; 0.10% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; (0.33)% |
| Portfolio Turnover Rate | 48% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 56% | &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. 

(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 April and August 2024. 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 0.06%, respectively. 

(3) Less than $0.005 on a per share basis. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in April and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Global Select Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $20.16 | &nbsp;&nbsp; $16.51 | &nbsp;&nbsp; $14.09 | &nbsp;&nbsp; $19.60 | &nbsp;&nbsp; $15.47 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.12 | &nbsp;&nbsp;&nbsp;&nbsp; 0.20 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain/(loss) | 2.78 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp;&nbsp;4.88 |
| Total from Investment Operations | 2.90 | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp; (3.18) | &nbsp;&nbsp;&nbsp;&nbsp;5.02 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.22) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.14) |
| Distributions (from capital gains) | (1.66) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.75) |
| Total Dividends and Distributions | (1.88) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (2.33) | &nbsp;&nbsp; (0.89) |
| Net Asset Value, End of Period | $21.18 | &nbsp;&nbsp; $20.16 | &nbsp;&nbsp; $16.51 | &nbsp;&nbsp; $14.09 | &nbsp;&nbsp; $19.60 |
| Total Return<sup>\*</sup> <br>| 15.44% | &nbsp;&nbsp; 33.23% | &nbsp;&nbsp; 20.49% | &nbsp;&nbsp; (18.25)% | &nbsp;&nbsp; 33.28% |
| Net Assets, End of Period (in thousands) | $2251112 | &nbsp;&nbsp; $2087821 | &nbsp;&nbsp; $1673253 | &nbsp;&nbsp; $1459358 | &nbsp;&nbsp; $1876374 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.82% | &nbsp;&nbsp; 0.82% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.82% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.82% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.82% |
| Ratio of Net Investment Income/(Loss) | 0.60% | &nbsp;&nbsp; 1.10% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.77% |
| Portfolio Turnover Rate | 48% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 56% | &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. 

(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 April and August 2024. 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 0.06%, respectively. 

(3) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in April and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

14 \| September 30, 2025

------

**Janus Henderson Global Select Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $20.23 | &nbsp;&nbsp; $16.57 | &nbsp;&nbsp; $14.15 | &nbsp;&nbsp; $19.68 | &nbsp;&nbsp; $15.53 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.13 | &nbsp;&nbsp;&nbsp;&nbsp; 0.21 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain/(loss) | 2.79 | &nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp; (3.38) | &nbsp;&nbsp;&nbsp;&nbsp;4.89 |
| Total from Investment Operations | 2.92 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp; (3.19) | &nbsp;&nbsp;&nbsp;&nbsp;5.05 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.23) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.15) |
| Distributions (from capital gains) | (1.66) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.75) |
| Total Dividends and Distributions | (1.89) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (2.34) | &nbsp;&nbsp; (0.90) |
| Net Asset Value, End of Period | $21.26 | &nbsp;&nbsp; $20.23 | &nbsp;&nbsp; $16.57 | &nbsp;&nbsp; $14.15 | &nbsp;&nbsp; $19.68 |
| Total Return<sup>\*</sup> <br>| 15.49% | &nbsp;&nbsp; 33.20% | &nbsp;&nbsp; 20.55% | &nbsp;&nbsp; (18.23)% | &nbsp;&nbsp; 33.31% |
| Net Assets, End of Period (in thousands) | $128127 | &nbsp;&nbsp; $103842 | &nbsp;&nbsp; $53550 | &nbsp;&nbsp; $24004 | &nbsp;&nbsp; $22347 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.80% | &nbsp;&nbsp; 0.80% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% |
| Ratio of Net Investment Income/(Loss) | 0.65% | &nbsp;&nbsp; 1.12% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 0.83% |
| Portfolio Turnover Rate | 48% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 56% | &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. 

(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 April and August 2024. 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 0.06%, respectively. 

(3) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in April and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Global Select Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $20.20 | &nbsp;&nbsp; $16.53 | &nbsp;&nbsp; $14.11 | &nbsp;&nbsp; $19.64 | &nbsp;&nbsp; $15.50 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.13 | &nbsp;&nbsp;&nbsp;&nbsp; 0.24 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain/(loss) | 2.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp; (3.37) | &nbsp;&nbsp;&nbsp;&nbsp;4.88 |
| Total from Investment Operations | 2.93 | &nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp; (3.17) | &nbsp;&nbsp;&nbsp;&nbsp;5.05 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.25) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.16) |
| Distributions (from capital gains) | (1.66) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.75) |
| Total Dividends and Distributions | (1.91) | &nbsp;&nbsp; (1.47) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (2.36) | &nbsp;&nbsp; (0.91) |
| Net Asset Value, End of Period | $21.22 | &nbsp;&nbsp; $20.20 | &nbsp;&nbsp; $16.53 | &nbsp;&nbsp; $14.11 | &nbsp;&nbsp; $19.64 |
| Total Return<sup>\*</sup> <br>| 15.60% | &nbsp;&nbsp; 33.47% | &nbsp;&nbsp; 20.69% | &nbsp;&nbsp; (18.21)% | &nbsp;&nbsp; 33.41% |
| Net Assets, End of Period (in thousands) | $35479 | &nbsp;&nbsp; $58735 | &nbsp;&nbsp; $44845 | &nbsp;&nbsp; $21395 | &nbsp;&nbsp; $26130 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.69% | &nbsp;&nbsp; 0.68% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.68% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.69% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.68% |
| Ratio of Net Investment Income/(Loss) | 0.65% | &nbsp;&nbsp; 1.32% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 0.90% |
| Portfolio Turnover Rate | 48% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 56% | &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. 

(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 April and August 2024. 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 0.06%, respectively. 

(3) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in April and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

16 \| September 30, 2025

------

**Janus Henderson Global Select Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $19.83 | &nbsp;&nbsp; $16.28 | &nbsp;&nbsp; $13.88 | &nbsp;&nbsp; $19.36 | &nbsp;&nbsp; $15.29 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; 0.08 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; — <br><sup>(3)</sup><br>|
| Net realized and unrealized gain/(loss) | 2.73 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp; (3.31) | &nbsp;&nbsp;&nbsp;&nbsp;4.82 |
| Total from Investment Operations | 2.71 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp; (3.26) | &nbsp;&nbsp;&nbsp;&nbsp;4.82 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.13) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (1.66) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.75) |
| Total Dividends and Distributions | (1.79) | &nbsp;&nbsp; (1.35) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (2.22) | &nbsp;&nbsp; (0.75) |
| Net Asset Value, End of Period | $20.75 | &nbsp;&nbsp; $19.83 | &nbsp;&nbsp; $16.28 | &nbsp;&nbsp; $13.88 | &nbsp;&nbsp; $19.36 |
| Total Return<sup>\*</sup> <br>| 14.63% | &nbsp;&nbsp; 32.22% | &nbsp;&nbsp; 19.62% | &nbsp;&nbsp; (18.89)% | &nbsp;&nbsp; 32.19% |
| Net Assets, End of Period (in thousands) | $1428 | &nbsp;&nbsp; $376 | &nbsp;&nbsp; $147 | &nbsp;&nbsp; $120 | &nbsp;&nbsp; $123 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.95% | &nbsp;&nbsp; 2.98% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 3.49% | &nbsp;&nbsp; 3.67% | &nbsp;&nbsp; 3.94% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.54% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.60% |
| Ratio of Net Investment Income/(Loss) | (0.10)% | &nbsp;&nbsp; 0.44% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; (0.02)% |
| Portfolio Turnover Rate | 48% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 56% | &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. 

(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 April and August 2024. 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 0.06%, respectively. 

(3) Less than $0.005 on a per share basis. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in April and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 17

------

**Janus Henderson Global Select Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $20.33 | &nbsp;&nbsp; $16.63 | &nbsp;&nbsp; $14.21 | &nbsp;&nbsp; $19.71 | &nbsp;&nbsp; $15.57 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.12 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain/(loss) | 2.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp; (3.39) | &nbsp;&nbsp;&nbsp;&nbsp;4.93 |
| Total from Investment Operations | 2.83 | &nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp; (3.31) | &nbsp;&nbsp;&nbsp;&nbsp;4.96 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.13) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) |
| Distributions (from capital gains) | (1.66) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.75) |
| Total Dividends and Distributions | (1.79) | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.82) |
| Net Asset Value, End of Period | $21.37 | &nbsp;&nbsp; $20.33 | &nbsp;&nbsp; $16.63 | &nbsp;&nbsp; $14.21 | &nbsp;&nbsp; $19.71 |
| Total Return<sup>\*</sup> <br>| 14.89% | &nbsp;&nbsp; 32.56% | &nbsp;&nbsp; 19.96% | &nbsp;&nbsp; (18.75)% | &nbsp;&nbsp; 32.57% |
| Net Assets, End of Period (in thousands) | $286 | &nbsp;&nbsp; $266 | &nbsp;&nbsp; $154 | &nbsp;&nbsp; $82 | &nbsp;&nbsp; $139 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 2.45% | &nbsp;&nbsp; 2.75% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 2.88% | &nbsp;&nbsp; 3.97% | &nbsp;&nbsp; 2.76% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.29% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.36% |
| Ratio of Net Investment Income/(Loss) | 0.04% | &nbsp;&nbsp; 0.64% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.16% |
| Portfolio Turnover Rate | 48% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 56% | &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. 

(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 April and August 2024. 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 0.06%, respectively. 

(3) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in April and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

18 \| September 30, 2025

------

**Janus Henderson Global Select Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $20.20 | &nbsp;&nbsp; $16.55 | &nbsp;&nbsp; $14.11 | &nbsp;&nbsp; $19.63 | &nbsp;&nbsp; $15.50 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.10 | &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain/(loss) | 2.79 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp; (3.37) | &nbsp;&nbsp;&nbsp;&nbsp;4.88 |
| Total from Investment Operations | 2.89 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp; (3.20) | &nbsp;&nbsp;&nbsp;&nbsp;5.01 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.20) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.13) |
| Distributions (from capital gains) | (1.66) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.75) |
| Total Dividends and Distributions | (1.86) | &nbsp;&nbsp; (1.44) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (2.32) | &nbsp;&nbsp; (0.88) |
| Net Asset Value, End of Period | $21.23 | &nbsp;&nbsp; $20.20 | &nbsp;&nbsp; $16.55 | &nbsp;&nbsp; $14.11 | &nbsp;&nbsp; $19.63 |
| Total Return<sup>\*</sup> <br>| 15.34% | &nbsp;&nbsp; 33.06% | &nbsp;&nbsp; 20.46% | &nbsp;&nbsp; (18.36)% | &nbsp;&nbsp; 33.15% |
| Net Assets, End of Period (in thousands) | $709299 | &nbsp;&nbsp; $659864 | &nbsp;&nbsp; $521890 | &nbsp;&nbsp; $450713 | &nbsp;&nbsp; $587159 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.93% | &nbsp;&nbsp; 0.93% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% |
| Ratio of Net Investment Income/(Loss) | 0.51% | &nbsp;&nbsp; 1.01% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.68% |
| Portfolio Turnover Rate | 48% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 56% | &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. 

(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 April and August 2024. 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 0.06%, respectively. 

(3) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in April and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 19

------

**Janus Henderson Global Select Fund**

**Notes to Financial Statements** 

&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 Select 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.

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

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**Janus Henderson Global Select Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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.

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**Janus Henderson Global Select Fund**

**Notes to Financial Statements** 

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

rates and similar data.

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

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

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

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

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

Schedule of Investments and Other Information.

The Fund's management has determined the Fund did not hold a significant amount of Level 3 securities as of

September 30, 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.

22 \| September 30, 2025

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**Janus Henderson Global Select Fund**

**Notes to Financial Statements** 

**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.

**Federal Income Taxes**

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

in the next twelve months.

**2. Derivative Instruments**

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended September 30, 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.

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**Janus Henderson Global Select Fund**

**Notes to Financial Statements** 

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

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**Janus Henderson Global Select Fund**

**Notes to Financial Statements** 

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.

**Swaps**

Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund's total return.

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty ("CCP"). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant ("FCM") that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the "Executing Dealer") and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission ("CFTC"). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades.

The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund's Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund's Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the year is included in the Statement of Operations (if applicable).

The Fund's maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of

collateral by the counterparty to cover the Fund's exposure to the counterparty.

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 year, the Fund entered into total return swaps on equity securities to increase exposure to equity 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 securities or an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index multiplied by the notional amount of the contract

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**Janus Henderson Global Select Fund**

**Notes to Financial Statements** 

and, in some cases, dividends paid on the securities.

There were no total return swaps held at September 30, 2025.

**3. 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, war, 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.* Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. 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.

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**Janus Henderson Global Select Fund**

**Notes to Financial Statements** 

**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.

**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.

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

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**Janus Henderson Global Select Fund**

**Notes to Financial Statements** 

affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

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

There were no securities on loan as of September 30, 2025.

**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 0.64% 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 0.81% for at least a one-year period commencing on January 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 $532,252 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 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% |

---

28 \| September 30, 2025

------

**Janus Henderson Global Select Fund**

**Notes to Financial Statements** 

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds* | *Administrative Services Fee* |
| 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 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 year ended September 30, 2025, the Distributor

retained upfront sales charges of $4,990.

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 year ended September 30, 2025, redeeming shareholders of Class A Shares paid CDSCs of $3 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 year ended September 30, 2025, redeeming shareholders of Class C Shares

paid CDSCs of $488.

Janus Investment Fund \| 29

------

**Janus Henderson Global Select Fund**

**Notes to Financial Statements** 

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 September 30, 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 year ended September 30, 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 year ended September 30, 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 year ended September 30, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

**5. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term Gains*<br>| *Accumulated* <br>*Capital Losses*<br>| *Loss Deferrals* | *Other Book* <br>*to Tax* <br>*Differences*<br>| *Net Tax* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| $14549515 | $286904971 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $57280 | &nbsp;&nbsp; $1019401692 |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 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; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $2117298631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1050997654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(26461289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1024536365 |

---

30 \| September 30, 2025

------

**Janus Henderson Global Select Fund**

**Notes to Financial Statements** 

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. Certain permanent differences such as tax returns

of capital and net investment losses noted below have been reclassified to capital.

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $57719510 | &nbsp;&nbsp;&nbsp; $208989802 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $33509954 | &nbsp;&nbsp;&nbsp; $166233260 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $9,260,454, including $8,809,553 of long-term capital gain, for distributions in connection with Fund shares redemption (tax

equalization).

Janus Investment Fund \| 31

------

**Janus Henderson Global Select Fund**

**Notes to Financial Statements** 

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

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended September 30, 2025* | *Year ended September 30, 2025* | *Year ended September 30, 2024* | *Year ended September 30, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 114738 | &nbsp;&nbsp; $2244676 | &nbsp;&nbsp; 161121 | &nbsp;&nbsp; $3051225 |
| Reinvested dividends and distributions | 49206 | &nbsp;&nbsp; 941310 | &nbsp;&nbsp; 36258 | &nbsp;&nbsp; 582300 |
| Shares repurchased | (174392) | &nbsp;&nbsp; (3279138) | &nbsp;&nbsp; (70152) | &nbsp;&nbsp; (1310343) |
| Net Increase/(Decrease) | (10448) | &nbsp;&nbsp; $(93152) | &nbsp;&nbsp; 127227 | &nbsp;&nbsp; $2323182 |
| Class C Shares: |  |  |  |  |
| Shares sold | 35091 | &nbsp;&nbsp; $644546 | &nbsp;&nbsp; 21773 | &nbsp;&nbsp; $404431 |
| Reinvested dividends and distributions | 4598 | &nbsp;&nbsp; 82343 | &nbsp;&nbsp; 3815 | &nbsp;&nbsp; 57837 |
| Shares repurchased | (17685) | &nbsp;&nbsp; (319743) | &nbsp;&nbsp; (23226) | &nbsp;&nbsp; (395079) |
| Net Increase/(Decrease) | 22004 | &nbsp;&nbsp; $407146 | &nbsp;&nbsp; 2362 | &nbsp;&nbsp; $67189 |
| Class D Shares: |  |  |  |  |
| Shares sold | 1604578 | &nbsp;&nbsp; $30406848 | &nbsp;&nbsp; 1632858 | &nbsp;&nbsp; $30319916 |
| Reinvested dividends and distributions | 9786732 | &nbsp;&nbsp; 185458561 | &nbsp;&nbsp; 8834395 | &nbsp;&nbsp; 140643569 |
| Shares repurchased | (8678116) | &nbsp;&nbsp; (165993231) | &nbsp;&nbsp; (8244013) | &nbsp;&nbsp; (150174645) |
| Net Increase/(Decrease) | 2713194 | &nbsp;&nbsp; $49872178 | &nbsp;&nbsp; 2223240 | &nbsp;&nbsp; $20788840 |
| Class I Shares: |  |  |  |  |
| Shares sold | 2869444 | &nbsp;&nbsp; $54484004 | &nbsp;&nbsp; 3169664 | &nbsp;&nbsp; $60339414 |
| Reinvested dividends and distributions | 472060 | &nbsp;&nbsp; 8978587 | &nbsp;&nbsp; 292466 | &nbsp;&nbsp; 4673610 |
| Shares repurchased | (2447287) | &nbsp;&nbsp; (47299610) | &nbsp;&nbsp; (1562497) | &nbsp;&nbsp; (28825517) |
| Net Increase/(Decrease) | 894217 | &nbsp;&nbsp; $16162981 | &nbsp;&nbsp; 1899633 | &nbsp;&nbsp; $36187507 |
| Class N Shares: |  |  |  |  |
| Shares sold | 387285 | &nbsp;&nbsp; $7457618 | &nbsp;&nbsp; 1394075 | &nbsp;&nbsp; $25832941 |
| Reinvested dividends and distributions | 263716 | &nbsp;&nbsp; 5000059 | &nbsp;&nbsp; 265784 | &nbsp;&nbsp; 4233946 |
| Shares repurchased | (1886953) | &nbsp;&nbsp; (35521162) | &nbsp;&nbsp; (1463879) | &nbsp;&nbsp; (28102960) |
| Net Increase/(Decrease) | (1235952) | &nbsp;&nbsp; $(23063485) | &nbsp;&nbsp; 195980 | &nbsp;&nbsp; $1963927 |
| Class R Shares: |  |  |  |  |
| Shares sold | 50629 | &nbsp;&nbsp; $997163 | &nbsp;&nbsp; 17967 | &nbsp;&nbsp; $330191 |
| Reinvested dividends and distributions | 1955 | &nbsp;&nbsp; 36518 | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 12452 |
| Shares repurchased | (2768) | &nbsp;&nbsp; (50498) | &nbsp;&nbsp; (8836) | &nbsp;&nbsp; (159631) |
| Net Increase/(Decrease) | 49816 | &nbsp;&nbsp; $983183 | &nbsp;&nbsp; 9921 | &nbsp;&nbsp; $183012 |
| Class S Shares: |  |  |  |  |
| Shares sold | 6892 | &nbsp;&nbsp; $142681 | &nbsp;&nbsp; 4316 | &nbsp;&nbsp; $85063 |
| Reinvested dividends and distributions | 820 | &nbsp;&nbsp; 15743 | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 12565 |
| Shares repurchased | (7412) | &nbsp;&nbsp; (142733) | &nbsp;&nbsp; (1263) | &nbsp;&nbsp; (25043) |
| Net Increase/(Decrease) | 300 | &nbsp;&nbsp; $15691 | &nbsp;&nbsp; 3833 | &nbsp;&nbsp; $72585 |
| Class T Shares: |  |  |  |  |
| Shares sold | 2598449 | &nbsp;&nbsp; $50340115 | &nbsp;&nbsp; 2718162 | &nbsp;&nbsp; $50630701 |
| Reinvested dividends and distributions | 3080109 | &nbsp;&nbsp; 58552881 | &nbsp;&nbsp; 2739450 | &nbsp;&nbsp; 43749009 |
| Shares repurchased | (4937736) | &nbsp;&nbsp; (94102690) | &nbsp;&nbsp; (4335040) | &nbsp;&nbsp; (78393395) |
| Net Increase/(Decrease) | 740822 | &nbsp;&nbsp; $14790306 | &nbsp;&nbsp; 1122572 | &nbsp;&nbsp; $15986315 |

---

**7. Purchases and Sales of Investment Securities**

For the year ended September 30, 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>|
| $1369479129 | &nbsp;&nbsp;&nbsp;&nbsp; $1531170926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

32 \| September 30, 2025

------

**Janus Henderson Global Select Fund**

**Notes to Financial Statements** 

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

**8. Recent Accounting Pronouncements**

The FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—*Improvements to Income Tax Disclosures* (ASU 2023-09) in December 2023. The new guidance enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes the

adoption of the ASU will not have a material impact on the financial statements.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to September 30, 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 \| 33

------

**Janus Henderson Global Select Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Global Select Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Global Select Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian. We believe that our audits provide a

reasonable basis for our opinion.

![](img16a2d80a2.jpg)

Denver, Colorado

November 20, 2025

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

34 \| September 30, 2025

------

**Janus Henderson Global Select Fund**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2025:

---

| | |
|:---|:---|
| Section 163(j) Interest Dividend | 8% |
| Capital Gain Distributions | $217799355 |
| Dividends Received Deduction Percentage | 62% |
| Qualified Dividend Income Percentage | 96% |

---

Janus Investment Fund \| 35

------

**Janus Henderson Global Select 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 Trustees 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 1, 2024 and December 4-5, 2024, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2025 through February 1, 2026, subject to earlier termination as provided for in each agreement.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus

36 \| September 30, 2025

------

**Janus Henderson Global Select Fund**

**Additional Information (unaudited)**

Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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, 2024, approximately 58% 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, 2024, approximately 61% 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 performance in periods ended September 30, 2024 has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2024, approximately 75% and 61% 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, 2024, approximately 66% and 68% 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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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.

Janus Investment Fund \| 37

------

**Janus Henderson Global Select Fund**

**Additional Information (unaudited)**

***<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 first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 High-Yield Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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.

38 \| September 30, 2025

------

**Janus Henderson Global Select 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Contrarian Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted the reasons for the Fund's underperformance over various periods of time, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

Janus Investment Fund \| 39

------

**Janus Henderson Global Select 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 Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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, 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 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted that the 36-month end performance was not yet available because of the Fund's inception date.

&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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

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

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as 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 10% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the

40 \| September 30, 2025

------

**Janus Henderson Global Select Fund**

**Additional Information (unaudited)**

Janus Henderson Funds, on average, were 11% 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, recent 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) 11 of 12 Janus Henderson Funds had management fees (before waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser and 16 of 18 Janus Henderson Funds had management fees (after waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser. The Trustees noted that for the one Janus Henderson Fund that did not have a lower or in line management fee (before waivers or performance fees) than similar funds subadvised by the Adviser, the management fee was under the average of its 15(c) peer group. For the two Janus Henderson Funds that did not have lower or in line management fees (after waivers or performance fees) than similar funds Subadvised by the Adviser, the management fees were due to performance fee increases resulting from Janus Henderson Fund outperformance of such Janus Henderson Fund's reference index.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2023 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.

&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.

Janus Investment Fund \| 41

------

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

&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 the Fund's total expenses were below the peer group average for all share classes.

&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.

42 \| September 30, 2025

------

**Janus Henderson Global Select 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 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 Responsible 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 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.

&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 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 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.

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

Janus Investment Fund \| 43

------

**Janus Henderson Global Select 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 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 the Fund's total expenses were below the peer group average for all share classes.

&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 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 U.S. Dividend 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 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, 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. The Trustees noted that during the 2023 15(c) review process, the Adviser reported no changes to its allocation methodology; however, at the Trustees' request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant's analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. 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.

44 \| September 30, 2025

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**Janus Henderson Global Select Fund**

**Additional Information (unaudited)**

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 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 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2024 report: (1) past 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 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 42% of Janus Henderson Funds have low flat-rate fees (the "Low Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and higher fees when the fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2024 report that (1) 68% 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 Low 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 analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus 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

Janus Investment Fund \| 45

------

**Janus Henderson Global Select Fund**

**Additional Information (unaudited)**

affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

46 \| September 30, 2025

------

**Janus Henderson Global Select Fund**

**Notes**

Janus Investment Fund \| 47

------

**Janus Henderson Global Select Fund**

**Notes**

48 \| September 30, 2025

------

**Janus Henderson Global Select Fund**

**Notes**

Janus Investment Fund \| 49

------

![](img0e3d2bc43.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

125-02-93046 11-25

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ANNUAL FINANCIAL STATEMENTS

September 30, 2025

**Janus Henderson Global Sustainable Equity Fund**

Janus Investment Fund

![](img47615c301.gif)

------

**Table of Contents**

**Janus Henderson Global Sustainable Equity Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_b1058f9c-2df8-4a73-859e-ce104cc2a775_SOI-SOI-RunningFooter-26_1)<br> [Management Investment Companies](#xx_b1058f9c-2df8-4a73-859e-ce104cc2a775_SOI-SOI-RunningFooter-26_1)<br>|  |
| [Schedule of Investments](#xx_b1058f9c-2df8-4a73-859e-ce104cc2a775_SOI-SOI-RunningFooter-26_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_b1058f9c-2df8-4a73-859e-ce104cc2a775_SOI-SOI-RunningFooter-26_4) | 4 |
| [Statement of Assets and Liabilities](#xx_b1058f9c-2df8-4a73-859e-ce104cc2a775_SAL-SAL-RunningFooter-26_1) | 5 |
| [Statement of Operations](#xx_b1058f9c-2df8-4a73-859e-ce104cc2a775_SOP-SOP-RunningFooter-26_1) | 7 |
| [Statements of Changes in Net Assets](#xx_b1058f9c-2df8-4a73-859e-ce104cc2a775_SOC-SOC-RunningFooter-26_1) | 8 |
| [Financial Highlights](#xx_b1058f9c-2df8-4a73-859e-ce104cc2a775_FIHI-FIHI-RunningFooter-26_1) | 9 |
| [Notes to Financial Statements](#xx_b1058f9c-2df8-4a73-859e-ce104cc2a775_NTF-NTF-RunningFooter-26_1) | 17 |
| [Report of Independent Registered Public Accounting Firm](#xx_b1058f9c-2df8-4a73-859e-ce104cc2a775_AUD-AR-RunningFooter-26_1) | 27 |
| [Designation Requirements](#xx_b1058f9c-2df8-4a73-859e-ce104cc2a775_DR-DR-RunningFooter-26_1) | 28 |
| [Items 8-11 - Additional Information](#xx_b1058f9c-2df8-4a73-859e-ce104cc2a775_AI-AI-RunningFooter-26_1) | 29 |

---

------

**Janus Henderson Global Sustainable Equity Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 98.7% |  |  |
| Auto Components – 1.7% |  |  |
| Aptive PLC<sup>\*</sup> <br>| 11631 | $1002825 |
| Banks – 1.5% |  |  |
| HDFC Bank Ltd (ADR) | 25868 | 883651 |
| Biotechnology – 2.8% |  |  |
| Argenx SE (ADR)<sup>\*</sup> <br>| 1508 | 1112240 |
| Vertex Pharmaceuticals Inc<sup>\*</sup> <br>| 1204 | 471535 |
|  |  | 1583775 |
| Building Products – 3.7% |  |  |
| Advanced Drainage Systems Inc | 4742 | 657715 |
| Cie de Saint-Gobain | 13225 | 1440558 |
|  |  | 2098273 |
| Capital Markets – 3.2% |  |  |
| Intercontinental Exchange Inc | 6576 | 1107924 |
| S&P Global Inc | 1501 | 730552 |
|  |  | 1838476 |
| Commercial Services & Supplies – 0.9% |  |  |
| Tetra Tech Inc | 15544 | 518859 |
| Construction & Engineering – 3.0% |  |  |
| APi Group Corp<sup>\*</sup> <br>| 25322 | 870317 |
| Stantec Inc | 7960 | 858582 |
|  |  | 1728899 |
| Diversified Financial Services – 3.3% |  |  |
| Mastercard Inc - Class A | 2424 | 1378795 |
| Walker & Dunlop Inc | 5867 | 490599 |
|  |  | 1869394 |
| Electrical Equipment – 9.9% |  |  |
| Hubbell Inc | 2006 | 863202 |
| Legrand SA | 4867 | 811768 |
| NEXTracker Inc - Class A<sup>\*</sup> <br>| 6230 | 460958 |
| Prysmian SpA | 18688 | 1866398 |
| Schneider Electric SE | 5908 | 1667649 |
|  |  | 5669975 |
| Electronic Equipment, Instruments & Components – 4.9% |  |  |
| Keyence Corp | 1400 | 521317 |
| Keysight Technologies Inc<sup>\*</sup> <br>| 4888 | 855009 |
| TE Connectivity PLC | 6419 | 1409163 |
|  |  | 2785489 |
| Entertainment – 4.7% |  |  |
| Nintendo Co Ltd | 7500 | 642563 |
| Spotify Technology SA<sup>\*</sup> <br>| 2896 | 2021408 |
|  |  | 2663971 |
| Food Products – 0.2% |  |  |
| McCormick & Co Inc/MD | 2038 | 136363 |
| Health Care Providers & Services – 3.4% |  |  |
| McKesson Corp | 2498 | 1929805 |
| Independent Power and Renewable Electricity Producers – 1.2% |  |  |
| Boralex Inc - Class A | 34482 | 673285 |
| Insurance – 11.6% |  |  |
| AIA Group Ltd | 184000 | 1763741 |
| Arthur J Gallagher & Co | 5704 | 1766757 |
| Intact Financial Corp | 5354 | 1041827 |
| Marsh & McLennan Cos Inc | 3584 | 722284 |
| Progressive Corp/The | 5351 | 1321429 |
|  |  | 6616038 |
| Leisure Products – 0.5% |  |  |
| Shimano Inc | 2500 | 284084 |
| Machinery – 4.4% |  |  |
| Knorr-Bremse AG | 7478 | 702157 |

---

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 Sustainable Equity Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Machinery – (continued) |  |  |
| Wabtec Corp | 3557 | $713072 |
| Xylem Inc/NY | 7511 | 1107872 |
|  |  | 2523101 |
| Pharmaceuticals – 1.6% |  |  |
| Eli Lilly & Co | 1190 | 907970 |
| Professional Services – 3.7% |  |  |
| Experian PLC | 26780 | 1348502 |
| Wolters Kluwer NV | 5484 | 748513 |
|  |  | 2097015 |
| Road & Rail – 2.4% |  |  |
| Uber Technologies Inc<sup>\*</sup> <br>| 14192 | 1390390 |
| Semiconductor & Semiconductor Equipment – 13.9% |  |  |
| ASML Holding NV | 350 | 341194 |
| Disco Corp | 900 | 282752 |
| Infineon Technologies AG | 14785 | 577011 |
| KLA Corp | 722 | 778749 |
| NVIDIA Corp | 21196 | 3954750 |
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 7326 | 2046078 |
|  |  | 7980534 |
| Software – 12.8% |  |  |
| Autodesk Inc<sup>\*</sup> <br>| 3728 | 1184274 |
| Cadence Design Systems Inc<sup>\*</sup> <br>| 3128 | 1098741 |
| Fair Isaac Corp<sup>\*</sup> <br>| 163 | 243934 |
| Microsoft Corp | 7548 | 3909487 |
| SAP SE | 3269 | 876281 |
|  |  | 7312717 |
| Specialty Retail – 1.3% |  |  |
| Home Depot Inc | 1813 | 734609 |
| Trading Companies & Distributors – 1.1% |  |  |
| Core & Main Inc - Class A<sup>\*</sup> <br>| 11993 | 645583 |
| Wireless Telecommunication Services – 1.0% |  |  |
| T-Mobile US Inc | 2429 | 581454 |
| Total Common Stocks (cost $43,455,060) |  | 56456535 |
| Investment Companies – 1.4% |  |  |
| Money Markets – 1.4% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº,</sup><sup>£</sup> (cost $833,846) | 833679 | 833846 |
| Total Investments (total cost $44,288,906) – 100.1% |  | 57290381 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.1)% |  | (72643) |
| Net Assets – 100% |  | $57217738 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| September 30, 2025

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**Janus Henderson Global Sustainable Equity Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $33369659 | &nbsp;&nbsp;&nbsp;&nbsp; 58.2<br> %<br>|
| France | 3919975 | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| Canada | 2573694 | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Germany | 2155449 | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Taiwan | 2046078 | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Sweden | 2021408 | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Italy | 1866398 | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Hong Kong | 1763741 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Japan | 1730716 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Ireland | 1409163 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| United Kingdom | 1348502 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Belgium | 1112240 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Netherlands | 1089707 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| India | 883651 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Total | $57290381 | &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>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 1.4% | Investment Companies - 1.4% | Investment Companies - 1.4% | Investment Companies - 1.4% | Investment Companies - 1.4% | Investment Companies - 1.4% | Investment Companies - 1.4% | Investment Companies - 1.4% | Investment Companies - 1.4% |
| Money Markets - 1.4% | Money Markets - 1.4% | Money Markets - 1.4% | Money Markets - 1.4% | Money Markets - 1.4% | Money Markets - 1.4% | Money Markets - 1.4% | Money Markets - 1.4% | Money Markets - 1.4% |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | $541362 | $27684769 | $(27392281) | $(4) | $- | $833846 | 833679 | $54715 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

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**Janus Henderson Global Sustainable Equity Fund**

**Notes to Schedule of Investments and Other Information** 

ADR American Depositary Receipt <br> LLC Limited Liability Company <br> PLC Public Limited Company

---

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

---

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 September 30, 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* |  |  |  |
| Building Products | $657715 | &nbsp;&nbsp; $1440558 | &nbsp;&nbsp; $- |
| Electrical Equipment | 1324160 | &nbsp;&nbsp; 4345815 | &nbsp;&nbsp; - |
| Electronic Equipment, Instruments & Components | 2264172 | &nbsp;&nbsp; 521317 | &nbsp;&nbsp; - |
| Entertainment | 2021408 | &nbsp;&nbsp; 642563 | &nbsp;&nbsp; - |
| Insurance | 4852297 | &nbsp;&nbsp; 1763741 | &nbsp;&nbsp; - |
| Leisure Products | - | &nbsp;&nbsp; 284084 | &nbsp;&nbsp; - |
| Machinery | 1820944 | &nbsp;&nbsp; 702157 | &nbsp;&nbsp; - |
| Professional Services | - | &nbsp;&nbsp; 2097015 | &nbsp;&nbsp; - |
| Semiconductor & Semiconductor Equipment | 6779577 | &nbsp;&nbsp; 1200957 | &nbsp;&nbsp; - |
| Software | 6436436 | &nbsp;&nbsp; 876281 | &nbsp;&nbsp; - |
| All Other | 16425338 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 833846 | &nbsp;&nbsp; - |
| **Total Assets** | $42582047 | &nbsp;&nbsp; $14708334 | &nbsp;&nbsp; $- |

---

4 \| September 30, 2025

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**Janus Henderson Global Sustainable Equity Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $43,455,060) | $56456535 |
| Affiliated investments, at value (cost $833,846) | 833846 |
| Cash denominated in foreign currency (cost $4,351) | 4351 |
| Trustees' deferred compensation | 1639 |
| Receivables: |  |
| Fund shares sold | 130264 |
| Dividends | 12378 |
| Dividends from affiliates | 5198 |
| Foreign tax reclaims | 5195 |
| Total Assets | 57449406 |
| Liabilities: |  |
| Payables: |  |
| Fund shares repurchased | 74713 |
| Professional fees | 71151 |
| Advisory fees | 9138 |
| Transfer agent fees and expenses | 4420 |
| Trustees' deferred compensation fees | 1639 |
| Custodian fees | 1257 |
| 12b-1 Distribution and shareholder servicing fees | 262 |
| Trustees' fees and expenses | 192 |
| Affiliated fund administration fees payable | 115 |
| Accrued expenses and other payables | 68781 |
| Total Liabilities | 231668 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $57217738 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Global Sustainable Equity Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $43897229 |
| Total distributable earnings (loss) | 13320509 |
| Total Net Assets | $57217738 |
| Net Assets - Class A Shares | $335470 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 18522 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $18.11 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $19.21 |
| Net Assets - Class C Shares | $168029 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 9294 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $18.08 |
| Net Assets - Class D Shares | $30631017 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1683034 |
| Net Asset Value Per Share | $18.20 |
| Net Assets - Class I Shares | $22770957 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1255273 |
| Net Asset Value Per Share | $18.14 |
| Net Assets - Class N Shares | $2378923 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 130320 |
| Net Asset Value Per Share | $18.25 |
| Net Assets - Class R Shares | $91729 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 5047 |
| Net Asset Value Per Share | $18.17 |
| Net Assets - Class S Shares | $92651 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 5105 |
| Net Asset Value Per Share | $18.15 |
| Net Assets - Class T Shares | $748962 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 41213 |
| Net Asset Value Per Share | $18.17 |

---

&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 \| September 30, 2025

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**Janus Henderson Global Sustainable Equity Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $398072 |
| Dividends from affiliates | 54715 |
| Other income | 1245 |
| Foreign tax withheld | (21353) |
| Total Investment Income | 432679 |
| Expenses: |  |
| Advisory fees | 295062 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 793 |
| Class C Shares | 605 |
| Class R Shares | 85 |
| Class S Shares | 2 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 30408 |
| Class R Shares | 203 |
| Class S Shares | 210 |
| Class T Shares | 1664 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 353 |
| Class C Shares | 95 |
| Class I Shares | 8387 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 31 |
| Class C Shares | 17 |
| Class D Shares | 7557 |
| Class I Shares | 372 |
| Class N Shares | 154 |
| Class R Shares | 9 |
| Class S Shares | 7 |
| Class T Shares | 37 |
| Registration fees | 153842 |
| Non-affiliated fund administration fees | 89567 |
| Professional fees | 62600 |
| Accounting systems fees | 16997 |
| Shareholder reports expense | 11128 |
| Custodian fees | 7250 |
| Affiliated fund administration fees | 1253 |
| Trustees' fees and expenses | 726 |
| Other expenses | 20465 |
| Total Expenses | 709879 |
| Less: Excess Expense Reimbursement and Waivers | (324686) |
| Net Expenses | 385193 |
| Net Investment Income/(Loss) | 47486 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 1353507 |
| Investments in affiliates | (4) |
| Total Net Realized Gain/(Loss) on Investments | 1353503 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 3416957 |
| Total Change in Unrealized Net Appreciation/Depreciation | 3416957 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $4817946 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Global Sustainable Equity Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*September 30, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $47486 | &nbsp;&nbsp; $69757 |
| Net realized gain/(loss) on investments | 1353503 | &nbsp;&nbsp; 1518535 |
| Change in unrealized net appreciation/depreciation | 3416957 | &nbsp;&nbsp; 7614783 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 4817946 | &nbsp;&nbsp; 9203075 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;(286) |
| Class D Shares | (45744) | &nbsp;&nbsp; (79337) |
| Class I Shares | (4941) | &nbsp;&nbsp; (7927) |
| Class N Shares | (6324) | &nbsp;&nbsp; (8229) |
| Class R Shares | (53) | &nbsp;&nbsp; — |
| Class S Shares | (133) | &nbsp;&nbsp;&nbsp;&nbsp;(53) |
| Class T Shares | (423) | &nbsp;&nbsp; (1439) |
| Net Decrease from Dividends and Distributions to Shareholders | (57618) | &nbsp;&nbsp; (97271) |
| Capital Share Transactions: |  |  |
| Class A Shares | (44681) | &nbsp;&nbsp; 525 |
| Class C Shares | 13168 | &nbsp;&nbsp; 609 |
| Class D Shares | (1102569) | &nbsp;&nbsp; (1096517) |
| Class I Shares | 17410932 | &nbsp;&nbsp; 461817 |
| Class N Shares | (70293) | &nbsp;&nbsp; 168985 |
| Class R Shares | 5236 | &nbsp;&nbsp; 7784 |
| Class S Shares | 133 | &nbsp;&nbsp; 53 |
| Class T Shares | 37782 | &nbsp;&nbsp; (158407) |
| Net Increase/(Decrease) from Capital Share Transactions | 16249708 | &nbsp;&nbsp; (615151) |
| Net Increase/(Decrease) in Net Assets | 21010036 | &nbsp;&nbsp; 8490653 |
| Net Assets: |  |  |
| Beginning of period | 36207702 | &nbsp;&nbsp; 27717049 |
| End of period | $57217738 | &nbsp;&nbsp; $36207702 |

---

See Notes to Financial Statements.

8 \| September 30, 2025

------

**Janus Henderson Global Sustainable Equity Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $16.24 | &nbsp;&nbsp; $12.21 | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp; $14.16 | &nbsp;&nbsp; $11.18 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.02) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain/(loss) | 1.89 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp; (3.67) | &nbsp;&nbsp;&nbsp;&nbsp;3.00 |
| Total from Investment Operations | 1.87 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp; (3.65) | &nbsp;&nbsp;&nbsp;&nbsp;3.02 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.03) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.01) |
| Total Dividends and Distributions |  | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.04) |
| Net Asset Value, End of Period | $18.11 | &nbsp;&nbsp; $16.24 | &nbsp;&nbsp; $12.21 | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp; $14.16 |
| Total Return<sup>\*</sup> <br>| 11.51% | &nbsp;&nbsp; 33.14% | &nbsp;&nbsp; 17.98% | &nbsp;&nbsp; (26.05)% | &nbsp;&nbsp; 27.05% |
| Net Assets, End of Period (in thousands) | $335 | &nbsp;&nbsp; $346 | &nbsp;&nbsp; $259 | &nbsp;&nbsp; $182 | &nbsp;&nbsp; $181 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 2.92% | &nbsp;&nbsp; 2.99% | &nbsp;&nbsp; 3.19% | &nbsp;&nbsp; 3.18% | &nbsp;&nbsp; 4.43% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.22% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.06% |
| Ratio of Net Investment Income/(Loss) | (0.15)% | &nbsp;&nbsp; (0.02)% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.12% |
| Portfolio Turnover Rate | 37% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

(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 \| 9

------

**Janus Henderson Global Sustainable Equity Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $16.23 | &nbsp;&nbsp; $12.20 | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $14.13 | &nbsp;&nbsp; $11.16 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.04) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.01) |
| Net realized and unrealized gain/(loss) | 1.89 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (3.68) | &nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| Total from Investment Operations | 1.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp; (3.61) | &nbsp;&nbsp;&nbsp;&nbsp;3.00 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.02) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.01) |
| Total Dividends and Distributions |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.03) |
| Net Asset Value, End of Period | $18.08 | &nbsp;&nbsp; $16.23 | &nbsp;&nbsp; $12.20 | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $14.13 |
| Total Return<sup>\*</sup> <br>| 11.40% | &nbsp;&nbsp; 33.03% | &nbsp;&nbsp; 18.02% | &nbsp;&nbsp; (25.79)% | &nbsp;&nbsp; 26.91% |
| Net Assets, End of Period (in thousands) | $168 | &nbsp;&nbsp; $138 | &nbsp;&nbsp; $104 | &nbsp;&nbsp; $61 | &nbsp;&nbsp; $77 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 4.21% | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 5.48% | &nbsp;&nbsp; 5.34% | &nbsp;&nbsp; 6.64% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.35% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 1.19% |
| Ratio of Net Investment Income/(Loss) | (0.26)% | &nbsp;&nbsp; (0.10)% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; (0.04)% |
| Portfolio Turnover Rate | 37% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

(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 \| September 30, 2025

------

**Janus Henderson Global Sustainable Equity Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $16.30 | &nbsp;&nbsp; $12.26 | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp; $14.20 | &nbsp;&nbsp; $11.18 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain/(loss) | 1.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (3.68) | &nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| Total from Investment Operations | 1.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp; (3.66) | &nbsp;&nbsp;&nbsp;&nbsp;3.03 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.03) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.01) |
| Total Dividends and Distributions | (0.03) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.01) |
| Net Asset Value, End of Period | $18.20 | &nbsp;&nbsp; $16.30 | &nbsp;&nbsp; $12.26 | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp; $14.20 |
| Total Return<sup>\*</sup> <br>| 11.84% | &nbsp;&nbsp; 33.39% | &nbsp;&nbsp; 18.16% | &nbsp;&nbsp; (26.02)% | &nbsp;&nbsp; 27.15% |
| Net Assets, End of Period (in thousands) | $30631 | &nbsp;&nbsp; $28676 | &nbsp;&nbsp; $22473 | &nbsp;&nbsp; $20664 | &nbsp;&nbsp; $23921 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.79% | &nbsp;&nbsp; 1.84% | &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.97% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.99% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.00% |
| Ratio of Net Investment Income/(Loss) | 0.10% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.18% |
| Portfolio Turnover Rate | 37% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

(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 Global Sustainable Equity Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $16.23 | &nbsp;&nbsp; $12.20 | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $14.19 | &nbsp;&nbsp; $11.19 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain/(loss) | 1.89 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (3.66) | &nbsp;&nbsp;&nbsp;&nbsp;3.00 |
| Total from Investment Operations | 1.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp;&nbsp;&nbsp;3.04 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.02) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.03) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.01) |
| Total Dividends and Distributions | (0.02) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.04) |
| Net Asset Value, End of Period | $18.14 | &nbsp;&nbsp; $16.23 | &nbsp;&nbsp; $12.20 | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $14.19 |
| Total Return<sup>\*</sup> <br>| 11.88% | &nbsp;&nbsp; 33.42% | &nbsp;&nbsp; 18.10% | &nbsp;&nbsp; (25.97)% | &nbsp;&nbsp; 27.25% |
| Net Assets, End of Period (in thousands) | $22771 | &nbsp;&nbsp; $4049 | &nbsp;&nbsp; $2678 | &nbsp;&nbsp; $3991 | &nbsp;&nbsp; $11353 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.66% | &nbsp;&nbsp; 1.89% | &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.86% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.96% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.87% |
| Ratio of Net Investment Income/(Loss) | 0.21% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; 0.29% |
| Portfolio Turnover Rate | 37% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

12 \| September 30, 2025

------

**Janus Henderson Global Sustainable Equity Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $16.35 | &nbsp;&nbsp; $12.29 | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp; $14.23 | &nbsp;&nbsp; $11.19 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain/(loss) | 1.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (3.69) | &nbsp;&nbsp;&nbsp;&nbsp;3.00 |
| Total from Investment Operations | 1.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp; (3.65) | &nbsp;&nbsp;&nbsp;&nbsp;3.05 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.05) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.01) |
| Total Dividends and Distributions | (0.05) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.01) |
| Net Asset Value, End of Period | $18.25 | &nbsp;&nbsp; $16.35 | &nbsp;&nbsp; $12.29 | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp; $14.23 |
| Total Return<sup>\*</sup> <br>| 11.94% | &nbsp;&nbsp; 33.62% | &nbsp;&nbsp; 18.33% | &nbsp;&nbsp; (25.93)% | &nbsp;&nbsp; 27.30% |
| Net Assets, End of Period (in thousands) | $2379 | &nbsp;&nbsp; $2210 | &nbsp;&nbsp; $1494 | &nbsp;&nbsp; $1250 | &nbsp;&nbsp; $1449 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.76% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 1.97% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 2.14% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.86% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.86% |
| Ratio of Net Investment Income/(Loss) | 0.22% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.33% |
| Portfolio Turnover Rate | 37% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

(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 Global Sustainable Equity Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021<sup>(1)</sup> <br>|
| Net Asset Value, Beginning of Period | $16.29 | &nbsp;&nbsp; $12.22 | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp; $14.13 | &nbsp;&nbsp; $13.08 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(2)</sup> <br>| (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp; (0.03) |
| Net realized and unrealized gain/(loss) | 1.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (3.68) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Total from Investment Operations | 1.89 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp; (3.60) | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; — |
| Net Asset Value, End of Period | $18.17 | &nbsp;&nbsp; $16.29 | &nbsp;&nbsp; $12.22 | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp; $14.13 |
| Total Return<sup>\*</sup> <br>| 11.62% | &nbsp;&nbsp; 33.31% | &nbsp;&nbsp; 18.21% | &nbsp;&nbsp; (25.72)% | &nbsp;&nbsp; 8.03% |
| Net Assets, End of Period (in thousands) | $92 | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $40 | &nbsp;&nbsp; $54 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 5.68% | &nbsp;&nbsp; 6.58% | &nbsp;&nbsp; 8.16% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.99% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.12% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 1.46% |
| Ratio of Net Investment Income/(Loss) | (0.03)% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; (0.27)% |
| Portfolio Turnover Rate | 37% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

(1) Period from January 28, 2021 (inception date) through September 30, 2021.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

14 \| September 30, 2025

------

**Janus Henderson Global Sustainable Equity Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $16.26 | &nbsp;&nbsp; $12.20 | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp; $14.15 | &nbsp;&nbsp; $11.17 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; — <br><sup>(2)</sup><br>|
| Net realized and unrealized gain/(loss) | 1.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (3.68) | &nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| Total from Investment Operations | 1.92 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.03) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.02) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.01) |
| Total Dividends and Distributions | (0.03) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.03) |
| Net Asset Value, End of Period | $18.15 | &nbsp;&nbsp; $16.26 | &nbsp;&nbsp; $12.20 | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp; $14.15 |
| Total Return<sup>\*</sup> <br>| 11.80% | &nbsp;&nbsp; 33.38% | &nbsp;&nbsp; 18.29% | &nbsp;&nbsp; (25.98)% | &nbsp;&nbsp; 27.05% |
| Net Assets, End of Period (in thousands) | $93 | &nbsp;&nbsp; $83 | &nbsp;&nbsp; $62 | &nbsp;&nbsp; $53 | &nbsp;&nbsp; $71 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 5.44% | &nbsp;&nbsp; 5.96% | &nbsp;&nbsp; 6.82% | &nbsp;&nbsp; 6.24% | &nbsp;&nbsp; 6.65% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.99% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 1.11% |
| Ratio of Net Investment Income/(Loss) | 0.10% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.03% |
| Portfolio Turnover Rate | 37% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

(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

------

**Janus Henderson Global Sustainable Equity Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $16.28 | &nbsp;&nbsp; $12.24 | &nbsp;&nbsp; $10.38 | &nbsp;&nbsp; $14.18 | &nbsp;&nbsp; $11.18 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (—) <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net realized and unrealized gain/(loss) | 1.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (3.68) | &nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| Total from Investment Operations | 1.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp; (3.67) | &nbsp;&nbsp;&nbsp;&nbsp;3.02 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.01) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.01) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.01) |
| Total Dividends and Distributions | (0.01) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.02) |
| Net Asset Value, End of Period | $18.17 | &nbsp;&nbsp; $16.28 | &nbsp;&nbsp; $12.24 | &nbsp;&nbsp; $10.38 | &nbsp;&nbsp; $14.18 |
| Total Return<sup>\*</sup> <br>| 11.68% | &nbsp;&nbsp; 33.30% | &nbsp;&nbsp; 18.08% | &nbsp;&nbsp; (26.12)% | &nbsp;&nbsp; 27.02% |
| Net Assets, End of Period (in thousands) | $749 | &nbsp;&nbsp; $629 | &nbsp;&nbsp; $597 | &nbsp;&nbsp; $540 | &nbsp;&nbsp; $697 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 2.31% | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 2.44% | &nbsp;&nbsp; 2.25% | &nbsp;&nbsp; 2.82% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.10% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.09% |
| Ratio of Net Investment Income/(Loss) | (0.01)% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.05% | &nbsp;&nbsp; 0.10% |
| Portfolio Turnover Rate | 37% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

(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.

16 \| September 30, 2025

------

**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements** 

&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 Sustainable 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.

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

Janus Investment Fund \| 17

------

**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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 \| September 30, 2025

------

**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements** 

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

rates and similar data.

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

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

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

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

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

Schedule of Investments 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 Global Sustainable Equity Fund**

**Notes to Financial Statements** 

**Foreign Currency Translations**

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

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

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

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

could result in additional tax, interest, or penalties to be paid by the Fund.

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

income tax purposes.

**Federal Income Taxes**

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

in the next twelve months.

**2. Other Investments and Strategies**

**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, war, 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.* Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. 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.

