# EDGAR Filing Document

**Accession Number:** 0000906185
**File Stem:** 0001193125-26-080737
**Filing Date:** 2026-2
**Character Count:** 1456243
**Document Hash:** 2b07e6958ddd0091533546fa375f73d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-080737.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-080737

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 88

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JANUS ASPEN SERIES
- **CENTRAL INDEX KEY:** 0000906185

**ORGANIZATION NAME:**
- **EIN:** 841235540
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07736
- **FILM NUMBER:** 26694962

**BUSINESS ADDRESS:**
- **STREET 1:** 151 DETROIT STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** 3033333863

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

## Series and Classes Contracts Data

### Janus Henderson Balanced Portfolio (Series ID: S000010394)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028716 | Service Shares       |  |
| C000028717 | Institutional Shares | JABLX           |

### Janus Henderson Research Portfolio (Series ID: S000010395)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028718 | Service Shares       |  |
| C000028719 | Institutional Shares | JAGRX           |

### Janus Henderson Enterprise Portfolio (Series ID: S000010396)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028720 | Service Shares       |  |
| C000028721 | Institutional Shares | JAAGX           |

### Janus Henderson Mid Cap Value Portfolio (Series ID: S000010397)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028722 | Service Shares       |  |
| C000028723 | Institutional Shares | JAMVX           |

### Janus Henderson Global Research Portfolio (Series ID: S000010402)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028728 | Service Shares       |  |
| C000028730 | Institutional Shares | JAWGX           |

### Janus Henderson Flexible Bond Portfolio (Series ID: S000010404)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028733 | Service Shares       |  |
| C000028734 | Institutional Shares | JAFLX           |

### Janus Henderson Forty Portfolio (Series ID: S000010406)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028736 | Service Shares       |  |
| C000028737 | Institutional Shares | JACAX           |

### Janus Henderson Global Technology and Innovation Portfolio (Series ID: S000010408)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028740 | Service Shares       |  |
| C000028742 | Institutional Shares | JGLTX           |

### Janus Henderson Overseas Portfolio (Series ID: S000010410)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028745 | Service Shares       |  |
| C000028747 | Institutional Shares | JAIGX           |

### Janus Henderson Global Sustainable Equity Portfolio (Series ID: S000074910)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000233309 | Institutional Shares | JHISX           |
| C000233310 | Service Shares       |  |

?xml version='1.0' encoding='ASCII'? b23b53b5-954c-4214-a79c-17c7ff0e5655

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

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

------

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

#### Investment Company Act file number

#### 811-07736

#### Janus Aspen Series
(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:

#### 12/31

#### Date of reporting period:

#### 12/31/25
 **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_1802.jpg)

#### Janus Henderson VIT Balanced Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Institutional Shares:JABLX
This annual shareholder report contains important information about the Janus Henderson VIT Balanced Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. 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)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Balanced Portfolio<br>(Institutional Shares/JABLX) | $67 | 0.62% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Balanced Portfolio Institutional Shares returned 15.11%. Its broad-based benchmarks, the S&P 500<sup>®</sup> Index, and the Bloomberg U.S. Aggregate Bond Index returned 17.88% and 7.30%, respectively. Its additional benchmark, the Balanced Index, returned 13.70%.

#### TOP CONTRIBUTORS TO PERFORMANCE
As equities outgained bonds, asset allocation positioning benefited relative performance versus the Balanced Index, with an overweight to equities and corresponding underweight to fixed income.

Relative to the S&P 500<sup>®</sup> Index, the portfolio's equity allocation was overweight growthier sectors that outperformed the broader market, and underweight the consumer staples and real estate sectors, which lagged. Positive stock selection in financials, particularly in investment bank and wealth management holdings, also helped relative performance.

In the fixed income portion of the portfolio, security selection within investment-grade corporates and overweight allocations to non-agency mortgages, commercial mortgage-backed securities (CMBS), and high-yield corporate bonds aided results versus the Bloomberg US Aggregate Bond Index.

#### TOP DETRACTORS FROM PERFORMANCE
Within the portfolio's equity allocation, an overweight to consumer discretionary stocks along with security selection in the sector hindered relative performance compared to the S&P 500 Index. Specifically, a position in Nike detracted. Positioning in the healthcare sector, including a holding in UnitedHealth Group, also weighed on relative results.

In the fixed income portion of the portfolio, an overweight allocation to asset-backed securities (ABS) combined with weak security selection in that market segment weighed on relative performance compared to the Bloomberg US Aggregate Bond Index.

#### Total return based on a $10,000 investment
December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370736.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson VIT Balanced Portfolio (Institutional Shares/JABLX) | 15.11% | 8.48% | 10.14% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |
| Balanced Index | 13.70% | 7.95% | 9.25% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

The Balanced Index is an internally-calculated, hypothetical combination of unmanaged indices. Prior 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 Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9,423M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$50.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;79% |

---

What did the Portfolio invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.2 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 64.5 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 11.2 |
| Corporate Bonds | 9.1 |
| Mortgage-Backed Securities | 6.7 |
| United States Treasury Notes/Bonds | 6.4 |
| Investment Companies | 1.5 |
| Bank Loans and Mezzanine Loans | 0.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (0.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_370742.jpg)

Where can I find more information?

![QR Code - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

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

#### Janus Henderson VIT Balanced Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Service Shares
This annual shareholder report contains important information about the Janus Henderson VIT Balanced Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. 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)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a<br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Balanced Portfolio<br>(Service Shares) | $93 | 0.87% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Balanced Portfolio Service Shares returned 14.84%. Its broad-based benchmarks, the S&P 500<sup>®</sup> Index, and the Bloomberg U.S. Aggregate Bond Index returned 17.88% and 7.30%, respectively. Its additional benchmark, the Balanced Index, returned 13.70%.

#### TOP CONTRIBUTORS TO PERFORMANCE
As equities outgained bonds, asset allocation positioning benefited relative performance versus the Balanced Index, with an overweight to equities and corresponding underweight to fixed income.

Relative to the S&P 500<sup>®</sup> Index, the portfolio's equity allocation was overweight growthier sectors that outperformed the broader market, and underweight the consumer staples and real estate sectors, which lagged. Positive stock selection in financials, particularly in investment bank and wealth management holdings, also helped relative performance.

In the fixed income portion of the portfolio, security selection within investment-grade corporates and overweight allocations to non-agency mortgages, commercial mortgage-backed securities (CMBS), and high-yield corporate bonds aided results versus the Bloomberg US Aggregate Bond Index.

#### TOP DETRACTORS FROM PERFORMANCE
Within the portfolio's equity allocation, an overweight to consumer discretionary stocks along with security selection in the sector hindered relative performance compared to the S&P 500 Index. Specifically, a position in Nike detracted. Positioning in the healthcare sector, including a holding in UnitedHealth Group, also weighed on relative results.

In the fixed income portion of the portfolio, an overweight allocation to asset-backed securities (ABS) combined with weak security selection in that market segment weighed on relative performance compared to the Bloomberg US Aggregate Bond Index.

#### Total return based on a $10,000 investment
December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370758.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson VIT Balanced Portfolio (Service Shares) | 14.84% | 8.21% | 9.86% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |
| Balanced Index | 13.70% | 7.95% | 9.25% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

The Balanced Index is an internally-calculated, hypothetical combination of unmanaged indices. Prior 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 Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9,423M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$50.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;79% |

---

What did the Portfolio invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.2 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 64.5 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 11.2 |
| Corporate Bonds | 9.1 |
| Mortgage-Backed Securities | 6.7 |
| United States Treasury Notes/Bonds | 6.4 |
| Investment Companies | 1.5 |
| Bank Loans and Mezzanine Loans | 0.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (0.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_370764.jpg)

Where can I find more information?

![QR Code - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

Janus Aspen Series 109-65-70908I 02-26

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

#### Janus Henderson VIT Enterprise Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Institutional Shares:JAAGX
This annual shareholder report contains important information about the Janus Henderson VIT Enterprise Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. 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)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Enterprise Portfolio<br>(Institutional Shares/JAAGX) | $75 | 0.72% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Enterprise Portfolio Institutional Shares returned 7.67%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. Its performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 8.66%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Investments in the consumer discretionary and consumer staples sectors contributed relative to the Russell Midcap<sup>®</sup> Growth Index, aided by stock selection.

Investor excitement around artificial intelligence (AI) and the resulting data-center buildout was a positive tailwind for several portfolio holdings. These included AppLovin, the developer and owner of a mobile marketing platform that utilizes AI to improve returns on ad spending. The company's strong earnings performance gave investors increased confidence in its business model and growth. Diversified electronics manufacturer Flex, another contributor, has become a critical enabler of the data-center buildout by producing customized power and cooling equipment. This business has generated strong profitability for the company.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the healthcare and real estate sectors detracted relative to the Russell Midcap Growth Index.

Relative performance was hindered by the portfolio's lack of exposure to several mid-cap stocks that were strong performers for the Index. We avoided these stocks as we saw elevated risk around valuations or business fundamentals.

Among portfolio holdings, Constellation Software was a relative detractor. Constellation's visionary founder and CEO announced his retirement due to health reasons, and uncertainty around this transition pressured the stock. Concerns about the impact of AI on competitive dynamics also pressured software stocks more broadly. Teleflex, another detractor, supplies medical devices used in diagnostic and surgical applications. While Teleflex has a track record of relatively stable growth, it experienced headwinds for its urology business that resulted in weaker-than-expected first-quarter results.

#### Total return based on a $10,000 investment
December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370650.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson VIT Enterprise Portfolio (Institutional Shares/JAAGX) | 7.67% | 7.62% | 12.79% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,836M |
| &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;$11.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

What did the Portfolio invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp - Class A | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc | 2.7 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.2 |
| Investment Companies | 2.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.8 |
| Other | (0.9) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_370657.jpg)

Where can I find more information?

![QR Code - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

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

#### Janus Henderson VIT Enterprise Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Service Shares
This annual shareholder report contains important information about the Janus Henderson VIT Enterprise Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. 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)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a<br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Enterprise Portfolio<br>(Service Shares) | $101 | 0.97% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Enterprise Portfolio Service Shares returned 7.41%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. Its performance benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 8.66%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Investments in the consumer discretionary and consumer staples sectors contributed relative to the Russell Midcap<sup>®</sup> Growth Index, aided by stock selection.

Investor excitement around artificial intelligence (AI) and the resulting data-center buildout was a positive tailwind for several portfolio holdings. These included AppLovin, the developer and owner of a mobile marketing platform that utilizes AI to improve returns on ad spending. The company's strong earnings performance gave investors increased confidence in its business model and growth. Diversified electronics manufacturer Flex, another contributor, has become a critical enabler of the data-center buildout by producing customized power and cooling equipment. This business has generated strong profitability for the company.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the healthcare and real estate sectors detracted relative to the Russell Midcap Growth Index.

Relative performance was hindered by the portfolio's lack of exposure to several mid-cap stocks that were strong performers for the Index. We avoided these stocks as we saw elevated risk around valuations or business fundamentals.

Among portfolio holdings, Constellation Software was a relative detractor. Constellation's visionary founder and CEO announced his retirement due to health reasons, and uncertainty around this transition pressured the stock. Concerns about the impact of AI on competitive dynamics also pressured software stocks more broadly. Teleflex, another detractor, supplies medical devices used in diagnostic and surgical applications. While Teleflex has a track record of relatively stable growth, it experienced headwinds for its urology business that resulted in weaker-than-expected first-quarter results.

#### Total return based on a $10,000 investment
December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370672.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson VIT Enterprise Portfolio (Service Shares) | 7.41% | 7.35% | 12.51% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 12.49% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,836M |
| &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;$11.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

What did the Portfolio invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp - Class A | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc | 2.7 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.2 |
| Investment Companies | 2.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.8 |
| Other | (0.9) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_370679.jpg)

Where can I find more information?

![QR Code - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

Janus Aspen Series 109-65-70909S 02-26

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

#### Janus Henderson VIT Flexible Bond Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Institutional Shares:JAFLX
This annual shareholder report contains important information about the Janus Henderson VIT Flexible Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. 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)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Flexible Bond Portfolio<br>(Institutional Shares/JAFLX) | $59 | 0.57% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Flexible Bond Portfolio Institutional Shares returned 7.40%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 7.30%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Our overweight allocation to credit-spread risk was the main contributor to relative performance versus the Bloomberg US Aggregate Bond Index, as spreads tightened over the review period, and we maintained a constructive outlook on the economy.

Specific contributors included overweight allocations to high-yield corporate bonds and loans, as well as security selection within investment-grade corporates and agency mortgage-backed securities (MBS).

Yield curve positioning contributed overall. Although policy rates and longer-maturity rates might stay higher than expected, at the close of the period under review, we favor an overweight to the short end of the curve as a hedge against potential economic weakening, given the Federal Reserve (Fed) could yet aggressively cut policy rates. This is paired with an underweight at the long end of the yield curve, in case term premiums rise due to potential concerns surrounding Fed independence and continued fiscal deficit spending.

#### TOP DETRACTORS FROM PERFORMANCE
Our exposure to asset-backed securities (ABS) detracted as auto ABS lagged in the second half of the year due to the high-profile idiosyncratic bankruptcies of Tricolor Auto and First Brands Group.

Overweight allocations to the technology and banking sectors detracted from relative performance.

Our underweight allocation to agency MBS detracted, as agency MBS outperformed most other fixed income sectors and recorded its best calendar year of returns since 2002.

#### Total return based on a $10,000 investment
December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370779.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson VIT Flexible Bond Portfolio (Institutional Shares/JAFLX) | 7.40% | (0.23)% | 2.32% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio 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 Portfolio's performance may reflect the effects of expense waivers.

Key Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$627M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$2.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;177% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;6.5 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;5.9 Years |

---

What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 32.5 |
| Corporate Bonds | 22.1 |
| Mortgage-Backed Securities | 19.3 |
| United States Treasury Notes/Bonds | 18.8 |
| Investment Companies | 5.1 |
| Bank Loans and Mezzanine Loans | 3.6 |
| Foreign Government Bonds | 0.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (1.6) |

---

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

---

| | |
|:---|:---|
| Aaa | 19.2 |
| Aa | 40.5 |
| A | 7.4 |
| Baa | 10.7 |
| Ba | 11.4 |
| B | 2.9 |
| Not Rated | 6.2 |
| Other | 1.7 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_370786.jpg)

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

Where can I find more information?

![QR Code - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

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

#### Janus Henderson VIT Flexible Bond Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Service Shares
This annual shareholder report contains important information about the Janus Henderson VIT Flexible Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. 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)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a<br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Flexible Bond Portfolio<br>(Service Shares) | $85 | 0.82% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Flexible Bond Portfolio Service Shares returned 7.22%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 7.30%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Our overweight allocation to credit-spread risk was the main contributor to relative performance versus the Bloomberg US Aggregate Bond Index, as spreads tightened over the review period, and we maintained a constructive outlook on the economy.

Specific contributors included overweight allocations to high-yield corporate bonds and loans, as well as security selection within investment-grade corporates and agency mortgage-backed securities (MBS).

Yield curve positioning contributed overall. Although policy rates and longer-maturity rates might stay higher than expected, at the close of the period under review, we favor an overweight to the short end of the curve as a hedge against potential economic weakening, given the Federal Reserve (Fed) could yet aggressively cut policy rates. This is paired with an underweight at the long end of the yield curve, in case term premiums rise due to potential concerns surrounding Fed independence and continued fiscal deficit spending.

#### TOP DETRACTORS FROM PERFORMANCE
Our exposure to asset-backed securities (ABS) detracted as auto ABS lagged in the second half of the year due to the high-profile idiosyncratic bankruptcies of Tricolor Auto and First Brands Group.

Overweight allocations to the technology and banking sectors detracted from relative performance.

Our underweight allocation to agency MBS detracted, as agency MBS outperformed most other fixed income sectors and recorded its best calendar year of returns since 2002.

#### Total return based on a $10,000 investment
December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370799.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson VIT Flexible Bond Portfolio (Service Shares) | 7.22% | (0.47)% | 2.07% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio 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 Portfolio's performance may reflect the effects of expense waivers.

Key Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$627M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$2.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;177% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average maturity | &nbsp;&nbsp;&nbsp;&nbsp;6.5 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective duration | &nbsp;&nbsp;&nbsp;&nbsp;5.9 Years |

---

What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| Asset-Backed/Commercial Mortgage-Backed Securities | 32.5 |
| Corporate Bonds | 22.1 |
| Mortgage-Backed Securities | 19.3 |
| United States Treasury Notes/Bonds | 18.8 |
| Investment Companies | 5.1 |
| Bank Loans and Mezzanine Loans | 3.6 |
| Foreign Government Bonds | 0.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (1.6) |

---

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

---

| | |
|:---|:---|
| Aaa | 19.2 |
| Aa | 40.5 |
| A | 7.4 |
| Baa | 10.7 |
| Ba | 11.4 |
| B | 2.9 |
| Not Rated | 6.2 |
| Other | 1.7 |

---

Top 5 Areas of Investment (% of net assets)

![Graphical Representation - Allocation 2 Chart](chartimages_370806.jpg)

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

Where can I find more information?

![QR Code - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

Janus Aspen Series 109-65-70910I 02-26

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

#### Janus Henderson VIT Forty Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Institutional Shares:JACAX
This annual shareholder report contains important information about the Janus Henderson VIT Forty Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. 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)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Forty Portfolio<br>(Institutional Shares/JACAX) | $68 | 0.62% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Forty Portfolio Institutional Shares returned 18.14%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.37%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 18.56%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.88%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the industrials and consumer staples sectors contributed relative to the Russell 1000<sup>®</sup> Growth Index.

Howmet Aerospace was a positive contributor. The specialized aircraft components reported robust earnings growth, aided by its expanded market share and a recovery in the broader aerospace industry.

Taiwan Semiconductor Manufacturing Company, another contributor, is a leading supplier of graphic processing units. The company has experienced strong orders growth to support the deployment of artificial intelligence (AI) infrastructure.

Increased spending on AI also was a strong driver of share price performance for semiconductor company Broadcom, a leader in custom silicon development. It was another notable contributor to relative performance.

#### TOP DETRACTORS FROM PERFORMANCE
Investments in the consumer discretionary and healthcare sectors detracted relative to the Russell 1000 Growth Index, due in part to stock selection.

Semiconductor company Marvell Technology was a detractor from relative performance. While Marvell has been a beneficiary of AI-related spending, weaker-than-expected data-center revenues hurt its financial performance. Given the lack of earnings visibility for the company, we exited the position.

UnitedHealth Group was another relative detractor, as unexpectedly high medical costs and stronger-than-anticipated Medicare Advantage demand pressured earnings growth. We trimmed the position, and we continue to monitor company fundamentals.

Eaton, another detractor, provides power management solutions for data centers and other industries. The stock declined as production bottlenecks resulted in slower-than-expected revenue growth. We see this as a short-term issue and remain invested.

#### Total return based on a $10,000 investment
December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370864.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson VIT Forty Portfolio (Institutional Shares/JACAX) | 18.14% | 11.65% | 16.24% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$981M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$6.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

What did the Portfolio invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 11.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 8.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.7 |

---

Asset Allocation (% of net assets)

Common Stocks 99.8 <br> Investment Companies 0.3 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_370870.jpg)

Where can I find more information?

![QR Code - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

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

#### Janus Henderson VIT Forty Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Service Shares
This annual shareholder report contains important information about the Janus Henderson VIT Forty Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. 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)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a<br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Forty Portfolio<br>(Service Shares) | $95 | 0.87% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Forty Portfolio Service Shares returned 17.86%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.37%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 18.56%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.88%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the industrials and consumer staples sectors contributed relative to the Russell 1000<sup>®</sup> Growth Index.

Howmet Aerospace was a positive contributor. The specialized aircraft components reported robust earnings growth, aided by its expanded market share and a recovery in the broader aerospace industry.

Taiwan Semiconductor Manufacturing Company, another contributor, is a leading supplier of graphic processing units. The company has experienced strong orders growth to support the deployment of artificial intelligence (AI) infrastructure.

Increased spending on AI also was a strong driver of share price performance for semiconductor company Broadcom, a leader in custom silicon development. It was another notable contributor to relative performance.

#### TOP DETRACTORS FROM PERFORMANCE
Investments in the consumer discretionary and healthcare sectors detracted relative to the Russell 1000 Growth Index, due in part to stock selection.

Semiconductor company Marvell Technology was a detractor from relative performance. While Marvell has been a beneficiary of AI-related spending, weaker-than-expected data-center revenues hurt its financial performance. Given the lack of earnings visibility for the company, we exited the position.

UnitedHealth Group was another relative detractor, as unexpectedly high medical costs and stronger-than-anticipated Medicare Advantage demand pressured earnings growth. We trimmed the position, and we continue to monitor company fundamentals.

Eaton, another detractor, provides power management solutions for data centers and other industries. The stock declined as production bottlenecks resulted in slower-than-expected revenue growth. We see this as a short-term issue and remain invested.

#### Total return based on a $10,000 investment
December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370886.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson VIT Forty Portfolio (Service Shares) | 17.86% | 11.37% | 15.96% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$981M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$6.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

What did the Portfolio invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 11.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 8.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.7 |

---

Asset Allocation (% of net assets)

Common Stocks 99.8 <br> Investment Companies 0.3 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_370892.jpg)

Where can I find more information?

![QR Code - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

Janus Aspen Series 109-65-70911S 02-26

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

#### Janus Henderson VIT Global Research Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Institutional Shares:JAWGX
This annual shareholder report contains important information about the Janus Henderson VIT Global Research Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Global Research Portfolio<br>(Institutional Shares/JAWGX) | $91 | 0.82% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Global Research Portfolio Institutional Shares returned 20.92%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 21.09%. Its additional benchmark, the MSCI All Country World Index<sup>SM</sup>, returned 22.34%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the financials and industrials sector contributed relative to the MSCI World Index<sup>SM</sup>. Positive contributors to relative performance included several European banks, including Italy's UniCredit and Austria's Erste Bank Group. These banks have delivered robust earnings performance and high asset quality. Investor sentiment toward the stocks also benefited from expectations that European authorities may relax banking regulations.

UK-based military contractor BAE Systems was another relative contributor, supported by its strong earnings growth and large orders backlog. The stock received added attention from investors after North Atlantic Treaty Organization (NATO) member countries agreed to increase the percentage of gross domestic product (GDP) they spend on defense.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the communications services and materials sectors detracted relative to the MSCI World Index.

Oracle was a relative detractor. The technology company has emerged as a leading player in the artificial intelligence (AI) market, signing multibillion-dollar contracts with leading AI partners. However, the stock declined on concerns about Oracle's ability to fund its ambitious infrastructure buildout. We have seen a positive balance of reward and risk for the company and remain invested.

Multinational beverage company Constellation Brands was another relative detractor. The company experienced slower beer and spirits sales that pressured its earnings growth. We trimmed the position and continue to monitor business fundamentals.

T-Mobile US also was a relative detractor. While the wireless communications services provider reported solid earnings performance, investors worried about competitive pressures and the pace of planned capital expenditures.

#### Total return based on a $10,000 investment
December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370694.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson VIT Global Research Portfolio (Institutional Shares/JAWGX) | 20.92% | 12.51% | 12.93% |
| MSCI World Index<sup>SM</sup> | 21.09% | 12.15% | 12.17% |
| MSCI All Country World Index<sup>SM</sup> | 22.34% | 11.19% | 11.72% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,042M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$7.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

What did the Portfolio invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 100.0 <br> Investment Companies 0.0 <br> Other 0.0

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_370700.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Portfolio since December 31, 2024.

The Portfolio's net expense ratio materially changed from the prior fiscal year due to an increase in the Portfolio's advisory fee rate, which adjusts up or down based on the Portfolio's performance relative to the MSCI World Index<sup>SM</sup>.

Where can I find more information?

![QR Code - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

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

#### Janus Henderson VIT Global Research Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Service Shares
This annual shareholder report contains important information about the Janus Henderson VIT Global Research Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a<br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Global Research Portfolio<br>(Service Shares) | $118 | 1.07% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Global Research Portfolio Service Shares returned 20.62%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 21.09%. Its additional benchmark, the MSCI All Country World Index<sup>SM</sup>, returned 22.34%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the financials and industrials sector contributed relative to the MSCI World Index<sup>SM</sup>. Positive contributors to relative performance included several European banks, including Italy's UniCredit and Austria's Erste Bank Group. These banks have delivered robust earnings performance and high asset quality. Investor sentiment toward the stocks also benefited from expectations that European authorities may relax banking regulations.

UK-based military contractor BAE Systems was another relative contributor, supported by its strong earnings growth and large orders backlog. The stock received added attention from investors after North Atlantic Treaty Organization (NATO) member countries agreed to increase the percentage of gross domestic product (GDP) they spend on defense.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the communications services and materials sectors detracted relative to the MSCI World Index.

Oracle was a relative detractor. The technology company has emerged as a leading player in the artificial intelligence (AI) market, signing multibillion-dollar contracts with leading AI partners. However, the stock declined on concerns about Oracle's ability to fund its ambitious infrastructure buildout. We have seen a positive balance of reward and risk for the company and remain invested.

Multinational beverage company Constellation Brands was another relative detractor. The company experienced slower beer and spirits sales that pressured its earnings growth. We trimmed the position and continue to monitor business fundamentals.

T-Mobile US also was a relative detractor. While the wireless communications services provider reported solid earnings performance, investors worried about competitive pressures and the pace of planned capital expenditures.

#### Total return based on a $10,000 investment
December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370715.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson VIT Global Research Portfolio (Service Shares) | 20.62% | 12.23% | 12.64% |
| MSCI World Index<sup>SM</sup> | 21.09% | 12.15% | 12.17% |
| MSCI All Country World Index<sup>SM</sup> | 22.34% | 11.19% | 11.72% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,042M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$7.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

What did the Portfolio invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 100.0 <br> Investment Companies 0.0 <br> Other 0.0

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_370721.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Portfolio since December 31, 2024.

The Portfolio's net expense ratio materially changed from the prior fiscal year due to an increase in the Portfolio's advisory fee rate, which adjusts up or down based on the Portfolio's performance relative to the MSCI World Index<sup>SM</sup>.

Where can I find more information?

![QR Code - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

Janus Aspen Series 109-65-70912I 02-26

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

#### Janus Henderson VIT Global Sustainable Equity Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Institutional Shares:JHISX
This annual shareholder report contains important information about the Janus Henderson VIT Global Sustainable Equity Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Global Sustainable Equity Portfolio<br>(Institutional Shares/JHISX) | $84 | 0.77% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Global Sustainable Equity Portfolio Institutional Shares returned 17.46%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 21.09%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the healthcare and information technology sectors contributed relative to the MSCI World Index<sup>SM</sup>.

Individual contributors included Prysmian, a leading global provider of cable and energy transmission solutions. The company delivered improved financial performance, supported by strong secular trends in renewable energy, electrification, and grid modernization.

Relative performance also benefited from a position in Nextpower (formerly known as Nextracker), a provider of solar tracking technology and a full-service energy platform. The company has strengthened its competitive positioning and grown its backlog, leading to increased earnings visibility.

Taiwan Semiconductor Manufacturing Company, another contributor, is a leading supplier of graphic processing units. The company has continued to see strong orders and earnings growth as hyperscalers have expanded their spending on artificial intelligence (AI) infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the financials and communication services sectors detracted relative to the MSCI World Index.

Relative detractors included Arthur J. Gallagher. Shares of the insurer underperformed as investors moved away from perceived defensive stocks. Weaker-than-expected results from Gallagher's brokerage business also led to growth concerns.

Wolters Kluwer, another detractor, provides information technology solutions to the health, tax and accounting, and finance industries, among others. Shares declined on concerns over potential AI-driven competition to software providers. The company has been investing in its own AI products.

ICON, another detractor, is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares declined amid concerns around biotechnology research spending.

#### Total return based on a $10,000 investment
January 26, 2022, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370950.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception**  |
| Janus Henderson VIT Global Sustainable Equity Portfolio (Institutional Shares/JHISX) | 17.46% | 8.46% |
| MSCI World Index<sup>SM</sup> | 21.09% | 12.32% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio 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 Portfolio's performance may reflect the effects of expense waivers.

Key Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$14M |
| &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;66% |

---

What did the Portfolio invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd | 3.4 |

---

Asset Allocation (% of net assets)

Common Stocks 98.4 <br> Investment Companies 2.5 <br> Other (0.9)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_370957.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Portfolio since December 31, 2024.

Effective April 30, 2025, the Portfolio's contractual limit on total annual operating expense changed from 0.80% 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.

Effective January 28, 2026, the Portfolio's emerging markets investment limit increased from 5% to 10% of its net assets.

Where can I find more information?

![QR Code - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

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

#### Janus Henderson VIT Global Sustainable Equity Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Service Shares
This annual shareholder report contains important information about the Janus Henderson VIT Global Sustainable Equity Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a<br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Global Sustainable Equity Portfolio<br>(Service Shares) | $95 | 0.87% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Global Sustainable Equity Portfolio Service Shares returned 17.26%. Its broad-based benchmark, the MSCI World Index<sup>SM</sup>, returned 21.09%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the healthcare and information technology sectors contributed relative to the MSCI World Index<sup>SM</sup>.

Individual contributors included Prysmian, a leading global provider of cable and energy transmission solutions. The company delivered improved financial performance, supported by strong secular trends in renewable energy, electrification, and grid modernization.

Relative performance also benefited from a position in Nextpower (formerly known as Nextracker), a provider of solar tracking technology and a full-service energy platform. The company has strengthened its competitive positioning and grown its backlog, leading to increased earnings visibility.

Taiwan Semiconductor Manufacturing Company, another contributor, is a leading supplier of graphic processing units. The company has continued to see strong orders and earnings growth as hyperscalers have expanded their spending on artificial intelligence (AI) infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the financials and communication services sectors detracted relative to the MSCI World Index.

Relative detractors included Arthur J. Gallagher. Shares of the insurer underperformed as investors moved away from perceived defensive stocks. Weaker-than-expected results from Gallagher's brokerage business also led to growth concerns.

Wolters Kluwer, another detractor, provides information technology solutions to the health, tax and accounting, and finance industries, among others. Shares declined on concerns over potential AI-driven competition to software providers. The company has been investing in its own AI products.

ICON, another detractor, is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares declined amid concerns around biotechnology research spending.

#### Total return based on a $10,000 investment
January 26, 2022, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370972.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception** |
| Janus Henderson VIT Global Sustainable Equity Portfolio (Service Shares) | 17.26% | 8.39% |
| MSCI World Index<sup>SM</sup> | 21.09% | 12.32% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio 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 Portfolio's performance may reflect the effects of expense waivers.

Key Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$14M |
| &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;66% |

---

What did the Portfolio invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd | 3.4 |

---

Asset Allocation (% of net assets)

Common Stocks 98.4 <br> Investment Companies 2.5 <br> Other (0.9)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_370979.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Portfolio since December 31, 2024.

Effective April 30, 2025, the Portfolio's contractual limit on total annual operating expense changed from 0.80% to 0.68%. The cap excludes the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses.

Effective January 28, 2026, the Portfolio's emerging markets investment limit increased from 5% to 10% of its net assets.

Where can I find more information?

![QR Code - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

Janus Aspen Series 109-65-70913S 02-26

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

#### Janus Henderson VIT Global Technology and Innovation Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Institutional Shares:JGLTX
This annual shareholder report contains important information about the Janus Henderson VIT Global Technology and Innovation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Global Technology and Innovation Portfolio<br>(Institutional Shares/JGLTX) | $82 | 0.73% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Global Technology and Innovation Portfolio Institutional Shares returned 25.15%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.88%. Its additional benchmark, the MSCI All Country World Information Technology Index<sup>SM</sup>, returned 26.37%.

#### TOP CONTRIBUTORS TO PERFORMANCE
The portfolio's underweight position in Apple contributed relative to the MSCI All Country World Information Technology Index. Apple was a notable detractor from Index returns, as concerns about the company's artificial intelligence (AI) strategy pressured the stock. While Apple has positioned itself as a gateway to AI for its large customer base, investors worried that its lack of produced AI platforms would prove a competitive liability. Investors were also concerned about the company's tariff risk and exposure to China.

An overweight position in Taiwan Semiconductor Manufacturing Company also contributed. The company has continued to see strong orders and earnings growth, as hyperscalers have expanded their spending on AI infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
An out-of-benchmark position in hyperscaler Amazon detracted relative to the the MSCI ACWI Information Technology Index. The stock unperformed as investors worried whether the company's AI offerings would be as securely advantaged as its legacy cloud business. We believe that any softness in bookings could be an issue of capacity rather than waning demand.

Oracle was another relative detractor. The technology company has emerged as a leading player in the AI market, signing multibillion-dollar contracts with leading AI partners. However, the stock declined because of concerns about Oracle's ability to fund its ambitious infrastructure buildout. We have seen a positive balance of reward and risk for the company, and we remain invested.

#### Total return based on a $10,000 investment
December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370908.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson VIT Global Technology and Innovation Portfolio (Institutional Shares/JGLTX) | 25.15% | 13.71% | 21.48% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| MSCI All Country World Information Technology Index<sup>SM</sup> | 26.37% | 17.13% | 21.59% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio 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 Portfolio's performance may reflect the effects of expense waivers.

Key Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,401M |
| &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;$8.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

What did the Portfolio invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 15.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 12.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 11.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.6 |
| Investment Companies | 1.3 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Private Placements | 0.1 |
| Warrants | 0.0 |
| Other | (0.7) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_370915.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Portfolio since December 31, 2024.

Effective April 30, 2025, the Portfolio's contractual limit on total annual operating expense changed from 0.95% to 0.88%. 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 - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

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

#### Janus Henderson VIT Global Technology and Innovation Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Service Shares
This annual shareholder report contains important information about the Janus Henderson VIT Global Technology and Innovation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a<br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Global Technology and Innovation Portfolio<br>(Service Shares) | $109 | 0.97% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Global Technology and Innovation Portfolio Service Shares returned 24.84%. Its broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.88%. Its additional benchmark, the MSCI All Country World Information Technology Index<sup>SM</sup>, returned 26.37%.

#### TOP CONTRIBUTORS TO PERFORMANCE
The portfolio's underweight position in Apple contributed relative to the MSCI All Country World Information Technology Index. Apple was a notable detractor from Index returns, as concerns about the company's artificial intelligence (AI) strategy pressured the stock. While Apple has positioned itself as a gateway to AI for its large customer base, investors worried that its lack of produced AI platforms would prove a competitive liability. Investors were also concerned about the company's tariff risk and exposure to China.

An overweight position in Taiwan Semiconductor Manufacturing Company also contributed. The company has continued to see strong orders and earnings growth, as hyperscalers have expanded their spending on AI infrastructure.

#### TOP DETRACTORS FROM PERFORMANCE
An out-of-benchmark position in hyperscaler Amazon detracted relative to the the MSCI ACWI Information Technology Index. The stock unperformed as investors worried whether the company's AI offerings would be as securely advantaged as its legacy cloud business. We believe that any softness in bookings could be an issue of capacity rather than waning demand.

Oracle was another relative detractor. The technology company has emerged as a leading player in the AI market, signing multibillion-dollar contracts with leading AI partners. However, the stock declined because of concerns about Oracle's ability to fund its ambitious infrastructure buildout. We have seen a positive balance of reward and risk for the company, and we remain invested.

#### Total return based on a $10,000 investment
December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370929.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson VIT Global Technology and Innovation Portfolio (Service Shares) | 24.84% | 13.44% | 21.18% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| MSCI All Country World Information Technology Index<sup>SM</sup> | 26.37% | 17.13% | 21.59% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio 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 Portfolio's performance may reflect the effects of expense waivers.

Key Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1,401M |
| &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;$8.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

What did the Portfolio invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 15.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 12.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 11.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.6 |
| Investment Companies | 1.3 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Private Placements | 0.1 |
| Warrants | 0.0 |
| Other | (0.7) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_370936.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Portfolio since December 31, 2024.

Effective April 30, 2025, the Portfolio's contractual limit on total annual operating expense changed from 0.95% to 0.88%. The cap excludes the fees payable pursuant to a Rule 12b-1 plan, 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 - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

Janus Aspen Series 109-65-70914I 02-26

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

#### Janus Henderson VIT Mid Cap Value Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Institutional Shares:JAMVX
This annual shareholder report contains important information about the Janus Henderson VIT Mid Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Mid Cap Value Portfolio<br>(Institutional Shares/JAMVX) | $86 | 0.83% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Mid Cap Value Portfolio Institutional Shares returned 6.50%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. Its performance benchmark, the Russell Midcap<sup>®</sup> Value Index, returned 11.05%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the real estate and communication services sectors contributed relative to the Russell Midcap<sup>®</sup> Value Index.

Relative performance benefited from a position in BWX Technologies, the sole supplier of nuclear power systems to the U.S. Navy. The stock rose on expectations for increased military spending and the potential demand for small-scale nuclear facilities to power data centers.

Fabrinet, another contributor, makes optical packaging and precision equipment used in chip production. It has experienced strong demand, fueled by the buildout of the artificial intelligence (AI) ecosystem.

Casey's General Stores, another contributor, owns a growing network of gas stations and convenience stores in smaller communities. It has established a strong competitive footprint, supporting its earnings growth.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the information technology and financials sectors detracted relative to the Russell Midcap Value Index.

Our focus on high-quality value companies led to relative under performance, as we lacked exposure to the lower-quality stocks that outperformed during periods of more speculative investor behavior in 2025.

Among portfolio holdings, Bath & Body Works was a prominent detractor. The specialty retailer reported disappointing revenue growth and reduced guidance, reflecting operational issues and more cautious consumer spending. Worries over a potential slowdown in consumer spending also pressured shares of frozen french-fry supplier Lamb Weston Holdings, another detractor.

Westlake also was a detractor. This low-cost supplier of petrochemicals, polyvinyl chloride (PVC) pipe, and other residential building products faced earnings headwinds, as higher raw material costs pressured margins.

#### Total return based on a $10,000 investment
December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370994.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson VIT Mid Cap Value Portfolio (Institutional Shares/JAMVX) | 6.50% | 8.69% | 8.66% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio 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 Portfolio's performance may reflect the effects of expense waivers.

Key Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$114M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$0.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

What did the Portfolio invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Re Group Ltd | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Energy Corp | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corp | 2.2 |

---

Asset Allocation (% of net assets)

Common Stocks 97.7 <br> Repurchase Agreements 2.3 <br> Other (0.0)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371000.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Portfolio since December 31, 2024.

The Portfolio's net expense ratio materially changed from the prior fiscal year due to a decrease in the Portfolio's advisory fee rate, which adjusts up or down based on the Portfolio's performance relative to the Russell Midcap<sup>®</sup> Value Index.

Where can I find more information?

![QR Code - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

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

#### Janus Henderson VIT Mid Cap Value Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Service Shares
This annual shareholder report contains important information about the Janus Henderson VIT Mid Cap Value Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. 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)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a<br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Mid Cap Value Portfolio<br>(Service Shares) | $111 | 1.08% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Mid Cap Value Portfolio Service Shares returned 6.29%. Its broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. Its performance benchmark, the Russell Midcap<sup>®</sup> Value Index, returned 11.05%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the real estate and communication services sectors contributed relative to the Russell Midcap<sup>®</sup> Value Index.

Relative performance benefited from a position in BWX Technologies, the sole supplier of nuclear power systems to the U.S. Navy. The stock rose on expectations for increased military spending and the potential demand for small-scale nuclear facilities to power data centers.

Fabrinet, another contributor, makes optical packaging and precision equipment used in chip production. It has experienced strong demand, fueled by the buildout of the artificial intelligence (AI) ecosystem.

Casey's General Stores, another contributor, owns a growing network of gas stations and convenience stores in smaller communities. It has established a strong competitive footprint, supporting its earnings growth.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the information technology and financials sectors detracted relative to the Russell Midcap Value Index.

Our focus on high-quality value companies led to relative underperformance, as we lacked exposure to the lower-quality stocks that outperformed during periods of more speculative investor behavior in 2025.

Among portfolio holdings, Bath & Body Works was a prominent detractor. The specialty retailer reported disappointing revenue growth and reduced guidance, reflecting operational issues and more cautious consumer spending. Worries over a potential slowdown in consumer spending also pressured shares of frozen french-fry supplier Lamb Weston Holdings, another detractor.

Westlake also was a detractor. This low-cost supplier of petrochemicals, polyvinyl chloride (PVC) pipe, and other residential building products faced earnings headwinds, as higher raw material costs pressured margins.

#### Total return based on a $10,000 investment
December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_371015.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson VIT Mid Cap Value Portfolio (Service Shares) | 6.29% | 8.43% | 8.40% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio 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 Portfolio's performance may reflect the effects of expense waivers.

Key Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$114M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$0.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

What did the Portfolio invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Re Group Ltd | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Energy Corp | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corp | 2.2 |

---

Asset Allocation (% of net assets)

Common Stocks 97.7 <br> Repurchase Agreements 2.3 <br> Other (0.0)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_371061.jpg)

Where can I find more information?

![QR Code - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

Janus Aspen Series 109-65-70915S 02-26

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

#### Janus Henderson VIT Overseas Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Institutional Shares:JAIGX
This annual shareholder report contains important information about the Janus Henderson VIT Overseas Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Overseas Portfolio<br>(Institutional Shares/JAIGX) | $82 | 0.72% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Overseas Portfolio Institutional Shares returned 28.87%. Its broad-based benchmark, the MSCI All Country World ex-USA Index<sup>SM</sup>, returned 32.39%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the financials and healthcare sectors contributed relative to the MSCI All Country World Index (ACWI) ex USA .

Relative contributors included several European banks, including Austria's Erste Group Bank and Spain's Banco Bilbao Vizcaya Argentaria (BBVA), that have delivered robust earnings performance and high asset quality. Investor sentiment toward these stocks also benefited from expectations for potential banking deregulation in Europe.

UK-based military contractor BAE Systems was another relative contributor, supported by its strong earnings growth and large order backlog. The company received increased attention from investors as North Atlantic Treaty Organization (NATO) member countries agreed to increase defense spending targets.

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the materials and communication services sectors detracted relative to the MSCI All Country World Index (ACWI) ex USA.

Samsonite International was a relative detractor. The multinational luggage company faced earnings headwinds, due in part to macroeconomic weakness in China.

ICON, another detractor, is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares declined because of greater uncertainty for healthcare research funding.

Shares of India's HDFC Bank also underperformed because of worries that near-term economic headwinds could slow lending growth. We have continued to see long-term opportunity for HDFC given its market leadership and best-in-class asset quality.

#### Total return based on a $10,000 investment
December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370820.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson VIT Overseas Portfolio (Institutional Shares/JAIGX) | 28.87% | 9.44% | 9.24% |
| MSCI All Country World ex-USA Index<sup>SM</sup> | 32.39% | 7.91% | 8.41% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$774M |
| &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;$4.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

What did the Portfolio 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 | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erste Group Bank AG | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 3.3 |

---

Asset Allocation (% of net assets)

Common Stocks 98.6 <br> Investment Companies 1.7 <br> Other (0.3)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_370827.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Portfolio since December 31, 2024.

The Portfolio's net expense ratio materially changed from the prior fiscal year due to a decrease in the Portfolio's advisory fee rate, which adjusts up or down based on the Portfolio's performance relative to the MSCI All Country World ex-USA Index<sup>SM</sup>.

Where can I find more information?

![QR Code - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

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

#### Janus Henderson VIT Overseas Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Service Shares
This annual shareholder report contains important information about the Janus Henderson VIT Overseas Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a<br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Overseas Portfolio<br>(Service Shares) | $110 | 0.96% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Overseas Portfolio Service Shares returned 28.58%. Its broad-based benchmark, the MSCI All Country World ex-USA Index<sup>SM</sup>, returned 32.39%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the financials and healthcare sectors contributed relative to the MSCI All Country World Index (ACWI) ex USA .

Relative contributors included several European banks, including Austria's Erste Group Bank and Spain's Banco Bilbao Vizcaya Argentaria (BBVA), that have delivered robust earnings performance and high asset quality. Investor sentiment toward these stocks also benefited from expectations for potential banking deregulation in Europe. UK-based military contractor BAE Systems was another relative contributor, supported by its strong earnings growth and large order backlog. The company received increased attention from investors as North Atlantic Treaty Organization (NATO) member countries agreed to increase defense spending targets

#### TOP DETRACTORS FROM PERFORMANCE
Stock selection in the materials and communication services sectors detracted relative to the MSCI All Country World Index (ACWI) ex USA.

Samsonite International was a relative detractor. The multinational luggage company faced earnings headwinds, due in part to macroeconomic weakness in China.

ICON, another detractor, is a multinational provider of outsourced drug and medical device development and clinical testing services. Shares declined because of greater uncertainty for healthcare research funding.

Shares of India's HDFC Bank also underperformed because of worries that near-term economic headwinds could slow lending growth. We have continued to see long-term opportunity for HDFC given its market leadership and best-in-class asset quality.

#### Total return based on a $10,000 investment
December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370842.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson VIT Overseas Portfolio (Service Shares) | 28.58% | 9.17% | 8.97% |
| MSCI All Country World ex-USA Index<sup>SM</sup> | 32.39% | 7.91% | 8.41% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$774M |
| &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;$4.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

What did the Portfolio 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 | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erste Group Bank AG | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 3.3 |

---

Asset Allocation (% of net assets)

Common Stocks 98.6 <br> Investment Companies 1.7 <br> Other (0.3)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_370849.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Portfolio since December 31, 2024.

The Portfolio's net expense ratio materially changed from the prior fiscal year due to a decrease in the Portfolio's advisory fee rate, which adjusts up or down based on the Portfolio's performance relative to the MSCI All Country World ex-USA Index<sup>SM</sup>.

Where can I find more information?

![QR Code - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

Janus Aspen Series 109-65-70916I 02-26

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

#### Janus Henderson VIT Research Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Institutional Shares:JAGRX
This annual shareholder report contains important information about the Janus Henderson VIT Research Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Research Portfolio<br>(Institutional Shares/JAGRX) | $90 | 0.82% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Research Portfolio Institutional Shares returned 18.39%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.37%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 18.56%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.88%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the industrials and consumer staples sectors contributed.

Performance relative to the Russell 1000<sup>®</sup> Growth Index was aided by an overweight position in Howmet Aerospace, a specialized aircraft components manufacturer. The company delivered strong earnings growth, fueled by a cyclical aerospace recovery and robust aftermarket demand.

Graphics chip company NVIDIA was another contributor, supported by surging demand for its data-center graphics processor units used in generative artificial intelligence (AI). Broadcom, another contributor in AI infrastructure, has benefited from hyperscalers' interest in a second source behind NVIDIA's merchant silicon. The semiconductor company is a leader in custom silicon development.

#### TOP DETRACTORS FROM PERFORMANCE
Investments in the financials and communications services sectors detracted, partly due to stock selection.

An overweight position in Procter & Gamble detracted relative to the Russell 1000 Growth Index. The stock underperformed due to investor concerns over the impact of higher commodity prices, tariffs, and softer consumer demand on revenue growth and margins.

Oracle was another relative detractor. The technology company signed a number of multibillion-dollar contracts with leading AI partners. However, the stock declined on concerns about Oracle's ability to fund its ambitious infrastructure buildout. We have seen a positive balance of reward and risk for the company and remain invested.

Fast-casual restaurant chain Chipotle Mexican Grill also was a detractor as consumers cut back on restaurant spending. As a result, the company reported two consecutive quarters of disappointing sales growth and earnings. We were disappointed with the company's execution and exited the position.

#### Total return based on a $10,000 investment
December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370608.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson VIT Research Portfolio (Institutional Shares/JAGRX) | 18.39% | 14.11% | 15.88% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$770M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$5.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

What did the Portfolio invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 14.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 10.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.9 |

---

Asset Allocation (% of net assets)

---

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

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_370615.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Portfolio since December 31, 2024.

The Portfolio's net expense ratio materially changed from the prior fiscal year due to an increase in the Portfolio's advisory fee rate, which adjusts up or down based on the Portfolio's performance relative to the Russell 1000<sup>®</sup> Growth Index.

Where can I find more information?

![QR Code - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

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

#### Janus Henderson VIT Research Portfolio

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Service Shares
This annual shareholder report contains important information about the Janus Henderson VIT Research Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at janushenderson.com/VIT. You can also request this information by contacting us at 1-877-335-2687.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Cost of a<br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson VIT Research Portfolio<br>(Service Shares) | $117 | 1.07% |

---

#### What impacted Portfolio performance over the reporting period?
For the 12-month period ended December 31, 2025, the Janus Henderson VIT Research Portfolio Service Shares returned 18.10%. Its broad-based benchmark, the Russell 1000<sup>®</sup> Index, returned 17.37%. Its performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 18.56%. Its additional benchmark, the S&P 500<sup>®</sup> Index, returned 17.88%.

#### TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the industrials and consumer staples sectors contributed.

Performance relative to the Russell 1000<sup>®</sup> Growth Index was aided by an overweight position in Howmet Aerospace, a specialized aircraft components manufacturer. The company delivered strong earnings growth, fueled by a cyclical aerospace recovery and robust aftermarket demand.

Graphics chip company NVIDIA was another contributor, supported by surging demand for its data-center graphics processor units used in generative artificial intelligence (AI). Broadcom, another contributor in AI infrastructure, has benefited from hyperscalers' interest in a second source behind NVIDIA's merchant silicon. The semiconductor company is a leader in custom silicon development.

#### TOP DETRACTORS FROM PERFORMANCE
Investments in the financials and communications services sectors detracted, partly due to stock selection.

An overweight position in Procter & Gamble detracted relative to the Russell 1000 Growth Index. The stock underperformed due to investor concerns over the impact of higher commodity prices, tariffs, and softer consumer demand on revenue growth and margins.

Oracle was another relative detractor. The technology company signed a number of multibillion-dollar contracts with leading AI partners. However, the stock declined on concerns about Oracle's ability to fund its ambitious infrastructure buildout. We have seen a positive balance of reward and risk for the company and remain invested.

Fast-casual restaurant chain Chipotle Mexican Grill also was a detractor as consumers cut back on restaurant spending. As a result, the company reported two consecutive quarters of disappointing sales growth and earnings. We were disappointed with the company's execution and exited the position.

#### Total return based on a $10,000 investment
December 31, 2015, through December 31, 2025

![Fund Performance - Growth of 10K](chartimages_370629.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| Janus Henderson VIT Research Portfolio (Service Shares) | 18.10% | 13.83% | 15.59% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

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

Visit janushenderson.com/VIT 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 Portfolio distributions or redemption of Portfolio shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Key Portfolio Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$770M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment advisory fee paid | &nbsp;&nbsp;&nbsp;&nbsp;$5.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

What did the Portfolio invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 14.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 10.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.9 |

---

Asset Allocation (% of net assets)

---

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

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_370636.jpg)

#### What material changes have occurred since the beginning of the fiscal year?
This is a summary of certain changes of the Portfolio since December 31, 2024.

The Portfolio's net expense ratio materially changed from the prior fiscal year due to an increase in the Portfolio's advisory fee rate, which adjusts up or down based on the Portfolio's performance relative to the Russell 1000<sup>®</sup> Growth Index.

Where can I find more information?

![QR Code - VIT](images_1803.jpg)

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

* Prospectus

* Financial information

* Portfolio holdings

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

Janus Aspen Series 109-65-70917S 02-26

------

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: Cheryl D. Alston, William D. Cvengros, Gary A. Poliner, and Diane L. Wallace who are each "independent" under the standards set forth in Item 3 to Form N-CSR.

------

Item 4 - Principal Accountant Fees and Services

(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 Portfolios' 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 $510,134 in the fiscal year ended 2025 and $495,276 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 Portfolios' 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 $74,748 in the fiscal year ended 2025 and $71,871 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 $74,748 in the fiscal year ended 2025 and $71,871 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

December 31, 2025

**Janus Henderson VIT Balanced Portfolio**

Janus Aspen Series

![](imgac8014d71.gif)

------

**Table of Contents**

**Janus Henderson VIT Balanced Portfolio** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_112cf4e0-3ccc-4a2d-bed6-72d2647f8dd4_SOI-SOI-RunningFooter-53_1)<br> [Management Investment Companies](#xx_112cf4e0-3ccc-4a2d-bed6-72d2647f8dd4_SOI-SOI-RunningFooter-53_1)<br>|  |
| [Schedule of Investments](#xx_112cf4e0-3ccc-4a2d-bed6-72d2647f8dd4_SOI-SOI-RunningFooter-53_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_112cf4e0-3ccc-4a2d-bed6-72d2647f8dd4_SOI-SOI-RunningFooter-53_20) | 20 |
| [Statement of Assets and Liabilities](#xx_112cf4e0-3ccc-4a2d-bed6-72d2647f8dd4_SAL-SAL-RunningFooter-53_1) | 22 |
| [Statement of Operations](#xx_112cf4e0-3ccc-4a2d-bed6-72d2647f8dd4_SOP-SOP-RunningFooter-53_1) | 23 |
| [Statements of Changes in Net Assets](#xx_112cf4e0-3ccc-4a2d-bed6-72d2647f8dd4_SOC-SOC-RunningFooter-53_1) | 24 |
| [Financial Highlights](#xx_112cf4e0-3ccc-4a2d-bed6-72d2647f8dd4_FIHI-FIHI-RunningFooter-53_1) | 25 |
| [Notes to Financial Statements](#xx_112cf4e0-3ccc-4a2d-bed6-72d2647f8dd4_NTF-NTF-RunningFooter-53_1) | 27 |
| [Report of Independent Registered Public Accounting Firm](#xx_112cf4e0-3ccc-4a2d-bed6-72d2647f8dd4_AUD-AR-RunningFooter-53_1) | 41 |
| [Designation Requirements](#xx_112cf4e0-3ccc-4a2d-bed6-72d2647f8dd4_DR-DR-RunningFooter-53_1) | 42 |
| [Items 8-11 - Additional Information](#xx_112cf4e0-3ccc-4a2d-bed6-72d2647f8dd4_AI-AI-RunningFooter-53_1) | 43 |

---

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – 11.2% |  |  |
| 208 Park Avenue Mortgage Trust 2017-280P, CME Term SOFR 1 Month + <br> 1.1800%, 4.9580%, 9/15/34<sup>ž,</sup><sup>‡</sup> <br>| $3072117 | $3048473 |
| A&D Mortgage Trust 2024-NQM5 A1, 5.6990%, 11/25/69<sup>ž</sup> <br>| 2815285 | 2834356 |
| A&D Mortgage Trust 2025-NQM4 A1, 5.2250%, 10/25/70<sup>ž,</sup><sup>Ç</sup> <br>| 2454883 | 2461290 |
| AGL CLO 1 Ltd 2023-26A A1R, CME Term SOFR 3 Month + 1.2800%, <br> 5.1500%, 10/21/38<sup>ž,</sup><sup>‡</sup> <br>| 13400000 | 13437629 |
| ALA Trust 2025-OANA A, CME Term SOFR 1 Month + 1.7426%, 5.4936%, <br> 6/15/40<sup>ž,</sup><sup>‡</sup> <br>| 13839000 | 13878583 |
| Angel Oak Mortgage Trust I LLC 2019-5, 2.5930%, 10/25/49<sup>ž,</sup><sup>‡</sup> <br>| 91990 | 91128 |
| 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>| 279051 | 276459 |
| 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>| 422252 | 407583 |
| Angel Oak Mortgage Trust I LLC 2024-5 A1, 4.9500%, 7/25/68<sup>ž,</sup><sup>Ç</sup> <br>| 7688620 | 7692264 |
| Angel Oak Mortgage Trust I LLC 2025-6 A1, 5.5150%, 4/25/70<sup>ž,</sup><sup>Ç</sup> <br>| 5696836 | 5748020 |
| Ansley Park Capital LLC 2025-A A2, 4.4300%, 4/20/35<sup>ž</sup> <br>| 3954000 | 3971844 |
| Aqua Finance Trust 2021-A A, 1.5400%, 7/17/46<sup>ž</sup> <br>| 498375 | 457829 |
| Babson CLO Ltd LP-5A A, CME Term SOFR 3 Month + 1.2200%, 5.1044%, <br> 1/22/35<sup>ž,</sup><sup>‡</sup> <br>| 8736327 | 8739335 |
| Bain Capital Credit CLO Ltd 2023-3A A1R, CME Term SOFR 3 Month + <br> 1.3100%, 5.1754%, 10/25/38<sup>ž,</sup><sup>‡</sup> <br>| 7772000 | 7791697 |
| Ballyrock Ltd 2020-14A A1BR, CME Term SOFR 3 Month + 1.5800%, 5.4644%, <br> 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 1845969 | 1852521 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR2 E, 1.2731%, <br> 7/27/50<sup>ž,</sup><sup>‡</sup> <br>| 2374000 | 2057479 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR3 E, 0.4876%, <br> 1/27/50<sup>ž,</sup><sup>‡</sup> <br>| 3322516 | 3038187 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR4 E, 0.0114%, <br> 11/27/48<sup>ž,</sup><sup>‡</sup> <br>| 760000 | 756019 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR4 F, 0.0107%, <br> 11/27/48<sup>ž,</sup><sup>‡</sup> <br>| 1496397 | 1487484 |
| Bayview Opportunity Master Fund 2021-5 AF, US 30 Day Average SOFR + <br> 0.8500%, 4.7242%, 11/25/51<sup>ž,</sup><sup>‡</sup> <br>| 3702840 | 3445252 |
| Bayview Opportunity Master Fund 2022-2 A1, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 2922382 | 2548031 |
| Bayview Opportunity Master Fund VII 2025-EDU1 B, US 30 Day Average SOFR + <br> 1.7000%, 5.5742%, 7/27/48<sup>ž,</sup><sup>‡</sup> <br>| 2083936 | 2081112 |
| Benefit Street Partners CLO Ltd 2018-15A A1R, CME Term SOFR 3 Month + <br> 1.3900%, 5.2945%, 7/15/37<sup>ž,</sup><sup>‡</sup> <br>| 12565000 | 12611337 |
| 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>| 10806000 | 10829216 |
| BLP Commercial Mortgage Trust 2025-IND A, CME Term SOFR 1 Month + <br> 1.2000%, 4.9501%, 3/17/42<sup>ž,</sup><sup>‡</sup> <br>| 8413073 | 8351632 |
| BLP Commercial Mortgage Trust 2025-IND2 A, CME Term SOFR 1 Month + <br> 1.5000%, 5.2501%, 12/15/42<sup>ž,</sup><sup>‡</sup> <br>| 5304000 | 5306132 |
| BPR Trust 2023-BRK2 A, 6.8990%, 10/5/38<sup>ž,</sup><sup>‡</sup> <br>| 7145000 | 7458379 |
| BPR Trust 2024-PMDW A, 5.3580%, 11/5/41<sup>ž,</sup><sup>‡</sup> <br>| 9912470 | 10140014 |
| BPR Trust 2024-PMDW D, 5.8500%, 11/5/41<sup>ž,</sup><sup>‡</sup> <br>| 3827000 | 3818738 |
| BX Commercial Mortgage Trust 2019-OC11, 3.6050%, 12/9/41<sup>ž</sup> <br>| 804000 | 761320 |
| BX Commercial Mortgage Trust 2019-OC11, 3.8560%, 12/9/41<sup>ž</sup> <br>| 2229000 | 2111608 |
| BX Commercial Mortgage Trust 2021-LBA AJV, CME Term SOFR 1 Month + <br> 0.9145%, 4.6655%, 2/15/36<sup>ž,</sup><sup>‡</sup> <br>| 5213000 | 5203452 |
| BX Commercial Mortgage Trust 2021-LBA AV, CME Term SOFR 1 Month + <br> 0.9145%, 4.6655%, 2/15/36<sup>ž,</sup><sup>‡</sup> <br>| 6853553 | 6838349 |
| BX Commercial Mortgage Trust 2024-AIR2 A, CME Term SOFR 1 Month + <br> 1.4923%, 5.2433%, 10/15/41<sup>ž,</sup><sup>‡</sup> <br>| 9099742 | 9108468 |
| BX Commercial Mortgage Trust 2024-AIRC C, CME Term SOFR 1 Month + <br> 2.5900%, 6.3401%, 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 3769122 | 3773572 |
| BX Commercial Mortgage Trust 2024-BRBK A, CME Term SOFR 1 Month + <br> 2.8796%, 6.6139%, 10/15/41<sup>ž,</sup><sup>‡</sup> <br>| 10411568 | 10459095 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 1

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| BX Commercial Mortgage Trust 2024-GPA3 A, CME Term SOFR 1 Month + <br> 1.2928%, 5.0429%, 12/15/39<sup>ž,</sup><sup>‡</sup> <br>| $4858368 | $4856525 |
| BX Commercial Mortgage Trust 2024-GPA3 B, CME Term SOFR 1 Month + <br> 1.6423%, 5.3925%, 12/15/39<sup>ž,</sup><sup>‡</sup> <br>| 3359930 | 3360378 |
| BX Commercial Mortgage Trust 2024-VLT4 A, CME Term SOFR 1 Month + <br> 1.4914%, 5.2415%, 6/17/41<sup>ž,</sup><sup>‡</sup> <br>| 8689450 | 8677173 |
| BX Commercial Mortgage Trust 2024-VLT5 A, 5.4104%, 11/13/46<sup>ž,</sup><sup>‡</sup> <br>| 11808000 | 11940013 |
| BX Commercial Mortgage Trust 2024-VLT5 B, 5.8015%, 11/13/46<sup>ž,</sup><sup>‡</sup> <br>| 2774000 | 2820734 |
| BX Commercial Mortgage Trust 2024-VLT5 C, 6.1920%, 11/13/46<sup>ž,</sup><sup>‡</sup> <br>| 1468000 | 1498171 |
| BX Commercial Mortgage Trust 2025-ARIA A, 5.0311%, 12/13/42<sup>ž,</sup><sup>‡</sup> <br>| 10344000 | 10408213 |
| BX Commercial Mortgage Trust 2025-DIME A, CME Term SOFR 1 Month + <br> 1.1500%, 4.9001%, 2/15/35<sup>ž,</sup><sup>‡</sup> <br>| 8630000 | 8601470 |
| BX Commercial Mortgage Trust 2025-GW A, CME Term SOFR 1 Month + <br> 1.6000%, 5.3500%, 7/15/42<sup>ž,</sup><sup>‡</sup> <br>| 7965000 | 7970865 |
| BX Commercial Mortgage Trust 2025-ROIC A, CME Term SOFR 1 Month + <br> 1.1438%, 4.8940%, 3/15/30<sup>ž,</sup><sup>‡</sup> <br>| 10987148 | 10968935 |
| BX Commercial Mortgage Trust 2025-ROIC B, CME Term SOFR 1 Month + <br> 1.3935%, 5.1436%, 3/15/30<sup>ž,</sup><sup>‡</sup> <br>| 2404622 | 2393987 |
| BX Commercial Mortgage Trust 2025-SPOT A, CME Term SOFR 1 Month + <br> 1.4434%, 5.1935%, 4/16/40<sup>ž,</sup><sup>‡</sup> <br>| 3989225 | 3991525 |
| BX Commercial Mortgage Trust 2025-VLT7 A, CME Term SOFR 1 Month + <br> 1.7000%, 5.4501%, 7/15/44<sup>ž,</sup><sup>‡</sup> <br>| 16788000 | 16790853 |
| BXHPP Trust 2021-FILM A, CME Term SOFR 1 Month + 0.7645%, 4.5145%, <br> 8/15/36<sup>ž,</sup><sup>‡</sup> <br>| 2066000 | 1995467 |
| BXP Trust 2017-GM, 3.3790%, 6/13/39<sup>ž</sup> <br>| 1140000 | 1119753 |
| Carlyle Global Markets Strategies 2023-2A A1R, CME Term SOFR 3 Month + <br> 1.3200%, 5.2044%, 7/20/38<sup>ž,</sup><sup>‡</sup> <br>| 11418000 | 11459264 |
| CART 2024-DFW1 A, CME Term SOFR 1 Month + 1.6417%, 5.3919%, <br> 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 5952000 | 5941998 |
| CART 2024-DFW1 B, CME Term SOFR 1 Month + 2.2908%, 6.0409%, <br> 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 4376181 | 4370826 |
| CBAMR Ltd 2018-5A A1R, CME Term SOFR 3 Month + 1.3400%, 5.4523%, <br> 10/18/38<sup>ž,</sup><sup>‡</sup> <br>| 5299000 | 5312378 |
| CF Hippolyta Issuer LLC 2020-1 A1, 1.6900%, 7/15/60<sup>ž</sup> <br>| 2986126 | 2514538 |
| CF Hippolyta Issuer LLC 2020-1 B1, 2.2800%, 7/15/60<sup>ž</sup> <br>| 305814 | 190036 |
| CF Hippolyta Issuer LLC 2021-1A A1, 1.5300%, 3/15/61<sup>ž</sup> <br>| 4332534 | 3489577 |
| CF Hippolyta Issuer LLC 2021-1A B1, 1.9800%, 3/15/61<sup>ž</sup> <br>| 1655880 | 1011560 |
| CF Hippolyta Issuer LLC 2022-1A A1, 5.9700%, 8/15/62<sup>ž</sup> <br>| 5467777 | 5402641 |
| CF Hippolyta Issuer LLC 2022-1A A2, 6.1100%, 8/15/62<sup>ž</sup> <br>| 15744122 | 15528668 |
| Chase Mortgage Finance Corp 2021-CL1 M1, US 30 Day Average SOFR + <br> 1.2000%, 5.0742%, 2/25/50<sup>ž,</sup><sup>‡</sup> <br>| 3505703 | 3475279 |
| 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>| 8828000 | 8852718 |
| Citigroup Mortgage Loan Trust Inc 2025-LTV1 A1, 5.2370%, 12/25/55<sup>ž,</sup><sup>‡</sup> <br>| 7588000 | 7594070 |
| Compass Datacenters Issuer II LLC 2024-2A A1, 5.0220%, 8/25/49<sup>ž</sup> <br>| 1232000 | 1235048 |
| Compass Datacenters Issuer II LLC 2025-1A A1, 5.3160%, 5/25/50<sup>ž</sup> <br>| 21254000 | 21466150 |
| Compass Datacenters Issuer III LLC 2025-1A A2, 5.6560%, 2/25/50<sup>ž</sup> <br>| 7338000 | 7415841 |
| Compass Datacenters Issuer III LLC 2025-2A A2, 5.8350%, 2/25/50<sup>ž</sup> <br>| 4569000 | 4631415 |
| Connecticut Avenue Securities Trust 2021-R01 1M2, US 30 Day Average SOFR <br> + 1.5500%, 5.4242%, 10/25/41<sup>ž,</sup><sup>‡</sup> <br>| 257913 | 258249 |
| Connecticut Avenue Securities Trust 2021-R03 1M1, US 30 Day Average SOFR <br> + 0.8500%, 4.7242%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 166717 | 166727 |
| Connecticut Avenue Securities Trust 2021-R03 1M2, US 30 Day Average SOFR <br> + 1.6500%, 5.5242%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 2911938 | 2925135 |
| Connecticut Avenue Securities Trust 2022-R02 2M2, US 30 Day Average SOFR <br> + 3.0000%, 6.8742%, 1/27/42<sup>ž,</sup><sup>‡</sup> <br>| 4661000 | 4745341 |
| Connecticut Avenue Securities Trust 2022-R05 2M1, US 30 Day Average SOFR <br> + 1.9000%, 5.7742%, 4/25/42<sup>ž,</sup><sup>‡</sup> <br>| 507891 | 508306 |
| Connecticut Avenue Securities Trust 2022-R05 2M2, US 30 Day Average SOFR <br> + 3.0000%, 6.8742%, 4/25/42<sup>ž,</sup><sup>‡</sup> <br>| 2737000 | 2796933 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Connecticut Avenue Securities Trust 2023-R04 1M1, US 30 Day Average SOFR <br> + 2.3000%, 6.1742%, 5/25/43<sup>ž,</sup><sup>‡</sup> <br>| $2957109 | $3008849 |
| Connecticut Avenue Securities Trust 2023-R06 1M1, US 30 Day Average SOFR <br> + 1.7000%, 5.5742%, 7/27/43<sup>ž,</sup><sup>‡</sup> <br>| 1816954 | 1822052 |
| Connecticut Avenue Securities Trust 2023-R07 2M1, US 30 Day Average SOFR <br> + 1.9500%, 5.8242%, 9/25/43<sup>ž,</sup><sup>‡</sup> <br>| 747099 | 750046 |
| Connecticut Avenue Securities Trust 2023-R08 1M1, US 30 Day Average SOFR <br> + 1.5000%, 5.3742%, 10/26/43<sup>ž,</sup><sup>‡</sup> <br>| 1522924 | 1524974 |
| Connecticut Avenue Securities Trust 2024-R01 1M1, US 30 Day Average SOFR <br> + 1.0500%, 4.9242%, 1/25/44<sup>ž,</sup><sup>‡</sup> <br>| 1683305 | 1682440 |
| Connecticut Avenue Securities Trust 2024-R03 2M1, US 30 Day Average SOFR <br> + 1.1500%, 5.0242%, 3/25/44<sup>ž,</sup><sup>‡</sup> <br>| 1044312 | 1045115 |
| Connecticut Avenue Securities Trust 2024-R04 1M1, US 30 Day Average SOFR <br> + 1.1000%, 4.9742%, 5/25/44<sup>ž,</sup><sup>‡</sup> <br>| 1137485 | 1137269 |
| Connecticut Avenue Securities Trust 2024-R05 2M1, US 30 Day Average SOFR <br> + 1.0000%, 4.8742%, 7/25/44<sup>ž,</sup><sup>‡</sup> <br>| 488354 | 488152 |
| Connecticut Avenue Securities Trust 2025-R01 1M1, US 30 Day Average SOFR <br> + 1.1000%, 4.9742%, 1/25/45<sup>ž,</sup><sup>‡</sup> <br>| 1041342 | 1041762 |
| Connecticut Avenue Securities Trust 2025-R02 1M1, US 30 Day Average SOFR <br> + 1.1500%, 5.0242%, 2/27/45<sup>ž,</sup><sup>‡</sup> <br>| 1773373 | 1772828 |
| Connecticut Avenue Securities Trust 2025-R05 2M1, US 30 Day Average SOFR <br> + 1.2000%, 5.0742%, 7/25/45<sup>ž,</sup><sup>‡</sup> <br>| 3140921 | 3142719 |
| COOPR Residential Mortgage Trust 2025-CES2 A1A, 5.5020%, 6/25/60<sup>ž,</sup><sup>Ç</sup> <br>| 2001318 | 2017986 |
| COOPR Residential Mortgage Trust 2025-CES3 A1A, 4.8400%, 9/25/60<sup>ž,</sup><sup>Ç</sup> <br>| 4612917 | 4647662 |
| COOPR Residential Mortgage Trust 2025-CES4 A1A, 5.0400%, 11/25/60<sup>ž,</sup><sup>Ç</sup> <br>| 1909525 | 1911377 |
| CPF IV LLC / CP EF Asset Securitization LLC 2023-1A A, 7.4800%, 3/15/32<sup>ž</sup> <br>| 636480 | 641835 |
| Croton Park CLO Ltd, CME Term SOFR 3 Month + 1.5600%, 5.4645%, <br> 10/15/36<sup>ž,</sup><sup>‡</sup> <br>| 5745000 | 5757634 |
| CyrusOne Data Centers Issuer I LLC 2023-1A B, 5.4500%, 4/20/48<sup>ž</sup> <br>| 1512691 | 1501908 |
| CyrusOne Data Centers Issuer I LLC 2024-1A A2, 4.7600%, 3/22/49<sup>ž</sup> <br>| 3355063 | 3306060 |
| CyrusOne Data Centers Issuer I LLC 2024-2A A2, 4.5000%, 5/20/49<sup>ž</sup> <br>| 1200000 | 1170969 |
| CyrusOne Data Centers Issuer I LLC 2024-3A A2, 4.6500%, 5/20/49<sup>ž</sup> <br>| 11661000 | 11191494 |
| DATA Mortgage Trust 2024-CTR2 A, 5.2990%, 5/10/46<sup>ž,</sup><sup>‡</sup> <br>| 2393509 | 2403801 |
| DB Master Finance LLC 2017-1A A2II, 4.0300%, 11/20/47<sup>ž</sup> <br>| 1790573 | 1776301 |
| DB Master Finance LLC 2021-1A A23, 2.7910%, 11/20/51<sup>ž</sup> <br>| 1242240 | 1099176 |
| DB Master Finance LLC 2021-1A A2II, 2.4930%, 11/20/51<sup>ž</sup> <br>| 1660800 | 1571135 |
| DI Issuer LLC 2025-1A A2, 5.3100%, 12/15/55<sup>ž</sup> <br>| 2917000 | 2926608 |
| Diamond Infrastructure Funding LLC 2021-1A A, 1.7600%, 4/15/49<sup>ž</sup> <br>| 4917000 | 4779352 |
| DROP Mortgage Trust 2021-FILE A, CME Term SOFR 1 Month + 1.2645%, <br> 5.0145%, 10/15/43<sup>ž,</sup><sup>‡</sup> <br>| 2133961 | 2076482 |
| Ellington Financial Mortgage Trust 2025-RTL1 A1, 5.2210%, 11/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 3658000 | 3664828 |
| Elmwood CLO X Ltd 2021-3A AR2, CME Term SOFR 3 Month + 1.3000%, <br> 5.1844%, 7/20/38<sup>ž,</sup><sup>‡</sup> <br>| 8044000 | 8069852 |
| Fannie Mae REMICS 2018-27 EA, 3.0000%, 5/25/48 | 1724267 | 1562659 |
| Fannie Mae REMICS 2019-71 P, 3.0000%, 11/25/49 | 2235622 | 2008816 |
| FIGRE Trust 2024-HE2 A, 6.3800%, 5/25/54<sup>ž,</sup><sup>‡</sup> <br>| 2542988 | 2595159 |
| FIGRE Trust 2024-HE4 A, 5.0560%, 9/25/54<sup>ž,</sup><sup>‡</sup> <br>| 3412314 | 3424375 |
| FIGRE Trust 2025-HE2 A, 5.7750%, 3/25/55<sup>ž,</sup><sup>‡</sup> <br>| 3784842 | 3826280 |
| FIGRE Trust 2025-HE3 A, 5.5600%, 5/25/55<sup>ž,</sup><sup>‡</sup> <br>| 4263716 | 4306631 |
| FIGRE Trust 2025-HE4 A, 5.4080%, 7/25/55<sup>ž,</sup><sup>‡</sup> <br>| 1812205 | 1823790 |
| FIGRE Trust 2025-HE5 A, 5.2850%, 8/25/55<sup>ž,</sup><sup>‡</sup> <br>| 2966290 | 2975901 |
| FIGRE Trust 2025-HE6 A, 5.0440%, 9/25/55<sup>ž,</sup><sup>‡</sup> <br>| 2244016 | 2235877 |
| Finance of America Structured Securities Trust 2025-S1 A1, 3.5000%, 2/25/75<sup>ž</sup> <br>| 3364388 | 3269123 |
| Flagstar Mortgage Trust 2021-13IN A2, 3.0000%, 12/30/51<sup>ž,</sup><sup>‡</sup> <br>| 4993496 | 4355686 |
| Foundation Finance Trust 2025-3A A, 4.5600%, 8/15/52<sup>ž</sup> <br>| 4332235 | 4344689 |
| Freddie Mac - SLST 2020-2 M1, 4.7500%, 9/25/60<sup>ž,</sup><sup>‡</sup> <br>| 706502 | 702868 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA3 M2, US <br> 30 Day Average SOFR + 2.1000%, 5.9742%, 9/25/41<sup>ž,</sup><sup>‡</sup> <br>| 1806722 | 1821616 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA4 M2, US <br> 30 Day Average SOFR + 2.3500%, 6.2242%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 4424204 | 4481281 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 3

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 M1A, US <br> 30 Day Average SOFR + 1.3000%, 5.1742%, 2/25/42<sup>ž,</sup><sup>‡</sup> <br>| $319338 | $319478 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 M2, US <br> 30 Day Average SOFR + 3.7500%, 7.6242%, 2/25/42<sup>ž,</sup><sup>‡</sup> <br>| 846364 | 872140 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA3 M2, <br> 8.4218%, 4/25/42<sup>ž</sup> <br>| 1531289 | 1594252 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA4 M2, <br> 9.3218%, 5/25/42<sup>ž</sup> <br>| 530719 | 559972 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA5 M2, US <br> 30 Day Average SOFR + 6.7500%, 10.6242%, 6/25/42<sup>ž,</sup><sup>‡</sup> <br>| 289259 | 312632 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA6 M2, US <br> 30 Day Average SOFR + 5.7500%, 9.6242%, 9/25/42<sup>ž,</sup><sup>‡</sup> <br>| 1248097 | 1343302 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA1 M1A, US <br> 30 Day Average SOFR + 2.1000%, 5.9742%, 3/25/42<sup>ž,</sup><sup>‡</sup> <br>| 1341894 | 1344625 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A, US <br> 30 Day Average SOFR + 2.1000%, 5.9652%, 4/27/43<sup>ž,</sup><sup>‡</sup> <br>| 1244359 | 1257978 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA2 M1A, US <br> 30 Day Average SOFR + 2.0000%, 5.8742%, 6/25/43<sup>ž,</sup><sup>‡</sup> <br>| 112423 | 112714 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 M1, US <br> 30 Day Average SOFR + 1.8500%, 5.7242%, 11/25/43<sup>ž,</sup><sup>‡</sup> <br>| 1667794 | 1673460 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA2 M1, US <br> 30 Day Average SOFR + 1.2000%, 5.0742%, 5/25/44<sup>ž,</sup><sup>‡</sup> <br>| 2866290 | 2867936 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA3 M1, US <br> 30 Day Average SOFR + 1.0000%, 4.8742%, 10/25/44<sup>ž,</sup><sup>‡</sup> <br>| 19508 | 19508 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA1 M1, US <br> 30 Day Average SOFR + 1.0500%, 4.9242%, 1/25/45<sup>ž,</sup><sup>‡</sup> <br>| 1968003 | 1967520 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA2 M1, US <br> 30 Day Average SOFR + 1.2000%, 5.0742%, 5/25/45<sup>ž,</sup><sup>‡</sup> <br>| 1291488 | 1291388 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA3 M1, US <br> 30 Day Average SOFR + 1.1000%, 4.9742%, 9/25/45<sup>ž,</sup><sup>‡</sup> <br>| 1401672 | 1402494 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-HQA1 M1, US <br> 30 Day Average SOFR + 1.1500%, 5.0242%, 2/27/45<sup>ž,</sup><sup>‡</sup> <br>| 4051135 | 4048928 |
| FREMF Mortgage Trust 2023-K511 C, 5.6345%, 11/25/28<sup>ž,</sup><sup>‡</sup> <br>| 1838000 | 1730041 |
| GCAT 2023-INV1 A1, 6.0000%, 8/25/53<sup>ž,</sup><sup>‡</sup> <br>| 5693254 | 5790175 |
| Golden Tree Loan Management US CLO1 Ltd 2023-17A AR, CME Term SOFR 3 <br> Month + 1.2800%, 5.1644%, 1/20/39<sup>ž,</sup><sup>‡</sup> <br>| 9321000 | 9344979 |
| Gracie Point International Funding 2024-1A A, US 90 Day Average SOFR + <br> 1.7000%, 5.8902%, 3/1/28<sup>ž,</sup><sup>‡</sup> <br>| 2783000 | 2785101 |
| Great Wolf Trust 2024-WLF2 A, CME Term SOFR 1 Month + 1.6912%, 5.4414%, <br> 5/15/41<sup>ž,</sup><sup>‡</sup> <br>| 10398000 | 10411840 |
| GS Mortgage Securities Trust 2025-800D A, CME Term SOFR 1 Month + <br> 2.6500%, 6.3845%, 11/25/41<sup>ž,</sup><sup>‡</sup> <br>| 11841000 | 11855530 |
| GS Mortgage-Backed Securities Trust 2025-CES2 A1, 5.1800%, 9/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 6033416 | 6050349 |
| Hertz Vehicle Financing LLC 2025-5A A, 4.6200%, 5/25/30<sup>ž</sup> <br>| 3672000 | 3674793 |
| Homeward Opportunities Fund I Trust 2024-RRTL2 A1, 5.9890%, 9/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 4070000 | 4087405 |
| Homeward Opportunities Fund I Trust 2024-RTL1 A1, 7.1200%, 7/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 9130000 | 9152264 |
| Homeward Opportunities Fund I Trust 2025-RRTL1 A1, 5.4760%, 3/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 5717000 | 5746161 |
| Homeward Opportunities Fund I Trust 2025-RRTL2 A1, 5.2370%, 9/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 2898000 | 2910540 |
| Hudson's Bay Simon JV Trust 2015-HB10 A10, 4.1545%, 8/5/34<sup>ž</sup> <br>| 2826661 | 2748919 |
| JP Morgan Mortgage Trust 2025-5MPR A1D, 5.5000%, 11/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 2386255 | 2395866 |
| KRE Commercial Mortgage Trust 2025-AIP4 A, CME Term SOFR 1 Month + <br> 1.3000%, 5.0501%, 3/17/42<sup>ž,</sup><sup>‡</sup> <br>| 7547000 | 7534514 |
| Lendbuzz Securitization Trust 2023-1A A2, 6.9200%, 8/15/28<sup>ž</sup> <br>| 663566 | 670016 |
| Lex Commercial Loan Master Trust 2024-BBG A, 4.8736%, 10/13/33<sup>ž,</sup><sup>‡</sup> <br>| 2200000 | 2214093 |
| LHOME Mortgage Trust 2024-RTL2 A1, 7.1280%, 3/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 2268288 | 2281288 |
| LHOME Mortgage Trust 2024-RTL3 A1, 6.9000%, 5/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 2894523 | 2920964 |
| LHOME Mortgage Trust 2024-RTL4 A1, 5.9210%, 7/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 8728504 | 8804528 |
| LHOME Mortgage Trust 2025-RTL3 A1, 5.2390%, 8/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 2700000 | 2714161 |
| Life Financial Services Trust 2021-BMR C, CME Term SOFR 1 Month + 1.2145%, <br> 4.9645%, 3/15/38<sup>ž,</sup><sup>‡</sup> <br>| 456249 | 454370 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| December 31, 2025

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Life Financial Services Trust 2022-BMR2 A1, CME Term SOFR 1 Month + <br> 1.2952%, 5.0454%, 5/16/39<sup>ž,</sup><sup>‡</sup> <br>| $11353000 | $10923182 |
| Life Financial Services Trust 2022-BMR2 B, CME Term SOFR 1 Month + <br> 1.7939%, 5.5440%, 5/16/39<sup>ž,</sup><sup>‡</sup> <br>| 1854000 | 1667491 |
| M&T Equipment Notes 2023-1A A3, 5.7400%, 7/15/30<sup>ž</sup> <br>| 914886 | 920261 |
| Madison Park Funding Ltd 2019-34A A2RR, CME Term SOFR 3 Month + <br> 1.6000%, 5.4936%, 10/16/37<sup>ž,</sup><sup>‡</sup> <br>| 4190000 | 4200007 |
| Madison Park Funding Ltd 2022-55A A1R, CME Term SOFR 3 Month + <br> 1.3600%, 5.2444%, 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 12893139 | 12937079 |
| Madison Park Funding Ltd 2022-62A A1R2, CME Term SOFR 3 Month + <br> 1.3000%, 5.1936%, 7/16/38<sup>ž,</sup><sup>‡</sup> <br>| 9017000 | 9043314 |
| 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>| 9600000 | 9626738 |
| 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>| 6846000 | 6864698 |
| 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>| 2677431 | 2497957 |
| 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>| 3402734 | 3175960 |
| Mello Mortgage Capital Acceptance Trust 2024-SD1 A1, 4.0000%, 4/25/54<sup>ž,</sup><sup>Ç</sup> <br>| 2501509 | 2471695 |
| Merchants Fleet Funding LLC 2025-1A A, 4.4900%, 1/20/39<sup>ž</sup> <br>| 2628000 | 2635128 |
| 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>| 3411551 | 3334268 |
| MVW Owner Trust 2025-2A A, 4.4800%, 10/20/44<sup>ž</sup> <br>| 1348812 | 1345880 |
| 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>| 8069700 | 8097838 |
| New Economy Assets Phase 1 Issuer LLC 2021-1 B1, 2.4100%, 10/20/61<sup>ž</sup> <br>| 2779000 | 1697598 |
| 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>| 250069 | 248858 |
| 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>| 4535978 | 4548025 |
| New Residential Mortgage Loan Trust 2024-RTL2 A1, 5.4430%, 9/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 3319000 | 3355750 |
| NRTH PARK Mortgage Trust 2025-PARK A, CME Term SOFR 1 Month + <br> 1.3933%, 5.1434%, 10/15/40<sup>ž,</sup><sup>‡</sup> <br>| 7104000 | 7104071 |
| NRZ Excess Spread Collateralized Notes 2021-FHT1 A, 3.1040%, 7/25/26<sup>ž</sup> <br>| 1036074 | 1021803 |
| NRZ Excess Spread Collateralized Notes 2024-FNT1 A, 7.3980%, 11/25/31<sup>ž,</sup><sup>Ç</sup> <br>| 3919047 | 3958170 |
| Oak Hill Credit Partners 2020-7A A1R2, CME Term SOFR 3 Month + 1.2800%, <br> 5.1644%, 7/19/38<sup>ž,</sup><sup>‡</sup> <br>| 8534000 | 8557366 |
| Oak Hill Credit Partners 2021-9A A2R, CME Term SOFR 3 Month + 1.5800%, <br> 5.4644%, 10/19/37<sup>ž,</sup><sup>‡</sup> <br>| 6022000 | 6035546 |
| Oak Street Investment Grade Net Lease Fund 2020-1A A1, 1.8500%, 11/20/50<sup>ž</sup> <br>| 2940588 | 2704506 |
| Oasis Securitization 2024-1A A, 5.8800%, 9/30/38<sup>§</sup> <br>| 1616000 | 1616636 |
| Oasis Securitization 2025-1A A, 6.3550%, 8/15/39<sup>ž</sup> <br>| 5006000 | 5042816 |
| 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>| 4302000 | 4313868 |
| Octagon Investment Partners 42 Ltd 2019-3A A2RR, CME Term SOFR 3 Month <br> + 1.5600%, 5.4645%, 7/15/37<sup>ž,</sup><sup>‡</sup> <br>| 900034 | 902002 |
| Onslow Bay Financial LLC 2022-INV1 A1, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 1227158 | 1070526 |
| Onslow Bay Financial LLC 2022-INV1 A18, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 3247328 | 2809929 |
| Pretium Mortgage Credit Partners LLC 2025-RPL1 A1, 4.0000%, 7/25/69<sup>ž,</sup><sup>Ç</sup> <br>| 4154064 | 4028051 |
| Pretium Mortgage Credit Partners LLC 2025-RPL2 A1, 4.0000%, 8/25/64<sup>ž,</sup><sup>Ç</sup> <br>| 4503929 | 4441069 |
| Pretium Mortgage Credit Partners LLC 2025-RPL5 A1, 4.1500%, 1/25/70<sup>ž,</sup><sup>Ç</sup> <br>| 7387384 | 7256575 |
| PRP Advisors LLC 2024-RCF2 A1, 3.7500%, 3/25/54<sup>ž,</sup><sup>Ç</sup> <br>| 1685691 | 1664490 |
| PRP Advisors LLC 2025-RCF4 A1, 4.5000%, 8/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 2973652 | 2942511 |
| PRP Advisors LLC 2025-RPL4 A1, 3.0000%, 5/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 5861226 | 5531532 |
| QTS Issuer ABS I LLC 2025-1A A2, 5.4390%, 5/25/55<sup>ž</sup> <br>| 15373000 | 15467454 |
| QTS Issuer ABS II LLC 2025-1A A2, 5.0440%, 10/5/55<sup>ž</sup> <br>| 9100000 | 8966540 |
| Saluda Grade Alternative Mortgage Trust 2023-FIG3 A, 7.0670%, 8/25/53<sup>ž,</sup><sup>‡</sup> <br>| 6846666 | 7077938 |
| Saluda Grade Alternative Mortgage Trust 2023-FIG4 A, 6.7180%, 11/25/53<sup>ž,</sup><sup>‡</sup> <br>| 3682334 | 3880606 |
| Saluda Grade Alternative Mortgage Trust 2024-CES1 A1, 6.3060%, 3/25/54<sup>ž,</sup><sup>‡</sup> <br>| 2211966 | 2257795 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 5

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Saluda Grade Alternative Mortgage Trust 2024-FIG5 A, 6.2550%, 4/25/54<sup>ž,</sup><sup>‡</sup> <br>| $2905178 | $2938784 |
| Saluda Grade Alternative Mortgage Trust 2024-RTL6 A1, 7.4390%, 7/25/30<sup>ž,</sup><sup>Ç</sup> <br>| 6625667 | 6664239 |
| Saluda Grade Alternative Mortgage Trust 2025-LOC5 A1A, CME Term SOFR 1 <br> Month + 1.6000%, 5.3317%, 10/25/55<sup>ž,</sup><sup>‡</sup> <br>| 5703325 | 5712452 |
| Saluda Grade Alternative Mortgage Trust 2025-RRTL1 A1, 5.3200%, <br> 10/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 3900000 | 3899855 |
| Santander Bank Auto Credit-Linked Notes 2022-B A2, 5.5870%, 8/16/32<sup>ž</sup> <br>| 296920 | 298337 |
| SCF Equipment Trust LLC 2025-2A A2, 4.2600%, 12/22/31<sup>ž</sup> <br>| 2117000 | 2122549 |
| SCG Hotel Issuer Inc 2025-DLFN A, CME Term SOFR 1 Month + 1.2000%, <br> 4.9501%, 3/15/35<sup>ž,</sup><sup>‡</sup> <br>| 10048000 | 9994890 |
| SELF Commercial Mortgage Trust 2024-STRG A, CME Term SOFR 1 Month + <br> 1.5423%, 5.2924%, 11/15/34<sup>ž,</sup><sup>‡</sup> <br>| 9852000 | 9862685 |
| Sequoia Mortgage Trust 2013-5, 2.5000%, 5/25/43<sup>ž,</sup><sup>‡</sup> <br>| 497648 | 444989 |
| Sequoia Mortgage Trust 2020-2, 3.5000%, 3/25/50<sup>ž,</sup><sup>‡</sup> <br>| 185444 | 168148 |
| SF ABS Issuer LLC 2025-1A A2, 5.3770%, 11/25/55<sup>ž</sup> <br>| 12936000 | 12565158 |
| Sixth Street CLO Ltd 2017-9A AR, CME Term SOFR 3 Month + 1.3800%, <br> 5.2500%, 7/21/37<sup>ž,</sup><sup>‡</sup> <br>| 8897000 | 8929857 |
| SMRT 2022-MINI A, CME Term SOFR 1 Month + 1.0000%, 4.7510%, 1/17/39<sup>ž,</sup><sup>‡</sup> <br>| 11242000 | 11218754 |
| SREIT Trust 2021-MFP A, CME Term SOFR 1 Month + 0.8453%, 4.5954%, <br> 11/15/38<sup>ž,</sup><sup>‡</sup> <br>| 595577 | 594014 |
| Taco Bell Funding LLC 2021-1A A2II, 2.2940%, 8/25/51<sup>ž</sup> <br>| 6538537 | 6071187 |
| TEXAS Commercial Mortgage Trust 2025-TWR A, CME Term SOFR 1 Month + <br> 1.2931%, 5.0433%, 4/15/42<sup>ž,</sup><sup>‡</sup> <br>| 2757000 | 2753552 |
| Texas Debt Capital CLO Ltd 2023-2A A1R, CME Term SOFR 3 Month + <br> 1.3700%, 5.2400%, 10/21/37<sup>ž,</sup><sup>‡</sup> <br>| 9000000 | 9033474 |
| THE 2023-MIC Trust 2023-MIC A, 8.4366%, 12/5/38<sup>ž,</sup><sup>‡</sup> <br>| 5052469 | 5458022 |
| The Huntington National Bank 2024-2 B1, 5.4420%, 10/20/32<sup>ž</sup> <br>| 2140055 | 2163716 |
| Toorak Mortgage Corp 2025-RRTL1 A1, 5.5240%, 2/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 2600000 | 2609475 |
| Towd Point Mortgage Trust 2025-FIX2 A1, 5.2490%, 10/25/65<sup>ž,</sup><sup>Ç</sup> <br>| 8219304 | 8253914 |
| TYSN 2023-CRNR Mortgage Trust 2023-CRNR A, 6.5797%, 12/10/33<sup>ž,</sup><sup>‡</sup> <br>| 8090504 | 8509597 |
| United Wholesale Mortgage LLC 2021-INV1 A9, US 30 Day Average SOFR + <br> 0.9000%, 4.9718%, 8/25/51<sup>ž,</sup><sup>‡</sup> <br>| 3218791 | 2997784 |
| UPG HI Issuer Trust 2025-2 A, 5.0000%, 9/25/47<sup>ž</sup> <br>| 2511000 | 2519170 |
| Vantage Data Centers LLC 2020-2A A2, 1.9920%, 9/15/45<sup>ž</sup> <br>| 3097000 | 2949883 |
| VASA Trust 2021-VASA A, CME Term SOFR 1 Month + 1.0145%, 4.7655%, <br> 7/15/39<sup>ž,</sup><sup>‡</sup> <br>| 2382000 | 2323623 |
| Voya CLO Ltd 2024-4A A2, CME Term SOFR 3 Month + 1.5500%, 5.4344%, <br> 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 3637684 | 3645545 |
| Wells Fargo Commercial Mortgage Trust 2021-SAVE A, CME Term SOFR 1 <br> Month + 1.3645%, 5.1155%, 2/15/40<sup>ž,</sup><sup>‡</sup> <br>| 407447 | 407209 |
| Wells Fargo Commercial Mortgage Trust 2025-VTT A, 5.1004%, 3/15/38<sup>ž,</sup><sup>‡</sup> <br>| 10219000 | 10298132 |
| Wendy's Funding LLC 2021-1A A2I, 2.3700%, 6/15/51<sup>ž</sup> <br>| 1271921 | 1185407 |
| Wendy's Funding LLC 2021-1A A2II, 2.7750%, 6/15/51<sup>ž</sup> <br>| 3537291 | 3157604 |
| Wendy's Funding LLC 2022-1A A2II, 4.5350%, 3/15/52<sup>ž</sup> <br>| 767963 | 744381 |
| Wendy's Funding LLC 2025-1A A2I, 5.4220%, 12/15/55<sup>ž</sup> <br>| 10221000 | 10203990 |
| Westgate Resorts 2022-1A A, 1.7880%, 8/20/36<sup>ž</sup> <br>| 194346 | 193491 |
| Woodward Capital Management 2021-3 A21, US 30 Day Average SOFR + <br> 0.8000%, 4.6742%, 7/25/51<sup>ž,</sup><sup>‡</sup> <br>| 2367427 | 2197573 |
| Woodward Capital Management 2023-CES1 A1A, 6.5150%, 6/25/43<sup>ž,</sup><sup>‡</sup> <br>| 1185991 | 1189539 |
| Woodward Capital Management 2024-CES1 A1A, 6.0250%, 2/25/44<sup>ž,</sup><sup>‡</sup> <br>| 1837272 | 1852337 |
| Woodward Capital Management 2024-CES2 A1A, 6.1410%, 4/25/44<sup>ž,</sup><sup>‡</sup> <br>| 5816197 | 5875533 |
| Woodward Capital Management 2024-CES5 A1A, 5.8460%, 8/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 5549382 | 5593874 |
| Woodward Capital Management 2024-CES6 A1A, 5.3440%, 9/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 4449518 | 4460215 |
| Woodward Capital Management 2024-CES7 A1A, 5.1580%, 10/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 6816376 | 6835198 |
| Woodward Capital Management 2024-CES9 A1A, 5.5820%, 12/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 1287723 | 1298805 |
| Woodward Capital Management 2025-CES10 A1A, 4.8940%, 11/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 2790512 | 2790888 |
| Woodward Capital Management 2025-CES2 A1A, 5.5030%, 2/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 3759508 | 3790827 |
| Woodward Capital Management 2025-CES7 A1A, 5.3770%, 7/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 3028827 | 3142804 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Woodward Capital Management 2025-CES8 A1A, 5.1477%, 8/25/55<sup>ž,</sup><sup>‡</sup> <br>| $5260130 | $5283690 |
| Woodward Capital Management 2025-CES9 A1A, 4.7950%, 9/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 2042608 | 2038996 |
| Total Asset-Backed/Commercial Mortgage-Backed Securities (cost <br> $1,056,440,206)<br>|  | 1057979961 |
| Bank Loans and Mezzanine Loans – 0.9% |  |  |
| Basic Industry – 0% |  |  |
| Qnity Electronics Inc, CME Term SOFR 6 Month + 2.0000%, 5.6975%, 11/1/32<sup>‡</sup> <br>| 2735000 | 2745256 |
| Capital Goods – 0.3% |  |  |
| EMRLD Borrower LP, CME Term SOFR 3 Month + 2.2500%, 6.0724%, 5/31/30<sup>‡</sup> <br>| 3044931 | 3058534 |
| EMRLD Borrower LP, CME Term SOFR 6 Month + 2.2500%, 6.1219%, 8/4/31<sup>‡</sup> <br>| 14447751 | 14505344 |
| TransDigm Group Inc, CME Term SOFR 1 Month + 2.5000%, 6.2161%, 8/19/32<sup>‡</sup> <br>| 7201950 | 7248591 |
|  |  | 24812469 |
| Consumer Cyclical – 0.1% |  |  |
| Belron Finance 2019 LLC, CME Term SOFR 3 Month + 2.2500%, 6.1196%, <br> 10/16/31<sup>‡</sup> <br>| 4420218 | 4453480 |
| Consumer Non-Cyclical – 0.1% |  |  |
| Medline Borrower LP, CME Term SOFR 1 Month + 1.7500%, 5.4661%, <br> 10/23/30<sup>‡</sup> <br>| 8053369 | 8099681 |
| Electric – 0.2% |  |  |
| Alpha Generation LLC, CME Term SOFR 1 Month + 2.0000%, 5.7161%, <br> 9/30/31<sup>‡</sup> <br>| 5175488 | 5202080 |
| Lightning Power LLC, CME Term SOFR 1 Month + 2.2500%, 5.9661%, <br> 8/18/31<sup>‡</sup> <br>| 9464200 | 9527821 |
| Talen Energy Supply LLC, CME Term SOFR 1 Month + 2.0000%, 5.6719%, <br> 11/25/32<sup>‡</sup> <br>| 6400347 | 6396379 |
|  |  | 21126280 |
| Technology – 0.1% |  |  |
| X Corp, 9.5000%, 10/26/29<sup>ƒ</sup> <br>| 6936840 | 6907081 |
| Transportation – 0.1% |  |  |
| Genesee & Wyoming Inc, CME Term SOFR 3 Month + 1.7500%, 5.4219%, <br> 4/10/31<sup>‡</sup> <br>| 12961186 | 12990751 |
| Total Bank Loans and Mezzanine Loans (cost $80,632,839) |  | 81134998 |
| Corporate Bonds – 9.1% |  |  |
| Banking – 2.5% |  |  |
| Bank of America Corp, SOFR + 1.0000%, 5.1620%, 1/24/31<sup>‡</sup> <br>| 16431000 | 16962613 |
| Bank of America Corp, SOFR + 1.8400%, 5.8720%, 9/15/34<sup>‡</sup> <br>| 6100000 | 6509638 |
| Bank of America Corp, SOFR + 1.6970%, 5.7440%, 2/12/36<sup>‡</sup> <br>| 27060000 | 28196461 |
| Capital One Financial Corp, SOFR + 3.0700%, 7.6240%, 10/30/31<sup>‡</sup> <br>| 6330000 | 7153823 |
| Capital One Financial Corp, SOFR + 1.9900%, 5.8840%, 7/26/35<sup>‡</sup> <br>| 8321000 | 8757903 |
| Capital One Financial Corp, SOFR + 2.0360%, 6.1830%, 1/30/36<sup>‡</sup> <br>| 6214000 | 6486688 |
| Citigroup Inc, CME Term SOFR 3 Month + 1.8246%, 3.8870%, 1/10/28<sup>‡</sup> <br>| 11561000 | 11538950 |
| Citigroup Inc, SOFR + 1.1710%, 4.5030%, 9/11/31<sup>‡</sup> <br>| 3290000 | 3300182 |
| Citigroup Inc, SOFR + 2.0560%, 5.8270%, 2/13/35<sup>‡</sup> <br>| 17397000 | 17793827 |
| Citigroup Inc, SOFR + 1.4880%, 5.1740%, 9/11/36<sup>‡</sup> <br>| 2832000 | 2858472 |
| Citigroup Inc, 6.6250%<sup>‡</sup><sup>,μ</sup> <br>| 4527000 | 4596852 |
| Discover Financial Services, SOFR + 3.3700%, 7.9640%, 11/2/34<sup>‡</sup> <br>| 4170000 | 4916412 |
| Goldman Sachs Group Inc, SOFR + 1.3800%, 5.5360%, 1/28/36<sup>‡</sup> <br>| 7598000 | 7885784 |
| JPMorgan Chase & Co, SOFR + 1.0100%, 5.1400%, 1/24/31<sup>‡</sup> <br>| 7304000 | 7549368 |
| Morgan Stanley, SOFR + 1.2900%, 2.9430%, 1/21/33<sup>‡</sup> <br>| 5523000 | 5040803 |
| Morgan Stanley, SOFR + 1.8800%, 5.4240%, 7/21/34<sup>‡</sup> <br>| 6139000 | 6386502 |
| Morgan Stanley, SOFR + 1.5550%, 5.3200%, 7/19/35<sup>‡</sup> <br>| 8439000 | 8687121 |
| PNC Financial Services Group Inc/The, SOFR + 1.0720%, 5.2220%, 1/29/31<sup>‡</sup> <br>| 2562000 | 2650843 |
| PNC Financial Services Group Inc/The, SOFR + 2.2840%, 6.8750%, 10/20/34<sup>‡</sup> <br>| 7688000 | 8699948 |
| PNC Financial Services Group Inc/The, SOFR + 1.5990%, 5.4010%, 7/23/35<sup>‡</sup> <br>| 8376000 | 8663739 |
| Societe Generale SA, US Treasury Yield Curve Rate 1 Year + 1.2000%, 5.5000%, <br> 4/13/29<sup>ž,</sup><sup>‡</sup> <br>| 4851000 | 4968213 |
| Societe Generale SA, US Treasury Yield Curve Rate 1 Year + 1.6000%, 6.1000%, <br> 4/13/33<sup>ž,</sup><sup>‡</sup> <br>| 11950000 | 12626599 |
| US Bancorp, SOFR + 1.5600%, 5.3840%, 1/23/30<sup>‡</sup> <br>| 6844000 | 7088238 |
| US Bancorp, SOFR + 1.0610%, 5.0460%, 2/12/31<sup>‡</sup> <br>| 7145000 | 7338994 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 7