20 \| September 30, 2025

------

**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements** 

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

**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 $2 Billion | 0.75 |
| Over $2 Billion | 0.70 |

---

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 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 0.85% for at least a one-year period commencing on January 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 $532,252 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 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

Janus Investment Fund \| 21

------

**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements** 

departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R

Shares, Class S Shares, and Class T Shares.

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

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

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

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

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

servicing fees" on the Statement of Operations.

Class A Shares include a 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 year ended September 30, 2025, the Distributor

retained upfront sales charges of $236.

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 year ended September 30,

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

year ended September 30, 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 September 30, 2025 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and

22 \| September 30, 2025

------

**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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 year ended September 30, 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 year ended September 30, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

As of September 30, 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 | 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - <br><sup>\*</sup><br>|
| 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 | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - <br><sup>\*</sup><br>|
| Class R Shares | 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - <br><sup>\*</sup><br>|
| Class S Shares | 100 | &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**

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term Gains*<br>| *Accumulated* <br>*Capital Losses*<br>| *Loss Deferrals* | *Other Book* <br>*to Tax* <br>*Differences*<br>| *Net Tax* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| $35996 | $438871 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(1828) | &nbsp;&nbsp; $12847470 |

---

During the year ended September 30, 2025, capital loss carryovers of $822,843 were utilized by the Fund.

Janus Investment Fund \| 23

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**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements** 

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 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>|
| $44442911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13545224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(697754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12847470 |

---

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. Certain permanent differences such as tax returns

of capital and net investment losses noted below have been reclassified to capital.

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $57618 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $97271 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $26,921, including

$24,700 of long-term capital gain, for distributions in connection with Fund shares redemption (tax equalization).

24 \| September 30, 2025

------

**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements** 

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

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended September 30, 2025* | *Year ended September 30, 2025* | *Year ended September 30, 2024* | *Year ended September 30, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 1766 | &nbsp;&nbsp; $30874 | &nbsp;&nbsp; 2070 | &nbsp;&nbsp; $27178 |
| Reinvested dividends and distributions | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 286 |
| Shares repurchased | (4522) | &nbsp;&nbsp; (75555) | &nbsp;&nbsp; (2010) | &nbsp;&nbsp; (26939) |
| Net Increase/(Decrease) | (2756) | &nbsp;&nbsp; $(44681) | &nbsp;&nbsp; 82 | &nbsp;&nbsp; $525 |
| Class C Shares: |  |  |  |  |
| Shares sold | 770 | &nbsp;&nbsp; $13168 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; $609 |
| Reinvested dividends and distributions | - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Shares repurchased | - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Net Increase/(Decrease) | 770 | &nbsp;&nbsp; $13168 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; $609 |
| Class D Shares: |  |  |  |  |
| Shares sold | 343599 | &nbsp;&nbsp; $5675241 | &nbsp;&nbsp; 232004 | &nbsp;&nbsp; $3340815 |
| Reinvested dividends and distributions | 2758 | &nbsp;&nbsp; 44837 | &nbsp;&nbsp; 5911 | &nbsp;&nbsp; 78493 |
| Shares repurchased | (422296) | &nbsp;&nbsp; (6822647) | &nbsp;&nbsp; (312488) | &nbsp;&nbsp; (4515825) |
| Net Increase/(Decrease) | (75939) | &nbsp;&nbsp; $(1102569) | &nbsp;&nbsp; (74573) | &nbsp;&nbsp; $(1096517) |
| Class I Shares: |  |  |  |  |
| Shares sold | 1154656 | &nbsp;&nbsp; $19875216 | &nbsp;&nbsp; 65775 | &nbsp;&nbsp; $951788 |
| Reinvested dividends and distributions | 305 | &nbsp;&nbsp; 4941 | &nbsp;&nbsp; 599 | &nbsp;&nbsp; 7927 |
| Shares repurchased | (149103) | &nbsp;&nbsp; (2469225) | &nbsp;&nbsp; (36423) | &nbsp;&nbsp; (497898) |
| Net Increase/(Decrease) | 1005858 | &nbsp;&nbsp; $17410932 | &nbsp;&nbsp; 29951 | &nbsp;&nbsp; $461817 |
| Class N Shares: |  |  |  |  |
| Shares sold | 15568 | &nbsp;&nbsp; $264566 | &nbsp;&nbsp; 26303 | &nbsp;&nbsp; $359257 |
| Reinvested dividends and distributions | 388 | &nbsp;&nbsp; 6324 | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 8229 |
| Shares repurchased | (20798) | &nbsp;&nbsp; (341183) | &nbsp;&nbsp; (13315) | &nbsp;&nbsp; (198501) |
| Net Increase/(Decrease) | (4842) | &nbsp;&nbsp; $(70293) | &nbsp;&nbsp; 13606 | &nbsp;&nbsp; $168985 |
| Class R Shares: |  |  |  |  |
| Shares sold | 325 | &nbsp;&nbsp; $5236 | &nbsp;&nbsp; 631 | &nbsp;&nbsp; $9046 |
| Reinvested dividends and distributions | 3 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Shares repurchased | (3) | &nbsp;&nbsp;&nbsp;&nbsp;(53) | &nbsp;&nbsp;&nbsp;&nbsp;(105) | &nbsp;&nbsp; (1262) |
| Net Increase/(Decrease) | 325 | &nbsp;&nbsp; $5236 | &nbsp;&nbsp; 526 | &nbsp;&nbsp; $7784 |
| Class S Shares: |  |  |  |  |
| Shares sold | - | &nbsp;&nbsp; $- | &nbsp;&nbsp; - | &nbsp;&nbsp; $- |
| Reinvested dividends and distributions | 9 | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 53 |
| Shares repurchased | - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Net Increase/(Decrease) | 9 | &nbsp;&nbsp; $133 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; $53 |
| Class T Shares: |  |  |  |  |
| Shares sold | 34659 | &nbsp;&nbsp; $556741 | &nbsp;&nbsp; 22338 | &nbsp;&nbsp; $321351 |
| Reinvested dividends and distributions | 26 | &nbsp;&nbsp; 423 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 1439 |
| Shares repurchased | (32103) | &nbsp;&nbsp; (519382) | &nbsp;&nbsp; (32605) | &nbsp;&nbsp; (481197) |
| Net Increase/(Decrease) | 2582 | &nbsp;&nbsp; $37782 | &nbsp;&nbsp; (10159) | &nbsp;&nbsp; $(158407) |

---

**6. Purchases and Sales of Investment Securities**

For the year ended September 30, 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>|
| $30339082 | &nbsp;&nbsp;&nbsp;&nbsp; $14493166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

Janus Investment Fund \| 25

------

**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements** 

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

**7. Recent Accounting Pronouncements**

The FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—*Improvements to Income Tax Disclosures* (ASU 2023-09) in December 2023. The new guidance enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes the

adoption of the ASU will not have a material impact on the financial statements.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to September 30, 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 \| September 30, 2025

------

**Janus Henderson Global Sustainable Equity Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Global Sustainable Equity Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Global Sustainable Equity Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian. We believe that our audits provide a

reasonable basis for our opinion.

![](img4cd17d8f2.jpg)

Denver, Colorado

November 20, 2025

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

Janus Investment Fund \| 27

------

**Janus Henderson Global Sustainable Equity Fund**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2025:

---

| | |
|:---|:---|
| Section 163(j) Interest Dividend | 6% |
| Capital Gain Distributions | $24700 |
| Dividends Received Deduction Percentage | 100% |
| Qualified Dividend Income Percentage | 100% |

---

28 \| September 30, 2025

------

**Janus Henderson Global Sustainable 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 Trustees 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 1, 2024 and December 4-5, 2024, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2025 through February 1, 2026, subject to earlier termination as provided for in each agreement.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus

Janus Investment Fund \| 29

------

**Janus Henderson Global Sustainable Equity Fund**

**Additional Information (unaudited)**

Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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, 2024, approximately 58% 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, 2024, approximately 61% 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 performance in periods ended September 30, 2024 has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2024, approximately 75% and 61% 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, 2024, approximately 66% and 68% 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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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.

30 \| September 30, 2025

------

**Janus Henderson Global Sustainable Equity Fund**

**Additional Information (unaudited)**

***<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 first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 High-Yield Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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

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**Janus Henderson Global Sustainable 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Contrarian Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted the reasons for the Fund's underperformance over various periods of time, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

32 \| September 30, 2025

------

**Janus Henderson Global Sustainable 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 Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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, 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 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted that the 36-month end performance was not yet available because of the Fund's inception date.

&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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

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

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as 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 10% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the

Janus Investment Fund \| 33

------

**Janus Henderson Global Sustainable Equity Fund**

**Additional Information (unaudited)**

Janus Henderson Funds, on average, were 11% 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, recent 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) 11 of 12 Janus Henderson Funds had management fees (before waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser and 16 of 18 Janus Henderson Funds had management fees (after waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser. The Trustees noted that for the one Janus Henderson Fund that did not have a lower or in line management fee (before waivers or performance fees) than similar funds subadvised by the Adviser, the management fee was under the average of its 15(c) peer group. For the two Janus Henderson Funds that did not have lower or in line management fees (after waivers or performance fees) than similar funds Subadvised by the Adviser, the management fees were due to performance fee increases resulting from Janus Henderson Fund outperformance of such Janus Henderson Fund's reference index.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2023 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.

&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.

34 \| September 30, 2025

------

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

&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 the Fund's total expenses were below the peer group average for all share classes.

&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.

Janus Investment Fund \| 35

------

**Janus Henderson Global Sustainable 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 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 Responsible 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 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.

&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 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 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.

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

36 \| September 30, 2025

------

**Janus Henderson Global Sustainable 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 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 the Fund's total expenses were below the peer group average for all share classes.

&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 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 U.S. Dividend 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 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, 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. The Trustees noted that during the 2023 15(c) review process, the Adviser reported no changes to its allocation methodology; however, at the Trustees' request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant's analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. 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.

Janus Investment Fund \| 37

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**Janus Henderson Global Sustainable Equity Fund**

**Additional Information (unaudited)**

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 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 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2024 report: (1) past 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 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 42% of Janus Henderson Funds have low flat-rate fees (the "Low Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and higher fees when the fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2024 report that (1) 68% 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 Low 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 analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus 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

38 \| September 30, 2025

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**Janus Henderson Global Sustainable Equity Fund**

**Additional Information (unaudited)**

affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 39

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**Janus Henderson Global Sustainable Equity Fund**

**Notes**

40 \| September 30, 2025

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**Janus Henderson Global Sustainable Equity Fund**

**Notes**

Janus Investment Fund \| 41

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![](imgff2c2b2a3.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

125-02-93086 11-25

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ANNUAL FINANCIAL STATEMENTS

September 30, 2025

**Janus Henderson Global Technology and Innovation Fund**

Janus Investment Fund

![](imgdce8f44c1.gif)

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**Table of Contents**

**Janus Henderson Global Technology and Innovation Fund** 

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| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_4c039418-d169-4b39-9ba4-95419fbd1925_SOI-SOI-RunningFooter-42_1)<br> [Management Investment Companies](#xx_4c039418-d169-4b39-9ba4-95419fbd1925_SOI-SOI-RunningFooter-42_1)<br>|  |
| [Schedule of Investments](#xx_4c039418-d169-4b39-9ba4-95419fbd1925_SOI-SOI-RunningFooter-42_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_4c039418-d169-4b39-9ba4-95419fbd1925_SOI-SOI-RunningFooter-42_4) | 4 |
| [Statement of Assets and Liabilities](#xx_4c039418-d169-4b39-9ba4-95419fbd1925_SAL-SAL-RunningFooter-42_1) | 5 |
| [Statement of Operations](#xx_4c039418-d169-4b39-9ba4-95419fbd1925_SOP-SOP-RunningFooter-42_1) | 7 |
| [Statements of Changes in Net Assets](#xx_4c039418-d169-4b39-9ba4-95419fbd1925_SOC-SOC-RunningFooter-42_1) | 8 |
| [Financial Highlights](#xx_4c039418-d169-4b39-9ba4-95419fbd1925_FIHI-FIHI-RunningFooter-42_1) | 9 |
| [Notes to Financial Statements](#xx_4c039418-d169-4b39-9ba4-95419fbd1925_NTF-NTF-RunningFooter-42_1) | 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_4c039418-d169-4b39-9ba4-95419fbd1925_AUD-AR-RunningFooter-42_1) | 28 |
| [Designation Requirements](#xx_4c039418-d169-4b39-9ba4-95419fbd1925_DR-DR-RunningFooter-42_1) | 29 |
| [Items 8-11 - Additional Information](#xx_4c039418-d169-4b39-9ba4-95419fbd1925_AI-AI-RunningFooter-42_1) | 30 |

---

------

**Janus Henderson Global Technology and Innovation Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 98.9% |  |  |
| Diversified Financial Services – 1.2% |  |  |
| Mastercard Inc - Class A | 147025 | $83629290 |
| Toast Inc - Class A<sup>\*</sup> <br>| 551387 | 20131140 |
|  |  | 103760430 |
| Electronic Equipment, Instruments & Components – 1.6% |  |  |
| Amphenol Corp | 1155472 | 142989660 |
| Entertainment – 1.3% |  |  |
| Netflix Inc<sup>\*</sup> <br>| 72043 | 86373794 |
| Spotify Technology SA<sup>\*</sup> <br>| 43210 | 30160580 |
|  |  | 116534374 |
| Hotels, Restaurants & Leisure – 1.9% |  |  |
| Booking Holdings Inc | 14190 | 76615641 |
| DoorDash Inc - Class A<sup>\*</sup> <br>| 345947 | 94094125 |
|  |  | 170709766 |
| Independent Power and Renewable Electricity Producers – 0.5% |  |  |
| Vistra Corp | 206894 | 40534672 |
| Information Technology Services – 2.3% |  |  |
| Shopify Inc<sup>\*</sup> <br>| 672398 | 99925067 |
| Snowflake Inc - Class A<sup>\*</sup> <br>| 463393 | 104518291 |
|  |  | 204443358 |
| Interactive Media & Services – 4.9% |  |  |
| Alphabet Inc - Class C | 1204066 | 293250274 |
| Meta Platforms Inc - Class A | 187910 | 137997346 |
|  |  | 431247620 |
| Multiline Retail – 6.0% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 1506553 | 330793842 |
| MercadoLibre Inc<sup>\*</sup> <br>| 81278 | 189941809 |
|  |  | 520735651 |
| Real Estate Management & Development – 0.5% |  |  |
| CoStar Group Inc<sup>\*</sup> <br>| 531157 | 44813716 |
| Semiconductor & Semiconductor Equipment – 40.5% |  |  |
| Analog Devices Inc | 434777 | 106824709 |
| ASML Holding NV | 83439 | 81339570 |
| Broadcom Inc | 1666991 | 549957001 |
| KLA Corp | 168956 | 182235942 |
| Lam Research Corp | 1101898 | 147544142 |
| Nova Ltd<sup>\*</sup> <br>| 190509 | 60898107 |
| NVIDIA Corp | 7290102 | 1360187231 |
| NXP Semiconductors NV | 209281 | 47659562 |
| ON Semiconductor Corp<sup>\*</sup> <br>| 918486 | 45290545 |
| SK Hynix Inc | 178579 | 44658568 |
| Taiwan Semiconductor Manufacturing Co Ltd | 21010000 | 914326455 |
|  |  | 3540921832 |
| Software – 31.9% |  |  |
| AppLovin Corp - Class A<sup>\*</sup> <br>| 169049 | 121468468 |
| Atlassian Corp - Class A<sup>\*</sup> <br>| 291268 | 46515500 |
| Autodesk Inc<sup>\*</sup> <br>| 420203 | 133485887 |
| Cadence Design Systems Inc<sup>\*</sup> <br>| 681249 | 239295524 |
| CCC Intelligent Solutions Holdings Inc<sup>\*</sup> <br>| 3654267 | 33290372 |
| Confluent Inc - Class A<sup>\*</sup> <br>| 1223848 | 24232190 |
| Constellation Software Inc/Canada | 21628 | 58720914 |
| Datadog Inc - Class A<sup>\*</sup> <br>| 555612 | 79119149 |
| Dynatrace Inc<sup>\*</sup> <br>| 538983 | 26113726 |
| HubSpot Inc<sup>\*</sup> <br>| 77516 | 36261985 |
| Intuit Inc | 321024 | 219230500 |
| Kinaxis Inc<sup>\*</sup> <br>| 208624 | 26934460 |
| Klaviyo Inc - Class A<sup>\*</sup> <br>| 434091 | 12019980 |
| Lumine Group Inc<sup>\*</sup> <br>| 1110596 | 32755199 |
| Microsoft Corp | 2021596 | 1047085648 |
| Monday.com Ltd<sup>\*</sup> <br>| 177871 | 34451834 |
| Oracle Corp | 692129 | 194654360 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

\| 1

------

**Janus Henderson Global Technology and Innovation Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Software – (continued) |  |  |
| Samsara Inc - Class A<sup>\*</sup> <br>| 881756 | $32845411 |
| ServiceNow Inc<sup>\*</sup> <br>| 65018 | 59834765 |
| ServiceTitan Inc - Class A<sup>\*</sup> <br>| 374400 | 37750752 |
| Tyler Technologies Inc<sup>\*</sup> <br>| 116505 | 60950756 |
| Via Transportation Inc - Class A<sup>\*</sup> <br>| 484230 | 23281778 |
| Via Transportation Inc - private equity common shares<sup>\*,</sup><sup>§</sup> <br>| 78474 | 3773030 |
| Via Transportation Inc - Series A<sup>\*,</sup><sup>§</sup> <br>| 50741 | 2439627 |
| Via Transportation Inc - Series B<sup>\*,</sup><sup>§</sup> <br>| 9272 | 445798 |
| Via Transportation Inc - Series C<sup>\*,</sup><sup>§</sup> <br>| 8331 | 400555 |
| Via Transportation Inc - Series D<sup>\*,</sup><sup>§</sup> <br>| 29804 | 1432976 |
| Via Transportation Inc - Series E<sup>\*,</sup><sup>§</sup> <br>| 13836 | 665235 |
| Via Transportation Inc - Series G-1<sup>\*,</sup><sup>§</sup> <br>| 563981 | 27116207 |
| Workday Inc - Class A<sup>\*</sup> <br>| 700804 | 168704547 |
|  |  | 2785277133 |
| Technology Hardware, Storage & Peripherals – 5.3% |  |  |
| Apple Inc | 1815055 | 462167455 |
| Wireless Telecommunication Services – 1.0% |  |  |
| SoftBank Group Corp | 240900 | 30599840 |
| T-Mobile US Inc | 235287 | 56323002 |
|  |  | 86922842 |
| Total Common Stocks (cost $4,363,584,975) |  | 8651058509 |
| Private Placements – 0.2% |  |  |
| Professional Services – 0.2% |  |  |
| Apartment List Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 3783673 | 16383304 |
| Software – 0% |  |  |
| Magic Leap Inc - Class A private equity common shares<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 18847 | 0 |
| Total Private Placements (cost $22,982,020) |  | 16383304 |
| Warrants – 0% |  |  |
| Road & Rail – 0% |  |  |
| Grab Holdings Ltd, expires 12/1/26<sup>\*</sup> (cost $986,182) | 333275 | 163938 |
| Investment Companies – 0.9% |  |  |
| Money Markets – 0.9% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº,</sup><sup>£</sup> (cost $73,501,454) | 73486756 | 73501454 |
| Total Investments (total cost $4,461,054,631) – 100.0% |  | 8741107205 |
| Cash, Receivables and Other Assets, net of Liabilities – 0% |  | 3136734 |
| Net Assets – 100% |  | $8744243939 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $7136230864 | &nbsp;&nbsp;&nbsp;&nbsp; 81.6<br> %<br>|
| Taiwan | 914326455 | &nbsp;&nbsp;&nbsp;&nbsp;10.5 |
| Canada | 218335640 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Argentina | 189941809 | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Israel | 95349941 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Netherlands | 81339570 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| South Korea | 44658568 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Japan | 30599840 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Sweden | 30160580 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Singapore | 163938 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Total | $8741107205 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \|

------

**Janus Henderson Global Technology and Innovation Fund**

**Schedule of Investments** 

**September 30, 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>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% |
| Money Markets - 0.9% | Money Markets - 0.9% | Money Markets - 0.9% | Money Markets - 0.9% | Money Markets - 0.9% | Money Markets - 0.9% | Money Markets - 0.9% | Money Markets - 0.9% | Money Markets - 0.9% |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | $354177309 | $1578090574 | $(1858766581) | $(10223) | $10375 | $73501454 | 73486756 | $6708437 |
| Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A |
| Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  |
|  | 1285451 | 111885349 | (113170800) | - | - | - | - | 90591 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% | Total Affiliated Investments - 0.9% |
|  | $355462760 | $1689975923 | $(1971937381) | $(10223) | $10375 | $73501454 | 73486756 | $6799028 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

\| 3

------

**Janus Henderson Global Technology and Innovation Fund**

**Notes to Schedule of Investments and Other Information** 

LLC Limited Liability Company

---

| |
|:---|
| Non-income producing security. |
| Rate shown is the 7-day yield as of September 30, 2025. |
| &nbsp;&nbsp; Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the year ended September 30, 2025 is <br> $16,383,304, which represents 0.2% 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. |
| Schedule of Restricted Securities (as of September 30, 2025) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Acquisition* <br>*Date*<br>| &nbsp;&nbsp; *Lock-up Agreement* <br>*Expiration Date*<br>| *Cost* | *Value* | &nbsp;&nbsp; Value as a % of Net <br>Assets<br>|
| Apartment List Inc | 11/2/20 |  | $13821757 | &nbsp;&nbsp; $16383304 | &nbsp;&nbsp;&nbsp;&nbsp; 0.2<br> %<br>|
| Magic Leap Inc - Class A private equity common shares | 10/5/17 |  | 9160263 | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Via Transportation Inc - private equity common shares | 12/2/21 | 3/11/26 | 3392431 | &nbsp;&nbsp; 3773030 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Via Transportation Inc - Series A | 12/2/21 | 3/11/26 | 2193533 | &nbsp;&nbsp; 2439627 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Via Transportation Inc - Series B | 12/2/21 | 3/11/26 | 400829 | &nbsp;&nbsp; 445798 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Via Transportation Inc - Series C | 12/2/21 | 3/11/26 | 360149 | &nbsp;&nbsp; 400555 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Via Transportation Inc - Series D | 12/2/21 | 3/11/26 | 1288427 | &nbsp;&nbsp; 1432976 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Via Transportation Inc - Series E | 12/2/21 | 3/11/26 | 598130 | &nbsp;&nbsp; 665235 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Via Transportation Inc - Series G-1 | 11/4/21-2/2/23 | 3/11/26 | 25665478 | &nbsp;&nbsp; 27116207 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Total |  |  | $56880997 | &nbsp;&nbsp; $52656732 | &nbsp;&nbsp; 0.6% |

---

The Fund has registration rights for certain restricted securities held as of September 30, 2025. The issuer incurs all registration costs. As of September 30, 2025, the fair value of equity securities subject to a contractual sale restriction is $36,273,428, which represents 0.4% of net assets. Lock-up agreements last for 180 days, with the last one ending on March 11, 2026. A lapse in the restriction may occur if the company decides to waive or modify the lock up

agreement.

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 September 30, 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* |  |  |  |
| Semiconductor & Semiconductor Equipment | $2500597239 | &nbsp;&nbsp; $1040324593 | &nbsp;&nbsp; $- |
| Wireless Telecommunication Services | 56323002 | &nbsp;&nbsp; 30599840 | &nbsp;&nbsp; - |
| All Other | 5023213835 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Private Placements* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 16383304 |
| *Warrants* | 163938 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 73501454 | &nbsp;&nbsp; - |
| **Total Assets** | $7580298014 | &nbsp;&nbsp; $1144425887 | &nbsp;&nbsp; $16383304 |

---

4 \|

------

**Janus Henderson Global Technology and Innovation Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $4,387,553,177) | $8667605751 |
| Affiliated investments, at value (cost $73,501,454) | 73501454 |
| Cash | 1115979 |
| Cash denominated in foreign currency (cost $37,236) | 37236 |
| Trustees' deferred compensation | 250705 |
| Receivables: |  |
| Investments sold | 6588120 |
| Fund shares sold | 3612869 |
| Dividends | 3554019 |
| Dividends from affiliates | 90501 |
| Foreign tax reclaims | 37144 |
| Other assets | 3625 |
| Total Assets | 8756397403 |
| Liabilities: |  |
| Payables: |  |
| Fund shares repurchased | 5223763 |
| Advisory fees | 4511098 |
| Transfer agent fees and expenses | 1041881 |
| Trustees' deferred compensation fees | 250705 |
| 12b-1 Distribution and shareholder servicing fees | 145538 |
| Professional fees | 83290 |
| Custodian fees | 38247 |
| Trustees' fees and expenses | 36514 |
| Affiliated fund administration fees payable | 17621 |
| Accrued expenses and other payables | 804807 |
| Total Liabilities | 12153464 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $8744243939 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Global Technology and Innovation Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $3496661968 |
| Total distributable earnings (loss) | 5247581971 |
| Total Net Assets | $8744243939 |
| Net Assets - Class A Shares | $352222445 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 4790080 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $73.53 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $78.02 |
| Net Assets - Class C Shares | $82124248 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1381074 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $59.46 |
| Net Assets - Class D Shares | $4241507263 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 54862137 |
| Net Asset Value Per Share | $77.31 |
| Net Assets - Class I Shares | $1391586988 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 17724665 |
| Net Asset Value Per Share | $78.51 |
| Net Assets - Class N Shares | $401343346 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 5171112 |
| Net Asset Value Per Share | $77.61 |
| Net Assets - Class S Shares | $37954466 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 538155 |
| Net Asset Value Per Share | $70.53 |
| Net Assets - Class T Shares | $2237505183 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 29444619 |
| Net Asset Value Per Share | $75.99 |

---

&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 \| September 30, 2025

------

**Janus Henderson Global Technology and Innovation Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $37458175 |
| Dividends from affiliates | 6708437 |
| Affiliated securities lending income, net | 90591 |
| Unaffiliated securities lending income, net | 19197 |
| Other income | 34108 |
| Foreign tax withheld | (2818532) |
| Total Investment Income | 41491976 |
| Expenses: |  |
| Advisory fees | 47997960 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 772124 |
| Class C Shares | 699119 |
| Class S Shares | 82650 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 3992865 |
| Class S Shares | 82712 |
| Class T Shares | 4865998 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 190253 |
| Class C Shares | 51869 |
| Class I Shares | 1045242 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 15738 |
| Class C Shares | 3172 |
| Class D Shares | 280518 |
| Class I Shares | 31960 |
| Class N Shares | 14070 |
| Class S Shares | 258 |
| Class T Shares | 14159 |
| Shareholder reports expense | 372608 |
| Custodian fees | 283105 |
| Registration fees | 255372 |
| Affiliated fund administration fees | 227435 |
| Professional fees | 142198 |
| Trustees' fees and expenses | 141042 |
| Other expenses | 2019625 |
| Total Expenses | 63582052 |
| Less: Excess Expense Reimbursement and Waivers | (227149) |
| Net Expenses | 63354903 |
| Net Investment Income/(Loss) | (21862927) |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 1111165885 |
| Investments in affiliates | (10223) |
| Total Net Realized Gain/(Loss) on Investments | 1111155662 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 822644241 |
| Investments in affiliates | 10375 |
| Total Change in Unrealized Net Appreciation/Depreciation | 822654616 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $1911947351 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Global Technology and Innovation Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*September 30, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $(21862927) | &nbsp;&nbsp; $(13052223) |
| Net realized gain/(loss) on investments | 1111155662 | &nbsp;&nbsp; 782142071 |
| Change in unrealized net appreciation/depreciation | 822654616 | &nbsp;&nbsp; 1623755234 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 1911947351 | &nbsp;&nbsp; 2392845082 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (34925939) | &nbsp;&nbsp; (1980489) |
| Class C Shares | (9789485) | &nbsp;&nbsp; (607848) |
| Class D Shares | (376389101) | &nbsp;&nbsp; (21279163) |
| Class I Shares | (115886597) | &nbsp;&nbsp; (6773290) |
| Class N Shares | (33629155) | &nbsp;&nbsp; (1560100) |
| Class S Shares | (3844547) | &nbsp;&nbsp; (243994) |
| Class T Shares | (207497972) | &nbsp;&nbsp; (11503625) |
| Net Decrease from Dividends and Distributions to Shareholders | (781962796) | &nbsp;&nbsp; (43948509) |
| Capital Share Transactions: |  |  |
| Class A Shares | (3658515) | &nbsp;&nbsp; (2031588) |
| Class C Shares | (1831690) | &nbsp;&nbsp; (5732790) |
| Class D Shares | 180585014 | &nbsp;&nbsp; (43398368) |
| Class I Shares | 126414497 | &nbsp;&nbsp; (56423875) |
| Class N Shares | 31095256 | &nbsp;&nbsp; 54987396 |
| Class S Shares | 168448 | &nbsp;&nbsp; (1774958) |
| Class T Shares | 51311560 | &nbsp;&nbsp; 2068589 |
| Net Increase/(Decrease) from Capital Share Transactions | 384084570 | &nbsp;&nbsp; (52305594) |
| Net Increase/(Decrease) in Net Assets | 1514069125 | &nbsp;&nbsp; 2296590979 |
| Net Assets: |  |  |
| Beginning of period | 7230174814 | &nbsp;&nbsp; 4933583835 |
| End of period | $8744243939 | &nbsp;&nbsp; $7230174814 |

---

See Notes to Financial Statements.

8 \| September 30, 2025

------

**Janus Henderson Global Technology and Innovation Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $64.39 | &nbsp;&nbsp; $43.62 | &nbsp;&nbsp; $31.58 | &nbsp;&nbsp; $59.21 | &nbsp;&nbsp; $50.45 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.28) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.27) |
| Net realized and unrealized gain/(loss) | 16.69 | &nbsp;&nbsp;&nbsp;&nbsp;21.37 | &nbsp;&nbsp;&nbsp;&nbsp;12.16 | &nbsp;&nbsp; (18.76) | &nbsp;&nbsp;&nbsp;&nbsp;13.83 |
| Total from Investment Operations | 16.41 | &nbsp;&nbsp;&nbsp;&nbsp;21.17 | &nbsp;&nbsp;&nbsp;&nbsp;12.04 | &nbsp;&nbsp; (18.98) | &nbsp;&nbsp;&nbsp;&nbsp;13.56 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Total Dividends and Distributions | (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Net Asset Value, End of Period | $73.53 | &nbsp;&nbsp; $64.39 | &nbsp;&nbsp; $43.62 | &nbsp;&nbsp; $31.58 | &nbsp;&nbsp; $59.21 |
| Total Return<sup>\*</sup> <br>| 27.59% | &nbsp;&nbsp; 48.85% | &nbsp;&nbsp; 38.13% | &nbsp;&nbsp; (37.50)% | &nbsp;&nbsp; 28.19% |
| Net Assets, End of Period (in thousands) | $352222 | &nbsp;&nbsp; $313262 | &nbsp;&nbsp; $213742 | &nbsp;&nbsp; $182141 | &nbsp;&nbsp; $319194 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.00% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.98% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.00% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.98% |
| Ratio of Net Investment Income/(Loss) | (0.45)% | &nbsp;&nbsp; (0.36)% | &nbsp;&nbsp; (0.31)% | &nbsp;&nbsp; (0.49)% | &nbsp;&nbsp; (0.47)% |
| Portfolio Turnover Rate | 49% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 43% |

---

\* 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. 

(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 Global Technology and Innovation Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $53.70 | &nbsp;&nbsp; $36.71 | &nbsp;&nbsp; $26.76 | &nbsp;&nbsp; $51.77 | &nbsp;&nbsp; $44.91 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.59) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.56) |
| Net realized and unrealized gain/(loss) | 13.62 | &nbsp;&nbsp;&nbsp;&nbsp;17.91 | &nbsp;&nbsp;&nbsp;&nbsp;10.28 | &nbsp;&nbsp; (15.94) | &nbsp;&nbsp;&nbsp;&nbsp;12.22 |
| Total from Investment Operations | 13.03 | &nbsp;&nbsp;&nbsp;&nbsp;17.39 | &nbsp;&nbsp;&nbsp;&nbsp;9.95 | &nbsp;&nbsp; (16.36) | &nbsp;&nbsp;&nbsp;&nbsp;11.66 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Total Dividends and Distributions | (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Net Asset Value, End of Period | $59.46 | &nbsp;&nbsp; $53.70 | &nbsp;&nbsp; $36.71 | &nbsp;&nbsp; $26.76 | &nbsp;&nbsp; $51.77 |
| Total Return<sup>\*</sup> <br>| 26.69% | &nbsp;&nbsp; 47.75% | &nbsp;&nbsp; 37.18% | &nbsp;&nbsp; (37.88)% | &nbsp;&nbsp; 27.37% |
| Net Assets, End of Period (in thousands) | $82124 | &nbsp;&nbsp; $75671 | &nbsp;&nbsp; $56246 | &nbsp;&nbsp; $50614 | &nbsp;&nbsp; $101860 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.70% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.64% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.70% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.64% |
| Ratio of Net Investment Income/(Loss) | (1.14)% | &nbsp;&nbsp; (1.11)% | &nbsp;&nbsp; (0.99)% | &nbsp;&nbsp; (1.09)% | &nbsp;&nbsp; (1.13)% |
| Portfolio Turnover Rate | 49% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 43% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

10 \| September 30, 2025

------

**Janus Henderson Global Technology and Innovation Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $67.23 | &nbsp;&nbsp; $45.44 | &nbsp;&nbsp; $32.83 | &nbsp;&nbsp; $61.11 | &nbsp;&nbsp; $51.89 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.17) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.16) |
| Net realized and unrealized gain/(loss) | 17.52 | &nbsp;&nbsp;&nbsp;&nbsp;22.29 | &nbsp;&nbsp;&nbsp;&nbsp;12.66 | &nbsp;&nbsp; (19.49) | &nbsp;&nbsp;&nbsp;&nbsp;14.23 |
| Total from Investment Operations | 17.35 | &nbsp;&nbsp;&nbsp;&nbsp;22.19 | &nbsp;&nbsp;&nbsp;&nbsp;12.61 | &nbsp;&nbsp; (19.63) | &nbsp;&nbsp;&nbsp;&nbsp;14.07 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05) |
| Distributions (from capital gains) | (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Total Dividends and Distributions | (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.85) |
| Net Asset Value, End of Period | $77.31 | &nbsp;&nbsp; $67.23 | &nbsp;&nbsp; $45.44 | &nbsp;&nbsp; $32.83 | &nbsp;&nbsp; $61.11 |
| Total Return<sup>\*</sup> <br>| 27.84% | &nbsp;&nbsp; 49.14% | &nbsp;&nbsp; 38.41% | &nbsp;&nbsp; (37.39)% | &nbsp;&nbsp; 28.43% |
| Net Assets, End of Period (in thousands) | $4241507 | &nbsp;&nbsp; $3506928 | &nbsp;&nbsp; $2401660 | &nbsp;&nbsp; $1794752 | &nbsp;&nbsp; $3058182 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.81% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.81% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% |
| Ratio of Net Investment Income/(Loss) | (0.25)% | &nbsp;&nbsp; (0.17)% | &nbsp;&nbsp; (0.11)% | &nbsp;&nbsp; (0.30)% | &nbsp;&nbsp; (0.29)% |
| Portfolio Turnover Rate | 49% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 43% |

---

\* 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. 

(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 Global Technology and Innovation Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $68.15 | &nbsp;&nbsp; $46.05 | &nbsp;&nbsp; $33.25 | &nbsp;&nbsp; $61.76 | &nbsp;&nbsp; $52.40 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.15) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.14) |
| Net realized and unrealized gain/(loss) | 17.78 | &nbsp;&nbsp;&nbsp;&nbsp;22.58 | &nbsp;&nbsp;&nbsp;&nbsp;12.83 | &nbsp;&nbsp; (19.74) | &nbsp;&nbsp;&nbsp;&nbsp;14.38 |
| Total from Investment Operations | 17.63 | &nbsp;&nbsp;&nbsp;&nbsp;22.50 | &nbsp;&nbsp;&nbsp;&nbsp;12.80 | &nbsp;&nbsp; (19.86) | &nbsp;&nbsp;&nbsp;&nbsp;14.24 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08) |
| Distributions (from capital gains) | (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Total Dividends and Distributions | (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.88) |
| Net Asset Value, End of Period | $78.51 | &nbsp;&nbsp; $68.15 | &nbsp;&nbsp; $46.05 | &nbsp;&nbsp; $33.25 | &nbsp;&nbsp; $61.76 |
| Total Return<sup>\*</sup> <br>| 27.88% | &nbsp;&nbsp; 49.17% | &nbsp;&nbsp; 38.50% | &nbsp;&nbsp; (37.36)% | &nbsp;&nbsp; 28.48% |
| Net Assets, End of Period (in thousands) | $1391587 | &nbsp;&nbsp; $1081199 | &nbsp;&nbsp; $773769 | &nbsp;&nbsp; $644388 | &nbsp;&nbsp; $1189917 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.78% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.78% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Investment Income/(Loss) | (0.22)% | &nbsp;&nbsp; (0.13)% | &nbsp;&nbsp; (0.07)% | &nbsp;&nbsp; (0.26)% | &nbsp;&nbsp; (0.24)% |
| Portfolio Turnover Rate | 49% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 43% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

12 \| September 30, 2025

------

**Janus Henderson Global Technology and Innovation Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $67.39 | &nbsp;&nbsp; $45.50 | &nbsp;&nbsp; $32.83 | &nbsp;&nbsp; $61.03 | &nbsp;&nbsp; $51.81 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.09) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.09) |
| Net realized and unrealized gain/(loss) | 17.58 | &nbsp;&nbsp;&nbsp;&nbsp;22.32 | &nbsp;&nbsp;&nbsp;&nbsp;12.66 | &nbsp;&nbsp; (19.47) | &nbsp;&nbsp;&nbsp;&nbsp;14.21 |
| Total from Investment Operations | 17.49 | &nbsp;&nbsp;&nbsp;&nbsp;22.29 | &nbsp;&nbsp;&nbsp;&nbsp;12.67 | &nbsp;&nbsp; (19.55) | &nbsp;&nbsp;&nbsp;&nbsp;14.12 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10) |
| Distributions (from capital gains) | (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Total Dividends and Distributions | (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.90) |
| Net Asset Value, End of Period | $77.61 | &nbsp;&nbsp; $67.39 | &nbsp;&nbsp; $45.50 | &nbsp;&nbsp; $32.83 | &nbsp;&nbsp; $61.03 |
| Total Return<sup>\*</sup> <br>| 27.99% | &nbsp;&nbsp; 49.30% | &nbsp;&nbsp; 38.59% | &nbsp;&nbsp; (37.29)% | &nbsp;&nbsp; 28.59% |
| Net Assets, End of Period (in thousands) | $401343 | &nbsp;&nbsp; $317317 | &nbsp;&nbsp; $173761 | &nbsp;&nbsp; $115297 | &nbsp;&nbsp; $175740 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.69% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.69% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% |
| Ratio of Net Investment Income/(Loss) | (0.13)% | &nbsp;&nbsp; (0.04)% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; (0.17)% | &nbsp;&nbsp; (0.16)% |
| Portfolio Turnover Rate | 49% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 43% |

---

\* 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. 

(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 Global Technology and Innovation Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $62.14 | &nbsp;&nbsp; $42.19 | &nbsp;&nbsp; $30.59 | &nbsp;&nbsp; $57.73 | &nbsp;&nbsp; $49.38 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.39) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.36) |
| Net realized and unrealized gain/(loss) | 16.05 | &nbsp;&nbsp;&nbsp;&nbsp;20.65 | &nbsp;&nbsp;&nbsp;&nbsp;11.78 | &nbsp;&nbsp; (18.20) | &nbsp;&nbsp;&nbsp;&nbsp;13.51 |
| Total from Investment Operations | 15.66 | &nbsp;&nbsp;&nbsp;&nbsp;20.35 | &nbsp;&nbsp;&nbsp;&nbsp;11.60 | &nbsp;&nbsp; (18.49) | &nbsp;&nbsp;&nbsp;&nbsp;13.15 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Total Dividends and Distributions | (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Net Asset Value, End of Period | $70.53 | &nbsp;&nbsp; $62.14 | &nbsp;&nbsp; $42.19 | &nbsp;&nbsp; $30.59 | &nbsp;&nbsp; $57.73 |
| Total Return<sup>\*</sup> <br>| 27.36% | &nbsp;&nbsp; 48.57% | &nbsp;&nbsp; 37.92% | &nbsp;&nbsp; (37.63)% | &nbsp;&nbsp; 27.95% |
| Net Assets, End of Period (in thousands) | $37954 | &nbsp;&nbsp; $33266 | &nbsp;&nbsp; $23734 | &nbsp;&nbsp; $17985 | &nbsp;&nbsp; $27069 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.19% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.17% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.19% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% |
| Ratio of Net Investment Income/(Loss) | (0.64)% | &nbsp;&nbsp; (0.55)% | &nbsp;&nbsp; (0.48)% | &nbsp;&nbsp; (0.68)% | &nbsp;&nbsp; (0.66)% |
| Portfolio Turnover Rate | 49% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 43% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

14 \| September 30, 2025

------

**Janus Henderson Global Technology and Innovation Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $66.27 | &nbsp;&nbsp; $44.85 | &nbsp;&nbsp; $32.43 | &nbsp;&nbsp; $60.53 | &nbsp;&nbsp; $51.47 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.24) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.23) |
| Net realized and unrealized gain/(loss) | 17.23 | &nbsp;&nbsp;&nbsp;&nbsp;21.98 | &nbsp;&nbsp;&nbsp;&nbsp;12.51 | &nbsp;&nbsp; (19.26) | &nbsp;&nbsp;&nbsp;&nbsp;14.11 |
| Total from Investment Operations | 16.99 | &nbsp;&nbsp;&nbsp;&nbsp;21.82 | &nbsp;&nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp; (19.45) | &nbsp;&nbsp;&nbsp;&nbsp;13.88 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) |
| Distributions (from capital gains) | (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Total Dividends and Distributions | (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.82) |
| Net Asset Value, End of Period | $75.99 | &nbsp;&nbsp; $66.27 | &nbsp;&nbsp; $44.85 | &nbsp;&nbsp; $32.43 | &nbsp;&nbsp; $60.53 |
| Total Return<sup>\*</sup> <br>| 27.69% | &nbsp;&nbsp; 48.97% | &nbsp;&nbsp; 38.30% | &nbsp;&nbsp; (37.45)% | &nbsp;&nbsp; 28.26% |
| Net Assets, End of Period (in thousands) | $2237505 | &nbsp;&nbsp; $1902533 | &nbsp;&nbsp; $1290671 | &nbsp;&nbsp; $1045715 | &nbsp;&nbsp; $1958570 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.93% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.92% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.91% |
| Ratio of Net Investment Income/(Loss) | (0.37)% | &nbsp;&nbsp; (0.28)% | &nbsp;&nbsp; (0.21)% | &nbsp;&nbsp; (0.41)% | &nbsp;&nbsp; (0.40)% |
| Portfolio Turnover Rate | 49% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 43% |

---

\* 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. 

(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 Global Technology and Innovation Fund**

**Notes to Financial Statements** 

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**1. Organization and Significant Accounting Policies**

Janus Henderson Global Technology and Innovation 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 nondiversified, 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.

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**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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.

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**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements** 

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

rates and similar data.

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

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

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

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

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

Schedule of Investments and Other Information.

The following describes the amounts of transfers into or out of Level 3 of the fair value hierarchy during the year.

Financial assets of $46,526,253 were transferred out of Level 3 to Level 1 since certain securities prices were determined using other significant observable inputs at the end of the current fiscal year 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

September 30, 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.

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**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements** 

**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**

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

could result in additional tax, interest, or penalties to be paid by the Fund.

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

income tax purposes.

**Federal Income Taxes**

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

in the next twelve months.

**2. Other Investments and Strategies**

**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

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**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements** 

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, war, 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.* Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. 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.

**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.

**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.

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**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements** 

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.

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 delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

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

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**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements** 

There were no securities on loan as of September 30, 2025.

**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 0.64% 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 0.71% for at least a one-year period commencing on January 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 $532,252 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 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.

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

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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

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**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements** 

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 year ended September 30, 2025, the Distributor

retained upfront sales charges of $49,339.

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 year ended September 30, 2025, redeeming shareholders of Class A Shares paid CDSCs of $514 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 year ended September 30, 2025, redeeming shareholders of Class C Shares

paid CDSCs of $4,104.

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 September 30, 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 year ended September 30, 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 year ended September 30, 2025.

Janus Investment Fund \| 23

------

**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements** 

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 year ended September 30, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

The Fund is permitted to purchase or sell securities ("cross-trade") between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 ("Rule 17a-7"), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust's Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2025, the Fund engaged in cross trades amounting to $5,259,395 in sales, resulting in a net realized loss of $1,775,333. The net realized loss is

included within the "Net Realized Gain/(Loss) on Investments" section of the Fund's Statement of Operations.

**4. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term Gains*<br>| *Accumulated* <br>*Capital Losses*<br>| *Loss Deferrals* | *Other Book* <br>*to Tax* <br>*Differences*<br>| *Net Tax* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| $38151822 | $934273497 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(261966) | &nbsp;&nbsp; $4275418618 |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 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

investments in 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;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $4465688587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4327722794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(52304176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4275418618 |

---

24 \| September 30, 2025

------

**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements** 

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. Certain permanent differences such as tax returns

of capital and net investment losses noted below have been reclassified to capital.

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $58746631 | &nbsp;&nbsp;&nbsp; $723216165 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $- | &nbsp;&nbsp;&nbsp; $43948509 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $52,974,967, including $51,030,353 of long-term capital gain, for distributions in connection with Fund shares redemption (tax

equalization).

Janus Investment Fund \| 25

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**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements** 

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

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended September 30, 2025* | *Year ended September 30, 2025* | *Year ended September 30, 2024* | *Year ended September 30, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 601424 | &nbsp;&nbsp; $38071634 | &nbsp;&nbsp; 707181 | &nbsp;&nbsp; $39214592 |
| Reinvested dividends and distributions | 483652 | &nbsp;&nbsp; 29991241 | &nbsp;&nbsp; 35516 | &nbsp;&nbsp; 1708655 |
| Shares repurchased | (1160163) | &nbsp;&nbsp; (71721390) | &nbsp;&nbsp; (777207) | &nbsp;&nbsp; (42954835) |
| Net Increase/(Decrease) | (75087) | &nbsp;&nbsp; $(3658515) | &nbsp;&nbsp; (34510) | &nbsp;&nbsp; $(2031588) |
| Class C Shares: |  |  |  |  |
| Shares sold | 250562 | &nbsp;&nbsp; $12552406 | &nbsp;&nbsp; 201854 | &nbsp;&nbsp; $9476736 |
| Reinvested dividends and distributions | 185989 | &nbsp;&nbsp; 9379444 | &nbsp;&nbsp; 14186 | &nbsp;&nbsp; 572541 |
| Shares repurchased | (464643) | &nbsp;&nbsp; (23763540) | &nbsp;&nbsp; (338963) | &nbsp;&nbsp; (15782067) |
| Net Increase/(Decrease) | (28092) | &nbsp;&nbsp; $(1831690) | &nbsp;&nbsp; (122923) | &nbsp;&nbsp; $(5732790) |
| Class D Shares: |  |  |  |  |
| Shares sold | 3738942 | &nbsp;&nbsp; $245022221 | &nbsp;&nbsp; 4177410 | &nbsp;&nbsp; $243687689 |
| Reinvested dividends and distributions | 5580015 | &nbsp;&nbsp; 363258985 | &nbsp;&nbsp; 410049 | &nbsp;&nbsp; 20563943 |
| Shares repurchased | (6619102) | &nbsp;&nbsp; (427696192) | &nbsp;&nbsp; (5272881) | &nbsp;&nbsp; (307650000) |
| Net Increase/(Decrease) | 2699855 | &nbsp;&nbsp; $180585014 | &nbsp;&nbsp; (685422) | &nbsp;&nbsp; $(43398368) |
| Class I Shares: |  |  |  |  |
| Shares sold | 4644643 | &nbsp;&nbsp; $309377725 | &nbsp;&nbsp; 4260434 | &nbsp;&nbsp; $249510078 |
| Reinvested dividends and distributions | 1617521 | &nbsp;&nbsp; 106901939 | &nbsp;&nbsp; 123860 | &nbsp;&nbsp; 6295790 |
| Shares repurchased | (4402105) | &nbsp;&nbsp; (289865167) | &nbsp;&nbsp; (5323846) | &nbsp;&nbsp; (312229743) |
| Net Increase/(Decrease) | 1860059 | &nbsp;&nbsp; $126414497 | &nbsp;&nbsp; (939552) | &nbsp;&nbsp; $(56423875) |
| Class N Shares: |  |  |  |  |
| Shares sold | 1522984 | &nbsp;&nbsp; $101450470 | &nbsp;&nbsp; 1970973 | &nbsp;&nbsp; $117869232 |
| Reinvested dividends and distributions | 504414 | &nbsp;&nbsp; 32933209 | &nbsp;&nbsp; 30486 | &nbsp;&nbsp; 1530987 |
| Shares repurchased | (1564875) | &nbsp;&nbsp; (103288423) | &nbsp;&nbsp; (1111965) | &nbsp;&nbsp; (64412823) |
| Net Increase/(Decrease) | 462523 | &nbsp;&nbsp; $31095256 | &nbsp;&nbsp; 889494 | &nbsp;&nbsp; $54987396 |
| Class S Shares: |  |  |  |  |
| Shares sold | 124013 | &nbsp;&nbsp; $7676568 | &nbsp;&nbsp; 260239 | &nbsp;&nbsp; $13576063 |
| Reinvested dividends and distributions | 64538 | &nbsp;&nbsp; 3844547 | &nbsp;&nbsp; 5247 | &nbsp;&nbsp; 243994 |
| Shares repurchased | (185717) | &nbsp;&nbsp; (11352667) | &nbsp;&nbsp; (292707) | &nbsp;&nbsp; (15595015) |
| Net Increase/(Decrease) | 2834 | &nbsp;&nbsp; $168448 | &nbsp;&nbsp; (27221) | &nbsp;&nbsp; $(1774958) |
| Class T Shares: |  |  |  |  |
| Shares sold | 4057633 | &nbsp;&nbsp; $266267045 | &nbsp;&nbsp; 4386794 | &nbsp;&nbsp; $258632757 |
| Reinvested dividends and distributions | 3175799 | &nbsp;&nbsp; 203378187 | &nbsp;&nbsp; 227758 | &nbsp;&nbsp; 11269441 |
| Shares repurchased | (6498480) | &nbsp;&nbsp; (418333672) | &nbsp;&nbsp; (4683009) | &nbsp;&nbsp; (267833609) |
| Net Increase/(Decrease) | 734952 | &nbsp;&nbsp; $51311560 | &nbsp;&nbsp; (68457) | &nbsp;&nbsp; $2068589 |

---

**6. Purchases and Sales of Investment Securities**

For the year ended September 30, 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>|
| $3610379878 | &nbsp;&nbsp;&nbsp;&nbsp; $3756528026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**7. Recent Accounting Pronouncements**

The FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—*Improvements to Income Tax Disclosures* (ASU 2023-09) in December 2023. The new guidance enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes the

adoption of the ASU will not have a material impact on the financial statements.

26 \| September 30, 2025

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**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements** 

&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 September 30, 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 \| 27

------

**Janus Henderson Global Technology And Innovation Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Global Technology and Innovation Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Global Technology and Innovation Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian and investee company; when replies were not received from the investee company, we performed other auditing procedures. We believe that our audits provide a

reasonable basis for our opinion.

![](img584d7f0f2.jpg)

Denver, Colorado

November 20, 2025

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

28 \| September 30, 2025

------

**Janus Henderson Global Technology And Innovation Fund**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2025:

---

| | |
|:---|:---|
| Section 163(j) Interest Dividend | 6% |
| Capital Gain Distributions | $774246518 |
| Dividends Received Deduction Percentage | 59% |
| Qualified Dividend Income Percentage | 68% |

---

Janus Investment Fund \| 29

------

**Janus Henderson Global Technology and Innovation 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.**

At a Joint Special Meeting of Shareholders of Janus Henderson Global Technology and Innovation Fund, held on December 20, 2024 and adjourned to February 18, 2025, shareholders were asked to vote on the following proposals:

Proposal 1: To reclassify the diversification status of the Fund from diversified to nondiversified and to eliminate a related fundamental investment restriction.