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Banking – (continued) |  |  |
| US Bancorp, SOFR + 1.4110%, 5.4240%, 2/12/36<sup>‡</sup> <br>| $7864000 | $8173292 |
| US Bancorp, US Treasury Yield Curve Rate 5 Year + 0.9500%, 2.4910%, <br> 11/3/36<sup>‡</sup> <br>| 6449000 | 5628500 |
| Wells Fargo & Co, SOFR + 1.1100%, 5.2440%, 1/24/31<sup>‡</sup> <br>| 15197000 | 15736796 |
|  |  | 236196561 |
| Basic Industry – 0% |  |  |
| Qnity Electronics Inc, 5.7500%, 8/15/32<sup>ž</sup> <br>| 3406000 | 3482451 |
| Brokerage – 0.7% |  |  |
| Jane Street Group / JSG Finance Inc, 7.1250%, 4/30/31<sup>ž</sup> <br>| 4873000 | 5120384 |
| Jane Street Group / JSG Finance Inc, 6.1250%, 11/1/32<sup>ž</sup> <br>| 12094000 | 12306371 |
| Jane Street Group / JSG Finance Inc, 6.7500%, 5/1/33<sup>ž</sup> <br>| 9862000 | 10293920 |
| LPL Holdings Inc, 6.7500%, 11/17/28 | 10435000 | 11137098 |
| LPL Holdings Inc, 5.2000%, 3/15/30 | 2938000 | 3006549 |
| LPL Holdings Inc, 5.1500%, 6/15/30 | 4736000 | 4829839 |
| LPL Holdings Inc, 6.0000%, 5/20/34 | 6846000 | 7199178 |
| LPL Holdings Inc, 5.6500%, 3/15/35 | 4920000 | 5043004 |
| LPL Holdings Inc, 5.7500%, 6/15/35 | 5874000 | 6044058 |
|  |  | 64980401 |
| Capital Goods – 0.1% |  |  |
| Quikrete Holdings Inc, 6.3750%, 3/1/32<sup>ž</sup> <br>| 5502000 | 5726922 |
| TransDigm Inc, 6.2500%, 1/31/34<sup>ž</sup> <br>| 1025000 | 1063623 |
| TransDigm Inc, 6.7500%, 1/31/34<sup>ž</sup> <br>| 3509000 | 3655270 |
|  |  | 10445815 |
| Communications – 0.2% |  |  |
| AppLovin Corp, 5.3750%, 12/1/31 | 6587000 | 6830521 |
| AppLovin Corp, 5.5000%, 12/1/34 | 7627000 | 7836374 |
| Charter Communications Operating LLC / Charter Communications Operating <br> Capital, 6.6500%, 2/1/34<br>| 7866000 | 8286362 |
|  |  | 22953257 |
| Consumer Cyclical – 0.6% |  |  |
| Carnival Corp, 5.7500%, 8/1/32<sup>ž</sup> <br>| 7105000 | 7291726 |
| Flutter Treasury DAC, 5.8750%, 6/4/31<sup>ž</sup> <br>| 3621000 | 3671332 |
| Ford Motor Credit Co LLC, 7.1220%, 11/7/33 | 3812000 | 4094330 |
| GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29 | 344000 | 349988 |
| GLP Capital LP / GLP Financing II Inc, 6.7500%, 12/1/33 | 4841000 | 5261557 |
| GLP Capital LP / GLP Financing II Inc, 5.6250%, 9/15/34 | 5014000 | 5086946 |
| NCL Corporation Ltd, 5.8750%, 1/15/31<sup>ž</sup> <br>| 12899000 | 12850196 |
| NCL Corporation Ltd, 6.2500%, 9/15/33<sup>ž</sup> <br>| 7997000 | 7993632 |
| VICI Properties LP, 5.6250%, 4/1/35 | 5593000 | 5711509 |
|  |  | 52311216 |
| Consumer Non-Cyclical – 0.9% |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, <br> 6.5000%, 2/15/28<sup>ž</sup> <br>| 4757000 | 4858875 |
| CVS Health Corp, 5.0000%, 9/15/32 | 2820000 | 2878291 |
| CVS Health Corp, 5.2500%, 2/21/33 | 999000 | 1028551 |
| CVS Health Corp, 5.7000%, 6/1/34 | 5130000 | 5375812 |
| CVS Health Corp, 5.4500%, 9/15/35 | 5014000 | 5132383 |
| CVS Health Corp, 4.7800%, 3/25/38 | 11256000 | 10624670 |
| CVS Health Corp, 6.2000%, 9/15/55 | 2902000 | 2946519 |
| Diageo Capital PLC, 2.1250%, 4/29/32 | 2398000 | 2086712 |
| HCA Inc, 3.6250%, 3/15/32 | 3617000 | 3416366 |
| HCA Inc, 5.6000%, 4/1/34 | 5683000 | 5926913 |
| Solventum Corp, 5.4500%, 3/13/31 | 10557000 | 11012227 |
| Solventum Corp, 5.6000%, 3/23/34 | 13920000 | 14483651 |
| Teva Pharmaceutical Finance Co LLC, 6.1500%, 2/1/36 | 2845000 | 2986962 |
| Teva Pharmaceutical Finance Netherlands III BV, 6.0000%, 12/1/32<sup>#</sup> <br>| 5206000 | 5463739 |
| Teva Pharmaceutical Finance Netherlands IV BV, 5.7500%, 12/1/30 | 4167000 | 4322114 |
|  |  | 82543785 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Electric – 0.8% |  |  |
| Alpha Generation LLC, 6.2500%, 1/15/34<sup>ž</sup> <br>| $9467000 | $9551985 |
| American Electric Power Co Inc, US Treasury Yield Curve Rate 5 Year + 2.1280%, <br> 5.8000%, 3/15/56<sup>‡</sup> <br>| 3569000 | 3543162 |
| American Electric Power Co Inc, US Treasury Yield Curve Rate 5 Year + 1.9400%, <br> 6.0500%, 3/15/56<sup>‡</sup> <br>| 2855000 | 2805123 |
| Duke Energy Corp, 5.4500%, 6/15/34 | 12350000 | 12859964 |
| Exelon Corp, 5.4500%, 3/15/34 | 6072000 | 6313172 |
| NRG Energy Inc, 4.7340%, 10/15/30<sup>ž</sup> <br>| 7282000 | 7291226 |
| NRG Energy Inc, 5.7500%, 1/15/34<sup>ž</sup> <br>| 3913000 | 3952795 |
| NRG Energy Inc, 6.0000%, 1/15/36<sup>ž</sup> <br>| 7330000 | 7427074 |
| Talen Energy Supply LLC, 6.2500%, 2/1/34<sup>ž</sup> <br>| 6610000 | 6741631 |
| Talen Energy Supply LLC, 6.5000%, 2/1/36<sup>ž</sup> <br>| 10849000 | 11218838 |
| Xcel Energy Inc, 5.6000%, 4/15/35 | 4187000 | 4335919 |
|  |  | 76040889 |
| Energy – 1.1% |  |  |
| Cheniere Energy Inc, 5.6500%, 4/15/34 | 7295000 | 7567687 |
| Civitas Resources Inc, 8.6250%, 11/1/30<sup>ž</sup> <br>| 1877000 | 1967209 |
| Civitas Resources Inc, 8.7500%, 7/1/31<sup>ž,#</sup> <br>| 3479000 | 3609119 |
| Civitas Resources Inc, 9.6250%, 6/15/33<sup>ž</sup> <br>| 6746000 | 7283104 |
| Columbia Pipelines Operating Company LLC, 6.0360%, 11/15/33<sup>ž</sup> <br>| 4304000 | 4607249 |
| Columbia Pipelines Operating Company LLC, 6.4970%, 8/15/43<sup>ž</sup> <br>| 868000 | 916960 |
| Columbia Pipelines Operating Company LLC, 6.5440%, 11/15/53<sup>ž</sup> <br>| 4489000 | 4779952 |
| DT Midstream Inc, 4.1250%, 6/15/29<sup>ž</sup> <br>| 8843000 | 8726422 |
| DT Midstream Inc, 4.3750%, 6/15/31<sup>ž</sup> <br>| 14397000 | 14095260 |
| DT Midstream Inc, 4.3000%, 4/15/32<sup>ž</sup> <br>| 2519000 | 2433234 |
| Hess Midstream Operations LP, 5.1250%, 6/15/28<sup>ž</sup> <br>| 3621000 | 3635614 |
| Hess Midstream Operations LP, 4.2500%, 2/15/30<sup>ž</sup> <br>| 5338000 | 5221022 |
| Occidental Petroleum Corp, 8.8750%, 7/15/30 | 3602000 | 4165000 |
| Occidental Petroleum Corp, 6.6250%, 9/1/30 | 2536000 | 2730166 |
| Occidental Petroleum Corp, 6.1250%, 1/1/31 | 4546000 | 4804790 |
| Sunoco LP, 7.0000%, 5/1/29<sup>ž</sup> <br>| 7825000 | 8161131 |
| Sunoco LP, 5.6250%, 3/15/31<sup>ž</sup> <br>| 2711000 | 2730863 |
| Sunoco LP, 7.2500%, 5/1/32<sup>ž</sup> <br>| 4408000 | 4660738 |
| Sunoco LP, 5.8750%, 3/15/34<sup>ž</sup> <br>| 4599000 | 4598593 |
| Viper Energy Partners LLC, 4.9000%, 8/1/30<sup>#</sup> <br>| 2159000 | 2183764 |
| Viper Energy Partners LLC, 5.7000%, 8/1/35 | 5742000 | 5859883 |
|  |  | 104737760 |
| Finance Companies – 0.3% |  |  |
| Blackstone Private Credit Fund, 7.3000%, 11/27/28 | 5166000 | 5479724 |
| Blue Owl Credit Income Corp, 7.9500%, 6/13/28 | 3051000 | 3226059 |
| OWL Rock Core Income Corp, 4.7000%, 2/8/27 | 877000 | 873549 |
| Rocket Cos Inc, 6.1250%, 8/1/30<sup>ž</sup> <br>| 3459000 | 3575496 |
| Rocket Cos Inc, 6.3750%, 8/1/33<sup>ž</sup> <br>| 14496000 | 15113805 |
|  |  | 28268633 |
| Financial Institutions – 0.1% |  |  |
| Atlas Warehouse Lending Co LP, 4.6250%, 11/15/28<sup>ž</sup> <br>| 2056000 | 2063716 |
| Atlas Warehouse Lending Co LP, 4.9500%, 11/15/30<sup>ž</sup> <br>| 3242000 | 3252775 |
|  |  | 5316491 |
| Insurance – 0.8% |  |  |
| Aon North America Inc, 5.4500%, 3/1/34 | 15757000 | 16374920 |
| Asurion LLC / Asurion Co-Issuer Inc, 8.0000%, 12/31/32<sup>ž</sup> <br>| 5405000 | 5608290 |
| Athene Global Funding, 2.6460%, 10/4/31<sup>ž</sup> <br>| 5823000 | 5149226 |
| Brown & Brown Inc, 4.9000%, 6/23/30 | 2159000 | 2188858 |
| Brown & Brown Inc, 5.2500%, 6/23/32 | 949000 | 970476 |
| Centene Corp, 4.2500%, 12/15/27 | 16441000 | 16344201 |
| Health Care Service Corp, 5.2000%, 6/15/29<sup>ž</sup> <br>| 5028000 | 5153727 |
| Health Care Service Corp, 2.2000%, 6/1/30<sup>ž</sup> <br>| 4729000 | 4293940 |
| Health Care Service Corp, 5.4500%, 6/15/34<sup>ž</sup> <br>| 11338000 | 11607558 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 9

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Insurance – (continued) |  |  |
| Humana Inc, 5.8750%, 3/1/33 | $1812000 | $1903355 |
| Humana Inc, 5.9500%, 3/15/34 | 4950000 | 5191197 |
|  |  | 74785748 |
| Professional Services – 0.2% |  |  |
| Booz Allen Hamilton Inc, 5.9500%, 8/4/33 | 7687000 | 8007791 |
| Booz Allen Hamilton Inc, 5.9500%, 4/15/35<sup>#</sup> <br>| 11859000 | 12286944 |
|  |  | 20294735 |
| Real Estate Investment Trusts (REITs) – 0.1% |  |  |
| Invitation Homes Inc, 2.0000%, 8/15/31 | 5620000 | 4908785 |
| Technology – 0.7% |  |  |
| CACI International Inc, 6.3750%, 6/15/33<sup>ž</sup> <br>| 2923000 | 3024366 |
| Constellation Software Inc/Canada, 5.1580%, 2/16/29<sup>ž</sup> <br>| 2126000 | 2166524 |
| Constellation Software Inc/Canada, 5.4610%, 2/16/34<sup>ž</sup> <br>| 6181000 | 6226051 |
| CoreWeave Inc, 9.2500%, 6/1/30<sup>ž</sup> <br>| 7744000 | 7200159 |
| CoreWeave Inc, 9.0000%, 2/1/31<sup>ž</sup> <br>| 3111000 | 2851294 |
| Foundry JV Holdco LLC, 5.9000%, 1/25/33<sup>ž</sup> <br>| 1844000 | 1929464 |
| Foundry JV Holdco LLC, 5.8750%, 1/25/34<sup>ž</sup> <br>| 8628000 | 8860487 |
| Foundry JV Holdco LLC, 6.2500%, 1/25/35<sup>ž</sup> <br>| 1844000 | 1955362 |
| Marvell Technology Inc, 1.6500%, 4/15/26 | 3675000 | 3650113 |
| MSCI Inc, 4.0000%, 11/15/29<sup>ž</sup> <br>| 1463000 | 1430364 |
| Oracle Corp, 5.5000%, 8/3/35 | 2134000 | 2091069 |
| Oracle Corp, 5.2000%, 9/26/35 | 6585000 | 6308962 |
| Oracle Corp, 5.9500%, 9/26/55 | 5500000 | 4873078 |
| Oracle Corp, 6.1000%, 9/26/65 | 7356000 | 6487937 |
| Western Digital Corp, 4.7500%, 2/15/26 | 1521000 | 1522164 |
| Workday Inc, 3.8000%, 4/1/32 | 4129000 | 3950907 |
|  |  | 64528301 |
| Transportation – 0% |  |  |
| GXO Logistics Inc, 1.6500%, 7/15/26 | 4255000 | 4194142 |
| Total Corporate Bonds (cost $834,696,971) |  | 855988970 |
| Mortgage-Backed Securities – 6.7% |  |  |
| Fannie Mae: |  |  |
| 3.0000%, TBA, 30 Year Maturity | 692000 | 612017 |
| 3.5000%, TBA, 30 Year Maturity | 830458 | 765168 |
| 5.0000%, TBA, 30 Year Maturity | 372000 | 371005 |
|  |  | 1748190 |
| Fannie Mae Pool: |  |  |
| BO3223, 3.0000%, 10/1/34 | 139032 | 135139 |
| BO4725, 2.5000%, 11/1/34 | 142540 | 136507 |
| BO7717, 3.0000%, 11/1/34 | 66048 | 64258 |
| BO5957, 3.0000%, 12/1/34 | 85017 | 82527 |
| FS3713, 2.5000%, 12/1/36 | 8852933 | 8437936 |
| 995757, 6.0000%, 2/1/37 | 39408 | 41746 |
| AL6997, 4.5000%, 11/1/42 | 211460 | 212883 |
| AB7563, 3.0000%, 1/1/43 | 144442 | 133607 |
| MA1363, 3.0000%, 2/1/43 | 31847 | 29368 |
| AT2957, 3.0000%, 5/1/43 | 315736 | 289251 |
| AL5942, 5.0000%, 7/1/44 | 23736 | 24144 |
| AL5887, 4.5000%, 10/1/44 | 494945 | 496872 |
| AL6542, 4.5000%, 3/1/45 | 825076 | 828289 |
| AL6842, 4.0000%, 5/1/45 | 186111 | 180489 |
| AL7381, 4.5000%, 6/1/45 | 435810 | 435042 |
| BM3912, 3.0000%, 3/1/47 | 1046687 | 956318 |
| CA0108, 3.5000%, 8/1/47 | 178149 | 168573 |
| BH1902, 3.5000%, 12/1/47 | 71329 | 67495 |
| BM3282, 3.5000%, 12/1/47 | 52343 | 49529 |
| BJ4559, 3.5000%, 1/1/48 | 483614 | 456093 |
| BJ4566, 4.0000%, 1/1/48 | 1848004 | 1796024 |
| BJ4567, 4.0000%, 1/1/48 | 1830257 | 1776688 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10 \| December 31, 2025

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Fannie Mae Pool – (continued) |  |  |
| CA4646, 3.0000%, 2/1/48 | $544592 | $499201 |
| BJ5170, 3.5000%, 3/1/48 | 85913 | 81290 |
| BK1964, 4.0000%, 3/1/48 | 536985 | 521566 |
| BK3211, 4.5000%, 3/1/48 | 22998 | 22827 |
| BJ9181, 5.0000%, 5/1/48 | 493387 | 501451 |
| BN0012, 4.5000%, 8/1/48 | 12684 | 12589 |
| MA3521, 4.0000%, 11/1/48 | 1489322 | 1434341 |
| BN3899, 4.0000%, 12/1/48 | 221162 | 212997 |
| FM3664, 4.0000%, 3/1/49 | 774738 | 746137 |
| CA3683, 4.5000%, 6/1/49 | 85675 | 84971 |
| CA4035, 4.5000%, 8/1/49 | 134660 | 133554 |
| MA3774, 3.0000%, 9/1/49 | 3823924 | 3431086 |
| BO2983, 3.0000%, 9/1/49 | 146684 | 133285 |
| MA3908, 4.5000%, 1/1/50 | 186106 | 184576 |
| CA5573, 4.0000%, 4/1/50 | 592231 | 567528 |
| MA4079, 3.0000%, 7/1/50 | 1993061 | 1783392 |
| BM7069, 4.5000%, 7/1/50 | 4007976 | 3890317 |
| CA6635, 2.5000%, 8/1/50 | 17765848 | 15385180 |
| BK2913, 2.5000%, 8/1/50 | 500897 | 434957 |
| FM5076, 4.0000%, 8/1/50 | 520882 | 499155 |
| FS2713, 4.5000%, 10/1/50 | 3039944 | 3017308 |
| FS5362, 4.5000%, 12/1/50 | 4073507 | 4043176 |
| FS2546, 4.0000%, 3/1/51 | 120379 | 115935 |
| 20510401, 3.0000%, 4/1/51 | 524185 | 469481 |
| MA4378, 2.0000%, 7/1/51 | 18544276 | 15120983 |
| FS0359, 2.5000%, 1/1/52 | 3275820 | 2820337 |
| CB2681, 3.5000%, 1/1/52 | 1580325 | 1484758 |
| FS0662, 2.5000%, 2/1/52 | 15973562 | 13742639 |
| FS5130, 2.5000%, 2/1/52 | 15648886 | 13470499 |
| CB2750, 2.5000%, 2/1/52 | 8500160 | 7267015 |
| CB2891, 3.0000%, 2/1/52 | 11015408 | 9858927 |
| BV2802, 3.0000%, 2/1/52 | 1479974 | 1324119 |
| CB2907, 3.5000%, 2/1/52 | 4319234 | 4057705 |
| CB3043, 2.5000%, 3/1/52 | 6801813 | 5851848 |
| FS1081, 2.5000%, 3/1/52 | 6587848 | 5660596 |
| FS5988, 2.5000%, 3/1/52 | 6583568 | 5656904 |
| CB3042, 2.5000%, 3/1/52 | 2473168 | 2129704 |
| BT2256, 2.5000%, 3/1/52 | 606567 | 521004 |
| BV2965, 2.5000%, 3/1/52 | 484644 | 416429 |
| BV5152, 2.5000%, 3/1/52 | 461259 | 396838 |
| BV2962, 2.5000%, 3/1/52 | 202535 | 174304 |
| BV4144, 3.0000%, 3/1/52 | 3004268 | 2691772 |
| CB3123, 3.5000%, 3/1/52 | 15453910 | 14498580 |
| FS1184, 3.5000%, 3/1/52 | 2955631 | 2776602 |
| CB3240, 3.0000%, 4/1/52 | 6888648 | 6164519 |
| BV5379, 3.0000%, 4/1/52 | 2650533 | 2382088 |
| BV5380, 3.0000%, 4/1/52 | 2250358 | 2016028 |
| BV5394, 3.5000%, 4/1/52 | 2096350 | 1965335 |
| FS1869, 3.5000%, 4/1/52 | 1688342 | 1583972 |
| FS1301, 3.5000%, 4/1/52 | 1151668 | 1072901 |
| BV5393, 3.5000%, 4/1/52 | 1144436 | 1074291 |
| BV8485, 3.5000%, 4/1/52 | 721333 | 676252 |
| BV4203, 3.5000%, 4/1/52 | 400463 | 375947 |
| BV8484, 3.5000%, 4/1/52 | 396140 | 371860 |
| BV6879, 4.5000%, 4/1/52 | 343824 | 337601 |
| BV7632, 4.5000%, 4/1/52 | 264191 | 259410 |
| BW0081, 4.5000%, 4/1/52 | 194409 | 190860 |
| BV7132, 4.5000%, 4/1/52 | 136854 | 134356 |
| BW0072, 4.5000%, 4/1/52 | 115418 | 113312 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 11

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Fannie Mae Pool – (continued) |  |  |
| BV7131, 4.5000%, 4/1/52 | $109255 | $107264 |
| FS6926, 2.5000%, 5/1/52 | 16877773 | 14517148 |
| CB3501, 3.5000%, 5/1/52 | 1937313 | 1807313 |
| BV8544, 3.5000%, 5/1/52 | 1178562 | 1104818 |
| FS3377, 4.0000%, 5/1/52 | 2769908 | 2667651 |
| BW0343, 4.5000%, 5/1/52 | 536278 | 526489 |
| FS3160, 3.0000%, 6/1/52 | 1511593 | 1352056 |
| CB3837, 3.5000%, 6/1/52 | 7299573 | 6846632 |
| FS2144, 3.5000%, 6/1/52 | 4245485 | 3987344 |
| FS5491, 3.0000%, 7/1/52 | 6522542 | 5834138 |
| FS5339, 3.0000%, 7/1/52 | 3931811 | 3517297 |
| CB4076, 3.5000%, 7/1/52 | 1048870 | 983787 |
| CB4329, 3.5000%, 7/1/52 | 373468 | 350731 |
| BW0972, 4.5000%, 7/1/52 | 2089050 | 2059680 |
| CB4320, 3.5000%, 8/1/52 | 738207 | 692344 |
| BW7369, 5.0000%, 10/1/52 | 1893121 | 1915463 |
| BW1288, 5.0000%, 10/1/52 | 845845 | 854208 |
| BT8021, 5.0000%, 1/1/53 | 1075321 | 1087754 |
| BX5759, 5.0000%, 1/1/53 | 375917 | 378401 |
| BX5969, 5.0000%, 2/1/53 | 440531 | 445566 |
| BX8071, 5.0000%, 3/1/53 | 227240 | 229334 |
| BX7860, 5.5000%, 3/1/53 | 163596 | 168820 |
| BX9351, 5.0000%, 4/1/53 | 502641 | 507274 |
| BY0782, 5.5000%, 4/1/53 | 93578 | 96730 |
| BY1920, 5.0000%, 5/1/53 | 273942 | 276449 |
| BY1896, 5.5000%, 5/1/53 | 171410 | 176083 |
| BY0866, 5.5000%, 5/1/53 | 88051 | 90451 |
| BY3263, 5.0000%, 6/1/53 | 389675 | 393824 |
| BY2783, 5.0000%, 6/1/53 | 301719 | 304459 |
| BY4284, 5.5000%, 6/1/53 | 161080 | 166754 |
| CB6686, 4.5000%, 7/1/53 | 1948960 | 1929150 |
| BY6374, 5.5000%, 7/1/53 | 427443 | 439010 |
| BY7004, 5.5000%, 7/1/53 | 218484 | 226110 |
| CB6851, 4.5000%, 8/1/53 | 1692147 | 1674861 |
| BY6690, 5.0000%, 8/1/53 | 323730 | 327274 |
| CB7112, 5.5000%, 9/1/53 | 7373032 | 7616977 |
| CB7430, 5.5000%, 11/1/53 | 2430975 | 2517595 |
| FS8037, 6.0000%, 1/1/54 | 2269341 | 2375330 |
| CB8134, 5.5000%, 3/1/54 | 4491226 | 4639646 |
| FS7607, 6.0000%, 3/1/54 | 1946359 | 2029365 |
| FS7643, 6.0000%, 4/1/54 | 4857472 | 5082022 |
| CB8543, 6.0000%, 5/1/54 | 12802081 | 13340995 |
| 20550801, 6.0000%, 8/1/55 | 3630912 | 3756122 |
| BF0130, 3.5000%, 8/1/56 | 2320902 | 2144774 |
| BF0167, 3.0000%, 2/1/57 | 2331759 | 2035059 |
| BF0189, 3.0000%, 6/1/57 | 43236 | 37613 |
| BF0619, 2.5000%, 3/1/62 | 17772032 | 14631291 |
| BF0598, 2.5000%, 3/1/62 | 5618911 | 4706990 |
|  |  | 306601819 |
| Freddie Mac Gold Pool: |  |  |
| Q58477, 4.0000%, 9/1/48 | 443652 | 427852 |
| Freddie Mac Pool: |  |  |
| ZS7403, 3.0000%, 5/1/31 | 1476171 | 1453217 |
| ZK8962, 3.0000%, 9/1/32 | 365677 | 357551 |
| ZK9009, 3.0000%, 10/1/32 | 192096 | 187651 |
| ZK9163, 3.0000%, 1/1/33 | 242735 | 237215 |
| SB0040, 2.5000%, 12/1/33 | 1636883 | 1590234 |
| QN0786, 3.0000%, 10/1/34 | 460230 | 447178 |
| QN0783, 3.0000%, 10/1/34 | 203146 | 197216 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12 \| December 31, 2025

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Freddie Mac Pool – (continued) |  |  |
| SB0116, 2.5000%, 11/1/34 | $532330 | $509982 |
| QN0951, 2.5000%, 11/1/34 | 137865 | 131965 |
| SB0866, 2.5000%, 6/1/37 | 6689966 | 6330623 |
| ZS3695, 6.0000%, 4/1/40 | 543803 | 578143 |
| ZT1145, 4.5000%, 5/1/44 | 151361 | 151094 |
| ZT1257, 3.0000%, 1/1/46 | 95227 | 87836 |
| ZM1434, 3.5000%, 7/1/46 | 411851 | 389430 |
| ZT1633, 4.0000%, 3/1/47 | 200034 | 194091 |
| ZT0534, 3.5000%, 12/1/47 | 1272715 | 1200032 |
| ZM5707, 3.5000%, 2/1/48 | 465719 | 438305 |
| ZM5945, 4.0000%, 3/1/48 | 432461 | 420043 |
| ZM5865, 4.5000%, 3/1/48 | 21212 | 21054 |
| ZM6276, 4.0000%, 4/1/48 | 512311 | 496990 |
| ZM6220, 4.0000%, 4/1/48 | 490540 | 472431 |
| ZM6427, 4.0000%, 5/1/48 | 853441 | 821934 |
| ZM7182, 4.5000%, 7/1/48 | 129359 | 128396 |
| ZM7926, 5.0000%, 9/1/48 | 28721 | 29061 |
| ZT1320, 4.0000%, 11/1/48 | 133169 | 128253 |
| SI2017, 4.0000%, 12/1/48 | 1656068 | 1594930 |
| ZN2165, 4.5000%, 12/1/48 | 426368 | 425781 |
| ZA7158, 4.5000%, 6/1/49 | 126722 | 125762 |
| RA1087, 4.5000%, 7/1/49 | 853357 | 846895 |
| RA1088, 4.5000%, 7/1/49 | 164310 | 162959 |
| QA2159, 3.0000%, 8/1/49 | 199428 | 176812 |
| RA1188, 4.5000%, 8/1/49 | 863363 | 856825 |
| QA4936, 3.0000%, 12/1/49 | 225432 | 202273 |
| QA5622, 3.0000%, 12/1/49 | 172448 | 154732 |
| RA1999, 4.5000%, 1/1/50 | 603974 | 599400 |
| SD8040, 4.5000%, 1/1/50 | 141053 | 139894 |
| QA8274, 3.5000%, 3/1/50 | 139270 | 129515 |
| SD1551, 4.0000%, 3/1/50 | 1613186 | 1553632 |
| SE9056, 4.5000%, 3/1/50 | 1742568 | 1690376 |
| QB1708, 2.5000%, 8/1/50 | 237647 | 206436 |
| QB2976, 2.5000%, 8/1/50 | 106719 | 92670 |
| QB3353, 2.5000%, 9/1/50 | 464368 | 403092 |
| SD1143, 4.5000%, 9/1/50 | 4557120 | 4523188 |
| RA5285, 2.5000%, 5/1/51 | 12015850 | 10302456 |
| SD1137, 2.5000%, 6/1/51 | 5562054 | 4806392 |
| QC5848, 2.5000%, 8/1/51 | 14014442 | 12007375 |
| RA5906, 2.5000%, 9/1/51 | 9763898 | 8401288 |
| SD0688, 2.5000%, 10/1/51 | 12316032 | 10586318 |
| SD7548, 2.5000%, 11/1/51 | 3800749 | 3278167 |
| QD6087, 2.5000%, 1/1/52 | 1038563 | 895575 |
| QD4842, 2.5000%, 1/1/52 | 647940 | 558532 |
| QD7069, 2.5000%, 2/1/52 | 1616352 | 1390607 |
| QD9513, 2.5000%, 2/1/52 | 1101785 | 942542 |
| QD6554, 3.0000%, 2/1/52 | 820849 | 735559 |
| QD6555, 3.0000%, 2/1/52 | 565312 | 508185 |
| SD0931, 2.5000%, 3/1/52 | 8571606 | 7357145 |
| QD8288, 2.5000%, 3/1/52 | 268297 | 230533 |
| QD9182, 3.0000%, 3/1/52 | 801297 | 720232 |
| QE0318, 4.5000%, 3/1/52 | 91621 | 89963 |
| SD0943, 3.5000%, 4/1/52 | 1709781 | 1606254 |
| QE0354, 3.5000%, 4/1/52 | 872726 | 818184 |
| QE1072, 3.5000%, 4/1/52 | 816587 | 765553 |
| QE1073, 3.5000%, 4/1/52 | 254373 | 238782 |
| QD9191, 3.5000%, 4/1/52 | 196058 | 184056 |
| SD8212, 2.5000%, 5/1/52 | 4304957 | 3661678 |
| SD3493, 2.5000%, 5/1/52 | 3550697 | 3054224 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 13

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Freddie Mac Pool – (continued) |  |  |
| SD1041, 3.0000%, 6/1/52 | $11082182 | $9967009 |
| SD7023, 3.0000%, 6/1/52 | 5114524 | 4566507 |
| SD1840, 3.0000%, 6/1/52 | 3640032 | 3255855 |
| SD1150, 3.5000%, 6/1/52 | 3814150 | 3583204 |
| QF0488, 5.5000%, 9/1/52 | 1911408 | 1960241 |
| QF2386, 5.0000%, 10/1/52 | 3516348 | 3539947 |
| QF2145, 5.0000%, 10/1/52 | 117056 | 118213 |
| QF2437, 5.5000%, 10/1/52 | 122899 | 127663 |
| QF7813, 5.0000%, 1/1/53 | 218097 | 220601 |
| QF6841, 5.0000%, 1/1/53 | 190530 | 192375 |
| QF8398, 5.0000%, 3/1/53 | 783015 | 790285 |
| QF9871, 5.0000%, 3/1/53 | 748944 | 755847 |
| QG1442, 5.0000%, 4/1/53 | 870373 | 872947 |
| QG2380, 5.0000%, 5/1/53 | 1767079 | 1776385 |
| QG3598, 5.0000%, 5/1/53 | 1082441 | 1088141 |
| QG3742, 5.0000%, 5/1/53 | 152879 | 154267 |
| SD2897, 5.5000%, 5/1/53 | 1403561 | 1434338 |
| QG2543, 5.5000%, 5/1/53 | 260788 | 267221 |
| QG4742, 5.0000%, 6/1/53 | 745948 | 744646 |
| QG5161, 5.0000%, 6/1/53 | 698846 | 697626 |
| QG3917, 5.0000%, 6/1/53 | 681073 | 684660 |
| QG5055, 5.0000%, 6/1/53 | 598264 | 597559 |
| QG4676, 5.0000%, 6/1/53 | 218717 | 218566 |
| QG3912, 5.5000%, 6/1/53 | 863779 | 887326 |
| QG4741, 5.5000%, 6/1/53 | 423252 | 429409 |
| QG6693, 5.5000%, 7/1/53 | 1794594 | 1843158 |
| QG7441, 5.5000%, 7/1/53 | 1051346 | 1079797 |
| SD4294, 5.5000%, 9/1/53 | 1743995 | 1801092 |
| RA9851, 6.0000%, 9/1/53 | 13536250 | 14074523 |
| SD4009, 6.0000%, 9/1/53 | 4002660 | 4186972 |
| SD4668, 6.0000%, 10/1/53 | 6651172 | 6880975 |
| SD4247, 6.5000%, 11/1/53 | 4535446 | 4781105 |
| QI2699, 5.5000%, 4/1/54 | 1143312 | 1182903 |
| RJ1341, 6.0000%, 4/1/54 | 9322643 | 9715087 |
| RJ3021, 5.5000%, 12/1/54 | 14321360 | 14621580 |
| SL1226, 5.5000%, 5/1/55 | 2433641 | 2504107 |
| RJ4363, 5.5000%, 6/1/55 | 680196 | 701387 |
|  |  | 206328221 |
| Ginnie Mae: |  |  |
| 2.5000%, TBA, 30 Year Maturity | 15308258 | 13207965 |
| 3.5000%, TBA, 30 Year Maturity | 19884335 | 18090848 |
| 4.0000%, TBA, 30 Year Maturity | 4572047 | 4315144 |
| 5.0000%, TBA, 30 Year Maturity | 6595041 | 6576799 |
|  |  | 42190756 |
| Ginnie Mae I Pool: |  |  |
| 784059, 4.0000%, 1/15/45 | 2031836 | 1924345 |
| 784182, 4.5000%, 8/15/46 | 2228713 | 2216620 |
| BB4357, 4.0000%, 7/15/47 | 437472 | 420728 |
| BC7161, 4.0000%, 8/15/47 | 61651 | 59292 |
| BD7109, 4.0000%, 11/15/47 | 47821 | 45991 |
| BD7135, 4.0000%, 12/15/47 | 173490 | 166850 |
|  |  | 4833826 |
| Ginnie Mae II Pool: |  |  |
| MA4068, 3.0000%, 11/20/46 | 8876480 | 8090851 |
| BB9817, 4.0000%, 8/20/47 | 269067 | 258912 |
| BB9814, 4.0000%, 8/20/47 | 41859 | 40279 |
| BB9835, 4.0000%, 8/20/47 | 39185 | 37706 |
| MA5021, 4.5000%, 2/20/48 | 197546 | 196045 |
| MA5192, 4.0000%, 5/20/48 | 103017 | 99132 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

14 \| December 31, 2025

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Ginnie Mae II Pool – (continued) |  |  |
| BH3673, 4.5000%, 5/20/48 | $285857 | $280539 |
| BH3672, 4.5000%, 5/20/48 | 62849 | 62001 |
| MA5264, 4.0000%, 6/20/48 | 1033895 | 994906 |
| MA5400, 5.0000%, 8/20/48 | 690274 | 699300 |
| MA5930, 3.5000%, 5/20/49 | 11658167 | 10816446 |
| MA7255, 2.5000%, 3/20/51 | 11325431 | 9783111 |
| MA7313, 3.0000%, 4/20/51 | 9676439 | 8716369 |
| MA7473, 3.0000%, 7/20/51 | 5513484 | 4965171 |
| MA7535, 3.0000%, 8/20/51 | 12520816 | 11274658 |
| 785843, 2.5000%, 1/20/52 | 9610073 | 8185042 |
|  |  | 64500468 |
| Total Mortgage-Backed Securities (cost $632,966,467) |  | 626631132 |
| United States Treasury Notes/Bonds – 6.4% |  |  |
| 3.5000%, 12/15/28 | 15690000 | 15671613 |
| 3.5000%, 11/30/30 | 195278000 | 193309965 |
| 3.7500%, 11/30/32 | 68999000 | 68201199 |
| 4.0000%, 11/15/35 | 184283800 | 181634720 |
| 4.6250%, 11/15/45 | 78524000 | 76732671 |
| 4.7500%, 8/15/55 | 70796000 | 69601318 |
| Total United States Treasury Notes/Bonds (cost $609,974,977) |  | 605151486 |
| Common Stocks – 64.5% |  |  |
| Aerospace & Defense – 1.3% |  |  |
| General Electric Co | 254372 | 78354207 |
| Howmet Aerospace Inc | 226190 | 46373474 |
|  |  | 124727681 |
| Banks – 2.0% |  |  |
| JPMorgan Chase & Co | 429298 | 138328401 |
| PNC Financial Services Group Inc/The | 222490 | 46440338 |
|  |  | 184768739 |
| Beverages – 0.5% |  |  |
| Monster Beverage Corp<sup>\*</sup> <br>| 650150 | 49847001 |
| Biotechnology – 1.9% |  |  |
| AbbVie Inc | 312390 | 71377991 |
| Amgen Inc | 142383 | 46603380 |
| Vertex Pharmaceuticals Inc<sup>\*</sup> <br>| 129622 | 58765430 |
|  |  | 176746801 |
| Building Products – 0.5% |  |  |
| Trane Technologies PLC | 132314 | 51496609 |
| Capital Markets – 4.3% |  |  |
| Charles Schwab Corp | 666822 | 66622186 |
| CME Group Inc | 220825 | 60302891 |
| Coinbase Global Inc - Class A<sup>\*</sup> <br>| 24232 | 5479825 |
| Goldman Sachs Group Inc | 87672 | 77063688 |
| Intercontinental Exchange Inc | 391819 | 63459005 |
| Moody's Corp | 88700 | 45312395 |
| Morgan Stanley | 470807 | 83582367 |
|  |  | 401822357 |
| Chemicals – 0.3% |  |  |
| Ecolab Inc | 112458 | 29522474 |
| Communications Equipment – 0.5% |  |  |
| Motorola Solutions Inc | 130042 | 49847699 |
| Consumer Finance – 1.3% |  |  |
| American Express Co | 335482 | 124111566 |
| Diversified Financial Services – 1.8% |  |  |
| Mastercard Inc - Class A | 304075 | 173590336 |
| Electrical Equipment – 0.7% |  |  |
| Eaton Corp PLC | 186566 | 59423137 |
| Emerson Electric Co | 83498 | 11081854 |
|  |  | 70504991 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 15

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Electronic Equipment, Instruments & Components – 0.9% |  |  |
| Amphenol Corp | 624952 | $84456013 |
| Entertainment – 1.7% |  |  |
| Netflix Inc<sup>\*</sup> <br>| 762266 | 71470060 |
| Walt Disney Co/The | 803286 | 91389848 |
|  |  | 162859908 |
| Food & Staples Retailing – 0.4% |  |  |
| Costco Wholesale Corp | 46632 | 40212639 |
| Health Care Equipment & Supplies – 2.1% |  |  |
| Abbott Laboratories | 583432 | 73098195 |
| Intuitive Surgical Inc<sup>\*</sup> <br>| 81919 | 46395645 |
| Stryker Corp | 209628 | 73677953 |
|  |  | 193171793 |
| Health Care Providers & Services – 0.4% |  |  |
| HCA Healthcare Inc | 83138 | 38813807 |
| Hotels, Restaurants & Leisure – 2.2% |  |  |
| Booking Holdings Inc | 17131 | 91742158 |
| Hilton Worldwide Holdings Inc | 156456 | 44941986 |
| Royal Caribbean Cruises Ltd | 253314 | 70654341 |
|  |  | 207338485 |
| Independent Power and Renewable Electricity Producers – 0.2% |  |  |
| Vistra Corp | 141104 | 22764308 |
| Information Technology Services – 0.2% |  |  |
| Accenture PLC | 53950 | 14474785 |
| Insurance – 1.1% |  |  |
| Progressive Corp/The | 442970 | 100873128 |
| Interactive Media & Services – 6.1% |  |  |
| Alphabet Inc - Class C | 1250785 | 392496333 |
| Meta Platforms Inc - Class A | 281164 | 185593545 |
|  |  | 578089878 |
| Life Sciences Tools & Services – 1.3% |  |  |
| Danaher Corp | 266922 | 61103784 |
| Thermo Fisher Scientific Inc | 101600 | 58872120 |
|  |  | 119975904 |
| Machinery – 0.4% |  |  |
| Deere & Co | 81662 | 38019377 |
| Multiline Retail – 3.2% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 1300769 | 300243501 |
| Oil, Gas & Consumable Fuels – 0.7% |  |  |
| Chevron Corp | 428548 | 65315001 |
| Pharmaceuticals – 3.1% |  |  |
| Eli Lilly & Co | 134853 | 144923822 |
| Johnson & Johnson | 410018 | 84853225 |
| Zoetis Inc | 482352 | 60689529 |
|  |  | 290466576 |
| Road & Rail – 1.3% |  |  |
| Uber Technologies Inc<sup>\*</sup> <br>| 891195 | 72819543 |
| Union Pacific Corp | 195552 | 45235089 |
|  |  | 118054632 |
| Semiconductor & Semiconductor Equipment – 10.4% |  |  |
| Broadcom Inc | 643047 | 222558567 |
| KLA Corp | 66852 | 81230528 |
| Lam Research Corp | 528424 | 90455620 |
| NVIDIA Corp | 3121598 | 582178027 |
|  |  | 976422742 |
| Software – 7.5% |  |  |
| Adobe Inc<sup>\*</sup> <br>| 113998 | 39898160 |
| Cadence Design Systems Inc<sup>\*</sup> <br>| 133094 | 41602523 |
| Intuit Inc | 97986 | 64907886 |
| Microsoft Corp | 977145 | 472566865 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

16 \| December 31, 2025

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Software – (continued) |  |  |
| Oracle Corp | 272468 | $53106738 |
| ServiceNow Inc<sup>\*</sup> <br>| 224897 | 34451971 |
|  |  | 706534143 |
| Specialty Retail – 1.2% |  |  |
| Home Depot Inc | 194462 | 66914374 |
| TJX Cos Inc | 293452 | 45077162 |
|  |  | 111991536 |
| Technology Hardware, Storage & Peripherals – 3.5% |  |  |
| Apple Inc | 1111081 | 302058481 |
| Dell Technologies Inc | 212038 | 26691343 |
|  |  | 328749824 |
| Textiles, Apparel & Luxury Goods – 0.5% |  |  |
| NIKE Inc - Class B | 793748 | 50569685 |
| Tobacco – 1.0% |  |  |
| Philip Morris International Inc | 565809 | 90755764 |
| Total Common Stocks (cost $2,678,922,685) |  | 6077139683 |
| Investment Companies – 1.5% |  |  |
| Money Markets – 1.5% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº,</sup><sup>£</sup> (cost $139,759,074) | 139725767 | 139767685 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.1% |  |  |
| Investment Companies – 0.1% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº,</sup><sup>£</sup> <br>| 9825728 | 9825728 |
| Time Deposits – 0% |  |  |
| Royal Bank of Canada, 3.7000%, 1/2/26 | $2456432 | 2456432 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $12,282,160) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $12,282,160) | 12282160 |
| Total Investments (total cost $6,045,675,379) – 100.4% |  | 9456076075 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.4)% |  | (33066644) |
| Net Assets – 100% |  | $9423009431 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $9407104349 | &nbsp;&nbsp;&nbsp;&nbsp; 99.5<br> %<br>|
| France | 17594812 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Israel | 12772815 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Canada | 8392575 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| United Kingdom | 6540192 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Ireland | 3671332 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Total | $9456076075 | &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>*12/31/24*<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>*12/31/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 1.5% | Investment Companies - 1.5% | Investment Companies - 1.5% | Investment Companies - 1.5% | Investment Companies - 1.5% | Investment Companies - 1.5% | Investment Companies - 1.5% | Investment Companies - 1.5% | Investment Companies - 1.5% |
| Money Markets - 1.5% | Money Markets - 1.5% | Money Markets - 1.5% | Money Markets - 1.5% | Money Markets - 1.5% | Money Markets - 1.5% | Money Markets - 1.5% | Money Markets - 1.5% | Money Markets - 1.5% |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | $219115975 | $1633767498 | $(1713121473) | $13394 | $(7709) | $139767685 | 139725767 | $6516667 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 17

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliate* | *Affiliated*<br> *Investments,*<br> *at Value at*<br> *12/31/24*<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> *12/31/25*<br>| *Ending*<br> *Shares*<br>| *Dividend*<br> *Income*<br>|
| Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% |
| Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  |
|  | $- | $1453934698 | $(1444108970) | $- | $- | $9825728 | 9825728 | $123074 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 1.6% | Total Affiliated Investments - 1.6% | Total Affiliated Investments - 1.6% | Total Affiliated Investments - 1.6% | Total Affiliated Investments - 1.6% | Total Affiliated Investments - 1.6% | Total Affiliated Investments - 1.6% | Total Affiliated Investments - 1.6% | Total Affiliated Investments - 1.6% |
|  | $219115975 | $3087702196 | $(3157230443) | $13394 | $(7709) | $149593413 | 149551495 | $6639741 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***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 | 3971 | &nbsp;&nbsp; 4/3/26 | &nbsp;&nbsp; $829101365 | &nbsp;&nbsp; $(532232) |
| 5 Year US Treasury Note | 4419 | &nbsp;&nbsp; 4/3/26 | &nbsp;&nbsp; 483017416 | &nbsp;&nbsp; (1698050) |
| Ultra Long Term US Treasury Bond | 488 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; 57584000 | &nbsp;&nbsp; (1059156) |
| US Treasury Long Bond | 1800 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; 208068750 | &nbsp;&nbsp; (3214915) |
| Total - Futures Long |  |  |  | &nbsp;&nbsp; (6504353) |
| *Futures Short:* |  |  |  |  |
| 10 Year US Treasury Note | 860 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; (96696250) | &nbsp;&nbsp; 756877 |
| Ultra 10 Year Treasury Note | 1833 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; (210823641) | &nbsp;&nbsp; 1345767 |
| Total - Futures Short |  |  |  | &nbsp;&nbsp; 2102644 |
| Total |  |  |  | &nbsp;&nbsp; $(4401709) |

---

The following table, grouped by derivative type, provides information about the fair value and location of derivatives

within the Statement of Assets and Liabilities as of December 31, 2025.

---

| | |
|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** |
|  | *Interest Rate* <br>*Contracts*<br>|
| *Asset Derivatives:* |  |
| <sup>\*</sup>Futures contracts | $2102644 |
| *Liability Derivatives:* |  |
| <sup>\*</sup>Futures contracts | $6504353 |

---

\* 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.

18 \| December 31, 2025

------

**Janus Henderson VIT Balanced Portfolio**

**Schedule of Investments** 

**December 31, 2025**

The following tables provide information about the effect of derivatives and hedging activities on the Portfolio's

Statement of Operations for the year ended December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended December 31, 2025** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Credit* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| Futures contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1592903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1592903 |
| Swap contracts | (246995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(246995) |
| Total | $(246995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1592903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1345908 |

---

---

| | |
|:---|:---|
| *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 | $10552957 |

---

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation"

sections of the Portfolio's Statement of Operations.

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Year Ended December 31, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Year Ended December 31, 2025** |
| Credit default swaps: |  |
| Average notional amount - buy protection | $30000000 |
| Futures contracts: |  |
| Average notional amount of contracts - long | 1461900774 |
| Average notional amount of contracts - short | 233812571 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $11879896 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11879896) | &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 Aspen Series \| 19

------

**Janus Henderson VIT Balanced Portfolio**

**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 December 31, 2025 <br> is $1,363,773,987, which represents 14.5% of net assets.<br>|
| Non-income producing security. |
| &nbsp;&nbsp; All or a portion of this position is not funded, or has been purchased on a delayed delivery or when-issued basis. If applicable, interest rates <br> will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements.<br>|
| &nbsp;&nbsp; Variable or floating rate security. Rate shown is the current rate as of December 31, 2025. Certain variable rate securities are not based on <br> a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as <br> of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.<br>|
| Rate shown is the 7-day yield as of December 31, 2025. |
| Loaned security; a portion of the security is on loan at December 31, 2025. |
| &nbsp;&nbsp; Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if <br> any, represents the next call date.<br>|
| &nbsp;&nbsp; Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the <br> current rate.<br>|
| £&nbsp;&nbsp; The Portfolio may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, <br> as amended, an affiliated company is one in which the Portfolio owns 5% or more of the outstanding voting securities, or a company which <br> is under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
| Schedule of Restricted Securities (as of December 31, 2025) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Acquisition* <br>*Date*<br>| *Cost* | *Value* | &nbsp;&nbsp; *Value as a* <br>*% of Net* <br>*Assets*<br>|
| Oasis Securitization 2024-1A A, 5.8800%, 9/30/38 | 09/24/24 | &nbsp;&nbsp; $1615763 | $1616636 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %<br>|

---

The Portfolio has registration rights for certain restricted securities held as of December 31, 2025. The issuer incurs all registration costs.

20 \| December 31, 2025

------

**Janus Henderson VIT Balanced Portfolio**

**Notes to Schedule of Investments and Other Information** 

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

financial instruments as of December 31, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Asset-Backed/Commercial Mortgage-Backed Securities* | $- | &nbsp;&nbsp; $1057979961 | &nbsp;&nbsp; $- |
| *Bank Loans and Mezzanine Loans* | - | &nbsp;&nbsp; 81134998 | &nbsp;&nbsp; - |
| *Corporate Bonds* | - | &nbsp;&nbsp; 855988970 | &nbsp;&nbsp; - |
| *Mortgage-Backed Securities* | - | &nbsp;&nbsp; 626631132 | &nbsp;&nbsp; - |
| *United States Treasury Notes/Bonds* | - | &nbsp;&nbsp; 605151486 | &nbsp;&nbsp; - |
| *Common Stocks* | 6077139683 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 139767685 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 12282160 | &nbsp;&nbsp; - |
| Total Investments in Securities | $6077139683 | &nbsp;&nbsp; $3378936392 | &nbsp;&nbsp; $- |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Futures Contracts* | 2102644 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| **Total Assets** | $6079242327 | &nbsp;&nbsp; $3378936392 | &nbsp;&nbsp; $- |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Futures Contracts* | $6504353 | &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.

Janus Aspen Series \| 21

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**Janus Henderson VIT Balanced Portfolio**

**Statement of Assets and Liabilities** 

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $5,896,090,577)<sup>(1)</sup> <br>| $9306482662 |
| Affiliated investments, at value (cost $149,584,802) | 149593413 |
| Cash | 300941 |
| Deposits with brokers for futures | 15570000 |
| Variation margin receivable on futures contracts | 518342 |
| Trustees' deferred compensation | 278245 |
| Receivables: |  |
| Interest | 23362284 |
| Dividends | 2522003 |
| Dividends from affiliates | 405469 |
| Portfolio shares sold | 354021 |
| Other assets | 90108 |
| Total Assets | 9499477488 |
| Liabilities: |  |
| Collateral for securities loaned (Note 3) | 12282160 |
| Variation margin payable on futures contracts | 1373816 |
| Payables: |  |
| TBA investments purchased | 44065618 |
| Investments purchased | 6875804 |
| Advisory fees | 4556571 |
| Portfolio shares repurchased | 4234102 |
| 12b-1 Distribution and shareholder servicing fees | 1957609 |
| Transfer agent fees and expenses | 425863 |
| Trustees' deferred compensation fees | 278245 |
| Professional fees | 79944 |
| Affiliated portfolio administration fees payable | 20711 |
| Custodian fees | 5645 |
| Trustees' fees and expenses | 4037 |
| Accrued expenses and other payables | 307932 |
| Total Liabilities | 76468057 |
| Net Assets | $9423009431 |
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $5317034542 |
| Total distributable earnings (loss) | 4105974889 |
| Total Net Assets | $9423009431 |
| Net Assets - Institutional Shares | $518392005 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 9279610 |
| Net Asset Value Per Share | $55.86 |
| Net Assets - Service Shares | $8904617426 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 149692364 |
| Net Asset Value Per Share | $59.49 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $11,879,896 of securities on loan. See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.

22 \| December 31, 2025

------

**Janus Henderson VIT Balanced Portfolio**

**Statement of Operations** 

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Interest | $168822496 |
| Dividends | 54896975 |
| Dividends from affiliates | 6516667 |
| Affiliated securities lending income, net | 123074 |
| Unaffiliated securities lending income, net | 34321 |
| Other income | 808895 |
| Foreign withholding tax income | 11019 |
| Total Investment Income | 231213447 |
| Expenses: |  |
| Advisory fees | 50475491 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Service Shares | 21718171 |
| Transfer agent administrative fees and expenses: |  |
| Institutional Shares | 244788 |
| Service Shares | 4343893 |
| Other transfer agent fees and expenses: |  |
| Institutional Shares | 8955 |
| Service Shares | 74821 |
| Affiliated portfolio administration fees | 274564 |
| Trustees' fees and expenses | 174054 |
| Professional fees | 112873 |
| Shareholder reports expense | 71418 |
| Custodian fees | 67324 |
| Registration fees | 23991 |
| Other expenses | 864165 |
| Total Expenses | 78454508 |
| Net Investment Income/(Loss) | 152758939 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 661740204 |
| Investments in affiliates | 13394 |
| Futures contracts | 1592903 |
| Swap contracts | (246995) |
| Total Net Realized Gain/(Loss) on Investments | 663099506 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments and Trustees' deferred compensation | 444649513 |
| Investments in affiliates | (7709) |
| Futures contracts | 10552957 |
| Total Change in Unrealized Net Appreciation/Depreciation | 455194761 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $1271053206 |

---

See Notes to Financial Statements.

Janus Aspen Series \| 23

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**Janus Henderson VIT Balanced Portfolio**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*December 31, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*December 31, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $152758939 | &nbsp;&nbsp; $164146369 |
| Net realized gain/(loss) on investments | 663099506 | &nbsp;&nbsp; 550909298 |
| Change in unrealized net appreciation/depreciation | 455194761 | &nbsp;&nbsp; 529531406 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 1271053206 | &nbsp;&nbsp; 1244587073 |
| Dividends and Distributions to Shareholders: |  |  |
| Institutional Shares | (25985959) | &nbsp;&nbsp; (9432051) |
| Service Shares | (416487029) | &nbsp;&nbsp; (148222440) |
| Net Decrease from Dividends and Distributions to Shareholders | (442472988) | &nbsp;&nbsp; (157654491) |
| Capital Share Transactions: |  |  |
| Institutional Shares | 6645994 | &nbsp;&nbsp; (5095588) |
| Service Shares | (507503509) | &nbsp;&nbsp; (367099949) |
| Net Increase/(Decrease) from Capital Share Transactions | (500857515) | &nbsp;&nbsp; (372195537) |
| Net Increase/(Decrease) in Net Assets | 327722703 | &nbsp;&nbsp; 714737045 |
| Net Assets: |  |  |
| Beginning of period | 9095286728 | &nbsp;&nbsp; 8380549683 |
| End of period | $9423009431 | &nbsp;&nbsp; $9095286728 |

---

See Notes to Financial Statements.

24 \| December 31, 2025

------

**Janus Henderson VIT Balanced Portfolio**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Shares |  |  |  |  |  |
| For a share outstanding during the year ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $51.22 | &nbsp;&nbsp; $45.28 | &nbsp;&nbsp; $40.01 | &nbsp;&nbsp; $50.23 | &nbsp;&nbsp; $43.58 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Net realized and unrealized gain/(loss) | 6.51 | &nbsp;&nbsp;&nbsp;&nbsp;5.95 | &nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp; (8.87) | &nbsp;&nbsp;&nbsp;&nbsp;7.03 |
| Total from Investment Operations | 7.52 | &nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp;&nbsp;6.18 | &nbsp;&nbsp; (8.30) | &nbsp;&nbsp;&nbsp;&nbsp;7.45 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (1.10) | &nbsp;&nbsp; (1.03) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.43) |
| Distributions (from capital gains) | (1.78) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (0.37) |
| Total Dividends and Distributions | (2.88) | &nbsp;&nbsp; (1.03) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.92) | &nbsp;&nbsp; (0.80) |
| Net Asset Value, End of Period | $55.86 | &nbsp;&nbsp; $51.22 | &nbsp;&nbsp; $45.28 | &nbsp;&nbsp; $40.01 | &nbsp;&nbsp; $50.23 |
| Total Return<sup>\*</sup> <br>| 15.11% | &nbsp;&nbsp; 15.43% | &nbsp;&nbsp; 15.53% | &nbsp;&nbsp; (16.50)% | &nbsp;&nbsp; 17.22% |
| Net Assets, End of Period (in thousands) | $518392 | &nbsp;&nbsp; $468474 | &nbsp;&nbsp; $418783 | &nbsp;&nbsp; $391354 | &nbsp;&nbsp; $512742 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% |
| Ratio of Net Investment Income/(Loss) | 1.90% | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 2.14% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 0.91% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 79% | &nbsp;&nbsp; 83% | &nbsp;&nbsp; 97% | &nbsp;&nbsp; 89% | &nbsp;&nbsp; 56% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

(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 Aspen Series \| 25

------

**Janus Henderson VIT Balanced Portfolio**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Shares |  |  |  |  |  |
| For a share outstanding during the year ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $54.39 | &nbsp;&nbsp; $48.05 | &nbsp;&nbsp; $42.48 | &nbsp;&nbsp; $53.15 | &nbsp;&nbsp; $46.11 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain/(loss) | 6.93 | &nbsp;&nbsp;&nbsp;&nbsp;6.31 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 | &nbsp;&nbsp; (9.32) | &nbsp;&nbsp;&nbsp;&nbsp;7.42 |
| Total from Investment Operations | 7.86 | &nbsp;&nbsp;&nbsp;&nbsp;7.27 | &nbsp;&nbsp;&nbsp;&nbsp;6.39 | &nbsp;&nbsp; (8.84) | &nbsp;&nbsp;&nbsp;&nbsp;7.74 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.98) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.33) |
| Distributions (from capital gains) | (1.78) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (0.37) |
| Total Dividends and Distributions | (2.76) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; (1.83) | &nbsp;&nbsp; (0.70) |
| Net Asset Value, End of Period | $59.49 | &nbsp;&nbsp; $54.39 | &nbsp;&nbsp; $48.05 | &nbsp;&nbsp; $42.48 | &nbsp;&nbsp; $53.15 |
| Total Return<sup>\*</sup> <br>| 14.84% | &nbsp;&nbsp; 15.15% | &nbsp;&nbsp; 15.11% | &nbsp;&nbsp; (16.61)% | &nbsp;&nbsp; 16.91% |
| Net Assets, End of Period (in thousands) | $8904617 | &nbsp;&nbsp; $8626813 | &nbsp;&nbsp; $7961766 | &nbsp;&nbsp; $7082759 | &nbsp;&nbsp; $8272771 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.86% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.86% |
| Ratio of Net Investment Income/(Loss) | 1.65% | &nbsp;&nbsp; 1.83% | &nbsp;&nbsp; 1.89% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 0.65% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 79% | &nbsp;&nbsp; 83% | &nbsp;&nbsp; 97% | &nbsp;&nbsp; 89% | &nbsp;&nbsp; 56% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

26 \| December 31, 2025

------

**Janus Henderson VIT Balanced Portfolio**

**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 VIT Balanced Portfolio (the "Portfolio") is a series of Janus Aspen Series (the "Trust"), which is organized as a Delaware statutory 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 10 portfolios, each of which offers multiple share classes, with differing investment objectives and policies. The Portfolio seeks long-term capital growth, consistent with preservation of capital and balanced by current income. The Portfolio is classified as diversified, as defined in the 1940 Act. Janus Henderson

Investors US LLC is the investment adviser (the "Adviser") to the Portfolio.

The Portfolio currently offers two classes of shares: Institutional Shares and Service Shares. Each class represents an interest in the same portfolio of investments. Institutional Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans. Service Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans that require a fee from Portfolio assets to procure distribution and administrative services to contract

owners and plan participants.

Shareholders, including participating insurance companies, as well as accounts, may from time to time own (beneficially or of record) a significant percentage of the Portfolio's shares and can be considered to "control" the Portfolio when that ownership exceeds 25% of the Portfolio's assets (and which may differ from control as determined in accordance with

United States of America generally accepted accounting principles ("US GAAP")).

The Chief Financial Officer of the Portfolio is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Portfolio operated as a single segment entity for the year ended December 31, 2025. The key indicator of performance of the Portfolio is net investment income as reported on the Statement of Operations.

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

**Investment Valuation**

Portfolio 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 Portfolio, 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

Janus Aspen Series \| 27

------

**Janus Henderson VIT Balanced Portfolio**

**Notes to Financial Statements** 

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 Portfolio, 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 Portfolio 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 Portfolio'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 Portfolio'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 Portfolio since the beginning of the fiscal year.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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

28 \| December 31, 2025

------

**Janus Henderson VIT Balanced Portfolio**

**Notes to Financial Statements** 

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 Portfolio may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Portfolio's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Portfolio that have not yet occurred. Currently,

the risk of material loss from such claims is considered remote.

**Dividends and Distributions**

The Portfolio may make semiannual distributions of substantially all of its investment income and an annual distribution

of its net realized capital gains (if any).

The Portfolio 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 Portfolio distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Portfolio 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 Portfolio'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 Portfolio's financial statements. The Portfolio 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.

The Portfolio's management has determined the Portfolio did not pay a significant amount of income taxes for the year

ended December 31, 2025.

**2. Derivative Instruments**

The Portfolio 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 Portfolio 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 Portfolio during the year ended December 31, 2025 is discussed in further detail below. A summary of derivative activity by the Portfolio is reflected in the tables at the end of the Schedule of Investments.

The Portfolio 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 Portfolio invests in a derivative for speculative purposes, the Portfolio will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. The Portfolio 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 Portfolio'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 Portfolio 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.

Janus Aspen Series \| 29

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**Janus Henderson VIT Balanced Portfolio**

**Notes to Financial Statements** 

In pursuit of its investment objective, the Portfolio 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 Portfolio.

&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 Portfolio could receive lower interest payments or experience a reduction in the value of the derivative to below what the Portfolio 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 Portfolio'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 Portfolio 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 Portfolio may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Portfolio may require the counterparty to post collateral if the Portfolio has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Portfolio 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 Portfolio 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 Portfolio'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 Portfolio 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 Portfolio is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective

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**Notes to Financial Statements** 

through its investments in futures contracts. The Portfolio 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 Portfolio 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 Portfolio's futures commission merchant.

With futures, there is minimal counterparty credit risk to the Portfolio 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 Portfolio purchased interest rate futures to increase exposure to interest rate risk.

During the year, the Portfolio sold interest rate futures to decrease exposure to interest rate risk.

**Swaps**

Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Portfolio. 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 Portfolio or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Portfolio 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 Portfolio. If the other party to a swap defaults, the Portfolio would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Portfolio utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Portfolio and reduce the Portfolio's total return.

Swap agreements also bear the risk that the Portfolio 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 Portfolio 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 Portfolio will submit the swap to, and post collateral with, a futures clearing merchant ("FCM") that is a clearinghouse member. Alternatively, the Portfolio 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 Portfolio 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 Portfolio to losses, increase its costs, or prevent the Portfolio 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.

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**Notes to Financial Statements** 

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 Portfolio's Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Portfolio'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 Portfolio'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 Portfolio and the counterparty and by the posting of

collateral by the counterparty to cover the Portfolio's exposure to the counterparty.

The Portfolio may enter into various types of credit default swap agreements, including OTC credit default swap agreements, for investment purposes, to add leverage to its Portfolio, or to hedge against widening credit spreads on high-yield/high-risk bonds. Credit default swaps are a specific kind of counterparty agreement that allow the transfer of third party credit risk from one party to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments. Credit default swaps could result in losses if the Portfolio does not correctly evaluate the creditworthiness of the company or companies on which the credit default swap is based. Credit default swap agreements may involve greater risks than if the Portfolio had invested in the reference obligation directly since, in addition to risks relating to the reference obligation, credit default swaps are subject to illiquidity risk, counterparty risk, and credit risk. The Portfolio will generally incur a greater degree of risk when it sells a credit default swap than when it purchases a credit default swap. As a buyer of a credit default swap, the Portfolio may lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any deliverable obligation received by the Portfolio, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the Portfolio.

As a buyer of credit protection, the Portfolio is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default or other credit event by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, the Portfolio as buyer would pay to the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Portfolio would have spent the stream of payments and potentially received no benefit from the contract.

If the Portfolio is the seller of credit protection against a particular security, the Portfolio would receive an up-front or periodic payment to compensate against potential credit events. As the seller in a credit default swap contract, the Portfolio would be required to pay the par value (the "notional value") (or other agreed-upon value) of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Portfolio would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Portfolio would keep the stream of payments and would have no payment obligations. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional value of the swap. The maximum potential amount of future payments (undiscounted) that the Portfolio as a

seller could be required to make in a credit default transaction would be the notional amount of the agreement.

The Portfolio may invest in CDXs. A CDX is a swap on an index of credit default swaps. CDXs allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or commercial mortgage-backed securities) in a more efficient manner than transacting in a single-name CDS. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. If the Portfolio holds a long position in a CDX, the Portfolio would indirectly bear its proportionate share of any expenses paid by a CDX. A Portfolio holding a long position in CDXs typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the Portfolio could be exposed to illiquidity risk, counterparty risk, and credit risk of the issuers of the underlying loan obligations and of the CDX markets. If there is a default by the CDX counterparty, the Portfolio will have contractual remedies pursuant to the agreements related to the transaction. CDXs

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**Notes to Financial Statements** 

also bear the risk that the Portfolio will not be able to meet its obligation to the counterparty.

During the year, the Portfolio purchased protection via the credit default swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices where reducing this exposure via the cash bond

market was less attractive.

There were no credit default swaps held at December 31, 2025.

**3. Other Investments and Strategies**

**Market Risk**

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

The value of the Portfolio's portfolio may decrease if the value of one or more issuers in the Portfolio's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio'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 Portfolio invests. If the value of the Portfolio's portfolio decreases, the Portfolio's NAV will also decrease, which means if you sell your shares in the Portfolio you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Portfolio. 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 Portfolio 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 Portfolio's total

assets. Below are descriptions of the types of loans held by the Portfolio as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Bank Loans –** Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Portfolio's investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These

investments may include institutionally-traded floating and fixed-rate debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Floating Rate Loans –** Floating rate loans are debt securities that have floating interest rates, that adjust periodically, and are tied to a benchmark lending rate, such as Secured Overnight Financing Rate ("SOFR"). In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (''borrowers'') in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower's capital structure. The senior position in the borrower's capital structure generally gives holders of senior loans a claim on certain of the borrower's assets that is senior to subordinated debt and preferred and common stock in the case of a borrower's default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain

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**Janus Henderson VIT Balanced Portfolio**

**Notes to Financial Statements** 

and companies that are highly leveraged. The Portfolio may invest in obligations of borrowers who are in bankruptcy proceedings. While the Portfolio generally expects to invest in fully funded term loans, certain of the loans in which the Portfolio 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 Portfolio may receive fees such as covenant waiver fees or prepayment penalty fees. The Portfolio may pay fees such as facility fees. Such fees may

affect the Portfolio'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 Portfolio 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 Portfolio 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 Portfolio's returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private

guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.

**Restricted Security Transactions**

Restricted securities held by the Portfolio 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 Portfolio 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 Portfolio 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,

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**Notes to Financial Statements** 

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 Portfolio 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 Portfolio'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 Portfolio may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Portfolio invests in non-U.S. sovereign debt, it may be subject to

currency risk.

**TBA Commitments**

The Portfolio 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 Portfolio 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 Portfolio may be less favorable than expected. If the counterparty to a transaction fails to deliver the security, the Portfolio 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 Portfolio 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 Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio 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 Portfolio's collateral or margin obligations under an MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as

restricted cash.

**When-Issued, Delayed Delivery and Forward Commitment Transactions**

The Portfolio 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 Portfolio 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 Portfolio has committed to purchase prior to the time delivery of the securities is made. Because the Portfolio is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Portfolio's other investments. If the other party to a transaction fails to deliver the securities, the Portfolio could miss a favorable price or yield opportunity. If the Portfolio 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 Portfolio 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 Portfolio has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Portfolio does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay

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**Janus Henderson VIT Balanced Portfolio**

**Notes to Financial Statements** 

for the securities, the Portfolio could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Portfolio 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 Portfolio 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**

Portfolio transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Portfolio ("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 Portfolio. The Portfolio 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 Portfolio'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 Portfolio 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 Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Portfolio may lend portfolio 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 Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. 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 Portfolio to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Portfolio 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 Portfolio 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

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**Janus Henderson VIT Balanced Portfolio**

**Notes to Financial Statements** 

other affiliated cash management vehicles in which the Portfolio may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of December 31, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $11,879,896. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2025 is $12,282,160,

resulting in the net amount due the counterparty of $402,264.

**Offsetting Assets and Liabilities**

The Portfolio 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 Portfolio's Schedule of Investments.

**4. Investment Advisory Agreements and Other Transactions with Affiliates**

The Portfolio pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Portfolio's

contractual investment advisory fee rate (expressed as an annual rate) is 0.55% of its average daily net assets.

The Adviser serves as administrator to the Portfolio 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 Portfolio, including providing office space for the Portfolio, and is reimbursed by the Portfolio 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 Portfolio pays for some or all of the salaries, fees, and expenses of the Adviser employees and Portfolio officers, with respect to certain specified administration functions they perform on behalf of the Portfolio. The Portfolio 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 Portfolio. These amounts are disclosed as "Affiliated portfolio administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Portfolio's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Portfolio. Total compensation of $51,726 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended December 31, 2025. The Portfolio'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 Portfolio's transfer agent. The Transfer Agent receives an administrative services fee at an annual rate of 0.05% of the average daily net assets of the Portfolio for arranging for the provision by participating insurance companies and qualified plan service providers of administrative 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 on behalf of contract holders or plan participants investing in the Portfolio. The Transfer Agent expects to use this entire fee to compensate insurance companies and qualified plan service providers for providing these services to their customers who invest in the Portfolio.

Janus Aspen Series \| 37

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**Janus Henderson VIT Balanced Portfolio**

**Notes to Financial Statements** 

The Transfer Agent is not compensated for internal services related to the shares, except for out-of-pocket costs. These

amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under a distribution and shareholder servicing plan (the "Plan") adopted in accordance with Rule 12b-1 under the 1940 Act, the Service Shares may pay the Trust's distributor, Janus Henderson Distributors US LLC (the "Distributor"), a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Service Shares at an annual rate of up to 0.25% of the average daily net assets of the Service Shares. Under the terms of the Plan, the Trust is authorized to make payments to the Distributor for remittance to insurance companies and qualified plan service providers as compensation for distribution and/or shareholder services performed by such entities. These

amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" 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 Portfolio. 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 Portfolio as unrealized appreciation/(depreciation) and is included as of December 31, 2025 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended December 31, 2025 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the year ended December 31, 2025.

Pursuant to the provisions of the 1940 Act and related rules, the Portfolio may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Portfolio 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 Portfolio 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 Portfolio's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Portfolio 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 December 31, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

The Portfolio 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 Portfolio 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 Portfolio from or to another fund or account that is or could be considered an affiliate of the Portfolio 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 December 31, 2025, the Portfolio engaged in cross trades amounting to $1,610,539 in sales, resulting in a net realized loss of $123,386. The net realized loss is included within the "Net Realized Gain/(Loss) on Investments" section of the Portfolio's Statement of

Operations.

38 \| December 31, 2025

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**Janus Henderson VIT Balanced Portfolio**

**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 Portfolio must satisfy under the income tax regulations; (2) losses or deductions the Portfolio 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 Portfolio 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>|
| $30507602 | $680995867 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(274126) | &nbsp;&nbsp; $3394745546 |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2025 are noted below. The primary differences between

book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *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>|
| $6061330529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3461053792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(66308246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3394745546 |

---

Information on the tax components of derivatives as of December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax* <br>*Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $(4401709) | &nbsp;&nbsp;&nbsp;&nbsp;&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 December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $157338740 | &nbsp;&nbsp;&nbsp; $285134248 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $157654491 | &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 Aspen Series \| 39

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**Janus Henderson VIT Balanced Portfolio**

**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 December 31, 2025* | *Year ended December 31, 2025* | *Year ended December 31, 2024* | *Year ended December 31, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Institutional Shares: |  |  |  |  |
| Shares sold | 679353 | &nbsp;&nbsp; $36105507 | &nbsp;&nbsp; 898720 | &nbsp;&nbsp; $43802575 |
| Reinvested dividends and distributions | 496181 | &nbsp;&nbsp; 25985959 | &nbsp;&nbsp; 185181 | &nbsp;&nbsp; 9432051 |
| Shares repurchased | (1042069) | &nbsp;&nbsp; (55445472) | &nbsp;&nbsp; (1186575) | &nbsp;&nbsp; (58330214) |
| Net Increase/(Decrease) | 133465 | &nbsp;&nbsp; $6645994 | &nbsp;&nbsp; (102674) | &nbsp;&nbsp; $(5095588) |
| Service Shares: |  |  |  |  |
| Shares sold | 4028592 | &nbsp;&nbsp; $228098394 | &nbsp;&nbsp; 5519284 | &nbsp;&nbsp; $288748262 |
| Reinvested dividends and distributions | 7481243 | &nbsp;&nbsp; 416487029 | &nbsp;&nbsp; 2740870 | &nbsp;&nbsp; 148222440 |
| Shares repurchased | (20416213) | &nbsp;&nbsp; (1152088932) | &nbsp;&nbsp; (15342725) | &nbsp;&nbsp; (804070651) |
| Net Increase/(Decrease) | (8906378) | &nbsp;&nbsp; $(507503509) | &nbsp;&nbsp; (7082571) | &nbsp;&nbsp; $(367099949) |

---

**7. Purchases and Sales of Investment Securities**

For the year ended December 31, 2025, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as

applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $2714738340 | &nbsp;&nbsp;&nbsp;&nbsp; $3608689068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4389996809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4188590465 |

---

**8. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Portfolio's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client

consents, and approval by Janus Henderson's shareholders. Management is assessing the impact to the portfolios.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 and through the date of issuance of the Portfolio's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Portfolio's financial statements.

40 \| December 31, 2025

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**Janus Henderson Balanced Portfolio**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Aspen Series and Shareholders of Janus Henderson VIT Balanced Portfolio

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson VIT Balanced Portfolio (one of the portfolios constituting Janus Aspen Series, referred to hereafter as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 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 Portfolio as of December 31, 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 December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 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 Portfolio's management. Our responsibility is to express an opinion on the Portfolio'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 Portfolio 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 December 31, 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.

![](img87e05df22.jpg)

Denver, Colorado

February 18, 2026

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

Janus Aspen Series \| 41

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**Janus Henderson Balanced Portfolio**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Portfolio designated the following for the year ended December 31, 2025:

---

| | |
|:---|:---|
| Section 163(j) Interest Dividend | 75% |
| Capital Gain Distributions | $285134248 |
| Dividends Received Deduction Percentage | 32% |

---

42 \| December 31, 2025

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**Janus Henderson VIT Balanced Portfolio**

**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 portfolios in the Janus Aspen Series. Annual retainer fees and attendance fees are allocated to each portfolio based on net assets. Trustees fees paid by the portfolio are within

Item 7. Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

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

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

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

Janus Aspen Series \| 43

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**Janus Henderson VIT Balanced Portfolio**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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

• For Janus Henderson Balanced Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Enterprise Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

44 \| December 31, 2025

------

**Janus Henderson VIT Balanced Portfolio**

**Additional Information (unaudited)**

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Global Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025, and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the additional resources added by the Adviser to support the Portfolio's portfolio management.

• For Janus Henderson Global Technology and Innovation Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Overseas Portfolio, the Trustees noted that the Portfolio's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

Janus Aspen Series \| 45

------

**Janus Henderson VIT Balanced Portfolio**

**Additional Information (unaudited)**

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

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

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional/separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Portfolio's total expenses, net of applicable fee waivers (the Portfolio's "total expenses") as reflected in the comparative information provided by Broadridge:

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

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that although the Portfolio's total expenses exceeded the peer group for one share class, overall the Portfolio's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Portfolio's expenses, although this limit did not apply because the Portfolio's total expenses were already below the applicable fee limit.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

46 \| December 31, 2025

------

**Janus Henderson VIT Balanced Portfolio**

**Additional Information (unaudited)**

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

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

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

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

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

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

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by 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,

Janus Aspen Series \| 47

------

**Janus Henderson VIT Balanced Portfolio**

**Additional Information (unaudited)**

taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They 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

48 \| December 31, 2025

------

**Janus Henderson VIT Balanced Portfolio**

**Additional Information (unaudited)**

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 Aspen Series \| 49

------

![](img871429c13.gif)

*This report is submitted for the general information of shareholders of the Portfolio. It is not an offer or solicitation for the Portfolio 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

109-02-81113 02-26

------

ANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson VIT Enterprise Portfolio**

Janus Aspen Series

![](img743446c71.gif)

------

**Table of Contents**

**Janus Henderson VIT Enterprise Portfolio** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_49331b6c-d48f-4830-9d6e-df10a07df7da_SOI-SOI-RunningFooter-51_1)<br> [Management Investment Companies](#xx_49331b6c-d48f-4830-9d6e-df10a07df7da_SOI-SOI-RunningFooter-51_1)<br>|  |
| [Schedule of Investments](#xx_49331b6c-d48f-4830-9d6e-df10a07df7da_SOI-SOI-RunningFooter-51_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_49331b6c-d48f-4830-9d6e-df10a07df7da_SOI-SOI-RunningFooter-51_7) | 7 |
| [Statement of Assets and Liabilities](#xx_49331b6c-d48f-4830-9d6e-df10a07df7da_SAL-SAL-RunningFooter-51_1) | 8 |
| [Statement of Operations](#xx_49331b6c-d48f-4830-9d6e-df10a07df7da_SOP-SOP-RunningFooter-51_1) | 9 |
| [Statements of Changes in Net Assets](#xx_49331b6c-d48f-4830-9d6e-df10a07df7da_SOC-SOC-RunningFooter-51_1) | 10 |
| [Financial Highlights](#xx_49331b6c-d48f-4830-9d6e-df10a07df7da_FIHI-FIHI-RunningFooter-51_1) | 11 |
| [Notes to Financial Statements](#xx_49331b6c-d48f-4830-9d6e-df10a07df7da_NTF-NTF-RunningFooter-51_1) | 13 |
| [Report of Independent Registered Public Accounting Firm](#xx_49331b6c-d48f-4830-9d6e-df10a07df7da_AUD-AR-RunningFooter-51_1) | 24 |
| [Designation Requirements](#xx_49331b6c-d48f-4830-9d6e-df10a07df7da_DR-DR-RunningFooter-51_1) | 25 |
| [Items 8-11 - Additional Information](#xx_49331b6c-d48f-4830-9d6e-df10a07df7da_AI-AI-RunningFooter-51_1) | 26 |

---

------

**Janus Henderson VIT Enterprise Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 97.2% |  |  |
| Aerospace & Defense – 0.7% |  |  |
| Standardaero Inc<sup>\*</sup> <br>| 463519 | $13293725 |
| Airlines – 1.6% |  |  |
| Ryanair Holdings PLC | 253052 | 8787229 |
| Ryanair Holdings PLC (ADR) | 277475 | 20030920 |
|  |  | 28818149 |
| Biotechnology – 3.6% |  |  |
| Argenx SE (ADR)<sup>\*</sup> <br>| 25937 | 21811720 |
| Ascendis Pharma A/S (ADR)<sup>\*</sup> <br>| 59047 | 12591182 |
| Bridgebio Pharma Inc<sup>\*</sup> <br>| 113140 | 8654079 |
| Revolution Medicines Inc<sup>\*</sup> <br>| 167348 | 13329268 |
| Vaxcyte Inc<sup>\*</sup> <br>| 208810 | 9634493 |
|  |  | 66020742 |
| Capital Markets – 4.0% |  |  |
| Cboe Global Markets Inc | 52641 | 13212891 |
| Charles Schwab Corp | 115094 | 11499042 |
| LPL Financial Holdings Inc | 138407 | 49434828 |
|  |  | 74146761 |
| Chemicals – 1.4% |  |  |
| Corteva Inc | 394618 | 26451244 |
| Commercial Services & Supplies – 5.3% |  |  |
| Cimpress PLC<sup>\*</sup> <br>| 179206 | 11933328 |
| Clean Harbors Inc<sup>\*</sup> <br>| 113340 | 26575963 |
| RB Global Inc | 219791 | 22609900 |
| Rentokil Initial PLC | 1354833 | 8090763 |
| Rentokil Initial PLC (ADR) | 538223 | 15856050 |
| Veralto Corp | 119859 | 11959531 |
|  |  | 97025535 |
| Construction & Engineering – 2.1% |  |  |
| APi Group Corp<sup>\*</sup> <br>| 1022999 | 39139942 |
| Diversified Financial Services – 1.7% |  |  |
| WEX Inc<sup>\*</sup> <br>| 205591 | 30628947 |
| Electric Utilities – 2.1% |  |  |
| Alliant Energy Corp | 597759 | 38860312 |
| Electrical Equipment – 1.1% |  |  |
| Sensata Technologies Holding PLC | 617735 | 20564398 |
| Electronic Equipment, Instruments & Components – 7.3% |  |  |
| CDW Corp/DE | 111056 | 15125827 |
| Flex Ltd<sup>\*</sup> <br>| 1055828 | 63793128 |
| TE Connectivity PLC | 66042 | 15025215 |
| Teledyne Technologies Inc<sup>\*</sup> <br>| 78754 | 40222031 |
|  |  | 134166201 |
| Entertainment – 2.3% |  |  |
| Liberty Media Corp-Liberty Formula One - Series A<sup>\*</sup> <br>| 55762 | 4984007 |
| Liberty Media Corp-Liberty Formula One - Series C<sup>\*</sup> <br>| 372666 | 36711328 |
|  |  | 41695335 |
| Food & Staples Retailing – 0.6% |  |  |
| Dollar Tree Inc<sup>\*</sup> <br>| 87983 | 10822789 |
| Health Care Equipment & Supplies – 7.8% |  |  |
| Boston Scientific Corp<sup>\*</sup> <br>| 448201 | 42735965 |
| Cooper Cos Inc/The<sup>\*</sup> <br>| 140994 | 11555868 |
| Globus Medical Inc<sup>\*</sup> <br>| 178632 | 15596360 |
| ICU Medical Inc<sup>\*</sup> <br>| 106319 | 15168532 |
| Lantheus Holdings Inc<sup>\*</sup> <br>| 91577 | 6094449 |
| Medline Inc - Class A<sup>\*</sup> <br>| 219636 | 9224712 |
| STERIS PLC | 60443 | 15323510 |
| Teleflex Inc | 231073 | 28200148 |
|  |  | 143899544 |
| Hotels, Restaurants & Leisure – 3.9% |  |  |
| Aramark | 792382 | 29207201 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 1

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**Janus Henderson VIT Enterprise Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Hotels, Restaurants & Leisure – (continued) |  |  |
| DoorDash Inc - Class A<sup>\*</sup> <br>| 147134 | $33322908 |
| Entain PLC | 919565 | 9467315 |
|  |  | 71997424 |
| Insurance – 3.9% |  |  |
| Intact Financial Corp | 195299 | 40660728 |
| Willis Towers Watson PLC | 51104 | 16792775 |
| WR Berkley Corp | 193702 | 13582384 |
|  |  | 71035887 |
| Interactive Media & Services – 0.3% |  |  |
| Ziff Davis Inc<sup>\*</sup> <br>| 127902 | 4495755 |
| Life Sciences Tools & Services – 4.7% |  |  |
| Illumina Inc<sup>\*</sup> <br>| 101349 | 13292935 |
| PerkinElmer Inc | 449768 | 43515054 |
| Waters Corp<sup>\*</sup> <br>| 75183 | 28556759 |
|  |  | 85364748 |
| Machinery – 1.6% |  |  |
| Ingersoll Rand Inc | 378522 | 29986513 |
| Multi-Utilities – 2.7% |  |  |
| Ameren Corp | 266146 | 26577340 |
| DTE Energy Co | 176790 | 22802374 |
|  |  | 49379714 |
| Oil, Gas & Consumable Fuels – 1.0% |  |  |
| ONEOK Inc | 241293 | 17735035 |
| Professional Services – 7.4% |  |  |
| Broadridge Financial Solutions Inc | 120057 | 26793121 |
| Ceridian HCM Holding Inc<sup>\*</sup> <br>| 468964 | 32433550 |
| SS&C Technologies Holdings Inc | 608594 | 53203287 |
| TransUnion | 164341 | 14092241 |
| UL Solutions Inc - Class A | 114516 | 9030732 |
|  |  | 135552931 |
| Real Estate Management & Development – 2.2% |  |  |
| CoStar Group Inc<sup>\*</sup> <br>| 435610 | 29290416 |
| FirstService Corp | 71347 | 11096599 |
|  |  | 40387015 |
| Road & Rail – 4.4% |  |  |
| Canadian Pacific Kansas City Ltd<sup>#</sup> <br>| 291735 | 21480448 |
| JB Hunt Transport Services Inc | 226911 | 44097884 |
| TFI International Inc | 152492 | 15760048 |
|  |  | 81338380 |
| Semiconductor & Semiconductor Equipment – 4.8% |  |  |
| KLA Corp | 17803 | 21632069 |
| NXP Semiconductors NV | 150675 | 32705516 |
| ON Semiconductor Corp<sup>\*</sup> <br>| 611787 | 33128266 |
|  |  | 87465851 |
| Software – 11.0% |  |  |
| AppLovin Corp - Class A<sup>\*</sup> <br>| 110361 | 74363449 |
| Constellation Software Inc/Canada | 18988 | 45676904 |
| Descartes Systems Group Inc/The<sup>\*</sup> <br>| 110085 | 9650051 |
| Dynatrace Inc<sup>\*</sup> <br>| 207737 | 9003322 |
| PTC Inc<sup>\*</sup> <br>| 204144 | 35563926 |
| Topicus.com Inc<sup>\*</sup> <br>| 80633 | 7470479 |
| Workday Inc - Class A<sup>\*</sup> <br>| 94775 | 20355775 |
|  |  | 202083906 |
| Specialized Real Estate Investment Trusts (REITs) – 0.9% |  |  |
| Lamar Advertising Co | 123003 | 15569720 |
| Specialty Retail – 2.2% |  |  |
| Burlington Stores Inc<sup>\*</sup> <br>| 45694 | 13198712 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

------

**Janus Henderson VIT Enterprise Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Specialty Retail – (continued) |  |  |
| CarMax Inc<sup>\*</sup> <br>| 269765 | $10423720 |
| Wayfair Inc - Class A<sup>\*</sup> <br>| 172008 | 17271323 |
|  |  | 40893755 |
| Textiles, Apparel & Luxury Goods – 1.5% |  |  |
| Gildan Activewear Inc | 452804 | 28282138 |
| Trading Companies & Distributors – 3.1% |  |  |
| Ferguson Enterprises Inc | 259302 | 57728404 |
| Total Common Stocks (cost $1,152,600,081) |  | 1784830800 |
| Investment Companies – 2.9% |  |  |
| Money Markets – 2.9% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº,</sup><sup>£</sup> (cost $52,224,169) | 52213727 | 52229391 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.8% |  |  |
| Investment Companies – 0.6% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº,</sup><sup>£</sup> <br>| 11972736 | 11972736 |
| Time Deposits – 0.2% |  |  |
| Royal Bank of Canada, 3.7000%, 1/2/26 | $2993184 | 2993184 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $14,965,920) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $14,965,920) | 14965920 |
| Total Investments (total cost $1,219,790,170) – 100.9% |  | 1852026111 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.9)% |  | (16301102) |
| Net Assets – 100% |  | $1835725009 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $1537678422 | &nbsp;&nbsp;&nbsp;&nbsp; 83.0<br> %<br>|
| Canada | 202687295 | &nbsp;&nbsp;&nbsp;&nbsp;10.9 |
| Ireland | 43843364 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| United Kingdom | 33414128 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Belgium | 21811720 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Denmark | 12591182 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Total | $1852026111 | &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>*12/31/24*<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>*12/31/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% |
| Money Markets - 2.9% | Money Markets - 2.9% | Money Markets - 2.9% | Money Markets - 2.9% | Money Markets - 2.9% | Money Markets - 2.9% | Money Markets - 2.9% | Money Markets - 2.9% | Money Markets - 2.9% |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | $64355503 | $196414600 | $(208547860) | $3599 | $3549 | $52229391 | 52213727 | $2594940 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.6% | Investments Purchased with Cash Collateral from Securities Lending - 0.6% | Investments Purchased with Cash Collateral from Securities Lending - 0.6% | Investments Purchased with Cash Collateral from Securities Lending - 0.6% | Investments Purchased with Cash Collateral from Securities Lending - 0.6% | Investments Purchased with Cash Collateral from Securities Lending - 0.6% | Investments Purchased with Cash Collateral from Securities Lending - 0.6% | Investments Purchased with Cash Collateral from Securities Lending - 0.6% | Investments Purchased with Cash Collateral from Securities Lending - 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% | Investment Companies - 0.6% |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  |
|  | 2721720 | 167239853 | (157988837) | - | - | 11972736 | 11972736 | 9916 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 3.5% | Total Affiliated Investments - 3.5% | Total Affiliated Investments - 3.5% | Total Affiliated Investments - 3.5% | Total Affiliated Investments - 3.5% | Total Affiliated Investments - 3.5% | Total Affiliated Investments - 3.5% | Total Affiliated Investments - 3.5% | Total Affiliated Investments - 3.5% |
|  | $67077223 | $363654453 | $(366536697) | $3599 | $3549 | $64202127 | 64186463 | $2604856 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 3

------

**Janus Henderson VIT Enterprise Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** |
| *Counterparty/* <br>*Foreign Currency*<br>| *Settlement* <br>*Date*<br>| &nbsp;&nbsp; *Foreign Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *USD Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *Market Value and* <br>*Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| 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 | 3/5/26 | &nbsp;&nbsp; 1431000 | &nbsp;&nbsp; $(1037430) | &nbsp;&nbsp; $8128 |
| Euro | 3/5/26 | &nbsp;&nbsp; 5079000 | &nbsp;&nbsp; (5926990) | &nbsp;&nbsp; 58644 |
|  |  |  |  | &nbsp;&nbsp; 66772 |
| Barclays Capital Inc: | Barclays Capital Inc: | Barclays Capital Inc: | Barclays Capital Inc: | Barclays Capital Inc: |
| Canadian Dollar | 3/5/26 | &nbsp;&nbsp; (11428790) | &nbsp;&nbsp; 8286032 | &nbsp;&nbsp; (64399) |
| Euro | 3/5/26 | &nbsp;&nbsp; (10322000) | &nbsp;&nbsp; 12071467 | &nbsp;&nbsp; (93075) |
|  |  |  |  | &nbsp;&nbsp; (157474) |
| BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: |
| Canadian Dollar | 3/5/26 | &nbsp;&nbsp; (3026000) | &nbsp;&nbsp; 2195140 | &nbsp;&nbsp; (15804) |
| Euro | 3/5/26 | &nbsp;&nbsp; (1812000) | &nbsp;&nbsp; 2118047 | &nbsp;&nbsp; (17407) |
|  |  |  |  | &nbsp;&nbsp; (33211) |
| Citibank, National Association: | Citibank, National Association: | Citibank, National Association: | Citibank, National Association: | Citibank, National Association: |
| Canadian Dollar | 3/5/26 | &nbsp;&nbsp; 3811000 | &nbsp;&nbsp; (2773743) | &nbsp;&nbsp; 10760 |
| Canadian Dollar | 3/5/26 | &nbsp;&nbsp; (13109777) | &nbsp;&nbsp; 9504076 | &nbsp;&nbsp; (74567) |
| Euro | 3/5/26 | &nbsp;&nbsp; (4456087) | &nbsp;&nbsp; 5200688 | &nbsp;&nbsp; (50840) |
|  |  |  |  | &nbsp;&nbsp; (114647) |
| Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: |
| Canadian Dollar | 3/5/26 | &nbsp;&nbsp; 12170000 | &nbsp;&nbsp; (8828385) | &nbsp;&nbsp; 63610 |
| Euro | 3/5/26 | &nbsp;&nbsp; (2960000) | &nbsp;&nbsp; 3455815 | &nbsp;&nbsp; (32564) |
|  |  |  |  | &nbsp;&nbsp; 31046 |
| HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: |
| Canadian Dollar | 3/5/26 | &nbsp;&nbsp; 1704000 | &nbsp;&nbsp; (1239391) | &nbsp;&nbsp; 5634 |
| Canadian Dollar | 3/5/26 | &nbsp;&nbsp; (10131536) | &nbsp;&nbsp; 7348210 | &nbsp;&nbsp; (54385) |
| Euro | 3/5/26 | &nbsp;&nbsp; 1722219 | &nbsp;&nbsp; (2010513) | &nbsp;&nbsp; 19134 |
|  |  |  |  | &nbsp;&nbsp; (29617) |
| 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 | 3/5/26 | &nbsp;&nbsp; (21016000) | &nbsp;&nbsp; 15242635 | &nbsp;&nbsp; (112679) |
| Euro | 3/5/26 | &nbsp;&nbsp; (7642130) | &nbsp;&nbsp; 8919867 | &nbsp;&nbsp; (86431) |
|  |  |  |  | &nbsp;&nbsp; (199110) |
| 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 | 3/5/26 | &nbsp;&nbsp; (5045464) | &nbsp;&nbsp; 3659984 | &nbsp;&nbsp; (26478) |
| Euro | 3/5/26 | &nbsp;&nbsp; (534000) | &nbsp;&nbsp; 624257 | &nbsp;&nbsp; (5065) |
|  |  |  |  | &nbsp;&nbsp; (31543) |
| 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 | 3/5/26 | &nbsp;&nbsp; 1459000 | &nbsp;&nbsp; (1058095) | &nbsp;&nbsp; 7922 |
| Canadian Dollar | 3/5/26 | &nbsp;&nbsp; (10207500) | &nbsp;&nbsp; 7402704 | &nbsp;&nbsp; (55393) |
| Euro | 3/5/26 | &nbsp;&nbsp; (11280000) | &nbsp;&nbsp; 13185474 | &nbsp;&nbsp; (108077) |
|  |  |  |  | &nbsp;&nbsp; (155548) |
| Total |  |  |  | &nbsp;&nbsp; $(623332) |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| December 31, 2025

------

**Janus Henderson VIT Enterprise Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Total Return Swaps*** | ***Schedule of Total Return Swaps*** | ***Schedule of Total Return Swaps*** | ***Schedule of Total Return Swaps*** | ***Schedule of Total Return Swaps*** | ***Schedule of Total Return Swaps*** |  |
| *Counterparty/* <br>*Return Paid* <br>*by the Portfolio*<br>| *Return Received* <br>*by the Portfolio*<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 + 0.695% | Ryanair Holdings PLC | At Maturity | &nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp; 2079639 | EUR | &nbsp;&nbsp; $1244707 |

---

The following table, grouped by derivative type, provides information about the fair value and location of derivatives

within the Statement of Assets and Liabilities as of December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** |
|  | *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Equity* <br>*Contracts*<br>| *Total* |
| *Asset Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $173832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $173832 |
| Swaps - OTC, at value | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1244707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1244707 |
| Total Asset Derivatives | $173832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1244707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1418539 |
| *Liability Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $797164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $797164 |

---

The following tables provide information about the effect of derivatives and hedging activities on the Portfolio's

Statement of Operations for the year ended December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended December 31, 2025** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Equity* <br>*Contracts*<br>| *Total* |
| Forward foreign currency exchange contracts | $814042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $814042 |
| Swap contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 993590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $993590 |
| Total | $814042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $993590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1807632 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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 | $(6548095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(6548095) |
| Swap contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1064760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1064760 |
| Total | $(6548095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1064760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5483335) |

---

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation"

sections of the Portfolio's Statement of Operations.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 5

------

**Janus Henderson VIT Enterprise Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Year Ended December 31, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Year Ended December 31, 2025** |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased - in USD | $26896818 |
| Average amounts sold - in USD | 113652099 |
| Total return swaps: |  |
| Average notional amount | 4066569 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $66772 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $66772 |
| Citibank, National Association | 10760 | &nbsp;&nbsp; (10760) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co LLC | 63610 | &nbsp;&nbsp; (32564) | &nbsp;&nbsp; — | &nbsp;&nbsp; 31046 |
| HSBC Securities (USA) Inc | 24768 | &nbsp;&nbsp; (24768) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank, National Association | 14499220 | &nbsp;&nbsp; — | &nbsp;&nbsp; (14499220) | &nbsp;&nbsp; — |
| State Street Bank and Trust Company | 7922 | &nbsp;&nbsp; (7922) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG, London Branch | 1244707 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1244707) | &nbsp;&nbsp; — |
| Total | $15917759 | &nbsp;&nbsp; $(76014) | &nbsp;&nbsp; $(15743927) | &nbsp;&nbsp; $97818 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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* |
| Barclays Capital Inc | $157474 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $157474 |
| BNP Paribas | 33211 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33211 |
| Citibank, National Association | 125407 | &nbsp;&nbsp; (10760) | &nbsp;&nbsp; — | &nbsp;&nbsp; 114647 |
| Goldman Sachs & Co LLC | 32564 | &nbsp;&nbsp; (32564) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Securities (USA) Inc | 54385 | &nbsp;&nbsp; (24768) | &nbsp;&nbsp; — | &nbsp;&nbsp; 29617 |
| JPMorgan Chase Bank, National Association | 199110 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 199110 |
| Morgan Stanley & Co International PLC | 31543 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31543 |
| State Street Bank and Trust Company | 163470 | &nbsp;&nbsp; (7922) | &nbsp;&nbsp; — | &nbsp;&nbsp; 155548 |
| Total | $797164 | &nbsp;&nbsp; $(76014) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $721150 |

---

&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.

6 \| December 31, 2025

------

**Janus Henderson VIT Enterprise Portfolio**

**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 December 31, 2025. |
| Loaned security; a portion of the security is on loan at December 31, 2025. |
| £&nbsp;&nbsp; The Portfolio may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, <br> as amended, an affiliated company is one in which the Portfolio owns 5% or more of the outstanding voting securities, or a company which <br> is under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

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

financial instruments as of December 31, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* |  |  |  |
| Airlines | $20030920 | &nbsp;&nbsp; $8787229 | &nbsp;&nbsp; $- |
| Commercial Services & Supplies | 88934772 | &nbsp;&nbsp; 8090763 | &nbsp;&nbsp; - |
| Hotels, Restaurants & Leisure | 62530109 | &nbsp;&nbsp; 9467315 | &nbsp;&nbsp; - |
| Insurance | 30375159 | &nbsp;&nbsp; 40660728 | &nbsp;&nbsp; - |
| Software | 148936523 | &nbsp;&nbsp; 53147383 | &nbsp;&nbsp; - |
| All Other | 1313869899 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 52229391 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 14965920 | &nbsp;&nbsp; - |
| Total Investments in Securities | $1664677382 | &nbsp;&nbsp; $187348729 | &nbsp;&nbsp; $- |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | - | &nbsp;&nbsp; 173832 | &nbsp;&nbsp; - |
| *OTC Swaps* | - | &nbsp;&nbsp; 1244707 | &nbsp;&nbsp; - |
| **Total Assets** | $1664677382 | &nbsp;&nbsp; $188767268 | &nbsp;&nbsp; $- |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | $- | &nbsp;&nbsp; $797164 | &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 Aspen Series \| 7

------

**Janus Henderson VIT Enterprise Portfolio**

**Statement of Assets and Liabilities** 

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $1,155,593,265)<sup>(1)</sup> <br>| $1787823984 |
| Affiliated investments, at value (cost $64,196,905) | 64202127 |
| Forward foreign currency exchange contracts | 173832 |
| Cash denominated in foreign currency (cost $424) | 424 |
| OTC swap contracts, at value (premium paid/received $0) | 1244707 |
| Trustees' deferred compensation | 54225 |
| Receivables: |  |
| Portfolio shares sold | 853002 |
| Dividends | 652927 |
| Dividends from affiliates | 228805 |
| Dividends and interest on swap contracts | 51154 |
| Foreign tax reclaims | 10604 |
| Other assets | 13099 |
| Total Assets | 1855308890 |
| Liabilities: |  |
| Collateral for securities loaned (Note 3) | 14965920 |
| Forward foreign currency exchange contracts | 797164 |
| Payables: |  |
| Portfolio shares repurchased | 2104393 |
| Advisory fees | 1043542 |
| 12b-1 Distribution and shareholder servicing fees | 256300 |
| Investments purchased | 130633 |
| Transfer agent fees and expenses | 85120 |
| Trustees' deferred compensation fees | 54225 |
| Professional fees | 46213 |
| Custodian fees | 4104 |
| Affiliated portfolio administration fees payable | 4076 |
| Trustees' fees and expenses | 578 |
| Accrued expenses and other payables | 91613 |
| Total Liabilities | 19583881 |
| Net Assets | $1835725009 |
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $1049140511 |
| Total distributable earnings (loss) | 786584498 |
| Total Net Assets | $1835725009 |
| Net Assets - Institutional Shares | $679320462 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 8127642 |
| Net Asset Value Per Share | $83.58 |
| Net Assets - Service Shares | $1156404547 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 15766362 |
| Net Asset Value Per Share | $73.35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $14,499,220 of securities on loan. See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson VIT Enterprise Portfolio**

**Statement of Operations** 

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $14617101 |
| Dividends from affiliates | 2594940 |
| Affiliated securities lending income, net | 9916 |
| Unaffiliated securities lending income, net | 2552 |
| Other income | 4722 |
| Foreign tax withheld | (463115) |
| Total Investment Income | 16766116 |
| Expenses: |  |
| Advisory fees | 11379761 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Service Shares | 2759393 |
| Transfer agent administrative fees and expenses: |  |
| Institutional Shares | 337165 |
| Service Shares | 551879 |
| Other transfer agent fees and expenses: |  |
| Institutional Shares | 12772 |
| Service Shares | 10348 |
| Professional fees | 61159 |
| Shareholder reports expense | 54342 |
| Affiliated portfolio administration fees | 53316 |
| Custodian fees | 38019 |
| Trustees' fees and expenses | 34019 |
| Registration fees | 25947 |
| Other expenses | 174964 |
| Total Expenses | 15493084 |
| Net Investment Income/(Loss) | 1273032 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 156160449 |
| Investments in affiliates | 3599 |
| Forward foreign currency exchange contracts | 814042 |
| Swap contracts | 993590 |
| Total Net Realized Gain/(Loss) on Investments | 157971680 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (22894747) |
| Investments in affiliates | 3549 |
| Forward foreign currency exchange contracts | (6548095) |
| Swap contracts | 1064760 |
| Total Change in Unrealized Net Appreciation/Depreciation | (28374533) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $130870179 |

---

See Notes to Financial Statements.