Proposal 2: To modify the Fund's fundamental concentration policy.

With respect to Proposal 1 and Proposal 2, shares were voted, in dollars, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *For* | *Against* | *Abstain* |
| Proposal 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3219303519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $269426871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $295401773 |
| Proposal 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3208714898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $261211116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $314206150 |

---

**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 Trustees 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 1, 2024 and December 4-5, 2024, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2025 through February 1, 2026, subject to earlier termination as provided for in each agreement.

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

30 \| September 30, 2025

------

**Janus Henderson Global Technology and Innovation Fund**

**Additional Information (unaudited)**

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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, 2024, approximately 58% 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, 2024, approximately 61% 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 performance in periods ended September 30, 2024 has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2024, approximately 75% and 61% 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, 2024, approximately 66% and 68% 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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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.

Janus Investment Fund \| 31

------

**Janus Henderson Global Technology and Innovation 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 the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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 first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 High-Yield Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

32 \| September 30, 2025

------

**Janus Henderson Global Technology and Innovation 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 Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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.

Janus Investment Fund \| 33

------

**Janus Henderson Global Technology and Innovation 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 Contrarian Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted the reasons for the Fund's underperformance over various periods of time, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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, 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 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted that the 36-month end performance was not yet available because of the Fund's inception date.

&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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

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.

34 \| September 30, 2025

------

**Janus Henderson Global Technology and Innovation 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 10% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 11% 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, recent 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) 11 of 12 Janus Henderson Funds had management fees (before waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser and 16 of 18 Janus Henderson Funds had management fees (after waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser. The Trustees noted that for the one Janus Henderson Fund that did not have a lower or in line management fee (before waivers or performance fees) than similar funds subadvised by the Adviser, the management fee was under the average of its 15(c) peer group. For the two Janus Henderson Funds that did not have lower or in line management fees (after waivers or performance fees) than similar funds Subadvised by the Adviser, the management fees were due to performance fee increases resulting from Janus Henderson Fund outperformance of such Janus Henderson Fund's reference index.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2023 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:

Janus Investment Fund \| 35

------

**Janus Henderson Global Technology and Innovation Fund**

**Additional Information (unaudited)**

***<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.

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

&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.

36 \| September 30, 2025

------

**Janus Henderson Global Technology and Innovation 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 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 the Fund's total expenses were below the peer group average for all share classes.

&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 Responsible 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 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.

&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.

Janus Investment Fund \| 37

------

**Janus Henderson Global Technology and Innovation 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 Forty 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 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.

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

&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 the Fund's total expenses were below the peer group average for all share classes.

&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 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 U.S. Dividend 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 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, 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. The Trustees noted that during the 2023 15(c) review process, the Adviser reported no changes to its allocation methodology; however, at the Trustees' request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the

38 \| September 30, 2025

------

**Janus Henderson Global Technology and Innovation Fund**

**Additional Information (unaudited)**

rationale for the changes to be reasonable. Further, the independent fee consultant's analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. 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 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 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2024 report: (1) past 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 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 42% of Janus Henderson Funds have low flat-rate fees (the "Low Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and higher fees when the fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2024 report that (1) 68% 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 Low 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 analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

Janus Investment Fund \| 39

------

**Janus Henderson Global Technology and Innovation Fund**

**Additional Information (unaudited)**

***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 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.

40 \| September 30, 2025

------

**Janus Henderson Global Technology and Innovation Fund**

**Notes**

Janus Investment Fund \| 41

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*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-02-93047 11-25

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ANNUAL FINANCIAL STATEMENTS

September 30, 2025

**Janus Henderson Growth and Income Fund**

Janus Investment Fund

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**Table of Contents**

**Janus Henderson Growth and Income Fund** 

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| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_7813b7ef-5bcd-46d9-9122-57b28f33d6b4_SOI-SOI-RunningFooter-39_1)<br> [Management Investment Companies](#xx_7813b7ef-5bcd-46d9-9122-57b28f33d6b4_SOI-SOI-RunningFooter-39_1)<br>|  |
| [Schedule of Investments](#xx_7813b7ef-5bcd-46d9-9122-57b28f33d6b4_SOI-SOI-RunningFooter-39_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_7813b7ef-5bcd-46d9-9122-57b28f33d6b4_SOI-SOI-RunningFooter-39_4) | 4 |
| [Statement of Assets and Liabilities](#xx_7813b7ef-5bcd-46d9-9122-57b28f33d6b4_SAL-SAL-RunningFooter-39_1) | 5 |
| [Statement of Operations](#xx_7813b7ef-5bcd-46d9-9122-57b28f33d6b4_SOP-SOP-RunningFooter-39_1) | 7 |
| [Statements of Changes in Net Assets](#xx_7813b7ef-5bcd-46d9-9122-57b28f33d6b4_SOC-SOC-RunningFooter-39_1) | 8 |
| [Financial Highlights](#xx_7813b7ef-5bcd-46d9-9122-57b28f33d6b4_FIHI-FIHI-RunningFooter-39_1) | 9 |
| [Notes to Financial Statements](#xx_7813b7ef-5bcd-46d9-9122-57b28f33d6b4_NTF-NTF-RunningFooter-39_1) | 17 |
| [Report of Independent Registered Public Accounting Firm](#xx_7813b7ef-5bcd-46d9-9122-57b28f33d6b4_AUD-AR-RunningFooter-39_1) | 26 |
| [Designation Requirements](#xx_7813b7ef-5bcd-46d9-9122-57b28f33d6b4_DR-DR-RunningFooter-39_1) | 27 |
| [Items 8-11 - Additional Information](#xx_7813b7ef-5bcd-46d9-9122-57b28f33d6b4_AI-AI-RunningFooter-39_1) | 28 |

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**Janus Henderson Growth and Income Fund**

**Schedule of Investments** 

**September 30, 2025**

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| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 99.9% |  |  |
| Aerospace & Defense – 2.4% |  |  |
| General Electric Co | 357044 | $107405976 |
| Raytheon Technologies Corp | 546734 | 91485000 |
|  |  | 198890976 |
| Airlines – 0.7% |  |  |
| Delta Air Lines Inc | 1065599 | 60472743 |
| Banks – 4.5% |  |  |
| JPMorgan Chase & Co | 944233 | 297839415 |
| PNC Financial Services Group Inc/The | 366768 | 73694694 |
|  |  | 371534109 |
| Biotechnology – 1.6% |  |  |
| AbbVie Inc | 383278 | 88744188 |
| Amgen Inc | 160341 | 45248230 |
|  |  | 133992418 |
| Building Products – 1.2% |  |  |
| Trane Technologies PLC | 234060 | 98763958 |
| Capital Markets – 7.2% |  |  |
| Charles Schwab Corp | 650831 | 62134836 |
| CME Group Inc | 388226 | 104894783 |
| Goldman Sachs Group Inc | 172778 | 137591760 |
| Intercontinental Exchange Inc | 563113 | 94873278 |
| Moody's Corp | 82184 | 39159032 |
| Morgan Stanley | 946055 | 150384903 |
|  |  | 589038592 |
| Chemicals – 0.6% |  |  |
| Corteva Inc | 719284 | 48645177 |
| Communications Equipment – 0.5% |  |  |
| Motorola Solutions Inc | 80539 | 36829679 |
| Consumer Finance – 2.2% |  |  |
| American Express Co | 553379 | 183810369 |
| Diversified Financial Services – 3.0% |  |  |
| Visa Inc | 707267 | 241446809 |
| Diversified Telecommunication Services – 1.1% |  |  |
| Verizon Communications Inc | 2088583 | 91793223 |
| Electric Utilities – 1.0% |  |  |
| American Electric Power Co Inc | 748641 | 84222113 |
| Electrical Equipment – 1.9% |  |  |
| Eaton Corp PLC | 303674 | 113649994 |
| Emerson Electric Co | 301809 | 39591305 |
|  |  | 153241299 |
| Electronic Equipment, Instruments & Components – 2.0% |  |  |
| Amphenol Corp | 1322820 | 163698975 |
| Entertainment – 1.6% |  |  |
| Walt Disney Co/The | 1159139 | 132721416 |
| Food & Staples Retailing – 0.8% |  |  |
| Costco Wholesale Corp | 67256 | 62254171 |
| Health Care Equipment & Supplies – 3.5% |  |  |
| Abbott Laboratories | 741771 | 99352808 |
| Medtronic PLC | 1019405 | 97088132 |
| Stryker Corp | 244348 | 90328125 |
|  |  | 286769065 |
| Health Care Providers & Services – 0.7% |  |  |
| HCA Healthcare Inc | 127687 | 54420199 |
| Hotels, Restaurants & Leisure – 3.6% |  |  |
| Booking Holdings Inc | 20090 | 108471334 |
| Marriott International Inc/MD - Class A | 339080 | 88309995 |
| Royal Caribbean Cruises Ltd | 292160 | 94537133 |
|  |  | 291318462 |
| Household Durables – 0.7% |  |  |
| Garmin Ltd | 228870 | 56352371 |

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See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

\| 1

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**Janus Henderson Growth and Income Fund**

**Schedule of Investments** 

**September 30, 2025**

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| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Independent Power and Renewable Electricity Producers – 0.7% |  |  |
| Vistra Corp | 306745 | $60097480 |
| Information Technology Services – 0.7% |  |  |
| Accenture PLC | 242735 | 59858451 |
| Insurance – 2.4% |  |  |
| Marsh & McLennan Cos Inc | 211752 | 42674381 |
| Progressive Corp/The | 436759 | 107857635 |
| Travelers Cos Inc | 170482 | 47601984 |
|  |  | 198134000 |
| Interactive Media & Services – 9.0% |  |  |
| Alphabet Inc - Class C | 1797127 | 437690281 |
| Meta Platforms Inc - Class A | 406568 | 298575408 |
|  |  | 736265689 |
| Life Sciences Tools & Services – 1.1% |  |  |
| Danaher Corp | 444527 | 88131923 |
| Machinery – 0.9% |  |  |
| Deere & Co | 158235 | 72354536 |
| Oil, Gas & Consumable Fuels – 1.0% |  |  |
| Chevron Corp | 510145 | 79220417 |
| Pharmaceuticals – 3.9% |  |  |
| Eli Lilly & Co | 199128 | 151934664 |
| Johnson & Johnson | 473206 | 87741856 |
| Zoetis Inc | 526665 | 77061623 |
|  |  | 316738143 |
| Professional Services – 1.6% |  |  |
| Automatic Data Processing Inc | 236493 | 69410695 |
| Booz Allen Hamilton Holding Corp | 616945 | 61663653 |
|  |  | 131074348 |
| Road & Rail – 0.7% |  |  |
| Union Pacific Corp | 253264 | 59864012 |
| Semiconductor & Semiconductor Equipment – 14.2% |  |  |
| Broadcom Inc | 1197241 | 394981778 |
| KLA Corp | 187662 | 202412233 |
| Lam Research Corp | 1130615 | 151389348 |
| NVIDIA Corp | 612158 | 114216440 |
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 595504 | 166318312 |
| Texas Instruments Inc | 726398 | 133461105 |
|  |  | 1162779216 |
| Software – 11.7% |  |  |
| Intuit Inc | 172900 | 118075139 |
| Microsoft Corp | 1394565 | 722314942 |
| Oracle Corp | 404150 | 113663146 |
|  |  | 954053227 |
| Specialty Retail – 2.3% |  |  |
| Home Depot Inc | 316118 | 128087852 |
| TJX Cos Inc | 441020 | 63745031 |
|  |  | 191832883 |
| Technology Hardware, Storage & Peripherals – 6.4% |  |  |
| Apple Inc | 1546791 | 393859393 |
| Dell Technologies Inc | 911203 | 129181249 |
|  |  | 523040642 |
| Textiles, Apparel & Luxury Goods – 1.0% |  |  |
| NIKE Inc - Class B | 1114839 | 77737724 |
| Tobacco – 1.5% |  |  |
| Philip Morris International Inc | 746611 | 121100304 |
| Total Common Stocks (cost $4,436,134,247) |  | 8172499119 |

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See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \|

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**Janus Henderson Growth and Income Fund**

**Schedule of Investments** 

**September 30, 2025**

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| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Investment Companies – 0.1% |  |  |
| Money Markets – 0.1% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº,</sup><sup>£</sup> (cost $8,299,033) | 8297373 | $8299033 |
| Total Investments (total cost $4,444,433,280) – 100.0% |  | 8180798152 |
| Liabilities, net of Cash, Receivables and Other Assets – (0)% |  | (2852553) |
| Net Assets – 100% |  | $8177945599 |

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| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $8014479840 | &nbsp;&nbsp;&nbsp;&nbsp; 98.0<br> %<br>|
| Taiwan | 166318312 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Total | $8180798152 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

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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)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<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, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | $5004446 | $291165454 | $(287870526) | $(751) | $410 | $8299033 | 8297373 | $287811 |

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See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

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**Janus Henderson Growth and Income Fund**

**Notes to Schedule of Investments and Other Information** 

ADR American Depositary Receipt <br> LLC Limited Liability Company <br> PLC Public Limited Company

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| |
|:---|
| Rate shown is the 7-day yield as of September 30, 2025. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|

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

instruments as of September 30, 2025. See Notes to Financial Statements for more information.

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| | | | |
|:---|:---|:---|:---|
| **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* | $8172499119 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| *Investment Companies* | - | &nbsp;&nbsp; 8299033 | &nbsp;&nbsp; - |
| **Total Assets** | $8172499119 | &nbsp;&nbsp; $8299033 | &nbsp;&nbsp; $- |

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4 \|

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**Janus Henderson Growth and Income Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

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| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $4,436,134,247) | $8172499119 |
| Affiliated investments, at value (cost $8,299,033) | 8299033 |
| Cash | 1107918 |
| Trustees' deferred compensation | 234257 |
| Receivables: |  |
| Dividends | 3573007 |
| Fund shares sold | 2805747 |
| Foreign tax reclaims | 41255 |
| Dividends from affiliates | 24731 |
| Other assets | 4063 |
| Total Assets | 8188589130 |
| Liabilities: |  |
| Payables: |  |
| Fund shares repurchased | 4621443 |
| Advisory fees | 3936268 |
| Transfer agent fees and expenses | 1038067 |
| Dividends | 301158 |
| Trustees' deferred compensation fees | 234257 |
| Professional fees | 83091 |
| 12b-1 Distribution and shareholder servicing fees | 60334 |
| Trustees' fees and expenses | 36998 |
| Affiliated fund administration fees payable | 16584 |
| Custodian fees | 7569 |
| Accrued expenses and other payables | 307762 |
| Total Liabilities | 10643531 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $8177945599 |

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See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 5

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**Janus Henderson Growth and Income Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

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| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $3589207641 |
| Total distributable earnings (loss) | 4588737958 |
| Total Net Assets | $8177945599 |
| Net Assets - Class A Shares | $121530739 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1511810 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $80.39 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $85.29 |
| Net Assets - Class C Shares | $38039635 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 484438 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $78.52 |
| Net Assets - Class D Shares | $5199883264 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 64516076 |
| Net Asset Value Per Share | $80.60 |
| Net Assets - Class I Shares | $406831168 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 5043886 |
| Net Asset Value Per Share | $80.66 |
| Net Assets - Class N Shares | $119576268 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1485752 |
| Net Asset Value Per Share | $80.48 |
| Net Assets - Class R Shares | $4494152 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 56436 |
| Net Asset Value Per Share | $79.63 |
| Net Assets - Class S Shares | $13841338 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 172234 |
| Net Asset Value Per Share | $80.36 |
| Net Assets - Class T Shares | $2273749035 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 28250563 |
| Net Asset Value Per Share | $80.49 |

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&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 \| September 30, 2025

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**Janus Henderson Growth and Income Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

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| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $108365598 |
| Dividends from affiliates | 287811 |
| Other income | 30532 |
| Foreign tax withheld | (274724) |
| Total Investment Income | 108409217 |
| Expenses: |  |
| Advisory fees | 44932189 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 261858 |
| Class C Shares | 355677 |
| Class R Shares | 21642 |
| Class S Shares | 33180 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 5189077 |
| Class R Shares | 10926 |
| Class S Shares | 33277 |
| Class T Shares | 5249950 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 104565 |
| Class C Shares | 25536 |
| Class I Shares | 335813 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 5287 |
| Class C Shares | 1679 |
| Class D Shares | 392563 |
| Class I Shares | 10639 |
| Class N Shares | 4097 |
| Class R Shares | 135 |
| Class S Shares | 210 |
| Class T Shares | 15310 |
| Shareholder reports expense | 449618 |
| Affiliated fund administration fees | 225239 |
| Registration fees | 182473 |
| Trustees' fees and expenses | 139368 |
| Professional fees | 97950 |
| Custodian fees | 82018 |
| Other expenses | 551487 |
| Total Expenses | 58711763 |
| Less: Excess Expense Reimbursement and Waivers | (608462) |
| Net Expenses | 58103301 |
| Net Investment Income/(Loss) | 50305916 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 1095888985 |
| Investments in affiliates | (751) |
| Total Net Realized Gain/(Loss) on Investments | 1095888234 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments and Trustees' deferred compensation | 81347112 |
| Investments in affiliates | 410 |
| Total Change in Unrealized Net Appreciation/Depreciation | 81347522 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $1227541672 |

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See Notes to Financial Statements.

Janus Investment Fund \| 7

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**Janus Henderson Growth and Income Fund**

**Statements of Changes in Net Assets**

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| | | |
|:---|:---|:---|
|  | *Year ended* <br>*September 30, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $50305916 | &nbsp;&nbsp; $69090451 |
| Net realized gain/(loss) on investments | 1095888234 | &nbsp;&nbsp; 818706332 |
| Change in unrealized net appreciation/depreciation | 81347522 | &nbsp;&nbsp; 795532698 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 1227541672 | &nbsp;&nbsp; 1683329481 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (13133253) | &nbsp;&nbsp; (6245655) |
| Class C Shares | (5415787) | &nbsp;&nbsp; (2994502) |
| Class D Shares | (620148453) | &nbsp;&nbsp; (319552052) |
| Class I Shares | (52349167) | &nbsp;&nbsp; (28977791) |
| Class N Shares | (12231981) | &nbsp;&nbsp; (6197331) |
| Class R Shares | (523626) | &nbsp;&nbsp; (371350) |
| Class S Shares | (1755167) | &nbsp;&nbsp; (946381) |
| Class T Shares | (278171059) | &nbsp;&nbsp; (146071366) |
| Net Decrease from Dividends and Distributions to Shareholders | (983728493) | &nbsp;&nbsp; (511356428) |
| Capital Share Transactions: |  |  |
| Class A Shares | 13043563 | &nbsp;&nbsp; 6535520 |
| Class C Shares | (6055394) | &nbsp;&nbsp; (5176224) |
| Class D Shares | 278218461 | &nbsp;&nbsp; 43656463 |
| Class I Shares | (3682568) | &nbsp;&nbsp; (36096598) |
| Class N Shares | 21346773 | &nbsp;&nbsp; 1099958 |
| Class R Shares | (1091001) | &nbsp;&nbsp; (715956) |
| Class S Shares | (433508) | &nbsp;&nbsp; (1206681) |
| Class T Shares | 57147283 | &nbsp;&nbsp; (36113503) |
| Net Increase/(Decrease) from Capital Share Transactions | 358493609 | &nbsp;&nbsp; (28017021) |
| Net Increase/(Decrease) in Net Assets | 602306788 | &nbsp;&nbsp; 1143956032 |
| Net Assets: |  |  |
| Beginning of period | 7575638811 | &nbsp;&nbsp; 6431682779 |
| End of period | $8177945599 | &nbsp;&nbsp; $7575638811 |

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See Notes to Financial Statements.

8 \| September 30, 2025

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**Janus Henderson Growth and Income Fund**

**Financial Highlights**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $78.55 | &nbsp;&nbsp; $66.68 | &nbsp;&nbsp; $59.86 | &nbsp;&nbsp; $73.95 | &nbsp;&nbsp; $59.77 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net realized and unrealized gain/(loss) | 11.70 | &nbsp;&nbsp;&nbsp;&nbsp;16.53 | &nbsp;&nbsp;&nbsp;&nbsp;10.25 | &nbsp;&nbsp; (10.31) | &nbsp;&nbsp;&nbsp;&nbsp;16.06 |
| Total from Investment Operations | 12.04 | &nbsp;&nbsp;&nbsp;&nbsp;17.07 | &nbsp;&nbsp;&nbsp;&nbsp;10.90 | &nbsp;&nbsp; (9.76) | &nbsp;&nbsp;&nbsp;&nbsp;16.55 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.34) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (0.51) |
| Distributions (from capital gains) | (9.86) | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.76) | &nbsp;&nbsp; (1.86) |
| Total Dividends and Distributions | (10.20) | &nbsp;&nbsp; (5.20) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (2.37) |
| Net Asset Value, End of Period | $80.39 | &nbsp;&nbsp; $78.55 | &nbsp;&nbsp; $66.68 | &nbsp;&nbsp; $59.86 | &nbsp;&nbsp; $73.95 |
| Total Return<sup>\*</sup> <br>| 17.19% | &nbsp;&nbsp; 26.90% | &nbsp;&nbsp; 18.62% | &nbsp;&nbsp; (14.38)% | &nbsp;&nbsp; 28.28% |
| Net Assets, End of Period (in thousands) | $121531 | &nbsp;&nbsp; $104059 | &nbsp;&nbsp; $81967 | &nbsp;&nbsp; $71633 | &nbsp;&nbsp; $91735 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.98% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.97% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% |
| Ratio of Net Investment Income/(Loss) | 0.47% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.71% |
| Portfolio Turnover Rate | 39% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 11% |

---

\* 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. 

(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 Growth and Income Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $77.06 | &nbsp;&nbsp; $65.52 | &nbsp;&nbsp; $58.87 | &nbsp;&nbsp; $72.81 | &nbsp;&nbsp; $58.90 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain/(loss) | 11.43 | &nbsp;&nbsp;&nbsp;&nbsp;16.19 | &nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp; (10.13) | &nbsp;&nbsp;&nbsp;&nbsp;15.82 |
| Total from Investment Operations | 11.33 | &nbsp;&nbsp;&nbsp;&nbsp;16.29 | &nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp; (10.03) | &nbsp;&nbsp;&nbsp;&nbsp;15.87 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.01) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.10) |
| Distributions (from capital gains) | (9.86) | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.76) | &nbsp;&nbsp; (1.86) |
| Total Dividends and Distributions | (9.87) | &nbsp;&nbsp; (4.75) | &nbsp;&nbsp; (3.67) | &nbsp;&nbsp; (3.91) | &nbsp;&nbsp; (1.96) |
| Net Asset Value, End of Period | $78.52 | &nbsp;&nbsp; $77.06 | &nbsp;&nbsp; $65.52 | &nbsp;&nbsp; $58.87 | &nbsp;&nbsp; $72.81 |
| Total Return<sup>\*</sup> <br>| 16.46% | &nbsp;&nbsp; 26.08% | &nbsp;&nbsp; 17.91% | &nbsp;&nbsp; (14.93)% | &nbsp;&nbsp; 27.48% |
| Net Assets, End of Period (in thousands) | $38040 | &nbsp;&nbsp; $43871 | &nbsp;&nbsp; $41905 | &nbsp;&nbsp; $40161 | &nbsp;&nbsp; $53156 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.60% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.65% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.60% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.65% |
| Ratio of Net Investment Income/(Loss) | (0.14)% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.08% |
| Portfolio Turnover Rate | 39% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 11% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

10 \| September 30, 2025

------

**Janus Henderson Growth and Income Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $78.72 | &nbsp;&nbsp; $66.82 | &nbsp;&nbsp; $59.97 | &nbsp;&nbsp; $74.09 | &nbsp;&nbsp; $59.87 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net realized and unrealized gain/(loss) | 11.74 | &nbsp;&nbsp;&nbsp;&nbsp;16.56 | &nbsp;&nbsp;&nbsp;&nbsp;10.28 | &nbsp;&nbsp; (10.34) | &nbsp;&nbsp;&nbsp;&nbsp;16.11 |
| Total from Investment Operations | 12.26 | &nbsp;&nbsp;&nbsp;&nbsp;17.29 | &nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp; (9.60) | &nbsp;&nbsp;&nbsp;&nbsp;16.78 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.52) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp; (0.70) |
| Distributions (from capital gains) | (9.86) | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.76) | &nbsp;&nbsp; (1.86) |
| Total Dividends and Distributions | (10.38) | &nbsp;&nbsp; (5.39) | &nbsp;&nbsp; (4.26) | &nbsp;&nbsp; (4.52) | &nbsp;&nbsp; (2.56) |
| Net Asset Value, End of Period | $80.60 | &nbsp;&nbsp; $78.72 | &nbsp;&nbsp; $66.82 | &nbsp;&nbsp; $59.97 | &nbsp;&nbsp; $74.09 |
| Total Return<sup>\*</sup> <br>| 17.48% | &nbsp;&nbsp; 27.20% | &nbsp;&nbsp; 18.94% | &nbsp;&nbsp; (14.17)% | &nbsp;&nbsp; 28.63% |
| Net Assets, End of Period (in thousands) | $5199883 | &nbsp;&nbsp; $4758701 | &nbsp;&nbsp; $3980874 | &nbsp;&nbsp; $3529397 | &nbsp;&nbsp; $4284567 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Investment Income/(Loss) | 0.71% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.97% |
| Portfolio Turnover Rate | 39% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 11% |

---

\* 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. 

(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 Growth and Income Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $78.78 | &nbsp;&nbsp; $66.86 | &nbsp;&nbsp; $60.00 | &nbsp;&nbsp; $74.12 | &nbsp;&nbsp; $59.90 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Net realized and unrealized gain/(loss) | 11.74 | &nbsp;&nbsp;&nbsp;&nbsp;16.58 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp; (10.35) | &nbsp;&nbsp;&nbsp;&nbsp;16.10 |
| Total from Investment Operations | 12.28 | &nbsp;&nbsp;&nbsp;&nbsp;17.34 | &nbsp;&nbsp;&nbsp;&nbsp;11.15 | &nbsp;&nbsp; (9.57) | &nbsp;&nbsp;&nbsp;&nbsp;16.81 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.54) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.73) |
| Distributions (from capital gains) | (9.86) | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.76) | &nbsp;&nbsp; (1.86) |
| Total Dividends and Distributions | (10.40) | &nbsp;&nbsp; (5.42) | &nbsp;&nbsp; (4.29) | &nbsp;&nbsp; (4.55) | &nbsp;&nbsp; (2.59) |
| Net Asset Value, End of Period | $80.66 | &nbsp;&nbsp; $78.78 | &nbsp;&nbsp; $66.86 | &nbsp;&nbsp; $60.00 | &nbsp;&nbsp; $74.12 |
| Total Return<sup>\*</sup> <br>| 17.49% | &nbsp;&nbsp; 27.27% | &nbsp;&nbsp; 19.01% | &nbsp;&nbsp; (14.12)% | &nbsp;&nbsp; 28.68% |
| Net Assets, End of Period (in thousands) | $406831 | &nbsp;&nbsp; $402270 | &nbsp;&nbsp; $374459 | &nbsp;&nbsp; $344524 | &nbsp;&nbsp; $458387 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.71% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.71% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% |
| Ratio of Net Investment Income/(Loss) | 0.74% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.03% |
| Portfolio Turnover Rate | 39% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 11% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

12 \| September 30, 2025

------

**Janus Henderson Growth and Income Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $78.63 | &nbsp;&nbsp; $66.74 | &nbsp;&nbsp; $59.90 | &nbsp;&nbsp; $74.01 | &nbsp;&nbsp; $59.80 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net realized and unrealized gain/(loss) | 11.71 | &nbsp;&nbsp;&nbsp;&nbsp;16.55 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp; (10.35) | &nbsp;&nbsp;&nbsp;&nbsp;16.09 |
| Total from Investment Operations | 12.31 | &nbsp;&nbsp;&nbsp;&nbsp;17.37 | &nbsp;&nbsp;&nbsp;&nbsp;11.18 | &nbsp;&nbsp; (9.51) | &nbsp;&nbsp;&nbsp;&nbsp;16.85 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.60) | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.78) |
| Distributions (from capital gains) | (9.86) | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.76) | &nbsp;&nbsp; (1.86) |
| Total Dividends and Distributions | (10.46) | &nbsp;&nbsp; (5.48) | &nbsp;&nbsp; (4.34) | &nbsp;&nbsp; (4.60) | &nbsp;&nbsp; (2.64) |
| Net Asset Value, End of Period | $80.48 | &nbsp;&nbsp; $78.63 | &nbsp;&nbsp; $66.74 | &nbsp;&nbsp; $59.90 | &nbsp;&nbsp; $74.01 |
| Total Return<sup>\*</sup> <br>| 17.59% | &nbsp;&nbsp; 27.37% | &nbsp;&nbsp; 19.10% | &nbsp;&nbsp; (14.06)% | &nbsp;&nbsp; 28.81% |
| Net Assets, End of Period (in thousands) | $119576 | &nbsp;&nbsp; $93813 | &nbsp;&nbsp; $79133 | &nbsp;&nbsp; $47906 | &nbsp;&nbsp; $73167 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.63% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.62% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.62% |
| Ratio of Net Investment Income/(Loss) | 0.82% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.09% |
| Portfolio Turnover Rate | 39% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 11% |

---

\* 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. 

(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 Growth and Income Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $77.91 | &nbsp;&nbsp; $66.18 | &nbsp;&nbsp; $59.42 | &nbsp;&nbsp; $73.44 | &nbsp;&nbsp; $59.35 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain/(loss) | 11.58 | &nbsp;&nbsp;&nbsp;&nbsp;16.38 | &nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp; (10.23) | &nbsp;&nbsp;&nbsp;&nbsp;15.95 |
| Total from Investment Operations | 11.64 | &nbsp;&nbsp;&nbsp;&nbsp;16.65 | &nbsp;&nbsp;&nbsp;&nbsp;10.56 | &nbsp;&nbsp; (9.96) | &nbsp;&nbsp;&nbsp;&nbsp;16.18 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.06) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.23) |
| Distributions (from capital gains) | (9.86) | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.76) | &nbsp;&nbsp; (1.86) |
| Total Dividends and Distributions | (9.92) | &nbsp;&nbsp; (4.92) | &nbsp;&nbsp; (3.80) | &nbsp;&nbsp; (4.06) | &nbsp;&nbsp; (2.09) |
| Net Asset Value, End of Period | $79.63 | &nbsp;&nbsp; $77.91 | &nbsp;&nbsp; $66.18 | &nbsp;&nbsp; $59.42 | &nbsp;&nbsp; $73.44 |
| Total Return<sup>\*</sup> <br>| 16.72% | &nbsp;&nbsp; 26.40% | &nbsp;&nbsp; 18.15% | &nbsp;&nbsp; (14.72)% | &nbsp;&nbsp; 27.82% |
| Net Assets, End of Period (in thousands) | $4494 | &nbsp;&nbsp; $5407 | &nbsp;&nbsp; $5231 | &nbsp;&nbsp; $5477 | &nbsp;&nbsp; $7329 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.43% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.39% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.37% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.39% |
| Ratio of Net Investment Income/(Loss) | 0.08% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.34% |
| Portfolio Turnover Rate | 39% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 11% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

14 \| September 30, 2025

------

**Janus Henderson Growth and Income Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $78.52 | &nbsp;&nbsp; $66.66 | &nbsp;&nbsp; $59.83 | &nbsp;&nbsp; $73.92 | &nbsp;&nbsp; $59.74 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Net realized and unrealized gain/(loss) | 11.69 | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp;&nbsp;&nbsp;10.25 | &nbsp;&nbsp; (10.31) | &nbsp;&nbsp;&nbsp;&nbsp;16.05 |
| Total from Investment Operations | 11.94 | &nbsp;&nbsp;&nbsp;&nbsp;16.97 | &nbsp;&nbsp;&nbsp;&nbsp;10.83 | &nbsp;&nbsp; (9.85) | &nbsp;&nbsp;&nbsp;&nbsp;16.47 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.24) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.58) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.43) |
| Distributions (from capital gains) | (9.86) | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.76) | &nbsp;&nbsp; (1.86) |
| Total Dividends and Distributions | (10.10) | &nbsp;&nbsp; (5.11) | &nbsp;&nbsp; (4.00) | &nbsp;&nbsp; (4.24) | &nbsp;&nbsp; (2.29) |
| Net Asset Value, End of Period | $80.36 | &nbsp;&nbsp; $78.52 | &nbsp;&nbsp; $66.66 | &nbsp;&nbsp; $59.83 | &nbsp;&nbsp; $73.92 |
| Total Return<sup>\*</sup> <br>| 17.03% | &nbsp;&nbsp; 26.74% | &nbsp;&nbsp; 18.51% | &nbsp;&nbsp; (14.49)% | &nbsp;&nbsp; 28.15% |
| Net Assets, End of Period (in thousands) | $13841 | &nbsp;&nbsp; $13861 | &nbsp;&nbsp; $12791 | &nbsp;&nbsp; $12049 | &nbsp;&nbsp; $23935 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.13% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.11% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% |
| Ratio of Net Investment Income/(Loss) | 0.34% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.61% |
| Portfolio Turnover Rate | 39% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 11% |

---

\* 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. 

(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 Growth and Income Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $78.63 | &nbsp;&nbsp; $66.75 | &nbsp;&nbsp; $59.90 | &nbsp;&nbsp; $74.01 | &nbsp;&nbsp; $59.81 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net realized and unrealized gain/(loss) | 11.71 | &nbsp;&nbsp;&nbsp;&nbsp;16.54 | &nbsp;&nbsp;&nbsp;&nbsp;10.28 | &nbsp;&nbsp; (10.34) | &nbsp;&nbsp;&nbsp;&nbsp;16.08 |
| Total from Investment Operations | 12.15 | &nbsp;&nbsp;&nbsp;&nbsp;17.19 | &nbsp;&nbsp;&nbsp;&nbsp;11.04 | &nbsp;&nbsp; (9.67) | &nbsp;&nbsp;&nbsp;&nbsp;16.68 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.43) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (0.62) |
| Distributions (from capital gains) | (9.86) | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.76) | &nbsp;&nbsp; (1.86) |
| Total Dividends and Distributions | (10.29) | &nbsp;&nbsp; (5.31) | &nbsp;&nbsp; (4.19) | &nbsp;&nbsp; (4.44) | &nbsp;&nbsp; (2.48) |
| Net Asset Value, End of Period | $80.49 | &nbsp;&nbsp; $78.63 | &nbsp;&nbsp; $66.75 | &nbsp;&nbsp; $59.90 | &nbsp;&nbsp; $74.01 |
| Total Return<sup>\*</sup> <br>| 17.34% | &nbsp;&nbsp; 27.06% | &nbsp;&nbsp; 18.84% | &nbsp;&nbsp; (14.26)% | &nbsp;&nbsp; 28.49% |
| Net Assets, End of Period (in thousands) | $2273749 | &nbsp;&nbsp; $2153656 | &nbsp;&nbsp; $1855322 | &nbsp;&nbsp; $1683707 | &nbsp;&nbsp; $2108286 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.86% |
| Ratio of Net Investment Income/(Loss) | 0.60% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.87% |
| Portfolio Turnover Rate | 39% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 11% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

16 \| September 30, 2025

------

**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements** 

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

**1. Organization and Significant Accounting Policies**

Janus Henderson Growth and 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 long-term capital growth and current 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 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 \| 17

------

**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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 \| September 30, 2025

------

**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements** 

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

rates and similar data.

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

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

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

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

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

Schedule of Investments 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

------

**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements** 

**Dividends and Distributions**

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

and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

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

income tax purposes.

**Federal Income Taxes**

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

in the next twelve months.

**2. Other Investments and Strategies**

**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, war, 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.* Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. 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.

**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 0.60% 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 0.62% for at least a one-year period commencing on January 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.

20 \| September 30, 2025

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**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements** 

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 $532,252 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 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.

Janus Investment Fund \| 21

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**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements** 

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

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

servicing fees" on the Statement of Operations.

Class A Shares include a 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 year ended September 30, 2025, the Distributor

retained upfront sales charges of $7,453.

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 year ended September 30, 2025, redeeming shareholders of Class A Shares paid CDSCs of $280 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 year ended September 30, 2025, redeeming shareholders of Class C Shares

paid CDSCs of $1,235.

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 September 30, 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 year ended September 30, 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 year ended September 30, 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.

22 \| September 30, 2025

------

**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements** 

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended September 30, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

As of September 30, 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 | 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Class R Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| 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**

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term Gains*<br>| *Accumulated* <br>*Capital Losses*<br>| *Loss Deferrals* | *Other Book* <br>*to Tax* <br>*Differences*<br>| *Net Tax* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| $798709 | $860434967 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(218375) | &nbsp;&nbsp; $3727722657 |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 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; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $4453075495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3785675866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(57953209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3727722657 |

---

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. Certain permanent differences such as tax returns

of capital and net investment losses noted below have been reclassified to capital.

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $49527403 | &nbsp;&nbsp;&nbsp; $934201090 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $69135789 | &nbsp;&nbsp;&nbsp; $442220639 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $27,415,708, all of

which is long-term capital gain, for distributions in connection with Fund shares redemption (tax equalization).

Janus Investment Fund \| 23

------

**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements** 

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

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended September 30, 2025* | *Year ended September 30, 2025* | *Year ended September 30, 2024* | *Year ended September 30, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 465772 | &nbsp;&nbsp; $33603572 | &nbsp;&nbsp; 352757 | &nbsp;&nbsp; $25126160 |
| Reinvested dividends and distributions | 158440 | &nbsp;&nbsp; 11173370 | &nbsp;&nbsp; 73928 | &nbsp;&nbsp; 5015519 |
| Shares repurchased | (437147) | &nbsp;&nbsp; (31733379) | &nbsp;&nbsp; (331111) | &nbsp;&nbsp; (23606159) |
| Net Increase/(Decrease) | 187065 | &nbsp;&nbsp; $13043563 | &nbsp;&nbsp; 95574 | &nbsp;&nbsp; $6535520 |
| Class C Shares: |  |  |  |  |
| Shares sold | 42158 | &nbsp;&nbsp; $2971674 | &nbsp;&nbsp; 64468 | &nbsp;&nbsp; $4485732 |
| Reinvested dividends and distributions | 73729 | &nbsp;&nbsp; 5088008 | &nbsp;&nbsp; 41179 | &nbsp;&nbsp; 2720077 |
| Shares repurchased | (200739) | &nbsp;&nbsp; (14115076) | &nbsp;&nbsp; (175979) | &nbsp;&nbsp; (12382033) |
| Net Increase/(Decrease) | (84852) | &nbsp;&nbsp; $(6055394) | &nbsp;&nbsp; (70332) | &nbsp;&nbsp; $(5176224) |
| Class D Shares: |  |  |  |  |
| Shares sold | 2588513 | &nbsp;&nbsp; $186777716 | &nbsp;&nbsp; 1543646 | &nbsp;&nbsp; $110917638 |
| Reinvested dividends and distributions | 8417462 | &nbsp;&nbsp; 595229107 | &nbsp;&nbsp; 4512429 | &nbsp;&nbsp; 307244523 |
| Shares repurchased | (6937440) | &nbsp;&nbsp; (503788362) | &nbsp;&nbsp; (5186113) | &nbsp;&nbsp; (374505698) |
| Net Increase/(Decrease) | 4068535 | &nbsp;&nbsp; $278218461 | &nbsp;&nbsp; 869962 | &nbsp;&nbsp; $43656463 |
| Class I Shares: |  |  |  |  |
| Shares sold | 975022 | &nbsp;&nbsp; $71288368 | &nbsp;&nbsp; 1090044 | &nbsp;&nbsp; $78502285 |
| Reinvested dividends and distributions | 693754 | &nbsp;&nbsp; 49095330 | &nbsp;&nbsp; 394210 | &nbsp;&nbsp; 26859422 |
| Shares repurchased | (1731402) | &nbsp;&nbsp; (124066266) | &nbsp;&nbsp; (1978545) | &nbsp;&nbsp; (141458305) |
| Net Increase/(Decrease) | (62626) | &nbsp;&nbsp; $(3682568) | &nbsp;&nbsp; (494291) | &nbsp;&nbsp; $(36096598) |
| Class N Shares: |  |  |  |  |
| Shares sold | 510583 | &nbsp;&nbsp; $37007437 | &nbsp;&nbsp; 423416 | &nbsp;&nbsp; $30992142 |
| Reinvested dividends and distributions | 172280 | &nbsp;&nbsp; 12170422 | &nbsp;&nbsp; 86674 | &nbsp;&nbsp; 5902742 |
| Shares repurchased | (390269) | &nbsp;&nbsp; (27831086) | &nbsp;&nbsp; (502622) | &nbsp;&nbsp; (35794926) |
| Net Increase/(Decrease) | 292594 | &nbsp;&nbsp; $21346773 | &nbsp;&nbsp; 7468 | &nbsp;&nbsp; $1099958 |
| Class R Shares: |  |  |  |  |
| Shares sold | 6514 | &nbsp;&nbsp; $462656 | &nbsp;&nbsp; 13269 | &nbsp;&nbsp; $941600 |
| Reinvested dividends and distributions | 7453 | &nbsp;&nbsp; 520853 | &nbsp;&nbsp; 5528 | &nbsp;&nbsp; 370014 |
| Shares repurchased | (26929) | &nbsp;&nbsp; (2074510) | &nbsp;&nbsp; (28450) | &nbsp;&nbsp; (2027570) |
| Net Increase/(Decrease) | (12962) | &nbsp;&nbsp; $(1091001) | &nbsp;&nbsp; (9653) | &nbsp;&nbsp; $(715956) |
| Class S Shares: |  |  |  |  |
| Shares sold | 14348 | &nbsp;&nbsp; $1035412 | &nbsp;&nbsp; 16480 | &nbsp;&nbsp; $1181860 |
| Reinvested dividends and distributions | 24888 | &nbsp;&nbsp; 1753740 | &nbsp;&nbsp; 13968 | &nbsp;&nbsp; 945143 |
| Shares repurchased | (43521) | &nbsp;&nbsp; (3222660) | &nbsp;&nbsp; (45800) | &nbsp;&nbsp; (3333684) |
| Net Increase/(Decrease) | (4285) | &nbsp;&nbsp; $(433508) | &nbsp;&nbsp; (15352) | &nbsp;&nbsp; $(1206681) |
| Class T Shares: |  |  |  |  |
| Shares sold | 1904255 | &nbsp;&nbsp; $138671237 | &nbsp;&nbsp; 1530903 | &nbsp;&nbsp; $110581708 |
| Reinvested dividends and distributions | 3858588 | &nbsp;&nbsp; 272421580 | &nbsp;&nbsp; 2104688 | &nbsp;&nbsp; 142964949 |
| Shares repurchased | (4901981) | &nbsp;&nbsp; (353945534) | &nbsp;&nbsp; (4042905) | &nbsp;&nbsp; (289660160) |
| Net Increase/(Decrease) | 860862 | &nbsp;&nbsp; $57147283 | &nbsp;&nbsp; (407314) | &nbsp;&nbsp; $(36113503) |

---

**6. Purchases and Sales of Investment Securities**

For the year ended September 30, 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>|
| $2920125979 | &nbsp;&nbsp;&nbsp;&nbsp; $3497202544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

24 \| September 30, 2025

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**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements** 

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

**7. Recent Accounting Pronouncements**

The FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—*Improvements to Income Tax Disclosures* (ASU 2023-09) in December 2023. The new guidance enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes the

adoption of the ASU will not have a material impact on the financial statements.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to September 30, 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 Growth And Income Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Growth and Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Growth and Income Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian. We believe that our audits provide a

reasonable basis for our opinion.

![](img0d4012972.jpg)

Denver, Colorado

November 20, 2025

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

26 \| September 30, 2025

------

**Janus Henderson Growth And Income Fund**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2025:

---

| | |
|:---|:---|
| Capital Gain Distributions | $961616798 |
| Dividends Received Deduction Percentage | 100% |
| Qualified Dividend Income Percentage | 100% |

---

Janus Investment Fund \| 27

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**Janus Henderson Growth and 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 Trustees 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 1, 2024 and December 4-5, 2024, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2025 through February 1, 2026, subject to earlier termination as provided for in each agreement.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus

28 \| September 30, 2025

------

**Janus Henderson Growth and Income Fund**

**Additional Information (unaudited)**

Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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, 2024, approximately 58% 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, 2024, approximately 61% 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 performance in periods ended September 30, 2024 has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2024, approximately 75% and 61% 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, 2024, approximately 66% and 68% 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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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.

Janus Investment Fund \| 29

------

**Janus Henderson Growth and Income Fund**

**Additional Information (unaudited)**

***<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 first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 High-Yield Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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.

30 \| September 30, 2025

------

**Janus Henderson Growth and 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Contrarian Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted the reasons for the Fund's underperformance over various periods of time, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

Janus Investment Fund \| 31

------

**Janus Henderson Growth and 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 Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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, 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 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted that the 36-month end performance was not yet available because of the Fund's inception date.

&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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

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

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as 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 10% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the

32 \| September 30, 2025

------

**Janus Henderson Growth and Income Fund**

**Additional Information (unaudited)**

Janus Henderson Funds, on average, were 11% 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, recent 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) 11 of 12 Janus Henderson Funds had management fees (before waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser and 16 of 18 Janus Henderson Funds had management fees (after waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser. The Trustees noted that for the one Janus Henderson Fund that did not have a lower or in line management fee (before waivers or performance fees) than similar funds subadvised by the Adviser, the management fee was under the average of its 15(c) peer group. For the two Janus Henderson Funds that did not have lower or in line management fees (after waivers or performance fees) than similar funds Subadvised by the Adviser, the management fees were due to performance fee increases resulting from Janus Henderson Fund outperformance of such Janus Henderson Fund's reference index.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2023 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.

&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.

Janus Investment Fund \| 33

------

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

&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 the Fund's total expenses were below the peer group average for all share classes.

&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.

34 \| September 30, 2025

------

**Janus Henderson Growth and 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 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 Responsible 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 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.

&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 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 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.

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

Janus Investment Fund \| 35

------

**Janus Henderson Growth and 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 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 the Fund's total expenses were below the peer group average for all share classes.

&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 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 U.S. Dividend 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 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, 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. The Trustees noted that during the 2023 15(c) review process, the Adviser reported no changes to its allocation methodology; however, at the Trustees' request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant's analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. 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.