Janus Aspen Series \| 9

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**Janus Henderson VIT Enterprise Portfolio**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*December 31, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*December 31, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $1273032 | &nbsp;&nbsp; $3164585 |
| Net realized gain/(loss) on investments | 157971680 | &nbsp;&nbsp; 136378554 |
| Change in unrealized net appreciation/depreciation | (28374533) | &nbsp;&nbsp; 96059131 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 130870179 | &nbsp;&nbsp; 235602270 |
| Dividends and Distributions to Shareholders: |  |  |
| Institutional Shares | (52366465) | &nbsp;&nbsp; (31530803) |
| Service Shares | (94495453) | &nbsp;&nbsp; (50413692) |
| Net Decrease from Dividends and Distributions to Shareholders | (146861918) | &nbsp;&nbsp; (81944495) |
| Capital Share Transactions: |  |  |
| Institutional Shares | (1464608) | &nbsp;&nbsp; (17576891) |
| Service Shares | 97402453 | &nbsp;&nbsp; 67133613 |
| Net Increase/(Decrease) from Capital Share Transactions | 95937845 | &nbsp;&nbsp; 49556722 |
| Net Increase/(Decrease) in Net Assets | 79946106 | &nbsp;&nbsp; 203214497 |
| Net Assets: |  |  |
| Beginning of period | 1755778903 | &nbsp;&nbsp; 1552564406 |
| End of period | $1835725009 | &nbsp;&nbsp; $1755778903 |

---

See Notes to Financial Statements.

10 \| December 31, 2025

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**Janus Henderson VIT Enterprise Portfolio**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Shares |  |  |  |  |  |
| For a share outstanding during the year ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $84.18 | &nbsp;&nbsp; $76.52 | &nbsp;&nbsp; $69.58 | &nbsp;&nbsp; $100.51 | &nbsp;&nbsp; $94.21 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain/(loss) | 5.88 | &nbsp;&nbsp;&nbsp;&nbsp;11.31 | &nbsp;&nbsp;&nbsp;&nbsp;11.85 | &nbsp;&nbsp; (16.86) | &nbsp;&nbsp;&nbsp;&nbsp;14.99 |
| Total from Investment Operations | 6.07 | &nbsp;&nbsp;&nbsp;&nbsp;11.58 | &nbsp;&nbsp;&nbsp;&nbsp;12.21 | &nbsp;&nbsp; (16.66) | &nbsp;&nbsp;&nbsp;&nbsp;15.21 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.17) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.33) |
| Distributions (from capital gains) | (6.50) | &nbsp;&nbsp; (3.30) | &nbsp;&nbsp; (5.15) | &nbsp;&nbsp; (14.10) | &nbsp;&nbsp; (8.58) |
| Total Dividends and Distributions | (6.67) | &nbsp;&nbsp; (3.92) | &nbsp;&nbsp; (5.27) | &nbsp;&nbsp; (14.27) | &nbsp;&nbsp; (8.91) |
| Net Asset Value, End of Period | $83.58 | &nbsp;&nbsp; $84.18 | &nbsp;&nbsp; $76.52 | &nbsp;&nbsp; $69.58 | &nbsp;&nbsp; $100.51 |
| Total Return<sup>\*</sup> <br>| 7.67% | &nbsp;&nbsp; 15.61% | &nbsp;&nbsp; 18.07% | &nbsp;&nbsp; (15.94)% | &nbsp;&nbsp; 16.83% |
| Net Assets, End of Period (in thousands) | $679320 | &nbsp;&nbsp; $683126 | &nbsp;&nbsp; $636056 | &nbsp;&nbsp; $565810 | &nbsp;&nbsp; $736679 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.71% |
| Ratio of Net Investment Income/(Loss) | 0.23% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.22% |
| Portfolio Turnover Rate | 21% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 17% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Aspen Series \| 11

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**Janus Henderson VIT Enterprise Portfolio**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Shares |  |  |  |  |  |
| For a share outstanding during the year ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $74.72 | &nbsp;&nbsp; $68.37 | &nbsp;&nbsp; $62.78 | &nbsp;&nbsp; $92.49 | &nbsp;&nbsp; $87.46 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp; (0.03) |
| Net realized and unrealized gain/(loss) | 5.19 | &nbsp;&nbsp;&nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;10.64 | &nbsp;&nbsp; (15.57) | &nbsp;&nbsp;&nbsp;&nbsp;13.87 |
| Total from Investment Operations | 5.17 | &nbsp;&nbsp;&nbsp;&nbsp;10.12 | &nbsp;&nbsp;&nbsp;&nbsp;10.80 | &nbsp;&nbsp; (15.55) | &nbsp;&nbsp;&nbsp;&nbsp;13.84 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.04) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.23) |
| Distributions (from capital gains) | (6.50) | &nbsp;&nbsp; (3.30) | &nbsp;&nbsp; (5.15) | &nbsp;&nbsp; (14.10) | &nbsp;&nbsp; (8.58) |
| Total Dividends and Distributions | (6.54) | &nbsp;&nbsp; (3.77) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (14.16) | &nbsp;&nbsp; (8.81) |
| Net Asset Value, End of Period | $73.35 | &nbsp;&nbsp; $74.72 | &nbsp;&nbsp; $68.37 | &nbsp;&nbsp; $62.78 | &nbsp;&nbsp; $92.49 |
| Total Return<sup>\*</sup> <br>| 7.41% | &nbsp;&nbsp; 15.32% | &nbsp;&nbsp; 17.78% | &nbsp;&nbsp; (16.15)% | &nbsp;&nbsp; 16.54% |
| Net Assets, End of Period (in thousands) | $1156405 | &nbsp;&nbsp; $1072653 | &nbsp;&nbsp; $916508 | &nbsp;&nbsp; $807716 | &nbsp;&nbsp; $1039696 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.96% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.96% |
| Ratio of Net Investment Income/(Loss) | (0.02)% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; (0.03)% |
| Portfolio Turnover Rate | 21% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 17% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

12 \| December 31, 2025

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**Janus Henderson VIT Enterprise Portfolio**

**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 VIT Enterprise Portfolio (the "Portfolio") is a series of Janus Aspen Series (the "Trust"), which is organized as a Delaware statutory 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 10 portfolios, each of which offers multiple share classes, with differing investment objectives and policies. The Portfolio seeks long-term growth of capital. The Portfolio is classified as diversified, as

defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Portfolio.

The Portfolio currently offers two classes of shares: Institutional Shares and Service Shares. Each class represents an interest in the same portfolio of investments. Institutional Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans. Service Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans that require a fee from Portfolio assets to procure distribution and administrative services to contract

owners and plan participants.

Shareholders, including participating insurance companies, as well as accounts, may from time to time own (beneficially or of record) a significant percentage of the Portfolio's shares and can be considered to "control" the Portfolio when that ownership exceeds 25% of the Portfolio's assets (and which may differ from control as determined in accordance with

United States of America generally accepted accounting principles ("US GAAP")).

The Chief Financial Officer of the Portfolio is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Portfolio operated as a single segment entity for the year ended December 31, 2025. The key indicator of performance of the Portfolio is net investment income as reported on the Statement of Operations.

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

**Investment Valuation**

Portfolio 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 Portfolio, 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 Portfolio, if any, will be calculated using the NAV of

Janus Aspen Series \| 13

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**Janus Henderson VIT Enterprise Portfolio**

**Notes to Financial Statements** 

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 Portfolio 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 Portfolio'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 Portfolio'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 Portfolio since the beginning of the fiscal year.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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.

14 \| December 31, 2025

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**Janus Henderson VIT Enterprise Portfolio**

**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 Portfolio may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Portfolio's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Portfolio that have not yet occurred. Currently,

the risk of material loss from such claims is considered remote.

**Foreign Currency Translations**

The Portfolio 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 Portfolio may make semiannual distributions of substantially all of its investment income and an annual distribution

of its net realized capital gains (if any).

The Portfolio 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 Portfolio distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Portfolio 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 Portfolio'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 Portfolio's financial statements. The Portfolio 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.

The Portfolio's management has determined the Portfolio did not pay a significant amount of income taxes for the year

ended December 31, 2025.

**2. Derivative Instruments**

The Portfolio 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 Portfolio 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 Portfolio during the year ended December 31, 2025 is discussed in further detail below. A summary of derivative activity by the Portfolio is reflected in the tables at the end of the Schedule of Investments.

The Portfolio 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 Portfolio invests in a derivative for speculative

Janus Aspen Series \| 15

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**Janus Henderson VIT Enterprise Portfolio**

**Notes to Financial Statements** 

purposes, the Portfolio will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. The Portfolio 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 Portfolio'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 Portfolio 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 Portfolio 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 Portfolio.

&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 Portfolio could receive lower interest payments or experience a reduction in the value of the derivative to below what the Portfolio 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 Portfolio'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 Portfolio 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 Portfolio may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Portfolio may require the counterparty to post collateral if the Portfolio has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Portfolio 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 Portfolio has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted

16 \| December 31, 2025

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**Janus Henderson VIT Enterprise Portfolio**

**Notes to Financial Statements** 

cash are considered to cover in an amount at all times equal to or greater than the Portfolio'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 Portfolio 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 Portfolio may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Portfolio 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 Portfolio 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 Portfolio.

During the year, the Portfolio 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 Portfolio.

**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 Portfolio. 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 Portfolio or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Portfolio 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 Portfolio. If the other party to a swap defaults, the Portfolio would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Portfolio utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Portfolio and reduce the Portfolio's total return.

Swap agreements also bear the risk that the Portfolio 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 Portfolio 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 Portfolio will submit the swap to, and post collateral with, a futures clearing merchant ("FCM") that is a clearinghouse member. Alternatively, the Portfolio 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 Portfolio 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 Portfolio to losses, increase its costs, or prevent the Portfolio

Janus Aspen Series \| 17

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**Janus Henderson VIT Enterprise Portfolio**

**Notes to Financial Statements** 

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 Portfolio's Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Portfolio'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 Portfolio'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 Portfolio and the counterparty and by the posting of

collateral by the counterparty to cover the Portfolio'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 Portfolio entered into total return swaps on equity securities to increase exposure to equity risk. These total return swaps require the Portfolio 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 Portfolio 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 Portfolio's portfolio may decrease if the value of one or more issuers in the Portfolio's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio'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 Portfolio invests. If the value of the Portfolio's portfolio decreases, the Portfolio's NAV will also decrease, which means if you sell your shares in the Portfolio you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Portfolio. 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**

Portfolio transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Portfolio ("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

18 \| December 31, 2025

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**Janus Henderson VIT Enterprise Portfolio**

**Notes to Financial Statements** 

Portfolio. The Portfolio 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 Portfolio'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 Portfolio 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 Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Portfolio may lend portfolio 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 Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. 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 Portfolio to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Portfolio 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 Portfolio 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 Portfolio 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).

Janus Aspen Series \| 19

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**Janus Henderson VIT Enterprise Portfolio**

**Notes to Financial Statements** 

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of December 31, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $14,499,220. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2025 is $14,965,920,

resulting in the net amount due the counterparty of $466,700.

**Offsetting Assets and Liabilities**

The Portfolio 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 Portfolio mitigate its counterparty risk, the Portfolio 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 Portfolio 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 Portfolio may offset with each counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment.

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

December 31, 2025" table located in the Portfolio's Schedule of Investments.

The Portfolio may require the counterparty to pledge securities as collateral daily (based on the daily valuation of the financial asset) if the Portfolio has a net aggregate unrealized gain on OTC derivative contracts with a particular counterparty. The Portfolio may deposit cash as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Portfolio 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 Portfolio 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 Portfolio's commitment with respect to these contracts. Certain securities may be segregated at the Portfolio'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 Portfolio's corresponding forward foreign

currency exchange contract's obligation value.

**4. Investment Advisory Agreements and Other Transactions with Affiliates**

The Portfolio pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Portfolio'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 Portfolio 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 Portfolio, including providing office space for the Portfolio, and is reimbursed by the Portfolio 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 Portfolio pays for some or all of the salaries, fees, and expenses of the Adviser employees and Portfolio officers, with respect to certain specified administration functions they perform on behalf of the Portfolio. The Portfolio 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 Portfolio. These amounts are disclosed as "Affiliated portfolio administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Portfolio's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are

20 \| December 31, 2025

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**Janus Henderson VIT Enterprise Portfolio**

**Notes to Financial Statements** 

shared with the Portfolio. Total compensation of $51,726 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended December 31, 2025. The Portfolio'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 Portfolio's transfer agent. The Transfer Agent receives an administrative services fee at an annual rate of 0.05% of the average daily net assets of the Portfolio for arranging for the provision by participating insurance companies and qualified plan service providers of administrative 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 on behalf of contract holders or plan participants investing in the Portfolio. The Transfer Agent expects to use this entire fee to compensate insurance companies and qualified plan service providers for providing these services to their customers who invest in the Portfolio.

The Transfer Agent is not compensated for internal services related to the shares, except for out-of-pocket costs. These

amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under a distribution and shareholder servicing plan (the "Plan") adopted in accordance with Rule 12b-1 under the 1940 Act, the Service Shares may pay the Trust's distributor, Janus Henderson Distributors US LLC (the "Distributor"), a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Service Shares at an annual rate of up to 0.25% of the average daily net assets of the Service Shares. Under the terms of the Plan, the Trust is authorized to make payments to the Distributor for remittance to insurance companies and qualified plan service providers as compensation for distribution and/or shareholder services performed by such entities. These

amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" 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 Portfolio. 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 Portfolio as unrealized appreciation/(depreciation) and is included as of December 31, 2025 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended December 31, 2025 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the year ended December 31, 2025.

Pursuant to the provisions of the 1940 Act and related rules, the Portfolio may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Portfolio 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 Portfolio 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 Portfolio's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Portfolio 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 December 31, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

Janus Aspen Series \| 21

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**Janus Henderson VIT Enterprise Portfolio**

**Notes to Financial Statements** 

The Portfolio 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 Portfolio 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 Portfolio from or to another fund or account that is or could be considered an affiliate of the Portfolio 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 December 31, 2025, the

Portfolio engaged in cross trades amounting to $448,572 in purchases.

**5. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Portfolio must satisfy under the income tax regulations; (2) losses or deductions the Portfolio 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 Portfolio 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>|
| $959447 | $151472701 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1192690 | &nbsp;&nbsp; $632959660 |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2025 are noted below. The primary differences between

book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *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>|
| $1219066451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $725040700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(92081040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $632959660 |

---

Information on the tax components of derivatives as of December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax* <br>*Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $(623332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1244707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1244707 |

---

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 December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $4072955 | &nbsp;&nbsp;&nbsp; $142788963 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $11294026 | &nbsp;&nbsp;&nbsp; $70650469 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

22 \| December 31, 2025

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**Janus Henderson VIT Enterprise Portfolio**

**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.

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended December 31, 2025* | *Year ended December 31, 2025* | *Year ended December 31, 2024* | *Year ended December 31, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Institutional Shares: |  |  |  |  |
| Shares sold | 673048 | &nbsp;&nbsp; $55725318 | &nbsp;&nbsp; 742662 | &nbsp;&nbsp; $60504314 |
| Reinvested dividends and distributions | 662416 | &nbsp;&nbsp; 52366465 | &nbsp;&nbsp; 408918 | &nbsp;&nbsp; 31530803 |
| Shares repurchased | (1322852) | &nbsp;&nbsp; (109556391) | &nbsp;&nbsp; (1348765) | &nbsp;&nbsp; (109612008) |
| Net Increase/(Decrease) | 12612 | &nbsp;&nbsp; $(1464608) | &nbsp;&nbsp; (197185) | &nbsp;&nbsp; $(17576891) |
| Service Shares: |  |  |  |  |
| Shares sold | 2199385 | &nbsp;&nbsp; $159467514 | &nbsp;&nbsp; 2080371 | &nbsp;&nbsp; $151812306 |
| Reinvested dividends and distributions | 1361802 | &nbsp;&nbsp; 94495453 | &nbsp;&nbsp; 737529 | &nbsp;&nbsp; 50413692 |
| Shares repurchased | (2149992) | &nbsp;&nbsp; (156560514) | &nbsp;&nbsp; (1866996) | &nbsp;&nbsp; (135092385) |
| Net Increase/(Decrease) | 1411195 | &nbsp;&nbsp; $97402453 | &nbsp;&nbsp; 950904 | &nbsp;&nbsp; $67133613 |

---

**7. Purchases and Sales of Investment Securities**

For the year ended December 31, 2025, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as

applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $357165562 | &nbsp;&nbsp;&nbsp;&nbsp; $391017324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**8. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Portfolio's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client

consents, and approval by Janus Henderson's shareholders. Management is assessing the impact to the portfolios.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 and through the date of issuance of the Portfolio's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Portfolio's financial statements.

Janus Aspen Series \| 23

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**Janus Henderson Enterprise Portfolio**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Aspen Series and Shareholders of Janus Henderson VIT Enterprise Portfolio

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson VIT Enterprise Portfolio (one of the portfolios constituting Janus Aspen Series, referred to hereafter as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 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 Portfolio as of December 31, 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 December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 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 Portfolio's management. Our responsibility is to express an opinion on the Portfolio'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 Portfolio 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 December 31, 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.

![](img847a7fc72.jpg)

Denver, Colorado

February 18, 2026

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

24 \| December 31, 2025

------

**Janus Henderson Enterprise Portfolio**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Portfolio designated the following for the year ended December 31, 2025:

---

| | |
|:---|:---|
| Section 163(j) Interest Dividend | 6% |
| Capital Gain Distributions | $142788963 |
| Dividends Received Deduction Percentage | 68% |

---

Janus Aspen Series \| 25

------

**Janus Henderson VIT Enterprise Portfolio**

**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 portfolios in the Janus Aspen Series. Annual retainer fees and attendance fees are allocated to each portfolio based on net assets. Trustees fees paid by the portfolio are within

Item 7. Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

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

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

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

26 \| December 31, 2025

------

**Janus Henderson VIT Enterprise Portfolio**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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

• For Janus Henderson Balanced Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Enterprise Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

Janus Aspen Series \| 27

------

**Janus Henderson VIT Enterprise Portfolio**

**Additional Information (unaudited)**

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Global Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025, and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the additional resources added by the Adviser to support the Portfolio's portfolio management.

• For Janus Henderson Global Technology and Innovation Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Overseas Portfolio, the Trustees noted that the Portfolio's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

28 \| December 31, 2025

------

**Janus Henderson VIT Enterprise Portfolio**

**Additional Information (unaudited)**

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

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

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional/separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Portfolio's total expenses, net of applicable fee waivers (the Portfolio's "total expenses") as reflected in the comparative information provided by Broadridge:

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

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that although the Portfolio's total expenses exceeded the peer group for one share class, overall the Portfolio's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Portfolio's expenses, although this limit did not apply because the Portfolio's total expenses were already below the applicable fee limit.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

Janus Aspen Series \| 29

------

**Janus Henderson VIT Enterprise Portfolio**

**Additional Information (unaudited)**

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

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

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

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

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

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

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by 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,

30 \| December 31, 2025

------

**Janus Henderson VIT Enterprise Portfolio**

**Additional Information (unaudited)**

taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They 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

Janus Aspen Series \| 31

------

**Janus Henderson VIT Enterprise Portfolio**

**Additional Information (unaudited)**

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.

32 \| December 31, 2025

------

**Janus Henderson VIT Enterprise Portfolio**

**Notes**

Janus Aspen Series \| 33

------

![](img4ebe5be33.gif)

*This report is submitted for the general information of shareholders of the Portfolio. It is not an offer or solicitation for the Portfolio 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

109-02-81116 02-26

------

ANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson VIT Flexible Bond Portfolio**

Janus Aspen Series

![](img297fa8641.gif)

------

**Table of Contents**

**Janus Henderson VIT Flexible Bond Portfolio** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_a4aba530-75e9-4931-b35f-3f15c6b07a2d_SOI-SOI-RunningFooter-54_1)<br> [Management Investment Companies](#xx_a4aba530-75e9-4931-b35f-3f15c6b07a2d_SOI-SOI-RunningFooter-54_1)<br>|  |
| [Schedule of Investments](#xx_a4aba530-75e9-4931-b35f-3f15c6b07a2d_SOI-SOI-RunningFooter-54_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_a4aba530-75e9-4931-b35f-3f15c6b07a2d_SOI-SOI-RunningFooter-54_18) | 18 |
| [Statement of Assets and Liabilities](#xx_a4aba530-75e9-4931-b35f-3f15c6b07a2d_SAL-SAL-RunningFooter-54_1) | 20 |
| [Statement of Operations](#xx_a4aba530-75e9-4931-b35f-3f15c6b07a2d_SOP-SOP-RunningFooter-54_1) | 21 |
| [Statements of Changes in Net Assets](#xx_a4aba530-75e9-4931-b35f-3f15c6b07a2d_SOC-SOC-RunningFooter-54_1) | 22 |
| [Financial Highlights](#xx_a4aba530-75e9-4931-b35f-3f15c6b07a2d_FIHI-FIHI-RunningFooter-54_1) | 23 |
| [Notes to Financial Statements](#xx_a4aba530-75e9-4931-b35f-3f15c6b07a2d_NTF-NTF-RunningFooter-54_1) | 25 |
| [Report of Independent Registered Public Accounting Firm](#xx_a4aba530-75e9-4931-b35f-3f15c6b07a2d_AUD-AR-RunningFooter-54_1) | 41 |
| [Designation Requirements](#xx_a4aba530-75e9-4931-b35f-3f15c6b07a2d_DR-DR-RunningFooter-54_1) | 42 |
| [Items 8-11 - Additional Information](#xx_a4aba530-75e9-4931-b35f-3f15c6b07a2d_AI-AI-RunningFooter-54_1) | 43 |

---

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**Janus Henderson VIT Flexible Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – 32.5% |  |  |
| 208 Park Avenue Mortgage Trust 2017-280P, CME Term SOFR 1 Month + <br> 1.1800%, 4.9580%, 9/15/34<sup>ž,</sup><sup>‡</sup> <br>| $629029 | $624188 |
| A&D Mortgage Trust 2024-NQM5 A1, 5.6990%, 11/25/69<sup>ž</sup> <br>| 514103 | 517585 |
| Affirm Master Trust 2025-3A A, 4.4500%, 10/16/34<sup>ž</sup> <br>| 725000 | 725644 |
| AGL CLO 1 Ltd 2023-26A A1R, CME Term SOFR 3 Month + 1.2800%, <br> 5.1500%, 10/21/38<sup>ž,</sup><sup>‡</sup> <br>| 2303000 | 2309467 |
| ALA Trust 2025-OANA A, CME Term SOFR 1 Month + 1.7426%, 5.4936%, <br> 6/15/40<sup>ž,</sup><sup>‡</sup> <br>| 1398000 | 1401999 |
| ALA Trust 2025-OANA B, CME Term SOFR 1 Month + 1.8425%, 5.5935%, <br> 6/15/40<sup>ž,</sup><sup>‡</sup> <br>| 478000 | 479846 |
| Angel Oak Mortgage Trust I LLC 2019-5, 2.5930%, 10/25/49<sup>ž,</sup><sup>‡</sup> <br>| 18673 | 18498 |
| 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>| 15993 | 15845 |
| Angel Oak Mortgage Trust I LLC 2020-2, Refinitiv USD IBOR Consumer Cash <br> Fallbacks 1 Year + 2.2000%, 2.5310%, 1/26/65<sup>ž,</sup><sup>‡</sup> <br>| 307984 | 291700 |
| 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>| 88271 | 85204 |
| Angel Oak Mortgage Trust I LLC 2024-5 A1, 4.9500%, 7/25/68<sup>ž,</sup><sup>Ç</sup> <br>| 1320376 | 1321001 |
| Angel Oak Mortgage Trust I LLC 2025-6 A1, 5.5150%, 4/25/70<sup>ž,</sup><sup>Ç</sup> <br>| 967714 | 976409 |
| Ansley Park Capital LLC 2025-A A2, 4.4300%, 4/20/35<sup>ž</sup> <br>| 640000 | 642888 |
| Aqua Finance Trust 2021-A A, 1.5400%, 7/17/46<sup>ž</sup> <br>| 114564 | 105244 |
| Babson CLO Ltd LP-5A A, CME Term SOFR 3 Month + 1.2200%, 5.1044%, <br> 1/22/35<sup>ž,</sup><sup>‡</sup> <br>| 1571653 | 1572194 |
| Bain Capital Credit CLO Ltd 2023-3A A1R, CME Term SOFR 3 Month + <br> 1.3100%, 5.1754%, 10/25/38<sup>ž,</sup><sup>‡</sup> <br>| 1328000 | 1331366 |
| Ballyrock Ltd 2020-14A A1BR, CME Term SOFR 3 Month + 1.5800%, 5.4644%, <br> 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 270000 | 270958 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR2 E, 1.2731%, <br> 7/27/50<sup>ž,</sup><sup>‡</sup> <br>| 441000 | 382202 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR3 E, 0.4876%, <br> 1/27/50<sup>ž,</sup><sup>‡</sup> <br>| 563509 | 515286 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR4 E, 0.0114%, <br> 11/27/48<sup>ž,</sup><sup>‡</sup> <br>| 131000 | 130314 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR4 F, 0.0107%, <br> 11/27/48<sup>ž,</sup><sup>‡</sup> <br>| 258896 | 257354 |
| Bank 2018-BN12 A4, 4.2550%, 5/15/61<sup>‡</sup> <br>| 260123 | 260199 |
| Bayview Opportunity Master Fund 2021-4 A11, US 30 Day Average SOFR + <br> 0.8500%, 4.7242%, 10/25/51<sup>ž,</sup><sup>‡</sup> <br>| 854947 | 795235 |
| Bayview Opportunity Master Fund 2021-5 AF, US 30 Day Average SOFR + <br> 0.8500%, 4.7242%, 11/25/51<sup>ž,</sup><sup>‡</sup> <br>| 856111 | 796556 |
| Bayview Opportunity Master Fund 2022-2 A1, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 663869 | 578829 |
| Bayview Opportunity Master Fund VII 2025-EDU1 B, US 30 Day Average SOFR + <br> 1.7000%, 5.5742%, 7/27/48<sup>ž,</sup><sup>‡</sup> <br>| 369551 | 369051 |
| Benefit Street Partners CLO Ltd 2018-15A A1R, CME Term SOFR 3 Month + <br> 1.3900%, 5.2945%, 7/15/37<sup>ž,</sup><sup>‡</sup> <br>| 2122000 | 2129826 |
| 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>| 1880000 | 1884039 |
| BLP Commercial Mortgage Trust 2025-IND A, CME Term SOFR 1 Month + <br> 1.2000%, 4.9501%, 3/17/42<sup>ž,</sup><sup>‡</sup> <br>| 1453158 | 1442546 |
| BLP Commercial Mortgage Trust 2025-IND2 A, CME Term SOFR 1 Month + <br> 1.5000%, 5.2501%, 12/15/42<sup>ž,</sup><sup>‡</sup> <br>| 866000 | 866348 |
| Boca Commercial Mortgage Trust 2025-BOCA A, CME Term SOFR 1 Month + <br> 1.6000%, 5.4500%, 12/15/42<sup>ž,</sup><sup>‡</sup> <br>| 990000 | 991208 |
| BPR Trust 2023-BRK2 A, 6.8990%, 10/5/38<sup>ž,</sup><sup>‡</sup> <br>| 1289000 | 1345535 |
| BPR Trust 2024-PMDW A, 5.3580%, 11/5/41<sup>ž,</sup><sup>‡</sup> <br>| 1697946 | 1736923 |
| BPR Trust 2024-PMDW D, 5.8500%, 11/5/41<sup>ž,</sup><sup>‡</sup> <br>| 651000 | 649595 |
| BPR Trust 2025-STAR A, 4.9471%, 11/5/42<sup>ž,</sup><sup>‡</sup> <br>| 750000 | 753355 |
| Brean Asset Backed Securities Trust 2024-RM8 A1, 4.5000%, 5/25/64<sup>ž</sup> <br>| 814660 | 803732 |
| BX Commercial Mortgage Trust 2019-OC11, 3.6050%, 12/9/41<sup>ž</sup> <br>| 222000 | 210215 |
| BX Commercial Mortgage Trust 2019-OC11, 3.8560%, 12/9/41<sup>ž</sup> <br>| 614000 | 581663 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 1

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| BX Commercial Mortgage Trust 2021-LBA AJV, CME Term SOFR 1 Month + <br> 0.9145%, 4.6655%, 2/15/36<sup>ž,</sup><sup>‡</sup> <br>| $848000 | $846447 |
| BX Commercial Mortgage Trust 2021-LBA AV, CME Term SOFR 1 Month + <br> 0.9145%, 4.6655%, 2/15/36<sup>ž,</sup><sup>‡</sup> <br>| 762341 | 760650 |
| BX Commercial Mortgage Trust 2024-AIR2 A, CME Term SOFR 1 Month + <br> 1.4923%, 5.2433%, 10/15/41<sup>ž,</sup><sup>‡</sup> <br>| 1611423 | 1612968 |
| BX Commercial Mortgage Trust 2024-AIRC A, CME Term SOFR 1 Month + <br> 1.6912%, 5.4414%, 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 2076481 | 2078506 |
| BX Commercial Mortgage Trust 2024-AIRC C, CME Term SOFR 1 Month + <br> 2.5900%, 6.3401%, 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 640358 | 641114 |
| BX Commercial Mortgage Trust 2024-BRBK A, CME Term SOFR 1 Month + <br> 2.8796%, 6.6139%, 10/15/41<sup>ž,</sup><sup>‡</sup> <br>| 720832 | 724123 |
| BX Commercial Mortgage Trust 2024-GPA3 A, CME Term SOFR 1 Month + <br> 1.2928%, 5.0429%, 12/15/39<sup>ž,</sup><sup>‡</sup> <br>| 815587 | 815278 |
| BX Commercial Mortgage Trust 2024-GPA3 B, CME Term SOFR 1 Month + <br> 1.6423%, 5.3925%, 12/15/39<sup>ž,</sup><sup>‡</sup> <br>| 375644 | 375694 |
| BX Commercial Mortgage Trust 2024-VLT4 A, CME Term SOFR 1 Month + <br> 1.4914%, 5.2415%, 6/17/41<sup>ž,</sup><sup>‡</sup> <br>| 1494815 | 1492703 |
| BX Commercial Mortgage Trust 2024-VLT5 A, 5.4104%, 11/13/46<sup>ž,</sup><sup>‡</sup> <br>| 1807000 | 1827202 |
| BX Commercial Mortgage Trust 2024-VLT5 B, 5.8015%, 11/13/46<sup>ž,</sup><sup>‡</sup> <br>| 466000 | 473851 |
| BX Commercial Mortgage Trust 2024-VLT5 C, 6.1920%, 11/13/46<sup>ž,</sup><sup>‡</sup> <br>| 220000 | 224522 |
| BX Commercial Mortgage Trust 2025-ARIA A, 5.0311%, 12/13/42<sup>ž,</sup><sup>‡</sup> <br>| 1558000 | 1567672 |
| BX Commercial Mortgage Trust 2025-DIME A, CME Term SOFR 1 Month + <br> 1.1500%, 4.9001%, 2/15/35<sup>ž,</sup><sup>‡</sup> <br>| 1452000 | 1447200 |
| BX Commercial Mortgage Trust 2025-GW A, CME Term SOFR 1 Month + <br> 1.6000%, 5.3500%, 7/15/42<sup>ž,</sup><sup>‡</sup> <br>| 608000 | 608448 |
| BX Commercial Mortgage Trust 2025-GW B, CME Term SOFR 1 Month + <br> 1.8500%, 5.6000%, 7/15/42<sup>ž,</sup><sup>‡</sup> <br>| 1662000 | 1663504 |
| BX Commercial Mortgage Trust 2025-ROIC A, CME Term SOFR 1 Month + <br> 1.1438%, 4.8940%, 3/15/30<sup>ž,</sup><sup>‡</sup> <br>| 1824883 | 1821858 |
| BX Commercial Mortgage Trust 2025-ROIC B, CME Term SOFR 1 Month + <br> 1.3935%, 5.1436%, 3/15/30<sup>ž,</sup><sup>‡</sup> <br>| 399442 | 397676 |
| BX Commercial Mortgage Trust 2025-VLT7 A, CME Term SOFR 1 Month + <br> 1.7000%, 5.4501%, 7/15/44<sup>ž,</sup><sup>‡</sup> <br>| 2820000 | 2820479 |
| Carlyle Global Markets Strategies 2018-4A A2R, CME Term SOFR 3 Month + <br> 1.5600%, 5.4416%, 10/19/37<sup>ž,</sup><sup>‡</sup> <br>| 1898000 | 1902582 |
| Carlyle Global Markets Strategies 2023-2A A1R, CME Term SOFR 3 Month + <br> 1.3200%, 5.2044%, 7/20/38<sup>ž,</sup><sup>‡</sup> <br>| 2014000 | 2021278 |
| CART 2024-DFW1 A, CME Term SOFR 1 Month + 1.6417%, 5.3919%, <br> 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 993000 | 991331 |
| CART 2024-DFW1 B, CME Term SOFR 1 Month + 2.2908%, 6.0409%, <br> 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 729739 | 728846 |
| CBAMR Ltd 2018-5A A1R, CME Term SOFR 3 Month + 1.3400%, 5.4523%, <br> 10/18/38<sup>ž,</sup><sup>‡</sup> <br>| 892000 | 894252 |
| CF Hippolyta Issuer LLC 2020-1 B1, 2.2800%, 7/15/60<sup>ž</sup> <br>| 134918 | 83839 |
| CF Hippolyta Issuer LLC 2021-1A A1, 1.5300%, 3/15/61<sup>ž</sup> <br>| 1119455 | 901649 |
| CF Hippolyta Issuer LLC 2021-1A B1, 1.9800%, 3/15/61<sup>ž</sup> <br>| 321375 | 196324 |
| CF Hippolyta Issuer LLC 2022-1A A1, 5.9700%, 8/15/62<sup>ž</sup> <br>| 1002889 | 990942 |
| CF Hippolyta Issuer LLC 2022-1A A2, 6.1100%, 8/15/62<sup>ž</sup> <br>| 2960532 | 2920018 |
| Chase Mortgage Finance Corp 2021-CL1 M1, US 30 Day Average SOFR + <br> 1.2000%, 5.0742%, 2/25/50<sup>ž,</sup><sup>‡</sup> <br>| 418275 | 414645 |
| 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>| 1469000 | 1473113 |
| Citigroup Mortgage Loan Trust Inc 2025-LTV1 A1, 5.2370%, 12/25/55<sup>ž,</sup><sup>‡</sup> <br>| 1252000 | 1253001 |
| Compass Datacenters Issuer II LLC 2024-2A A1, 5.0220%, 8/25/49<sup>ž</sup> <br>| 201000 | 201497 |
| Compass Datacenters Issuer II LLC 2025-1A A1, 5.3160%, 5/25/50<sup>ž</sup> <br>| 3544000 | 3579375 |
| Compass Datacenters Issuer III LLC 2025-1A A2, 5.6560%, 2/25/50<sup>ž</sup> <br>| 1228000 | 1241027 |
| Compass Datacenters Issuer III LLC 2025-2A A2, 5.8350%, 2/25/50<sup>ž</sup> <br>| 764000 | 774437 |
| Connecticut Avenue Securities Trust 2021-R03 1M1, US 30 Day Average SOFR <br> + 0.8500%, 4.7242%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 30804 | 30806 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Connecticut Avenue Securities Trust 2021-R03 1M2, US 30 Day Average SOFR <br> + 1.6500%, 5.5242%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| $609475 | $612237 |
| Connecticut Avenue Securities Trust 2022-R01 1B1, US 30 Day Average SOFR + <br> 3.1500%, 7.0242%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 2186000 | 2223613 |
| Connecticut Avenue Securities Trust 2022-R02 2M2, US 30 Day Average SOFR <br> + 3.0000%, 6.8742%, 1/27/42<sup>ž,</sup><sup>‡</sup> <br>| 804000 | 818549 |
| Connecticut Avenue Securities Trust 2022-R05 2M1, US 30 Day Average SOFR <br> + 1.9000%, 5.7742%, 4/25/42<sup>ž,</sup><sup>‡</sup> <br>| 16372 | 16385 |
| Connecticut Avenue Securities Trust 2023-R06 1M1, US 30 Day Average SOFR <br> + 1.7000%, 5.5742%, 7/27/43<sup>ž,</sup><sup>‡</sup> <br>| 324164 | 325073 |
| Connecticut Avenue Securities Trust 2023-R07 2M1, US 30 Day Average SOFR <br> + 1.9500%, 5.8242%, 9/25/43<sup>ž,</sup><sup>‡</sup> <br>| 134472 | 135003 |
| Connecticut Avenue Securities Trust 2023-R08 1M1, US 30 Day Average SOFR <br> + 1.5000%, 5.3742%, 10/26/43<sup>ž,</sup><sup>‡</sup> <br>| 270304 | 270668 |
| Connecticut Avenue Securities Trust 2024-R01 1M1, US 30 Day Average SOFR <br> + 1.0500%, 4.9242%, 1/25/44<sup>ž,</sup><sup>‡</sup> <br>| 294999 | 294847 |
| Connecticut Avenue Securities Trust 2024-R03 2M1, US 30 Day Average SOFR <br> + 1.1500%, 5.0242%, 3/25/44<sup>ž,</sup><sup>‡</sup> <br>| 178857 | 178994 |
| Connecticut Avenue Securities Trust 2024-R04 1M1, US 30 Day Average SOFR <br> + 1.1000%, 4.9742%, 5/25/44<sup>ž,</sup><sup>‡</sup> <br>| 195160 | 195123 |
| Connecticut Avenue Securities Trust 2024-R05 2M1, US 30 Day Average SOFR <br> + 1.0000%, 4.8742%, 7/25/44<sup>ž,</sup><sup>‡</sup> <br>| 80809 | 80776 |
| Connecticut Avenue Securities Trust 2025-R01 1M1, US 30 Day Average SOFR <br> + 1.1000%, 4.9742%, 1/25/45<sup>ž,</sup><sup>‡</sup> <br>| 173964 | 174034 |
| Connecticut Avenue Securities Trust 2025-R02 1M1, US 30 Day Average SOFR <br> + 1.1500%, 5.0242%, 2/27/45<sup>ž,</sup><sup>‡</sup> <br>| 309904 | 309809 |
| Connecticut Avenue Securities Trust 2025-R04 1M1, US 30 Day Average SOFR <br> + 1.2000%, 5.0742%, 5/25/45<sup>ž,</sup><sup>‡</sup> <br>| 891710 | 892547 |
| Connecticut Avenue Securities Trust 2025-R05 2M1, US 30 Day Average SOFR <br> + 1.2000%, 5.0742%, 7/25/45<sup>ž,</sup><sup>‡</sup> <br>| 530884 | 531187 |
| COOPR Residential Mortgage Trust 2025-CES2 A1A, 5.5020%, 6/25/60<sup>ž,</sup><sup>Ç</sup> <br>| 376013 | 379144 |
| COOPR Residential Mortgage Trust 2025-CES3 A1A, 4.8400%, 9/25/60<sup>ž,</sup><sup>Ç</sup> <br>| 789704 | 795651 |
| COOPR Residential Mortgage Trust 2025-CES4 A1A, 5.0400%, 11/25/60<sup>ž,</sup><sup>Ç</sup> <br>| 311518 | 311820 |
| CPF IV LLC / CP EF Asset Securitization LLC 2023-1A A, 7.4800%, 3/15/32<sup>ž</sup> <br>| 113365 | 114318 |
| CPT Mortgage Trust 2019-CPT F, 2.9968%, 11/13/39<sup>ž,</sup><sup>‡</sup> <br>| 1452000 | 1133351 |
| Croton Park CLO Ltd, CME Term SOFR 3 Month + 1.5600%, 5.4645%, <br> 10/15/36<sup>ž,</sup><sup>‡</sup> <br>| 994000 | 996186 |
| CyrusOne Data Centers Issuer I LLC 2023-1A B, 5.4500%, 4/20/48<sup>ž</sup> <br>| 266395 | 264497 |
| CyrusOne Data Centers Issuer I LLC 2024-1A A2, 4.7600%, 3/22/49<sup>ž</sup> <br>| 570666 | 562331 |
| CyrusOne Data Centers Issuer I LLC 2024-2A A2, 4.5000%, 5/20/49<sup>ž</sup> <br>| 742000 | 724049 |
| CyrusOne Data Centers Issuer I LLC 2024-3A A2, 4.6500%, 5/20/49<sup>ž</sup> <br>| 1761000 | 1690097 |
| DATA Mortgage Trust 2024-CTR2 A, 5.2990%, 5/10/46<sup>ž,</sup><sup>‡</sup> <br>| 206594 | 207482 |
| DB Master Finance LLC 2017-1A A2II, 4.0300%, 11/20/47<sup>ž</sup> <br>| 305348 | 302914 |
| DC Commercial Mortgage Trust 2023-DC B, 6.8043%, 9/12/40<sup>ž</sup> <br>| 1014152 | 1044400 |
| DI Issuer LLC 2025-1A A2, 5.3100%, 12/15/55<sup>ž</sup> <br>| 496000 | 497634 |
| Diamond Infrastructure Funding LLC 2021-1A A, 1.7600%, 4/15/49<sup>ž</sup> <br>| 1183000 | 1149883 |
| Ellington Financial Mortgage Trust 2025-RTL1 A1, 5.2210%, 11/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 606000 | 607131 |
| Elmwood CLO X Ltd 2021-3A AR2, CME Term SOFR 3 Month + 1.3000%, <br> 5.1844%, 7/20/38<sup>ž,</sup><sup>‡</sup> <br>| 1362000 | 1366377 |
| Fannie Mae REMICS 2018-27 EA, 3.0000%, 5/25/48 | 679475 | 615790 |
| Fannie Mae REMICS 2019-71 P, 3.0000%, 11/25/49 | 704196 | 632755 |
| FIGRE Trust 2024-HE2 A, 6.3800%, 5/25/54<sup>ž,</sup><sup>‡</sup> <br>| 452779 | 462068 |
| FIGRE Trust 2024-HE4 A, 5.0560%, 9/25/54<sup>ž,</sup><sup>‡</sup> <br>| 599807 | 601927 |
| FIGRE Trust 2025-FL1 A1, 5.2650%, 7/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 794389 | 794145 |
| FIGRE Trust 2025-HE2 A, 5.7750%, 3/25/55<sup>ž,</sup><sup>‡</sup> <br>| 669766 | 677099 |
| FIGRE Trust 2025-HE3 A, 5.5600%, 5/25/55<sup>ž,</sup><sup>‡</sup> <br>| 717351 | 724571 |
| FIGRE Trust 2025-HE4 A, 5.4080%, 7/25/55<sup>ž,</sup><sup>‡</sup> <br>| 321735 | 323792 |
| FIGRE Trust 2025-HE5 A, 5.2850%, 8/25/55<sup>ž,</sup><sup>‡</sup> <br>| 505858 | 507497 |
| FIGRE Trust 2025-HE6 A, 5.0440%, 9/25/55<sup>ž,</sup><sup>‡</sup> <br>| 366848 | 365517 |
| FIGRE Trust 2025-PF2 A, 5.0170%, 10/25/55<sup>ž,</sup><sup>‡</sup> <br>| 1402944 | 1395027 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 3

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Finance of America Structured Securities Trust 2025-S1 A1, 3.5000%, 2/25/75<sup>ž</sup> <br>| $559012 | $543183 |
| Flagstar Mortgage Trust 2021-13IN A2, 3.0000%, 12/30/51<sup>ž,</sup><sup>‡</sup> <br>| 1788086 | 1559698 |
| Foundation Finance Trust 2025-2A A, 4.6700%, 4/15/52<sup>ž</sup> <br>| 799737 | 802880 |
| Foundation Finance Trust 2025-3A A, 4.5600%, 8/15/52<sup>ž</sup> <br>| 705225 | 707252 |
| Freddie Mac - SLST 2020-2 M1, 4.7500%, 9/25/60<sup>ž,</sup><sup>‡</sup> <br>| 127772 | 127115 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA3 M2, US <br> 30 Day Average SOFR + 2.1000%, 5.9742%, 9/25/41<sup>ž,</sup><sup>‡</sup> <br>| 306930 | 309460 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA4 M2, US <br> 30 Day Average SOFR + 2.3500%, 6.2242%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 1639000 | 1660145 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 M2, US <br> 30 Day Average SOFR + 3.7500%, 7.6242%, 2/25/42<sup>ž,</sup><sup>‡</sup> <br>| 141786 | 146104 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA3 M2, <br> 8.4218%, 4/25/42<sup>ž</sup> <br>| 101525 | 105699 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA1 M1A, US <br> 30 Day Average SOFR + 2.1000%, 5.9742%, 3/25/42<sup>ž,</sup><sup>‡</sup> <br>| 92753 | 92942 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A, US <br> 30 Day Average SOFR + 2.1000%, 5.9652%, 4/27/43<sup>ž,</sup><sup>‡</sup> <br>| 229843 | 232359 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA2 M1A, US <br> 30 Day Average SOFR + 2.0000%, 5.8742%, 6/25/43<sup>ž,</sup><sup>‡</sup> <br>| 20153 | 20205 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 M1, US <br> 30 Day Average SOFR + 1.8500%, 5.7242%, 11/25/43<sup>ž,</sup><sup>‡</sup> <br>| 299657 | 300675 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA2 M1, US <br> 30 Day Average SOFR + 1.2000%, 5.0742%, 5/25/44<sup>ž,</sup><sup>‡</sup> <br>| 494995 | 495280 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA3 M1, US <br> 30 Day Average SOFR + 1.0000%, 4.8742%, 10/25/44<sup>ž,</sup><sup>‡</sup> <br>| 4000 | 4000 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA1 M1, US <br> 30 Day Average SOFR + 1.0500%, 4.9242%, 1/25/45<sup>ž,</sup><sup>‡</sup> <br>| 335213 | 335131 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA2 M1, US <br> 30 Day Average SOFR + 1.2000%, 5.0742%, 5/25/45<sup>ž,</sup><sup>‡</sup> <br>| 218569 | 218552 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA3 M1, US <br> 30 Day Average SOFR + 1.1000%, 4.9742%, 9/25/45<sup>ž,</sup><sup>‡</sup> <br>| 240053 | 240194 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-HQA1 M1, US <br> 30 Day Average SOFR + 1.1500%, 5.0242%, 2/27/45<sup>ž,</sup><sup>‡</sup> <br>| 678661 | 678292 |
| FREMF Mortgage Trust 2023-K511 C, 5.6345%, 11/25/28<sup>ž,</sup><sup>‡</sup> <br>| 310000 | 291791 |
| GCAT 2023-INV1 A1, 6.0000%, 8/25/53<sup>ž,</sup><sup>‡</sup> <br>| 1014342 | 1031610 |
| Golden Tree Loan Management US CLO1 Ltd 2023-17A AR, CME Term SOFR 3 <br> Month + 1.2800%, 5.1644%, 1/20/39<sup>ž,</sup><sup>‡</sup> <br>| 1584000 | 1588075 |
| Gracie Point International Funding 2024-1A A, US 90 Day Average SOFR + <br> 1.7000%, 5.8902%, 3/1/28<sup>ž,</sup><sup>‡</sup> <br>| 446000 | 446337 |
| Gracie Point International Funding 2025-1A A, US 30 Day Average SOFR + <br> 1.5000%, 5.5247%, 8/15/28<sup>ž,</sup><sup>‡</sup> <br>| 820000 | 821333 |
| Great Wolf Trust 2024-WLF2 A, CME Term SOFR 1 Month + 1.6912%, 5.4414%, <br> 5/15/41<sup>ž,</sup><sup>‡</sup> <br>| 1795000 | 1797389 |
| GS Mortgage Securities Trust 2018-GS10, 4.1550%, 7/10/51<sup>‡</sup> <br>| 371605 | 367103 |
| GS Mortgage Securities Trust 2018-GS9, 3.9920%, 3/10/51<sup>‡</sup> <br>| 618450 | 614544 |
| GS Mortgage Securities Trust 2025-800D A, CME Term SOFR 1 Month + <br> 2.6500%, 6.3845%, 11/25/41<sup>ž,</sup><sup>‡</sup> <br>| 2129000 | 2131613 |
| GS Mortgage-Backed Securities Trust 2025-CES2 A1, 5.1800%, 9/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 1040725 | 1043646 |
| Hertz Vehicle Financing LLC 2025-5A A, 4.6200%, 5/25/30<sup>ž</sup> <br>| 613000 | 613466 |
| Homeward Opportunities Fund I Trust 2024-RRTL2 A1, 5.9890%, 9/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 704000 | 707011 |
| Homeward Opportunities Fund I Trust 2024-RTL1 A1, 7.1200%, 7/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 1520000 | 1523707 |
| Homeward Opportunities Fund I Trust 2025-RRTL1 A1, 5.4760%, 3/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 998000 | 1003091 |
| Homeward Opportunities Fund I Trust 2025-RRTL2 A1, 5.2370%, 9/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 450000 | 451947 |
| Hudson's Bay Simon JV Trust 2015-HB10 A10, 4.1545%, 8/5/34<sup>ž</sup> <br>| 329000 | 319951 |
| JP Morgan Mortgage Trust 2025-5MPR A1D, 5.5000%, 11/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 401681 | 403298 |
| KRE Commercial Mortgage Trust 2025-AIP4 A, CME Term SOFR 1 Month + <br> 1.3000%, 5.0501%, 3/17/42<sup>ž,</sup><sup>‡</sup> <br>| 1291000 | 1288864 |
| Lendbuzz Securitization Trust 2023-1A A2, 6.9200%, 8/15/28<sup>ž</sup> <br>| 119814 | 120978 |
| Lex Commercial Loan Master Trust 2024-BBG A, 4.8736%, 10/13/33<sup>ž,</sup><sup>‡</sup> <br>| 376000 | 378409 |
| LHOME Mortgage Trust 2024-RTL2 A1, 7.1280%, 3/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 387030 | 389248 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| December 31, 2025

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| LHOME Mortgage Trust 2024-RTL3 A1, 6.9000%, 5/25/29<sup>ž,</sup><sup>Ç</sup> <br>| $493034 | $497538 |
| LHOME Mortgage Trust 2024-RTL4 A1, 5.9210%, 7/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 1506328 | 1519448 |
| LHOME Mortgage Trust 2025-RTL3 A1, 5.2390%, 8/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 460000 | 462413 |
| Life Financial Services Trust 2021-BMR C, CME Term SOFR 1 Month + 1.2145%, <br> 4.9645%, 3/15/38<sup>ž,</sup><sup>‡</sup> <br>| 112353 | 111891 |
| Life Financial Services Trust 2022-BMR2 A1, CME Term SOFR 1 Month + <br> 1.2952%, 5.0454%, 5/16/39<sup>ž,</sup><sup>‡</sup> <br>| 1237000 | 1190168 |
| M&T Equipment Notes 2023-1A A3, 5.7400%, 7/15/30<sup>ž</sup> <br>| 162476 | 163430 |
| Madison Park Funding Ltd 2019-34A A2RR, CME Term SOFR 3 Month + <br> 1.6000%, 5.4936%, 10/16/37<sup>ž,</sup><sup>‡</sup> <br>| 730000 | 731744 |
| Madison Park Funding Ltd 2022-55A A1R, CME Term SOFR 3 Month + <br> 1.3600%, 5.2444%, 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 2161667 | 2169034 |
| Madison Park Funding Ltd 2022-62A A1R2, CME Term SOFR 3 Month + <br> 1.3000%, 5.1936%, 7/16/38<sup>ž,</sup><sup>‡</sup> <br>| 1526000 | 1530453 |
| 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>| 1650000 | 1654596 |
| 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>| 1160000 | 1163168 |
| 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>| 604228 | 563725 |
| 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>| 791527 | 738776 |
| Mello Mortgage Capital Acceptance Trust 2024-SD1 A1, 4.0000%, 4/25/54<sup>ž,</sup><sup>Ç</sup> <br>| 430894 | 425758 |
| Morgan Stanley Capital I Trust 2016-UB11, 2.7820%, 8/15/49 | 594000 | 587889 |
| Morgan Stanley Capital I Trust 2018-H3, 4.1770%, 7/15/51 | 590372 | 589414 |
| Morgan Stanley Capital I Trust 2018-H4, 4.3100%, 12/15/51 | 883008 | 879459 |
| 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>| 584136 | 570903 |
| MVW Owner Trust 2025-2A A, 4.4800%, 10/20/44<sup>ž</sup> <br>| 220194 | 219715 |
| 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>| 1390830 | 1395680 |
| 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>| 120785 | 120201 |
| 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>| 791765 | 793867 |
| New Residential Mortgage Loan Trust 2024-RTL2 A1, 5.4430%, 9/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 584000 | 590466 |
| NRTH PARK Mortgage Trust 2025-PARK A, CME Term SOFR 1 Month + <br> 1.3933%, 5.1434%, 10/15/40<sup>ž,</sup><sup>‡</sup> <br>| 1210000 | 1210012 |
| NRZ Excess Spread Collateralized Notes 2021-FHT1 A, 3.1040%, 7/25/26<sup>ž</sup> <br>| 245399 | 242019 |
| NRZ Excess Spread Collateralized Notes 2024-FNT1 A, 7.3980%, 11/25/31<sup>ž,</sup><sup>Ç</sup> <br>| 667316 | 673978 |
| Oak Hill Credit Partners 2020-7A A1R2, CME Term SOFR 3 Month + 1.2800%, <br> 5.1644%, 7/19/38<sup>ž,</sup><sup>‡</sup> <br>| 1500000 | 1504107 |
| Oak Hill Credit Partners 2021-9A A2R, CME Term SOFR 3 Month + 1.5800%, <br> 5.4644%, 10/19/37<sup>ž,</sup><sup>‡</sup> <br>| 1058000 | 1060380 |
| Oak Street Investment Grade Net Lease Fund 2020-1A A1, 1.8500%, 11/20/50<sup>ž</sup> <br>| 603598 | 555139 |
| Oasis Securitization 2024-1A A, 5.8800%, 9/30/38<sup>§</sup> <br>| 301000 | 301119 |
| Oasis Securitization 2025-1A A, 6.3550%, 8/15/39<sup>ž</sup> <br>| 858000 | 864310 |
| OCP CLO Ltd 2020-18A A2R2, CME Term SOFR 3 Month + 1.5700%, 5.4544%, <br> 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 503005 | 504124 |
| 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>| 808000 | 810229 |
| Octagon Investment Partners 42 Ltd 2019-3A A2RR, CME Term SOFR 3 Month <br> + 1.5600%, 5.4645%, 7/15/37<sup>ž,</sup><sup>‡</sup> <br>| 250000 | 250547 |
| Onslow Bay Financial LLC 2022-INV1 A1, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 278770 | 243189 |
| Onslow Bay Financial LLC 2022-INV1 A18, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 737928 | 638533 |
| Pretium Mortgage Credit Partners LLC 2025-RPL1 A1, 4.0000%, 7/25/69<sup>ž,</sup><sup>Ç</sup> <br>| 711419 | 689838 |
| Pretium Mortgage Credit Partners LLC 2025-RPL2 A1, 4.0000%, 8/25/64<sup>ž,</sup><sup>Ç</sup> <br>| 794102 | 783019 |
| Pretium Mortgage Credit Partners LLC 2025-RPL5 A1, 4.1500%, 1/25/70<sup>ž,</sup><sup>Ç</sup> <br>| 1225785 | 1204080 |
| PRP Advisors LLC 2024-RCF2 A1, 3.7500%, 3/25/54<sup>ž,</sup><sup>Ç</sup> <br>| 285952 | 282356 |
| PRP Advisors LLC 2025-RCF4 A1, 4.5000%, 8/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 505924 | 500626 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 5

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| PRP Advisors LLC 2025-RPL3 A1, 3.2500%, 4/25/55<sup>ž,</sup><sup>Ç</sup> <br>| $641893 | $622101 |
| PRP Advisors LLC 2025-RPL4 A1, 3.0000%, 5/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 985747 | 930299 |
| QTS Issuer ABS I LLC 2025-1A A2, 5.4390%, 5/25/55<sup>ž</sup> <br>| 2595000 | 2610944 |
| QTS Issuer ABS I LLC 2025-1A B, 5.9280%, 5/25/55<sup>ž</sup> <br>| 2082000 | 2070132 |
| QTS Issuer ABS II LLC 2025-1A A2, 5.0440%, 10/5/55<sup>ž</sup> <br>| 1551000 | 1528253 |
| Saluda Grade Alternative Mortgage Trust 2023-FIG3 A, 7.0670%, 8/25/53<sup>ž,</sup><sup>‡</sup> <br>| 1917677 | 1982454 |
| Saluda Grade Alternative Mortgage Trust 2023-FIG4 A, 6.7180%, 11/25/53<sup>ž,</sup><sup>‡</sup> <br>| 658576 | 694037 |
| Saluda Grade Alternative Mortgage Trust 2024-CES1 A1, 6.3060%, 3/25/54<sup>ž,</sup><sup>‡</sup> <br>| 364258 | 371805 |
| Saluda Grade Alternative Mortgage Trust 2024-FIG5 A, 6.2550%, 4/25/54<sup>ž,</sup><sup>‡</sup> <br>| 502952 | 508770 |
| Saluda Grade Alternative Mortgage Trust 2024-RTL5 A1, 7.7620%, 4/25/30<sup>ž,</sup><sup>Ç</sup> <br>| 859678 | 866879 |
| Saluda Grade Alternative Mortgage Trust 2024-RTL6 A1, 7.4390%, 7/25/30<sup>ž,</sup><sup>Ç</sup> <br>| 1022917 | 1028872 |
| Saluda Grade Alternative Mortgage Trust 2025-LOC5 A1A, CME Term SOFR 1 <br> Month + 1.6000%, 5.3317%, 10/25/55<sup>ž,</sup><sup>‡</sup> <br>| 976980 | 978543 |
| Saluda Grade Alternative Mortgage Trust 2025-RRTL1 A1, 5.3200%, <br> 10/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 750000 | 749972 |
| SCF Equipment Trust LLC 2025-2A A2, 4.2600%, 12/22/31<sup>ž</sup> <br>| 346000 | 346907 |
| SCG Hotel Issuer Inc 2025-DLFN A, CME Term SOFR 1 Month + 1.2000%, <br> 4.9501%, 3/15/35<sup>ž,</sup><sup>‡</sup> <br>| 1735000 | 1725829 |
| SELF Commercial Mortgage Trust 2024-STRG A, CME Term SOFR 1 Month + <br> 1.5423%, 5.2924%, 11/15/34<sup>ž,</sup><sup>‡</sup> <br>| 1656000 | 1657796 |
| Sequoia Mortgage Trust 2013-5, 2.5000%, 5/25/43<sup>ž,</sup><sup>‡</sup> <br>| 76478 | 68386 |
| SF ABS Issuer LLC 2025-1A A2, 5.3770%, 11/25/55<sup>ž</sup> <br>| 2076000 | 2016486 |
| Sixth Street CLO Ltd 2017-9A AR, CME Term SOFR 3 Month + 1.3800%, <br> 5.2500%, 7/21/37<sup>ž,</sup><sup>‡</sup> <br>| 1509000 | 1514573 |
| SMRT 2022-MINI A, CME Term SOFR 1 Month + 1.0000%, 4.7510%, 1/17/39<sup>ž,</sup><sup>‡</sup> <br>| 696000 | 694561 |
| SREIT Trust 2021-MFP A, CME Term SOFR 1 Month + 0.8453%, 4.5954%, <br> 11/15/38<sup>ž,</sup><sup>‡</sup> <br>| 126665 | 126333 |
| Taco Bell Funding LLC 2021-1A A2II, 2.2940%, 8/25/51<sup>ž</sup> <br>| 1125945 | 1045467 |
| TEXAS Commercial Mortgage Trust 2025-TWR A, CME Term SOFR 1 Month + <br> 1.2931%, 5.0433%, 4/15/42<sup>ž,</sup><sup>‡</sup> <br>| 473000 | 472408 |
| Texas Debt Capital CLO Ltd 2023-2A A1R, CME Term SOFR 3 Month + <br> 1.3700%, 5.2400%, 10/21/37<sup>ž,</sup><sup>‡</sup> <br>| 1619000 | 1625022 |
| THE 2023-MIC Trust 2023-MIC A, 8.4366%, 12/5/38<sup>ž,</sup><sup>‡</sup> <br>| 920808 | 994720 |
| The Huntington National Bank 2024-2 B1, 5.4420%, 10/20/32<sup>ž</sup> <br>| 389101 | 393403 |
| Toorak Mortgage Corp 2025-RRTL1 A1, 5.5240%, 2/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 450000 | 451640 |
| Towd Point Mortgage Trust 2025-FIX2 A1, 5.2490%, 10/25/65<sup>ž,</sup><sup>Ç</sup> <br>| 1127495 | 1132243 |
| TYSN 2023-CRNR Mortgage Trust 2023-CRNR A, 6.5797%, 12/10/33<sup>ž,</sup><sup>‡</sup> <br>| 2921612 | 3072953 |
| United Wholesale Mortgage LLC 2021-INV1 A9, US 30 Day Average SOFR + <br> 0.9000%, 4.9718%, 8/25/51<sup>ž,</sup><sup>‡</sup> <br>| 739694 | 688906 |
| UPG HI Issuer Trust 2025-2 A, 5.0000%, 9/25/47<sup>ž</sup> <br>| 450000 | 451464 |
| Vantage Data Centers LLC 2020-2A A2, 1.9920%, 9/15/45<sup>ž</sup> <br>| 634000 | 603883 |
| VASA Trust 2021-VASA A, CME Term SOFR 1 Month + 1.0145%, 4.7655%, <br> 7/15/39<sup>ž,</sup><sup>‡</sup> <br>| 605000 | 590173 |
| Voya CLO Ltd 2024-4A A2, CME Term SOFR 3 Month + 1.5500%, 5.4344%, <br> 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 613178 | 614503 |
| Wells Fargo Commercial Mortgage Trust 2021-SAVE A, CME Term SOFR 1 <br> Month + 1.3645%, 5.1155%, 2/15/40<sup>ž,</sup><sup>‡</sup> <br>| 77785 | 77740 |
| Wells Fargo Commercial Mortgage Trust 2025-VTT A, 5.1004%, 3/15/38<sup>ž,</sup><sup>‡</sup> <br>| 1776000 | 1789753 |
| Wendy's Funding LLC 2021-1A A2I, 2.3700%, 6/15/51<sup>ž</sup> <br>| 225186 | 209869 |
| Wendy's Funding LLC 2021-1A A2II, 2.7750%, 6/15/51<sup>ž</sup> <br>| 558670 | 498704 |
| Wendy's Funding LLC 2022-1A A2II, 4.5350%, 3/15/52<sup>ž</sup> <br>| 123492 | 119699 |
| Wendy's Funding LLC 2025-1A A2I, 5.4220%, 12/15/55<sup>ž</sup> <br>| 1805000 | 1801996 |
| Westgate Resorts 2022-1A A, 1.7880%, 8/20/36<sup>ž</sup> <br>| 46084 | 45881 |
| Woodward Capital Management 2021-3 A21, US 30 Day Average SOFR + <br> 0.8000%, 4.6742%, 7/25/51<sup>ž,</sup><sup>‡</sup> <br>| 586752 | 544654 |
| Woodward Capital Management 2023-CES1 A1A, 6.5150%, 6/25/43<sup>ž,</sup><sup>‡</sup> <br>| 211740 | 212373 |
| Woodward Capital Management 2024-CES1 A1A, 6.0250%, 2/25/44<sup>ž,</sup><sup>‡</sup> <br>| 313232 | 315800 |
| Woodward Capital Management 2024-CES2 A1A, 6.1410%, 4/25/44<sup>ž,</sup><sup>‡</sup> <br>| 982744 | 992770 |
| Woodward Capital Management 2024-CES5 A1A, 5.8460%, 8/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 934500 | 941993 |
| Woodward Capital Management 2024-CES6 A1A, 5.3440%, 9/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 783386 | 785269 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Woodward Capital Management 2024-CES7 A1A, 5.1580%, 10/25/44<sup>ž,</sup><sup>Ç</sup> <br>| $1187233 | $1190511 |
| Woodward Capital Management 2024-CES9 A1A, 5.5820%, 12/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 215987 | 217846 |
| Woodward Capital Management 2025-CES10 A1A, 4.8940%, 11/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 538520 | 538592 |
| Woodward Capital Management 2025-CES2 A1A, 5.5030%, 2/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 642761 | 648115 |
| Woodward Capital Management 2025-CES7 A1A, 5.3770%, 7/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 485665 | 503940 |
| Woodward Capital Management 2025-CES8 A1A, 5.1477%, 8/25/55<sup>ž,</sup><sup>‡</sup> <br>| 887865 | 891842 |
| Woodward Capital Management 2025-CES9 A1A, 4.7950%, 9/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 322742 | 322172 |
| Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $204,373,915) |  | 204055356 |
| Bank Loans and Mezzanine Loans – 3.6% |  |  |
| Basic Industry – 0.1% |  |  |
| Qnity Electronics Inc, CME Term SOFR 6 Month + 2.0000%, 5.6975%, 11/1/32<sup>‡</sup> <br>| 501000 | 502879 |
| Capital Goods – 0.6% |  |  |
| EMRLD Borrower LP, CME Term SOFR 6 Month + 2.2500%, 6.1219%, 8/4/31<sup>‡</sup> <br>| 3126302 | 3138764 |
| Quikrete Holdings Inc, CME Term SOFR 1 Month + 2.2500%, 5.9661%, <br> 2/10/32<sup>‡</sup> <br>| 595531 | 598739 |
|  |  | 3737503 |
| Consumer Cyclical – 0.8% |  |  |
| Delta 2 Lux Sarl, CME Term SOFR 3 Month + 1.7500%, 5.4219%, 9/30/31<sup>‡</sup> <br>| 2869649 | 2876823 |
| Life Time Inc, CME Term SOFR 1 Month + 2.0000%, 5.7837%, 11/5/31<sup>‡</sup> <br>| 1541 | 1550 |
| TKO Worldwide Holdings LLC, CME Term SOFR 3 Month + 2.0000%, 5.8685%, <br> 11/21/31<sup>‡</sup> <br>| 1901853 | 1914296 |
|  |  | 4792669 |
| Consumer Non-Cyclical – 0.5% |  |  |
| Lavender US Holdco 1 Inc, CME Term SOFR 1 Month + 3.2500%, 7.3929%, <br> 12/2/32<sup>ƒ</sup><sup>,</sup><sup>‡</sup> <br>| 1354029 | 1363615 |
| Medline Borrower LP, CME Term SOFR 1 Month + 1.7500%, 5.4661%, <br> 10/23/30<sup>‡</sup> <br>| 1459580 | 1467974 |
|  |  | 2831589 |
| Electric – 0.1% |  |  |
| Alpha Generation LLC, CME Term SOFR 1 Month + 2.0000%, 5.7161%, <br> 9/30/31<sup>‡</sup> <br>| 940100 | 944930 |
| Energy – 0.1% |  |  |
| Deep Blue Operating I LLC, CME Term SOFR 1 Month + 2.7500%, 6.5929%, <br> 10/1/32<sup>‡</sup> <br>| 716511 | 718152 |
| Technology – 0.3% |  |  |
| X Corp, 9.5000%, 10/26/29<sup>ƒ</sup> <br>| 2127984 | 2118855 |
| Transportation – 1.1% |  |  |
| First Student Bidco Inc, CME Term SOFR 3 Month + 2.5000%, 6.1719%, <br> 8/15/30<sup>‡</sup> <br>| 2454495 | 2461244 |
| First Student Bidco Inc, CME Term SOFR 3 Month + 2.5000%, 6.1719%, <br> 8/15/30<sup>‡</sup> <br>| 449111 | 450046 |
| Genesee & Wyoming Inc, CME Term SOFR 3 Month + 1.7500%, 5.4219%, <br> 4/10/31<sup>‡</sup> <br>| 2916671 | 2923324 |
| Stonepeak Nile Parent LLC, CME Term SOFR 3 Month + 2.2500%, 6.1615%, <br> 4/9/32<sup>‡</sup> <br>| 1261000 | 1260319 |
|  |  | 7094933 |
| Total Bank Loans and Mezzanine Loans (cost $22,641,415) |  | 22741510 |
| Corporate Bonds – 22.1% |  |  |
| Banking – 3.8% |  |  |
| Bank of America Corp, SOFR + 1.0000%, 5.1620%, 1/24/31<sup>‡</sup> <br>| 2466000 | 2545786 |
| Bank of America Corp, SOFR + 1.6970%, 5.7440%, 2/12/36<sup>‡</sup> <br>| 1497000 | 1559871 |
| Capital One Financial Corp, SOFR + 3.0700%, 7.6240%, 10/30/31<sup>‡</sup> <br>| 1748000 | 1975495 |
| Capital One Financial Corp, SOFR + 2.0360%, 6.1830%, 1/30/36<sup>‡</sup> <br>| 1149000 | 1199421 |
| Citigroup Inc, SOFR + 1.1710%, 4.5030%, 9/11/31<sup>‡</sup> <br>| 1520000 | 1524704 |
| Citigroup Inc, US Treasury Yield Curve Rate 5 Year + 1.2800%, 5.5920%, <br> 11/19/34<sup>‡</sup> <br>| 1440000 | 1476901 |
| Citigroup Inc, SOFR + 1.4880%, 5.1740%, 9/11/36<sup>‡</sup> <br>| 1047000 | 1056786 |
| Citigroup Inc, 6.6250%<sup>‡</sup><sup>,μ</sup> <br>| 816000 | 828591 |
| JPMorgan Chase & Co, SOFR + 1.0100%, 5.1400%, 1/24/31<sup>‡</sup> <br>| 1348000 | 1393284 |
| Morgan Stanley, SOFR + 1.2900%, 2.9430%, 1/21/33<sup>‡</sup> <br>| 978000 | 892614 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 7

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Banking – (continued) |  |  |
| Morgan Stanley, SOFR + 1.8800%, 5.4240%, 7/21/34<sup>‡</sup> <br>| $823000 | $856180 |
| Morgan Stanley Private Bank NA, SOFR + 1.0800%, 4.7340%, 7/18/31<sup>‡</sup> <br>| 3644000 | 3657967 |
| PNC Financial Services Group Inc/The, SOFR + 2.2840%, 6.8750%, 10/20/34<sup>‡</sup> <br>| 1565000 | 1770996 |
| US Bancorp, SOFR + 1.5600%, 5.3840%, 1/23/30<sup>‡</sup> <br>| 1263000 | 1308072 |
| US Bancorp, SOFR + 1.0610%, 5.0460%, 2/12/31<sup>‡</sup> <br>| 822000 | 844318 |
| US Bancorp, SOFR + 1.4110%, 5.4240%, 2/12/36<sup>‡</sup> <br>| 826000 | 858487 |
|  |  | 23749473 |
| Basic Industry – 0.8% |  |  |
| FMG Resources (August 2006) Pty Ltd, 4.5000%, 9/15/27<sup>ž</sup> <br>| 2186000 | 2180557 |
| Solstice Advanced Materials Inc, 5.6250%, 9/30/33<sup>ž</sup> <br>| 1522000 | 1535384 |
| Verde Purchaser LLC, 10.5000%, 11/30/30<sup>ž</sup> <br>| 1248000 | 1341866 |
|  |  | 5057807 |
| Brokerage – 1.7% |  |  |
| Jane Street Group / JSG Finance Inc, 7.1250%, 4/30/31<sup>ž</sup> <br>| 1487000 | 1562490 |
| Jane Street Group / JSG Finance Inc, 6.1250%, 11/1/32<sup>ž</sup> <br>| 1793000 | 1824485 |
| Jane Street Group / JSG Finance Inc, 6.7500%, 5/1/33<sup>ž</sup> <br>| 1849000 | 1929979 |
| LPL Holdings Inc, 4.0000%, 3/15/29<sup>ž</sup> <br>| 250000 | 245824 |
| LPL Holdings Inc, 5.1500%, 6/15/30 | 854000 | 870921 |
| LPL Holdings Inc, 6.0000%, 5/20/34 | 953000 | 1002164 |
| LPL Holdings Inc, 5.6500%, 3/15/35 | 2402000 | 2462052 |
| LPL Holdings Inc, 5.7500%, 6/15/35 | 866000 | 891072 |
|  |  | 10788987 |
| Capital Goods – 0.3% |  |  |
| Quikrete Holdings Inc, 6.3750%, 3/1/32<sup>ž</sup> <br>| 1017000 | 1058575 |
| Standard Industries Inc/NJ, 6.5000%, 8/15/32<sup>ž</sup> <br>| 948000 | 975991 |
|  |  | 2034566 |
| Communications – 1.5% |  |  |
| AppLovin Corp, 5.3750%, 12/1/31 | 980000 | 1016231 |
| AppLovin Corp, 5.5000%, 12/1/34 | 3921000 | 4028638 |
| Level 3 Financing Inc, 7.0000%, 3/31/34<sup>ž</sup> <br>| 1159427 | 1194873 |
| ROBLOX Corp, 3.8750%, 5/1/30<sup>ž</sup> <br>| 1978000 | 1891119 |
| Virgin Media Secured Finance PLC, 5.5000%, 5/15/29<sup>ž</sup> <br>| 1290000 | 1270852 |
|  |  | 9401713 |
| Consumer Cyclical – 1.9% |  |  |
| Carnival Corp, 5.7500%, 8/1/32<sup>ž</sup> <br>| 2179000 | 2236266 |
| Carvana Co, 9.0000%, 6/1/30<sup>ž</sup> <br>| 2020898 | 2118286 |
| Flutter Treasury DAC, 5.8750%, 6/4/31<sup>ž</sup> <br>| 661000 | 670188 |
| GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29 | 100000 | 101741 |
| KB Home, 4.0000%, 6/15/31<sup>#</sup> <br>| 593000 | 561581 |
| Millrose Properties Inc, 6.2500%, 9/15/32<sup>ž</sup> <br>| 1192000 | 1202708 |
| NCL Corporation Ltd, 5.8750%, 1/15/31<sup>ž</sup> <br>| 2384000 | 2374980 |
| Taylor Morrison Communities Inc, 5.1250%, 8/1/30<sup>ž</sup> <br>| 1396000 | 1404417 |
| Taylor Morrison Communities Inc, 5.7500%, 11/15/32<sup>ž</sup> <br>| 1037000 | 1066961 |
|  |  | 11737128 |
| Consumer Non-Cyclical – 1.8% |  |  |
| CVS Health Corp, 5.2500%, 2/21/33 | 183000 | 188413 |
| CVS Health Corp, 5.7000%, 6/1/34 | 769000 | 805848 |
| CVS Health Corp, 5.4500%, 9/15/35 | 919000 | 940698 |
| CVS Health Corp, 4.7800%, 3/25/38 | 2364000 | 2231407 |
| Heartland Dental LLC / Heartland Dental Finance Corp, 10.5000%, 4/30/28<sup>ž</sup> <br>| 364000 | 381666 |
| Solventum Corp, 5.4500%, 3/13/31 | 1571000 | 1638743 |
| Teva Pharmaceutical Finance Co LLC, 6.1500%, 2/1/36 | 1520000 | 1595846 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.1500%, 10/1/26 | 623000 | 615808 |
| Teva Pharmaceutical Finance Netherlands III BV, 6.0000%, 12/1/32 | 1217000 | 1277252 |
| Teva Pharmaceutical Finance Netherlands IV BV, 5.7500%, 12/1/30 | 1297000 | 1345280 |
|  |  | 11020961 |
| Electric – 1.5% |  |  |
| Alpha Generation LLC, 6.2500%, 1/15/34<sup>ž</sup> <br>| 1773000 | 1788916 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Electric – (continued) |  |  |
| American Electric Power Co Inc, US Treasury Yield Curve Rate 5 Year + 2.1280%, <br> 5.8000%, 3/15/56<sup>‡</sup> <br>| $643000 | $638345 |
| American Electric Power Co Inc, US Treasury Yield Curve Rate 5 Year + 1.9400%, <br> 6.0500%, 3/15/56<sup>‡</sup> <br>| 515000 | 506003 |
| NRG Energy Inc, 6.0000%, 2/1/33<sup>ž</sup> <br>| 606000 | 617998 |
| NRG Energy Inc, 5.7500%, 1/15/34<sup>ž</sup> <br>| 726000 | 733384 |
| NRG Energy Inc, 6.0000%, 1/15/36<sup>ž</sup> <br>| 1361000 | 1379024 |
| Talen Energy Supply LLC, 6.2500%, 2/1/34<sup>ž</sup> <br>| 1245000 | 1269793 |
| Talen Energy Supply LLC, 6.5000%, 2/1/36<sup>ž</sup> <br>| 2043000 | 2112645 |
| Xcel Energy Inc, 5.6000%, 4/15/35 | 616000 | 637909 |
|  |  | 9684017 |
| Energy – 3.7% |  |  |
| Civitas Resources Inc, 8.6250%, 11/1/30<sup>ž</sup> <br>| 331000 | 346908 |
| Civitas Resources Inc, 8.7500%, 7/1/31<sup>ž,#</sup> <br>| 613000 | 635927 |
| Civitas Resources Inc, 9.6250%, 6/15/33<sup>ž</sup> <br>| 1189000 | 1283666 |
| DT Midstream Inc, 4.1250%, 6/15/29<sup>ž</sup> <br>| 1386000 | 1367728 |
| DT Midstream Inc, 4.3750%, 6/15/31<sup>ž</sup> <br>| 2078000 | 2034448 |
| DT Midstream Inc, 4.3000%, 4/15/32<sup>ž</sup> <br>| 555000 | 536103 |
| Hess Midstream Operations LP, 5.8750%, 3/1/28<sup>ž</sup> <br>| 1503000 | 1531217 |
| Hess Midstream Operations LP, 5.1250%, 6/15/28<sup>ž</sup> <br>| 704000 | 706841 |
| Hess Midstream Operations LP, 6.5000%, 6/1/29<sup>ž</sup> <br>| 1820000 | 1879514 |
| Hess Midstream Operations LP, 4.2500%, 2/15/30<sup>ž</sup> <br>| 2344000 | 2292633 |
| Occidental Petroleum Corp, 8.8750%, 7/15/30 | 665000 | 768941 |
| Occidental Petroleum Corp, 6.6250%, 9/1/30 | 473000 | 509215 |
| Occidental Petroleum Corp, 6.1250%, 1/1/31 | 665000 | 702856 |
| Sunoco LP, 5.6250%, 3/15/31<sup>ž</sup> <br>| 835000 | 841118 |
| Sunoco LP, 6.2500%, 7/1/33<sup>ž</sup> <br>| 1136000 | 1163625 |
| Sunoco LP, 5.8750%, 3/15/34<sup>ž</sup> <br>| 1214000 | 1213893 |
| Sunoco LP, US Treasury Yield Curve Rate 5 Year + 4.2300%, 7.8750%<sup>ž,</sup><sup>‡</sup><sup>,μ</sup> <br>| 1435000 | 1474140 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 6.7500%, <br> 3/15/34<sup>ž</sup> <br>| 2216000 | 2215946 |
| Viper Energy Partners LLC, 4.9000%, 8/1/30 | 782000 | 790970 |
| Viper Energy Partners LLC, 5.7000%, 8/1/35 | 1040000 | 1061351 |
|  |  | 23357040 |
| Finance Companies – 1.0% |  |  |
| Apollo Debt Solutions BDC, 5.2000%, 12/8/28<sup>ž</sup> <br>| 572000 | 571893 |
| Ares Capital Corp, 5.1000%, 1/15/31 | 1133000 | 1119074 |
| Blackstone Private Credit Fund, 7.3000%, 11/27/28 | 860000 | 912226 |
| Blackstone Secured Lending Fund, 5.8750%, 11/15/27 | 1452000 | 1482338 |
| Blue Owl Credit Income Corp, 7.9500%, 6/13/28 | 566000 | 598476 |
| Macquarie Airfinance Holdings Ltd, 6.4000%, 3/26/29<sup>ž</sup> <br>| 405000 | 424398 |
| Macquarie Airfinance Holdings Ltd, 6.5000%, 3/26/31<sup>ž</sup> <br>| 611000 | 653448 |
| OWL Rock Core Income Corp, 4.7000%, 2/8/27 | 140000 | 139449 |
| Rocket Cos Inc, 6.1250%, 8/1/30<sup>ž</sup> <br>| 611000 | 631578 |
|  |  | 6532880 |
| Financial Institutions – 0.4% |  |  |
| Atlas Warehouse Lending Co LP, 6.0500%, 1/15/28<sup>ž</sup> <br>| 909000 | 937668 |
| Atlas Warehouse Lending Co LP, 6.2500%, 1/15/30<sup>ž</sup> <br>| 924000 | 972806 |
| Atlas Warehouse Lending Co LP, 4.9500%, 11/15/30<sup>ž</sup> <br>| 380000 | 381263 |
|  |  | 2291737 |
| Insurance – 1.5% |  |  |
| Asurion LLC / Asurion Co-Issuer Inc, 8.0000%, 12/31/32<sup>ž</sup> <br>| 985000 | 1022047 |
| Centene Corp, 4.2500%, 12/15/27 | 3047000 | 3029061 |
| Health Care Service Corp, 5.2000%, 6/15/29<sup>ž</sup> <br>| 915000 | 937880 |
| Health Care Service Corp, 5.4500%, 6/15/34<sup>ž</sup> <br>| 1687000 | 1727108 |
| Humana Inc, 5.9500%, 3/15/34 | 2414000 | 2531626 |
|  |  | 9247722 |
| Professional Services – 0.3% |  |  |
| Booz Allen Hamilton Inc, 5.9500%, 4/15/35 | 1838000 | 1904326 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 9

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>|  | *Value* |
| Corporate Bonds – (continued) |  |  |  |
| Technology – 1.9% |  |  |  |
| Constellation Software Inc/Canada, 5.4610%, 2/16/34<sup>ž</sup> <br>| $916000 |  | $922676 |
| CoreWeave Inc, 9.0000%, 2/1/31<sup>ž</sup> <br>| 3529000 |  | 3234399 |
| CrowdStrike Holdings Inc, 3.0000%, 2/15/29 | 419000 |  | 402067 |
| Foundry JV Holdco LLC, 5.8750%, 1/25/34<sup>ž</sup> <br>| 3110000 |  | 3193801 |
| Oracle Corp, 5.5000%, 8/3/35 | 390000 |  | 382154 |
| Oracle Corp, 5.2000%, 9/26/35 | 1200000 |  | 1149697 |
| Oracle Corp, 5.9500%, 9/26/55 | 1003000 |  | 888672 |
| Oracle Corp, 6.1000%, 9/26/65 | 1341000 |  | 1182752 |
| Western Digital Corp, 4.7500%, 2/15/26 | 280000 |  | 280214 |
|  |  |  | 11636432 |
| Total Corporate Bonds (cost $135,800,003) |  |  | 138444789 |
| Foreign Government Bonds – 0.1% |  |  |  |
| United Kingdom Gilt, 4.3750%, 3/7/30 (cost $645,966) | 475000 | GBP | 651000 |
| Mortgage-Backed Securities – 19.3% |  |  |  |
| Fannie Mae: |  |  |  |
| 3.0000%, TBA, 30 Year Maturity | 131000 |  | 115859 |
| 3.5000%, TBA, 30 Year Maturity | 58870 |  | 54242 |
| 5.0000%, TBA, 30 Year Maturity | 6334000 |  | 6317063 |
|  |  |  | 6487164 |
| Fannie Mae Pool: |  |  |  |
| BO3223, 3.0000%, 10/1/34 | 42797 |  | 41598 |
| BO4725, 2.5000%, 11/1/34 | 90106 |  | 86292 |
| BO7717, 3.0000%, 11/1/34 | 11327 |  | 11020 |
| BO5957, 3.0000%, 12/1/34 | 14636 |  | 14207 |
| FS3713, 2.5000%, 12/1/36 | 991501 |  | 945023 |
| 995757, 6.0000%, 2/1/37 | 44902 |  | 47566 |
| AL6997, 4.5000%, 11/1/42 | 31532 |  | 31744 |
| AB7563, 3.0000%, 1/1/43 | 15735 |  | 14554 |
| MA1363, 3.0000%, 2/1/43 | 15214 |  | 14030 |
| AT2957, 3.0000%, 5/1/43 | 109752 |  | 100546 |
| AL5942, 5.0000%, 7/1/44 | 229547 |  | 233485 |
| AL5887, 4.5000%, 10/1/44 | 68725 |  | 68992 |
| AL6542, 4.5000%, 3/1/45 | 114545 |  | 114991 |
| AL6842, 4.0000%, 5/1/45 | 33638 |  | 32622 |
| AL7381, 4.5000%, 6/1/45 | 58859 |  | 58756 |
| BJ4559, 3.5000%, 1/1/48 | 78326 |  | 73868 |
| BJ4566, 4.0000%, 1/1/48 | 601036 |  | 584130 |
| CA4646, 3.0000%, 2/1/48 | 70132 |  | 64286 |
| BK1964, 4.0000%, 3/1/48 | 181051 |  | 175852 |
| BJ9181, 5.0000%, 5/1/48 | 58268 |  | 59220 |
| MA3521, 4.0000%, 11/1/48 | 252249 |  | 242937 |
| BN3899, 4.0000%, 12/1/48 | 37459 |  | 36076 |
| FM3664, 4.0000%, 3/1/49 | 78167 |  | 75281 |
| CA3683, 4.5000%, 6/1/49 | 13811 |  | 13698 |
| CA4035, 4.5000%, 8/1/49 | 21708 |  | 21530 |
| MA3774, 3.0000%, 9/1/49 | 67022 |  | 60136 |
| BO2983, 3.0000%, 9/1/49 | 36083 |  | 32787 |
| MA3908, 4.5000%, 1/1/50 | 30001 |  | 29755 |
| CA5573, 4.0000%, 4/1/50 | 106776 |  | 102322 |
| MA4079, 3.0000%, 7/1/50 | 1020836 |  | 913445 |
| BK2913, 2.5000%, 8/1/50 | 112006 |  | 97261 |
| FM5076, 4.0000%, 8/1/50 | 94146 |  | 90219 |
| FS2713, 4.5000%, 10/1/50 | 507157 |  | 503381 |
| FS5362, 4.5000%, 12/1/50 | 722713 |  | 717332 |
| FS2546, 4.0000%, 3/1/51 | 19809 |  | 19078 |
| 20510401, 3.0000%, 4/1/51 | 113844 |  | 101964 |
| MA4378, 2.0000%, 7/1/51 | 3360457 |  | 2740113 |
| FS0359, 2.5000%, 1/1/52 | 741490 |  | 638391 |
| CB2681, 3.5000%, 1/1/52 | 299963 |  | 281823 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

10 \| December 31, 2025

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Fannie Mae Pool – (continued) |  |  |
| FS5130, 2.5000%, 2/1/52 | $3891136 | $3349474 |
| FS0662, 2.5000%, 2/1/52 | 3555613 | 3059024 |
| CB2750, 2.5000%, 2/1/52 | 1480317 | 1265562 |
| CB2891, 3.0000%, 2/1/52 | 982359 | 879224 |
| BV2802, 3.0000%, 2/1/52 | 131985 | 118085 |
| CB2907, 3.5000%, 2/1/52 | 819838 | 770196 |
| FS5988, 2.5000%, 3/1/52 | 1637021 | 1406604 |
| CB3043, 2.5000%, 3/1/52 | 1556604 | 1339203 |
| FS1081, 2.5000%, 3/1/52 | 1524960 | 1310319 |
| CB3042, 2.5000%, 3/1/52 | 565988 | 487385 |
| BT2256, 2.5000%, 3/1/52 | 132547 | 113850 |
| BV2965, 2.5000%, 3/1/52 | 111315 | 95648 |
| BV5152, 2.5000%, 3/1/52 | 108099 | 93001 |
| BV2962, 2.5000%, 3/1/52 | 46520 | 40035 |
| BV4144, 3.0000%, 3/1/52 | 564668 | 505933 |
| CB3123, 3.5000%, 3/1/52 | 1961192 | 1839955 |
| FS1184, 3.5000%, 3/1/52 | 985382 | 925695 |
| BV5379, 3.0000%, 4/1/52 | 495952 | 445722 |
| BV5380, 3.0000%, 4/1/52 | 421074 | 377227 |
| CB3240, 3.0000%, 4/1/52 | 120737 | 108045 |
| BV5394, 3.5000%, 4/1/52 | 396824 | 372023 |
| FS1869, 3.5000%, 4/1/52 | 283629 | 266096 |
| BV5393, 3.5000%, 4/1/52 | 216205 | 202953 |
| BV8485, 3.5000%, 4/1/52 | 136464 | 127936 |
| FS1301, 3.5000%, 4/1/52 | 81641 | 76057 |
| BV4203, 3.5000%, 4/1/52 | 75655 | 71023 |
| BV8484, 3.5000%, 4/1/52 | 74838 | 70251 |
| BV6879, 4.5000%, 4/1/52 | 55920 | 54908 |
| BV7632, 4.5000%, 4/1/52 | 42969 | 42191 |
| BW0081, 4.5000%, 4/1/52 | 31619 | 31042 |
| BV7132, 4.5000%, 4/1/52 | 22258 | 21852 |
| BW0072, 4.5000%, 4/1/52 | 18772 | 18429 |
| BV7131, 4.5000%, 4/1/52 | 17769 | 17446 |
| FS6926, 2.5000%, 5/1/52 | 3098570 | 2665186 |
| BV8544, 3.5000%, 5/1/52 | 203728 | 190980 |
| CB3501, 3.5000%, 5/1/52 | 137334 | 128119 |
| FS3377, 4.0000%, 5/1/52 | 279468 | 269151 |
| BW0343, 4.5000%, 5/1/52 | 87221 | 85629 |
| FS3160, 3.0000%, 6/1/52 | 134805 | 120577 |
| CB3837, 3.5000%, 6/1/52 | 1254183 | 1176361 |
| FS2144, 3.5000%, 6/1/52 | 713211 | 669845 |
| FS5339, 3.0000%, 7/1/52 | 694235 | 621045 |
| FS5491, 3.0000%, 7/1/52 | 581683 | 520291 |
| CB4076, 3.5000%, 7/1/52 | 180212 | 169030 |
| CB4329, 3.5000%, 7/1/52 | 61656 | 57902 |
| BW0972, 4.5000%, 7/1/52 | 349428 | 344515 |
| CB4320, 3.5000%, 8/1/52 | 121870 | 114299 |
| BW7369, 5.0000%, 10/1/52 | 306228 | 309842 |
| BW1288, 5.0000%, 10/1/52 | 136822 | 138175 |
| BT8021, 5.0000%, 1/1/53 | 200147 | 202461 |
| BX5759, 5.0000%, 1/1/53 | 69969 | 70431 |
| BX5969, 5.0000%, 2/1/53 | 81995 | 82932 |
| BX8071, 5.0000%, 3/1/53 | 42296 | 42686 |
| BX7860, 5.5000%, 3/1/53 | 90532 | 93424 |
| BX9351, 5.0000%, 4/1/53 | 93555 | 94417 |
| BY0782, 5.5000%, 4/1/53 | 51786 | 53530 |
| BY1920, 5.0000%, 5/1/53 | 50988 | 51455 |
| BY1896, 5.5000%, 5/1/53 | 94857 | 97443 |
| BY0866, 5.5000%, 5/1/53 | 48727 | 50055 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 11

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Fannie Mae Pool – (continued) |  |  |
| BY3263, 5.0000%, 6/1/53 | $72935 | $73712 |
| BY2783, 5.0000%, 6/1/53 | 56159 | 56669 |
| BY4284, 5.5000%, 6/1/53 | 28996 | 30018 |
| CB6686, 4.5000%, 7/1/53 | 347873 | 344337 |
| BY6374, 5.5000%, 7/1/53 | 76943 | 79025 |
| BY7004, 5.5000%, 7/1/53 | 39328 | 40701 |
| CB6851, 4.5000%, 8/1/53 | 238608 | 236171 |
| BY6690, 5.0000%, 8/1/53 | 60254 | 60914 |
| CB7112, 5.5000%, 9/1/53 | 1372247 | 1417649 |
| CB7430, 5.5000%, 11/1/53 | 488660 | 506071 |
| FS8037, 6.0000%, 1/1/54 | 451636 | 472729 |
| CB8134, 5.5000%, 3/1/54 | 902799 | 932633 |
| FS7607, 6.0000%, 3/1/54 | 387342 | 403861 |
| FS7643, 6.0000%, 4/1/54 | 966665 | 1011352 |
| CB8543, 6.0000%, 5/1/54 | 1527401 | 1591698 |
| 20550801, 6.0000%, 8/1/55 | 646494 | 668788 |
| BF0130, 3.5000%, 8/1/56 | 1276059 | 1179222 |
| BF0167, 3.0000%, 2/1/57 | 888689 | 775609 |
| BF0189, 3.0000%, 6/1/57 | 4326 | 3763 |
| BF0619, 2.5000%, 3/1/62 | 3113246 | 2563061 |
| BF0598, 2.5000%, 3/1/62 | 630617 | 528271 |
|  |  | 50788740 |
| Freddie Mac Gold Pool: |  |  |
| Q58477, 4.0000%, 9/1/48 | 80187 | 77332 |
| Freddie Mac Pool: |  |  |
| ZS7403, 3.0000%, 5/1/31 | 409591 | 403222 |
| ZK8962, 3.0000%, 9/1/32 | 94028 | 91938 |
| ZK9009, 3.0000%, 10/1/32 | 30746 | 30035 |
| ZK9163, 3.0000%, 1/1/33 | 61218 | 59826 |
| SB0040, 2.5000%, 12/1/33 | 521178 | 506325 |
| QN0786, 3.0000%, 10/1/34 | 138611 | 134680 |
| QN0783, 3.0000%, 10/1/34 | 62531 | 60705 |
| QN0951, 2.5000%, 11/1/34 | 86988 | 83265 |
| SB0116, 2.5000%, 11/1/34 | 62833 | 60196 |
| SB0866, 2.5000%, 6/1/37 | 1195555 | 1131337 |
| ZS3695, 6.0000%, 4/1/40 | 60014 | 63804 |
| ZT1145, 4.5000%, 5/1/44 | 47001 | 46918 |
| ZT1173, 4.0000%, 2/1/46 | 209128 | 202919 |
| ZM1434, 3.5000%, 7/1/46 | 140665 | 133007 |
| ZT1633, 4.0000%, 3/1/47 | 44916 | 43581 |
| ZM5707, 3.5000%, 2/1/48 | 75690 | 71234 |
| ZM6276, 4.0000%, 4/1/48 | 186276 | 180706 |
| ZM7182, 4.5000%, 7/1/48 | 37641 | 37360 |
| ZM7926, 5.0000%, 9/1/48 | 10753 | 10881 |
| ZT1320, 4.0000%, 11/1/48 | 22555 | 21722 |
| SI2017, 4.0000%, 12/1/48 | 273731 | 263626 |
| ZA7158, 4.5000%, 6/1/49 | 20428 | 20274 |
| RA1087, 4.5000%, 7/1/49 | 137566 | 136524 |
| RA1088, 4.5000%, 7/1/49 | 26488 | 26270 |
| QA2159, 3.0000%, 8/1/49 | 37870 | 33575 |
| RA1188, 4.5000%, 8/1/49 | 139179 | 138125 |
| QA4936, 3.0000%, 12/1/49 | 83586 | 74999 |
| QA5622, 3.0000%, 12/1/49 | 42628 | 38249 |
| RA1999, 4.5000%, 1/1/50 | 97364 | 96627 |
| SD8040, 4.5000%, 1/1/50 | 22738 | 22552 |
| SD1551, 4.0000%, 3/1/50 | 262936 | 253229 |
| QB1708, 2.5000%, 8/1/50 | 53140 | 46161 |
| QB2976, 2.5000%, 8/1/50 | 23864 | 20722 |
| QB3353, 2.5000%, 9/1/50 | 103838 | 90136 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

12 \| December 31, 2025

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Freddie Mac Pool – (continued) |  |  |
| SD1143, 4.5000%, 9/1/50 | $768576 | $762854 |
| RA5285, 2.5000%, 5/1/51 | 1071579 | 918778 |
| QC5848, 2.5000%, 8/1/51 | 2916085 | 2498460 |
| RA5906, 2.5000%, 9/1/51 | 1795089 | 1544574 |
| SD0688, 2.5000%, 10/1/51 | 2174585 | 1869177 |
| SD7548, 2.5000%, 11/1/51 | 609707 | 525875 |
| QD6087, 2.5000%, 1/1/52 | 232234 | 200260 |
| QD4842, 2.5000%, 1/1/52 | 144886 | 124894 |
| QD7069, 2.5000%, 2/1/52 | 359789 | 309540 |
| QD9513, 2.5000%, 2/1/52 | 229256 | 196121 |
| QD6554, 3.0000%, 2/1/52 | 155217 | 139089 |
| QD6555, 3.0000%, 2/1/52 | 106897 | 96094 |
| SD0931, 2.5000%, 3/1/52 | 2131352 | 1829373 |
| QD8288, 2.5000%, 3/1/52 | 62879 | 54028 |
| QD9182, 3.0000%, 3/1/52 | 185485 | 166720 |
| QE0318, 4.5000%, 3/1/52 | 14901 | 14632 |
| SD0943, 3.5000%, 4/1/52 | 324535 | 304885 |
| QE0354, 3.5000%, 4/1/52 | 150843 | 141416 |
| QE1072, 3.5000%, 4/1/52 | 141140 | 132319 |
| QE1073, 3.5000%, 4/1/52 | 48056 | 45111 |
| QD9191, 3.5000%, 4/1/52 | 37039 | 34771 |
| SD8212, 2.5000%, 5/1/52 | 2533566 | 2154982 |
| SD3493, 2.5000%, 5/1/52 | 882890 | 759441 |
| SD1041, 3.0000%, 6/1/52 | 2125889 | 1911966 |
| SD3523, 3.0000%, 6/1/52 | 1504507 | 1345543 |
| SD7023, 3.0000%, 6/1/52 | 574009 | 512504 |
| SD1840, 3.0000%, 6/1/52 | 408525 | 365408 |
| SD1150, 3.5000%, 6/1/52 | 1271606 | 1194610 |
| QF0488, 5.5000%, 9/1/52 | 315974 | 324046 |
| QF2386, 5.0000%, 10/1/52 | 568799 | 572616 |
| QF2145, 5.0000%, 10/1/52 | 18935 | 19122 |
| QF2437, 5.5000%, 10/1/52 | 22123 | 22980 |
| QF7813, 5.0000%, 1/1/53 | 40594 | 41060 |
| QF6841, 5.0000%, 1/1/53 | 35463 | 35806 |
| QF9871, 5.0000%, 3/1/53 | 147847 | 149210 |
| QF8398, 5.0000%, 3/1/53 | 145741 | 147094 |
| QG1442, 5.0000%, 4/1/53 | 162001 | 162480 |
| QG2380, 5.0000%, 5/1/53 | 329621 | 331357 |
| QG3598, 5.0000%, 5/1/53 | 202599 | 203666 |
| QG3742, 5.0000%, 5/1/53 | 28455 | 28713 |
| SD2897, 5.5000%, 5/1/53 | 260651 | 266366 |
| QG2543, 5.5000%, 5/1/53 | 144318 | 147878 |
| QG3917, 5.0000%, 6/1/53 | 746620 | 750552 |
| QG4742, 5.0000%, 6/1/53 | 135182 | 134946 |
| QG5161, 5.0000%, 6/1/53 | 126645 | 126424 |
| QG5055, 5.0000%, 6/1/53 | 108418 | 108291 |
| QG4676, 5.0000%, 6/1/53 | 39636 | 39609 |
| QG3912, 5.5000%, 6/1/53 | 478011 | 491042 |
| QG4741, 5.5000%, 6/1/53 | 76702 | 77818 |
| QG6693, 5.5000%, 7/1/53 | 323040 | 331782 |
| QG7441, 5.5000%, 7/1/53 | 189249 | 194371 |
| SD4294, 5.5000%, 9/1/53 | 350568 | 362045 |
| RA9851, 6.0000%, 9/1/53 | 2721286 | 2829499 |
| SD4009, 6.0000%, 9/1/53 | 796563 | 833243 |
| SD4668, 6.0000%, 10/1/53 | 1336979 | 1383173 |
| SD4247, 6.5000%, 11/1/53 | 804987 | 848588 |
| QI2699, 5.5000%, 4/1/54 | 229822 | 237780 |
| RJ1341, 6.0000%, 4/1/54 | 1112274 | 1159096 |
| RJ3021, 5.5000%, 12/1/54 | 2622221 | 2677191 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 13

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Freddie Mac Pool – (continued) |  |  |
| SL1226, 5.5000%, 5/1/55 | $2407574 | $2477286 |
| RJ4363, 5.5000%, 6/1/55 | 722830 | 745349 |
|  |  | 43048634 |
| Ginnie Mae: |  |  |
| 2.5000%, TBA, 30 Year Maturity | 3288763 | 2837545 |
| 3.5000%, TBA, 30 Year Maturity | 2835736 | 2579964 |
| 4.0000%, TBA, 30 Year Maturity | 158727 | 149808 |
| 5.0000%, TBA, 30 Year Maturity | 982425 | 979708 |
|  |  | 6547025 |
| Ginnie Mae I Pool: |  |  |
| 784059, 4.0000%, 1/15/45 | 739009 | 699913 |
| 784182, 4.5000%, 8/15/46 | 935865 | 930787 |
| BC7161, 4.0000%, 8/15/47 | 36905 | 35492 |
| BD7109, 4.0000%, 11/15/47 | 22354 | 21499 |
| BD7135, 4.0000%, 12/15/47 | 85158 | 81899 |
|  |  | 1769590 |
| Ginnie Mae II Pool: |  |  |
| MA4068, 3.0000%, 11/20/46 | 1655515 | 1508991 |
| BB9817, 4.0000%, 8/20/47 | 96717 | 93067 |
| BB9835, 4.0000%, 8/20/47 | 25115 | 24167 |
| BB9814, 4.0000%, 8/20/47 | 9666 | 9302 |
| MA5021, 4.5000%, 2/20/48 | 112019 | 111168 |
| MA5192, 4.0000%, 5/20/48 | 145802 | 140303 |
| BH3673, 4.5000%, 5/20/48 | 100308 | 98442 |
| BH3672, 4.5000%, 5/20/48 | 28670 | 28284 |
| MA5264, 4.0000%, 6/20/48 | 214998 | 206890 |
| MA5400, 5.0000%, 8/20/48 | 182334 | 184718 |
| MA5930, 3.5000%, 5/20/49 | 2160705 | 2004702 |
| MA7255, 2.5000%, 3/20/51 | 2112259 | 1824607 |
| MA7313, 3.0000%, 4/20/51 | 1111967 | 1001641 |
| MA7473, 3.0000%, 7/20/51 | 1041600 | 938013 |
| MA7535, 3.0000%, 8/20/51 | 2859179 | 2574614 |
| 785843, 2.5000%, 1/20/52 | 1780332 | 1516335 |
|  |  | 12265244 |
| Total Mortgage-Backed Securities (cost $122,208,324) |  | 120983729 |
| United States Treasury Notes/Bonds – 18.8% |  |  |
| 3.5000%, 10/31/27 | 457000 | 457107 |
| 3.3750%, 11/30/27 | 13800000 | 13773586 |
| 3.5000%, 12/15/28 | 3806000 | 3801540 |
| 3.6250%, 10/31/30 | 478000 | 475983 |
| 3.5000%, 11/30/30 | 33469600 | 33132289 |
| 3.7500%, 11/30/32 | 6259000 | 6186630 |
| 4.0000%, 11/15/35 | 38525300 | 37971498 |
| 4.6250%, 11/15/45 | 10255000 | 10021058 |
| 4.7500%, 8/15/55 | 11956000 | 11754243 |
| Total United States Treasury Notes/Bonds (cost $118,416,890) |  | 117573934 |
| Investment Companies<sup>£</sup> – 5.1% |  |  |
| Exchange-Traded Funds (ETFs) – 1.2% |  |  |
| Janus Henderson Emerging Markets Debt Hard Currency | 144943 | 7779817 |
| Money Markets – 3.9% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup> <br>| 24360913 | 24368221 |
| Total Investment Companies (cost $31,882,883) |  | 32148038 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.1% |  |  |
| Investment Companies – 0.1% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº,</sup><sup>£</sup> <br>| 403920 | 403920 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

14 \| December 31, 2025

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Investments Purchased with Cash Collateral from Securities Lending – (continued) |  |  |
| Time Deposits – 0% |  |  |
| Royal Bank of Canada, 3.7000%, 1/2/26 | $197730 | $197730 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $601,650) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $601,650) | 601650 |
| Total Investments (total cost $636,571,046) – 101.6% |  | 637200006 |
| Liabilities, net of Cash, Receivables and Other Assets – (1.6)% |  | (10329659) |
| Net Assets – 100% |  | $626870347 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $622715878 | &nbsp;&nbsp;&nbsp;&nbsp; 97.7<br> %<br>|
| Israel | 4834186 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| United Kingdom | 2999698 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Luxembourg | 2876823 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Australia | 2180557 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Canada | 922676 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Ireland | 670188 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Total | $637200006 | &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>*12/31/24*<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>*12/31/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 5.1% | Investment Companies - 5.1% | Investment Companies - 5.1% | Investment Companies - 5.1% | Investment Companies - 5.1% | Investment Companies - 5.1% | Investment Companies - 5.1% | Investment Companies - 5.1% | Investment Companies - 5.1% |
| Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% | Exchange-Traded Funds (ETFs) - 1.2% |
| Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency | Janus Henderson Emerging Markets Debt Hard Currency |
|  | $- | $7516979 | $- | $- | $262838 | $7779817 | 144943 | $258521 |
| Money Markets - 3.9% | Money Markets - 3.9% | Money Markets - 3.9% | Money Markets - 3.9% | Money Markets - 3.9% | Money Markets - 3.9% | Money Markets - 3.9% | Money Markets - 3.9% | Money Markets - 3.9% |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | 34420158 | 271351665 | (281405813) | 1851 | 360 | 24368221 | 24360913 | 1138765 |
| Total Investment Companies - 5.1% | Total Investment Companies - 5.1% | Total Investment Companies - 5.1% | Total Investment Companies - 5.1% | Total Investment Companies - 5.1% | Total Investment Companies - 5.1% | Total Investment Companies - 5.1% | Total Investment Companies - 5.1% | Total Investment Companies - 5.1% |
|  | $34420158 | $278868644 | $(281405813) | $1851 | $263198 | $32148038 | 24505856 | $1397286 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% |
| Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  |
|  | 179720 | 269129566 | (268905366) | - | - | 403920 | 403920 | 31904 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 5.2% | Total Affiliated Investments - 5.2% | Total Affiliated Investments - 5.2% | Total Affiliated Investments - 5.2% | Total Affiliated Investments - 5.2% | Total Affiliated Investments - 5.2% | Total Affiliated Investments - 5.2% | Total Affiliated Investments - 5.2% | Total Affiliated Investments - 5.2% |
|  | $34599878 | $547998210 | $(550311179) | $1851 | $263198 | $32551958 | 24909776 | $1429190 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 15

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** |
| *Counterparty/* <br>*Foreign Currency*<br>| *Settlement* <br>*Date*<br>| &nbsp;&nbsp; *Foreign Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *USD Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *Market Value and* <br>*Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: |
| British Pound | 3/4/26 | &nbsp;&nbsp; (480749) | &nbsp;&nbsp; $641401 | &nbsp;&nbsp; $(6399) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***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 | 516 | &nbsp;&nbsp; 4/3/26 | &nbsp;&nbsp; $107735156 | &nbsp;&nbsp; $(70017) |
| 5 Year US Treasury Note | 1223 | &nbsp;&nbsp; 4/3/26 | &nbsp;&nbsp; 133679633 | &nbsp;&nbsp; (548576) |
| Ultra Long Term US Treasury Bond | 125 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; 14750000 | &nbsp;&nbsp; (271300) |
| US Treasury Long Bond | 323 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; 37336781 | &nbsp;&nbsp; (551242) |
| Total - Futures Long |  |  |  | &nbsp;&nbsp; (1441135) |
| *Futures Short:* |  |  |  |  |
| 10 Year US Treasury Note | 211 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; (23724313) | &nbsp;&nbsp; 185699 |
| Ultra 10 Year Treasury Note | 290 | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; (33354531) | &nbsp;&nbsp; 209297 |
| Total - Futures Short |  |  |  | &nbsp;&nbsp; 394996 |
| Total |  |  |  | &nbsp;&nbsp; $(1046139) |

---

The following table, grouped by derivative type, provides information about the fair value and location of derivatives

within the Statement of Assets and Liabilities as of December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of December 31, 2025** |
|  | *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| *Asset Derivatives:* |  |  |  |
| <sup>\*</sup>Futures contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $394996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $394996 |
| *Liability Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $6399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6399 |
| <sup>\*</sup>Futures contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1441135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1441135 |
| Total Liability Derivatives | $6399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1441135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1447534 |

---

\* 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.