36 \| September 30, 2025

------

**Janus Henderson Growth and Income Fund**

**Additional Information (unaudited)**

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 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 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2024 report: (1) past 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 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 42% of Janus Henderson Funds have low flat-rate fees (the "Low Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and higher fees when the fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2024 report that (1) 68% 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 Low 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 analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus 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

Janus Investment Fund \| 37

------

**Janus Henderson Growth and Income Fund**

**Additional Information (unaudited)**

affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

38 \| September 30, 2025

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**Janus Henderson Growth and Income Fund**

**Notes**

Janus Investment Fund \| 39

------

**Janus Henderson Growth and Income Fund**

**Notes**

40 \| September 30, 2025

------

**Janus Henderson Growth and Income Fund**

**Notes**

Janus Investment Fund \| 41

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![](img2dc0f9643.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

125-02-93048 11-25

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ANNUAL FINANCIAL STATEMENTS

September 30, 2025

**Janus Henderson Overseas Fund**

Janus Investment Fund

![](img4abf82cd1.gif)

------

**Table of Contents**

**Janus Henderson Overseas Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_86607698-be02-4450-9a7d-5cf92b87a7b7_SOI-SOI-RunningFooter-19_1)<br> [Management Investment Companies](#xx_86607698-be02-4450-9a7d-5cf92b87a7b7_SOI-SOI-RunningFooter-19_1)<br>|  |
| [Schedule of Investments](#xx_86607698-be02-4450-9a7d-5cf92b87a7b7_SOI-SOI-RunningFooter-19_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_86607698-be02-4450-9a7d-5cf92b87a7b7_SOI-SOI-RunningFooter-19_5) | 5 |
| [Statement of Assets and Liabilities](#xx_86607698-be02-4450-9a7d-5cf92b87a7b7_SAL-SAL-RunningFooter-19_1) | 6 |
| [Statement of Operations](#xx_86607698-be02-4450-9a7d-5cf92b87a7b7_SOP-SOP-RunningFooter-19_1) | 8 |
| [Statements of Changes in Net Assets](#xx_86607698-be02-4450-9a7d-5cf92b87a7b7_SOC-SOC-RunningFooter-19_1) | 9 |
| [Financial Highlights](#xx_86607698-be02-4450-9a7d-5cf92b87a7b7_FIHI-FIHI-RunningFooter-19_1) | 10 |
| [Notes to Financial Statements](#xx_86607698-be02-4450-9a7d-5cf92b87a7b7_NTF-NTF-RunningFooter-19_1) | 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_86607698-be02-4450-9a7d-5cf92b87a7b7_AUD-AR-RunningFooter-19_1) | 33 |
| [Designation Requirements](#xx_86607698-be02-4450-9a7d-5cf92b87a7b7_DR-DR-RunningFooter-19_1) | 34 |
| [Items 8-11 - Additional Information](#xx_86607698-be02-4450-9a7d-5cf92b87a7b7_AI-AI-RunningFooter-19_1) | 35 |

---

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**Janus Henderson Overseas Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 97.9% |  |  |
| Aerospace & Defense – 6.7% |  |  |
| BAE Systems PLC | 7129965 | $197540962 |
| Rheinmetall AG | 27340 | 63635629 |
|  |  | 261176591 |
| Airlines – 1.2% |  |  |
| Ryanair Holdings PLC | 1523735 | 44570769 |
| Banks – 15.8% |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 7073102 | 136058683 |
| Erste Group Bank AG | 1345721 | 131535012 |
| HDFC Bank Ltd | 11320782 | 121297123 |
| Natwest Group PLC | 6943594 | 48730470 |
| Resona Holdings Inc | 13394500 | 136369361 |
| UniCredit SpA | 547655 | 41574734 |
|  |  | 615565383 |
| Beverages – 4.8% |  |  |
| Davide Campari-Milano NV<sup>#</sup> <br>| 11722376 | 73845661 |
| Heineken NV | 1462780 | 114229873 |
|  |  | 188075534 |
| Biotechnology – 2.9% |  |  |
| Argenx SE (ADR)<sup>\*</sup> <br>| 92825 | 68464007 |
| Ascendis Pharma A/S (ADR)<sup>\*</sup> <br>| 159151 | 31640810 |
| Zai Lab Ltd<sup>\*</sup> <br>| 3360800 | 11472950 |
| Zai Lab Ltd (ADR)<sup>\*</sup> <br>| 84082 | 2849539 |
|  |  | 114427306 |
| Capital Markets – 0.9% |  |  |
| St James's Place PLC | 2091036 | 35756573 |
| Chemicals – 2.5% |  |  |
| Shin-Etsu Chemical Co Ltd | 1883100 | 61626264 |
| Taiyo Nippon Sanso Corp | 998300 | 35378383 |
|  |  | 97004647 |
| Commercial Services & Supplies – 1.9% |  |  |
| Rentokil Initial PLC | 14730456 | 74425484 |
| Diversified Telecommunication Services – 3.0% |  |  |
| Deutsche Telekom AG | 3427477 | 116761226 |
| Electrical Equipment – 1.5% |  |  |
| Contemporary Amperex Technology Co Ltd - Class A | 1024856 | 57881950 |
| Electronic Equipment, Instruments & Components – 2.9% |  |  |
| Hexagon AB - Class B | 9435931 | 113244207 |
| Entertainment – 5.2% |  |  |
| Liberty Media Corp-Liberty Formula One - Series C<sup>\*</sup> <br>| 1013324 | 105841692 |
| Spotify Technology SA<sup>\*</sup> <br>| 137976 | 96307248 |
|  |  | 202148940 |
| Hotels, Restaurants & Leisure – 1.0% |  |  |
| Trip.com Group Ltd | 262609 | 19908879 |
| Trip.com Group Ltd (ADR) | 242909 | 18266757 |
|  |  | 38175636 |
| Information Technology Services – 1.6% |  |  |
| Fujitsu Ltd | 2668400 | 62746696 |
| Insurance – 8.0% |  |  |
| AIA Group Ltd | 13154400 | 126092114 |
| Aon PLC - Class A | 208175 | 74231041 |
| Dai-ichi Life Holdings Inc | 13853700 | 108996165 |
|  |  | 309319320 |
| Interactive Media & Services – 3.0% |  |  |
| Tencent Holdings Ltd | 1380400 | 117608049 |
| Machinery – 1.6% |  |  |
| Alstom SA<sup>\*</sup> <br>| 2402610 | 63124861 |
| Metals & Mining – 3.0% |  |  |
| Teck Resources Ltd | 2662449 | 116811004 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Overseas Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Multiline Retail – 1.5% |  |  |
| MercadoLibre Inc<sup>\*</sup> <br>| 25086 | $58624477 |
| Oil, Gas & Consumable Fuels – 3.6% |  |  |
| Canadian Natural Resources Ltd | 2653367 | 84801609 |
| TotalEnergies SE | 902743 | 55079271 |
|  |  | 139880880 |
| Personal Products – 2.4% |  |  |
| Unilever PLC | 1595192 | 94281266 |
| Pharmaceuticals – 5.0% |  |  |
| AstraZeneca PLC | 662317 | 101156138 |
| Sanofi | 979225 | 92548794 |
|  |  | 193704932 |
| Professional Services – 0.9% |  |  |
| Recruit Holdings Co Ltd | 628800 | 33741117 |
| Semiconductor & Semiconductor Equipment – 10.6% |  |  |
| ASML Holding NV | 136359 | 132928036 |
| Taiwan Semiconductor Manufacturing Co Ltd | 6406000 | 278780356 |
|  |  | 411708392 |
| Software – 1.7% |  |  |
| SAP SE | 249690 | 66931316 |
| Specialty Retail – 1.2% |  |  |
| Industria de Diseno Textil SA | 833064 | 46017773 |
| Textiles, Apparel & Luxury Goods – 3.5% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE | 113896 | 69682319 |
| Samsonite International SA<sup>ž</sup> <br>| 31002929 | 66471311 |
|  |  | 136153630 |
| Total Common Stocks (cost $2,742,251,213) |  | 3809867959 |
| Investment Companies – 2.6% |  |  |
| Money Markets – 2.6% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº,</sup><sup>£</sup> (cost $100,959,628) | 100939440 | 100959628 |
| Investments Purchased with Cash Collateral from Securities Lending – 1.0% |  |  |
| Investment Companies – 0.8% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº,</sup><sup>£</sup> <br>| 30124401 | 30124401 |
| Time Deposits – 0.2% |  |  |
| Royal Bank of Canada, 4.0800%, 10/1/25 | $7531100 | 7531100 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $37,655,501) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $37,655,501) | 37655501 |
| Total Investments (total cost $2,880,866,342) – 101.5% |  | 3948483088 |
| Liabilities, net of Cash, Receivables and Other Assets – (1.5)% |  | (56567883) |
| Net Assets – 100% |  | $3891915205 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| September 30, 2025

------

**Janus Henderson Overseas Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United Kingdom | $551890893 | &nbsp;&nbsp;&nbsp;&nbsp; 14.0<br> %<br>|
| Japan | 438857986 | &nbsp;&nbsp;&nbsp;&nbsp;11.1 |
| United States | 318687862 | &nbsp;&nbsp;&nbsp;&nbsp;8.1 |
| France | 280435245 | &nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| Taiwan | 278780356 | &nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| Germany | 247328171 | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| Netherlands | 247157909 | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| China | 227988124 | &nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| Sweden | 209551455 | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| Canada | 201612613 | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| Hong Kong | 192563425 | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Spain | 182076456 | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Austria | 131535012 | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| India | 121297123 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Italy | 115420395 | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Belgium | 68464007 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Argentina | 58624477 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Ireland | 44570769 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Denmark | 31640810 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Total | $3948483088 | &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>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 2.6% | Investment Companies - 2.6% | Investment Companies - 2.6% | Investment Companies - 2.6% | Investment Companies - 2.6% | Investment Companies - 2.6% | Investment Companies - 2.6% | Investment Companies - 2.6% | Investment Companies - 2.6% |
| Money Markets - 2.6% | Money Markets - 2.6% | Money Markets - 2.6% | Money Markets - 2.6% | Money Markets - 2.6% | Money Markets - 2.6% | Money Markets - 2.6% | Money Markets - 2.6% | Money Markets - 2.6% |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | $81546138 | $1095398516 | $(1075985584) | $(395) | $953 | $100959628 | 100939440 | $2947544 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.8% | Investments Purchased with Cash Collateral from Securities Lending - 0.8% | Investments Purchased with Cash Collateral from Securities Lending - 0.8% | Investments Purchased with Cash Collateral from Securities Lending - 0.8% | Investments Purchased with Cash Collateral from Securities Lending - 0.8% | Investments Purchased with Cash Collateral from Securities Lending - 0.8% | Investments Purchased with Cash Collateral from Securities Lending - 0.8% | Investments Purchased with Cash Collateral from Securities Lending - 0.8% | Investments Purchased with Cash Collateral from Securities Lending - 0.8% |
| Investment Companies - 0.8% | Investment Companies - 0.8% | Investment Companies - 0.8% | Investment Companies - 0.8% | Investment Companies - 0.8% | Investment Companies - 0.8% | Investment Companies - 0.8% | Investment Companies - 0.8% | Investment Companies - 0.8% |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  |
|  | 10674137 | 434789332 | (415339068) | - | - | 30124401 | 30124401 | 88196 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 3.4% | Total Affiliated Investments - 3.4% | Total Affiliated Investments - 3.4% | Total Affiliated Investments - 3.4% | Total Affiliated Investments - 3.4% | Total Affiliated Investments - 3.4% | Total Affiliated Investments - 3.4% | Total Affiliated Investments - 3.4% | Total Affiliated Investments - 3.4% |
|  | $92220275 | $1530187848 | $(1491324652) | $(395) | $953 | $131084029 | 131063841 | $3035740 |

---

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement

of Operations for the year ended September 30, 2025.

---

| | |
|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Equity* <br>*Contracts*<br>|
| Swap contracts | $2638210 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Overseas Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | |
|:---|:---|
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |
| *Derivative* | *Equity* <br>*Contracts*<br>|
| Swap contracts | $3549163 |

---

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 Year Ended September 30, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2025** |
| Total return swaps: |  |
| Average notional amount | $16689127 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $35186115 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(35186115) | &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 \| September 30, 2025

------

**Janus Henderson Overseas Fund**

**Notes to Schedule of Investments and Other Information** 

ADR American Depositary Receipt <br> LLC Limited Liability Company <br> PLC Public Limited 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 year ended September 30, 2025 <br> is $66,471,311, which represents 1.7% of net assets.<br>|
| Non-income producing security. |
| Rate shown is the 7-day yield as of September 30, 2025. |
| Loaned security; a portion of the security is on loan at September 30, 2025. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

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

instruments as of September 30, 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* |  |  |  |
| Biotechnology | $102954356 | &nbsp;&nbsp; $11472950 | &nbsp;&nbsp; $- |
| Entertainment | 202148940 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Hotels, Restaurants & Leisure | 18266757 | &nbsp;&nbsp; 19908879 | &nbsp;&nbsp; - |
| Insurance | 74231041 | &nbsp;&nbsp; 235088279 | &nbsp;&nbsp; - |
| Metals & Mining | 116811004 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Multiline Retail | 58624477 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Oil, Gas & Consumable Fuels | 84801609 | &nbsp;&nbsp; 55079271 | &nbsp;&nbsp; - |
| All Other | - | &nbsp;&nbsp; 2830480396 | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 100959628 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 37655501 | &nbsp;&nbsp; - |
| **Total Assets** | $657838184 | &nbsp;&nbsp; $3290644904 | &nbsp;&nbsp; $- |

---

Janus Investment Fund \| 5

------

**Janus Henderson Overseas Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $2,749,782,313)<sup>(1)</sup> <br>| $3817399059 |
| Affiliated investments, at value (cost $131,084,029) | 131084029 |
| Cash denominated in foreign currency (cost $132,530) | 132530 |
| Trustees' deferred compensation | 111551 |
| Receivables: |  |
| Investments sold | 16834742 |
| Foreign tax reclaims | 7538849 |
| Dividends | 6020893 |
| Fund shares sold | 2284549 |
| Dividends from affiliates | 201992 |
| Other assets | 613720 |
| Total Assets | 3982221914 |
| Liabilities: |  |
| Collateral for securities loaned (Note 3) | 37655501 |
| Payables: |  |
| Investments purchased | 29570470 |
| Foreign tax liability | 13020325 |
| Foreign withholding tax reclaim fee (Note 1) | 5203315 |
| Fund shares repurchased | 1921859 |
| Advisory fees | 1852838 |
| Transfer agent fees and expenses | 513085 |
| Trustees' deferred compensation fees | 111551 |
| Professional fees | 95988 |
| 12b-1 Distribution and shareholder servicing fees | 92522 |
| Custodian fees | 30314 |
| Trustees' fees and expenses | 18127 |
| Affiliated fund administration fees payable | 7871 |
| Accrued expenses and other payables | 212943 |
| Total Liabilities | 90306709 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $3891915205 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

6 \| September 30, 2025

------

**Janus Henderson Overseas Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $4094195231 |
| Total distributable earnings (loss) (includes $13,020,325 of foreign capital gains tax) | (202280026) |
| Total Net Assets | $3891915205 |
| Net Assets - Class A Shares | $217330033 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3894780 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $55.80 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $59.20 |
| Net Assets - Class C Shares | $9643206 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 176774 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $54.55 |
| Net Assets - Class D Shares | $786729190 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 14185398 |
| Net Asset Value Per Share | $55.46 |
| Net Assets - Class I Shares | $1561066014 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 28076361 |
| Net Asset Value Per Share | $55.60 |
| Net Assets - Class N Shares | $582931372 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 10531042 |
| Net Asset Value Per Share | $55.35 |
| Net Assets - Class R Shares | $24478683 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 445149 |
| Net Asset Value Per Share | $54.99 |
| Net Assets - Class S Shares | $152676433 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2753503 |
| Net Asset Value Per Share | $55.45 |
| Net Assets - Class T Shares | $557060274 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 10033703 |
| Net Asset Value Per Share | $55.52 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $35,186,115 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 100/94.25 of net asset value.

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Overseas Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $77890292 |
| Dividends from affiliates | 2947544 |
| Affiliated securities lending income, net | 88196 |
| Unaffiliated securities lending income, net | 22413 |
| Other income | 732288 |
| Foreign tax withheld (net of foreign withholding tax reclaim fee of $986,810 (Note 1)) | (5786156) |
| Total Investment Income | 75894577 |
| Expenses: |  |
| Advisory fees | 22612081 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 506517 |
| Class C Shares | 98131 |
| Class R Shares | 112050 |
| Class S Shares | 348876 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 756424 |
| Class R Shares | 56926 |
| Class S Shares | 349110 |
| Class T Shares | 1278754 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 425431 |
| Class C Shares | 11697 |
| Class I Shares | 1717855 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 11180 |
| Class C Shares | 480 |
| Class D Shares | 110479 |
| Class I Shares | 48042 |
| Class N Shares | 16660 |
| Class R Shares | 480 |
| Class S Shares | 1771 |
| Class T Shares | 5387 |
| Custodian fees | 416098 |
| Professional fees | 364203 |
| Shareholder reports expense | 235311 |
| Registration fees | 199786 |
| Affiliated fund administration fees | 106104 |
| Trustees' fees and expenses | 68663 |
| Other expenses | 327145 |
| Total Expenses | 30185641 |
| Less: Excess Expense Reimbursement and Waivers | (73740) |
| Net Expenses | 30111901 |
| Net Investment Income/(Loss) | 45782676 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 59447430 |
| Investments in affiliates | (395) |
| Swap contracts | 2638210 |
| Total Net Realized Gain/(Loss) on Investments | 62085245 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation (net of increase in deferred foreign taxes of <br> $11,845,059)<br>| 412690111 |
| Investments in affiliates | 953 |
| Swap contracts | 3549163 |
| Total Change in Unrealized Net Appreciation/Depreciation | 416240227 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $524108148 |

---

See Notes to Financial Statements.

8 \| September 30, 2025

------

**Janus Henderson Overseas Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*September 30, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $45782676 | &nbsp;&nbsp; $49839290 |
| Net realized gain/(loss) on investments | 62085245 | &nbsp;&nbsp; 157077028 |
| Change in unrealized net appreciation/depreciation | 416240227 | &nbsp;&nbsp; 403648451 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 524108148 | &nbsp;&nbsp; 610564769 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (2662264) | &nbsp;&nbsp; (3016003) |
| Class C Shares | (47335) | &nbsp;&nbsp; (155195) |
| Class D Shares | (10386392) | &nbsp;&nbsp; (8959406) |
| Class I Shares | (24533623) | &nbsp;&nbsp; (18111712) |
| Class N Shares | (5408618) | &nbsp;&nbsp; (3536669) |
| Class R Shares | (208777) | &nbsp;&nbsp; (191620) |
| Class S Shares | (1670004) | &nbsp;&nbsp; (1360835) |
| Class T Shares | (7481430) | &nbsp;&nbsp; (6551276) |
| Net Decrease from Dividends and Distributions to Shareholders | (52398443) | &nbsp;&nbsp; (41882716) |
| Capital Share Transactions: |  |  |
| Class A Shares | (21031246) | &nbsp;&nbsp; (35196032) |
| Class C Shares | (3199533) | &nbsp;&nbsp; (5487162) |
| Class D Shares | (2111581) | &nbsp;&nbsp; (39603713) |
| Class I Shares | (254838055) | &nbsp;&nbsp; 113009644 |
| Class N Shares | 196117359 | &nbsp;&nbsp; 107638203 |
| Class R Shares | (1881926) | &nbsp;&nbsp; (3183622) |
| Class S Shares | (3251688) | &nbsp;&nbsp; (8782889) |
| Class T Shares | (32157451) | &nbsp;&nbsp; (54183901) |
| Net Increase/(Decrease) from Capital Share Transactions | (122354121) | &nbsp;&nbsp; 74210528 |
| Net Increase/(Decrease) in Net Assets | 349355584 | &nbsp;&nbsp; 642892581 |
| Net Assets: |  |  |
| Beginning of period | 3542559621 | &nbsp;&nbsp; 2899667040 |
| End of period | $3891915205 | &nbsp;&nbsp; $3542559621 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Overseas Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $49.00 | &nbsp;&nbsp; $40.98 | &nbsp;&nbsp; $34.10 | &nbsp;&nbsp; $43.91 | &nbsp;&nbsp; $33.08 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.50 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net realized and unrealized gain/(loss) | 6.92 | &nbsp;&nbsp;&nbsp;&nbsp;8.04 | &nbsp;&nbsp;&nbsp;&nbsp;7.14 | &nbsp;&nbsp; (10.09) | &nbsp;&nbsp;&nbsp;&nbsp;10.64 |
| Total from Investment Operations | 7.42 | &nbsp;&nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp;7.42 | &nbsp;&nbsp; (9.46) | &nbsp;&nbsp;&nbsp;&nbsp;11.07 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.62) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.24) |
| Total Dividends and Distributions | (0.62) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.24) |
| Net Asset Value, End of Period | $55.80 | &nbsp;&nbsp; $49.00 | &nbsp;&nbsp; $40.98 | &nbsp;&nbsp; $34.10 | &nbsp;&nbsp; $43.91 |
| Total Return<sup>\*</sup> <br>| 15.37% | &nbsp;&nbsp; 21.33% | &nbsp;&nbsp; 21.80% | &nbsp;&nbsp; (21.71)% | &nbsp;&nbsp; 33.54% |
| Net Assets, End of Period (in thousands) | $217330 | &nbsp;&nbsp; $212180 | &nbsp;&nbsp; $209483 | &nbsp;&nbsp; $19008 | &nbsp;&nbsp; $21130 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.16% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.18% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.22% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.15% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.22% |
| Ratio of Net Investment Income/(Loss) | 1.01% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.31% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 1.03% |
| Portfolio Turnover Rate | 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.03 and 0.06%, 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 fiscal year ended 2024. 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 0.09%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

10 \| September 30, 2025

------

**Janus Henderson Overseas Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $47.82 | &nbsp;&nbsp; $40.11 | &nbsp;&nbsp; $33.48 | &nbsp;&nbsp; $43.14 | &nbsp;&nbsp; $32.58 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.15 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp; (0.02) |
| Net realized and unrealized gain/(loss) | 6.79 | &nbsp;&nbsp;&nbsp;&nbsp;7.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.94 | &nbsp;&nbsp; (10.02) | &nbsp;&nbsp;&nbsp;&nbsp;10.58 |
| Total from Investment Operations | 6.94 | &nbsp;&nbsp;&nbsp;&nbsp;8.16 | &nbsp;&nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp; (9.66) | &nbsp;&nbsp;&nbsp;&nbsp;10.56 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.21) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.21) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Asset Value, End of Period | $54.55 | &nbsp;&nbsp; $47.82 | &nbsp;&nbsp; $40.11 | &nbsp;&nbsp; $33.48 | &nbsp;&nbsp; $43.14 |
| Total Return<sup>\*</sup> <br>| 14.59% | &nbsp;&nbsp; 20.56% | &nbsp;&nbsp; 20.98% | &nbsp;&nbsp; (22.39)% | &nbsp;&nbsp; 32.41% |
| Net Assets, End of Period (in thousands) | $9643 | &nbsp;&nbsp; $11625 | &nbsp;&nbsp; $14765 | &nbsp;&nbsp; $1941 | &nbsp;&nbsp; $1295 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.83% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.83% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 2.06% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.83% | &nbsp;&nbsp; 1.83% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 2.09% | &nbsp;&nbsp; 2.06% |
| Ratio of Net Investment Income/(Loss) | 0.31% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.58% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; (0.04)% |
| Portfolio Turnover Rate | 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.03 and 0.06%, 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 fiscal year ended 2024. 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 0.09%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Overseas Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $48.68 | &nbsp;&nbsp; $40.61 | &nbsp;&nbsp; $33.78 | &nbsp;&nbsp; $43.49 | &nbsp;&nbsp; $32.77 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.66 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net realized and unrealized gain/(loss) | 6.87 | &nbsp;&nbsp;&nbsp;&nbsp;7.96 | &nbsp;&nbsp;&nbsp;&nbsp;6.78 | &nbsp;&nbsp; (9.98) | &nbsp;&nbsp;&nbsp;&nbsp;10.54 |
| Total from Investment Operations | 7.53 | &nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp; (9.25) | &nbsp;&nbsp;&nbsp;&nbsp;11.07 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.75) | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.35) |
| Total Dividends and Distributions | (0.75) | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.35) |
| Net Asset Value, End of Period | $55.46 | &nbsp;&nbsp; $48.68 | &nbsp;&nbsp; $40.61 | &nbsp;&nbsp; $33.78 | &nbsp;&nbsp; $43.49 |
| Total Return<sup>\*</sup> <br>| 15.74% | &nbsp;&nbsp; 21.63% | &nbsp;&nbsp; 22.13% | &nbsp;&nbsp; (21.48)% | &nbsp;&nbsp; 33.89% |
| Net Assets, End of Period (in thousands) | $786729 | &nbsp;&nbsp; $693569 | &nbsp;&nbsp; $614116 | &nbsp;&nbsp; $528221 | &nbsp;&nbsp; $726916 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.83% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.94% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.83% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% |
| Ratio of Net Investment Income/(Loss) | 1.35% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.58% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.28% |
| Portfolio Turnover Rate | 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.03 and 0.06%, 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 fiscal year ended 2024. 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 0.09%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

12 \| September 30, 2025

------

**Janus Henderson Overseas Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $48.82 | &nbsp;&nbsp; $40.73 | &nbsp;&nbsp; $33.89 | &nbsp;&nbsp; $43.68 | &nbsp;&nbsp; $32.91 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.67 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net realized and unrealized gain/(loss) | 6.88 | &nbsp;&nbsp;&nbsp;&nbsp;7.96 | &nbsp;&nbsp;&nbsp;&nbsp;6.79 | &nbsp;&nbsp; (10.11) | &nbsp;&nbsp;&nbsp;&nbsp;10.41 |
| Total from Investment Operations | 7.55 | &nbsp;&nbsp;&nbsp;&nbsp;8.71 | &nbsp;&nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp; (9.28) | &nbsp;&nbsp;&nbsp;&nbsp;11.13 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.77) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.36) |
| Total Dividends and Distributions | (0.77) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.36) |
| Net Asset Value, End of Period | $55.60 | &nbsp;&nbsp; $48.82 | &nbsp;&nbsp; $40.73 | &nbsp;&nbsp; $33.89 | &nbsp;&nbsp; $43.68 |
| Total Return<sup>\*</sup> <br>| 15.76% | &nbsp;&nbsp; 21.68% | &nbsp;&nbsp; 22.21% | &nbsp;&nbsp; (21.46)% | &nbsp;&nbsp; 33.96% |
| Net Assets, End of Period (in thousands) | $1561066 | &nbsp;&nbsp; $1622258 | &nbsp;&nbsp; $1261147 | &nbsp;&nbsp; $532808 | &nbsp;&nbsp; $312685 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.81% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.90% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.81% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Investment Income/(Loss) | 1.36% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.65% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 2.05% | &nbsp;&nbsp; 1.72% |
| Portfolio Turnover Rate | 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.03 and 0.06%, 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 fiscal year ended 2024. 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 0.09%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Overseas Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $48.60 | &nbsp;&nbsp; $40.54 | &nbsp;&nbsp; $33.73 | &nbsp;&nbsp; $43.43 | &nbsp;&nbsp; $32.72 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.70 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net realized and unrealized gain/(loss) | 6.86 | &nbsp;&nbsp;&nbsp;&nbsp;7.97 | &nbsp;&nbsp;&nbsp;&nbsp;6.73 | &nbsp;&nbsp; (10.02) | &nbsp;&nbsp;&nbsp;&nbsp;10.46 |
| Total from Investment Operations | 7.56 | &nbsp;&nbsp;&nbsp;&nbsp;8.72 | &nbsp;&nbsp;&nbsp;&nbsp;7.50 | &nbsp;&nbsp; (9.18) | &nbsp;&nbsp;&nbsp;&nbsp;11.10 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.81) | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.39) |
| Total Dividends and Distributions | (0.81) | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.39) |
| Net Asset Value, End of Period | $55.35 | &nbsp;&nbsp; $48.60 | &nbsp;&nbsp; $40.54 | &nbsp;&nbsp; $33.73 | &nbsp;&nbsp; $43.43 |
| Total Return<sup>\*</sup> <br>| 15.88% | &nbsp;&nbsp; 21.83% | &nbsp;&nbsp; 22.31% | &nbsp;&nbsp; (21.37)% | &nbsp;&nbsp; 34.06% |
| Net Assets, End of Period (in thousands) | $582931 | &nbsp;&nbsp; $321875 | &nbsp;&nbsp; $171597 | &nbsp;&nbsp; $70342 | &nbsp;&nbsp; $61263 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.69% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.80% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.81% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.69% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.81% |
| Ratio of Net Investment Income/(Loss) | 1.42% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.67% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 1.54% |
| Portfolio Turnover Rate | 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.03 and 0.06%, 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 fiscal year ended 2024. 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 0.09%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

14 \| September 30, 2025

------

**Janus Henderson Overseas Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $48.26 | &nbsp;&nbsp; $40.26 | &nbsp;&nbsp; $33.48 | &nbsp;&nbsp; $43.10 | &nbsp;&nbsp; $32.48 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.36 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain/(loss) | 6.81 | &nbsp;&nbsp;&nbsp;&nbsp;7.92 | &nbsp;&nbsp;&nbsp;&nbsp;6.73 | &nbsp;&nbsp; (9.90) | &nbsp;&nbsp;&nbsp;&nbsp;10.48 |
| Total from Investment Operations | 7.17 | &nbsp;&nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp; (9.43) | &nbsp;&nbsp;&nbsp;&nbsp;10.75 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.44) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.13) |
| Total Dividends and Distributions | (0.44) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.13) |
| Net Asset Value, End of Period | $54.99 | &nbsp;&nbsp; $48.26 | &nbsp;&nbsp; $40.26 | &nbsp;&nbsp; $33.48 | &nbsp;&nbsp; $43.10 |
| Total Return<sup>\*</sup> <br>| 15.03% | &nbsp;&nbsp; 20.91% | &nbsp;&nbsp; 21.39% | &nbsp;&nbsp; (21.97)% | &nbsp;&nbsp; 33.12% |
| Net Assets, End of Period (in thousands) | $24479 | &nbsp;&nbsp; $23356 | &nbsp;&nbsp; $22305 | &nbsp;&nbsp; $18008 | &nbsp;&nbsp; $24155 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.45% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.55% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.56% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.45% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.56% |
| Ratio of Net Investment Income/(Loss) | 0.73% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.95% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 0.66% |
| Portfolio Turnover Rate | 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.03 and 0.06%, 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 fiscal year ended 2024. 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 0.09%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Overseas Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $48.68 | &nbsp;&nbsp; $40.61 | &nbsp;&nbsp; $33.77 | &nbsp;&nbsp; $43.48 | &nbsp;&nbsp; $32.77 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.49 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net realized and unrealized gain/(loss) | 6.86 | &nbsp;&nbsp;&nbsp;&nbsp;7.98 | &nbsp;&nbsp;&nbsp;&nbsp;6.80 | &nbsp;&nbsp; (10.00) | &nbsp;&nbsp;&nbsp;&nbsp;10.55 |
| Total from Investment Operations | 7.35 | &nbsp;&nbsp;&nbsp;&nbsp;8.53 | &nbsp;&nbsp;&nbsp;&nbsp;7.32 | &nbsp;&nbsp; (9.41) | &nbsp;&nbsp;&nbsp;&nbsp;10.93 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.58) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.22) |
| Total Dividends and Distributions | (0.58) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.22) |
| Net Asset Value, End of Period | $55.45 | &nbsp;&nbsp; $48.68 | &nbsp;&nbsp; $40.61 | &nbsp;&nbsp; $33.77 | &nbsp;&nbsp; $43.48 |
| Total Return<sup>\*</sup> <br>| 15.33% | &nbsp;&nbsp; 21.21% | &nbsp;&nbsp; 21.72% | &nbsp;&nbsp; (21.77)% | &nbsp;&nbsp; 33.43% |
| Net Assets, End of Period (in thousands) | $152676 | &nbsp;&nbsp; $136644 | &nbsp;&nbsp; $121809 | &nbsp;&nbsp; $101257 | &nbsp;&nbsp; $130076 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.19% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.29% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.31% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.19% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.31% |
| Ratio of Net Investment Income/(Loss) | 1.00% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.23% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 0.92% |
| Portfolio Turnover Rate | 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.03 and 0.06%, 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 fiscal year ended 2024. 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 0.09%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

16 \| September 30, 2025

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**Janus Henderson Overseas Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $48.73 | &nbsp;&nbsp; $40.66 | &nbsp;&nbsp; $33.81 | &nbsp;&nbsp; $43.53 | &nbsp;&nbsp; $32.80 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.61 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net realized and unrealized gain/(loss) | 6.88 | &nbsp;&nbsp;&nbsp;&nbsp;7.97 | &nbsp;&nbsp;&nbsp;&nbsp;6.79 | &nbsp;&nbsp; (9.99) | &nbsp;&nbsp;&nbsp;&nbsp;10.56 |
| Total from Investment Operations | 7.49 | &nbsp;&nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp; (9.30) | &nbsp;&nbsp;&nbsp;&nbsp;11.05 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.70) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.32) |
| Total Dividends and Distributions | (0.70) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.32) |
| Net Asset Value, End of Period | $55.52 | &nbsp;&nbsp; $48.73 | &nbsp;&nbsp; $40.66 | &nbsp;&nbsp; $33.81 | &nbsp;&nbsp; $43.53 |
| Total Return<sup>\*</sup> <br>| 15.64% | &nbsp;&nbsp; 21.49% | &nbsp;&nbsp; 22.05% | &nbsp;&nbsp; (21.56)% | &nbsp;&nbsp; 33.78% |
| Net Assets, End of Period (in thousands) | $557060 | &nbsp;&nbsp; $521052 | &nbsp;&nbsp; $484446 | &nbsp;&nbsp; $399703 | &nbsp;&nbsp; $534168 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.94% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.04% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.05% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.93% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.05% |
| Ratio of Net Investment Income/(Loss) | 1.24% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.46% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.19% |
| Portfolio Turnover Rate | 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% |

---

\* 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. 

(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 during the fiscal year ended 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 $0.03 and 0.06%, 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 fiscal year ended 2024. 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 0.09%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 17

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**Janus Henderson Overseas Fund**

**Notes to Financial Statements** 

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

**1. Organization and Significant Accounting Policies**

Janus Henderson Overseas 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.

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

18 \| September 30, 2025

------

**Janus Henderson Overseas Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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 \| 19

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**Janus Henderson Overseas Fund**

**Notes to Financial Statements** 

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

rates and similar data.

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

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

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

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

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

Schedule of Investments 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.

20 \| September 30, 2025

------

**Janus Henderson Overseas Fund**

**Notes to Financial Statements** 

**Foreign Currency Translations**

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

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

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

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

could result in additional tax, interest, or penalties to be paid by the Fund.

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

income tax purposes.

**Federal Income Taxes**

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

in the next twelve months.

**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 $3,179,093 of tax reclaims received as well as $248,907 of professional fees and $986,810 of certain fees assessed by the Internal Revenue Service due to the recovery of foreign withholding taxes after such

amounts were previously passed through to Fund shareholders as foreign tax credits.

**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 year ended September 30, 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.

Janus Investment Fund \| 21

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**Janus Henderson Overseas Fund**

**Notes to Financial Statements** 

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

22 \| September 30, 2025

------

**Janus Henderson Overseas Fund**

**Notes to Financial Statements** 

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.

**Swaps**

Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund's total return.

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty ("CCP"). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant ("FCM") that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the "Executing Dealer") and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission ("CFTC"). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades.

The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund's Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund's Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the year is included in the Statement of Operations (if applicable).

The Fund's maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of

collateral by the counterparty to cover the Fund's exposure to the counterparty.

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 year, the Fund entered into total return swaps on equity securities to increase exposure to equity 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 securities or an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index multiplied by the notional amount of the contract

Janus Investment Fund \| 23

------

**Janus Henderson Overseas Fund**

**Notes to Financial Statements** 

and, in some cases, dividends paid on the securities.

There were no total return swaps held at September 30, 2025.

**3. 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, war, 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.* Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. 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.

24 \| September 30, 2025

------

**Janus Henderson Overseas Fund**

**Notes to Financial Statements** 

**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 \| 25

------

**Janus Henderson Overseas Fund**

**Notes to Financial Statements** 

adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" on the Statement of Operations. As of September 30, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $35,186,115. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2025 is $37,655,501, resulting in the net amount due to the counterparty of

$2,469,386.

**Offsetting Assets and Liabilities**

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

The Offsetting Assets and Liabilities table located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see

the Fund's Schedule of Investments.

**4. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee rate that may adjust up or down based on the Fund's

performance relative to its benchmark index.

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund's average daily net assets during the previous month (the "Base Fee Rate"), plus or minus (2) a performance-fee adjustment (the "Performance Adjustment") calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund's average daily net assets based on the Fund's relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund's Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund's Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Fund's benchmark index used in the calculation is the MSCI All Country World ex-USA Index<sup>SM</sup>.

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 ±7.00%. 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 prospectus 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 year ended September 30, 2025, the performance adjusted investment advisory

fee rate before any waivers and/or reimbursements of expenses is 0.64%.

26 \| September 30, 2025

------

**Janus Henderson Overseas Fund**

**Notes to Financial Statements** 

The Adviser had contractually agreed to limit the net annual fund operating expenses of Class C Shares, Class D Shares, and Class R Shares (excluding any performance adjustments to management fees, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) to the extent they exceed 1.95%, 0.95%, and 1.54%, respectively for a least a one-year period commencing on June 16, 2023. Effective June 16, 2024, the waiver was discontinued. This arrangement was in addition to the existing expense limit wherein the Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, excluding any performance adjustments to management 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 0.82% of the Fund's average daily net assets, for at least a one-year period commencing on January 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 $532,252 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 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

Janus Investment Fund \| 27

------

**Janus Henderson Overseas Fund**

**Notes to Financial Statements** 

administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

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

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

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

servicing fees" on the Statement of Operations.

Class A Shares include a 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 year ended September 30, 2025, the Distributor

retained upfront sales charges of $4,768.

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 year ended September 30,

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 year ended September 30, 2025, redeeming shareholders of Class C Shares

paid CDSCs of $253.

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 September 30, 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 year ended September 30, 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 year ended September 30, 2025.

28 \| September 30, 2025

------

**Janus Henderson Overseas Fund**

**Notes to Financial Statements** 

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 year ended September 30, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

**5. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term Gains*<br>| *Accumulated* <br>*Capital Losses*<br>| *Loss Deferrals* | *Other Book* <br>*to Tax* <br>*Differences*<br>| *Net Tax* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| $50551825 | $- | &nbsp;&nbsp; $(1299331917) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(4704703) | &nbsp;&nbsp; $1051204769 |

---

Accumulated capital losses noted below represent net capital loss carryovers, as of September 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 September 30, 2025* | *For the year ended September 30, 2025* |  |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | &nbsp;&nbsp; Accumulated <br>Capital Losses<br>|
| $(240486191) | &nbsp;&nbsp; $(1058845726) | &nbsp;&nbsp; $(1299331917) |

---

During the year ended September 30, 2025, capital loss carryovers of $50,200,354 were utilized by the Fund.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 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; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $2884339193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1173243134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(109099239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1064143895 |

---

Janus Investment Fund \| 29

------

**Janus Henderson Overseas Fund**

**Notes to Financial Statements** 

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. Certain permanent differences such as tax returns

of capital and net investment losses noted below have been reclassified to capital.

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $52398443 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $41882716 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These

differences have no impact on the results of operations or net assets.

30 \| September 30, 2025

------

**Janus Henderson Overseas Fund**

**Notes to Financial Statements** 

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

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended September 30, 2025* | *Year ended September 30, 2025* | *Year ended September 30, 2024* | *Year ended September 30, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 477917 | &nbsp;&nbsp; $23355593 | &nbsp;&nbsp; 361138 | &nbsp;&nbsp; $16238467 |
| Reinvested dividends and distributions | 47513 | &nbsp;&nbsp; 2241672 | &nbsp;&nbsp; 62088 | &nbsp;&nbsp; 2563611 |
| Shares repurchased | (960755) | &nbsp;&nbsp; (46628511) | &nbsp;&nbsp; (1205161) | &nbsp;&nbsp; (53998110) |
| Net Increase/(Decrease) | (435325) | &nbsp;&nbsp; $(21031246) | &nbsp;&nbsp; (781935) | &nbsp;&nbsp; $(35196032) |
| Class C Shares: |  |  |  |  |
| Shares sold | 23800 | &nbsp;&nbsp; $1124578 | &nbsp;&nbsp; 54323 | &nbsp;&nbsp; $2341688 |
| Reinvested dividends and distributions | 996 | &nbsp;&nbsp; 46184 | &nbsp;&nbsp; 3763 | &nbsp;&nbsp; 152494 |
| Shares repurchased | (91131) | &nbsp;&nbsp; (4370295) | &nbsp;&nbsp; (183095) | &nbsp;&nbsp; (7981344) |
| Net Increase/(Decrease) | (66335) | &nbsp;&nbsp; $(3199533) | &nbsp;&nbsp; (125009) | &nbsp;&nbsp; $(5487162) |
| Class D Shares: |  |  |  |  |
| Shares sold | 1275767 | &nbsp;&nbsp; $63078180 | &nbsp;&nbsp; 331855 | &nbsp;&nbsp; $15103612 |
| Reinvested dividends and distributions | 207233 | &nbsp;&nbsp; 9692290 | &nbsp;&nbsp; 203452 | &nbsp;&nbsp; 8329323 |
| Shares repurchased | (1544419) | &nbsp;&nbsp; (74882051) | &nbsp;&nbsp; (1410472) | &nbsp;&nbsp; (63036648) |
| Net Increase/(Decrease) | (61419) | &nbsp;&nbsp; $(2111581) | &nbsp;&nbsp; (875165) | &nbsp;&nbsp; $(39603713) |
| Class I Shares: |  |  |  |  |
| Shares sold | 11009169 | &nbsp;&nbsp; $535347385 | &nbsp;&nbsp; 14038855 | &nbsp;&nbsp; $631966229 |
| Reinvested dividends and distributions | 496286 | &nbsp;&nbsp; 23265897 | &nbsp;&nbsp; 419156 | &nbsp;&nbsp; 17202166 |
| Shares repurchased | (16661037) | &nbsp;&nbsp; (813451337) | &nbsp;&nbsp; (12192470) | &nbsp;&nbsp; (536158751) |
| Net Increase/(Decrease) | (5155582) | &nbsp;&nbsp; $(254838055) | &nbsp;&nbsp; 2265541 | &nbsp;&nbsp; $113009644 |
| Class N Shares: |  |  |  |  |
| Shares sold | 6564697 | &nbsp;&nbsp; $326824673 | &nbsp;&nbsp; 4283314 | &nbsp;&nbsp; $192875037 |
| Reinvested dividends and distributions | 114770 | &nbsp;&nbsp; 5351717 | &nbsp;&nbsp; 85412 | &nbsp;&nbsp; 3486536 |
| Shares repurchased | (2771804) | &nbsp;&nbsp; (136059031) | &nbsp;&nbsp; (1977780) | &nbsp;&nbsp; (88723370) |
| Net Increase/(Decrease) | 3907663 | &nbsp;&nbsp; $196117359 | &nbsp;&nbsp; 2390946 | &nbsp;&nbsp; $107638203 |
| Class R Shares: |  |  |  |  |
| Shares sold | 79216 | &nbsp;&nbsp; $3833915 | &nbsp;&nbsp; 71815 | &nbsp;&nbsp; $3191271 |
| Reinvested dividends and distributions | 4413 | &nbsp;&nbsp; 205712 | &nbsp;&nbsp; 4582 | &nbsp;&nbsp; 186882 |
| Shares repurchased | (122459) | &nbsp;&nbsp; (5921553) | &nbsp;&nbsp; (146385) | &nbsp;&nbsp; (6561775) |
| Net Increase/(Decrease) | (38830) | &nbsp;&nbsp; $(1881926) | &nbsp;&nbsp; (69988) | &nbsp;&nbsp; $(3183622) |
| Class S Shares: |  |  |  |  |
| Shares sold | 548926 | &nbsp;&nbsp; $26287730 | &nbsp;&nbsp; 410232 | &nbsp;&nbsp; $18357636 |
| Reinvested dividends and distributions | 35591 | &nbsp;&nbsp; 1669220 | &nbsp;&nbsp; 33121 | &nbsp;&nbsp; 1359956 |
| Shares repurchased | (638024) | &nbsp;&nbsp; (31208638) | &nbsp;&nbsp; (635590) | &nbsp;&nbsp; (28500481) |
| Net Increase/(Decrease) | (53507) | &nbsp;&nbsp; $(3251688) | &nbsp;&nbsp; (192237) | &nbsp;&nbsp; $(8782889) |
| Class T Shares: |  |  |  |  |
| Shares sold | 808104 | &nbsp;&nbsp; $39383889 | &nbsp;&nbsp; 584577 | &nbsp;&nbsp; $26469726 |
| Reinvested dividends and distributions | 156101 | &nbsp;&nbsp; 7314880 | &nbsp;&nbsp; 156378 | &nbsp;&nbsp; 6414634 |
| Shares repurchased | (1622031) | &nbsp;&nbsp; (78856220) | &nbsp;&nbsp; (1965442) | &nbsp;&nbsp; (87068261) |
| Net Increase/(Decrease) | (657826) | &nbsp;&nbsp; $(32157451) | &nbsp;&nbsp; (1224487) | &nbsp;&nbsp; $(54183901) |

---

**7. Purchases and Sales of Investment Securities**

For the year ended September 30, 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>|
| $1429847059 | &nbsp;&nbsp;&nbsp;&nbsp; $1556917841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

Janus Investment Fund \| 31

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**Janus Henderson Overseas Fund**

**Notes to Financial Statements** 

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

**8. Recent Accounting Pronouncements**

The FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—*Improvements to Income Tax Disclosures* (ASU 2023-09) in December 2023. The new guidance enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes the

adoption of the ASU will not have a material impact on the financial statements.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to September 30, 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.

32 \| September 30, 2025

------

**Janus Henderson Overseas Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Overseas Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Overseas Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable

basis for our opinion.

![](img31a5b9262.jpg)

Denver, Colorado

November 20, 2025

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

Janus Investment Fund \| 33

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**Janus Henderson Overseas Fund**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2025:

---

| | |
|:---|:---|
| Section 163(j) Interest Dividend | 4% |
| Foreign Taxes Paid | $3752735 |
| Foreign Source Income | $54556596 |
| Qualified Dividend Income Percentage | 93% |

---

34 \| September 30, 2025

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**Janus Henderson Overseas 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 Trustees 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 1, 2024 and December 4-5, 2024, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2025 through February 1, 2026, subject to earlier termination as provided for in each agreement.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus

Janus Investment Fund \| 35

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**Janus Henderson Overseas Fund**

**Additional Information (unaudited)**

Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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, 2024, approximately 58% 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, 2024, approximately 61% 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 performance in periods ended September 30, 2024 has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2024, approximately 75% and 61% 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, 2024, approximately 66% and 68% 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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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.

36 \| September 30, 2025

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**Janus Henderson Overseas Fund**

**Additional Information (unaudited)**

***<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 first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 High-Yield Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 \| 37

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**Janus Henderson Overseas 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Contrarian Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted the reasons for the Fund's underperformance over various periods of time, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

38 \| September 30, 2025

------

**Janus Henderson Overseas 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 Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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, 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 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted that the 36-month end performance was not yet available because of the Fund's inception date.

&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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

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

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as 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 10% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the

Janus Investment Fund \| 39

------

**Janus Henderson Overseas Fund**

**Additional Information (unaudited)**

Janus Henderson Funds, on average, were 11% 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, recent 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) 11 of 12 Janus Henderson Funds had management fees (before waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser and 16 of 18 Janus Henderson Funds had management fees (after waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser. The Trustees noted that for the one Janus Henderson Fund that did not have a lower or in line management fee (before waivers or performance fees) than similar funds subadvised by the Adviser, the management fee was under the average of its 15(c) peer group. For the two Janus Henderson Funds that did not have lower or in line management fees (after waivers or performance fees) than similar funds Subadvised by the Adviser, the management fees were due to performance fee increases resulting from Janus Henderson Fund outperformance of such Janus Henderson Fund's reference index.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2023 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.

&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.

40 \| September 30, 2025

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

&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 the Fund's total expenses were below the peer group average for all share classes.

&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.

Janus Investment Fund \| 41

------

**Janus Henderson Overseas 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 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 Responsible 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 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.

&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 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 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.

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

42 \| September 30, 2025

------

**Janus Henderson Overseas 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 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 the Fund's total expenses were below the peer group average for all share classes.

&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 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 U.S. Dividend 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 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, 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. The Trustees noted that during the 2023 15(c) review process, the Adviser reported no changes to its allocation methodology; however, at the Trustees' request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant's analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. 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.

Janus Investment Fund \| 43

------

**Janus Henderson Overseas Fund**

**Additional Information (unaudited)**

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 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 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2024 report: (1) past 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 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 42% of Janus Henderson Funds have low flat-rate fees (the "Low Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and higher fees when the fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2024 report that (1) 68% 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 Low 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 analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus 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

44 \| September 30, 2025

------

**Janus Henderson Overseas Fund**

**Additional Information (unaudited)**

affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 45

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![](img841c6c593.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

125-02-93050 11-25

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ANNUAL FINANCIAL STATEMENTS

September 30, 2025

**Janus Henderson Research Fund**

Janus Investment Fund

![](imgd3a4ff3c1.gif)

------

**Table of Contents**

**Janus Henderson Research Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_1c18566f-89f9-4722-a7ba-21dc0f9fe2ec_SOI-SOI-RunningFooter-11_1)<br> [Management Investment Companies](#xx_1c18566f-89f9-4722-a7ba-21dc0f9fe2ec_SOI-SOI-RunningFooter-11_1)<br>|  |
| [Schedule of Investments](#xx_1c18566f-89f9-4722-a7ba-21dc0f9fe2ec_SOI-SOI-RunningFooter-11_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_1c18566f-89f9-4722-a7ba-21dc0f9fe2ec_SOI-SOI-RunningFooter-11_5) | 5 |
| [Statement of Assets and Liabilities](#xx_1c18566f-89f9-4722-a7ba-21dc0f9fe2ec_SAL-SAL-RunningFooter-11_1) | 6 |
| [Statement of Operations](#xx_1c18566f-89f9-4722-a7ba-21dc0f9fe2ec_SOP-SOP-RunningFooter-11_1) | 8 |
| [Statements of Changes in Net Assets](#xx_1c18566f-89f9-4722-a7ba-21dc0f9fe2ec_SOC-SOC-RunningFooter-11_1) | 9 |
| [Financial Highlights](#xx_1c18566f-89f9-4722-a7ba-21dc0f9fe2ec_FIHI-FIHI-RunningFooter-11_1) | 10 |
| [Notes to Financial Statements](#xx_1c18566f-89f9-4722-a7ba-21dc0f9fe2ec_NTF-NTF-RunningFooter-11_1) | 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_1c18566f-89f9-4722-a7ba-21dc0f9fe2ec_AUD-AR-RunningFooter-11_1) | 30 |
| [Designation Requirements](#xx_1c18566f-89f9-4722-a7ba-21dc0f9fe2ec_DR-DR-RunningFooter-11_1) | 31 |
| [Items 8-11 - Additional Information](#xx_1c18566f-89f9-4722-a7ba-21dc0f9fe2ec_AI-AI-RunningFooter-11_1) | 32 |

---

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**Janus Henderson Research Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 99.9% |  |  |
| Aerospace & Defense – 2.9% |  |  |
| Boeing Co<sup>\*</sup> <br>| 720009 | $155399542 |
| General Electric Co | 1347186 | 405260493 |
| Howmet Aerospace Inc | 1362822 | 267426561 |
|  |  | 828086596 |
| Automobiles – 0.7% |  |  |
| Tesla Inc<sup>\*</sup> <br>| 448365 | 199396883 |
| Beverages – 0.6% |  |  |
| Constellation Brands Inc - Class A | 440113 | 59270018 |
| Monster Beverage Corp<sup>\*</sup> <br>| 1442369 | 97085857 |
|  |  | 156355875 |
| Biotechnology – 2.2% |  |  |
| AbbVie Inc | 729569 | 168924406 |
| Amgen Inc | 415752 | 117325214 |
| Argenx SE (ADR)<sup>\*</sup> <br>| 124851 | 92085104 |
| Avidity Biosciences Inc<sup>\*</sup> <br>| 1095488 | 47730412 |
| United Therapeutics Corp<sup>\*</sup> <br>| 54117 | 22686388 |
| Vaxcyte Inc<sup>\*</sup> <br>| 1010488 | 36397778 |
| Vertex Pharmaceuticals Inc<sup>\*</sup> <br>| 399761 | 156562398 |
|  |  | 641711700 |
| Building Products – 0.7% |  |  |
| Trane Technologies PLC | 504193 | 212749278 |
| Capital Markets – 1.5% |  |  |
| Ares Management Corp - Class A | 673411 | 107671685 |
| Blackstone Group Inc | 1185642 | 202566936 |
| LPL Financial Holdings Inc | 313214 | 104203165 |
|  |  | 414441786 |
| Chemicals – 0.5% |  |  |
| Ecolab Inc | 527601 | 144488810 |
| Communications Equipment – 0.5% |  |  |
| Arista Networks Inc<sup>\*</sup> <br>| 971992 | 141628954 |
| Consumer Finance – 0.3% |  |  |
| Capital One Financial Corp | 427556 | 90889854 |
| Diversified Financial Services – 4.5% |  |  |
| Apollo Global Management Inc | 750957 | 100080040 |
| Mastercard Inc - Class A | 964804 | 548790163 |
| Visa Inc | 1833587 | 625949930 |
|  |  | 1274820133 |
| Electrical Equipment – 0.7% |  |  |
| Eaton Corp PLC | 496746 | 185907191 |
| Electronic Equipment, Instruments & Components – 0.9% |  |  |
| Amphenol Corp | 2005913 | 248231734 |
| Energy Equipment & Services – 0.1% |  |  |
| Atlas Energy Solutions Inc<sup>#</sup> <br>| 2460222 | 27972724 |
| Entertainment – 3.6% |  |  |
| Liberty Media Corp-Liberty Formula One - Series C<sup>\*</sup> <br>| 1734249 | 181142308 |
| Netflix Inc<sup>\*</sup> <br>| 491777 | 589601281 |
| Spotify Technology SA<sup>\*</sup> <br>| 383834 | 267916132 |
|  |  | 1038659721 |
| Health Care Equipment & Supplies – 1.1% |  |  |
| Boston Scientific Corp<sup>\*</sup> <br>| 918073 | 89631467 |
| DexCom Inc<sup>\*</sup> <br>| 884965 | 59549295 |
| Intuitive Surgical Inc<sup>\*</sup> <br>| 353304 | 158008148 |
| Lantheus Holdings Inc<sup>\*</sup> <br>| 207340 | 10634468 |
|  |  | 317823378 |
| Health Care Providers & Services – 0.5% |  |  |
| McKesson Corp | 172873 | 133551307 |
| Hotels, Restaurants & Leisure – 3.3% |  |  |
| Booking Holdings Inc | 49703 | 268359917 |
| DoorDash Inc - Class A<sup>\*</sup> <br>| 681079 | 185246677 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

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**Janus Henderson Research Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Hotels, Restaurants & Leisure – (continued) |  |  |
| Flutter Entertainment PLC<sup>\*</sup> <br>| 540703 | $137338562 |
| Hilton Worldwide Holdings Inc | 721952 | 187303227 |
| Royal Caribbean Cruises Ltd | 424502 | 137360357 |
| Wingstop Inc | 146948 | 36983873 |
|  |  | 952592613 |
| Household Durables – 0.4% |  |  |
| Lennar Corp | 941811 | 118705858 |
| Household Products – 0.8% |  |  |
| Procter & Gamble Co | 1564600 | 240400790 |
| Independent Power and Renewable Electricity Producers – 0.5% |  |  |
| Vistra Corp | 730132 | 143047461 |
| Industrial Conglomerates – 1.0% |  |  |
| 3M Co | 1749283 | 271453736 |
| Information Technology Services – 0.6% |  |  |
| Snowflake Inc - Class A<sup>\*</sup> <br>| 730683 | 164805551 |
| Insurance – 0.7% |  |  |
| Arthur J Gallagher & Co | 345039 | 106872380 |
| Progressive Corp/The | 424738 | 104889049 |
|  |  | 211761429 |
| Interactive Media & Services – 9.2% |  |  |
| Alphabet Inc - Class C | 4932552 | 1201323040 |
| Meta Platforms Inc - Class A | 1960046 | 1439418581 |
|  |  | 2640741621 |
| Life Sciences Tools & Services – 0.2% |  |  |
| Danaher Corp | 231702 | 45937239 |
| Machinery – 0.4% |  |  |
| Deere & Co | 266782 | 121988737 |
| Multiline Retail – 4.6% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 6003288 | 1318141946 |
| Pharmaceuticals – 2.5% |  |  |
| AstraZeneca PLC (ADR) | 194114 | 14892426 |
| Eli Lilly & Co | 769952 | 587473376 |
| Johnson & Johnson | 564488 | 104667365 |
|  |  | 707033167 |
| Road & Rail – 0.4% |  |  |
| TFI International Inc | 1159788 | 102130931 |
| Semiconductor & Semiconductor Equipment – 23.6% |  |  |
| Analog Devices Inc | 456097 | 112063033 |
| Broadcom Inc | 5031596 | 1659973836 |
| KLA Corp | 199104 | 214753575 |
| Lam Research Corp | 1811589 | 242571767 |
| NVIDIA Corp | 23263804 | 4340560550 |
| ON Semiconductor Corp<sup>\*</sup> <br>| 1418329 | 69937803 |
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 394016 | 110044729 |
|  |  | 6749905293 |
| Software – 21.2% |  |  |
| AppLovin Corp - Class A<sup>\*</sup> <br>| 469475 | 337336566 |
| Atlassian Corp - Class A<sup>\*</sup> <br>| 632771 | 101053529 |
| Autodesk Inc<sup>\*</sup> <br>| 847789 | 269317132 |
| Cadence Design Systems Inc<sup>\*</sup> <br>| 706262 | 248081590 |
| Datadog Inc - Class A<sup>\*</sup> <br>| 1437986 | 204769206 |
| HubSpot Inc<sup>\*</sup> <br>| 137752 | 64440386 |
| Intuit Inc | 514902 | 351631725 |
| Microsoft Corp | 6944010 | 3596649979 |
| Oracle Corp | 1583821 | 445433818 |
| ServiceNow Inc<sup>\*</sup> <br>| 224135 | 206266958 |
| Synopsys Inc<sup>\*</sup> <br>| 135410 | 66809940 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| September 30, 2025

------

**Janus Henderson Research Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Software – (continued) |  |  |
| Tyler Technologies Inc<sup>\*</sup> <br>| 190544 | $99684999 |
| Workday Inc - Class A<sup>\*</sup> <br>| 294849 | 70979000 |
|  |  | 6062454828 |
| Specialty Retail – 1.7% |  |  |
| O'Reilly Automotive Inc<sup>\*</sup> <br>| 1504768 | 162229038 |
| TJX Cos Inc | 1971899 | 285018282 |
| Wayfair Inc - Class A<sup>\*</sup> <br>| 370171 | 33067375 |
|  |  | 480314695 |
| Technology Hardware, Storage & Peripherals – 6.6% |  |  |
| Apple Inc | 7396641 | 1883406698 |
| Textiles, Apparel & Luxury Goods – 0.2% |  |  |
| NIKE Inc - Class B | 927855 | 64699329 |
| Trading Companies & Distributors – 0.4% |  |  |
| Ferguson Enterprises Inc | 526820 | 118313236 |
| Wireless Telecommunication Services – 0.3% |  |  |
| T-Mobile US Inc | 404406 | 96806708 |
| Total Common Stocks (cost $11,975,279,041) |  | 28551357790 |
| Investment Companies – 0.2% |  |  |
| Money Markets – 0.2% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº,</sup><sup>£</sup> (cost $71,465,851) | 71451561 | 71465851 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.1% |  |  |
| Investment Companies – 0.1% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº,</sup><sup>£</sup> <br>| 16099603 | 16099603 |
| Time Deposits – 0% |  |  |
| Royal Bank of Canada, 4.0800%, 10/1/25 | $4024901 | 4024901 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $20,124,504) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $20,124,504) | 20124504 |
| Total Investments (total cost $12,066,869,396) – 100.2% |  | 28642948145 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.2)% |  | (50952852) |
| Net Assets – 100% |  | $28591995293 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $28055878823 | &nbsp;&nbsp;&nbsp;&nbsp; 97.9<br> %<br>|
| Sweden | 267916132 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Taiwan | 110044729 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Canada | 102130931 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Belgium | 92085104 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| United Kingdom | 14892426 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Total | $28642948145 | &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>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Private Placements - N/A | Private Placements - N/A | Private Placements - N/A | Private Placements - N/A | Private Placements - N/A | Private Placements - N/A | Private Placements - N/A | Private Placements - N/A | Private Placements - N/A |
| Health Care Equipment & Supplies - N/A | Health Care Equipment & Supplies - N/A | Health Care Equipment & Supplies - N/A | Health Care Equipment & Supplies - N/A | Health Care Equipment & Supplies - N/A | Health Care Equipment & Supplies - N/A | Health Care Equipment & Supplies - N/A | Health Care Equipment & Supplies - N/A | Health Care Equipment & Supplies - N/A |
| MedicaMetrix Inc<sup>\*</sup>  | MedicaMetrix Inc<sup>\*</sup>  | MedicaMetrix Inc<sup>\*</sup>  | MedicaMetrix Inc<sup>\*</sup>  | MedicaMetrix Inc<sup>\*</sup>  | MedicaMetrix Inc<sup>\*</sup>  | MedicaMetrix Inc<sup>\*</sup>  | MedicaMetrix Inc<sup>\*</sup>  | MedicaMetrix Inc<sup>\*</sup>  |
|  | $3 | $- | $(20029) | $(2979971) | $2999997 | $- | - | $- |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Research Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliate* | *Affiliated*<br> *Investments,*<br> *at Value at*<br> *9/30/24*<br>| *Purchases* | *Sales*<br> *Proceeds*<br>| *Realized*<br> *Gain/(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation/*<br> *Depreciation*<br>| *Affiliated*<br> *Investments,*<br> *at Value at*<br> *9/30/25*<br>| *Ending*<br> *Shares*<br>| *Dividend*<br> *Income*<br>|
| 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% |
| Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | $18382211 | $1805364362 | $(1752216722) | $(65611) | $1611 | $71465851 | 71451561 | $824865 |
| 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, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  |
|  | 7467456 | 209461625 | (200829478) | - | - | 16099603 | 16099603 | 63258 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 0.3% | Total Affiliated Investments - 0.3% | Total Affiliated Investments - 0.3% | Total Affiliated Investments - 0.3% | Total Affiliated Investments - 0.3% | Total Affiliated Investments - 0.3% | Total Affiliated Investments - 0.3% | Total Affiliated Investments - 0.3% | Total Affiliated Investments - 0.3% |
|  | $25849670 | $2014825987 | $(1953066229) | $(3045582) | $3001608 | $87565454 | 87551164 | $888123 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $18905797 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18905797) | &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 \| September 30, 2025

------

**Janus Henderson Research Fund**

**Notes to Schedule of Investments and Other Information** 

ADR American Depositary Receipt <br> LLC Limited Liability Company <br> PLC Public Limited Company

---

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

---

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

instruments as of September 30, 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* | $28551357790 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| *Investment Companies* | - | &nbsp;&nbsp; 71465851 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 20124504 | &nbsp;&nbsp; - |
| **Total Assets** | $28551357790 | &nbsp;&nbsp; $91590355 | &nbsp;&nbsp; $- |

---

Janus Investment Fund \| 5

------

**Janus Henderson Research Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $11,979,303,942)<sup>(1)</sup> <br>| $28555382691 |
| Affiliated investments, at value (cost $87,565,454) | 87565454 |
| Cash | 3480532 |
| Trustees' deferred compensation | 819723 |
| Receivables: |  |
| Investments sold | 49155768 |
| Fund shares sold | 4720456 |
| Dividends | 4424165 |
| Foreign tax reclaims | 541966 |
| Dividends from affiliates | 90458 |
| Other assets | 70758 |
| Total Assets | 28706251971 |
| Liabilities: |  |
| Collateral for securities loaned (Note 2) | 20124504 |
| Payables: |  |
| Investments purchased | 62835995 |
| Advisory fees | 17387139 |
| Fund shares repurchased | 8563168 |
| Transfer agent fees and expenses | 3222234 |
| Trustees' deferred compensation fees | 819723 |
| Trustees' fees and expenses | 121831 |
| Professional fees | 86707 |
| Affiliated fund administration fees payable | 58008 |
| 12b-1 Distribution and shareholder servicing fees | 35407 |
| Custodian fees | 10968 |
| Accrued expenses and other payables | 990994 |
| Total Liabilities | 114256678 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $28591995293 |

---

See Notes to Financial Statements.

6 \| September 30, 2025

------

**Janus Henderson Research Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $9449223875 |
| Total distributable earnings (loss) | 19142771418 |
| Total Net Assets | $28591995293 |
| Net Assets - Class A Shares | $93156582 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 953328 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $97.72 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $103.68 |
| Net Assets - Class C Shares | $9907478 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 117720 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $84.16 |
| Net Assets - Class D Shares | $19957376262 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 200539021 |
| Net Asset Value Per Share | $99.52 |
| Net Assets - Class I Shares | $1591971955 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 16022842 |
| Net Asset Value Per Share | $99.36 |
| Net Assets - Class N Shares | $553438637 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 5557291 |
| Net Asset Value Per Share | $99.59 |
| Net Assets - Class R Shares | $5439187 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 57346 |
| Net Asset Value Per Share | $94.85 |
| Net Assets - Class S Shares | $32234657 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 341120 |
| Net Asset Value Per Share | $94.50 |
| Net Assets - Class T Shares | $6348470535 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 63964127 |
| Net Asset Value Per Share | $99.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $18,905,797 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 Research Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $140822874 |
| Dividends from affiliates | 824865 |
| Affiliated securities lending income, net | 63258 |
| Unaffiliated securities lending income, net | 16585 |
| Other income | 102501 |
| Foreign tax withheld | (242640) |
| Total Investment Income | 141587443 |
| Expenses: |  |
| Advisory fees | 172084486 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 201819 |
| Class C Shares | 88788 |
| Class R Shares | 21400 |
| Class S Shares | 71217 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 19564497 |
| Class R Shares | 11346 |
| Class S Shares | 71353 |
| Class T Shares | 14104207 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 46900 |
| Class C Shares | 5670 |
| Class I Shares | 715716 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 3961 |
| Class C Shares | 385 |
| Class D Shares | 995190 |
| Class I Shares | 21119 |
| Class N Shares | 18832 |
| Class R Shares | 63 |
| Class S Shares | 1267 |
| Class T Shares | 33550 |
| Shareholder reports expense | 1072198 |
| Affiliated fund administration fees | 757951 |
| Trustees' fees and expenses | 472414 |
| Custodian fees | 407760 |
| Registration fees | 368269 |
| Professional fees | 200418 |
| Other expenses | 3689409 |
| Total Expenses | 215030185 |
| Less: Excess Expense Reimbursement and Waivers | (1094597) |
| Net Expenses | 213935588 |
| Net Investment Income/(Loss) | (72348145) |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 2749871165 |
| Investments in affiliates | (3045582) |
| Total Net Realized Gain/(Loss) on Investments | 2746825583 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 2795561369 |
| Investments in affiliates | 3001608 |
| Total Change in Unrealized Net Appreciation/Depreciation | 2798562977 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $5473040415 |

---

See Notes to Financial Statements.

8 \| September 30, 2025

------

**Janus Henderson Research Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*September 30, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $(72348145) | &nbsp;&nbsp; $(11400585) |
| Net realized gain/(loss) on investments | 2746825583 | &nbsp;&nbsp; 1255252038 |
| Change in unrealized net appreciation/depreciation | 2798562977 | &nbsp;&nbsp; 6418462178 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 5473040415 | &nbsp;&nbsp; 7662313631 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (3927963) | &nbsp;&nbsp; (1585265) |
| Class C Shares | (553494) | &nbsp;&nbsp; (218523) |
| Class D Shares | (874536639) | &nbsp;&nbsp; (401216194) |
| Class I Shares | (33921124) | &nbsp;&nbsp; (13161013) |
| Class N Shares | (22517223) | &nbsp;&nbsp; (9217249) |
| Class R Shares | (225524) | &nbsp;&nbsp; (101829) |
| Class S Shares | (1488097) | &nbsp;&nbsp; (682039) |
| Class T Shares | (276600416) | &nbsp;&nbsp; (121280339) |
| Net Decrease from Dividends and Distributions to Shareholders | (1213770480) | &nbsp;&nbsp; (547462451) |
| Capital Share Transactions: |  |  |
| Class A Shares | 3725770 | &nbsp;&nbsp; 6334939 |
| Class C Shares | 1763154 | &nbsp;&nbsp; (1547255) |
| Class D Shares | (300579391) | &nbsp;&nbsp; (512889114) |
| Class I Shares | 787607389 | &nbsp;&nbsp; 74625853 |
| Class N Shares | 27389326 | &nbsp;&nbsp; (40955249) |
| Class R Shares | 523630 | &nbsp;&nbsp; (245857) |
| Class S Shares | (343637) | &nbsp;&nbsp; (1010135) |
| Class T Shares | (1661894) | &nbsp;&nbsp; (28782171) |
| Net Increase/(Decrease) from Capital Share Transactions | 518424347 | &nbsp;&nbsp; (504468989) |
| Net Increase/(Decrease) in Net Assets | 4777694282 | &nbsp;&nbsp; 6610382191 |
| Net Assets: |  |  |
| Beginning of period | 23814301011 | &nbsp;&nbsp; 17203918820 |
| End of period | $28591995293 | &nbsp;&nbsp; $23814301011 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Research Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $83.05 | &nbsp;&nbsp; $58.80 | &nbsp;&nbsp; $44.68 | &nbsp;&nbsp; $70.69 | &nbsp;&nbsp; $59.31 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.40) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.15) |
| Net realized and unrealized gain/(loss) | 19.40 | &nbsp;&nbsp;&nbsp;&nbsp;26.31 | &nbsp;&nbsp;&nbsp;&nbsp;14.22 | &nbsp;&nbsp; (17.06) | &nbsp;&nbsp;&nbsp;&nbsp;13.37 |
| Total from Investment Operations | 19.00 | &nbsp;&nbsp;&nbsp;&nbsp;26.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.23 | &nbsp;&nbsp; (17.16) | &nbsp;&nbsp;&nbsp;&nbsp;13.22 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Total Dividends and Distributions | (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Net Asset Value, End of Period | $97.72 | &nbsp;&nbsp; $83.05 | &nbsp;&nbsp; $58.80 | &nbsp;&nbsp; $44.68 | &nbsp;&nbsp; $70.69 |
| Total Return<sup>\*</sup> <br>| 23.59% | &nbsp;&nbsp; 45.53% | &nbsp;&nbsp; 31.92% | &nbsp;&nbsp; (28.11)% | &nbsp;&nbsp; 22.66% |
| Net Assets, End of Period (in thousands) | $93157 | &nbsp;&nbsp; $75719 | &nbsp;&nbsp; $47978 | &nbsp;&nbsp; $36486 | &nbsp;&nbsp; $53589 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.03% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.86% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.03% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.86% |
| Ratio of Net Investment Income/(Loss) | (0.46)% | &nbsp;&nbsp; (0.22)% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; (0.16)% | &nbsp;&nbsp; (0.22)% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 31% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

10 \| September 30, 2025

------

**Janus Henderson Research Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $72.61 | &nbsp;&nbsp; $51.90 | &nbsp;&nbsp; $39.79 | &nbsp;&nbsp; $64.28 | &nbsp;&nbsp; $54.45 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.90) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.53) |
| Net realized and unrealized gain/(loss) | 16.78 | &nbsp;&nbsp;&nbsp;&nbsp;23.09 | &nbsp;&nbsp;&nbsp;&nbsp;12.62 | &nbsp;&nbsp; (15.19) | &nbsp;&nbsp;&nbsp;&nbsp;12.20 |
| Total from Investment Operations | 15.88 | &nbsp;&nbsp;&nbsp;&nbsp;22.61 | &nbsp;&nbsp;&nbsp;&nbsp;12.22 | &nbsp;&nbsp; (15.64) | &nbsp;&nbsp;&nbsp;&nbsp;11.67 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Total Dividends and Distributions | (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Net Asset Value, End of Period | $84.16 | &nbsp;&nbsp; $72.61 | &nbsp;&nbsp; $51.90 | &nbsp;&nbsp; $39.79 | &nbsp;&nbsp; $64.28 |
| Total Return<sup>\*</sup> <br>| 22.65% | &nbsp;&nbsp; 44.73% | &nbsp;&nbsp; 30.79% | &nbsp;&nbsp; (28.60)% | &nbsp;&nbsp; 21.81% |
| Net Assets, End of Period (in thousands) | $9907 | &nbsp;&nbsp; $7159 | &nbsp;&nbsp; $6441 | &nbsp;&nbsp; $8523 | &nbsp;&nbsp; $15910 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.81% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.54% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.79% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.54% |
| Ratio of Net Investment Income/(Loss) | (1.22)% | &nbsp;&nbsp; (0.77)% | &nbsp;&nbsp; (0.85)% | &nbsp;&nbsp; (0.85)% | &nbsp;&nbsp; (0.88)% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 31% |

---

\* 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. 

(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 Research Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |
| For a share outstanding during the year ended September <br> 30<br>| 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $84.35 | &nbsp;&nbsp; $59.62 | &nbsp;&nbsp; $45.30 | &nbsp;&nbsp; $71.42 | &nbsp;&nbsp; $59.86 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.23) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp; (0.01) |
| Net realized and unrealized gain/(loss) | 19.73 | &nbsp;&nbsp;&nbsp;&nbsp;26.68 | &nbsp;&nbsp;&nbsp;&nbsp;14.41 | &nbsp;&nbsp; (17.29) | &nbsp;&nbsp;&nbsp;&nbsp;13.48 |
| Total from Investment Operations | 19.50 | &nbsp;&nbsp;&nbsp;&nbsp;26.66 | &nbsp;&nbsp;&nbsp;&nbsp;14.52 | &nbsp;&nbsp; (17.27) | &nbsp;&nbsp;&nbsp;&nbsp;13.47 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) |
| Distributions (from capital gains) | (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Total Dividends and Distributions | (4.33) | &nbsp;&nbsp; (1.93) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.91) |
| Net Asset Value, End of Period | $99.52 | &nbsp;&nbsp; $84.35 | &nbsp;&nbsp; $59.62 | &nbsp;&nbsp; $45.30 | &nbsp;&nbsp; $71.42 |
| Total Return<sup>\*</sup> <br>| 23.83% | &nbsp;&nbsp; 45.78% | &nbsp;&nbsp; 32.18% | &nbsp;&nbsp; (27.96)% | &nbsp;&nbsp; 22.89% |
| Net Assets, End of Period (in thousands) | $19957376 | &nbsp;&nbsp; $17212845 | &nbsp;&nbsp; $12534833 | &nbsp;&nbsp; $10017030 | &nbsp;&nbsp; $14715777 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.83% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.66% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.83% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.66% |
| Ratio of Net Investment Income/(Loss) | (0.27)% | &nbsp;&nbsp; (0.03)% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; (0.02)% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 31% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

12 \| September 30, 2025

------

**Janus Henderson Research Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $84.19 | &nbsp;&nbsp; $59.51 | &nbsp;&nbsp; $45.23 | &nbsp;&nbsp; $71.28 | &nbsp;&nbsp; $59.74 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.21) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain/(loss) | 19.71 | &nbsp;&nbsp;&nbsp;&nbsp;26.63 | &nbsp;&nbsp;&nbsp;&nbsp;14.39 | &nbsp;&nbsp; (17.25) | &nbsp;&nbsp;&nbsp;&nbsp;13.46 |
| Total from Investment Operations | 19.50 | &nbsp;&nbsp;&nbsp;&nbsp;26.63 | &nbsp;&nbsp;&nbsp;&nbsp;14.52 | &nbsp;&nbsp; (17.20) | &nbsp;&nbsp;&nbsp;&nbsp;13.48 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10) |
| Distributions (from capital gains) | (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Total Dividends and Distributions | (4.33) | &nbsp;&nbsp; (1.95) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.94) |
| Net Asset Value, End of Period | $99.36 | &nbsp;&nbsp; $84.19 | &nbsp;&nbsp; $59.51 | &nbsp;&nbsp; $45.23 | &nbsp;&nbsp; $71.28 |
| Total Return<sup>\*</sup> <br>| 23.88% | &nbsp;&nbsp; 45.83% | &nbsp;&nbsp; 32.24% | &nbsp;&nbsp; (27.91)% | &nbsp;&nbsp; 22.95% |
| Net Assets, End of Period (in thousands) | $1591972 | &nbsp;&nbsp; $645827 | &nbsp;&nbsp; $394958 | &nbsp;&nbsp; $298319 | &nbsp;&nbsp; $448508 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.81% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.61% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.81% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.61% |
| Ratio of Net Investment Income/(Loss) | (0.24)% | &nbsp;&nbsp; 0.00% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.03% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 31% |

---

\* 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. 

(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 \| 13

------

**Janus Henderson Research Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $84.31 | &nbsp;&nbsp; $59.57 | &nbsp;&nbsp; $45.29 | &nbsp;&nbsp; $71.32 | &nbsp;&nbsp; $59.75 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain/(loss) | 19.74 | &nbsp;&nbsp;&nbsp;&nbsp;26.66 | &nbsp;&nbsp;&nbsp;&nbsp;14.39 | &nbsp;&nbsp; (17.27) | &nbsp;&nbsp;&nbsp;&nbsp;13.47 |
| Total from Investment Operations | 19.61 | &nbsp;&nbsp;&nbsp;&nbsp;26.72 | &nbsp;&nbsp;&nbsp;&nbsp;14.57 | &nbsp;&nbsp; (17.18) | &nbsp;&nbsp;&nbsp;&nbsp;13.54 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) |
| Distributions (from capital gains) | (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Total Dividends and Distributions | (4.33) | &nbsp;&nbsp; (1.98) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.97) |
| Net Asset Value, End of Period | $99.59 | &nbsp;&nbsp; $84.31 | &nbsp;&nbsp; $59.57 | &nbsp;&nbsp; $45.29 | &nbsp;&nbsp; $71.32 |
| Total Return<sup>\*</sup> <br>| 23.98% | &nbsp;&nbsp; 45.95% | &nbsp;&nbsp; 32.35% | &nbsp;&nbsp; (27.86)% | &nbsp;&nbsp; 23.05% |
| Net Assets, End of Period (in thousands) | $553439 | &nbsp;&nbsp; $440567 | &nbsp;&nbsp; $361772 | &nbsp;&nbsp; $286346 | &nbsp;&nbsp; $432553 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.72% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.54% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.72% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.54% |
| Ratio of Net Investment Income/(Loss) | (0.15)% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.11% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 31% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

14 \| September 30, 2025

------

**Janus Henderson Research Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $81.05 | &nbsp;&nbsp; $57.67 | &nbsp;&nbsp; $44.02 | &nbsp;&nbsp; $70.04 | &nbsp;&nbsp; $59.04 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.73) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.42) |
| Net realized and unrealized gain/(loss) | 18.86 | &nbsp;&nbsp;&nbsp;&nbsp;25.74 | &nbsp;&nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp; (16.82) | &nbsp;&nbsp;&nbsp;&nbsp;13.26 |
| Total from Investment Operations | 18.13 | &nbsp;&nbsp;&nbsp;&nbsp;25.28 | &nbsp;&nbsp;&nbsp;&nbsp;13.76 | &nbsp;&nbsp; (17.17) | &nbsp;&nbsp;&nbsp;&nbsp;12.84 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Total Dividends and Distributions | (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Net Asset Value, End of Period | $94.85 | &nbsp;&nbsp; $81.05 | &nbsp;&nbsp; $57.67 | &nbsp;&nbsp; $44.02 | &nbsp;&nbsp; $70.04 |
| Total Return<sup>\*</sup> <br>| 23.08% | &nbsp;&nbsp; 44.89% | &nbsp;&nbsp; 31.33% | &nbsp;&nbsp; (28.41)% | &nbsp;&nbsp; 22.10% |
| Net Assets, End of Period (in thousands) | $5439 | &nbsp;&nbsp; $4159 | &nbsp;&nbsp; $3151 | &nbsp;&nbsp; $2903 | &nbsp;&nbsp; $4226 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.50% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.34% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.44% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.30% |
| Ratio of Net Investment Income/(Loss) | (0.88)% | &nbsp;&nbsp; (0.65)% | &nbsp;&nbsp; (0.43)% | &nbsp;&nbsp; (0.60)% | &nbsp;&nbsp; (0.64)% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 31% |

---

\* 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. 

(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 Research Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $80.59 | &nbsp;&nbsp; $57.23 | &nbsp;&nbsp; $43.57 | &nbsp;&nbsp; $69.26 | &nbsp;&nbsp; $58.25 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.54) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.26) |
| Net realized and unrealized gain/(loss) | 18.78 | &nbsp;&nbsp;&nbsp;&nbsp;25.55 | &nbsp;&nbsp;&nbsp;&nbsp;13.86 | &nbsp;&nbsp; (16.64) | &nbsp;&nbsp;&nbsp;&nbsp;13.11 |
| Total from Investment Operations | 18.24 | &nbsp;&nbsp;&nbsp;&nbsp;25.26 | &nbsp;&nbsp;&nbsp;&nbsp;13.77 | &nbsp;&nbsp; (16.84) | &nbsp;&nbsp;&nbsp;&nbsp;12.85 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Total Dividends and Distributions | (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Net Asset Value, End of Period | $94.50 | &nbsp;&nbsp; $80.59 | &nbsp;&nbsp; $57.23 | &nbsp;&nbsp; $43.57 | &nbsp;&nbsp; $69.26 |
| Total Return<sup>\*</sup> <br>| 23.36% | &nbsp;&nbsp; 45.21% | &nbsp;&nbsp; 31.68% | &nbsp;&nbsp; (28.24)% | &nbsp;&nbsp; 22.43% |
| Net Assets, End of Period (in thousands) | $32235 | &nbsp;&nbsp; $28065 | &nbsp;&nbsp; $20642 | &nbsp;&nbsp; $19124 | &nbsp;&nbsp; $30909 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.23% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.05% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.22% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.04% |
| Ratio of Net Investment Income/(Loss) | (0.65)% | &nbsp;&nbsp; (0.42)% | &nbsp;&nbsp; (0.17)% | &nbsp;&nbsp; (0.35)% | &nbsp;&nbsp; (0.39)% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 31% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

16 \| September 30, 2025

------

**Janus Henderson Research Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $84.22 | &nbsp;&nbsp; $59.56 | &nbsp;&nbsp; $45.23 | &nbsp;&nbsp; $71.39 | &nbsp;&nbsp; $59.86 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.33) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.08) |
| Net realized and unrealized gain/(loss) | 19.69 | &nbsp;&nbsp;&nbsp;&nbsp;26.66 | &nbsp;&nbsp;&nbsp;&nbsp;14.40 | &nbsp;&nbsp; (17.27) | &nbsp;&nbsp;&nbsp;&nbsp;13.48 |
| Total from Investment Operations | 19.36 | &nbsp;&nbsp;&nbsp;&nbsp;26.56 | &nbsp;&nbsp;&nbsp;&nbsp;14.46 | &nbsp;&nbsp; (17.31) | &nbsp;&nbsp;&nbsp;&nbsp;13.40 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) |
| Distributions (from capital gains) | (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Total Dividends and Distributions | (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.87) |
| Net Asset Value, End of Period | $99.25 | &nbsp;&nbsp; $84.22 | &nbsp;&nbsp; $59.56 | &nbsp;&nbsp; $45.23 | &nbsp;&nbsp; $71.39 |
| Total Return<sup>\*</sup> <br>| 23.70% | &nbsp;&nbsp; 45.64% | &nbsp;&nbsp; 32.05% | &nbsp;&nbsp; (28.04)% | &nbsp;&nbsp; 22.76% |
| Net Assets, End of Period (in thousands) | $6348471 | &nbsp;&nbsp; $5399960 | &nbsp;&nbsp; $3834145 | &nbsp;&nbsp; $3051003 | &nbsp;&nbsp; $4577362 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.96% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.79% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.94% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.77% |
| Ratio of Net Investment Income/(Loss) | (0.38)% | &nbsp;&nbsp; (0.14)% | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; (0.07)% | &nbsp;&nbsp; (0.13)% |
| Portfolio Turnover Rate | 33% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 31% |

---

\* 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. 

(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 Research Fund**

**Notes to Financial Statements** 

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

**1. Organization and Significant Accounting Policies**

Janus Henderson Research 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 nondiversified, 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.

18 \| September 30, 2025

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**Janus Henderson Research Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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 \| 19

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**Janus Henderson Research Fund**

**Notes to Financial Statements** 

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

rates and similar data.

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

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

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

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

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

Schedule of Investments 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.

20 \| September 30, 2025

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**Janus Henderson Research Fund**

**Notes to Financial Statements** 

**Foreign Currency Translations**

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

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

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

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

could result in additional tax, interest, or penalties to be paid by the Fund.

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

income tax purposes.

**Federal Income Taxes**

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

in the next twelve months.

**2. Other Investments and Strategies**

**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, war, 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.* Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. 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.

Janus Investment Fund \| 21

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**Janus Henderson Research Fund**

**Notes to Financial Statements** 

**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

22 \| September 30, 2025

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**Janus Henderson Research Fund**

**Notes to Financial Statements** 

adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" on the Statement of Operations. As of September 30, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $18,905,797. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2025 is $20,124,504, resulting in the net amount due to the counterparty of

$1,218,707.

**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 rate that may adjust up or down based on the Fund's

performance relative to its benchmark index.

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund's average daily net assets during the previous month (the "Base Fee Rate"), plus or minus (2) a performance-fee adjustment (the "Performance Adjustment") calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund's average daily net assets based on the Fund's relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund's Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund's Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Fund's benchmark index used in the calculation is the Russell 1000<sup>®</sup> Growth 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 prospectus 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 year ended September 30, 2025, the performance adjusted investment advisory

fee rate before any waivers and/or reimbursements of expenses is 0.69%.

Janus Investment Fund \| 23

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**Janus Henderson Research Fund**

**Notes to Financial Statements** 

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 0.68% for at least a one-year period commencing on January 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 $532,252 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 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

24 \| September 30, 2025

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**Janus Henderson Research Fund**

**Notes to Financial Statements** 

Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

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

servicing fees" on the Statement of Operations.

Class A Shares include a 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 year ended September 30, 2025, the Distributor

retained upfront sales charges of $7,274.

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 year ended September 30, 2025, redeeming shareholders of Class A Shares paid CDSCs of $184 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 year ended September 30, 2025, redeeming shareholders of Class C Shares

paid CDSCs of $14,625.

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 September 30, 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 year ended September 30, 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 year ended September 30, 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

Janus Investment Fund \| 25

------

**Janus Henderson Research Fund**

**Notes to Financial Statements** 

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 year ended September 30, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

The Fund is permitted to purchase or sell securities ("cross-trade") between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 ("Rule 17a-7"), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust's Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2025, the Fund engaged in cross trades amounting to $41,304,506 in sales, resulting in a net realized gain of $24,213,304. The net realized gain

is included within the "Net Realized Gain/(Loss) on Investments" section of the Fund's Statement of Operations.

**4. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. 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 Fund has elected to defer qualified late-year losses as noted in the table below. These losses will be deferred for

tax purposes and recognized during the next fiscal year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term Gains*<br>| *Accumulated* <br>*Capital Losses*<br>| *Loss Deferrals* | *Other Book* <br>*to Tax* <br>*Differences*<br>| *Net Tax* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| $- | $2663010986 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(58272997) | &nbsp;&nbsp; $(804178) | &nbsp;&nbsp; $16538837607 |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 2025 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, straddles, and investments in

partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $12104110538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16734388605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(195550998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16538837607 |

---

26 \| September 30, 2025

------

**Janus Henderson Research Fund**

**Notes to Financial Statements** 

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. Certain permanent differences such as tax returns

of capital and net investment losses noted below have been reclassified to capital.

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $44263494 | &nbsp;&nbsp;&nbsp; $1169506986 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $13961795 |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $7294089 | &nbsp;&nbsp;&nbsp; $540168362 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $73,897,406, all of

which is long-term capital gain, for distributions in connection with Fund shares redemption (tax equalization).

Janus Investment Fund \| 27

------

**Janus Henderson Research Fund**

**Notes to Financial Statements** 

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

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended September 30, 2025* | *Year ended September 30, 2025* | *Year ended September 30, 2024* | *Year ended September 30, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 261786 | &nbsp;&nbsp; $22469499 | &nbsp;&nbsp; 244684 | &nbsp;&nbsp; $17217723 |
| Reinvested dividends and distributions | 40816 | &nbsp;&nbsp; 3511005 | &nbsp;&nbsp; 22523 | &nbsp;&nbsp; 1407897 |
| Shares repurchased | (261037) | &nbsp;&nbsp; (22254734) | &nbsp;&nbsp; (171326) | &nbsp;&nbsp; (12290681) |
| Net Increase/(Decrease) | 41565 | &nbsp;&nbsp; $3725770 | &nbsp;&nbsp; 95881 | &nbsp;&nbsp; $6334939 |
| Class C Shares: |  |  |  |  |
| Shares sold | 60917 | &nbsp;&nbsp; $4612829 | &nbsp;&nbsp; 28203 | &nbsp;&nbsp; $1790252 |
| Reinvested dividends and distributions | 7323 | &nbsp;&nbsp; 545898 | &nbsp;&nbsp; 3883 | &nbsp;&nbsp; 213472 |
| Shares repurchased | (49117) | &nbsp;&nbsp; (3395573) | &nbsp;&nbsp; (57605) | &nbsp;&nbsp; (3550979) |
| Net Increase/(Decrease) | 19123 | &nbsp;&nbsp; $1763154 | &nbsp;&nbsp; (25519) | &nbsp;&nbsp; $(1547255) |
| Class D Shares: |  |  |  |  |
| Shares sold | 3477511 | &nbsp;&nbsp; $300102326 | &nbsp;&nbsp; 3371299 | &nbsp;&nbsp; $246380572 |
| Reinvested dividends and distributions | 9520037 | &nbsp;&nbsp; 832622472 | &nbsp;&nbsp; 6046330 | &nbsp;&nbsp; 383276847 |
| Shares repurchased | (16533811) | &nbsp;&nbsp; (1433304189) | &nbsp;&nbsp; (15600672) | &nbsp;&nbsp; (1142546533) |
| Net Increase/(Decrease) | (3536263) | &nbsp;&nbsp; $(300579391) | &nbsp;&nbsp; (6183043) | &nbsp;&nbsp; $(512889114) |
| Class I Shares: |  |  |  |  |
| Shares sold | 9573336 | &nbsp;&nbsp; $894801438 | &nbsp;&nbsp; 2108563 | &nbsp;&nbsp; $154588185 |
| Reinvested dividends and distributions | 364976 | &nbsp;&nbsp; 31862376 | &nbsp;&nbsp; 195960 | &nbsp;&nbsp; 12396414 |
| Shares repurchased | (1586825) | &nbsp;&nbsp; (139056425) | &nbsp;&nbsp; (1270517) | &nbsp;&nbsp; (92358746) |
| Net Increase/(Decrease) | 8351487 | &nbsp;&nbsp; $787607389 | &nbsp;&nbsp; 1034006 | &nbsp;&nbsp; $74625853 |
| Class N Shares: |  |  |  |  |
| Shares sold | 1113044 | &nbsp;&nbsp; $93547480 | &nbsp;&nbsp; 1201003 | &nbsp;&nbsp; $92673352 |
| Reinvested dividends and distributions | 257204 | &nbsp;&nbsp; 22489955 | &nbsp;&nbsp; 145192 | &nbsp;&nbsp; 9192130 |
| Shares repurchased | (1038685) | &nbsp;&nbsp; (88648109) | &nbsp;&nbsp; (2193775) | &nbsp;&nbsp; (142820731) |
| Net Increase/(Decrease) | 331563 | &nbsp;&nbsp; $27389326 | &nbsp;&nbsp; (847580) | &nbsp;&nbsp; $(40955249) |
| Class R Shares: |  |  |  |  |
| Shares sold | 8692 | &nbsp;&nbsp; $731631 | &nbsp;&nbsp; 6771 | &nbsp;&nbsp; $488931 |
| Reinvested dividends and distributions | 2532 | &nbsp;&nbsp; 212141 | &nbsp;&nbsp; 1573 | &nbsp;&nbsp; 96321 |
| Shares repurchased | (5196) | &nbsp;&nbsp; (420142) | &nbsp;&nbsp; (11667) | &nbsp;&nbsp; (831109) |
| Net Increase/(Decrease) | 6028 | &nbsp;&nbsp; $523630 | &nbsp;&nbsp; (3323) | &nbsp;&nbsp; $(245857) |
| Class S Shares: |  |  |  |  |
| Shares sold | 39290 | &nbsp;&nbsp; $3332866 | &nbsp;&nbsp; 51713 | &nbsp;&nbsp; $3580763 |
| Reinvested dividends and distributions | 17830 | &nbsp;&nbsp; 1485420 | &nbsp;&nbsp; 11204 | &nbsp;&nbsp; 680868 |
| Shares repurchased | (64240) | &nbsp;&nbsp; (5161923) | &nbsp;&nbsp; (75369) | &nbsp;&nbsp; (5271766) |
| Net Increase/(Decrease) | (7120) | &nbsp;&nbsp; $(343637) | &nbsp;&nbsp; (12452) | &nbsp;&nbsp; $(1010135) |
| Class T Shares: |  |  |  |  |
| Shares sold | 5666800 | &nbsp;&nbsp; $494972876 | &nbsp;&nbsp; 5663976 | &nbsp;&nbsp; $415615248 |
| Reinvested dividends and distributions | 3101538 | &nbsp;&nbsp; 270795324 | &nbsp;&nbsp; 1874399 | &nbsp;&nbsp; 118761945 |
| Shares repurchased | (8922503) | &nbsp;&nbsp; (767430094) | &nbsp;&nbsp; (7791443) | &nbsp;&nbsp; (563159364) |
| Net Increase/(Decrease) | (154165) | &nbsp;&nbsp; $(1661894) | &nbsp;&nbsp; (253068) | &nbsp;&nbsp; $(28782171) |

---

**6. Purchases and Sales of Investment Securities**

For the year ended September 30, 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>|
| $8240982700 | &nbsp;&nbsp;&nbsp;&nbsp; $9040806057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

28 \| September 30, 2025

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**Janus Henderson Research Fund**

**Notes to Financial Statements** 

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

**7. Recent Accounting Pronouncements**

The FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—*Improvements to Income Tax Disclosures* (ASU 2023-09) in December 2023. The new guidance enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes the

adoption of the ASU will not have a material impact on the financial statements.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to September 30, 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 \| 29

------

**Janus Henderson Research Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Research Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Research Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a

reasonable basis for our opinion.

![](imgc0213bc02.jpg)

Denver, Colorado

November 20, 2025

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

30 \| September 30, 2025

------

**Janus Henderson Research Fund**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2025:

---

| | |
|:---|:---|
| Capital Gain Distributions | $1243404392 |
| Qualified Dividend Income Percentage | 100% |

---

Janus Investment Fund \| 31

------

**Janus Henderson Research 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.**

At a Joint Special Meeting of Shareholders of the Janus Henderson Research Fund, held on December 20, 2024 and adjourned to February 18, 2025, shareholders were asked to vote on the following proposal:

To reclassify the diversification status of the Fund from diversified to nondiversified and to eliminate a related fundamental investment restriction.

With respect to this proposal, shares were voted, in dollars, as follows:

---

| | | |
|:---|:---|:---|
| *For* | *Against* | *Abstain* |
| $10428774146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1473211635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1090694729 |

---

**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 Trustees 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 1, 2024 and December 4-5, 2024, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2025 through February 1, 2026, subject to earlier termination as provided for in each agreement.

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

32 \| September 30, 2025

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**Janus Henderson Research Fund**

**Additional Information (unaudited)**

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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, 2024, approximately 58% 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, 2024, approximately 61% 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 performance in periods ended September 30, 2024 has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2024, approximately 75% and 61% 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, 2024, approximately 66% and 68% 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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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.

Janus Investment Fund \| 33

------

**Janus Henderson Research 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 the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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 first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 High-Yield Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

34 \| September 30, 2025

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**Janus Henderson Research 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 Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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.

Janus Investment Fund \| 35

------

**Janus Henderson Research 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 Contrarian Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted the reasons for the Fund's underperformance over various periods of time, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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, 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 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted that the 36-month end performance was not yet available because of the Fund's inception date.

&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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

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.

36 \| September 30, 2025

------

**Janus Henderson Research 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 10% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 11% 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, recent 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) 11 of 12 Janus Henderson Funds had management fees (before waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser and 16 of 18 Janus Henderson Funds had management fees (after waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser. The Trustees noted that for the one Janus Henderson Fund that did not have a lower or in line management fee (before waivers or performance fees) than similar funds subadvised by the Adviser, the management fee was under the average of its 15(c) peer group. For the two Janus Henderson Funds that did not have lower or in line management fees (after waivers or performance fees) than similar funds Subadvised by the Adviser, the management fees were due to performance fee increases resulting from Janus Henderson Fund outperformance of such Janus Henderson Fund's reference index.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2023 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:

Janus Investment Fund \| 37

------

**Janus Henderson Research Fund**

**Additional Information (unaudited)**

***<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.

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

&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.

38 \| September 30, 2025

------

**Janus Henderson Research 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 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 the Fund's total expenses were below the peer group average for all share classes.

&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 Responsible 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 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.

&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.

Janus Investment Fund \| 39

------

**Janus Henderson Research 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 Forty 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 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.

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

&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 the Fund's total expenses were below the peer group average for all share classes.

&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 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 U.S. Dividend 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 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, 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. The Trustees noted that during the 2023 15(c) review process, the Adviser reported no changes to its allocation methodology; however, at the Trustees' request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the

40 \| September 30, 2025

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**Janus Henderson Research Fund**

**Additional Information (unaudited)**

rationale for the changes to be reasonable. Further, the independent fee consultant's analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. 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 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 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2024 report: (1) past 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 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 42% of Janus Henderson Funds have low flat-rate fees (the "Low Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and higher fees when the fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2024 report that (1) 68% 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 Low 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 analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

Janus Investment Fund \| 41

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**Janus Henderson Research Fund**

**Additional Information (unaudited)**

***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 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.

42 \| September 30, 2025

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**Janus Henderson Research Fund**

**Notes**

Janus Investment Fund \| 43

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**Janus Henderson Research Fund**

**Notes**

44 \| September 30, 2025

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**Janus Henderson Research Fund**

**Notes**

Janus Investment Fund \| 45

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*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-02-93053 11-25

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ANNUAL FINANCIAL STATEMENTS

September 30, 2025

**Janus Henderson Triton Fund**

Janus Investment Fund

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**Table of Contents**

**Janus Henderson Triton Fund** 

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|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_e626352b-f9e6-412c-bf5b-04b4d7c18d90_SOI-SOI-RunningFooter-7_1)<br> [Management Investment Companies](#xx_e626352b-f9e6-412c-bf5b-04b4d7c18d90_SOI-SOI-RunningFooter-7_1)<br>|  |
| [Schedule of Investments](#xx_e626352b-f9e6-412c-bf5b-04b4d7c18d90_SOI-SOI-RunningFooter-7_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_e626352b-f9e6-412c-bf5b-04b4d7c18d90_SOI-SOI-RunningFooter-7_8) | 8 |
| [Statement of Assets and Liabilities](#xx_e626352b-f9e6-412c-bf5b-04b4d7c18d90_SAL-SAL-RunningFooter-7_1) | 10 |
| [Statement of Operations](#xx_e626352b-f9e6-412c-bf5b-04b4d7c18d90_SOP-SOP-RunningFooter-7_1) | 12 |
| [Statements of Changes in Net Assets](#xx_e626352b-f9e6-412c-bf5b-04b4d7c18d90_SOC-SOC-RunningFooter-7_1) | 14 |
| [Financial Highlights](#xx_e626352b-f9e6-412c-bf5b-04b4d7c18d90_FIHI-FIHI-RunningFooter-7_1) | 15 |
| [Notes to Financial Statements](#xx_e626352b-f9e6-412c-bf5b-04b4d7c18d90_NTF-NTF-RunningFooter-7_1) | 23 |
| [Report of Independent Registered Public Accounting Firm](#xx_e626352b-f9e6-412c-bf5b-04b4d7c18d90_AUD-AR-RunningFooter-7_1) | 37 |
| [Designation Requirements](#xx_e626352b-f9e6-412c-bf5b-04b4d7c18d90_DR-DR-RunningFooter-7_1) | 38 |
| [Items 8-11 - Additional Information](#xx_e626352b-f9e6-412c-bf5b-04b4d7c18d90_AI-AI-RunningFooter-7_1) | 39 |