16 \| December 31, 2025

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Schedule of Investments** 

**December 31, 2025**

The following tables provide information about the effect of derivatives and hedging activities on the Portfolio's

Statement of Operations for the year ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended December 31, 2025** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Credit* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| Futures contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $170569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $170569 |
| Forward foreign currency exchange contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7453 |
| Swap contracts | (94122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(94122) |
| Total | $(94122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $170569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $83900 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |
| *Derivative* | *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| Futures contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1980287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1980287 |
| Forward foreign currency exchange contracts | (6399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(6399) |
| Total | $(6399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1980287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1973888 |

---

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation"

sections of the Portfolio's Statement of Operations.

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Year Ended December 31, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Year Ended December 31, 2025** |
| Credit default swaps: |  |
| Average notional amount - buy protection | $6453846 |
| Forward foreign currency exchange contracts: |  |
| Average amounts sold - in USD | 197084 |
| Futures contracts: |  |
| Average notional amount of contracts - long | 277554480 |
| Average notional amount of contracts - short | 48808129 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $570869 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(570869) | &nbsp;&nbsp; $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Liabilities*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| BNP Paribas | $6399 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6399 |

---

&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 Aspen Series \| 17

------

**Janus Henderson VIT Flexible Bond Portfolio**

**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 December 31, 2025 <br> is $270,710,983, which represents 43.2% of net assets.<br>|
| &nbsp;&nbsp; All or a portion of this position is not funded, or has been purchased on a delayed delivery or when-issued basis. If applicable, interest rates <br> will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements.<br>|
| &nbsp;&nbsp; Variable or floating rate security. Rate shown is the current rate as of December 31, 2025. Certain variable rate securities are not based on <br> a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as <br> of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.<br>|
| Rate shown is the 7-day yield as of December 31, 2025. |
| Loaned security; a portion of the security is on loan at December 31, 2025. |
| &nbsp;&nbsp; Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if <br> any, represents the next call date.<br>|
| &nbsp;&nbsp; Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the <br> current rate.<br>|
| £&nbsp;&nbsp; The Portfolio may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, <br> as amended, an affiliated company is one in which the Portfolio owns 5% or more of the outstanding voting securities, or a company which <br> is under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
| Schedule of Restricted Securities (as of December 31, 2025) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Acquisition* <br>*Date*<br>| *Cost* | *Value* | &nbsp;&nbsp; *Value as a* <br>*% of Net* <br>*Assets*<br>|
| Oasis Securitization 2024-1A A, 5.8800%, 9/30/38 | 9/24/24 | &nbsp;&nbsp; $300956 | $301119 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %<br>|

---

The Portfolio has registration rights for certain restricted securities held as of December 31, 2025. The issuer incurs all registration costs.

18 \| December 31, 2025

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Notes to Schedule of Investments and Other Information** 

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

financial instruments as of December 31, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Asset-Backed/Commercial Mortgage-Backed Securities* | $- | &nbsp;&nbsp; $204055356 | &nbsp;&nbsp; $- |
| *Bank Loans and Mezzanine Loans* | - | &nbsp;&nbsp; 22741510 | &nbsp;&nbsp; - |
| *Corporate Bonds* | - | &nbsp;&nbsp; 138444789 | &nbsp;&nbsp; - |
| *Foreign Government Bonds* | - | &nbsp;&nbsp; 651000 | &nbsp;&nbsp; - |
| *Mortgage-Backed Securities* | - | &nbsp;&nbsp; 120983729 | &nbsp;&nbsp; - |
| *United States Treasury Notes/Bonds* | - | &nbsp;&nbsp; 117573934 | &nbsp;&nbsp; - |
| *Investment Companies* | 7779817 | &nbsp;&nbsp; 24368221 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 601650 | &nbsp;&nbsp; - |
| Total Investments in Securities | $7779817 | &nbsp;&nbsp; $629420189 | &nbsp;&nbsp; $- |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Futures Contracts* | 394996 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| **Total Assets** | $8174813 | &nbsp;&nbsp; $629420189 | &nbsp;&nbsp; $- |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | $- | &nbsp;&nbsp; $6399 | &nbsp;&nbsp; $- |
| *Futures Contracts* | 1441135 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| **Total Liabilities** | $1441135 | &nbsp;&nbsp; $6399 | &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 Aspen Series \| 19

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Statement of Assets and Liabilities** 

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $604,284,243)<sup>(1)</sup> <br>| $604648048 |
| Affiliated investments, at value (cost $32,286,803) | 32551958 |
| Cash | 72178 |
| Deposits with brokers for futures | 3520000 |
| Variation margin receivable on futures contracts | 97232 |
| Trustees' deferred compensation | 18509 |
| Receivables: |  |
| Interest | 4183379 |
| TBA investments sold | 2826086 |
| Portfolio shares sold | 161457 |
| Dividends from affiliates | 96998 |
| Other assets | 24354 |
| Total Assets | 648200199 |
| Liabilities: |  |
| Collateral for securities loaned (Note 3) | 601650 |
| Forward foreign currency exchange contracts | 6399 |
| Variation margin payable on futures contracts | 297133 |
| Payables: |  |
| TBA investments purchased | 15899584 |
| Investments purchased | 3467798 |
| Portfolio shares repurchased | 428287 |
| Advisory fees | 237038 |
| 12b-1 Distribution and shareholder servicing fees | 111631 |
| Professional fees | 61379 |
| Transfer agent fees and expenses | 28742 |
| Trustees' deferred compensation fees | 18509 |
| Affiliated portfolio administration fees payable | 1371 |
| Custodian fees | 963 |
| Trustees' fees and expenses | 304 |
| Accrued expenses and other payables | 169064 |
| Total Liabilities | 21329852 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $626870347 |
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $719891465 |
| Total distributable earnings (loss) | (93021118) |
| Total Net Assets | $626870347 |
| Net Assets - Institutional Shares | $116661025 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 11746748 |
| Net Asset Value Per Share | $9.93 |
| Net Assets - Service Shares | $510209322 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 45808661 |
| Net Asset Value Per Share | $11.14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $570,869 of securities on loan. See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements.

20 \| December 31, 2025

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Statement of Operations** 

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Interest | $31353827 |
| Dividends from affiliates | 1397286 |
| Affiliated securities lending income, net | 31904 |
| Unaffiliated securities lending income, net | 9039 |
| Other income | 172117 |
| Total Investment Income | 32964173 |
| Expenses: |  |
| Advisory fees | 3107842 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Service Shares | 1277613 |
| Transfer agent administrative fees and expenses: |  |
| Institutional Shares | 56460 |
| Service Shares | 255522 |
| Other transfer agent fees and expenses: |  |
| Institutional Shares | 2389 |
| Service Shares | 5330 |
| Non-affiliated portfolio administration fees  | 119498 |
| Professional fees | 68264 |
| Shareholder reports expense | 40721 |
| Registration fees | 22964 |
| Affiliated portfolio administration fees | 18675 |
| Custodian fees | 12821 |
| Trustees' fees and expenses | 11868 |
| Other expenses | 242396 |
| Total Expenses | 5242363 |
| Less: Excess Expense Reimbursement and Waivers | (409719) |
| Net Expenses | 4832644 |
| Net Investment Income/(Loss) | 28131529 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 4288255 |
| Investments in affiliates | 1851 |
| Forward foreign currency exchange contracts | 7453 |
| Futures contracts | 170569 |
| Swap contracts | (94122) |
| Total Net Realized Gain/(Loss) on Investments | 4374006 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 8985111 |
| Investments in affiliates | 263198 |
| Forward foreign currency exchange contracts | (6399) |
| Futures contracts | 1980287 |
| Total Change in Unrealized Net Appreciation/Depreciation | 11222197 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $43727732 |

---

See Notes to Financial Statements.

Janus Aspen Series \| 21

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*December 31, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*December 31, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $28131529 | &nbsp;&nbsp; $28217698 |
| Net realized gain/(loss) on investments | 4374006 | &nbsp;&nbsp; (3252473) |
| Change in unrealized net appreciation/depreciation | 11222197 | &nbsp;&nbsp; (14489002) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 43727732 | &nbsp;&nbsp; 10476223 |
| Dividends and Distributions to Shareholders: |  |  |
| Institutional Shares | (5996553) | &nbsp;&nbsp; (5594686) |
| Service Shares | (22566921) | &nbsp;&nbsp; (21282595) |
| Net Decrease from Dividends and Distributions to Shareholders | (28563474) | &nbsp;&nbsp; (26877281) |
| Capital Share Transactions: |  |  |
| Institutional Shares | 291434 | &nbsp;&nbsp; 2037304 |
| Service Shares | (9498611) | &nbsp;&nbsp; 35040967 |
| Net Increase/(Decrease) from Capital Share Transactions | (9207177) | &nbsp;&nbsp; 37078271 |
| Net Increase/(Decrease) in Net Assets | 5957081 | &nbsp;&nbsp; 20677213 |
| Net Assets: |  |  |
| Beginning of period | 620913266 | &nbsp;&nbsp; 600236053 |
| End of period | $626870347 | &nbsp;&nbsp; $620913266 |

---

See Notes to Financial Statements.

22 \| December 31, 2025

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Shares |  |  |  |  |  |
| For a share outstanding during the year ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $9.75 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp; $9.94 | &nbsp;&nbsp; $12.05 | &nbsp;&nbsp; $12.75 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain/(loss) | 0.24 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.33) |
| Total from Investment Operations | 0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp; (1.64) | &nbsp;&nbsp; (0.12) |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.53) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.25) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.33) |
| Total Dividends and Distributions | (0.53) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.58) |
| Net Asset Value, End of Period | $9.93 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp; $9.94 | &nbsp;&nbsp; $12.05 |
| Total Return<sup>\*</sup> <br>| 7.40% | &nbsp;&nbsp; 1.86% | &nbsp;&nbsp; 5.61% | &nbsp;&nbsp; (13.66)% | &nbsp;&nbsp; (0.90)% |
| Net Assets, End of Period (in thousands) | $116661 | &nbsp;&nbsp; $114306 | &nbsp;&nbsp; $115746 | &nbsp;&nbsp; $107682 | &nbsp;&nbsp; $136115 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.64% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.59% |
| 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; 0.58% |
| Ratio of Net Investment Income/(Loss) | 4.71% | &nbsp;&nbsp; 4.81% | &nbsp;&nbsp; 4.07% | &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; 1.72% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 177% | &nbsp;&nbsp; 188% | &nbsp;&nbsp; 203% | &nbsp;&nbsp; 182% | &nbsp;&nbsp; 160% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

(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 Aspen Series \| 23

------

**Janus Henderson VIT Flexible Bond Portfolio**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Shares |  |  |  |  |  |
| For a share outstanding during the year ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $10.87 | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $10.99 | &nbsp;&nbsp; $13.27 | &nbsp;&nbsp; $13.99 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain/(loss) | 0.27 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp; (2.09) | &nbsp;&nbsp; (0.37) |
| Total from Investment Operations | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp; (1.84) | &nbsp;&nbsp; (0.17) |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.50) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.22) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.33) |
| Total Dividends and Distributions | (0.50) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.55) |
| Net Asset Value, End of Period | $11.14 | &nbsp;&nbsp; $10.87 | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $10.99 | &nbsp;&nbsp; $13.27 |
| Total Return<sup>\*</sup> <br>| 7.22% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 5.29% | &nbsp;&nbsp; (13.90)% | &nbsp;&nbsp; (1.18)% |
| Net Assets, End of Period (in thousands) | $510209 | &nbsp;&nbsp; $506608 | &nbsp;&nbsp; $484490 | &nbsp;&nbsp; $444824 | &nbsp;&nbsp; $547915 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.88% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.84% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.82% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.82% |
| Ratio of Net Investment Income/(Loss) | 4.46% | &nbsp;&nbsp; 4.56% | &nbsp;&nbsp; 3.83% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 1.47% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 177% | &nbsp;&nbsp; 188% | &nbsp;&nbsp; 203% | &nbsp;&nbsp; 182% | &nbsp;&nbsp; 160% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments. 

See Notes to Financial Statements.

24 \| December 31, 2025

------

**Janus Henderson VIT Flexible Bond Portfolio**

**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 VIT Flexible Bond Portfolio (the "Portfolio") is a series of Janus Aspen Series (the "Trust"), which is organized as a Delaware statutory 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 10 portfolios, each of which offers multiple share classes, with differing investment objectives and policies. The Portfolio seeks to obtain maximum total return, consistent with preservation of capital. The Portfolio is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment

adviser (the "Adviser") to the Portfolio.

The Portfolio currently offers two classes of shares: Institutional Shares and Service Shares. Each class represents an interest in the same portfolio of investments. Institutional Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans. Service Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans that require a fee from Portfolio assets to procure distribution and administrative services to contract

owners and plan participants.

Shareholders, including participating insurance companies, as well as accounts, may from time to time own (beneficially or of record) a significant percentage of the Portfolio's shares and can be considered to "control" the Portfolio when that ownership exceeds 25% of the Portfolio's assets (and which may differ from control as determined in accordance with

United States of America generally accepted accounting principles ("US GAAP")).

The Chief Financial Officer of the Portfolio is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Portfolio operated as a single segment entity for the year ended December 31, 2025. The key indicator of performance of the Portfolio is net investment income as reported on the Statement of Operations.

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

**Investment Valuation**

Portfolio 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 Portfolio, 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

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**Janus Henderson VIT Flexible Bond Portfolio**

**Notes to Financial Statements** 

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 Portfolio, 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 Portfolio 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 Portfolio'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 Portfolio'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 Portfolio since the beginning of the fiscal year.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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

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**Janus Henderson VIT Flexible Bond Portfolio**

**Notes to Financial Statements** 

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 Portfolio may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Portfolio's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Portfolio that have not yet occurred. Currently,

the risk of material loss from such claims is considered remote.

**Foreign Currency Translations**

The Portfolio 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 Portfolio may make semiannual distributions of substantially all of its investment income and an annual distribution

of its net realized capital gains (if any).

The Portfolio 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 Portfolio distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Portfolio 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 Portfolio'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 Portfolio's financial statements. The Portfolio 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.

The Portfolio's management has determined the Portfolio did not pay a significant amount of income taxes for the year

ended December 31, 2025.

**2. Derivative Instruments**

The Portfolio 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 Portfolio 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 Portfolio during the year ended December 31, 2025 is discussed in further detail below. A summary of derivative activity by the Portfolio is reflected in the tables at the end of the Schedule of Investments.

The Portfolio 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

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**Janus Henderson VIT Flexible Bond Portfolio**

**Notes to Financial Statements** 

purposes (to earn income and seek to enhance returns). When the Portfolio invests in a derivative for speculative purposes, the Portfolio will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. The Portfolio 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 Portfolio'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 Portfolio 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 Portfolio 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 Portfolio.

&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 Portfolio could receive lower interest payments or experience a reduction in the value of the derivative to below what the Portfolio 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 Portfolio'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 Portfolio 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 Portfolio may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Portfolio may require the counterparty to post collateral if the Portfolio has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Portfolio 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 Portfolio has a net

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**Janus Henderson VIT Flexible Bond Portfolio**

**Notes to Financial Statements** 

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 Portfolio'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 Portfolio 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 Portfolio may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Portfolio 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 Portfolio 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 Portfolio.

During the year, the Portfolio 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 Portfolio.

**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 Portfolio 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 Portfolio is subject to interest rate risk, equity risk, and currency risk in the normal course of pursuing its investment objective through its investments in futures contracts. The Portfolio 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 Portfolio 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 Portfolio's futures commission merchant.

With futures, there is minimal counterparty credit risk to the Portfolio since futures are exchange-traded and the

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**Janus Henderson VIT Flexible Bond Portfolio**

**Notes to Financial Statements** 

exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

During the year, the Portfolio purchased interest rate futures to increase exposure to interest rate risk.

During the year, the Portfolio sold interest rate futures to decrease exposure to interest rate risk.

**Swaps**

Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Portfolio. 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 Portfolio or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Portfolio 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 Portfolio. If the other party to a swap defaults, the Portfolio would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Portfolio utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Portfolio and reduce the Portfolio's total return.

Swap agreements also bear the risk that the Portfolio 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 Portfolio 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 Portfolio will submit the swap to, and post collateral with, a futures clearing merchant ("FCM") that is a clearinghouse member. Alternatively, the Portfolio 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 Portfolio 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 Portfolio to losses, increase its costs, or prevent the Portfolio 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 Portfolio's Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Portfolio'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 Portfolio'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 Portfolio and the counterparty and by the posting of

collateral by the counterparty to cover the Portfolio's exposure to the counterparty.

The Portfolio may enter into various types of credit default swap agreements, including OTC credit default swap agreements, for investment purposes, to add leverage to its Portfolio, or to hedge against widening credit spreads on high-yield/high-risk bonds. Credit default swaps are a specific kind of counterparty agreement that allow the transfer of third party credit risk from one party to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the credit default swap agrees to insure this risk in exchange for regular periodic payments. Credit default swaps could result in losses if the Portfolio does not correctly evaluate the creditworthiness of the company or companies on which the credit default swap is based. Credit default swap agreements may involve greater risks than if the Portfolio had invested in the reference obligation directly since, in addition to risks relating to the

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**Janus Henderson VIT Flexible Bond Portfolio**

**Notes to Financial Statements** 

reference obligation, credit default swaps are subject to illiquidity risk, counterparty risk, and credit risk. The Portfolio will generally incur a greater degree of risk when it sells a credit default swap than when it purchases a credit default swap. As a buyer of a credit default swap, the Portfolio may lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event were to occur, the value of any deliverable obligation received by the Portfolio, coupled with the upfront or periodic payments previously received, may be less than what it pays to the buyer, resulting in a loss of value to the Portfolio.

As a buyer of credit protection, the Portfolio is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract in the event of a default or other credit event by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, the Portfolio as buyer would pay to the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Portfolio would have spent the stream of payments and potentially received no benefit from the contract.

If the Portfolio is the seller of credit protection against a particular security, the Portfolio would receive an up-front or periodic payment to compensate against potential credit events. As the seller in a credit default swap contract, the Portfolio would be required to pay the par value (the "notional value") (or other agreed-upon value) of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the debt obligation. In return, the Portfolio would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Portfolio would keep the stream of payments and would have no payment obligations. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional value of the swap. The maximum potential amount of future payments (undiscounted) that the Portfolio as a

seller could be required to make in a credit default transaction would be the notional amount of the agreement.

The Portfolio may invest in CDXs. A CDX is a swap on an index of credit default swaps. CDXs allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or commercial mortgage-backed securities) in a more efficient manner than transacting in a single-name CDS. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. If the Portfolio holds a long position in a CDX, the Portfolio would indirectly bear its proportionate share of any expenses paid by a CDX. A Portfolio holding a long position in CDXs typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the Portfolio could be exposed to illiquidity risk, counterparty risk, and credit risk of the issuers of the underlying loan obligations and of the CDX markets. If there is a default by the CDX counterparty, the Portfolio will have contractual remedies pursuant to the agreements related to the transaction. CDXs

also bear the risk that the Portfolio will not be able to meet its obligation to the counterparty.

During the year, the Portfolio purchased protection via the credit default swap market in order to reduce credit risk exposure to individual corporates, countries and/or credit indices where reducing this exposure via the cash bond

market was less attractive.

There were no credit default swaps held at December 31, 2025.

**3. Other Investments and Strategies**

**Market Risk**

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

The value of the Portfolio's portfolio may decrease if the value of one or more issuers in the Portfolio's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio'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 Portfolio invests. If the value of the Portfolio's portfolio decreases, the Portfolio's NAV will also decrease, which means if you sell your shares in the Portfolio 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

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**Janus Henderson VIT Flexible Bond Portfolio**

**Notes to Financial Statements** 

financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Portfolio. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**Exchange-Traded Funds**

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

held by the ETF.

**Loans**

The Portfolio 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 Portfolio's total

assets. Below are descriptions of the types of loans held by the Portfolio as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Bank Loans –** Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. The Portfolio's investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These

investments may include institutionally-traded floating and fixed-rate debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Floating Rate Loans –** Floating rate loans are debt securities that have floating interest rates, that adjust periodically, and are tied to a benchmark lending rate, such as Secured Overnight Financing Rate ("SOFR"). In other cases, the lending rate could be tied to the prime rate offered by one or more major U.S. banks or the rate paid on large certificates of deposit traded in the secondary markets. If the benchmark lending rate changes, the rate payable to lenders under the loan will change at the next scheduled adjustment date specified in the loan agreement. Floating rate loans are typically issued to companies (''borrowers'') in connection with recapitalizations, acquisitions, and refinancings. Floating rate loan investments are generally below investment grade. Senior floating rate loans are secured by specific collateral of a borrower and are senior in the borrower's capital structure. The senior position in the borrower's capital structure generally gives holders of senior loans a claim on certain of the borrower's assets that is senior to subordinated debt and preferred and common stock in the case of a borrower's default. Floating rate loan investments may involve foreign borrowers, and investments may be denominated in foreign currencies. Floating rate loans often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Portfolio may invest in obligations of borrowers who are in bankruptcy proceedings. While the Portfolio generally expects to invest in fully funded term loans, certain of the loans in which the Portfolio may invest include revolving loans, bridge loans, and delayed draw term loans.

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**Janus Henderson VIT Flexible Bond Portfolio**

**Notes to Financial Statements** 

Purchasers of floating rate loans may pay and/or receive certain fees. The Portfolio may receive fees such as covenant waiver fees or prepayment penalty fees. The Portfolio may pay fees such as facility fees. Such fees may

affect the Portfolio'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 Portfolio 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 Portfolio 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 Portfolio's returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private

guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.

**Restricted Security Transactions**

Restricted securities held by the Portfolio 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 Portfolio 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 Portfolio 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

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**Janus Henderson VIT Flexible Bond Portfolio**

**Notes to Financial Statements** 

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 Portfolio 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 Portfolio'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 Portfolio may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Portfolio invests in non-U.S. sovereign debt, it may be subject to

currency risk.

**TBA Commitments**

The Portfolio 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 Portfolio 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 Portfolio may be less favorable than expected. If the counterparty to a transaction fails to deliver the security, the Portfolio 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 Portfolio 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 Portfolio's credit risk to such counterparty equal to any amounts payable by the Portfolio 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 Portfolio's collateral or margin obligations under an MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as

restricted cash.

**When-Issued, Delayed Delivery and Forward Commitment Transactions**

The Portfolio 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 Portfolio 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 Portfolio has committed to purchase prior to the time delivery of the securities is made. Because the Portfolio is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Portfolio's other investments. If the other party to a transaction fails to deliver the securities, the Portfolio could miss a favorable price or yield opportunity. If the Portfolio 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 Portfolio 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 Portfolio has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Portfolio 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 Portfolio could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Portfolio will incur a loss if the security's price

34 \| December 31, 2025

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**Janus Henderson VIT Flexible Bond Portfolio**

**Notes to Financial Statements** 

appreciates in value such that the security's price is above the agreed upon price on the settlement date. The Portfolio 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**

Portfolio transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Portfolio ("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 Portfolio. The Portfolio 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 Portfolio'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 Portfolio 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 Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Portfolio may lend portfolio 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 Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. 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 Portfolio to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Portfolio 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 Portfolio 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 Portfolio may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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**Janus Henderson VIT Flexible Bond Portfolio**

**Notes to Financial Statements** 

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of December 31, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $570,869. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2025 is $601,650,

resulting in the net amount due to the counterparty of $30,781.

**Offsetting Assets and Liabilities**

The Portfolio 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 Portfolio mitigate its counterparty risk, the Portfolio 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 Portfolio 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 Portfolio may offset with each counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment.

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

December 31, 2025" table located in the Portfolio's Schedule of Investments.

The Portfolio 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 Portfolio's commitment with respect to these contracts. Certain securities may be segregated at the Portfolio'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 Portfolio's corresponding forward foreign

currency exchange contract's obligation value.

**4. Investment Advisory Agreements and Other Transactions with Affiliates**

The Portfolio pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table

reflects the Portfolio's contractual investment advisory fee rate (expressed as an annual rate).

---

| | |
|:---|:---|
| &nbsp;&nbsp; *Average Daily Net* <br>*Assets of the Portfolio*<br>| *Contractual Investment* <br>*Advisory Fee (%)*<br>|
| First $300 Million | 0.55 |
| Over $300 Million | 0.45 |

---

The Portfolio's actual investment advisory fee rate for the reporting period was 0.50% of average annual net assets

before any applicable waivers.

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Portfolio's total annual fund operating expenses, excluding the 12b-1 distribution and shareholder servicing fees (applicable to Service Shares), transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and

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**Janus Henderson VIT Flexible Bond Portfolio**

**Notes to Financial Statements** 

extraordinary expenses, exceed the annual rate of 0.52% of the Portfolio's average daily net assets for at least a one-year period commencing on April 30, 2025. If applicable, amounts waived and/or reimbursed to the Portfolio by the

Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser has also contractually agreed to waive and/or reimburse a portion of each Portfolio's management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange traded funds ("ETFs") in which the Portfolio invests. The Adviser has agreed to continue the waivers for at least a one-year period commencing April 30, 2025. If applicable, amounts waived and/or reimbursed to the Portfolio by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on the Statement of Operations. During the year ended December 31, 2025, the Adviser waived $18,140 of the Portfolio's management fee, attributable to the Portfolio's

investment in the Janus Henderson Emerging Markets Debt Hard Currency ETF.

The Adviser serves as administrator to the Portfolio 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 Portfolio, including providing office space for the Portfolio, and is reimbursed by the Portfolio 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 Portfolio pays for some or all of the salaries, fees, and expenses of the Adviser employees and Portfolio officers, with respect to certain specified administration functions they perform on behalf of the Portfolio. The Portfolio 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 Portfolio. These amounts are disclosed as "Affiliated portfolio administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Portfolio's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Portfolio. Total compensation of $51,726 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended December 31, 2025. The Portfolio'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 Portfolio's transfer agent. The Transfer Agent receives an administrative services fee at an annual rate of 0.05% of the average daily net assets of the Portfolio for arranging for the provision by participating insurance companies and qualified plan service providers of administrative 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 on behalf of contract holders or plan participants investing in the Portfolio. The Transfer Agent expects to use this entire fee to compensate insurance companies and qualified plan service providers for providing these services to their customers who invest in the Portfolio.

The Transfer Agent is not compensated for internal services related to the shares, except for out-of-pocket costs. These

amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under a distribution and shareholder servicing plan (the "Plan") adopted in accordance with Rule 12b-1 under the 1940 Act, the Service Shares may pay the Trust's distributor, Janus Henderson Distributors US LLC (the "Distributor"), a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Service Shares at an annual rate of up to 0.25% of the average daily net assets of the Service Shares. Under the terms of the Plan, the Trust is authorized to make payments to the Distributor for remittance to insurance companies and qualified plan service providers as compensation for distribution and/or shareholder services performed by such entities. These

amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" 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 Portfolio. 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 Portfolio as unrealized appreciation/(depreciation) and is included as of December 31, 2025 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation

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**Janus Henderson VIT Flexible Bond Portfolio**

**Notes to Financial Statements** 

expenses for the year ended December 31, 2025 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the year ended December 31, 2025.

Pursuant to the provisions of the 1940 Act and related rules, the Portfolio may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Portfolio 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 Portfolio 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 Portfolio's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Portfolio 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 December 31, 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 Portfolio must satisfy under the income tax regulations; (2) losses or deductions the Portfolio 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 Portfolio 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>|
| $3680665 | $- | &nbsp;&nbsp; $(97338355) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(18511) | &nbsp;&nbsp; $655083 |

---

Accumulated capital losses noted below represent net capital loss carryovers, as of December 31, 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 December 31, 2025* | *For the year ended December 31, 2025* |  |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | &nbsp;&nbsp; Accumulated <br>Capital Losses<br>|
| $(53246548) | &nbsp;&nbsp; $(44091807) | &nbsp;&nbsp; $(97338355) |

---

During the year ended December 31, 2025, capital loss carryovers of $6,180,572 were utilized by the Portfolio.

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**Janus Henderson VIT Flexible Bond Portfolio**

**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 December 31, 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;&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>|
| $636544923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6800872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(6145789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $655083 |

---

Information on the tax components of derivatives as of December 31, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax* <br>*Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $(1052538) | &nbsp;&nbsp;&nbsp;&nbsp;&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 December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $28563474 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $26877281 | &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.

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended December 31, 2025* | *Year ended December 31, 2025* | *Year ended December 31, 2024* | *Year ended December 31, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Institutional Shares: |  |  |  |  |
| Shares sold | 2100642 | &nbsp;&nbsp; $20941997 | &nbsp;&nbsp; 2373624 | &nbsp;&nbsp; $23606494 |
| Reinvested dividends and distributions | 608756 | &nbsp;&nbsp; 5996553 | &nbsp;&nbsp; 567683 | &nbsp;&nbsp; 5594686 |
| Shares repurchased | (2687150) | &nbsp;&nbsp; (26647116) | &nbsp;&nbsp; (2726856) | &nbsp;&nbsp; (27163876) |
| Net Increase/(Decrease) | 22248 | &nbsp;&nbsp; $291434 | &nbsp;&nbsp; 214451 | &nbsp;&nbsp; $2037304 |
| Service Shares: |  |  |  |  |
| Shares sold | 7663402 | &nbsp;&nbsp; $85120636 | &nbsp;&nbsp; 8421397 | &nbsp;&nbsp; $93377042 |
| Reinvested dividends and distributions | 2046043 | &nbsp;&nbsp; 22566921 | &nbsp;&nbsp; 1938060 | &nbsp;&nbsp; 21282595 |
| Shares repurchased | (10485910) | &nbsp;&nbsp; (117186168) | &nbsp;&nbsp; (7171510) | &nbsp;&nbsp; (79618670) |
| Net Increase/(Decrease) | (776465) | &nbsp;&nbsp; $(9498611) | &nbsp;&nbsp; 3187947 | &nbsp;&nbsp; $35040967 |

---

**7. Purchases and Sales of Investment Securities**

For the year ended December 31, 2025, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as

Janus Aspen Series \| 39

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**Janus Henderson VIT Flexible Bond Portfolio**

**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>|
| $340976792 | &nbsp;&nbsp;&nbsp;&nbsp; $375212608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $718994528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $680491331 |

---

**8. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Portfolio's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client

consents, and approval by Janus Henderson's shareholders. Management is assessing the impact to the portfolios.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 and through the date of issuance of the Portfolio's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Portfolio's financial statements.

40 \| December 31, 2025

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**Janus Henderson Flexible Bond Portfolio**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Aspen Series and Shareholders of Janus Henderson VIT Flexible Bond Portfolio

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson VIT Flexible Bond Portfolio (one of the portfolios constituting Janus Aspen Series, referred to hereafter as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 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 Portfolio as of December 31, 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 December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 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 Portfolio's management. Our responsibility is to express an opinion on the Portfolio'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 Portfolio 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 December 31, 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.

![](imgafb11c642.jpg)

Denver, Colorado

February 18, 2026

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

Janus Aspen Series \| 41

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**Janus Henderson Flexible Bond Portfolio**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Portfolio designated the following for the year ended December 31, 2025:

---

| | |
|:---|:---|
| Section 163(j) Interest Dividend | 100% |
| Dividends Received Deduction Percentage | 1% |

---

42 \| December 31, 2025

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**Janus Henderson VIT Flexible Bond Portfolio**

**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 portfolios in the Janus Aspen Series. Annual retainer fees and attendance fees are allocated to each portfolio based on net assets. Trustees fees paid by the portfolio are within

Item 7. Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

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

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

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

Janus Aspen Series \| 43

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**Janus Henderson VIT Flexible Bond Portfolio**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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

• For Janus Henderson Balanced Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Enterprise Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

44 \| December 31, 2025

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**Janus Henderson VIT Flexible Bond Portfolio**

**Additional Information (unaudited)**

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Global Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025, and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the additional resources added by the Adviser to support the Portfolio's portfolio management.

• For Janus Henderson Global Technology and Innovation Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Overseas Portfolio, the Trustees noted that the Portfolio's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

Janus Aspen Series \| 45

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**Janus Henderson VIT Flexible Bond Portfolio**

**Additional Information (unaudited)**

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

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

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional/separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Portfolio's total expenses, net of applicable fee waivers (the Portfolio's "total expenses") as reflected in the comparative information provided by Broadridge:

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

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that although the Portfolio's total expenses exceeded the peer group for one share class, overall the Portfolio's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Portfolio's expenses, although this limit did not apply because the Portfolio's total expenses were already below the applicable fee limit.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

46 \| December 31, 2025

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**Janus Henderson VIT Flexible Bond Portfolio**

**Additional Information (unaudited)**

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

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

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

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

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

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

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by 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,

Janus Aspen Series \| 47

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**Janus Henderson VIT Flexible Bond Portfolio**

**Additional Information (unaudited)**

taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They 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

48 \| December 31, 2025

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**Janus Henderson VIT Flexible Bond Portfolio**

**Additional Information (unaudited)**

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 Aspen Series \| 49

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![](imgc75ba4393.gif)

*This report is submitted for the general information of shareholders of the Portfolio. It is not an offer or solicitation for the Portfolio 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

109-02-81114 02-26

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ANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson VIT Forty Portfolio**

Janus Aspen Series

![](imgcd1c998a1.gif)

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**Table of Contents**

**Janus Henderson VIT Forty Portfolio** 

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| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_6ca307fd-ec75-487a-bc3f-2b4963892a03_SOI-SOI-RunningFooter-56_1)<br> [Management Investment Companies](#xx_6ca307fd-ec75-487a-bc3f-2b4963892a03_SOI-SOI-RunningFooter-56_1)<br>|  |
| [Schedule of Investments](#xx_6ca307fd-ec75-487a-bc3f-2b4963892a03_SOI-SOI-RunningFooter-56_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_6ca307fd-ec75-487a-bc3f-2b4963892a03_SOI-SOI-RunningFooter-56_3) | 3 |
| [Statement of Assets and Liabilities](#xx_6ca307fd-ec75-487a-bc3f-2b4963892a03_SAL-SAL-RunningFooter-56_1) | 4 |
| [Statement of Operations](#xx_6ca307fd-ec75-487a-bc3f-2b4963892a03_SOP-SOP-RunningFooter-56_1) | 5 |
| [Statements of Changes in Net Assets](#xx_6ca307fd-ec75-487a-bc3f-2b4963892a03_SOC-SOC-RunningFooter-56_1) | 6 |
| [Financial Highlights](#xx_6ca307fd-ec75-487a-bc3f-2b4963892a03_FIHI-FIHI-RunningFooter-56_1) | 7 |
| [Notes to Financial Statements](#xx_6ca307fd-ec75-487a-bc3f-2b4963892a03_NTF-NTF-RunningFooter-56_1) | 9 |
| [Report of Independent Registered Public Accounting Firm](#xx_6ca307fd-ec75-487a-bc3f-2b4963892a03_AUD-AR-RunningFooter-56_1) | 18 |
| [Designation Requirements](#xx_6ca307fd-ec75-487a-bc3f-2b4963892a03_DR-DR-RunningFooter-56_1) | 19 |
| [Items 8-11 - Additional Information](#xx_6ca307fd-ec75-487a-bc3f-2b4963892a03_AI-AI-RunningFooter-56_1) | 20 |

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**Janus Henderson VIT Forty Portfolio**

**Schedule of Investments** 

**December 31, 2025**

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| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 99.8% |  |  |
| Aerospace & Defense – 4.5% |  |  |
| Boeing Co<sup>\*</sup> <br>| 80651 | $17510945 |
| Howmet Aerospace Inc | 127866 | 26215087 |
|  |  | 43726032 |
| Beverages – 1.3% |  |  |
| Monster Beverage Corp<sup>\*</sup> <br>| 161861 | 12409883 |
| Biotechnology – 2.9% |  |  |
| Argenx SE (ADR)<sup>\*</sup> <br>| 22062 | 18553039 |
| Madrigal Pharmaceuticals Inc<sup>\*</sup> <br>| 17328 | 10090787 |
|  |  | 28643826 |
| Capital Markets – 3.9% |  |  |
| Blackstone Group Inc | 177757 | 27399464 |
| Intercontinental Exchange Inc | 69186 | 11205364 |
|  |  | 38604828 |
| Diversified Financial Services – 2.9% |  |  |
| Mastercard Inc - Class A | 50027 | 28559414 |
| Electrical Equipment – 2.8% |  |  |
| Eaton Corp PLC | 85881 | 27353957 |
| Health Care Equipment & Supplies – 0.5% |  |  |
| Medline Inc - Class A<sup>\*</sup> <br>| 127095 | 5337990 |
| Health Care Providers & Services – 1.8% |  |  |
| UnitedHealth Group Inc | 54314 | 17929595 |
| Hotels, Restaurants & Leisure – 7.3% |  |  |
| Booking Holdings Inc | 4386 | 23488477 |
| Chipotle Mexican Grill Inc<sup>\*</sup> <br>| 236856 | 8763672 |
| DoorDash Inc - Class A<sup>\*</sup> <br>| 54352 | 12309641 |
| DraftKings Inc<sup>\*</sup> <br>| 786948 | 27118228 |
|  |  | 71680018 |
| Information Technology Services – 1.6% |  |  |
| Shopify Inc<sup>\*</sup> <br>| 97801 | 15743027 |
| Interactive Media & Services – 7.1% |  |  |
| Alphabet Inc - Class C | 150631 | 47268008 |
| Meta Platforms Inc - Class A | 34121 | 22522931 |
|  |  | 69790939 |
| Life Sciences Tools & Services – 2.5% |  |  |
| Danaher Corp | 105011 | 24039118 |
| Multiline Retail – 11.1% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 355896 | 82147915 |
| MercadoLibre Inc<sup>\*</sup> <br>| 13418 | 27027340 |
|  |  | 109175255 |
| Pharmaceuticals – 4.0% |  |  |
| Eli Lilly & Co | 36048 | 38740065 |
| Semiconductor & Semiconductor Equipment – 22.5% |  |  |
| Broadcom Inc | 180993 | 62641677 |
| NVIDIA Corp | 608889 | 113557799 |
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 145510 | 44219034 |
|  |  | 220418510 |
| Software – 17.4% |  |  |
| AppLovin Corp - Class A<sup>\*</sup> <br>| 20042 | 13504700 |
| Datadog Inc - Class A<sup>\*</sup> <br>| 136204 | 18522382 |
| HubSpot Inc<sup>\*</sup> <br>| 20354 | 8168060 |
| Microsoft Corp | 190133 | 91952122 |
| Oracle Corp | 196014 | 38205089 |
|  |  | 170352353 |
| Technology Hardware, Storage & Peripherals – 5.7% |  |  |
| Apple Inc | 205952 | 55990111 |
| Total Common Stocks (cost $473,961,488) |  | 978494921 |

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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 VIT Forty Portfolio**

**Schedule of Investments** 

**December 31, 2025**

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| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Investment Companies – 0.3% |  |  |
| Money Markets – 0.3% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº,</sup><sup>£</sup> (cost $2,994,373) | 2993737 | $2994636 |
| Total Investments (total cost $476,955,861) – 100.1% |  | 981489557 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.1)% |  | (521700) |
| Net Assets – 100% |  | $980967857 |

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| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $875947117 | &nbsp;&nbsp;&nbsp;&nbsp; 89.2<br> %<br>|
| Taiwan | 44219034 | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Argentina | 27027340 | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Belgium | 18553039 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Canada | 15743027 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Total | $981489557 | &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>*12/31/24*<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>*12/31/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 0.3% | Investment Companies - 0.3% | Investment Companies - 0.3% | Investment Companies - 0.3% | Investment Companies - 0.3% | Investment Companies - 0.3% | Investment Companies - 0.3% | Investment Companies - 0.3% | Investment Companies - 0.3% |
| Money Markets - 0.3% | Money Markets - 0.3% | Money Markets - 0.3% | Money Markets - 0.3% | Money Markets - 0.3% | Money Markets - 0.3% | Money Markets - 0.3% | Money Markets - 0.3% | Money Markets - 0.3% |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | $15759577 | $183053322 | $(195819229) | $703 | $263 | $2994636 | 2993737 | $395633 |
| 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, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  |
|  | - | 51295711 | (51295711) | - | - | - | - | 2457 <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% |
|  | $15759577 | $234349033 | $(247114940) | $703 | $263 | $2994636 | 2993737 | $398090 |

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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 VIT Forty Portfolio**

**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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| |
|:---|
| Non-income producing security. |
| Rate shown is the 7-day yield as of December 31, 2025. |
| £&nbsp;&nbsp; The Portfolio may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, <br> as amended, an affiliated company is one in which the Portfolio owns 5% or more of the outstanding voting securities, or a company which <br> is under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

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

financial instruments as of December 31, 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* | $978494921 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| *Investment Companies* | - | &nbsp;&nbsp; 2994636 | &nbsp;&nbsp; - |
| **Total Assets** | $978494921 | &nbsp;&nbsp; $2994636 | &nbsp;&nbsp; $- |

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\| 3

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**Janus Henderson VIT Forty Portfolio**

**Statement of Assets and Liabilities** 

**December 31, 2025**

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| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $473,961,488) | $978494921 |
| Affiliated investments, at value (cost $2,994,373) | 2994636 |
| Trustees' deferred compensation | 28956 |
| Receivables: |  |
| Portfolio shares sold | 132758 |
| Dividends | 125249 |
| Dividends from affiliates | 12440 |
| Foreign tax reclaims | 7160 |
| Other assets | 7794 |
| Total Assets | 981803914 |
| Liabilities: |  |
| Payables: |  |
| Advisory fees | 417381 |
| Portfolio shares repurchased | 147476 |
| 12b-1 Distribution and shareholder servicing fees | 99316 |
| Professional fees | 46574 |
| Transfer agent fees and expenses | 45046 |
| Trustees' deferred compensation fees | 28956 |
| Affiliated portfolio administration fees payable | 2155 |
| Custodian fees | 964 |
| Trustees' fees and expenses | 641 |
| Accrued expenses and other payables | 47548 |
| Total Liabilities | 836057 |
| Net Assets | $980967857 |
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $216866050 |
| Total distributable earnings (loss) | 764101807 |
| Total Net Assets | $980967857 |
| Net Assets - Institutional Shares | $528292572 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 8890351 |
| Net Asset Value Per Share | $59.42 |
| Net Assets - Service Shares | $452675285 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 8727564 |
| Net Asset Value Per Share | $51.87 |

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See Notes to Financial Statements.

4 \| December 31, 2025

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**Janus Henderson VIT Forty Portfolio**

**Statement of Operations** 

**For the year ended December 31, 2025**

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| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $6664995 |
| Dividends from affiliates | 395633 |
| Affiliated securities lending income, net | 2457 |
| Unaffiliated securities lending income, net | 978 |
| Other income | 1845 |
| Foreign tax withheld | (118267) |
| Total Investment Income | 6947641 |
| Expenses: |  |
| Advisory fees | 6392340 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Service Shares | 1668110 |
| Transfer agent administrative fees and expenses: |  |
| Institutional Shares | 254576 |
| Service Shares | 333622 |
| Other transfer agent fees and expenses: |  |
| Institutional Shares | 9729 |
| Service Shares | 6179 |
| Professional fees | 53687 |
| Affiliated portfolio administration fees | 35494 |
| Registration fees | 27326 |
| Trustees' fees and expenses | 21962 |
| Shareholder reports expense | 21264 |
| Custodian fees | 19881 |
| Other expenses | 124346 |
| Total Expenses | 8968516 |
| Net Investment Income/(Loss) | (2020875) |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 260135511 |
| Investments in affiliates | 703 |
| Total Net Realized Gain/(Loss) on Investments | 260136214 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (55836925) |
| Investments in affiliates | 263 |
| Total Change in Unrealized Net Appreciation/Depreciation | (55836662) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $202278677 |

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See Notes to Financial Statements.

Janus Aspen Series \| 5

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**Janus Henderson VIT Forty Portfolio**

**Statements of Changes in Net Assets**

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| | | |
|:---|:---|:---|
|  | *Year ended* <br>*December 31, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*December 31, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $(2020875) | &nbsp;&nbsp; $253714 |
| Net realized gain/(loss) on investments | 260136214 | &nbsp;&nbsp; 162382519 |
| Change in unrealized net appreciation/depreciation | (55836662) | &nbsp;&nbsp; 116306624 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 202278677 | &nbsp;&nbsp; 278942857 |
| Dividends and Distributions to Shareholders: |  |  |
| Institutional Shares | (62492732) | &nbsp;&nbsp; (27357191) |
| Service Shares | (95761978) | &nbsp;&nbsp; (42980210) |
| Net Decrease from Dividends and Distributions to Shareholders | (158254710) | &nbsp;&nbsp; (70337401) |
| Capital Share Transactions: |  |  |
| Institutional Shares | 3414073 | &nbsp;&nbsp; (5487981) |
| Service Shares | (252716797) | &nbsp;&nbsp; (44853261) |
| Net Increase/(Decrease) from Capital Share Transactions | (249302724) | &nbsp;&nbsp; (50341242) |
| Net Increase/(Decrease) in Net Assets | (205278757) | &nbsp;&nbsp; 158264214 |
| Net Assets: |  |  |
| Beginning of period | 1186246614 | &nbsp;&nbsp; 1027982400 |
| End of period | $980967857 | &nbsp;&nbsp; $1186246614 |

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See Notes to Financial Statements.