---

------

**Janus Henderson Triton Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares/Principal/* <br>*Contract Amounts*<br>| *Value* |
| Common Stocks – 99.3% |  |  |
| Aerospace & Defense – 1.1% |  |  |
| Standardaero Inc<sup>\*</sup> <br>| 1587073 | $43311222 |
| Voyager Technologies Inc - Class A<sup>\*</sup> <br>| 553993 | 16497912 |
|  |  | 59809134 |
| Automobiles – 0.4% |  |  |
| Thor Industries Inc | 234821 | 24348590 |
| Biotechnology – 11.9% |  |  |
| 89bio Inc<sup>\*</sup> <br>| 2282903 | 33558674 |
| Akero Therapeutics Inc<sup>\*</sup> <br>| 377858 | 17940698 |
| Arcellx Inc<sup>\*</sup> <br>| 180551 | 14823237 |
| Ascendis Pharma A/S (ADR)<sup>\*</sup> <br>| 301594 | 59959903 |
| Avidity Biosciences Inc<sup>\*</sup> <br>| 1257947 | 54808751 |
| Biohaven Ltd<sup>\*</sup> <br>| 867953 | 13027975 |
| Bridgebio Pharma Inc<sup>\*</sup> <br>| 871313 | 45255997 |
| Centessa Pharmacuticals PLC (ADR)<sup>\*,#</sup> <br>| 928608 | 22518744 |
| Crinetics Pharmaceuticals Inc<sup>\*</sup> <br>| 448314 | 18672278 |
| Disc Medicine Inc<sup>\*</sup> <br>| 189362 | 12513041 |
| IDEAYA Biosciences Inc<sup>\*</sup> <br>| 740372 | 20145522 |
| Insmed Inc<sup>\*</sup> <br>| 248171 | 35739106 |
| Janux Therapeutics Inc<sup>\*</sup> <br>| 482601 | 11794768 |
| Madrigal Pharmaceuticals Inc<sup>\*</sup> <br>| 87328 | 40053860 |
| Metsera Inc<sup>\*,#</sup> <br>| 587567 | 30747381 |
| Mirum Pharmaceuticals Inc<sup>\*</sup> <br>| 833382 | 61095234 |
| Neurocrine Biosciences Inc<sup>\*</sup> <br>| 202903 | 28483523 |
| Nuvalent Inc - Class A<sup>\*</sup> <br>| 206762 | 17880778 |
| Revolution Medicines Inc<sup>\*</sup> <br>| 731131 | 34143818 |
| Soleno Therapeutics Inc<sup>\*</sup> <br>| 469808 | 31759021 |
| Travere Therapeutics Inc<sup>\*</sup> <br>| 812473 | 19418105 |
| Vaxcyte Inc<sup>\*</sup> <br>| 723593 | 26063820 |
| Xenon Pharmaceuticals Inc<sup>\*</sup> <br>| 501514 | 20135787 |
|  |  | 670540021 |
| Building Products – 2.4% |  |  |
| Carlisle Cos Inc | 131812 | 43360876 |
| Zurn Water Solutions Corp | 1979344 | 93088548 |
|  |  | 136449424 |
| Capital Markets – 3.7% |  |  |
| Cboe Global Markets Inc | 336356 | 82491309 |
| Hamilton Lane Inc | 188714 | 25436760 |
| LPL Financial Holdings Inc | 304153 | 101188662 |
|  |  | 209116731 |
| Chemicals – 2.1% |  |  |
| Sensient Technologies Corp | 1268044 | 119005929 |
| Commercial Services & Supplies – 4.4% |  |  |
| Brady Corp | 342955 | 26760779 |
| Clean Harbors Inc<sup>\*</sup> <br>| 312839 | 72647473 |
| Driven Brands Holdings Inc<sup>\*</sup> <br>| 1581819 | 25483104 |
| MSA Safety Inc | 146717 | 25245594 |
| Rentokil Initial PLC (ADR) | 3760086 | 94942171 |
|  |  | 245079121 |
| Construction & Engineering – 2.6% |  |  |
| APi Group Corp<sup>\*</sup> <br>| 1834338 | 63046197 |
| Legence Corp - Class A<sup>\*</sup> <br>| 748379 | 23057557 |
| Sterling Construction Co Inc<sup>\*</sup> <br>| 175475 | 59605348 |
|  |  | 145709102 |
| Containers & Packaging – 2.6% |  |  |
| Crown Holdings Inc | 1006465 | 97214454 |
| Silgan Holdings Inc | 1121795 | 48248403 |
|  |  | 145462857 |
| Diversified Consumer Services – 0.8% |  |  |
| Stride Inc<sup>\*</sup> <br>| 291182 | 43368647 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Triton Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares/Principal/*<br> *Contract Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Diversified Financial Services – 4.4% |  |  |
| Euronet Worldwide Inc<sup>\*</sup> <br>| 779815 | $68475555 |
| Shift4 Payments Inc - Class A<sup>\*,#</sup> <br>| 978125 | 75706875 |
| Walker & Dunlop Inc | 681706 | 57004256 |
| WEX Inc<sup>\*</sup> <br>| 275727 | 43435274 |
|  |  | 244621960 |
| Diversified Telecommunication Services – 1.5% |  |  |
| AST SpaceMobile Inc<sup>\*</sup> <br>| 1764382 | 86595869 |
| Electric Utilities – 1.4% |  |  |
| NRG Energy Inc | 502239 | 81337606 |
| Electronic Equipment, Instruments & Components – 10.7% |  |  |
| Flex Ltd<sup>\*</sup> <br>| 2448349 | 141930792 |
| Itron Inc<sup>\*</sup> <br>| 360995 | 44965537 |
| Mirion Technologies Inc<sup>\*</sup> <br>| 5371872 | 124949743 |
| OSI Systems Inc<sup>\*</sup> <br>| 520772 | 129797213 |
| Teledyne Technologies Inc<sup>\*</sup> <br>| 269152 | 157733838 |
|  |  | 599377123 |
| Food & Staples Retailing – 2.3% |  |  |
| Casey's General Stores Inc | 231868 | 131079618 |
| Food Products – 0.8% |  |  |
| Premium Brands Holdings Corp<sup>#</sup> <br>| 647567 | 43489138 |
| Health Care Equipment & Supplies – 5.5% |  |  |
| Glaukos Corp<sup>\*</sup> <br>| 591017 | 48197436 |
| Globus Medical Inc<sup>\*</sup> <br>| 1188916 | 68089219 |
| ICU Medical Inc<sup>\*</sup> <br>| 401167 | 48123993 |
| Inspire Medical Systems Inc<sup>\*</sup> <br>| 221874 | 16463051 |
| Lantheus Holdings Inc<sup>\*</sup> <br>| 975971 | 50057553 |
| Penumbra Inc<sup>\*</sup> <br>| 179990 | 45595067 |
| STERIS PLC | 139847 | 34603742 |
|  |  | 311130061 |
| Health Care Providers & Services – 0.8% |  |  |
| HealthEquity Inc<sup>\*</sup> <br>| 447977 | 42454780 |
| Health Care Technology – 0.9% |  |  |
| Doximity Inc - Class A<sup>\*</sup> <br>| 678222 | 49611939 |
| Hotels, Restaurants & Leisure – 4.0% |  |  |
| Aramark | 2535730 | 97372032 |
| Churchill Downs Inc | 411064 | 39877319 |
| Sportradar Group AG - Class A<sup>\*</sup> <br>| 1593688 | 42870207 |
| Wingstop Inc | 178052 | 44812127 |
|  |  | 224931685 |
| Household Durables – 1.0% |  |  |
| Cavco Industries Inc<sup>\*</sup> <br>| 52131 | 30274036 |
| Dream Finders Homes Inc - Class A<sup>\*</sup> <br>| 914013 | 23691217 |
|  |  | 53965253 |
| Insurance – 1.7% |  |  |
| Axis Capital Holdings Ltd | 751915 | 72033457 |
| Kinsale Capital Group Inc | 51928 | 22082901 |
|  |  | 94116358 |
| Interactive Media & Services – 0.4% |  |  |
| Ziff Davis Inc<sup>\*</sup> <br>| 559131 | 21302891 |
| Life Sciences Tools & Services – 0.3% |  |  |
| Bruker Corp | 529575 | 17205892 |
| OmniAb Inc - 12.5 Earnout<sup>\*</sup> <br>| 340494 | 238244 |
| OmniAb Inc - 15 Earnout<sup>\*</sup> <br>| 340494 | 206339 |
|  |  | 17650475 |
| Machinery – 5.1% |  |  |
| Crane Co | 164901 | 30364870 |
| Donaldson Co Inc | 664768 | 54411261 |
| Gates Industrial Corp PLC<sup>\*</sup> <br>| 2894023 | 71829651 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares/Principal/*<br> *Contract Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Machinery – (continued) |  |  |
| ITT Inc | 474788 | $84873103 |
| SPX Technologies Inc<sup>\*</sup> <br>| 232669 | 43457916 |
|  |  | 284936801 |
| Oil, Gas & Consumable Fuels – 1.2% |  |  |
| Magnolia Oil & Gas Corp | 2791214 | 66626278 |
| Personal Products – 0.7% |  |  |
| BellRing Brands Inc<sup>\*</sup> <br>| 595108 | 21632176 |
| elf Beauty Inc<sup>\*</sup> <br>| 126264 | 16727455 |
|  |  | 38359631 |
| Pharmaceuticals – 3.0% |  |  |
| Edgewise Therapeutics Inc<sup>\*</sup> <br>| 380620 | 6173657 |
| Ligand Pharmaceuticals Inc<sup>\*</sup> <br>| 580973 | 102913557 |
| Structure Therapeutics Inc (ADR)<sup>\*</sup> <br>| 499717 | 13992076 |
| Verona Pharma PLC (ADR)<sup>\*</sup> <br>| 426069 | 45465823 |
|  |  | 168545113 |
| Professional Services – 8.8% |  |  |
| Alight Inc - Class A | 6162423 | 20089499 |
| Broadridge Financial Solutions Inc | 373828 | 89034615 |
| CACI International Inc - Class A<sup>\*</sup> <br>| 114481 | 57100833 |
| CBIZ Inc<sup>\*</sup> <br>| 479144 | 25375466 |
| Ceridian HCM Holding Inc<sup>\*</sup> <br>| 393730 | 27124060 |
| MAXIMUS Inc | 384395 | 35122171 |
| Parsons Corp<sup>\*</sup> <br>| 391851 | 32492285 |
| SS&C Technologies Holdings Inc | 1906112 | 169186502 |
| UL Solutions Inc - Class A | 532492 | 37732383 |
|  |  | 493257814 |
| Real Estate Management & Development – 0.7% |  |  |
| Colliers International Group Inc - Subordinate Voting Shares | 257363 | 40202674 |
| Road & Rail – 1.1% |  |  |
| Saia Inc<sup>\*</sup> <br>| 200190 | 59928878 |
| Semiconductor & Semiconductor Equipment – 2.0% |  |  |
| Entegris Inc | 341710 | 31594507 |
| MACOM Technology Solutions Holdings Inc<sup>\*</sup> <br>| 229695 | 28594730 |
| ON Semiconductor Corp<sup>\*</sup> <br>| 1104902 | 54482718 |
|  |  | 114671955 |
| Software – 5.8% |  |  |
| Alkami Technology Inc<sup>\*</sup> <br>| 1198292 | 29765573 |
| Blackbaud Inc<sup>\*</sup> <br>| 828575 | 53285658 |
| Clearwater Analytics Holdings Inc - Class A<sup>\*</sup> <br>| 1499531 | 27021549 |
| Consensus Cloud Solutions Inc<sup>\*,</sup><sup>£</sup> <br>| 1335455 | 39222313 |
| Dynatrace Inc<sup>\*</sup> <br>| 1550324 | 75113198 |
| Klaviyo Inc - Class A<sup>\*</sup> <br>| 656440 | 18176824 |
| Nice Ltd (ADR)<sup>\*</sup> <br>| 186788 | 27043167 |
| Pagerduty Inc<sup>\*</sup> <br>| 1333140 | 22023473 |
| Procore Technologies Inc<sup>\*</sup> <br>| 466309 | 34003252 |
|  |  | 325655007 |
| Specialized Real Estate Investment Trusts (REITs) – 1.0% |  |  |
| Lamar Advertising Co | 447994 | 54843425 |
| Textiles, Apparel & Luxury Goods – 1.7% |  |  |
| Gildan Activewear Inc | 1268238 | 73304156 |
| On Holding AG - Class A<sup>\*</sup> <br>| 538491 | 22805094 |
|  |  | 96109250 |
| Trading Companies & Distributors – 0.5% |  |  |
| SiteOne Landscape Supply Inc<sup>\*</sup> <br>| 219995 | 28335356 |
| Total Common Stocks (cost $3,180,314,485) |  | 5572026494 |
| Private Placements – 0.6% |  |  |
| Health Care Technology – 0.3% |  |  |
| Kardium Inc - Series 8 Class D Preferred shares<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 16649170 | 15394322 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Triton Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares/Principal/*<br> *Contract Amounts*<br>| *Value* |
| Private Placements – (continued) |  |  |
| Professional Services – 0% |  |  |
| IntelyCare Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 1023958 | $2324384 |
| Software – 0.3% |  |  |
| Loadsmart Inc - Series A<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 377303 | 4614416 |
| Loadsmart Inc - Series D<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 1075313 | 13151078 |
|  |  | 17765494 |
| Total Private Placements (cost $64,532,980) |  | 35484200 |
| Investment Companies – 0.2% |  |  |
| Money Markets – 0.2% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº,</sup><sup>£</sup> (cost $11,453,320) | 11451029 | 11453320 |
| Investments Purchased with Cash Collateral from Securities Lending – 1.4% |  |  |
| Investment Companies – 1.1% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº,</sup><sup>£</sup> <br>| 60259474 | 60259474 |
| Time Deposits – 0.3% |  |  |
| Royal Bank of Canada, 4.0800%, 10/1/25 | $15064868 | 15064868 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $75,324,342) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $75,324,342) | 75324342 |
| OTC Purchased Options – Calls – 0%<br> Counterparty/Reference Asset |  |  |
| Morgan Stanley & Co International PLC: |  |  |
| Travere Therapeutics Inc, <br>Notional amount $8,436,700, premiums paid $1,475,540, unrealized <br> appreciation $547,237, exercise price $22.50, expires 3/20/26<sup>\*</sup> <br>| 3530 | 2022777 |
| Total Investments (total cost $3,333,100,667) – 101.5% |  | 5696311133 |
| Liabilities, net of Cash, Receivables and Other Assets – (1.5)% |  | (83737862) |
| Net Assets – 100% |  | $5612573271 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $5230834478 | &nbsp;&nbsp;&nbsp;&nbsp; 91.8<br> %<br>|
| Canada | 172390290 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| United Kingdom | 140407994 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Switzerland | 65675301 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Denmark | 59959903 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Israel | 27043167 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Total | $5696311133 | &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>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Common Stocks - 0.7% | Common Stocks - 0.7% | Common Stocks - 0.7% | Common Stocks - 0.7% | Common Stocks - 0.7% | Common Stocks - 0.7% | Common Stocks - 0.7% | Common Stocks - 0.7% | Common Stocks - 0.7% |
| Software - 0.7% | Software - 0.7% | Software - 0.7% | Software - 0.7% | Software - 0.7% | Software - 0.7% | Software - 0.7% | Software - 0.7% | Software - 0.7% |
| Consensus Cloud Solutions Inc<sup>\*</sup>  | Consensus Cloud Solutions Inc<sup>\*</sup>  | Consensus Cloud Solutions Inc<sup>\*</sup>  | Consensus Cloud Solutions Inc<sup>\*</sup>  | Consensus Cloud Solutions Inc<sup>\*</sup>  | Consensus Cloud Solutions Inc<sup>\*</sup>  | Consensus Cloud Solutions Inc<sup>\*</sup>  | Consensus Cloud Solutions Inc<sup>\*</sup>  | Consensus Cloud Solutions Inc<sup>\*</sup>  |
|  | $33167561 | $644042 | $(2506008) | $(1461605) | $9378323 | $39222313 | 1335455 | $- |
| 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% |
| Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | 48564162 | 1049569004 | (1086680197) | (1541) | 1892 | 11453320 | 11451029 | 2328465 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliate* | *Affiliated*<br> *Investments,*<br> *at Value at*<br> *9/30/24*<br>| *Purchases* | *Sales*<br> *Proceeds*<br>| *Realized*<br> *Gain/(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation/*<br> *Depreciation*<br>| *Affiliated*<br> *Investments,*<br> *at Value at*<br> *9/30/25*<br>| *Ending*<br> *Shares*<br>| *Dividend*<br> *Income*<br>|
| 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, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  |
|  | $46752811 | $703344941 | $(689838278) | $- | $- | $60259474 | 60259474 | $449236 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 2.0% | Total Affiliated Investments - 2.0% | Total Affiliated Investments - 2.0% | Total Affiliated Investments - 2.0% | Total Affiliated Investments - 2.0% | Total Affiliated Investments - 2.0% | Total Affiliated Investments - 2.0% | Total Affiliated Investments - 2.0% | Total Affiliated Investments - 2.0% |
|  | $128484534 | $1753557987 | $(1779024483) | $(1463146) | $9380215 | $110935107 | 73045958 | $2777701 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***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>|
| Bank of America, National Association: | Bank of America, National Association: | Bank of America, National Association: | Bank of America, National Association: | Bank of America, National Association: |
| British Pound | 12/11/25 | &nbsp;&nbsp; 57287000 | &nbsp;&nbsp; $(77544256) | &nbsp;&nbsp; $(503252) |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (8258000) | &nbsp;&nbsp; 5995658 | &nbsp;&nbsp; 40913 |
|  |  |  |  | &nbsp;&nbsp; (462339) |
| Barclays Capital Inc: | Barclays Capital Inc: | Barclays Capital Inc: | Barclays Capital Inc: | Barclays Capital Inc: |
| British Pound | 12/11/25 | &nbsp;&nbsp; (24877000) | &nbsp;&nbsp; 33671209 | &nbsp;&nbsp; 215991 |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; 3241000 | &nbsp;&nbsp; (2338103) | &nbsp;&nbsp; (1057) |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (39733000) | &nbsp;&nbsp; 28842298 | &nbsp;&nbsp; 191305 |
|  |  |  |  | &nbsp;&nbsp; 406239 |
| BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (1542000) | &nbsp;&nbsp; 1119440 | &nbsp;&nbsp; 7522 |
| Citibank, National Association: | Citibank, National Association: | Citibank, National Association: | Citibank, National Association: | Citibank, National Association: |
| British Pound | 12/11/25 | &nbsp;&nbsp; (63812000) | &nbsp;&nbsp; 86340731 | &nbsp;&nbsp; 524741 |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; 53564000 | &nbsp;&nbsp; (38881905) | &nbsp;&nbsp; (257542) |
|  |  |  |  | &nbsp;&nbsp; 267199 |
| Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: |
| British Pound | 12/11/25 | &nbsp;&nbsp; (17286000) | &nbsp;&nbsp; 23399782 | &nbsp;&nbsp; 153132 |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; 6046000 | &nbsp;&nbsp; (4388671) | &nbsp;&nbsp; (28972) |
|  |  |  |  | &nbsp;&nbsp; 124160 |
| HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: |
| British Pound | 12/11/25 | &nbsp;&nbsp; 1049000 | &nbsp;&nbsp; (1420003) | &nbsp;&nbsp; (9281) |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (45721000) | &nbsp;&nbsp; 33187964 | &nbsp;&nbsp; 219095 |
|  |  |  |  | &nbsp;&nbsp; 209814 |
| JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: |
| British Pound | 12/11/25 | &nbsp;&nbsp; 11155000 | &nbsp;&nbsp; (15098923) | &nbsp;&nbsp; (97397) |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (21143000) | &nbsp;&nbsp; 15352621 | &nbsp;&nbsp; 106655 |
|  |  |  |  | &nbsp;&nbsp; 9258 |
| 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: |
| British Pound | 12/11/25 | &nbsp;&nbsp; 13277000 | &nbsp;&nbsp; (17989967) | &nbsp;&nbsp; (134721) |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (40634000) | &nbsp;&nbsp; 29507192 | &nbsp;&nbsp; 206498 |
|  |  |  |  | &nbsp;&nbsp; 71777 |
| State Street Bank and Trust Company: | State Street Bank and Trust Company: | State Street Bank and Trust Company: | State Street Bank and Trust Company: | State Street Bank and Trust Company: |
| British Pound | 12/11/25 | &nbsp;&nbsp; (73711666) | &nbsp;&nbsp; 99759747 | &nbsp;&nbsp; 630437 |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; 7209000 | &nbsp;&nbsp; (5231882) | &nbsp;&nbsp; (33558) |
|  |  |  |  | &nbsp;&nbsp; 596879 |
| Total |  |  |  | &nbsp;&nbsp; $1230509 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Triton Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** |
| *Counterparty/* <br>*Reference Asset*<br>| *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Exercise* <br>*Price*<br>|  | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount*<br>| &nbsp;&nbsp; *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>| &nbsp;&nbsp; *Options* <br>*Written,* <br>*at Value*<br>|
| *Written Call Options:* | *Written Call Options:* | *Written Call Options:* | *Written Call Options:* |  |  |  |  |  |
| *Morgan Stanley & Co International PLC:* | *Morgan Stanley & Co International PLC:* | *Morgan Stanley & Co International PLC:* | *Morgan Stanley & Co International PLC:* |  |  |  |  |  |
| Ast Spacemobile Inc | 6100 | &nbsp;&nbsp;&nbsp;&nbsp;55.00 | USD | &nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp; $(29938800) | &nbsp;&nbsp; $3445280 | &nbsp;&nbsp; $(1472159) | &nbsp;&nbsp; $(4917439) |
| *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* |  |  |  |  |  |
| Ast Spacemobile Inc | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;60.00 | USD | &nbsp;&nbsp; 6/18/26 | &nbsp;&nbsp; (15705600) | &nbsp;&nbsp; 2457690 | &nbsp;&nbsp; (1397273) | &nbsp;&nbsp; (3854963) |
| Total OTC Written Options | Total OTC Written Options |  |  |  |  | &nbsp;&nbsp; $5902970 | &nbsp;&nbsp; $(2869432) | &nbsp;&nbsp; $(8772402) |

---

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 September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2025** |
|  | *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Equity* <br>*Contracts*<br>| *Total* |
| *Asset Derivatives:* |  |  |  |
| Purchased OTC options, at value | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2022777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2022777 |
| Forward foreign currency exchange contracts | 2296289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2296289 |
| Total Asset Derivatives | $2296289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2022777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4319066 |
| *Liability Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $1065780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1065780 |
| OTC options written, at value | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8772402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8772402 |
| Total Liability Derivatives | $1065780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8772402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9838182 |

---

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement

of Operations for the year ended September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 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* | *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Equity* <br>*Contracts*<br>| *Total* |
| Forward foreign currency exchange contracts | $(3233622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3233622) |
| Written options contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4159501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4159501 |
| Total | $(3233622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4159501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $925879 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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; *Equity* <br>*Contracts*<br>| *Total* |
| Purchased options contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $547237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $547237 |
| Forward foreign currency exchange contracts | 7440530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7440530 |
| Written options contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4327177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4327177) |
| Total | $7440530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3779940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3660590 |

---

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.

6 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2025** |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased - in USD | $189354610 |
| Average amounts sold - in USD | 393086759 |
| Options: |  |
| Average value of option contracts purchased | 1252349 |
| Average value of option contracts written | 3676064 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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* |
| Bank of America, National Association | $40913 | &nbsp;&nbsp; $(40913) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Capital Inc | 407296 | &nbsp;&nbsp; (1057) | &nbsp;&nbsp; — | &nbsp;&nbsp; 406239 |
| BNP Paribas | 7522 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7522 |
| Citibank, National Association | 524741 | &nbsp;&nbsp; (257542) | &nbsp;&nbsp; — | &nbsp;&nbsp; 267199 |
| Goldman Sachs & Co LLC | 153132 | &nbsp;&nbsp; (153132) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Securities (USA) Inc | 219095 | &nbsp;&nbsp; (9281) | &nbsp;&nbsp; — | &nbsp;&nbsp; 209814 |
| JPMorgan Chase Bank, National Association | 72707459 | &nbsp;&nbsp; (97397) | &nbsp;&nbsp; (72600804) | &nbsp;&nbsp; 9258 |
| Morgan Stanley & Co International PLC | 2229275 | &nbsp;&nbsp; (2229275) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank and Trust Company | 630437 | &nbsp;&nbsp; (33558) | &nbsp;&nbsp; — | &nbsp;&nbsp; 596879 |
| Total | $76919870 | &nbsp;&nbsp; $(2822155) | &nbsp;&nbsp; $(72600804) | &nbsp;&nbsp; $1496911 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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* |
| Bank of America, National Association | $503252 | &nbsp;&nbsp; $(40913) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $462339 |
| Barclays Capital Inc | 1057 | &nbsp;&nbsp; (1057) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank, National Association | 257542 | &nbsp;&nbsp; (257542) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co LLC | 3883935 | &nbsp;&nbsp; (153132) | &nbsp;&nbsp; (3730803) | &nbsp;&nbsp; — |
| HSBC Securities (USA) Inc | 9281 | &nbsp;&nbsp; (9281) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank, National Association | 97397 | &nbsp;&nbsp; (97397) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co International PLC | 5052160 | &nbsp;&nbsp; (2229275) | &nbsp;&nbsp; (2822885) | &nbsp;&nbsp; — |
| State Street Bank and Trust Company | 33558 | &nbsp;&nbsp; (33558) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | $9838182 | &nbsp;&nbsp; $(2822155) | &nbsp;&nbsp; $(6553688) | &nbsp;&nbsp; $462339 |

---

&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 Triton Fund**

**Notes to Schedule of Investments and Other Information** 

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| LLC | Limited Liability Company |
| OTC | Over-the-Counter |
| PLC | Public Limited Company |

---

---

| |
|:---|
| Non-income producing security. |
| Rate shown is the 7-day yield as of September 30, 2025. |
| Loaned security; a portion of the security is on loan at September 30, 2025. |
| &nbsp;&nbsp; Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the year ended September 30, 2025 is <br> $35,484,200, which represents 0.6% 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. |
| Schedule of Restricted Securities (as of September 30, 2025) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Acquisition* <br>*Date*<br>| *Cost* | *Value* | &nbsp;&nbsp; *Value as a* <br>*% of Net* <br>*Assets*<br>|
| IntelyCare Inc | 3/29/22 | &nbsp;&nbsp; $25081954 | $2324384 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %<br>|
| Kardium Inc - Series 8 Class D Preferred shares | 6/6/25 | &nbsp;&nbsp; 10776009 | 15394322 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Loadsmart Inc - Series A | 1/4/22 | &nbsp;&nbsp; 7168757 | 4614416 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Loadsmart Inc - Series D | 1/4/22 | &nbsp;&nbsp; 21506260 | 13151078 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Total |  | &nbsp;&nbsp; $64532980 | $35484200 | &nbsp;&nbsp; 0.6% |

---

The Fund has registration rights for certain restricted securities held as of September 30, 2025. The issuer incurs all registration costs.

8 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Notes to Schedule of Investments and Other Information** 

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

instruments as of September 30, 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* |  |  |  |
| Life Sciences Tools & Services | $17205892 | &nbsp;&nbsp; $444583 | &nbsp;&nbsp; $- |
| All Other | 5554376019 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Private Placements* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 35484200 |
| *Investment Companies* | - | &nbsp;&nbsp; 11453320 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 75324342 | &nbsp;&nbsp; - |
| *OTC Purchased Options – Calls* | - | &nbsp;&nbsp; 2022777 | &nbsp;&nbsp; - |
| Total Investments in Securities | $5571581911 | &nbsp;&nbsp; $89245022 | &nbsp;&nbsp; $35484200 |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | - | &nbsp;&nbsp; 2296289 | &nbsp;&nbsp; - |
| **Total Assets** | $5571581911 | &nbsp;&nbsp; $91541311 | &nbsp;&nbsp; $35484200 |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | $- | &nbsp;&nbsp; $1065780 | &nbsp;&nbsp; $- |
| *OTC Options Written, at Value* | - | &nbsp;&nbsp; 8772402 | &nbsp;&nbsp; - |
| **Total Liabilities** | $- | &nbsp;&nbsp; $9838182 | &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 Triton Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $3,219,476,825)<sup>(1)</sup> <br>| $5583353249 |
| Affiliated investments, at value (cost $112,148,302) | 110935107 |
| Purchased options, at value (premiums paid $1,475,540) | 2022777 |
| Deposits with brokers for OTC derivatives | 7020000 |
| Forward foreign currency exchange contracts | 2296289 |
| Trustees' deferred compensation | 161090 |
| Receivables: |  |
| Fund shares sold | 1416400 |
| Dividends | 1269481 |
| Foreign tax reclaims | 201263 |
| Dividends from affiliates | 112917 |
| Other assets | 1694919 |
| Total Assets | 5710483492 |
| Liabilities: |  |
| Due to custodian | 2354 |
| Collateral for securities loaned (Note 3) | 75324342 |
| Forward foreign currency exchange contracts | 1065780 |
| OTC options written, at value (premiums received $5,902,970) | 8772402 |
| Payables: |  |
| Fund shares repurchased | 8472103 |
| Advisory fees | 2975694 |
| Transfer agent fees and expenses | 570302 |
| 12b-1 Distribution and shareholder servicing fees | 164173 |
| Trustees' deferred compensation fees | 161090 |
| Professional fees | 87006 |
| Trustees' fees and expenses | 28440 |
| Affiliated fund administration fees payable | 11624 |
| Custodian fees | 384 |
| Accrued expenses and other payables | 274527 |
| Total Liabilities | 97910221 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $5612573271 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

10 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $2817028670 |
| Total distributable earnings (loss) | 2795544601 |
| Total Net Assets | $5612573271 |
| Net Assets - Class A Shares | $228373336 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 8752799 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $26.09 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $27.68 |
| Net Assets - Class C Shares | $8337663 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 387220 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $21.53 |
| Net Assets - Class D Shares | $874788768 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 31255853 |
| Net Asset Value Per Share | $27.99 |
| Net Assets - Class I Shares | $667898912 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 23532926 |
| Net Asset Value Per Share | $28.38 |
| Net Assets - Class N Shares | $2270150881 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 78711785 |
| Net Asset Value Per Share | $28.84 |
| Net Assets - Class R Shares | $172817154 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 7179022 |
| Net Asset Value Per Share | $24.07 |
| Net Assets - Class S Shares | $189268709 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 7402754 |
| Net Asset Value Per Share | $25.57 |
| Net Assets - Class T Shares | $1200937848 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 43924471 |
| Net Asset Value Per Share | $27.34 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $72,600,804 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 100/94.25 of net asset value.

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Triton Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $35351305 |
| Dividends from affiliates | 2328465 |
| Affiliated securities lending income, net | 449236 |
| Unaffiliated securities lending income, net | 117010 |
| Other income | 24325 |
| Foreign tax withheld | (785687) |
| Total Investment Income | 37484654 |
| Expenses: |  |
| Advisory fees | 38200561 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 597156 |
| Class C Shares | 86706 |
| Class R Shares | 890821 |
| Class S Shares | 498559 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 977813 |
| Class R Shares | 449013 |
| Class S Shares | 499248 |
| Class T Shares | 3340971 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 937187 |
| Class C Shares | 6008 |
| Class I Shares | 875214 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 12728 |
| Class C Shares | 456 |
| Class D Shares | 91372 |
| Class I Shares | 25299 |
| Class N Shares | 103946 |
| Class R Shares | 3067 |
| Class S Shares | 2569 |
| Class T Shares | 11414 |
| Shareholder reports expense | 273797 |
| Registration fees | 187597 |
| Affiliated fund administration fees | 176668 |
| Custodian fees | 138108 |
| Trustees' fees and expenses | 110977 |
| Professional fees | 89349 |
| Other expenses | 467171 |
| Total Expenses | 49053775 |
| Less: Excess Expense Reimbursement and Waivers | (542315) |
| Net Expenses | 48511460 |
| Net Investment Income/(Loss) | (11026806) |

---

See Notes to Financial Statements.

12 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions <sup>(1)</sup> <br>| $517899139 |
| Investments in affiliates | (1463146) |
| Forward foreign currency exchange contracts | (3233622) |
| Written options contracts | 4159501 |
| Total Net Realized Gain/(Loss) on Investments | 517361872 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (346923852) |
| Investments in affiliates | 9380215 |
| Purchased options contracts | 547237 |
| Forward foreign currency exchange contracts | 7440530 |
| Written options contracts | (4327177) |
| Total Change in Unrealized Net Appreciation/Depreciation | (333883047) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $172452019 |

---

<sup>(1)</sup> Includes $22,651,040 of realized gains and losses resulting from a redemption-in-kind during the year ended September 30, 2025.

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Triton Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*September 30, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $(11026806) | &nbsp;&nbsp; $(9520558) |
| Net realized gain/(loss) on investments | 517361872 | &nbsp;&nbsp; 544815179 |
| Change in unrealized net appreciation/depreciation | (333883047) | &nbsp;&nbsp; 839788914 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 172452019 | &nbsp;&nbsp; 1375083535 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (18936256) | &nbsp;&nbsp; (19456859) |
| Class C Shares | (941162) | &nbsp;&nbsp; (997790) |
| Class D Shares | (65672106) | &nbsp;&nbsp; (63809900) |
| Class I Shares | (62330231) | &nbsp;&nbsp; (66697940) |
| Class N Shares | (168090876) | &nbsp;&nbsp; (168010363) |
| Class R Shares | (14987575) | &nbsp;&nbsp; (15324147) |
| Class S Shares | (16264522) | &nbsp;&nbsp; (17173162) |
| Class T Shares | (104456341) | &nbsp;&nbsp; (108167774) |
| Net Decrease from Dividends and Distributions to Shareholders | (451679069) | &nbsp;&nbsp; (459637935) |
| Capital Share Transactions: |  |  |
| Class A Shares | (21697914) | &nbsp;&nbsp; (37223871) |
| Class C Shares | (1845178) | &nbsp;&nbsp; (1823936) |
| Class D Shares | (43192909) | &nbsp;&nbsp; (64368938) |
| Class I Shares | (237907816) | &nbsp;&nbsp; (142488900) |
| Class N Shares | (165422595) | &nbsp;&nbsp; (233305805) |
| Class R Shares | (17828436) | &nbsp;&nbsp; (11986814) |
| Class S Shares | (22981171) | &nbsp;&nbsp; (32129572) |
| Class T Shares | (258234026) | &nbsp;&nbsp; (172503256) |
| Net Increase/(Decrease) from Capital Share Transactions | (769110045) | &nbsp;&nbsp; (695831092) |
| Net Increase/(Decrease) in Net Assets | (1048337095) | &nbsp;&nbsp; 219614508 |
| Net Assets: |  |  |
| Beginning of period | 6660910366 | &nbsp;&nbsp; 6441295858 |
| End of period | $5612573271 | &nbsp;&nbsp; $6660910366 |

---

See Notes to Financial Statements.

14 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $27.25 | &nbsp;&nbsp; $23.95 | &nbsp;&nbsp; $23.01 | &nbsp;&nbsp; $38.38 | &nbsp;&nbsp; $30.01 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.12) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.26) |
| Net realized and unrealized gain/(loss) | 0.98 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp; (8.25) | &nbsp;&nbsp;&nbsp;&nbsp;10.22 |
| Total from Investment Operations | 0.86 | &nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp; (8.44) | &nbsp;&nbsp;&nbsp;&nbsp;9.96 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Total Dividends and Distributions | (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Net Asset Value, End of Period | $26.09 | &nbsp;&nbsp; $27.25 | &nbsp;&nbsp; $23.95 | &nbsp;&nbsp; $23.01 | &nbsp;&nbsp; $38.38 |
| Total Return<sup>\*</sup> <br>| 3.04% | &nbsp;&nbsp; 23.06% | &nbsp;&nbsp; 11.02% | &nbsp;&nbsp; (26.63)% | &nbsp;&nbsp; 33.41% |
| Net Assets, End of Period (in thousands) | $228373 | &nbsp;&nbsp; $262815 | &nbsp;&nbsp; $265744 | &nbsp;&nbsp; $277727 | &nbsp;&nbsp; $467269 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.31% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.29% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.12% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.10% |
| Ratio of Net Investment Income/(Loss) | (0.49)% | &nbsp;&nbsp; (0.44)% | &nbsp;&nbsp; (0.38)% | &nbsp;&nbsp; (0.65)% | &nbsp;&nbsp; (0.69)% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 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. Returns shown exclude any applicable sales charges. 

(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 Triton Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $22.95 | &nbsp;&nbsp; $20.56 | &nbsp;&nbsp; $20.05 | &nbsp;&nbsp; $34.49 | &nbsp;&nbsp; $27.23 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.22) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.42) |
| Net realized and unrealized gain/(loss) | 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp; (7.20) | &nbsp;&nbsp;&nbsp;&nbsp;9.27 |
| Total from Investment Operations | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp; (7.51) | &nbsp;&nbsp;&nbsp;&nbsp;8.85 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Total Dividends and Distributions | (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Net Asset Value, End of Period | $21.53 | &nbsp;&nbsp; $22.95 | &nbsp;&nbsp; $20.56 | &nbsp;&nbsp; $20.05 | &nbsp;&nbsp; $34.49 |
| Total Return<sup>\*</sup> <br>| 2.44% | &nbsp;&nbsp; 22.39% | &nbsp;&nbsp; 10.47% | &nbsp;&nbsp; (26.99)% | &nbsp;&nbsp; 32.72% |
| Net Assets, End of Period (in thousands) | $8338 | &nbsp;&nbsp; $10995 | &nbsp;&nbsp; $11573 | &nbsp;&nbsp; $18940 | &nbsp;&nbsp; $49738 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.68% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.65% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.68% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.65% |
| Ratio of Net Investment Income/(Loss) | (1.06)% | &nbsp;&nbsp; (1.02)% | &nbsp;&nbsp; (0.86)% | &nbsp;&nbsp; (1.15)% | &nbsp;&nbsp; (1.25)% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 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. Returns shown exclude any applicable sales charges. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

16 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $29.00 | &nbsp;&nbsp; $25.30 | &nbsp;&nbsp; $24.15 | &nbsp;&nbsp; $39.82 | &nbsp;&nbsp; $30.99 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.04) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.14) |
| Net realized and unrealized gain/(loss) | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp; (8.64) | &nbsp;&nbsp;&nbsp;&nbsp;10.56 |
| Total from Investment Operations | 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp; (8.74) | &nbsp;&nbsp;&nbsp;&nbsp;10.42 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Total Dividends and Distributions | (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Net Asset Value, End of Period | $27.99 | &nbsp;&nbsp; $29.00 | &nbsp;&nbsp; $25.30 | &nbsp;&nbsp; $24.15 | &nbsp;&nbsp; $39.82 |
| Total Return<sup>\*</sup> <br>| 3.39% | &nbsp;&nbsp; 23.44% | &nbsp;&nbsp; 11.39% | &nbsp;&nbsp; (26.39)% | &nbsp;&nbsp; 33.85% |
| Net Assets, End of Period (in thousands) | $874789 | &nbsp;&nbsp; $956214 | &nbsp;&nbsp; $890168 | &nbsp;&nbsp; $864531 | &nbsp;&nbsp; $1289904 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% |
| Ratio of Net Investment Income/(Loss) | (0.16)% | &nbsp;&nbsp; (0.13)% | &nbsp;&nbsp; (0.06)% | &nbsp;&nbsp; (0.32)% | &nbsp;&nbsp; (0.37)% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 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. 

(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 Triton Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $29.38 | &nbsp;&nbsp; $25.60 | &nbsp;&nbsp; $24.41 | &nbsp;&nbsp; $40.17 | &nbsp;&nbsp; $31.24 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.04) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.13) |
| Net realized and unrealized gain/(loss) | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp; (8.74) | &nbsp;&nbsp;&nbsp;&nbsp;10.65 |
| Total from Investment Operations | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp; (8.83) | &nbsp;&nbsp;&nbsp;&nbsp;10.52 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Total Dividends and Distributions | (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Net Asset Value, End of Period | $28.38 | &nbsp;&nbsp; $29.38 | &nbsp;&nbsp; $25.60 | &nbsp;&nbsp; $24.41 | &nbsp;&nbsp; $40.17 |
| Total Return<sup>\*</sup> <br>| 3.38% | &nbsp;&nbsp; 23.48% | &nbsp;&nbsp; 11.43% | &nbsp;&nbsp; (26.38)% | &nbsp;&nbsp; 33.90% |
| Net Assets, End of Period (in thousands) | $667899 | &nbsp;&nbsp; $945249 | &nbsp;&nbsp; $957122 | &nbsp;&nbsp; $1154792 | &nbsp;&nbsp; $2082427 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Investment Income/(Loss) | (0.15)% | &nbsp;&nbsp; (0.11)% | &nbsp;&nbsp; (0.04)% | &nbsp;&nbsp; (0.30)% | &nbsp;&nbsp; (0.34)% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

18 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $29.79 | &nbsp;&nbsp; $25.90 | &nbsp;&nbsp; $24.66 | &nbsp;&nbsp; $40.48 | &nbsp;&nbsp; $31.44 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.01) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.10) |
| Net realized and unrealized gain/(loss) | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp; (8.83) | &nbsp;&nbsp;&nbsp;&nbsp;10.73 |
| Total from Investment Operations | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp; (8.89) | &nbsp;&nbsp;&nbsp;&nbsp;10.63 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Total Dividends and Distributions | (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Net Asset Value, End of Period | $28.84 | &nbsp;&nbsp; $29.79 | &nbsp;&nbsp; $25.90 | &nbsp;&nbsp; $24.66 | &nbsp;&nbsp; $40.48 |
| Total Return<sup>\*</sup> <br>| 3.51% | &nbsp;&nbsp; 23.63% | &nbsp;&nbsp; 11.52% | &nbsp;&nbsp; (26.32)% | &nbsp;&nbsp; 34.04% |
| Net Assets, End of Period (in thousands) | $2270151 | &nbsp;&nbsp; $2532656 | &nbsp;&nbsp; $2408276 | &nbsp;&nbsp; $2485743 | &nbsp;&nbsp; $4412467 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% |
| Ratio of Net Investment Income/(Loss) | (0.04)% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; (0.20)% | &nbsp;&nbsp; (0.25)% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than 0.005%.

See Notes to Financial Statements.

Janus Investment Fund \| 19

------

**Janus Henderson Triton Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $25.36 | &nbsp;&nbsp; $22.48 | &nbsp;&nbsp; $21.74 | &nbsp;&nbsp; $36.75 | &nbsp;&nbsp; $28.86 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.18) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.35) |
| Net realized and unrealized gain/(loss) | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp; (7.82) | &nbsp;&nbsp;&nbsp;&nbsp;9.83 |
| Total from Investment Operations | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp; (8.08) | &nbsp;&nbsp;&nbsp;&nbsp;9.48 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Total Dividends and Distributions | (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Net Asset Value, End of Period | $24.07 | &nbsp;&nbsp; $25.36 | &nbsp;&nbsp; $22.48 | &nbsp;&nbsp; $21.74 | &nbsp;&nbsp; $36.75 |
| Total Return<sup>\*</sup> <br>| 2.73% | &nbsp;&nbsp; 22.68% | &nbsp;&nbsp; 10.73% | &nbsp;&nbsp; (26.87)% | &nbsp;&nbsp; 33.06% |
| Net Assets, End of Period (in thousands) | $172817 | &nbsp;&nbsp; $200900 | &nbsp;&nbsp; $188079 | &nbsp;&nbsp; $188832 | &nbsp;&nbsp; $293567 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.40% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.40% |
| Ratio of Net Investment Income/(Loss) | (0.78)% | &nbsp;&nbsp; (0.74)% | &nbsp;&nbsp; (0.67)% | &nbsp;&nbsp; (0.94)% | &nbsp;&nbsp; (0.99)% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

20 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $26.75 | &nbsp;&nbsp; $23.56 | &nbsp;&nbsp; $22.67 | &nbsp;&nbsp; $37.93 | &nbsp;&nbsp; $29.68 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.13) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.28) |
| Net realized and unrealized gain/(loss) | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp; (8.12) | &nbsp;&nbsp;&nbsp;&nbsp;10.12 |
| Total from Investment Operations | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp; (8.33) | &nbsp;&nbsp;&nbsp;&nbsp;9.84 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Total Dividends and Distributions | (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Net Asset Value, End of Period | $25.57 | &nbsp;&nbsp; $26.75 | &nbsp;&nbsp; $23.56 | &nbsp;&nbsp; $22.67 | &nbsp;&nbsp; $37.93 |
| Total Return<sup>\*</sup> <br>| 3.02% | &nbsp;&nbsp; 22.97% | &nbsp;&nbsp; 10.97% | &nbsp;&nbsp; (26.66)% | &nbsp;&nbsp; 33.37% |
| Net Assets, End of Period (in thousands) | $189269 | &nbsp;&nbsp; $223164 | &nbsp;&nbsp; $225745 | &nbsp;&nbsp; $234961 | &nbsp;&nbsp; $452832 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% |
| Ratio of Net Investment Income/(Loss) | (0.54)% | &nbsp;&nbsp; (0.50)% | &nbsp;&nbsp; (0.42)% | &nbsp;&nbsp; (0.69)% | &nbsp;&nbsp; (0.75)% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 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. 

(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 Triton Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $28.41 | &nbsp;&nbsp; $24.84 | &nbsp;&nbsp; $23.76 | &nbsp;&nbsp; $39.34 | &nbsp;&nbsp; $30.67 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.07) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.19) |
| Net realized and unrealized gain/(loss) | 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp; (8.52) | &nbsp;&nbsp;&nbsp;&nbsp;10.45 |
| Total from Investment Operations | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;5.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp;&nbsp;&nbsp;10.26 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Total Dividends and Distributions | (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Net Asset Value, End of Period | $27.34 | &nbsp;&nbsp; $28.41 | &nbsp;&nbsp; $24.84 | &nbsp;&nbsp; $23.76 | &nbsp;&nbsp; $39.34 |
| Total Return<sup>\*</sup> <br>| 3.24% | &nbsp;&nbsp; 23.34% | &nbsp;&nbsp; 11.27% | &nbsp;&nbsp; (26.50)% | &nbsp;&nbsp; 33.67% |
| Net Assets, End of Period (in thousands) | $1200938 | &nbsp;&nbsp; $1528917 | &nbsp;&nbsp; $1494589 | &nbsp;&nbsp; $1592889 | &nbsp;&nbsp; $2670126 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.91% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Investment Income/(Loss) | (0.28)% | &nbsp;&nbsp; (0.24)% | &nbsp;&nbsp; (0.16)% | &nbsp;&nbsp; (0.44)% | &nbsp;&nbsp; (0.49)% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

22 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements** 

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

**1. Organization and Significant Accounting Policies**

Janus Henderson Triton 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. Effective July 18, 2022, the Fund reopened to all new investors.

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, employer-sponsored retirement plans, and bank trust platforms.

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.

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

Janus Investment Fund \| 23

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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.

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.

24 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements** 

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

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

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

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

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

Schedule of Investments and Other Information.

The Fund's management has determined the Fund did not hold a significant amount of Level 3 securities as of

September 30, 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. 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 \| 25

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements** 

**Foreign Currency Translations**

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

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

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

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

could result in additional tax, interest, or penalties to be paid by the Fund.

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

income tax purposes.

**Federal Income Taxes**

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

in the next twelve months.

**2. Derivative Instruments**

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the year ended September 30, 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

26 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements** 

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 \| 27

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements** 

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 year, 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 year, 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.

**Options Contracts** 

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

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

pursuing its investment objective through its investments in options contracts.

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

cover the Fund's exposure to the counterparty.

The Fund may purchase put options to hedge against a decline in the value of its portfolio. By using put options in this way, the Fund will reduce any profit it might otherwise have realized in the underlying security by the amount of the premium paid for the put option and by transaction costs. The Fund may purchase call options to hedge against an increase in the price of securities that it may buy in the future. The premium paid for the call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the

28 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements** 

underlying security rises sufficiently, the option may expire worthless to the Fund. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Options purchased are reported in the Schedule of

Investments (if applicable).

During the year, the Fund purchased call options on various equity securities for the purpose of increasing exposure to

individual equity risk.

In writing an option, the Fund bears the risk of an unfavorable change in the price of the security underlying the written option. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options written are reported as a liability on the Statement of Assets and Liabilities as "Options written, at value" (if applicable). The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the options are exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the security decreases and the options are exercised. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Exercise of an option written by the Fund could result in the Fund buying or selling a security at a price

different from the current market value.

During the year, the Fund wrote call options on various equity securities for the purpose of decreasing exposure to

individual equity risk and/or generating income.

**3. 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, war, 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.* Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. 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.

**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.

**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

Janus Investment Fund \| 29

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements** 

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 delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

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

30 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements** 

As of September 30, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $72,600,804. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2025 is $75,324,342, resulting in the net amount due to the counterparty of

$2,723,538.

**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

September 30, 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 Fund's

contractual investment advisory fee rate (expressed as an annual rate) is 0.64% 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 0.86% for at least a one-year period commencing on January 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 \| 31

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements** 

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 $532,252 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 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.

32 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements** 

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 year ended September 30, 2025, the Distributor

retained upfront sales charges of $3,108.

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 year ended September 30,

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 year ended September 30, 2025, redeeming shareholders of Class C Shares

paid CDSCs of $406.

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 September 30, 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 year ended September 30, 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 year ended September 30, 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 year ended September 30, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

Janus Investment Fund \| 33

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**Janus Henderson Triton Fund**

**Notes to Financial Statements** 

The Fund is permitted to purchase or sell securities ("cross-trade") between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 ("Rule 17a-7"), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust's Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2025, the Fund engaged in cross trades amounting to $4,593,149 in sales, resulting in a net realized gain of $1,661,435. The net realized gain is

included within the "Net Realized Gain/(Loss) on Investments" section of the Fund's Statement of Operations.

**5. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation, derivatives, and foreign currency contract adjustments. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term Gains*<br>| *Accumulated* <br>*Capital Losses*<br>| *Loss Deferrals* | *Other Book* <br>*to Tax* <br>*Differences*<br>| *Net Tax* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| $- | $442892400 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(7090648) | &nbsp;&nbsp; $(3001143) | &nbsp;&nbsp; $2362743992 |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 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; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $3333567141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2578125488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(215381496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2362743992 |

---

Information on the tax components of derivatives as of September 30, 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>|
| $(4672461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2869432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2869432) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

constitute adjustments to tax basis.

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. Certain permanent differences such as tax returns

of capital and net investment losses noted below have been reclassified to capital.

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $20520447 | &nbsp;&nbsp;&nbsp; $431158622 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $3971988 |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $- | &nbsp;&nbsp;&nbsp; $459637935 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

34 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements** 

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $59,135,940, all of

which is long-term capital gain, for distributions in connection with Fund shares redemption (tax equalization).

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended September 30, 2025* | *Year ended September 30, 2025* | *Year ended September 30, 2024* | *Year ended September 30, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 1492895 | &nbsp;&nbsp; $37804289 | &nbsp;&nbsp; 1591871 | &nbsp;&nbsp; $38700055 |
| Reinvested dividends and distributions | 463622 | &nbsp;&nbsp; 12299884 | &nbsp;&nbsp; 540497 | &nbsp;&nbsp; 12280092 |
| Shares repurchased | (2848458) | &nbsp;&nbsp; (71802087) | &nbsp;&nbsp; (3584479) | &nbsp;&nbsp; (88204018) |
| Net Increase/(Decrease) | (891941) | &nbsp;&nbsp; $(21697914) | &nbsp;&nbsp; (1452111) | &nbsp;&nbsp; $(37223871) |
| Class C Shares: |  |  |  |  |
| Shares sold | 40438 | &nbsp;&nbsp; $851160 | &nbsp;&nbsp; 68018 | &nbsp;&nbsp; $1430157 |
| Reinvested dividends and distributions | 41174 | &nbsp;&nbsp; 905819 | &nbsp;&nbsp; 49700 | &nbsp;&nbsp; 955232 |
| Shares repurchased | (173565) | &nbsp;&nbsp; (3602157) | &nbsp;&nbsp; (201379) | &nbsp;&nbsp; (4209325) |
| Net Increase/(Decrease) | (91953) | &nbsp;&nbsp; $(1845178) | &nbsp;&nbsp; (83661) | &nbsp;&nbsp; $(1823936) |
| Class D Shares: |  |  |  |  |
| Shares sold | 846999 | &nbsp;&nbsp; $22797924 | &nbsp;&nbsp; 1049917 | &nbsp;&nbsp; $27682514 |
| Reinvested dividends and distributions | 2225516 | &nbsp;&nbsp; 63182404 | &nbsp;&nbsp; 2544728 | &nbsp;&nbsp; 61353405 |
| Shares repurchased | (4789579) | &nbsp;&nbsp; (129173237) | &nbsp;&nbsp; (5811809) | &nbsp;&nbsp; (153404857) |
| Net Increase/(Decrease) | (1717064) | &nbsp;&nbsp; $(43192909) | &nbsp;&nbsp; (2217164) | &nbsp;&nbsp; $(64368938) |
| Class I Shares: |  |  |  |  |
| Shares sold | 3290285 | &nbsp;&nbsp; $91290786 | &nbsp;&nbsp; 5318759 | &nbsp;&nbsp; $139600084 |
| Reinvested dividends and distributions | 1982360 | &nbsp;&nbsp; 57052318 | &nbsp;&nbsp; 2419822 | &nbsp;&nbsp; 59092059 |
| Shares repurchased | (13916425) | &nbsp;&nbsp; (386250920) | &nbsp;&nbsp; (12954802) | &nbsp;&nbsp; (341181043) |
| Net Increase/(Decrease) | (8643780) | &nbsp;&nbsp; $(237907816) | &nbsp;&nbsp; (5216221) | &nbsp;&nbsp; $(142488900) |
| Class N Shares: |  |  |  |  |
| Shares sold | 11882943 | &nbsp;&nbsp; $331634662 | &nbsp;&nbsp; 12233860 | &nbsp;&nbsp; $329066274 |
| Reinvested dividends and distributions | 5446938 | &nbsp;&nbsp; 159159535 | &nbsp;&nbsp; 6439958 | &nbsp;&nbsp; 159388955 |
| Shares repurchased | (23634246) | &nbsp;&nbsp; (656216792) | &nbsp;&nbsp; (26625662) | &nbsp;&nbsp; (721761034) |
| Net Increase/(Decrease) | (6304365) | &nbsp;&nbsp; $(165422595) | &nbsp;&nbsp; (7951844) | &nbsp;&nbsp; $(233305805) |
| Class R Shares: |  |  |  |  |
| Shares sold | 633773 | &nbsp;&nbsp; $14945414 | &nbsp;&nbsp; 825972 | &nbsp;&nbsp; $18997259 |
| Reinvested dividends and distributions | 606752 | &nbsp;&nbsp; 14889683 | &nbsp;&nbsp; 718463 | &nbsp;&nbsp; 15224241 |
| Shares repurchased | (1983500) | &nbsp;&nbsp; (47663533) | &nbsp;&nbsp; (1990389) | &nbsp;&nbsp; (46208314) |
| Net Increase/(Decrease) | (742975) | &nbsp;&nbsp; $(17828436) | &nbsp;&nbsp; (445954) | &nbsp;&nbsp; $(11986814) |
| Class S Shares: |  |  |  |  |
| Shares sold | 779005 | &nbsp;&nbsp; $19391256 | &nbsp;&nbsp; 924707 | &nbsp;&nbsp; $22442821 |
| Reinvested dividends and distributions | 613516 | &nbsp;&nbsp; 15957546 | &nbsp;&nbsp; 753953 | &nbsp;&nbsp; 16820691 |
| Shares repurchased | (2331607) | &nbsp;&nbsp; (58329973) | &nbsp;&nbsp; (2919883) | &nbsp;&nbsp; (71393084) |
| Net Increase/(Decrease) | (939086) | &nbsp;&nbsp; $(22981171) | &nbsp;&nbsp; (1241223) | &nbsp;&nbsp; $(32129572) |
| Class T Shares: |  |  |  |  |
| Shares sold | 3239951 | &nbsp;&nbsp; $85678536 | &nbsp;&nbsp; 4644950 | &nbsp;&nbsp; $120249879 |
| Reinvested dividends and distributions | 3702948 | &nbsp;&nbsp; 102793847 | &nbsp;&nbsp; 4508622 | &nbsp;&nbsp; 106583816 |
| Shares repurchased | (16843881) | &nbsp;&nbsp; (446706409) | &nbsp;&nbsp; (15496081) | &nbsp;&nbsp; (399336951) |
| Net Increase/(Decrease) | (9900982) | &nbsp;&nbsp; $(258234026) | &nbsp;&nbsp; (6342509) | &nbsp;&nbsp; $(172503256) |

---

**7. Purchases and Sales of Investment Securities**

For the year ended September 30, 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>|
| $1180692924 | &nbsp;&nbsp;&nbsp;&nbsp; $2338189474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

Janus Investment Fund \| 35

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**Janus Henderson Triton Fund**

**Notes to Financial Statements** 

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

**8. Recent Accounting Pronouncements**

The FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—*Improvements to Income Tax Disclosures* (ASU 2023-09) in December 2023. The new guidance enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes the

adoption of the ASU will not have a material impact on the financial statements.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to September 30, 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.

36 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Triton Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Triton Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agent, investee company and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits

provide a reasonable basis for our opinion.

![](imgc053718d2.jpg)

Denver, Colorado

November 20, 2025

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

Janus Investment Fund \| 37

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**Janus Henderson Triton Fund**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2025:

---

| | |
|:---|:---|
| Capital Gain Distributions | $490294562 |

---

38 \| September 30, 2025

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**Janus Henderson Triton 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 Trustees 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 1, 2024 and December 4-5, 2024, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2025 through February 1, 2026, subject to earlier termination as provided for in each agreement.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus

Janus Investment Fund \| 39

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**Janus Henderson Triton Fund**

**Additional Information (unaudited)**

Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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, 2024, approximately 58% 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, 2024, approximately 61% 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 performance in periods ended September 30, 2024 has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2024, approximately 75% and 61% 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, 2024, approximately 66% and 68% 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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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.

40 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Additional Information (unaudited)**

***<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 first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 High-Yield Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 \| 41

------

**Janus Henderson Triton 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Contrarian Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted the reasons for the Fund's underperformance over various periods of time, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

42 \| September 30, 2025

------

**Janus Henderson Triton 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 Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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, 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 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted that the 36-month end performance was not yet available because of the Fund's inception date.

&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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

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

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as 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 10% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the

Janus Investment Fund \| 43

------

**Janus Henderson Triton Fund**

**Additional Information (unaudited)**

Janus Henderson Funds, on average, were 11% 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, recent 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) 11 of 12 Janus Henderson Funds had management fees (before waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser and 16 of 18 Janus Henderson Funds had management fees (after waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser. The Trustees noted that for the one Janus Henderson Fund that did not have a lower or in line management fee (before waivers or performance fees) than similar funds subadvised by the Adviser, the management fee was under the average of its 15(c) peer group. For the two Janus Henderson Funds that did not have lower or in line management fees (after waivers or performance fees) than similar funds Subadvised by the Adviser, the management fees were due to performance fee increases resulting from Janus Henderson Fund outperformance of such Janus Henderson Fund's reference index.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2023 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.

&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.

44 \| September 30, 2025

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

&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 the Fund's total expenses were below the peer group average for all share classes.

&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.

Janus Investment Fund \| 45

------

**Janus Henderson Triton 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 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 Responsible 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 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.

&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 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 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.

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

46 \| September 30, 2025

------

**Janus Henderson Triton 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 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 the Fund's total expenses were below the peer group average for all share classes.

&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 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 U.S. Dividend 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 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, 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. The Trustees noted that during the 2023 15(c) review process, the Adviser reported no changes to its allocation methodology; however, at the Trustees' request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant's analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. 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.

Janus Investment Fund \| 47

------

**Janus Henderson Triton Fund**

**Additional Information (unaudited)**

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 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 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2024 report: (1) past 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 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 42% of Janus Henderson Funds have low flat-rate fees (the "Low Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and higher fees when the fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2024 report that (1) 68% 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 Low 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 analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus 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

48 \| September 30, 2025

------

**Janus Henderson Triton Fund**

**Additional Information (unaudited)**

affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 49

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![](imgdae5b2643.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

125-02-93054 11-25

------

ANNUAL FINANCIAL STATEMENTS

September 30, 2025

**Janus Henderson U.S. Dividend Income Fund**

Janus Investment Fund

![](imga1685fa01.gif)

------

**Table of Contents**

**Janus Henderson U.S. Dividend Income Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_4861eb02-4ac7-4ca8-b6b3-f4aadcaddb75_SOI-SOI-RunningFooter-30_1)<br> [Management Investment Companies](#xx_4861eb02-4ac7-4ca8-b6b3-f4aadcaddb75_SOI-SOI-RunningFooter-30_1)<br>|  |
| [Schedule of Investments](#xx_4861eb02-4ac7-4ca8-b6b3-f4aadcaddb75_SOI-SOI-RunningFooter-30_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_4861eb02-4ac7-4ca8-b6b3-f4aadcaddb75_SOI-SOI-RunningFooter-30_4) | 4 |
| [Statement of Assets and Liabilities](#xx_4861eb02-4ac7-4ca8-b6b3-f4aadcaddb75_SAL-SAL-RunningFooter-30_1) | 5 |
| [Statement of Operations](#xx_4861eb02-4ac7-4ca8-b6b3-f4aadcaddb75_SOP-SOP-RunningFooter-30_1) | 6 |
| [Statements of Changes in Net Assets](#xx_4861eb02-4ac7-4ca8-b6b3-f4aadcaddb75_SOC-SOC-RunningFooter-30_1) | 7 |
| [Financial Highlights](#xx_4861eb02-4ac7-4ca8-b6b3-f4aadcaddb75_FIHI-FIHI-RunningFooter-30_1) | 8 |
| [Notes to Financial Statements](#xx_4861eb02-4ac7-4ca8-b6b3-f4aadcaddb75_NTF-NTF-RunningFooter-30_1) | 11 |
| [Report of Independent Registered Public Accounting Firm](#xx_4861eb02-4ac7-4ca8-b6b3-f4aadcaddb75_AUD-AR-RunningFooter-30_1) | 19 |
| [Designation Requirements](#xx_4861eb02-4ac7-4ca8-b6b3-f4aadcaddb75_DR-DR-RunningFooter-30_1) | 20 |
| [Items 8-11 - Additional Information](#xx_4861eb02-4ac7-4ca8-b6b3-f4aadcaddb75_AI-AI-RunningFooter-30_1) | 21 |

---

------

**Janus Henderson U.S. Dividend Income Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 99.7% |  |  |
| Aerospace & Defense – 2.1% |  |  |
| Raytheon Technologies Corp | 6741 | $1127971 |
| Airlines – 1.1% |  |  |
| Delta Air Lines Inc | 10877 | 617270 |
| Banks – 6.9% |  |  |
| JPMorgan Chase & Co | 7869 | 2482120 |
| PNC Financial Services Group Inc/The | 6386 | 1283139 |
|  |  | 3765259 |
| Biotechnology – 2.7% |  |  |
| AbbVie Inc | 3495 | 809232 |
| Amgen Inc | 2465 | 695623 |
|  |  | 1504855 |
| Building Products – 1.3% |  |  |
| Trane Technologies PLC | 1706 | 719864 |
| Capital Markets – 12.1% |  |  |
| Bank of New York Mellon Corp | 9042 | 985216 |
| CME Group Inc | 3957 | 1069142 |
| Goldman Sachs Group Inc | 2121 | 1689059 |
| Intercontinental Exchange Inc | 6308 | 1062772 |
| Morgan Stanley | 11643 | 1850771 |
|  |  | 6656960 |
| Consumer Finance – 2.6% |  |  |
| American Express Co | 4235 | 1406698 |
| Diversified Telecommunication Services – 2.3% |  |  |
| Verizon Communications Inc | 28892 | 1269803 |
| Electric Utilities – 2.8% |  |  |
| Alliant Energy Corp | 8345 | 562536 |
| American Electric Power Co Inc | 8433 | 948713 |
|  |  | 1511249 |
| Electrical Equipment – 2.7% |  |  |
| Eaton Corp PLC | 2491 | 932257 |
| Emerson Electric Co | 4086 | 536001 |
|  |  | 1468258 |
| Electronic Equipment, Instruments & Components – 2.1% |  |  |
| Amphenol Corp | 9232 | 1142460 |
| Entertainment – 2.5% |  |  |
| Walt Disney Co/The | 11883 | 1360603 |
| Health Care Equipment & Supplies – 4.3% |  |  |
| Abbott Laboratories | 8332 | 1115988 |
| Medtronic PLC | 13281 | 1264882 |
|  |  | 2380870 |
| Health Care Providers & Services – 1.1% |  |  |
| HCA Healthcare Inc | 1433 | 610745 |
| Hotels, Restaurants & Leisure – 3.0% |  |  |
| Marriott International Inc/MD - Class A | 3245 | 845128 |
| Royal Caribbean Cruises Ltd | 2441 | 789859 |
|  |  | 1634987 |
| Household Durables – 1.5% |  |  |
| Garmin Ltd | 3421 | 842319 |
| Independent Power and Renewable Electricity Producers – 0.8% |  |  |
| Vistra Corp | 2240 | 438861 |
| Industrial Conglomerates – 1.2% |  |  |
| 3M Co | 4218 | 654549 |
| Information Technology Services – 2.9% |  |  |
| Accenture PLC | 2715 | 669519 |
| International Business Machines Corp | 3302 | 931692 |
|  |  | 1601211 |
| Insurance – 2.9% |  |  |
| Marsh & McLennan Cos Inc | 2623 | 528613 |
| Travelers Cos Inc | 3743 | 1045121 |
|  |  | 1573734 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

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**Janus Henderson U.S. Dividend Income Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Interactive Media & Services – 4.5% |  |  |
| Alphabet Inc - Class C | 6000 | $1461300 |
| Meta Platforms Inc - Class A | 1397 | 1025929 |
|  |  | 2487229 |
| Life Sciences Tools & Services – 1.5% |  |  |
| Danaher Corp | 4166 | 825951 |
| Machinery – 2.5% |  |  |
| Cummins Inc | 1614 | 681705 |
| Deere & Co | 1490 | 681318 |
|  |  | 1363023 |
| Multi-Utilities – 2.0% |  |  |
| Ameren Corp | 5377 | 561251 |
| CMS Energy Corp | 7442 | 545201 |
|  |  | 1106452 |
| Oil, Gas & Consumable Fuels – 4.6% |  |  |
| Chevron Corp | 9231 | 1433482 |
| ConocoPhillips | 11373 | 1075772 |
|  |  | 2509254 |
| Pharmaceuticals – 4.0% |  |  |
| Johnson & Johnson | 8471 | 1570693 |
| Zoetis Inc | 4306 | 630054 |
|  |  | 2200747 |
| Professional Services – 0.9% |  |  |
| Booz Allen Hamilton Holding Corp | 5189 | 518641 |
| Road & Rail – 1.7% |  |  |
| Union Pacific Corp | 3926 | 927989 |
| Semiconductor & Semiconductor Equipment – 6.9% |  |  |
| Applied Materials Inc | 5449 | 1115628 |
| Broadcom Inc | 3947 | 1302155 |
| Texas Instruments Inc | 7395 | 1358683 |
|  |  | 3776466 |
| Software – 3.1% |  |  |
| Intuit Inc | 656 | 447989 |
| Microsoft Corp | 1716 | 888802 |
| Oracle Corp | 1230 | 345925 |
|  |  | 1682716 |
| Specialized Real Estate Investment Trusts (REITs) – 1.2% |  |  |
| Lamar Advertising Co | 5258 | 643684 |
| Specialty Retail – 1.7% |  |  |
| Home Depot Inc | 2304 | 933558 |
| Technology Hardware, Storage & Peripherals – 1.6% |  |  |
| Dell Technologies Inc | 6359 | 901515 |
| Textiles, Apparel & Luxury Goods – 1.7% |  |  |
| NIKE Inc - Class B | 13322 | 928943 |
| Tobacco – 2.9% |  |  |
| Philip Morris International Inc | 9671 | 1568636 |
| Total Common Stocks (cost $46,628,106) |  | 54663330 |
| Investment Companies – 0.4% |  |  |
| Money Markets – 0.4% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº,</sup><sup>£</sup> (cost $250,053) | 250002 | 250053 |
| Total Investments (total cost $46,878,159) – 100.1% |  | 54913383 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.1)% |  | (73931) |
| Net Assets – 100% |  | $54839452 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| September 30, 2025

------

**Janus Henderson U.S. Dividend Income Fund**

**Schedule of Investments** 

**September 30, 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>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% |
| Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | $44759 | $22527272 | $(22321964) | $(17) | $3 | $250053 | 250002 | $9030 |
| Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A | Investments Purchased with Cash Collateral from Securities Lending - N/A |
| Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  |
|  | - | 1106357 | (1106357) | - | - | - | - | 22 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% |
|  | $44759 | $23633629 | $(23428321) | $(17) | $3 | $250053 | 250002 | $9052 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes to Schedule of Investments and Other Information** 

LLC Limited Liability Company <br> PLC Public Limited Company

---

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

---

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

instruments as of September 30, 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* | $54663330 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| *Investment Companies* | - | &nbsp;&nbsp; 250053 | &nbsp;&nbsp; - |
| **Total Assets** | $54663330 | &nbsp;&nbsp; $250053 | &nbsp;&nbsp; $- |

---

4 \| September 30, 2025

------

**Janus Henderson U.S. Dividend Income Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $46,628,106) | $54663330 |
| Affiliated investments, at value (cost $250,053) | 250053 |
| Cash | 10527 |
| Trustees' deferred compensation | 1566 |
| Receivables: |  |
| Fund shares sold | 68200 |
| Dividends | 22259 |
| Dividends from affiliates | 673 |
| Other assets | 10 |
| Total Assets | 55016618 |
| Liabilities: |  |
| Payables: |  |
| Professional fees | 62389 |
| Investments purchased | 28897 |
| Fund shares repurchased | 20021 |
| Advisory fees | 12484 |
| Dividends | 6123 |
| Transfer agent fees and expenses | 3769 |
| Custodian fees | 2439 |
| Trustees' deferred compensation fees | 1566 |
| Trustees' fees and expenses | 214 |
| Affiliated fund administration fees payable | 109 |
| Accrued expenses and other payables | 39155 |
| Total Liabilities | 177166 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $54839452 |
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $46219431 |
| Total distributable earnings (loss) | 8620021 |
| Total Net Assets | $54839452 |
| Net Assets - Class D Shares | $34836969 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2646851 |
| Net Asset Value Per Share | $13.16 |
| Net Assets - Class I Shares | $450330 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 34224 |
| Net Asset Value Per Share | $13.16 |
| Net Assets - Class N Shares | $19552153 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1487451 |
| Net Asset Value Per Share | $13.14 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson U.S. Dividend Income Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $820449 |
| Dividends from affiliates | 9030 |
| Affiliated securities lending income, net | 22 |
| Unaffiliated securities lending income, net | 5 |
| Other income | 147 |
| Foreign tax withheld | (316) |
| Total Investment Income | 829337 |
| Expenses: |  |
| Advisory fees | 219146 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 25785 |
| Transfer agent networking and omnibus fees: |  |
| Class I Shares | 149 |
| Other transfer agent fees and expenses: |  |
| Class D Shares | 5714 |
| Class I Shares | 35 |
| Class N Shares | 744 |
| Non-affiliated fund administration fees | 101010 |
| Registration fees | 64064 |
| Professional fees | 54803 |
| Custodian fees | 16730 |
| Shareholder reports expense | 9000 |
| Affiliated fund administration fees | 1161 |
| Trustees' fees and expenses | 739 |
| Other expenses | 8202 |
| Total Expenses | 507282 |
| Less: Excess Expense Reimbursement and Waivers | (220906) |
| Net Expenses | 286376 |
| Net Investment Income/(Loss) | 542961 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 1049867 |
| Investments in affiliates | (17) |
| Total Net Realized Gain/(Loss) on Investments | 1049850 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments and Trustees' deferred compensation | 4614643 |
| Investments in affiliates | 3 |
| Total Change in Unrealized Net Appreciation/Depreciation | 4614646 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $6207457 |

---

See Notes to Financial Statements.

6 \| September 30, 2025

------

**Janus Henderson U.S. Dividend Income Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*September 30, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $542961 | &nbsp;&nbsp; $446539 |
| Net realized gain/(loss) on investments | 1049850 | &nbsp;&nbsp; 524169 |
| Change in unrealized net appreciation/depreciation | 4614646 | &nbsp;&nbsp; 3741623 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 6207457 | &nbsp;&nbsp; 4712331 |
| Dividends and Distributions to Shareholders: |  |  |
| Class D Shares | (811206) | &nbsp;&nbsp; (185053) |
| Class I Shares | (18150) | &nbsp;&nbsp; (7488) |
| Class N Shares | (413343) | &nbsp;&nbsp; (312342) |
| Net Decrease from Dividends and Distributions to Shareholders | (1242699) | &nbsp;&nbsp; (504883) |
| Capital Share Transactions: |  |  |
| Class D Shares | 17978378 | &nbsp;&nbsp; 9951405 |
| Class I Shares | 20510 | &nbsp;&nbsp; 136319 |
| Class N Shares | 10079079 | &nbsp;&nbsp; (11931562) |
| Net Increase/(Decrease) from Capital Share Transactions | 28077967 | &nbsp;&nbsp; (1843838) |
| Net Increase/(Decrease) in Net Assets | 33042725 | &nbsp;&nbsp; 2363610 |
| Net Assets: |  |  |
| Beginning of period | 21796727 | &nbsp;&nbsp; 19433117 |
| End of period | $54839452 | &nbsp;&nbsp; $21796727 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson U.S. Dividend Income Fund**

**Financial Highlights**

---

| | | | |
|:---|:---|:---|:---|
| Class D Shares |  |  |  |
| For a share outstanding during the year or period ended September 30 | 2025 | 2024 | 2023<sup>(1)</sup> <br>|
| Net Asset Value, Beginning of Period | $11.98 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $10.00 |
| Income/(Loss) from Investment Operations: |  |  |  |
| Net investment income/(loss)<sup>(2)</sup> <br>| 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain/(loss) | 1.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp; (0.19) |
| Total from Investment Operations | 1.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp; (0.02) |
| Less Dividends and Distributions: |  |  |  |
| Dividends (from net investment income) | (0.17) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.09) |
| Distributions (from capital gains) | (0.35) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.52) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.09) |
| Net Asset Value, End of Period | $13.16 | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $9.89 |
| Total Return<sup>\*</sup> <br>| 14.60% | &nbsp;&nbsp; 23.89% | &nbsp;&nbsp; (0.25)% |
| Net Assets, End of Period (in thousands) | $34837 | &nbsp;&nbsp; $13817 | &nbsp;&nbsp; $2363 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |
| Ratio of Gross Expenses | 1.44% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 10.39% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.83% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.92% |
| Ratio of Net Investment Income/(Loss) | 1.46% | &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 2.11% |
| Portfolio Turnover Rate | 59% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 85% |

---

\* 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 20, 2022 (inception date) through September 30, 2023.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

8 \| September 30, 2025

------

**Janus Henderson U.S. Dividend Income Fund**

**Financial Highlights**

---

| | | | |
|:---|:---|:---|:---|
| Class I Shares |  |  |  |
| For a share outstanding during the year or period ended September 30 | 2025 | 2024 | 2023<sup>(1)</sup> <br>|
| Net Asset Value, Beginning of Period | $11.97 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $10.00 |
| Income/(Loss) from Investment Operations: |  |  |  |
| Net investment income/(loss)<sup>(2)</sup> <br>| 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain/(loss) | 1.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp; (0.20) |
| Total from Investment Operations | 1.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp; (0.02) |
| Less Dividends and Distributions: |  |  |  |
| Dividends (from net investment income) | (0.18) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.09) |
| Distributions (from capital gains) | (0.35) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.53) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.09) |
| Net Asset Value, End of Period | $13.16 | &nbsp;&nbsp; $11.97 | &nbsp;&nbsp; $9.89 |
| Total Return<sup>\*</sup> <br>| 14.79% | &nbsp;&nbsp; 23.94% | &nbsp;&nbsp; (0.19)% |
| Net Assets, End of Period (in thousands) | $450 | &nbsp;&nbsp; $396 | &nbsp;&nbsp; $200 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |
| Ratio of Gross Expenses | 2.15% | &nbsp;&nbsp; 2.33% | &nbsp;&nbsp; 16.44% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.75% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% |
| Ratio of Net Investment Income/(Loss) | 1.59% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 2.30% |
| Portfolio Turnover Rate | 59% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 85% |

---

\* 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 20, 2022 (inception date) through September 30, 2023.

(2) 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 U.S. Dividend Income Fund**

**Financial Highlights**

---

| | | | |
|:---|:---|:---|:---|
| Class N Shares |  |  |  |
| For a share outstanding during the year or period ended September 30 | 2025 | 2024 | 2023<sup>(1)</sup> <br>|
| Net Asset Value, Beginning of Period | $11.96 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $10.00 |
| Income/(Loss) from Investment Operations: |  |  |  |
| Net investment income/(loss)<sup>(2)</sup> <br>| 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain/(loss) | 1.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp; (0.20) |
| Total from Investment Operations | 1.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp; (0.02) |
| Less Dividends and Distributions: |  |  |  |
| Dividends (from net investment income) | (0.18) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.09) |
| Distributions (from capital gains) | (0.35) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.53) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.09) |
| Net Asset Value, End of Period | $13.14 | &nbsp;&nbsp; $11.96 | &nbsp;&nbsp; $9.89 |
| Total Return<sup>\*</sup> <br>| 14.72% | &nbsp;&nbsp; 23.95% | &nbsp;&nbsp; (0.18)% |
| Net Assets, End of Period (in thousands) | $19552 | &nbsp;&nbsp; $7584 | &nbsp;&nbsp; $16870 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |
| Ratio of Gross Expenses | 1.26% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 2.00% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.70% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% |
| Ratio of Net Investment Income/(Loss) | 1.54% | &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 2.23% |
| Portfolio Turnover Rate | 59% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 85% |

---

\* 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 20, 2022 (inception date) through September 30, 2023.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

10 \| September 30, 2025

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes to Financial Statements** 

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

**1. Organization and Significant Accounting Policies**

Janus Henderson U.S. Dividend 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 to provide current income and aims to provide a growing stream of income per share over time. The Fund's secondary objective is to seek to provide long-term capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment

adviser (the "Adviser") to the Fund.

The Fund 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")).

The Fund currently offers Class D Shares. Class D Shares are available to new investors, subject to any closed fund

policies for a Fund, as applicable.

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.

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 year ended September 30, 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

Janus Investment Fund \| 11

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes to Financial Statements** 

quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

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

**Valuation Inputs Summary**

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

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

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

rates and similar data.

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

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

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

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

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

Schedule of Investments and Other Information.

12 \| September 30, 2025

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes to Financial Statements** 

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

and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

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

income tax purposes.

**Federal Income Taxes**

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

in the next twelve months.

**2. Other Investments and Strategies**

**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

Janus Investment Fund \| 13

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes to Financial Statements** 

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, war, 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.* Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. 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.

**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

14 \| September 30, 2025

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes to Financial Statements** 

delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

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

There were no securities on loan as of September 30, 2025.

**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 $2 Billion | 0.60 |
| Over $2 Billion | 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 0.68% for at least a one-year period commencing on January 28, 2025. The previous expense limit (for a one-year period commencing January 26, 2024) was 0.75%. 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.

For the period of three years subsequent to the Fund's commencement of operations, or until the Fund's assets exceed the first breakpoint in the investment advisory fee schedule, whichever occurs first, the Adviser may recover from the Fund fees and expenses previously waived or reimbursed, which could then be considered a deferral, if the Fund's expense ratio including recovered expenses, falls below the expense limit. If applicable, this amount is disclosed as "Recoupment expense" on the Statement of Operations. During the year endedSeptember 30, 2025, the Adviser reimbursed the Fund $220,906 of fees and expense that are eligible for recoupment. As of September 30, 2025, the aggregate amount of recoupment that may potentially be made to the Adviser is $597,520. The recoupment of such

reimbursements expires at the latest December 20, 2025.

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 $532,252 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 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

Janus Investment Fund \| 15

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes to Financial Statements** 

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%.

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 I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the 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 0.15% for Class I Shares on an annual basis based on the daily net assets of the 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.

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 September 30, 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 year ended September 30, 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 year ended September 30, 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

16 \| September 30, 2025

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes to Financial Statements** 

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 year ended September 30, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

As of September 30, 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 D Shares | -<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -<br> %<br>|
| Class I Shares | 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Class N Shares | 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |

---

**4. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term Gains*<br>| *Accumulated* <br>*Capital Losses*<br>| *Loss Deferrals* | *Other Book* <br>*to Tax* <br>*Differences*<br>| *Net Tax* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| $- | $968517 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(1566) | &nbsp;&nbsp; $7653070 |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 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>|
| $47260313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8336557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(683487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7653070 |

---

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. Certain permanent differences such as tax returns

of capital and net investment losses noted below have been reclassified to capital.

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $547817 | &nbsp;&nbsp;&nbsp; $694882 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $504883 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $39,905, all of

Janus Investment Fund \| 17

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes to Financial Statements** 

which is long-term capital gain, for distributions in connection with Fund shares redemption (tax equalization).

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended September 30, 2025* | *Year ended September 30, 2025* | *Year ended September 30, 2024* | *Year ended September 30, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class D Shares: |  |  |  |  |
| Shares sold | 2041474 | &nbsp;&nbsp; $24581890 | &nbsp;&nbsp; 1019920 | &nbsp;&nbsp; $11121828 |
| Reinvested dividends and distributions | 61239 | &nbsp;&nbsp; 736878 | &nbsp;&nbsp; 13861 | &nbsp;&nbsp; 155854 |
| Shares repurchased | (609370) | &nbsp;&nbsp; (7340390) | &nbsp;&nbsp; (119131) | &nbsp;&nbsp; (1326277) |
| Net Increase/(Decrease) | 1493343 | &nbsp;&nbsp; $17978378 | &nbsp;&nbsp; 914650 | &nbsp;&nbsp; $9951405 |
| Class I Shares: |  |  |  |  |
| Shares sold | 21245 | &nbsp;&nbsp; $259697 | &nbsp;&nbsp; 14125 | &nbsp;&nbsp; $151730 |
| Reinvested dividends and distributions | 1518 | &nbsp;&nbsp; 18150 | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 7488 |
| Shares repurchased | (21609) | &nbsp;&nbsp; (257337) | &nbsp;&nbsp; (1914) | &nbsp;&nbsp; (22899) |
| Net Increase/(Decrease) | 1154 | &nbsp;&nbsp; $20510 | &nbsp;&nbsp; 12885 | &nbsp;&nbsp; $136319 |
| Class N Shares: |  |  |  |  |
| Shares sold | 933922 | &nbsp;&nbsp; $11045791 | &nbsp;&nbsp; 98288 | &nbsp;&nbsp; $1046152 |
| Reinvested dividends and distributions | 34299 | &nbsp;&nbsp; 413343 | &nbsp;&nbsp; 28737 | &nbsp;&nbsp; 312342 |
| Shares repurchased | (114894) | &nbsp;&nbsp; (1380055) | &nbsp;&nbsp; (1198302) | &nbsp;&nbsp; (13290056) |
| Net Increase/(Decrease) | 853327 | &nbsp;&nbsp; $10079079 | &nbsp;&nbsp; (1071277) | &nbsp;&nbsp; $(11931562) |

---

**6. Purchases and Sales of Investment Securities**

For the year ended September 30, 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>|
| $48940814 | &nbsp;&nbsp;&nbsp;&nbsp; $21708563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**7. Recent Accounting Pronouncements**

The FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—*Improvements to Income Tax Disclosures* (ASU 2023-09) in December 2023. The new guidance enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes the

adoption of the ASU will not have a material impact on the financial statements.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to September 30, 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.

18 \| September 30, 2025

------

**Janus Henderson U.S. Dividend Income Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson U.S. Dividend Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson U.S. Dividend Income Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the two years in the period ended September 30, 2025 and for the period from December 20, 2022 (commencement of operations) through September 30, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years ended September 30, 2025 and the financial highlights for each of the two years in the period ended September 30, 2025 and for the period from December 20, 2022 (commencement of operations) through September 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our

opinion.

![](img009f7c372.jpg)

Denver, Colorado

November 20, 2025

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

Janus Investment Fund \| 19

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**Janus Henderson U.S. Dividend Income Fund**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2025:

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| | |
|:---|:---|
| Section 163(j) Interest Dividend | 1% |
| Capital Gain Distributions | $734787 |
| Dividends Received Deduction Percentage | 93% |
| Qualified Dividend Income Percentage | 93% |

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20 \| September 30, 2025

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**Janus Henderson U.S. Dividend 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 Trustees 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 1, 2024 and December 4-5, 2024, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2025 through February 1, 2026, subject to earlier termination as provided for in each agreement.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus

Janus Investment Fund \| 21

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**Janus Henderson U.S. Dividend Income Fund**

**Additional Information (unaudited)**

Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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, 2024, approximately 58% 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, 2024, approximately 61% 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 performance in periods ended September 30, 2024 has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2024, approximately 75% and 61% 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, 2024, approximately 66% and 68% 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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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.

22 \| September 30, 2025

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**Janus Henderson U.S. Dividend Income Fund**

**Additional Information (unaudited)**

***<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 first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 High-Yield Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 \| 23

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**Janus Henderson U.S. Dividend 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Contrarian Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted the reasons for the Fund's underperformance over various periods of time, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

24 \| September 30, 2025

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**Janus Henderson U.S. Dividend 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 Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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, 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 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted that the 36-month end performance was not yet available because of the Fund's inception date.

&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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

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

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as 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 10% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the

Janus Investment Fund \| 25

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**Janus Henderson U.S. Dividend Income Fund**

**Additional Information (unaudited)**

Janus Henderson Funds, on average, were 11% 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, recent 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) 11 of 12 Janus Henderson Funds had management fees (before waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser and 16 of 18 Janus Henderson Funds had management fees (after waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser. The Trustees noted that for the one Janus Henderson Fund that did not have a lower or in line management fee (before waivers or performance fees) than similar funds subadvised by the Adviser, the management fee was under the average of its 15(c) peer group. For the two Janus Henderson Funds that did not have lower or in line management fees (after waivers or performance fees) than similar funds Subadvised by the Adviser, the management fees were due to performance fee increases resulting from Janus Henderson Fund outperformance of such Janus Henderson Fund's reference index.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2023 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.

&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.

26 \| September 30, 2025

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

&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 the Fund's total expenses were below the peer group average for all share classes.

&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.

Janus Investment Fund \| 27

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**Janus Henderson U.S. Dividend 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 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 Responsible 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 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.

&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 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 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.

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

28 \| September 30, 2025

------

**Janus Henderson U.S. Dividend 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 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 the Fund's total expenses were below the peer group average for all share classes.

&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 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 U.S. Dividend 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 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, 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. The Trustees noted that during the 2023 15(c) review process, the Adviser reported no changes to its allocation methodology; however, at the Trustees' request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant's analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. 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.

Janus Investment Fund \| 29

------

**Janus Henderson U.S. Dividend Income Fund**

**Additional Information (unaudited)**

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 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 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2024 report: (1) past 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 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 42% of Janus Henderson Funds have low flat-rate fees (the "Low Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and higher fees when the fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2024 report that (1) 68% 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 Low 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 analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus 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

30 \| September 30, 2025

------

**Janus Henderson U.S. Dividend Income Fund**

**Additional Information (unaudited)**

affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 31

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes**

32 \| September 30, 2025

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes**

Janus Investment Fund \| 33

------

![](img42d93ce43.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

125-02-93097 11-25

------

ANNUAL FINANCIAL STATEMENTS

September 30, 2025

**Janus Henderson Venture Fund**

Janus Investment Fund

![](imgd2b5d54a1.gif)

------

**Table of Contents**

**Janus Henderson Venture Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_8c774b6c-b364-4368-9252-8e2a1efe625e_SOI-SOI-RunningFooter-35_1)<br> [Management Investment Companies](#xx_8c774b6c-b364-4368-9252-8e2a1efe625e_SOI-SOI-RunningFooter-35_1)<br>|  |
| [Schedule of Investments](#xx_8c774b6c-b364-4368-9252-8e2a1efe625e_SOI-SOI-RunningFooter-35_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_8c774b6c-b364-4368-9252-8e2a1efe625e_SOI-SOI-RunningFooter-35_9) | 9 |
| [Statement of Assets and Liabilities](#xx_8c774b6c-b364-4368-9252-8e2a1efe625e_SAL-SAL-RunningFooter-35_1) | 11 |
| [Statement of Operations](#xx_8c774b6c-b364-4368-9252-8e2a1efe625e_SOP-SOP-RunningFooter-35_1) | 13 |
| [Statements of Changes in Net Assets](#xx_8c774b6c-b364-4368-9252-8e2a1efe625e_SOC-SOC-RunningFooter-35_1) | 15 |
| [Financial Highlights](#xx_8c774b6c-b364-4368-9252-8e2a1efe625e_FIHI-FIHI-RunningFooter-35_1) | 16 |
| [Notes to Financial Statements](#xx_8c774b6c-b364-4368-9252-8e2a1efe625e_NTF-NTF-RunningFooter-35_1) | 23 |
| [Report of Independent Registered Public Accounting Firm](#xx_8c774b6c-b364-4368-9252-8e2a1efe625e_AUD-AR-RunningFooter-35_1) | 38 |
| [Designation Requirements](#xx_8c774b6c-b364-4368-9252-8e2a1efe625e_DR-DR-RunningFooter-35_1) | 39 |
| [Items 8-11 - Additional Information](#xx_8c774b6c-b364-4368-9252-8e2a1efe625e_AI-AI-RunningFooter-35_1) | 40 |

---

------

**Janus Henderson Venture Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares/Principal/* <br>*Contract Amounts*<br>| *Value* |
| Convertible Corporate Bonds – 0% |  |  |
| Biotechnology – 0% |  |  |
| Claris Biotherapeutics Inc, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>£</sup><sup>,</sup><sup>§</sup> <br>| $221444 | $221444 |
| Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>£</sup><sup>,</sup><sup>§</sup> <br>| 154340 | 154340 |
| Total Convertible Corporate Bonds (cost $375,784) |  | 375784 |
| Common Stocks – 97.9% |  |  |
| Aerospace & Defense – 1.5% |  |  |
| Loar Holdings Inc<sup>\*</sup> <br>| 247381 | 19790480 |
| Standardaero Inc<sup>\*</sup> <br>| 743781 | 20297783 |
| Voyager Technologies Inc - Class A<sup>\*,#</sup> <br>| 299251 | 8911695 |
|  |  | 48999958 |
| Automobiles – 0.4% |  |  |
| Thor Industries Inc | 107867 | 11184729 |
| Banks – 1.9% |  |  |
| Bancorp Inc/The<sup>\*</sup> <br>| 806758 | 60418107 |
| Biotechnology – 14.0% |  |  |
| 89bio Inc<sup>\*</sup> <br>| 1117836 | 16432189 |
| Akero Therapeutics Inc<sup>\*</sup> <br>| 197640 | 9383947 |
| Arcellx Inc<sup>\*</sup> <br>| 142854 | 11728313 |
| Ascendis Pharma A/S (ADR)<sup>\*</sup> <br>| 151025 | 30025280 |
| Avidity Biosciences Inc<sup>\*</sup> <br>| 904423 | 39405710 |
| Biohaven Ltd<sup>\*</sup> <br>| 516789 | 7757003 |
| Bridgebio Pharma Inc<sup>\*</sup> <br>| 523818 | 27207107 |
| Caris Life Sciences Inc<sup>\*</sup> <br>| 627762 | 18989801 |
| Centessa Pharmacuticals PLC (ADR)<sup>\*</sup> <br>| 485677 | 11777667 |
| Crinetics Pharmaceuticals Inc<sup>\*</sup> <br>| 282004 | 11745467 |
| Disc Medicine Inc<sup>\*</sup> <br>| 100740 | 6656899 |
| Halozyme Therapeutics Inc<sup>\*</sup> <br>| 336003 | 24642460 |
| IDEAYA Biosciences Inc<sup>\*</sup> <br>| 427934 | 11644084 |
| Insmed Inc<sup>\*</sup> <br>| 216471 | 31173989 |
| Janux Therapeutics Inc<sup>\*</sup> <br>| 283368 | 6925514 |
| Madrigal Pharmaceuticals Inc<sup>\*</sup> <br>| 56928 | 26110597 |
| Metsera Inc<sup>\*,#</sup> <br>| 307473 | 16090062 |
| Mirum Pharmaceuticals Inc<sup>\*</sup> <br>| 468137 | 34319123 |
| Nuvalent Inc - Class A<sup>\*</sup> <br>| 149735 | 12949083 |
| PTC Therapeutics Inc<sup>\*</sup> <br>| 313791 | 19257354 |
| Revolution Medicines Inc<sup>\*</sup> <br>| 457183 | 21350446 |
| Soleno Therapeutics Inc<sup>\*</sup> <br>| 240545 | 16260842 |
| Travere Therapeutics Inc<sup>\*</sup> <br>| 450768 | 10773355 |
| Vaxcyte Inc<sup>\*</sup> <br>| 482193 | 17368592 |
| Xenon Pharmaceuticals Inc<sup>\*</sup> <br>| 258431 | 10376005 |
|  |  | 450350889 |
| Building Products – 2.8% |  |  |
| CSW Industrials Inc | 79057 | 19191087 |
| Janus International Group Inc<sup>\*</sup> <br>| 1985803 | 19599876 |
| Zurn Water Solutions Corp | 1052645 | 49505894 |
|  |  | 88296857 |
| Capital Markets – 2.5% |  |  |
| Bullish<sup>\*</sup> <br>| 193201 | 12289515 |
| Hamilton Lane Inc | 119744 | 16140294 |
| LPL Financial Holdings Inc | 156461 | 52053010 |
|  |  | 80482819 |
| Chemicals – 3.3% |  |  |
| Perimeter Solutions Inc<sup>\*</sup> <br>| 2246596 | 50301284 |
| Sensient Technologies Corp | 590573 | 55425276 |
|  |  | 105726560 |
| Commercial Services & Supplies – 4.6% |  |  |
| Brady Corp | 179793 | 14029247 |
| CECO Environmental Corp<sup>\*</sup> <br>| 851419 | 43592653 |
| Cimpress PLC<sup>\*</sup> <br>| 194248 | 12245394 |
| Montrose Environmental Group Inc<sup>\*</sup> <br>| 733861 | 20151823 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Venture Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares/Principal/*<br> *Contract Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Commercial Services & Supplies – (continued) |  |  |
| MSA Safety Inc | 89612 | $15419537 |
| Rentokil Initial PLC (ADR) | 1708092 | 43129323 |
|  |  | 148567977 |
| Construction & Engineering – 1.7% |  |  |
| Legence Corp - Class A<sup>\*</sup> <br>| 425787 | 13118498 |
| Sterling Construction Co Inc<sup>\*</sup> <br>| 123433 | 41927721 |
|  |  | 55046219 |
| Consumer Finance – 0.1% |  |  |
| Figure Technology Solutions Inc - Class A<sup>\*</sup> <br>| 84661 | 3079121 |
| Diversified Consumer Services – 2.5% |  |  |
| Stride Inc<sup>\*</sup> <br>| 539912 | 80414493 |
| Diversified Financial Services – 2.9% |  |  |
| Euronet Worldwide Inc<sup>\*</sup> <br>| 349878 | 30722787 |
| Shift4 Payments Inc - Class A<sup>\*,#</sup> <br>| 501019 | 38778870 |
| WEX Inc<sup>\*</sup> <br>| 147705 | 23267969 |
|  |  | 92769626 |
| Diversified Telecommunication Services – 1.1% |  |  |
| AST SpaceMobile Inc<sup>\*</sup> <br>| 686100 | 33673788 |
| Electronic Equipment, Instruments & Components – 5.2% |  |  |
| Arlo Technologies Inc<sup>\*</sup> <br>| 884618 | 14994275 |
| Bel Fuse Inc - Class B | 265716 | 37471270 |
| Napco Security Technologies Inc | 636113 | 27321054 |
| Novanta Inc<sup>\*</sup> <br>| 162969 | 16321345 |
| OSI Systems Inc<sup>\*</sup> <br>| 284966 | 71024926 |
|  |  | 167132870 |
| Entertainment – 1.2% |  |  |
| Atlanta Braves Holdings Inc - Class C<sup>\*</sup> <br>| 695666 | 28932749 |
| Manchester United PLC<sup>\*</sup> <br>| 553913 | 8386243 |
|  |  | 37318992 |
| Food & Staples Retailing – 1.7% |  |  |
| Casey's General Stores Inc | 96845 | 54748415 |
| Food Products – 0.4% |  |  |
| Mama's Creations Inc<sup>\*</sup> <br>| 1338923 | 14072081 |
| Health Care Equipment & Supplies – 4.7% |  |  |
| Beta Bionics Inc<sup>\*,#</sup> <br>| 619112 | 12301755 |
| Carlsmed Inc<sup>\*,#</sup> <br>| 615375 | 8239871 |
| Glaukos Corp<sup>\*</sup> <br>| 319400 | 26047070 |
| Globus Medical Inc<sup>\*</sup> <br>| 613085 | 35111378 |
| ICU Medical Inc<sup>\*</sup> <br>| 223286 | 26785389 |
| Lantheus Holdings Inc<sup>\*</sup> <br>| 477281 | 24479743 |
| STERIS PLC | 74400 | 18409536 |
|  |  | 151374742 |
| Health Care Providers & Services – 0.6% |  |  |
| HealthEquity Inc<sup>\*</sup> <br>| 218165 | 20675497 |
| Health Care Technology – 2.4% |  |  |
| Doximity Inc - Class A<sup>\*</sup> <br>| 390848 | 28590531 |
| HeartFlow Inc<sup>\*</sup> <br>| 781652 | 26310406 |
| Waystar Holding Corp<sup>\*</sup> <br>| 561977 | 21310168 |
|  |  | 76211105 |
| Hotels, Restaurants & Leisure – 2.4% |  |  |
| Aramark | 911837 | 35014541 |
| Inspired Entertainment Inc<sup>\*</sup> <br>| 1242026 | 11650204 |
| Monarch Casino & Resort Inc | 229100 | 24247944 |
| Portillo's Inc - Class A<sup>\*</sup> <br>| 1133959 | 7314035 |
|  |  | 78226724 |
| Household Durables – 0.5% |  |  |
| Dream Finders Homes Inc - Class A<sup>\*,#</sup> <br>| 568767 | 14742441 |
| Insurance – 1.3% |  |  |
| Accelerant Holdings - Class A<sup>\*</sup> <br>| 525435 | 7823727 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| September 30, 2025

------

**Janus Henderson Venture Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares/Principal/*<br> *Contract Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Insurance – (continued) |  |  |
| BRP Group Inc - Class A<sup>\*</sup> <br>| 612723 | $17284916 |
| RLI Corp | 240789 | 15704259 |
|  |  | 40812902 |
| Interactive Media & Services – 0.6% |  |  |
| Ziff Davis Inc<sup>\*</sup> <br>| 496138 | 18902858 |
| Life Sciences Tools & Services – 0% |  |  |
| OmniAb Inc - 12.5 Earnout<sup>\*</sup> <br>| 104942 | 73428 |
| OmniAb Inc - 15 Earnout<sup>\*</sup> <br>| 104942 | 63595 |
|  |  | 137023 |
| Machinery – 7.2% |  |  |
| Alamo Group Inc | 144516 | 27588104 |
| ATS Corp<sup>\*</sup> <br>| 847324 | 22171087 |
| EnPro Industries Inc | 143436 | 32416536 |
| Gates Industrial Corp PLC<sup>\*</sup> <br>| 1352854 | 33577836 |
| ITT Inc | 238763 | 42681274 |
| Kornit Digital Ltd<sup>\*</sup> <br>| 681004 | 9193554 |
| SPX Technologies Inc<sup>\*</sup> <br>| 332677 | 62137410 |
|  |  | 229765801 |
| Metals & Mining – 0.8% |  |  |
| Constellium SE<sup>\*</sup> <br>| 1706219 | 25388539 |
| Oil, Gas & Consumable Fuels – 1.3% |  |  |
| California Resources Corp | 230847 | 12276444 |
| Magnolia Oil & Gas Corp | 1256829 | 30000508 |
|  |  | 42276952 |
| Personal Products – 1.4% |  |  |
| BellRing Brands Inc<sup>\*</sup> <br>| 374792 | 13623689 |
| Oddity Tech Ltd - Class A<sup>\*</sup> <br>| 502524 | 31307245 |
|  |  | 44930934 |
| Pharmaceuticals – 3.4% |  |  |
| Avadel Pharmaceuticals PLC<sup>\*</sup> <br>| 1441349 | 22009399 |
| Edgewise Therapeutics Inc<sup>\*</sup> <br>| 185642 | 3011113 |
| Ligand Pharmaceuticals Inc<sup>\*</sup> <br>| 278434 | 49321799 |
| Structure Therapeutics Inc (ADR)<sup>\*,#</sup> <br>| 255347 | 7149716 |
| Verona Pharma PLC (ADR)<sup>\*</sup> <br>| 253325 | 27032311 |
|  |  | 108524338 |
| Professional Services – 9.1% |  |  |
| Alight Inc - Class A | 2705018 | 8818359 |
| Asure Software Inc<sup>\*,</sup><sup>£</sup> <br>| 1569490 | 12869818 |
| Broadridge Financial Solutions Inc | 166207 | 39585521 |
| CACI International Inc - Class A<sup>\*</sup> <br>| 56223 | 28042908 |
| CBIZ Inc<sup>\*</sup> <br>| 279217 | 14787332 |
| CRA International Inc | 116788 | 24353802 |
| Innodata Inc<sup>\*,#</sup> <br>| 505360 | 38948095 |
| Paylocity Holding Corp<sup>\*</sup> <br>| 206264 | 32851667 |
| SS&C Technologies Holdings Inc | 834396 | 74060989 |
| UL Solutions Inc - Class A | 238500 | 16900110 |
|  |  | 291218601 |
| Real Estate Management & Development – 1.2% |  |  |
| Colliers International Group Inc - Subordinate Voting Shares | 130659 | 20410243 |
| FirstService Corp | 99819 | 19014521 |
|  |  | 39424764 |
| Semiconductor & Semiconductor Equipment – 2.1% |  |  |
| MACOM Technology Solutions Holdings Inc<sup>\*</sup> <br>| 118751 | 14783312 |
| Nova Ltd<sup>\*</sup> <br>| 45759 | 14627322 |
| ON Semiconductor Corp<sup>\*</sup> <br>| 370244 | 18256731 |
| PDF Solutions Inc<sup>\*</sup> <br>| 722812 | 18663006 |
|  |  | 66330371 |
| Software – 7.2% |  |  |
| Alkami Technology Inc<sup>\*</sup> <br>| 644285 | 16004039 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Venture Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares/Principal/*<br> *Contract Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Software – (continued) |  |  |
| Blackbaud Inc<sup>\*</sup> <br>| 439810 | $28284181 |
| Clearwater Analytics Holdings Inc - Class A<sup>\*</sup> <br>| 680902 | 12269854 |
| Computer Modelling Group Ltd | 1792673 | 8077657 |
| Consensus Cloud Solutions Inc<sup>\*</sup> <br>| 724699 | 21284410 |
| Descartes Systems Group Inc/The<sup>\*</sup> <br>| 570109 | 53688166 |
| Kinaxis Inc<sup>\*</sup> <br>| 128709 | 16617012 |
| Nice Ltd (ADR)<sup>\*</sup> <br>| 104233 | 15090854 |
| Procore Technologies Inc<sup>\*</sup> <br>| 201940 | 14725465 |
| Tyler Technologies Inc<sup>\*</sup> <br>| 53715 | 28101539 |
| Vertex Inc - Class A<sup>\*</sup> <br>| 730589 | 18111301 |
|  |  | 232254478 |
| Specialty Retail – 1.0% |  |  |
| Valvoline Inc<sup>\*</sup> <br>| 867783 | 31162088 |
| Textiles, Apparel & Luxury Goods – 1.2% |  |  |
| Gildan Activewear Inc | 657011 | 37975236 |
| Trading Companies & Distributors – 1.7% |  |  |
| Core & Main Inc - Class A<sup>\*</sup> <br>| 811434 | 43679492 |
| SiteOne Landscape Supply Inc<sup>\*</sup> <br>| 95922 | 12354754 |
|  |  | 56034246 |
| Total Common Stocks (cost $1,805,766,276) |  | 3138653141 |
| Private Placements – 1.0% |  |  |
| Biotechnology – 0.2% |  |  |
| Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>£</sup><sup>,</sup><sup>§</sup> <br>| 5023916 | 2197963 |
| Galvanize Therapeutics Inc - Series C<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 8246395 | 4368940 |
|  |  | 6566903 |
| Health Care Technology – 0.3% |  |  |
| Kardium Inc - Series 8 Class D Preferred shares<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 8991217 | 8313549 |
| Professional Services – 0.3% |  |  |
| Apartment List Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 2431401 | 10527966 |
| IntelyCare Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 384276 | 872307 |
|  |  | 11400273 |
| Software – 0.2% |  |  |
| Loadsmart Inc - Series A<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 140312 | 1716016 |
| Loadsmart Inc - Series D<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 399891 | 4890667 |
|  |  | 6606683 |
| Total Private Placements (cost $43,958,588) |  | 32887408 |
| Investment Companies – 1.2% |  |  |
| Money Markets – 1.2% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº,</sup><sup>£</sup> (cost $37,026,630) | 37019226 | 37026630 |
| Investments Purchased with Cash Collateral from Securities Lending – 1.3% |  |  |
| Investment Companies – 1.0% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº,</sup><sup>£</sup> <br>| 33281722 | 33281722 |
| Time Deposits – 0.3% |  |  |
| Royal Bank of Canada, 4.0800%, 10/1/25 | $8326520 | 8326520 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $41,608,242) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $41,608,242) | 41608242 |
| OTC Purchased Options – Calls – 0%<br> Counterparty/Reference Asset |  |  |
| Morgan Stanley & Co International PLC: |  |  |
| Travere Therapeutics Inc, <br>Notional amount $4,103,630, premiums paid $717,706, unrealized appreciation <br> $266,177, exercise price $22.50, expires 3/20/26<sup>\*</sup> <br>| 1717 | 983883 |
| Total Investments (total cost $1,929,453,226) – 101.4% |  | 3251535088 |
| Liabilities, net of Cash, Receivables and Other Assets – (1.4)% |  | (44612951) |
| Net Assets – 100% |  | $3206922137 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| September 30, 2025

------

**Janus Henderson Venture Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $2840973704 | &nbsp;&nbsp;&nbsp;&nbsp; 87.4<br> %<br>|
| Canada | 186267471 | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| United Kingdom | 78547877 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Israel | 70218975 | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Denmark | 30025280 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Netherlands | 25388539 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Cayman Islands | 20113242 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Total | $3251535088 | &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>*9/30/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Ending* <br>*Shares/* <br>*Principal*<br>| *Dividend/* <br>*Interest* <br>*Income*<br>|
| Convertible Corporate Bonds - 0% | Convertible Corporate Bonds - 0% | Convertible Corporate Bonds - 0% | Convertible Corporate Bonds - 0% | Convertible Corporate Bonds - 0% | Convertible Corporate Bonds - 0% | Convertible Corporate Bonds - 0% | Convertible Corporate Bonds - 0% | Convertible Corporate Bonds - 0% |
| Biotechnology - 0% | Biotechnology - 0% | Biotechnology - 0% | Biotechnology - 0% | Biotechnology - 0% | Biotechnology - 0% | Biotechnology - 0% | Biotechnology - 0% | Biotechnology - 0% |
| Claris Biotherapeutics Inc, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>§</sup>  |
|  | $- | $221444 | $- | $- | $- | $221444 | $221444 | $10875 |
| Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26<sup>¢</sup><sup>,</sup><sup>§</sup>  |
|  | - | 154340 | - | - | - | 154340 | 154340 | 7580 |
| Total Convertible Corporate Bonds - 0.0% | Total Convertible Corporate Bonds - 0.0% | Total Convertible Corporate Bonds - 0.0% | Total Convertible Corporate Bonds - 0.0% | Total Convertible Corporate Bonds - 0.0% | Total Convertible Corporate Bonds - 0.0% | Total Convertible Corporate Bonds - 0.0% | Total Convertible Corporate Bonds - 0.0% | Total Convertible Corporate Bonds - 0.0% |
|  | $- | $375784 | $- | $- | $- | $375784 | $375784 | $18455 |
| Common Stocks - 0.4% | Common Stocks - 0.4% | Common Stocks - 0.4% | Common Stocks - 0.4% | Common Stocks - 0.4% | Common Stocks - 0.4% | Common Stocks - 0.4% | Common Stocks - 0.4% | Common Stocks - 0.4% |
| Professional Services - 0.4% | Professional Services - 0.4% | Professional Services - 0.4% | Professional Services - 0.4% | Professional Services - 0.4% | Professional Services - 0.4% | Professional Services - 0.4% | Professional Services - 0.4% | Professional Services - 0.4% |
| Asure Software Inc<sup>\*</sup>  | Asure Software Inc<sup>\*</sup>  | Asure Software Inc<sup>\*</sup>  | Asure Software Inc<sup>\*</sup>  | Asure Software Inc<sup>\*</sup>  | Asure Software Inc<sup>\*</sup>  | Asure Software Inc<sup>\*</sup>  | Asure Software Inc<sup>\*</sup>  | Asure Software Inc<sup>\*</sup>  |
|  | 14610845 | 212952 | (573154) | (174261) | (1206564) | 12869818 | 1569490 | - |
| Private Placements - 0.1% | Private Placements - 0.1% | Private Placements - 0.1% | Private Placements - 0.1% | Private Placements - 0.1% | Private Placements - 0.1% | Private Placements - 0.1% | Private Placements - 0.1% | Private Placements - 0.1% |
| Biotechnology - 0.1% | Biotechnology - 0.1% | Biotechnology - 0.1% | Biotechnology - 0.1% | Biotechnology - 0.1% | Biotechnology - 0.1% | Biotechnology - 0.1% | Biotechnology - 0.1% | Biotechnology - 0.1% |
| Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  |
|  | 481155 | - | - | - | 1716808 | 2197963 | 5023916 | - |
| Investment Companies - 1.2% | Investment Companies - 1.2% | Investment Companies - 1.2% | Investment Companies - 1.2% | Investment Companies - 1.2% | Investment Companies - 1.2% | Investment Companies - 1.2% | Investment Companies - 1.2% | Investment Companies - 1.2% |
| Money Markets - 1.2% | Money Markets - 1.2% | Money Markets - 1.2% | Money Markets - 1.2% | Money Markets - 1.2% | Money Markets - 1.2% | Money Markets - 1.2% | Money Markets - 1.2% | Money Markets - 1.2% |
| Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | 32581349 | 579317488 | (574872349) | 142 | - | 37026630 | 37019226 | 2011047 |
| Investments Purchased with Cash Collateral from Securities Lending - 1.0% | Investments Purchased with Cash Collateral from Securities Lending - 1.0% | Investments Purchased with Cash Collateral from Securities Lending - 1.0% | Investments Purchased with Cash Collateral from Securities Lending - 1.0% | Investments Purchased with Cash Collateral from Securities Lending - 1.0% | Investments Purchased with Cash Collateral from Securities Lending - 1.0% | Investments Purchased with Cash Collateral from Securities Lending - 1.0% | Investments Purchased with Cash Collateral from Securities Lending - 1.0% | Investments Purchased with Cash Collateral from Securities Lending - 1.0% |
| Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% |
| Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  |
|  | 20163878 | 446842438 | (433724594) | - | - | 33281722 | 33281722 | 349772 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 2.7% | Total Affiliated Investments - 2.7% | Total Affiliated Investments - 2.7% | Total Affiliated Investments - 2.7% | Total Affiliated Investments - 2.7% | Total Affiliated Investments - 2.7% | Total Affiliated Investments - 2.7% | Total Affiliated Investments - 2.7% | Total Affiliated Investments - 2.7% |
|  | $67837227 | $1026748662 | $(1009170097) | $(174119) | $510244 | $85751917 | 77270138 | $2379274 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Venture Fund**

**Schedule of Investments** 

**September 30, 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>|
| Bank of America, National Association: | Bank of America, National Association: | Bank of America, National Association: | Bank of America, National Association: | Bank of America, National Association: |
| British Pound | 12/11/25 | &nbsp;&nbsp; 21851000 | &nbsp;&nbsp; $(29577732) | &nbsp;&nbsp; $(191955) |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (5057000) | &nbsp;&nbsp; 3671597 | &nbsp;&nbsp; 25054 |
|  |  |  |  | &nbsp;&nbsp; (166901) |
| Barclays Capital Inc: | Barclays Capital Inc: | Barclays Capital Inc: | Barclays Capital Inc: | Barclays Capital Inc: |
| British Pound | 12/11/25 | &nbsp;&nbsp; 1256000 | &nbsp;&nbsp; (1688851) | &nbsp;&nbsp; 250 |
| British Pound | 12/11/25 | &nbsp;&nbsp; (2681900) | &nbsp;&nbsp; 3629972 | &nbsp;&nbsp; 23285 |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; 4061000 | &nbsp;&nbsp; (2929663) | &nbsp;&nbsp; (1324) |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (10595900) | &nbsp;&nbsp; 7691594 | &nbsp;&nbsp; 51017 |
|  |  |  |  | &nbsp;&nbsp; 73228 |
| Citibank, National Association: | Citibank, National Association: | Citibank, National Association: | Citibank, National Association: | Citibank, National Association: |
| British Pound | 12/11/25 | &nbsp;&nbsp; (27400800) | &nbsp;&nbsp; 37074611 | &nbsp;&nbsp; 225323 |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (12243900) | &nbsp;&nbsp; 8887801 | &nbsp;&nbsp; 58870 |
|  |  |  |  | &nbsp;&nbsp; 284193 |
| Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: |
| British Pound | 12/11/25 | &nbsp;&nbsp; (14015000) | &nbsp;&nbsp; 18971881 | &nbsp;&nbsp; 124155 |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (8586000) | &nbsp;&nbsp; 6232406 | &nbsp;&nbsp; 41144 |
|  |  |  |  | &nbsp;&nbsp; 165299 |
| HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: |
| British Pound | 12/11/25 | &nbsp;&nbsp; (11821400) | &nbsp;&nbsp; 16002310 | &nbsp;&nbsp; 104593 |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (66035700) | &nbsp;&nbsp; 47934000 | &nbsp;&nbsp; 316443 |
|  |  |  |  | &nbsp;&nbsp; 421036 |
| JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: |
| British Pound | 12/11/25 | &nbsp;&nbsp; (15549800) | &nbsp;&nbsp; 21047533 | &nbsp;&nbsp; 135769 |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (57100500) | &nbsp;&nbsp; 41462533 | &nbsp;&nbsp; 288042 |
|  |  |  |  | &nbsp;&nbsp; 423811 |
| 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: |
| British Pound | 12/11/25 | &nbsp;&nbsp; 11221000 | &nbsp;&nbsp; (15192078) | &nbsp;&nbsp; (101794) |
| British Pound | 12/11/25 | &nbsp;&nbsp; (1189000) | &nbsp;&nbsp; 1599858 | &nbsp;&nbsp; 861 |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; 16665000 | &nbsp;&nbsp; (12101623) | &nbsp;&nbsp; (84690) |
|  |  |  |  | &nbsp;&nbsp; (185623) |
| State Street Bank and Trust Company: | State Street Bank and Trust Company: | State Street Bank and Trust Company: | State Street Bank and Trust Company: | State Street Bank and Trust Company: |
| British Pound | 12/11/25 | &nbsp;&nbsp; (16625832) | &nbsp;&nbsp; 22501035 | &nbsp;&nbsp; 142196 |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; 4389000 | &nbsp;&nbsp; (3202864) | &nbsp;&nbsp; (38008) |
| Canadian Dollar | 12/11/25 | &nbsp;&nbsp; (15462500) | &nbsp;&nbsp; 11228048 | &nbsp;&nbsp; 78223 |
|  |  |  |  | &nbsp;&nbsp; 182411 |
| Total |  |  |  | &nbsp;&nbsp; $1197454 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** |
| *Counterparty/* <br>*Reference Asset*<br>| *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Exercise* <br>*Price*<br>|  | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount*<br>| &nbsp;&nbsp; *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>| &nbsp;&nbsp; *Options* <br>*Written,* <br>*at Value*<br>|
| *Written Call Options:* | *Written Call Options:* | *Written Call Options:* | *Written Call Options:* |  |  |  |  |  |
| *Morgan Stanley & Co International PLC:* | *Morgan Stanley & Co International PLC:* | *Morgan Stanley & Co International PLC:* | *Morgan Stanley & Co International PLC:* |  |  |  |  |  |
| Ast Spacemobile Inc | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;55.00 | USD | &nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp; $(9816000) | &nbsp;&nbsp; $1129600 | &nbsp;&nbsp; $(482675) | &nbsp;&nbsp; $(1612275) |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

6 \| September 30, 2025

------

**Janus Henderson Venture Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty/*<br> *Reference Asset*<br>| *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Exercise*<br> *Price*<br>|  | &nbsp;&nbsp; *Expiration*<br> *Date*<br>| &nbsp;&nbsp; *Notional*<br> *Amount*<br>| &nbsp;&nbsp; *Premiums*<br> *Received*<br>| &nbsp;&nbsp; *Unrealized*<br> *Appreciation/*<br> *(Depreciation)*<br>| &nbsp;&nbsp; *Options*<br> *Written,*<br> *at Value*<br>|
| *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* |  |  |  |  |  |
| Ast Spacemobile Inc | 1524 | &nbsp;&nbsp;&nbsp;&nbsp;60.00 | USD | &nbsp;&nbsp; 6/18/26 | &nbsp;&nbsp; $(7479792) | &nbsp;&nbsp; $1170610 | &nbsp;&nbsp; $(665316) | &nbsp;&nbsp; $(1835926) |
| Total OTC Written Options | Total OTC Written Options |  |  |  |  | &nbsp;&nbsp; $2300210 | &nbsp;&nbsp; $(1147991) | &nbsp;&nbsp; $(3448201) |

---

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 September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of September 30, 2025** |
|  | *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Equity* <br>*Contracts*<br>| *Total* |
| *Asset Derivatives:* |  |  |  |
| Purchased OTC options, at value | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $983883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $983883 |
| Forward foreign currency exchange contracts | 1615225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1615225 |
| Total Asset Derivatives | $1615225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $983883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2599108 |
| *Liability Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $417771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $417771 |
| OTC options written, at value | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3448201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3448201 |
| Total Liability Derivatives | $417771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3448201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3865972 |

---

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement

of Operations for the year ended September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended September 30, 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* | *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Equity* <br>*Contracts*<br>| *Total* |
| Forward foreign currency exchange contracts | $516121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $516121 |
| Written options contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3158813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3158813 |
| Total | $516121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3158813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3674934 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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; *Equity* <br>*Contracts*<br>| *Total* |
| Purchased options contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $266177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $266177 |
| Forward foreign currency exchange contracts | 4519208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4519208 |
| Written options contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1546469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1546469) |
| Total | $4519208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1280292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3238916 |

---

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.

Janus Investment Fund \| 7

------

**Janus Henderson Venture Fund**

**Schedule of Investments** 

**September 30, 2025**

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Year Ended September 30, 2025** |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased - in USD | $92419916 |
| Average amounts sold - in USD | 274680384 |
| Options: |  |
| Average value of option contracts purchased | 609145 |
| Average value of option contracts written | 1493752 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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* |
| Bank of America, National Association | $25054 | &nbsp;&nbsp; $(25054) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Capital Inc | 74552 | &nbsp;&nbsp; (1324) | &nbsp;&nbsp; — | &nbsp;&nbsp; 73228 |
| Citibank, National Association | 284193 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 284193 |
| Goldman Sachs & Co LLC | 165299 | &nbsp;&nbsp; (165299) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Securities (USA) Inc | 421036 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 421036 |
| JPMorgan Chase Bank, National Association | 41158153 | &nbsp;&nbsp; — | &nbsp;&nbsp; (40734342) | &nbsp;&nbsp; 423811 |
| Morgan Stanley & Co International PLC | 984744 | &nbsp;&nbsp; (984744) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank and Trust Company | 220419 | &nbsp;&nbsp; (38008) | &nbsp;&nbsp; — | &nbsp;&nbsp; 182411 |
| Total | $43333450 | &nbsp;&nbsp; $(1214429) | &nbsp;&nbsp; $(40734342) | &nbsp;&nbsp; $1384679 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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* |
| Bank of America, National Association | $191955 | &nbsp;&nbsp; $(25054) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $166901 |
| Barclays Capital Inc | 1324 | &nbsp;&nbsp; (1324) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co LLC | 1835926 | &nbsp;&nbsp; (165299) | &nbsp;&nbsp; (1670627) | &nbsp;&nbsp; — |
| Morgan Stanley & Co International PLC | 1798759 | &nbsp;&nbsp; (984744) | &nbsp;&nbsp; (672588) | &nbsp;&nbsp; 141427 |
| State Street Bank and Trust Company | 38008 | &nbsp;&nbsp; (38008) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | $3865972 | &nbsp;&nbsp; $(1214429) | &nbsp;&nbsp; $(2343215) | &nbsp;&nbsp; $308328 |

---

&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.

8 \| September 30, 2025

------

**Janus Henderson Venture Fund**

**Notes to Schedule of Investments and Other Information** 

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| LLC | Limited Liability Company |
| OTC | Over-the-Counter |
| PLC | Public Limited Company |

---

---

| |
|:---|
| Non-income producing security. |
| Rate shown is the 7-day yield as of September 30, 2025. |
| Loaned security; a portion of the security is on loan at September 30, 2025. |
| &nbsp;&nbsp; Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the year ended September 30, 2025 is <br> $33,263,192, which represents 1.0% 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. |
| Schedule of Restricted Securities (as of September 30, 2025) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Acquisition* <br>*Date*<br>| *Cost* | *Value* | &nbsp;&nbsp; *Value as a* <br>*% of Net* <br>*Assets*<br>|
| Apartment List Inc | 11/2/20 | &nbsp;&nbsp; $8881908 | $10527966 | &nbsp;&nbsp;&nbsp;&nbsp; 0.3<br> %<br>|
| Claris Biotherapeutics Inc, 8.0000%, 7/31/26 | 2/26/25 | &nbsp;&nbsp; 221444 | 221444 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Claris Biotherapeutics Inc - Series A-3 | 12/28/23 | &nbsp;&nbsp; 4811555 | 2197963 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26 | 9/12/25 | &nbsp;&nbsp; 154340 | 154340 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Galvanize Therapeutics Inc - Series C | 7/7/25 | &nbsp;&nbsp; 4369023 | 4368940 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| IntelyCare Inc | 3/29/22 | &nbsp;&nbsp; 9412879 | 872307 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Kardium Inc - Series 8 Class D Preferred shares | 6/6/25 | &nbsp;&nbsp; 5819475 | 8313549 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Loadsmart Inc - Series A | 1/4/22 | &nbsp;&nbsp; 2665928 | 1716016 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Loadsmart Inc - Series D | 1/4/22 | &nbsp;&nbsp; 7997820 | 4890667 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Total |  | &nbsp;&nbsp; $44334372 | $33263192 | &nbsp;&nbsp; 1.0% |

---

The Fund has registration rights for certain restricted securities held as of September 30, 2025. The issuer incurs all registration costs.

Janus Investment Fund \| 9

------

**Janus Henderson Venture Fund**

**Notes to Schedule of Investments and Other Information** 

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

instruments as of September 30, 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:** |  |  |  |
| *Convertible Corporate Bonds* | $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $375784 |
| *Common Stocks* |  |  |  |
| Life Sciences Tools & Services | - | &nbsp;&nbsp; 137023 | &nbsp;&nbsp; - |
| All Other | 3138516118 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Private Placements* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 32887408 |
| *Investment Companies* | - | &nbsp;&nbsp; 37026630 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 41608242 | &nbsp;&nbsp; - |
| *OTC Purchased Options – Calls* | - | &nbsp;&nbsp; 983883 | &nbsp;&nbsp; - |
| Total Investments in Securities | $3138516118 | &nbsp;&nbsp; $79755778 | &nbsp;&nbsp; $33263192 |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | - | &nbsp;&nbsp; 1615225 | &nbsp;&nbsp; - |
| **Total Assets** | $3138516118 | &nbsp;&nbsp; $81371003 | &nbsp;&nbsp; $33263192 |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | $- | &nbsp;&nbsp; $417771 | &nbsp;&nbsp; $- |
| *OTC Options Written, at Value* | - | &nbsp;&nbsp; 3448201 | &nbsp;&nbsp; - |
| **Total Liabilities** | $- | &nbsp;&nbsp; $3865972 | &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.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Level 3 Valuation Reconciliation of Assets (for the year ended September 30, 2025)** | **Level 3 Valuation Reconciliation of Assets (for the year ended September 30, 2025)** | **Level 3 Valuation Reconciliation of Assets (for the year ended September 30, 2025)** | **Level 3 Valuation Reconciliation of Assets (for the year ended September 30, 2025)** | **Level 3 Valuation Reconciliation of Assets (for the year ended September 30, 2025)** | **Level 3 Valuation Reconciliation of Assets (for the year ended September 30, 2025)** | **Level 3 Valuation Reconciliation of Assets (for the year ended September 30, 2025)** | **Level 3 Valuation Reconciliation of Assets (for the year ended September 30, 2025)** |
|  | **Balance** <br>**as of** <br>**September 30,** <br>**2024**<br>| **Realized** <br>**Gain/(Loss)**<br>| **Change In** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation**<sup>(a)</sup> <br>| **Gross** <br>**Purchases**<br>| **Gross** <br>**Sales**<br>| **Transfers In** <br>**and/or** <br>**Out of Level 3**<br>| **Balance** <br>**as of** <br>**September 30, 2025**<sup>(b)</sup> <br>|
| **Investment in** <br> **Securities:**<br>|  |  |  |  |  |  |  |
| Convertible Corporate <br> Bonds<br>| $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $375784 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $375784 |
| Private Placements | 17536030 | &nbsp;&nbsp; - | &nbsp;&nbsp; 5162880 | &nbsp;&nbsp; 10188498 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 32887408 |
| Total | $17536030 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5162880 | &nbsp;&nbsp; $10564282 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $33263192 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Included in "Change in unrealized net appreciation/depreciation of investments, foreign
 currency translations and non-interested Trustees' deferred compensation" on the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The change in unrealized appreciation/depreciation for Level 3 securities held at
 September 30, 2025 is $5,162,880.

10 \| September 30, 2025

------

**Janus Henderson Venture Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $1,836,697,340)<sup>(1)</sup> <br>| $3164799288 |
| Affiliated investments, at value (cost $92,038,180) | 85751917 |
| Purchased options, at value (premiums paid $717,706) | 983883 |
| Deposits with brokers for OTC derivatives | 2542588 |
| Forward foreign currency exchange contracts | 1615225 |
| Trustees' deferred compensation | 91973 |
| Receivables: |  |
| Fund shares sold | 761382 |
| Dividends | 339102 |
| Dividends from affiliates | 186895 |
| Interest from affiliates | 18455 |
| Other assets | 58685 |
| Total Assets | 3257149393 |
| Liabilities: |  |
| Due to custodian | 35 |
| Collateral for securities loaned (Note 3) | 41608242 |
| Forward foreign currency exchange contracts | 417771 |
| OTC options written, at value (premiums received $2,300,210) | 3448201 |
| Payables: |  |
| Fund shares repurchased | 2349147 |
| Advisory fees | 1690128 |
| Transfer agent fees and expenses | 366759 |
| Trustees' deferred compensation fees | 91973 |
| Professional fees | 78128 |
| Trustees' fees and expenses | 15078 |
| 12b-1 Distribution and shareholder servicing fees | 8717 |
| Affiliated fund administration fees payable | 6603 |
| Custodian fees | 396 |
| Accrued expenses and other payables | 146078 |
| Total Liabilities | 50227256 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $3206922137 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Venture Fund**

**Statement of Assets and Liabilities** 

**September 30, 2025**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $1771657843 |
| Total distributable earnings (loss) | 1435264294 |
| Total Net Assets | $3206922137 |
| Net Assets - Class A Shares | $19895140 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 240366 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $82.77 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $87.82 |
| Net Assets - Class C Shares | $1002317 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 14585 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $68.72 |
| Net Assets - Class D Shares | $1771777550 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 20114685 |
| Net Asset Value Per Share | $88.08 |
| Net Assets - Class I Shares | $234087344 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2632285 |
| Net Asset Value Per Share | $88.93 |
| Net Assets - Class N Shares | $435129764 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 4809490 |
| Net Asset Value Per Share | $90.47 |
| Net Assets - Class S Shares | $18418940 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 229033 |
| Net Asset Value Per Share | $80.42 |
| Net Assets - Class T Shares | $726611082 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 8497492 |
| Net Asset Value Per Share | $85.51 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $40,734,342 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 100/94.25 of net asset value.

See Notes to Financial Statements.

12 \| September 30, 2025

------

**Janus Henderson Venture Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $11886212 |
| Dividends from affiliates | 2011047 |
| Affiliated securities lending income, net | 349772 |
| Unaffiliated securities lending income, net | 96629 |
| Interest from affiliates | 18455 |
| Other income | 13172 |
| Foreign tax withheld | (280622) |
| Total Investment Income | 14094665 |
| Expenses: |  |
| Advisory fees | 20007420 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 50591 |
| Class C Shares | 9886 |
| Class S Shares | 49185 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 1906875 |
| Class S Shares | 49392 |
| Class T Shares | 1813308 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 20478 |
| Class C Shares | 1025 |
| Class I Shares | 230806 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 1143 |
| Class C Shares | 70 |
| Class D Shares | 131119 |
| Class I Shares | 6905 |
| Class N Shares | 16653 |
| Class S Shares | 250 |
| Class T Shares | 5675 |
| Shareholder reports expense | 191773 |
| Registration fees | 130418 |
| Affiliated fund administration fees | 93575 |
| Professional fees | 84139 |
| Custodian fees | 72914 |
| Trustees' fees and expenses | 59028 |
| Other expenses | 295491 |
| Total Expenses | 25228119 |
| Less: Excess Expense Reimbursement and Waivers | (111670) |
| Net Expenses | 25116449 |
| Net Investment Income/(Loss) | (11021784) |

---

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Venture Fund**

**Statement of Operations** 

**For the year ended September 30, 2025**

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | $121482519 |
| Investments in affiliates | (174119) |
| Forward foreign currency exchange contracts | 516121 |
| Written options contracts | 3158813 |
| Total Net Realized Gain/(Loss) on Investments | 124983334 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 53763450 |
| Investments in affiliates | 510244 |
| Purchased options contracts | 266177 |
| Forward foreign currency exchange contracts | 4519208 |
| Written options contracts | (1546469) |
| Total Change in Unrealized Net Appreciation/Depreciation | 57512610 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $171474160 |

---

See Notes to Financial Statements.

14 \| September 30, 2025

------

**Janus Henderson Venture Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*September 30, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $(11021784) | &nbsp;&nbsp; $(10940607) |
| Net realized gain/(loss) on investments | 124983334 | &nbsp;&nbsp; 253986395 |
| Change in unrealized net appreciation/depreciation | 57512610 | &nbsp;&nbsp; 491982167 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 171474160 | &nbsp;&nbsp; 735027955 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (1472041) | &nbsp;&nbsp; (1011736) |
| Class C Shares | (95036) | &nbsp;&nbsp; (44572) |
| Class D Shares | (119844298) | &nbsp;&nbsp; (85227851) |
| Class I Shares | (16088539) | &nbsp;&nbsp; (11052607) |
| Class N Shares | (22314590) | &nbsp;&nbsp; (17446754) |
| Class S Shares | (1589452) | &nbsp;&nbsp; (1561437) |
| Class T Shares | (51871524) | &nbsp;&nbsp; (36995742) |
| Net Decrease from Dividends and Distributions to Shareholders | (213275480) | &nbsp;&nbsp; (153340699) |
| Capital Share Transactions: |  |  |
| Class A Shares | (772451) | &nbsp;&nbsp; (390453) |
| Class C Shares | 19456 | &nbsp;&nbsp; 172058 |
| Class D Shares | (31192834) | &nbsp;&nbsp; (56933733) |
| Class I Shares | (7293926) | &nbsp;&nbsp; (7795813) |
| Class N Shares | 81166583 | &nbsp;&nbsp; (37028596) |
| Class S Shares | (4138313) | &nbsp;&nbsp; (9717647) |
| Class T Shares | (30636381) | &nbsp;&nbsp; (33788076) |
| Net Increase/(Decrease) from Capital Share Transactions | 7152134 | &nbsp;&nbsp; (145482260) |
| Net Increase/(Decrease) in Net Assets | (34649186) | &nbsp;&nbsp; 436204996 |
| Net Assets: |  |  |
| Beginning of period | 3241571323 | &nbsp;&nbsp; 2805366327 |
| End of period | $3206922137 | &nbsp;&nbsp; $3241571323 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Venture Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $84.08 | &nbsp;&nbsp; $69.91 | &nbsp;&nbsp; $66.65 | &nbsp;&nbsp; $106.21 | &nbsp;&nbsp; $82.08 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.46) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.67) |
| Net realized and unrealized gain/(loss) | 5.04 | &nbsp;&nbsp;&nbsp;&nbsp;18.68 | &nbsp;&nbsp;&nbsp;&nbsp;6.69 | &nbsp;&nbsp; (26.74) | &nbsp;&nbsp;&nbsp;&nbsp;30.42 |
| Total from Investment Operations | 4.58 | &nbsp;&nbsp;&nbsp;&nbsp;18.25 | &nbsp;&nbsp;&nbsp;&nbsp;6.40 | &nbsp;&nbsp; (27.23) | &nbsp;&nbsp;&nbsp;&nbsp;29.75 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Total Dividends and Distributions | (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Net Asset Value, End of Period | $82.77 | &nbsp;&nbsp; $84.08 | &nbsp;&nbsp; $69.91 | &nbsp;&nbsp; $66.65 | &nbsp;&nbsp; $106.21 |
| Total Return<sup>\*</sup> <br>| 5.38% | &nbsp;&nbsp; 27.43% | &nbsp;&nbsp; 9.83% | &nbsp;&nbsp; (28.58)% | &nbsp;&nbsp; 36.78% |
| Net Assets, End of Period (in thousands) | $19895 | &nbsp;&nbsp; $21149 | &nbsp;&nbsp; $17572 | &nbsp;&nbsp; $15149 | &nbsp;&nbsp; $24644 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.04% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.00% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.04% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.00% |
| Ratio of Net Investment Income/(Loss) | (0.59)% | &nbsp;&nbsp; (0.57)% | &nbsp;&nbsp; (0.40)% | &nbsp;&nbsp; (0.59)% | &nbsp;&nbsp; (0.66)% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 21% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

16 \| September 30, 2025

------

**Janus Henderson Venture Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $71.30 | &nbsp;&nbsp; $60.20 | &nbsp;&nbsp; $58.35 | &nbsp;&nbsp; $95.22 | &nbsp;&nbsp; $74.59 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.93) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp; (0.99) | &nbsp;&nbsp; (1.29) |
| Net realized and unrealized gain/(loss) | 4.24 | &nbsp;&nbsp;&nbsp;&nbsp;15.96 | &nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp; (23.55) | &nbsp;&nbsp;&nbsp;&nbsp;27.54 |
| Total from Investment Operations | 3.31 | &nbsp;&nbsp;&nbsp;&nbsp;15.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp; (24.54) | &nbsp;&nbsp;&nbsp;&nbsp;26.25 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Total Dividends and Distributions | (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Net Asset Value, End of Period | $68.72 | &nbsp;&nbsp; $71.30 | &nbsp;&nbsp; $60.20 | &nbsp;&nbsp; $58.35 | &nbsp;&nbsp; $95.22 |
| Total Return<sup>\*</sup> <br>| 4.51% | &nbsp;&nbsp; 26.70% | &nbsp;&nbsp; 8.77% | &nbsp;&nbsp; (29.11)% | &nbsp;&nbsp; 35.74% |
| Net Assets, End of Period (in thousands) | $1002 | &nbsp;&nbsp; $1053 | &nbsp;&nbsp; $734 | &nbsp;&nbsp; $1642 | &nbsp;&nbsp; $3747 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.95% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.76% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.87% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.76% |
| Ratio of Net Investment Income/(Loss) | (1.41)% | &nbsp;&nbsp; (1.21)% | &nbsp;&nbsp; (1.35)% | &nbsp;&nbsp; (1.31)% | &nbsp;&nbsp; (1.42)% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 21% |

---

\* 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. 

(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 Venture Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $88.91 | &nbsp;&nbsp; $73.54 | &nbsp;&nbsp; $69.81 | &nbsp;&nbsp; $110.41 | &nbsp;&nbsp; $84.98 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.29) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.47) |
| Net realized and unrealized gain/(loss) | 5.35 | &nbsp;&nbsp;&nbsp;&nbsp;19.73 | &nbsp;&nbsp;&nbsp;&nbsp;7.00 | &nbsp;&nbsp; (27.95) | &nbsp;&nbsp;&nbsp;&nbsp;31.52 |
| Total from Investment Operations | 5.06 | &nbsp;&nbsp;&nbsp;&nbsp;19.45 | &nbsp;&nbsp;&nbsp;&nbsp;6.87 | &nbsp;&nbsp; (28.27) | &nbsp;&nbsp;&nbsp;&nbsp;31.05 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Total Dividends and Distributions | (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Net Asset Value, End of Period | $88.08 | &nbsp;&nbsp; $88.91 | &nbsp;&nbsp; $73.54 | &nbsp;&nbsp; $69.81 | &nbsp;&nbsp; $110.41 |
| Total Return<sup>\*</sup> <br>| 5.64% | &nbsp;&nbsp; 27.72% | &nbsp;&nbsp; 10.06% | &nbsp;&nbsp; (28.42)% | &nbsp;&nbsp; 37.07% |
| Net Assets, End of Period (in thousands) | $1771778 | &nbsp;&nbsp; $1828330 | &nbsp;&nbsp; $1557240 | &nbsp;&nbsp; $1500311 | &nbsp;&nbsp; $2228324 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% |
| Ratio of Net Investment Income/(Loss) | (0.34)% | &nbsp;&nbsp; (0.35)% | &nbsp;&nbsp; (0.18)% | &nbsp;&nbsp; (0.37)% | &nbsp;&nbsp; (0.45)% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 21% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

18 \| September 30, 2025

------

**Janus Henderson Venture Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $89.69 | &nbsp;&nbsp; $74.13 | &nbsp;&nbsp; $70.32 | &nbsp;&nbsp; $111.10 | &nbsp;&nbsp; $85.45 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.27) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.44) |
| Net realized and unrealized gain/(loss) | 5.40 | &nbsp;&nbsp;&nbsp;&nbsp;19.90 | &nbsp;&nbsp;&nbsp;&nbsp;7.06 | &nbsp;&nbsp; (28.15) | &nbsp;&nbsp;&nbsp;&nbsp;31.71 |
| Total from Investment Operations | 5.13 | &nbsp;&nbsp;&nbsp;&nbsp;19.64 | &nbsp;&nbsp;&nbsp;&nbsp;6.95 | &nbsp;&nbsp; (28.45) | &nbsp;&nbsp;&nbsp;&nbsp;31.27 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Total Dividends and Distributions | (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Net Asset Value, End of Period | $88.93 | &nbsp;&nbsp; $89.69 | &nbsp;&nbsp; $74.13 | &nbsp;&nbsp; $70.32 | &nbsp;&nbsp; $111.10 |
| Total Return<sup>\*</sup> <br>| 5.67% | &nbsp;&nbsp; 27.76% | &nbsp;&nbsp; 10.11% | &nbsp;&nbsp; (28.40)% | &nbsp;&nbsp; 37.13% |
| Net Assets, End of Period (in thousands) | $234087 | &nbsp;&nbsp; $244689 | &nbsp;&nbsp; $210384 | &nbsp;&nbsp; $220157 | &nbsp;&nbsp; $363007 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Investment Income/(Loss) | (0.32)% | &nbsp;&nbsp; (0.32)% | &nbsp;&nbsp; (0.14)% | &nbsp;&nbsp; (0.34)% | &nbsp;&nbsp; (0.42)% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 21% |

---

\* 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. 

(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 Venture Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $91.07 | &nbsp;&nbsp; $75.15 | &nbsp;&nbsp; $71.17 | &nbsp;&nbsp; $112.20 | &nbsp;&nbsp; $86.18 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.18) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.35) |
| Net realized and unrealized gain/(loss) | 5.47 | &nbsp;&nbsp;&nbsp;&nbsp;20.19 | &nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp; (28.48) | &nbsp;&nbsp;&nbsp;&nbsp;31.99 |
| Total from Investment Operations | 5.29 | &nbsp;&nbsp;&nbsp;&nbsp;20.00 | &nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp; (28.70) | &nbsp;&nbsp;&nbsp;&nbsp;31.64 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Total Dividends and Distributions | (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Net Asset Value, End of Period | $90.47 | &nbsp;&nbsp; $91.07 | &nbsp;&nbsp; $75.15 | &nbsp;&nbsp; $71.17 | &nbsp;&nbsp; $112.20 |
| Total Return<sup>\*</sup> <br>| 5.76% | &nbsp;&nbsp; 27.87% | &nbsp;&nbsp; 10.23% | &nbsp;&nbsp; (28.34)% | &nbsp;&nbsp; 37.25% |
| Net Assets, End of Period (in thousands) | $435130 | &nbsp;&nbsp; $351470 | &nbsp;&nbsp; $322200 | &nbsp;&nbsp; $335608 | &nbsp;&nbsp; $565040 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% |
| Ratio of Net Investment Income/(Loss) | (0.21)% | &nbsp;&nbsp; (0.23)% | &nbsp;&nbsp; (0.04)% | &nbsp;&nbsp; (0.25)% | &nbsp;&nbsp; (0.33)% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 21% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

20 \| September 30, 2025

------

**Janus Henderson Venture Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $81.96 | &nbsp;&nbsp; $68.35 | &nbsp;&nbsp; $65.32 | &nbsp;&nbsp; $104.51 | &nbsp;&nbsp; $80.97 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.56) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.83) |
| Net realized and unrealized gain/(loss) | 4.91 | &nbsp;&nbsp;&nbsp;&nbsp;18.23 | &nbsp;&nbsp;&nbsp;&nbsp;6.56 | &nbsp;&nbsp; (26.24) | &nbsp;&nbsp;&nbsp;&nbsp;29.99 |
| Total from Investment Operations | 4.35 | &nbsp;&nbsp;&nbsp;&nbsp;17.69 | &nbsp;&nbsp;&nbsp;&nbsp;6.17 | &nbsp;&nbsp; (26.86) | &nbsp;&nbsp;&nbsp;&nbsp;29.16 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Total Dividends and Distributions | (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Net Asset Value, End of Period | $80.42 | &nbsp;&nbsp; $81.96 | &nbsp;&nbsp; $68.35 | &nbsp;&nbsp; $65.32 | &nbsp;&nbsp; $104.51 |
| Total Return<sup>\*</sup> <br>| 5.23% | &nbsp;&nbsp; 27.23% | &nbsp;&nbsp; 9.67% | &nbsp;&nbsp; (28.70)% | &nbsp;&nbsp; 36.55% |
| Net Assets, End of Period (in thousands) | $18419 | &nbsp;&nbsp; $23199 | &nbsp;&nbsp; $28124 | &nbsp;&nbsp; $29213 | &nbsp;&nbsp; $54537 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.18% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.16% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.18% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.16% |
| Ratio of Net Investment Income/(Loss) | (0.73)% | &nbsp;&nbsp; (0.73)% | &nbsp;&nbsp; (0.55)% | &nbsp;&nbsp; (0.75)% | &nbsp;&nbsp; (0.83)% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 21% |

---

\* 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. 

(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 Venture Fund**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |
| For a share outstanding during the year ended September 30 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $86.56 | &nbsp;&nbsp; $71.78 | &nbsp;&nbsp; $68.27 | &nbsp;&nbsp; $108.38 | &nbsp;&nbsp; $83.59 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.37) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.58) |
| Net realized and unrealized gain/(loss) | 5.21 | &nbsp;&nbsp;&nbsp;&nbsp;19.22 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp; (27.37) | &nbsp;&nbsp;&nbsp;&nbsp;30.99 |
| Total from Investment Operations | 4.84 | &nbsp;&nbsp;&nbsp;&nbsp;18.86 | &nbsp;&nbsp;&nbsp;&nbsp;6.65 | &nbsp;&nbsp; (27.78) | &nbsp;&nbsp;&nbsp;&nbsp;30.41 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Total Dividends and Distributions | (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Net Asset Value, End of Period | $85.51 | &nbsp;&nbsp; $86.56 | &nbsp;&nbsp; $71.78 | &nbsp;&nbsp; $68.27 | &nbsp;&nbsp; $108.38 |
| Total Return<sup>\*</sup> <br>| 5.53% | &nbsp;&nbsp; 27.57% | &nbsp;&nbsp; 9.96% | &nbsp;&nbsp; (28.51)% | &nbsp;&nbsp; 36.91% |
| Net Assets, End of Period (in thousands) | $726611 | &nbsp;&nbsp; $771682 | &nbsp;&nbsp; $669111 | &nbsp;&nbsp; $665815 | &nbsp;&nbsp; $1051872 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.92% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.91% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Investment Income/(Loss) | (0.45)% | &nbsp;&nbsp; (0.46)% | &nbsp;&nbsp; (0.28)% | &nbsp;&nbsp; (0.47)% | &nbsp;&nbsp; (0.57)% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 21% |

---

\* 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. 

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

22 \| September 30, 2025

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements** 

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

**1. Organization and Significant Accounting Policies**

Janus Henderson Venture 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, employer-sponsored retirement plans, and bank trust platforms.

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 I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share

accounts before August 4, 2017.

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

requirements.

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

Janus Investment Fund \| 23

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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.

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.

24 \| September 30, 2025

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**Janus Henderson Venture Fund**

**Notes to Financial Statements** 

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. For private placements where observable inputs are limited, assumptions about market activity and risk are used in employing valuation techniques such as the market approach, the income approach, or the cost approach, as defined under ASC 820. These are categorized as Level 3 in the hierarchy.

For significant fair value measurements categorized within Level 3 of the fair value hierarchy, the table below summarizes the valuation techniques and provides quantitative information about the significant unobservable inputs. In addition, the table provides a narrative description of the uncertainty of the fair value measurement based on the use of significant unobservable inputs that have been different, or that reasonable could have been different, at the reporting

date.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Asset* | *Fair Value at* <br>*September 30*, <br>*2025*<br>| *Valuation Technique* | *Unobservable Input* | &nbsp;&nbsp; *Input Amount or* <br>*Range*<br>| &nbsp;&nbsp; *Weighted* <br>*Average*<sup>(1)</sup> <br>| &nbsp;&nbsp; *Impact to Valuation* <br>*from an Increase in* <br>*Input*<br>|
| *Convertible* <br> *Corporate Bonds*<br>|  |  |  |  |  |  |
|  | $375784 | Recent Transaction | Purchase Price | $100 | $100 | Increase |
| *Private Placements* |  |  |  |  |  |  |
|  | $18006956 | Market Approach | Revenue Multiple | 0.49-7.10 | 5.64 | Increase |
|  | $6566903 | Market Approach | Transaction Price | $0.44-0.53 | $0.50 | Increase |
|  | $8313549 | Income Approach | Discount Rate | 12% | 12% | Decrease |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Unobservable inputs were weighted by the relative fair value of securities.

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" "Level 3

Valuation Reconciliation of Assets"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.

Janus Investment Fund \| 25

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**Janus Henderson Venture Fund**

**Notes to Financial Statements** 

**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.

**Foreign Currency Translations**

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

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

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

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

could result in additional tax, interest, or penalties to be paid by the Fund.

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

income tax purposes.

**Federal Income Taxes**

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

in the next twelve months.

**2. Derivative Instruments**

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures

26 \| September 30, 2025

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**Janus Henderson Venture Fund**

**Notes to Financial Statements** 

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 year ended September 30, 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.

&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.

Janus Investment Fund \| 27

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**Janus Henderson Venture Fund**

**Notes to Financial Statements** 

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 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 year, 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 year, 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.

**Options Contracts** 

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

The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected

28 \| September 30, 2025

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**Janus Henderson Venture Fund**

**Notes to Financial Statements** 

adverse price movements, could render the Fund's hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of

pursuing its investment objective through its investments in options contracts.

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

cover the Fund's exposure to the counterparty.

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

Investments (if applicable).

During the year, the Fund purchased call options on various for the purpose of increasing exposure to individual equity

risk.

In writing an option, the Fund bears the risk of an unfavorable change in the price of the security underlying the written option. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options written are reported as a liability on the Statement of Assets and Liabilities as "Options written, at value" (if applicable). The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the options are exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the security decreases and the options are exercised. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Exercise of an option written by the Fund could result in the Fund buying or selling a security at a price

different from the current market value.

During the year, the Fund wrote call options on various equity securities for the purpose of decreasing exposure to

individual equity risk and/or generating income.

**3. 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, war, 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.* Recent such examples include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Hamas and Israel in the Middle East. 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.

Janus Investment Fund \| 29

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**Janus Henderson Venture Fund**

**Notes to Financial Statements** 

**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.

**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%

30 \| September 30, 2025

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**Janus Henderson Venture Fund**

**Notes to Financial Statements** 

for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" on the Statement of Operations. As of September 30, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $40,734,342. Gross amounts of recognized liabilities for securities lending (collateral received) as of September 30, 2025 is $41,608,242, resulting in the net amount due to the counterparty of

$873,900.

**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

September 30, 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 Fund's

contractual investment advisory fee rate (expressed as an annual rate) is 0.64% of its average daily net assets.

Janus Investment Fund \| 31

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements** 

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 0.86% for at least a one-year period commencing on January 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 $532,252 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended September 30, 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 Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to

32 \| September 30, 2025

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements** 

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 year ended September 30, 2025, the Distributor

retained upfront sales charges of $2,914.

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 year ended September 30,

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 year ended September 30, 2025, redeeming shareholders of Class C Shares

paid CDSCs of $609.

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 September 30, 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 year ended September 30, 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 year ended September 30, 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

Janus Investment Fund \| 33

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements** 

"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 year ended September 30, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

The Fund is permitted to purchase or sell securities ("cross-trade") between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 ("Rule 17a-7"), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust's Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the year ended September 30, 2025, the Fund engaged in cross trades amounting to $271,079 in sales, resulting in a net realized loss of $74,530. The net realized loss is

included within the "Net Realized Gain/(Loss) on Investments" section of the Fund's Statement of Operations.

**5. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Fund must satisfy under the income tax regulations; (2) losses or deductions the Fund may be able to offset against income and gains realized in future years; and (3) unrealized appreciation or depreciation of investments for federal income tax purposes.

Other book to tax differences primarily consist of deferred compensation, derivatives, and foreign currency contract adjustments. 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 Fund has elected to defer qualified late-year losses as noted in the table below. These losses will be deferred for

tax purposes and recognized during the next fiscal year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term Gains*<br>| *Accumulated* <br>*Capital Losses*<br>| *Loss Deferrals* | *Other Book* <br>*to Tax* <br>*Differences*<br>| *Net Tax* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| $- | $124853524 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(5881925) | &nbsp;&nbsp; $(1231494) | &nbsp;&nbsp; $1317524189 |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of September 30, 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

investments in 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;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $1934010899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1444145207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(126621018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1317524189 |

---

Information on the tax components of derivatives as of September 30, 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>|
| $(1102756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1147991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1147991) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

34 \| September 30, 2025

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements** 

constitute adjustments to tax basis.

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. Certain permanent differences such as tax returns

of capital and net investment losses noted below have been reclassified to capital.

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $- | &nbsp;&nbsp;&nbsp; $213275480 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $3128267 |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* | *For the year ended September 30, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $- | &nbsp;&nbsp;&nbsp; $153340699 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

Permanent book to tax basis differences may result in reclassifications between the components of net assets. These differences have no impact on the results of operations or net assets. Capital has been adjusted by $6,467,691, all of

which is long-term capital gain, for distributions in connection with Fund shares redemption (tax equalization).

Janus Investment Fund \| 35

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements** 

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

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended September 30, 2025* | *Year ended September 30, 2025* | *Year ended September 30, 2024* | *Year ended September 30, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 43935 | &nbsp;&nbsp; $3408107 | &nbsp;&nbsp; 57871 | &nbsp;&nbsp; $4247535 |
| Reinvested dividends and distributions | 17584 | &nbsp;&nbsp; 1469829 | &nbsp;&nbsp; 14759 | &nbsp;&nbsp; 1010689 |
| Shares repurchased | (72701) | &nbsp;&nbsp; (5650387) | &nbsp;&nbsp; (72443) | &nbsp;&nbsp; (5648677) |
| Net Increase/(Decrease) | (11182) | &nbsp;&nbsp; $(772451) | &nbsp;&nbsp; 187 | &nbsp;&nbsp; $(390453) |
| Class C Shares: |  |  |  |  |
| Shares sold | 4088 | &nbsp;&nbsp; $283961 | &nbsp;&nbsp; 7181 | &nbsp;&nbsp; $474688 |
| Reinvested dividends and distributions | 1247 | &nbsp;&nbsp; 87124 | &nbsp;&nbsp; 762 | &nbsp;&nbsp; 44572 |
| Shares repurchased | (5524) | &nbsp;&nbsp; (351629) | &nbsp;&nbsp; (5364) | &nbsp;&nbsp; (347202) |
| Net Increase/(Decrease) | (189) | &nbsp;&nbsp; $19456 | &nbsp;&nbsp; 2579 | &nbsp;&nbsp; $172058 |
| Class D Shares: |  |  |  |  |
| Shares sold | 420893 | &nbsp;&nbsp; $35514950 | &nbsp;&nbsp; 364043 | &nbsp;&nbsp; $29417176 |
| Reinvested dividends and distributions | 1240449 | &nbsp;&nbsp; 110127053 | &nbsp;&nbsp; 1094661 | &nbsp;&nbsp; 79122132 |
| Shares repurchased | (2110804) | &nbsp;&nbsp; (176834837) | &nbsp;&nbsp; (2069097) | &nbsp;&nbsp; (165473041) |
| Net Increase/(Decrease) | (449462) | &nbsp;&nbsp; $(31192834) | &nbsp;&nbsp; (610393) | &nbsp;&nbsp; $(56933733) |
| Class I Shares: |  |  |  |  |
| Shares sold | 677933 | &nbsp;&nbsp; $58290909 | &nbsp;&nbsp; 571313 | &nbsp;&nbsp; $47437612 |
| Reinvested dividends and distributions | 177089 | &nbsp;&nbsp; 15868937 | &nbsp;&nbsp; 149235 | &nbsp;&nbsp; 10879222 |
| Shares repurchased | (950864) | &nbsp;&nbsp; (81453772) | &nbsp;&nbsp; (830295) | &nbsp;&nbsp; (66112647) |
| Net Increase/(Decrease) | (95842) | &nbsp;&nbsp; $(7293926) | &nbsp;&nbsp; (109747) | &nbsp;&nbsp; $(7795813) |
| Class N Shares: |  |  |  |  |
| Shares sold | 1808090 | &nbsp;&nbsp; $154335497 | &nbsp;&nbsp; 673013 | &nbsp;&nbsp; $54700303 |
| Reinvested dividends and distributions | 243495 | &nbsp;&nbsp; 22182369 | &nbsp;&nbsp; 234645 | &nbsp;&nbsp; 17354335 |
| Shares repurchased | (1101538) | &nbsp;&nbsp; (95351283) | &nbsp;&nbsp; (1335834) | &nbsp;&nbsp; (109083234) |
| Net Increase/(Decrease) | 950047 | &nbsp;&nbsp; $81166583 | &nbsp;&nbsp; (428176) | &nbsp;&nbsp; $(37028596) |
| Class S Shares: |  |  |  |  |
| Shares sold | 44912 | &nbsp;&nbsp; $3462894 | &nbsp;&nbsp; 67659 | &nbsp;&nbsp; $5004239 |
| Reinvested dividends and distributions | 19548 | &nbsp;&nbsp; 1589452 | &nbsp;&nbsp; 23361 | &nbsp;&nbsp; 1561437 |
| Shares repurchased | (118483) | &nbsp;&nbsp; (9190659) | &nbsp;&nbsp; (219428) | &nbsp;&nbsp; (16283323) |
| Net Increase/(Decrease) | (54023) | &nbsp;&nbsp; $(4138313) | &nbsp;&nbsp; (128408) | &nbsp;&nbsp; $(9717647) |
| Class T Shares: |  |  |  |  |
| Shares sold | 697918 | &nbsp;&nbsp; $57277006 | &nbsp;&nbsp; 903438 | &nbsp;&nbsp; $70461909 |
| Reinvested dividends and distributions | 589258 | &nbsp;&nbsp; 50829377 | &nbsp;&nbsp; 515771 | &nbsp;&nbsp; 36330882 |
| Shares repurchased | (1704426) | &nbsp;&nbsp; (138742764) | &nbsp;&nbsp; (1825921) | &nbsp;&nbsp; (140580867) |
| Net Increase/(Decrease) | (417250) | &nbsp;&nbsp; $(30636381) | &nbsp;&nbsp; (406712) | &nbsp;&nbsp; $(33788076) |

---

**7. Purchases and Sales of Investment Securities**

For the year ended September 30, 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>|
| $747509068 | &nbsp;&nbsp;&nbsp;&nbsp; $970270930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**8. Recent Accounting Pronouncements**

The FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740)—*Improvements to Income Tax Disclosures* (ASU 2023-09) in December 2023. The new guidance enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes the

adoption of the ASU will not have a material impact on the financial statements.

36 \| September 30, 2025

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements** 

&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 September 30, 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 \| 37

------

**Janus Henderson Venture Fund**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Investment Fund and Shareholders of Janus Henderson Venture Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson Venture Fund (one of the funds constituting Janus Investment Fund, referred to hereafter as the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agent, investee companies and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our

audits provide a reasonable basis for our opinion.

![](img7df602252.jpg)

Denver, Colorado

November 20, 2025

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

38 \| September 30, 2025

------

**Janus Henderson Venture Fund**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Fund designated the following for the year ended September 30, 2025:

---

| | |
|:---|:---|
| Capital Gain Distributions | $219743171 |

---

Janus Investment Fund \| 39

------

**Janus Henderson Venture 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 Trustees 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 1, 2024 and December 4-5, 2024, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant during the year. Following such evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2025 through February 1, 2026, subject to earlier termination as provided for in each agreement.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus

40 \| September 30, 2025

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**Janus Henderson Venture Fund**

**Additional Information (unaudited)**

Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. The Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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, 2024, approximately 58% 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, 2024, approximately 61% 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 performance in periods ended September 30, 2024 has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2024, approximately 75% and 61% 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, 2024, approximately 66% and 68% 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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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 Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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.

Janus Investment Fund \| 41

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**Janus Henderson Venture Fund**

**Additional Information (unaudited)**

***<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 first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 High-Yield Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024. 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>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 European Focus Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 \| September 30, 2025

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**Janus Henderson Venture 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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Responsible International Dividend Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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 bottom Broadridge quartile for the 36 months ended June 30, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

***<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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 Contrarian Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted the reasons for the Fund's underperformance over various periods of time, noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024.

Janus Investment Fund \| 43

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**Janus Henderson Venture 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 Forty Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024. 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, 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 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, 2024 and the bottom Broadridge quartile for the 12 months ended June 30, 2024. 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 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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-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, 2024 and the first Broadridge quartile for the 12 months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2024 and the third Broadridge quartile for the 12 months ended June 30, 2024. 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 U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 12 months ended June 30, 2024. The Trustees noted that the 36-month end performance was not yet available because of the Fund's inception date.

&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, 2024 and the second Broadridge quartile for the 12 months ended June 30, 2024.

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

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as 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 10% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the

44 \| September 30, 2025

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**Janus Henderson Venture Fund**

**Additional Information (unaudited)**

Janus Henderson Funds, on average, were 11% 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, recent 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) 11 of 12 Janus Henderson Funds had management fees (before waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser and 16 of 18 Janus Henderson Funds had management fees (after waivers or performance fees) that were lower than or in line with similar funds subadvised by the Adviser. The Trustees noted that for the one Janus Henderson Fund that did not have a lower or in line management fee (before waivers or performance fees) than similar funds subadvised by the Adviser, the management fee was under the average of its 15(c) peer group. For the two Janus Henderson Funds that did not have lower or in line management fees (after waivers or performance fees) than similar funds Subadvised by the Adviser, the management fees were due to performance fee increases resulting from Janus Henderson Fund outperformance of such Janus Henderson Fund's reference index.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2023 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.

&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.

Janus Investment Fund \| 45

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

&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 the Fund's total expenses were below the peer group average for all share classes.

&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.

46 \| September 30, 2025

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**Janus Henderson Venture 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 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 Responsible 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 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.

&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 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 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.

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

Janus Investment Fund \| 47

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**Janus Henderson Venture 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 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 the Fund's total expenses were below the peer group average for all share classes.

&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 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 U.S. Dividend 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 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, 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. The Trustees noted that during the 2023 15(c) review process, the Adviser reported no changes to its allocation methodology; however, at the Trustees' request, the independent fee consultant reviewed changes to the allocation methodology that were reflected in the 2021 data for the 2022 15(c) process, but were not separately analyzed by the independent fee consultant as part of its 2022 review. The independent fee consultant found the new allocation methodology and the rationale for the changes to be reasonable. Further, the independent fee consultant's analysis of fund operating margins showed de minimis impact on operating margins as a result of the changes to the allocation methodology. 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.

48 \| September 30, 2025

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**Janus Henderson Venture Fund**

**Additional Information (unaudited)**

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 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 2022, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2024 report: (1) past 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 31% of Janus Henderson Funds have low flat-rate fees and performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 42% of Janus Henderson Funds have low flat-rate fees (the "Low Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and higher fees when the fund grows in assets.

With respect to the Low Flat-Rate Fee Funds, the independent fee consultant concluded in its 2024 report that (1) 68% 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 Low 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 analysis conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus 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

Janus Investment Fund \| 49

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**Janus Henderson Venture Fund**

**Additional Information (unaudited)**

affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

50 \| September 30, 2025

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**Janus Henderson Venture Fund**

**Notes**

Janus Investment Fund \| 51

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**Janus Henderson Venture Fund**

**Notes**

52 \| September 30, 2025

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**Janus Henderson Venture Fund**

**Notes**

Janus Investment Fund \| 53

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![](img0542ec033.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

125-02-93056 11-25

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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.

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Item 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

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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.

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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](JIF9-30_N-CSR_EX-99_9.25.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](JIF9-30_N-CSR_EX-99.906_9.25.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 the 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 Annual Report of Janus Investment Fund (the "Registrant") on Form N-CSR for the period ended September 30, 2025, as filed with the Securities and Exchange Commission on November 28, 2025 (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 Series

(Principal Executive Officer)

November 28, 2025

/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)

November 28, 2025

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

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## 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: November 28, 2025

/s/ Michelle Rosenberg

Michelle Rosenberg, President and Chief Executive Officer of Janus Investment Fund

(Principal Executive Officer)

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Section 302 Certifications

I, Jesper Nergaard, certify that:

1. I have reviewed this report on Form N-CSR of Janus Investment Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 28, 2025

/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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