6 \| December 31, 2025

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**Janus Henderson VIT Forty Portfolio**

**Financial Highlights**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Shares |  |  |  |  |  |
| For a share outstanding during the year ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $57.38 | &nbsp;&nbsp; $47.35 | &nbsp;&nbsp; $33.89 | &nbsp;&nbsp; $61.75 | &nbsp;&nbsp; $57.00 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; (0.15) |
| Net realized and unrealized gain/(loss) | 9.43 | &nbsp;&nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;&nbsp;13.38 | &nbsp;&nbsp; (20.82) | &nbsp;&nbsp;&nbsp;&nbsp;12.39 |
| Total from Investment Operations | 9.41 | &nbsp;&nbsp;&nbsp;&nbsp;13.23 | &nbsp;&nbsp;&nbsp;&nbsp;13.54 | &nbsp;&nbsp; (20.72) | &nbsp;&nbsp;&nbsp;&nbsp;12.24 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.04) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (7.33) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.07) | &nbsp;&nbsp; (7.49) |
| Total Dividends and Distributions | (7.37) | &nbsp;&nbsp; (3.20) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (7.14) | &nbsp;&nbsp; (7.49) |
| Net Asset Value, End of Period | $59.42 | &nbsp;&nbsp; $57.38 | &nbsp;&nbsp; $47.35 | &nbsp;&nbsp; $33.89 | &nbsp;&nbsp; $61.75 |
| Total Return<sup>\*</sup> <br>| 18.14% | &nbsp;&nbsp; 28.47% | &nbsp;&nbsp; 39.96% | &nbsp;&nbsp; (33.55)% | &nbsp;&nbsp; 22.90% |
| Net Assets, End of Period (in thousands) | $528293 | &nbsp;&nbsp; $501366 | &nbsp;&nbsp; $418209 | &nbsp;&nbsp; $317938 | &nbsp;&nbsp; $523822 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.62% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.77% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.62% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.77% |
| Ratio of Net Investment Income/(Loss) | (0.03)% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; (0.25)% |
| Portfolio Turnover Rate | 30% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 31% |

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\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Aspen Series \| 7

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**Janus Henderson VIT Forty Portfolio**

**Financial Highlights**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Shares |  |  |  |  |  |
| For a share outstanding during the year ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $51.06 | &nbsp;&nbsp; $42.49 | &nbsp;&nbsp; $30.46 | &nbsp;&nbsp; $56.64 | &nbsp;&nbsp; $52.96 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.14) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.28) |
| Net realized and unrealized gain/(loss) | 8.28 | &nbsp;&nbsp;&nbsp;&nbsp;11.76 | &nbsp;&nbsp;&nbsp;&nbsp;12.03 | &nbsp;&nbsp; (19.09) | &nbsp;&nbsp;&nbsp;&nbsp;11.45 |
| Total from Investment Operations | 8.14 | &nbsp;&nbsp;&nbsp;&nbsp;11.72 | &nbsp;&nbsp;&nbsp;&nbsp;12.08 | &nbsp;&nbsp; (19.09) | &nbsp;&nbsp;&nbsp;&nbsp;11.17 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (7.33) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.07) | &nbsp;&nbsp; (7.49) |
| Total Dividends and Distributions | (7.33) | &nbsp;&nbsp; (3.15) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (7.09) | &nbsp;&nbsp; (7.49) |
| Net Asset Value, End of Period | $51.87 | &nbsp;&nbsp; $51.06 | &nbsp;&nbsp; $42.49 | &nbsp;&nbsp; $30.46 | &nbsp;&nbsp; $56.64 |
| Total Return<sup>\*</sup> <br>| 17.86% | &nbsp;&nbsp; 28.14% | &nbsp;&nbsp; 39.65% | &nbsp;&nbsp; (33.73)% | &nbsp;&nbsp; 22.60% |
| Net Assets, End of Period (in thousands) | $452675 | &nbsp;&nbsp; $684881 | &nbsp;&nbsp; $609773 | &nbsp;&nbsp; $474200 | &nbsp;&nbsp; $718925 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.87% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 1.02% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.87% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 1.02% |
| Ratio of Net Investment Income/(Loss) | (0.28)% | &nbsp;&nbsp; (0.08)% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.00% <br><sup>(3)</sup><br>| &nbsp;&nbsp; (0.50)% |
| Portfolio Turnover Rate | 30% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 31% |

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\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(3) Less than 0.005%.

See Notes to Financial Statements.

8 \| December 31, 2025

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**Janus Henderson VIT Forty Portfolio**

**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 VIT Forty Portfolio (the "Portfolio") is a series of Janus Aspen Series (the "Trust"), which is organized as a Delaware statutory 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 10 portfolios, each of which offers multiple share classes, with differing investment objectives and policies. The Portfolio seeks long-term growth of capital. The Portfolio is classified as nondiversified, as defined in the

1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Portfolio.

The Portfolio currently offers two classes of shares: Institutional Shares and Service Shares. Each class represents an interest in the same portfolio of investments. Institutional Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans. Service Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans that require a fee from Portfolio assets to procure distribution and administrative services to contract

owners and plan participants.

Shareholders, including participating insurance companies, as well as accounts, may from time to time own (beneficially or of record) a significant percentage of the Portfolio's shares and can be considered to "control" the Portfolio when that ownership exceeds 25% of the Portfolio's assets (and which may differ from control as determined in accordance with

United States of America generally accepted accounting principles ("US GAAP")).

The Chief Financial Officer of the Portfolio is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Portfolio operated as a single segment entity for the year ended December 31, 2025. The key indicator of performance of the Portfolio is net investment income as reported on the Statement of Operations.

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

**Investment Valuation**

Portfolio 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 Portfolio, 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 Portfolio, if any, will be calculated using the NAV of

Janus Aspen Series \| 9

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**Janus Henderson VIT Forty Portfolio**

**Notes to Financial Statements** 

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 Portfolio 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 Portfolio'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 Portfolio'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 Portfolio since the beginning of the fiscal year.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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.

10 \| December 31, 2025

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**Janus Henderson VIT Forty Portfolio**

**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 Portfolio may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Portfolio's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Portfolio that have not yet occurred. Currently,

the risk of material loss from such claims is considered remote.

**Foreign Currency Translations**

The Portfolio 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 Portfolio may make semiannual distributions of substantially all of its investment income and an annual distribution

of its net realized capital gains (if any).

The Portfolio 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 Portfolio distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Portfolio 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 Portfolio'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 Portfolio's financial statements. The Portfolio 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.

The Portfolio's management has determined the Portfolio did not pay a significant amount of income taxes for the year

ended December 31, 2025.

**2. Other Investments and Strategies**

**Market Risk**

The value of the Portfolio's portfolio may decrease if the value of one or more issuers in the Portfolio's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio'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 Portfolio invests. If the value of the Portfolio's portfolio decreases, the Portfolio's NAV will also decrease, which means if you sell your shares in the Portfolio 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

Janus Aspen Series \| 11

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**Janus Henderson VIT Forty Portfolio**

**Notes to Financial Statements** 

emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Portfolio. 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 Portfolio 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 Portfolio may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Portfolio 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 Portfolio's investments. In addition, the Portfolio'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 Portfolio's investments. To the extent that the Portfolio 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 Portfolio'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 Portfolio invests in

Chinese local market securities.

**Counterparties**

Portfolio transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Portfolio ("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 Portfolio. The Portfolio 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 Portfolio's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value.

The Portfolio 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 Portfolio'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 Portfolio intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction.

12 \| December 31, 2025

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**Janus Henderson VIT Forty Portfolio**

**Notes to Financial Statements** 

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 Portfolio 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 Portfolio 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 Portfolio does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Portfolio may lend portfolio 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 Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. 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 Portfolio to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Portfolio 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 Portfolio 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 Portfolio may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

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

There were no securities on loan as of December 31, 2025.

**3. Investment Advisory Agreements and Other Transactions with Affiliates**

The Portfolio pays the Adviser an investment advisory fee rate that may adjust up or down based on the Portfolio's

performance relative to its benchmark index.

The investment advisory fee rate paid to the Adviser by the Portfolio consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Portfolio's average daily net assets during the

Janus Aspen Series \| 13

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**Janus Henderson VIT Forty Portfolio**

**Notes to Financial Statements** 

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 Portfolio's average daily net assets based on the Portfolio'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 Portfolio's Service Shares for the performance measurement period is used to calculate the Performance Adjustment. The Portfolio's Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Portfolio'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 Portfolio's investment performance and the cumulative investment record of the Portfolio'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 Portfolio outperforms or underperforms its benchmark index, up to the Portfolio's full performance rate of ±8.50%. Because the Performance Adjustment is tied to a Portfolio'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 Portfolio's Shares lose value during the performance measurement period and could decrease the Adviser's fee even if the Portfolio'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 Portfolio is calculated net of expenses whereas the Portfolio's benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Portfolio and the Portfolio's benchmark index.

The Portfolio's prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the year ended December 31, 2025, the performance adjusted

investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.54%.

The Adviser serves as administrator to the Portfolio 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 Portfolio, including providing office space for the Portfolio, and is reimbursed by the Portfolio 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 Portfolio pays for some or all of the salaries, fees, and expenses of the Adviser employees and Portfolio officers, with respect to certain specified administration functions they perform on behalf of the Portfolio. The Portfolio 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 Portfolio. These amounts are disclosed as "Affiliated portfolio administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Portfolio's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Portfolio. Total compensation of $51,726 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended December 31, 2025. The Portfolio'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 Portfolio's transfer agent. The Transfer Agent receives an administrative services fee at an annual rate of 0.05% of the average daily net assets of the Portfolio for arranging for the provision by participating insurance companies and qualified plan service providers of administrative 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 on behalf of contract holders or plan participants investing in the Portfolio. The Transfer Agent expects to use this entire fee to compensate insurance companies and qualified plan service providers for providing these services to their customers who invest in the Portfolio.

The Transfer Agent is not compensated for internal services related to the shares, except for out-of-pocket costs. These

14 \| December 31, 2025

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**Janus Henderson VIT Forty Portfolio**

**Notes to Financial Statements** 

amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under a distribution and shareholder servicing plan (the "Plan") adopted in accordance with Rule 12b-1 under the 1940 Act, the Service Shares may pay the Trust's distributor, Janus Henderson Distributors US LLC (the "Distributor"), a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Service Shares at an annual rate of up to 0.25% of the average daily net assets of the Service Shares. Under the terms of the Plan, the Trust is authorized to make payments to the Distributor for remittance to insurance companies and qualified plan service providers as compensation for distribution and/or shareholder services performed by such entities. These

amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" 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 Portfolio. 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 Portfolio as unrealized appreciation/(depreciation) and is included as of December 31, 2025 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended December 31, 2025 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the year ended December 31, 2025.

Pursuant to the provisions of the 1940 Act and related rules, the Portfolio may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Portfolio 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 Portfolio 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 Portfolio's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Portfolio 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 December 31, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

The Portfolio 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 Portfolio 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 Portfolio from or to another fund or account that is or could be considered an affiliate of the Portfolio 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 December 31, 2025, the

Portfolio engaged in cross trades amounting to $796,274 in purchases.

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**Janus Henderson VIT Forty Portfolio**

**Notes to Financial Statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Portfolio must satisfy under the income tax regulations; (2) losses or deductions the Portfolio 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 Portfolio 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *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>|
| $- | $263657509 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(26257) | &nbsp;&nbsp; $500470555 |

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The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2025 are noted below. The primary differences between

book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.

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| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $481019002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $516129958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(15659403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $500470555 |

---

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 December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $3394377 | &nbsp;&nbsp;&nbsp; $154860333 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1949071 |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $584880 | &nbsp;&nbsp;&nbsp; $69752521 | &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. No capital adjustment for Fund shares redemption

(tax equalization).

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended December 31, 2025* | *Year ended December 31, 2025* | *Year ended December 31, 2024* | *Year ended December 31, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Institutional Shares: |  |  |  |  |
| Shares sold | 686498 | &nbsp;&nbsp; $38806606 | &nbsp;&nbsp; 535504 | &nbsp;&nbsp; $28728586 |
| Reinvested dividends and distributions | 1193065 | &nbsp;&nbsp; 62492732 | &nbsp;&nbsp; 514620 | &nbsp;&nbsp; 27357191 |
| Shares repurchased | (1726485) | &nbsp;&nbsp; (97885265) | &nbsp;&nbsp; (1144476) | &nbsp;&nbsp; (61573758) |
| Net Increase/(Decrease) | 153078 | &nbsp;&nbsp; $3414073 | &nbsp;&nbsp; (94352) | &nbsp;&nbsp; $(5487981) |
| Service Shares: |  |  |  |  |
| Shares sold | 1032787 | &nbsp;&nbsp; $50992538 | &nbsp;&nbsp; 1203230 | &nbsp;&nbsp; $57428664 |
| Reinvested dividends and distributions | 2091786 | &nbsp;&nbsp; 95761978 | &nbsp;&nbsp; 907330 | &nbsp;&nbsp; 42980210 |
| Shares repurchased | (7810341) | &nbsp;&nbsp; (399471313) | &nbsp;&nbsp; (3049060) | &nbsp;&nbsp; (145262135) |
| Net Increase/(Decrease) | (4685768) | &nbsp;&nbsp; $(252716797) | &nbsp;&nbsp; (938500) | &nbsp;&nbsp; $(44853261) |

---

16 \| December 31, 2025

------

**Janus Henderson VIT Forty Portfolio**

**Notes to Financial Statements** 

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

**6. Purchases and Sales of Investment Securities**

For the year ended December 31, 2025, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as

applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $350940299 | &nbsp;&nbsp;&nbsp;&nbsp; $747334297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Portfolio's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client

consents, and approval by Janus Henderson's shareholders. Management is assessing the impact to the portfolios.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 and through the date of issuance of the Portfolio's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Portfolio's financial statements.

Janus Aspen Series \| 17

------

**Janus Henderson Forty Portfolio**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Aspen Series and Shareholders of Janus Henderson VIT Forty Portfolio

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson VIT Forty Portfolio (one of the portfolios constituting Janus Aspen Series, referred to hereafter as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 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 Portfolio as of December 31, 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 December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 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 Portfolio's management. Our responsibility is to express an opinion on the Portfolio'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 Portfolio 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 December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits

provide a reasonable basis for our opinion.

![](imgb8ecf2362.jpg)

Denver, Colorado

February 18, 2026

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

18 \| December 31, 2025

------

**Janus Henderson Forty Portfolio**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Portfolio designated the following for the year ended December 31, 2025:

---

| | |
|:---|:---|
| Capital Gain Distributions | $154860333 |

---

Janus Aspen Series \| 19

------

**Janus Henderson VIT Forty Portfolio**

**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 portfolios in the Janus Aspen Series. Annual retainer fees and attendance fees are allocated to each portfolio based on net assets. Trustees fees paid by the portfolio are within

Item 7. Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

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

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

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

20 \| December 31, 2025

------

**Janus Henderson VIT Forty Portfolio**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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

• For Janus Henderson Balanced Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Enterprise Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

Janus Aspen Series \| 21

------

**Janus Henderson VIT Forty Portfolio**

**Additional Information (unaudited)**

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Global Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025, and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the additional resources added by the Adviser to support the Portfolio's portfolio management.

• For Janus Henderson Global Technology and Innovation Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Overseas Portfolio, the Trustees noted that the Portfolio's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

22 \| December 31, 2025

------

**Janus Henderson VIT Forty Portfolio**

**Additional Information (unaudited)**

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

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

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional/separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Portfolio's total expenses, net of applicable fee waivers (the Portfolio's "total expenses") as reflected in the comparative information provided by Broadridge:

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

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that although the Portfolio's total expenses exceeded the peer group for one share class, overall the Portfolio's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Portfolio's expenses, although this limit did not apply because the Portfolio's total expenses were already below the applicable fee limit.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

Janus Aspen Series \| 23

------

**Janus Henderson VIT Forty Portfolio**

**Additional Information (unaudited)**

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

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

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

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

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

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

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by 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,

24 \| December 31, 2025

------

**Janus Henderson VIT Forty Portfolio**

**Additional Information (unaudited)**

taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They 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

Janus Aspen Series \| 25

------

**Janus Henderson VIT Forty Portfolio**

**Additional Information (unaudited)**

services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

26 \| December 31, 2025

------

**Janus Henderson VIT Forty Portfolio**

**Notes**

Janus Aspen Series \| 27

------

**Janus Henderson VIT Forty Portfolio**

**Notes**

28 \| December 31, 2025

------

**Janus Henderson VIT Forty Portfolio**

**Notes**

Janus Aspen Series \| 29

------

![](imgb0a60b3f3.gif)

*This report is submitted for the general information of shareholders of the Portfolio. It is not an offer or solicitation for the Portfolio 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

109-02-81115 02-26

------

ANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson VIT Global Research Portfolio**

Janus Aspen Series

![](imgc244fe851.gif)

------

**Table of Contents**

**Janus Henderson VIT Global Research Portfolio** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_c8350f96-986d-46f1-aa51-f2de3251dc1d_SOI-SOI-RunningFooter-52_1)<br> [Management Investment Companies](#xx_c8350f96-986d-46f1-aa51-f2de3251dc1d_SOI-SOI-RunningFooter-52_1)<br>|  |
| [Schedule of Investments](#xx_c8350f96-986d-46f1-aa51-f2de3251dc1d_SOI-SOI-RunningFooter-52_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_c8350f96-986d-46f1-aa51-f2de3251dc1d_SOI-SOI-RunningFooter-52_6) | 6 |
| [Statement of Assets and Liabilities](#xx_c8350f96-986d-46f1-aa51-f2de3251dc1d_SAL-SAL-RunningFooter-52_1) | 7 |
| [Statement of Operations](#xx_c8350f96-986d-46f1-aa51-f2de3251dc1d_SOP-SOP-RunningFooter-52_1) | 8 |
| [Statements of Changes in Net Assets](#xx_c8350f96-986d-46f1-aa51-f2de3251dc1d_SOC-SOC-RunningFooter-52_1) | 9 |
| [Financial Highlights](#xx_c8350f96-986d-46f1-aa51-f2de3251dc1d_FIHI-FIHI-RunningFooter-52_1) | 10 |
| [Notes to Financial Statements](#xx_c8350f96-986d-46f1-aa51-f2de3251dc1d_NTF-NTF-RunningFooter-52_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_c8350f96-986d-46f1-aa51-f2de3251dc1d_AUD-AR-RunningFooter-52_1) | 22 |
| [Designation Requirements](#xx_c8350f96-986d-46f1-aa51-f2de3251dc1d_DR-DR-RunningFooter-52_1) | 23 |
| [Items 8-11 - Additional Information](#xx_c8350f96-986d-46f1-aa51-f2de3251dc1d_AI-AI-RunningFooter-52_1) | 24 |

---

------

**Janus Henderson VIT Global Research Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 100.0% |  |  |
| Aerospace & Defense – 4.3% |  |  |
| BAE Systems PLC | 556505 | $12791213 |
| Boeing Co<sup>\*</sup> <br>| 40373 | 8765786 |
| General Electric Co | 43895 | 13520977 |
| Howmet Aerospace Inc | 45620 | 9353012 |
|  |  | 44430988 |
| Airlines – 0.5% |  |  |
| Ryanair Holdings PLC | 138200 | 4798994 |
| Banks – 8.7% |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 571875 | 13375120 |
| BNP Paribas SA | 83063 | 7859229 |
| Erste Group Bank AG | 108900 | 13100628 |
| HDFC Bank Ltd | 355346 | 3926808 |
| JPMorgan Chase & Co | 73421 | 23657715 |
| Natwest Group PLC | 1305537 | 11384803 |
| Resona Holdings Inc | 450700 | 4273949 |
| UniCredit SpA | 164405 | 13647061 |
|  |  | 91225313 |
| Beverages – 1.1% |  |  |
| Constellation Brands Inc - Class A | 16154 | 2228606 |
| Monster Beverage Corp<sup>\*</sup> <br>| 92004 | 7053947 |
| Pernod Ricard SA | 22932 | 1963020 |
|  |  | 11245573 |
| Biotechnology – 3.1% |  |  |
| AbbVie Inc | 40456 | 9243791 |
| Amgen Inc | 9771 | 3198146 |
| Argenx SE (ADR)<sup>\*</sup> <br>| 6671 | 5609978 |
| Ascendis Pharma A/S (ADR)<sup>\*</sup> <br>| 10895 | 2323250 |
| Mirum Pharmaceuticals Inc<sup>\*</sup> <br>| 14622 | 1154992 |
| Revolution Medicines Inc<sup>\*</sup> <br>| 24759 | 1972054 |
| United Therapeutics Corp<sup>\*</sup> <br>| 3564 | 1736559 |
| Vaxcyte Inc<sup>\*</sup> <br>| 39573 | 1825898 |
| Vertex Pharmaceuticals Inc<sup>\*</sup> <br>| 10798 | 4895381 |
|  |  | 31960049 |
| Building Products – 0.7% |  |  |
| Trane Technologies PLC | 19932 | 7757534 |
| Capital Markets – 3.2% |  |  |
| Ares Management Corp - Class A | 37607 | 6078419 |
| Bank of New York Mellon Corp | 53660 | 6229389 |
| Blackstone Group Inc | 43457 | 6698462 |
| LPL Financial Holdings Inc | 20026 | 7152687 |
| Morgan Stanley | 42199 | 7491589 |
|  |  | 33650546 |
| Chemicals – 1.2% |  |  |
| Ecolab Inc | 26909 | 7064151 |
| Taiyo Nippon Sanso Corp | 167100 | 4990348 |
|  |  | 12054499 |
| Commercial Services & Supplies – 0.5% |  |  |
| RB Global Inc | 47388 | 4879334 |
| Communications Equipment – 0.5% |  |  |
| Arista Networks Inc<sup>\*</sup> <br>| 42295 | 5541914 |
| Consumer Finance – 1.4% |  |  |
| Capital One Financial Corp | 45651 | 11063976 |
| OneMain Holdings Inc | 57158 | 3861023 |
|  |  | 14924999 |
| Diversified Financial Services – 3.4% |  |  |
| Apollo Global Management Inc | 33995 | 4921116 |
| Mastercard Inc - Class A | 27212 | 15534786 |
| Visa Inc | 42029 | 14739991 |
|  |  | 35195893 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 1

------

**Janus Henderson VIT Global Research Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Electric Utilities – 0.6% |  |  |
| Xcel Energy Inc | 88423 | $6530923 |
| Electrical Equipment – 1.2% |  |  |
| Eaton Corp PLC | 23954 | 7629589 |
| Nexans SA | 32052 | 4713027 |
|  |  | 12342616 |
| Electronic Equipment, Instruments & Components – 1.1% |  |  |
| Hexagon AB - Class B | 984612 | 11649337 |
| Entertainment – 2.1% |  |  |
| Liberty Media Corp-Liberty Formula One - Series C<sup>\*</sup> <br>| 66011 | 6502744 |
| Netflix Inc<sup>\*</sup> <br>| 114549 | 10740114 |
| Spotify Technology SA<sup>\*</sup> <br>| 7570 | 4395975 |
|  |  | 21638833 |
| Food Products – 0.1% |  |  |
| Magnum Ice Cream Co NV/The<sup>\*</sup> <br>| 47849 | 765593 |
| Health Care Equipment & Supplies – 1.6% |  |  |
| Abbott Laboratories | 45342 | 5680899 |
| Boston Scientific Corp<sup>\*</sup> <br>| 67498 | 6435934 |
| DexCom Inc<sup>\*</sup> <br>| 16815 | 1116012 |
| Intuitive Surgical Inc<sup>\*</sup> <br>| 6216 | 3520494 |
|  |  | 16753339 |
| Health Care Providers & Services – 1.0% |  |  |
| McKesson Corp | 6250 | 5126812 |
| UnitedHealth Group Inc | 15199 | 5017342 |
|  |  | 10144154 |
| Hotels, Restaurants & Leisure – 2.8% |  |  |
| Booking Holdings Inc | 931 | 4985812 |
| DoorDash Inc - Class A<sup>\*</sup> <br>| 17572 | 3979706 |
| Flutter Entertainment PLC<sup>\*</sup> <br>| 12553 | 2699397 |
| Hilton Worldwide Holdings Inc | 15827 | 4546306 |
| McDonald's Corp | 34347 | 10497474 |
| Royal Caribbean Cruises Ltd | 7591 | 2117282 |
| Wingstop Inc | 3191 | 761022 |
|  |  | 29586999 |
| Household Durables – 0.4% |  |  |
| Lennar Corp | 37060 | 3809768 |
| Independent Power and Renewable Electricity Producers – 1.7% |  |  |
| RWE AG | 93165 | 4956968 |
| Vistra Corp | 77849 | 12559379 |
|  |  | 17516347 |
| Industrial Conglomerates – 1.4% |  |  |
| 3M Co | 89692 | 14359689 |
| Information Technology Services – 0.4% |  |  |
| Snowflake Inc - Class A<sup>\*</sup> <br>| 19896 | 4364387 |
| Insurance – 2.7% |  |  |
| Arthur J Gallagher & Co | 30499 | 7892836 |
| AXA SA | 95605 | 4597719 |
| Beazley PLC | 420863 | 4700702 |
| Progressive Corp/The | 47232 | 10755671 |
|  |  | 27946928 |
| Interactive Media & Services – 6.9% |  |  |
| Alphabet Inc - Class C | 156076 | 48976649 |
| Meta Platforms Inc - Class A | 35023 | 23118332 |
|  |  | 72094981 |
| Life Sciences Tools & Services – 0.5% |  |  |
| Danaher Corp | 20999 | 4807091 |
| Machinery – 2.3% |  |  |
| Alstom SA<sup>\*</sup> <br>| 247894 | 7337751 |
| Atlas Copco AB - Class A | 513452 | 9201481 |
| Deere & Co | 15568 | 7247994 |
|  |  | 23787226 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

------

**Janus Henderson VIT Global Research Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Metals & Mining – 0.8% |  |  |
| Teck Resources Ltd | 87020 | $4166485 |
| Vale SA | 336273 | 4397369 |
|  |  | 8563854 |
| Multiline Retail – 3.4% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 137241 | 31677968 |
| MercadoLibre Inc<sup>\*</sup> <br>| 1832 | 3690124 |
|  |  | 35368092 |
| Oil, Gas & Consumable Fuels – 3.8% |  |  |
| Canadian Natural Resources Ltd | 172370 | 5839028 |
| Cheniere Energy Inc | 11082 | 2154230 |
| Chevron Corp | 37822 | 5764451 |
| ConocoPhillips | 43829 | 4102833 |
| EOG Resources Inc | 25423 | 2669669 |
| Rockpoint Gas Storage Inc - Class A | 72376 | 1476631 |
| Suncor Energy Inc | 109942 | 4880258 |
| TC Energy Corp | 160833 | 8857300 |
| TotalEnergies SE | 66649 | 4343677 |
|  |  | 40088077 |
| Personal Products – 1.3% |  |  |
| Unilever PLC | 212650 | 13937339 |
| Pharmaceuticals – 3.9% |  |  |
| AstraZeneca PLC | 41233 | 7593426 |
| Eli Lilly & Co | 13637 | 14655411 |
| Johnson & Johnson | 55745 | 11536428 |
| Roche Holding AG | 16102 | 6656123 |
|  |  | 40441388 |
| Road & Rail – 0.5% |  |  |
| Canadian Pacific Kansas City Ltd | 66160 | 4871370 |
| Semiconductor & Semiconductor Equipment – 14.6% |  |  |
| Analog Devices Inc | 16632 | 4510598 |
| ASML Holding NV | 2277 | 2433719 |
| Broadcom Inc | 88575 | 30655808 |
| Credo Technology Group Holding Ltd<sup>\*</sup> <br>| 17982 | 2587430 |
| Lam Research Corp | 80229 | 13733600 |
| Micron Technology Inc | 29023 | 8283454 |
| NVIDIA Corp | 392120 | 73130380 |
| Taiwan Semiconductor Manufacturing Co Ltd | 352000 | 17198305 |
|  |  | 152533294 |
| Software – 8.5% |  |  |
| Atlassian Corp - Class A<sup>\*</sup> <br>| 26578 | 4309357 |
| Cadence Design Systems Inc<sup>\*</sup> <br>| 18466 | 5772102 |
| Datadog Inc - Class A<sup>\*</sup> <br>| 23050 | 3134569 |
| Intuit Inc | 16118 | 10676886 |
| Microsoft Corp | 104421 | 50500084 |
| Oracle Corp | 34477 | 6719912 |
| Workday Inc - Class A<sup>\*</sup> <br>| 32545 | 6990015 |
|  |  | 88102925 |
| Specialized Real Estate Investment Trusts (REITs) – 0.4% |  |  |
| American Tower Corp | 23844 | 4186291 |
| Specialty Retail – 1.6% |  |  |
| O'Reilly Automotive Inc<sup>\*</sup> <br>| 63704 | 5810442 |
| TJX Cos Inc | 68141 | 10467139 |
|  |  | 16277581 |
| Technology Hardware, Storage & Peripherals – 2.5% |  |  |
| Apple Inc | 97300 | 26451978 |
| Textiles, Apparel & Luxury Goods – 1.5% |  |  |
| Gildan Activewear Inc | 66462 | 4151216 |
| LVMH Moet Hennessy Louis Vuitton SE | 7971 | 6008837 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 3

------

**Janus Henderson VIT Global Research Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Textiles, Apparel & Luxury Goods – (continued) |  |  |
| Moncler SpA | 40247 | $2586498 |
| NIKE Inc - Class B | 53579 | 3413518 |
|  |  | 16160069 |
| Trading Companies & Distributors – 0.9% |  |  |
| Ferguson Enterprises Inc/DE | 42495 | 9417130 |
| Wireless Telecommunication Services – 0.9% |  |  |
| T-Mobile US Inc | 45210 | 9179438 |
| Total Common Stocks (cost $546,526,284) |  | 1041342673 |
| Investment Companies – 0% |  |  |
| Money Markets – 0% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº,</sup><sup>£</sup> (cost $299,023) | 298933 | 299023 |
| Total Investments (total cost $546,825,307) – 100.0% |  | 1041641696 |
| Cash, Receivables and Other Assets, net of Liabilities – 0% |  | 97332 |
| Net Assets – 100% |  | $1041739028 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $781311703 | &nbsp;&nbsp;&nbsp;&nbsp; 75.0<br> %<br>|
| Canada | 39121622 | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| France | 36823260 | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| United Kingdom | 36470144 | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Sweden | 25246793 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Taiwan | 17198305 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Netherlands | 17136651 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Italy | 16233559 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Spain | 13375120 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Austria | 13100628 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Japan | 9264297 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Switzerland | 6656123 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Belgium | 5609978 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Germany | 4956968 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Ireland | 4798994 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Brazil | 4397369 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| India | 3926808 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Argentina | 3690124 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Denmark | 2323250 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Total | $1041641696 | &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>*12/31/24*<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>*12/31/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| 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% |
| Money Markets - 0% | Money Markets - 0% | Money Markets - 0% | Money Markets - 0% | Money Markets - 0% | Money Markets - 0% | Money Markets - 0% | Money Markets - 0% | Money Markets - 0% |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | $3248072 | $69139225 | $(72088489) | $215 | $- | $299023 | 298933 | $62517 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| December 31, 2025

------

**Janus Henderson VIT Global Research Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliate* | *Affiliated*<br> *Investments,*<br> *at Value at*<br> *12/31/24*<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> *12/31/25*<br>| *Ending*<br> *Shares*<br>| *Dividend*<br> *Income*<br>|
| 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, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  |
|  | $- | $73196043 | $(73196043) | $- | $- | $- | - | $16992 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 0.0% | Total Affiliated Investments - 0.0% | Total Affiliated Investments - 0.0% | Total Affiliated Investments - 0.0% | Total Affiliated Investments - 0.0% | Total Affiliated Investments - 0.0% | Total Affiliated Investments - 0.0% | Total Affiliated Investments - 0.0% | Total Affiliated Investments - 0.0% |
|  | $3248072 | $142335268 | $(145284532) | $215 | $- | $299023 | 298933 | $79509 |

---

The following tables provide information about the effect of derivatives and hedging activities on the Portfolio's

Statement of Operations for the year ended December 31, 2025.

---

| | |
|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended December 31, 2025** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Equity* <br>*Contracts*<br>|
| Swap contracts | $382654 |

---

---

| | |
|:---|:---|
| *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 | $(165211) |

---

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation"

sections of the Portfolio's Statement of Operations.

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Year Ended December 31, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Year Ended December 31, 2025** |
| Total return swaps: |  |
| Average notional amount | $880340 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 5

------

**Janus Henderson VIT Global Research Portfolio**

**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 December 31, 2025. |
| £&nbsp;&nbsp; The Portfolio may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, <br> as amended, an affiliated company is one in which the Portfolio owns 5% or more of the outstanding voting securities, or a company which <br> is under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

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

financial instruments as of December 31, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* |  |  |  |
| Aerospace & Defense | $31639775 | &nbsp;&nbsp; $12791213 | &nbsp;&nbsp; $- |
| Airlines | - | &nbsp;&nbsp; 4798994 | &nbsp;&nbsp; - |
| Banks | 23657715 | &nbsp;&nbsp; 67567598 | &nbsp;&nbsp; - |
| Beverages | 9282553 | &nbsp;&nbsp; 1963020 | &nbsp;&nbsp; - |
| Chemicals | 7064151 | &nbsp;&nbsp; 4990348 | &nbsp;&nbsp; - |
| Commercial Services & Supplies | - | &nbsp;&nbsp; 4879334 | &nbsp;&nbsp; - |
| Electrical Equipment | 7629589 | &nbsp;&nbsp; 4713027 | &nbsp;&nbsp; - |
| Electronic Equipment, Instruments & Components | - | &nbsp;&nbsp; 11649337 | &nbsp;&nbsp; - |
| Food Products | - | &nbsp;&nbsp; 765593 | &nbsp;&nbsp; - |
| Independent Power and Renewable Electricity Producers | 12559379 | &nbsp;&nbsp; 4956968 | &nbsp;&nbsp; - |
| Insurance | 18648507 | &nbsp;&nbsp; 9298421 | &nbsp;&nbsp; - |
| Machinery | 7247994 | &nbsp;&nbsp; 16539232 | &nbsp;&nbsp; - |
| Metals & Mining | - | &nbsp;&nbsp; 8563854 | &nbsp;&nbsp; - |
| Oil, Gas & Consumable Fuels | 14691183 | &nbsp;&nbsp; 25396894 | &nbsp;&nbsp; - |
| Personal Products | - | &nbsp;&nbsp; 13937339 | &nbsp;&nbsp; - |
| Pharmaceuticals | 26191839 | &nbsp;&nbsp; 14249549 | &nbsp;&nbsp; - |
| Road & Rail | - | &nbsp;&nbsp; 4871370 | &nbsp;&nbsp; - |
| Semiconductor & Semiconductor Equipment | 132901270 | &nbsp;&nbsp; 19632024 | &nbsp;&nbsp; - |
| Textiles, Apparel & Luxury Goods | 7564734 | &nbsp;&nbsp; 8595335 | &nbsp;&nbsp; - |
| Trading Companies & Distributors | - | &nbsp;&nbsp; 9417130 | &nbsp;&nbsp; - |
| All Other | 492687404 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 299023 | &nbsp;&nbsp; - |
| **Total Assets** | $791766093 | &nbsp;&nbsp; $249875603 | &nbsp;&nbsp; $- |

---

6 \| December 31, 2025

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**Janus Henderson VIT Global Research Portfolio**

**Statement of Assets and Liabilities** 

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $546,526,284) | $1041342673 |
| Affiliated investments, at value (cost $299,023) | 299023 |
| Cash | 24328 |
| Cash denominated in foreign currency (cost $662) | 662 |
| Trustees' deferred compensation | 30756 |
| Receivables: |  |
| Investments sold | 4459565 |
| Dividends | 713546 |
| Foreign tax reclaims | 619525 |
| Portfolio shares sold | 11929 |
| Dividends from affiliates | 4287 |
| Other assets | 80765 |
| Total Assets | 1047587059 |
| Liabilities: |  |
| Payables: |  |
| Investments purchased | 4318638 |
| Advisory fees | 656248 |
| Foreign tax liability | 342186 |
| Portfolio shares repurchased | 252063 |
| 12b-1 Distribution and shareholder servicing fees | 72047 |
| Professional fees | 52681 |
| Transfer agent fees and expenses | 48068 |
| Trustees' deferred compensation fees | 30756 |
| Custodian fees | 8584 |
| Affiliated portfolio administration fees payable | 2283 |
| Trustees' fees and expenses | 380 |
| Accrued expenses and other payables | 64097 |
| Total Liabilities | 5848031 |
| Net Assets | $1041739028 |
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $461942367 |
| Total distributable earnings (loss) (includes $342,186 of foreign capital gains tax) | 579796661 |
| Total Net Assets | $1041739028 |
| Net Assets - Institutional Shares | $712728228 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 8946049 |
| Net Asset Value Per Share | $79.67 |
| Net Assets - Service Shares | $329010800 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 4305006 |
| Net Asset Value Per Share | $76.43 |

---

See Notes to Financial Statements.

Janus Aspen Series \| 7

------

**Janus Henderson VIT Global Research Portfolio**

**Statement of Operations** 

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $14756455 |
| Dividends from affiliates | 62517 |
| Affiliated securities lending income, net | 16992 |
| Unaffiliated securities lending income, net | 4039 |
| Other income | 3261 |
| Foreign tax withheld | (879133) |
| Total Investment Income | 13964131 |
| Expenses: |  |
| Advisory fees | 7144959 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Service Shares | 754015 |
| Transfer agent administrative fees and expenses: |  |
| Institutional Shares | 343181 |
| Service Shares | 150803 |
| Other transfer agent fees and expenses: |  |
| Institutional Shares | 13216 |
| Service Shares | 2977 |
| Custodian fees | 86317 |
| Professional fees | 70630 |
| Shareholder reports expense | 55698 |
| Affiliated portfolio administration fees | 29603 |
| Registration fees | 25957 |
| Trustees' fees and expenses | 18794 |
| Other expenses | 152432 |
| Total Expenses | 8848582 |
| Net Investment Income/(Loss) | 5115549 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 84973212 |
| Investments in affiliates | 215 |
| Swap contracts | 382654 |
| Total Net Realized Gain/(Loss) on Investments | 85356081 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation (net of increase in deferred foreign taxes of <br> $342,186)<br>| 96558302 |
| Swap contracts | (165211) |
| Total Change in Unrealized Net Appreciation/Depreciation | 96393091 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $186864721 |

---

See Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson VIT Global Research Portfolio**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*December 31, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*December 31, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $5115549 | &nbsp;&nbsp; $5918097 |
| Net realized gain/(loss) on investments | 85356081 | &nbsp;&nbsp; 87174276 |
| Change in unrealized net appreciation/depreciation | 96393091 | &nbsp;&nbsp; 92126271 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 186864721 | &nbsp;&nbsp; 185218644 |
| Dividends and Distributions to Shareholders: |  |  |
| Institutional Shares | (64137542) | &nbsp;&nbsp; (25203588) |
| Service Shares | (28223319) | &nbsp;&nbsp; (10059820) |
| Net Decrease from Dividends and Distributions to Shareholders | (92360861) | &nbsp;&nbsp; (35263408) |
| Capital Share Transactions: |  |  |
| Institutional Shares | (15769301) | &nbsp;&nbsp; (19041927) |
| Service Shares | 25459717 | &nbsp;&nbsp; 1611606 |
| Net Increase/(Decrease) from Capital Share Transactions | 9690416 | &nbsp;&nbsp; (17430321) |
| Net Increase/(Decrease) in Net Assets | 104194276 | &nbsp;&nbsp; 132524915 |
| Net Assets: |  |  |
| Beginning of period | 937544752 | &nbsp;&nbsp; 805019837 |
| End of period | $1041739028 | &nbsp;&nbsp; $937544752 |

---

See Notes to Financial Statements.

Janus Aspen Series \| 9

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**Janus Henderson VIT Global Research Portfolio**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Shares |  |  |  |  |  |
| For a share outstanding during the year ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $72.60 | &nbsp;&nbsp; $61.10 | &nbsp;&nbsp; $50.02 | &nbsp;&nbsp; $71.28 | &nbsp;&nbsp; $63.62 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net realized and unrealized gain/(loss) | 13.98 | &nbsp;&nbsp;&nbsp;&nbsp;13.77 | &nbsp;&nbsp;&nbsp;&nbsp;12.67 | &nbsp;&nbsp; (14.52) | &nbsp;&nbsp;&nbsp;&nbsp;10.90 |
| Total from Investment Operations | 14.43 | &nbsp;&nbsp;&nbsp;&nbsp;14.27 | &nbsp;&nbsp;&nbsp;&nbsp;13.19 | &nbsp;&nbsp; (13.99) | &nbsp;&nbsp;&nbsp;&nbsp;11.29 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.45) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp; (0.36) |
| Distributions (from capital gains) | (6.91) | &nbsp;&nbsp; (2.24) | &nbsp;&nbsp; (1.59) | &nbsp;&nbsp; (6.67) | &nbsp;&nbsp; (3.27) |
| Total Dividends and Distributions | (7.36) | &nbsp;&nbsp; (2.77) | &nbsp;&nbsp; (2.11) | &nbsp;&nbsp; (7.27) | &nbsp;&nbsp; (3.63) |
| Net Asset Value, End of Period | $79.67 | &nbsp;&nbsp; $72.60 | &nbsp;&nbsp; $61.10 | &nbsp;&nbsp; $50.02 | &nbsp;&nbsp; $71.28 |
| Total Return<sup>\*</sup> <br>| 20.92% | &nbsp;&nbsp; 23.58% | &nbsp;&nbsp; 26.78% | &nbsp;&nbsp; (19.41)% | &nbsp;&nbsp; 18.09% |
| Net Assets, End of Period (in thousands) | $712728 | &nbsp;&nbsp; $661847 | &nbsp;&nbsp; $573846 | &nbsp;&nbsp; $482188 | &nbsp;&nbsp; $653853 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.82% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.77% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.82% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.77% |
| Ratio of Net Investment Income/(Loss) | 0.60% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.57% |
| Portfolio Turnover Rate | 31% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 20% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

10 \| December 31, 2025

------

**Janus Henderson VIT Global Research Portfolio**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Shares |  |  |  |  |  |
| For a share outstanding during the year ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $69.97 | &nbsp;&nbsp; $59.01 | &nbsp;&nbsp; $48.41 | &nbsp;&nbsp; $69.31 | &nbsp;&nbsp; $62.00 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain/(loss) | 13.44 | &nbsp;&nbsp;&nbsp;&nbsp;13.29 | &nbsp;&nbsp;&nbsp;&nbsp;12.24 | &nbsp;&nbsp; (14.11) | &nbsp;&nbsp;&nbsp;&nbsp;10.62 |
| Total from Investment Operations | 13.69 | &nbsp;&nbsp;&nbsp;&nbsp;13.61 | &nbsp;&nbsp;&nbsp;&nbsp;12.61 | &nbsp;&nbsp; (13.73) | &nbsp;&nbsp;&nbsp;&nbsp;10.83 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.32) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.25) |
| Distributions (from capital gains) | (6.91) | &nbsp;&nbsp; (2.24) | &nbsp;&nbsp; (1.59) | &nbsp;&nbsp; (6.67) | &nbsp;&nbsp; (3.27) |
| Total Dividends and Distributions | (7.23) | &nbsp;&nbsp; (2.65) | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp; (7.17) | &nbsp;&nbsp; (3.52) |
| Net Asset Value, End of Period | $76.43 | &nbsp;&nbsp; $69.97 | &nbsp;&nbsp; $59.01 | &nbsp;&nbsp; $48.41 | &nbsp;&nbsp; $69.31 |
| Total Return<sup>\*</sup> <br>| 20.62% | &nbsp;&nbsp; 23.29% | &nbsp;&nbsp; 26.45% | &nbsp;&nbsp; (19.61)% | &nbsp;&nbsp; 17.80% |
| Net Assets, End of Period (in thousands) | $329011 | &nbsp;&nbsp; $275698 | &nbsp;&nbsp; $231174 | &nbsp;&nbsp; $199513 | &nbsp;&nbsp; $258922 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.07% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 1.02% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.07% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 1.02% |
| Ratio of Net Investment Income/(Loss) | 0.34% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.32% |
| Portfolio Turnover Rate | 31% | &nbsp;&nbsp; 31% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 20% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Aspen Series \| 11

------

**Janus Henderson VIT Global Research Portfolio**

**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 VIT Global Research Portfolio (the "Portfolio") is a series of Janus Aspen Series (the "Trust"), which is organized as a Delaware statutory 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 10 portfolios, each of which offers multiple share classes, with differing investment objectives and policies. The Portfolio seeks long-term growth of capital. The Portfolio is classified as diversified, as

defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Portfolio.

The Portfolio currently offers two classes of shares: Institutional Shares and Service Shares. Each class represents an interest in the same portfolio of investments. Institutional Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans. Service Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans that require a fee from Portfolio assets to procure distribution and administrative services to contract

owners and plan participants.

Shareholders, including participating insurance companies, as well as accounts, may from time to time own (beneficially or of record) a significant percentage of the Portfolio's shares and can be considered to "control" the Portfolio when that ownership exceeds 25% of the Portfolio's assets (and which may differ from control as determined in accordance with

United States of America generally accepted accounting principles ("US GAAP")).

The Chief Financial Officer of the Portfolio is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Portfolio operated as a single segment entity for the year ended December 31, 2025. The key indicator of performance of the Portfolio is net investment income as reported on the Statement of Operations.

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

**Investment Valuation**

Portfolio 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 Portfolio, 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 Portfolio, if any, will be calculated using the NAV of

12 \| December 31, 2025

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**Janus Henderson VIT Global Research Portfolio**

**Notes to Financial Statements** 

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 Portfolio 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 Portfolio'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 Portfolio'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 Portfolio since the beginning of the fiscal year.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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.

Janus Aspen Series \| 13

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**Janus Henderson VIT Global Research Portfolio**

**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 Portfolio may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Portfolio's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Portfolio that have not yet occurred. Currently,

the risk of material loss from such claims is considered remote.

**Foreign Currency Translations**

The Portfolio 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 Portfolio may make semiannual distributions of substantially all of its investment income and an annual distribution

of its net realized capital gains (if any).

The Portfolio 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 Portfolio distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Portfolio 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 Portfolio'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 Portfolio's financial statements. The Portfolio 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.

The Portfolio's management has determined the Portfolio did not pay a significant amount of income taxes for the year

ended December 31, 2025.

**2. Derivative Instruments**

The Portfolio 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 Portfolio 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 Portfolio during the year ended December 31, 2025 is discussed in further detail below. A summary of derivative activity by the Portfolio is reflected in the tables at the end of the Schedule of Investments.

The Portfolio 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 Portfolio invests in a derivative for speculative

14 \| December 31, 2025

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**Janus Henderson VIT Global Research Portfolio**

**Notes to Financial Statements** 

purposes, the Portfolio will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. The Portfolio 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 Portfolio'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 Portfolio 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 Portfolio 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 Portfolio.

&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 Portfolio could receive lower interest payments or experience a reduction in the value of the derivative to below what the Portfolio 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 Portfolio'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 Portfolio 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 Portfolio may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Portfolio may require the counterparty to post collateral if the Portfolio has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Portfolio 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 Portfolio has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted

Janus Aspen Series \| 15

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**Janus Henderson VIT Global Research Portfolio**

**Notes to Financial Statements** 

cash are considered to cover in an amount at all times equal to or greater than the Portfolio'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 Portfolio. 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 Portfolio or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Portfolio 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 Portfolio. If the other party to a swap defaults, the Portfolio would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Portfolio utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Portfolio and reduce the Portfolio's total return.

Swap agreements also bear the risk that the Portfolio 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 Portfolio 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 Portfolio will submit the swap to, and post collateral with, a futures clearing merchant ("FCM") that is a clearinghouse member. Alternatively, the Portfolio 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 Portfolio 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 Portfolio to losses, increase its costs, or prevent the Portfolio 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 Portfolio's Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Portfolio'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 Portfolio'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 Portfolio and the counterparty and by the posting of

collateral by the counterparty to cover the Portfolio'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 Portfolio entered into total return swaps on to increase exposure to equity risk. These total return swaps require the Portfolio to pay a floating reference interest rate, and an amount equal to the negative price

16 \| December 31, 2025

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**Janus Henderson VIT Global Research Portfolio**

**Notes to Financial Statements** 

movement of securities or an index multiplied by the notional amount of the contract. The Portfolio 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 December 31, 2025.

**3. Other Investments and Strategies**

**Market Risk**

The value of the Portfolio's portfolio may decrease if the value of one or more issuers in the Portfolio's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio'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 Portfolio invests. If the value of the Portfolio's portfolio decreases, the Portfolio's NAV will also decrease, which means if you sell your shares in the Portfolio you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Portfolio. 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**

Portfolio transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Portfolio ("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 Portfolio. The Portfolio 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 Portfolio's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value.

The Portfolio 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 Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Portfolio may lend portfolio 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

Janus Aspen Series \| 17

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**Janus Henderson VIT Global Research Portfolio**

**Notes to Financial Statements** 

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 Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. 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 Portfolio to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Portfolio 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 Portfolio 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 Portfolio may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

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

There were no securities on loan as of December 31, 2025.

**4. Investment Advisory Agreements and Other Transactions with Affiliates**

The Portfolio pays the Adviser an investment advisory fee rate that may adjust up or down based on the Portfolio's

performance relative to its benchmark index.

The investment advisory fee rate paid to the Adviser by the Portfolio consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Portfolio'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 Portfolio's average daily net assets based on the Portfolio'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 Portfolio's Service Shares for the performance measurement period is used to calculate the Performance Adjustment. The Portfolio's Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.60%, and the Portfolio'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 Portfolio's investment performance and the cumulative investment record of the Portfolio'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 Portfolio outperforms or underperforms its benchmark index, up

18 \| December 31, 2025

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**Janus Henderson VIT Global Research Portfolio**

**Notes to Financial Statements** 

to the Portfolio's full performance rate of ±6.00%. Because the Performance Adjustment is tied to a Portfolio'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 Portfolio's Shares lose value during the performance measurement period and could decrease the Adviser's fee even if the Portfolio'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 Portfolio is calculated net of expenses whereas the Portfolio's benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Portfolio and the Portfolio's benchmark index.

The Portfolio's prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the year ended December 31, 2025, the performance adjusted

investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.72%.

The Adviser serves as administrator to the Portfolio 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 Portfolio, including providing office space for the Portfolio, and is reimbursed by the Portfolio 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 Portfolio pays for some or all of the salaries, fees, and expenses of the Adviser employees and Portfolio officers, with respect to certain specified administration functions they perform on behalf of the Portfolio. The Portfolio 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 Portfolio. These amounts are disclosed as "Affiliated portfolio administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Portfolio's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Portfolio. Total compensation of $51,726 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended December 31, 2025. The Portfolio'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 Portfolio's transfer agent. The Transfer Agent receives an administrative services fee at an annual rate of 0.05% of the average daily net assets of the Portfolio for arranging for the provision by participating insurance companies and qualified plan service providers of administrative 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 on behalf of contract holders or plan participants investing in the Portfolio. The Transfer Agent expects to use this entire fee to compensate insurance companies and qualified plan service providers for providing these services to their customers who invest in the Portfolio.

The Transfer Agent is not compensated for internal services related to the shares, except for out-of-pocket costs. These

amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under a distribution and shareholder servicing plan (the "Plan") adopted in accordance with Rule 12b-1 under the 1940 Act, the Service Shares may pay the Trust's distributor, Janus Henderson Distributors US LLC (the "Distributor"), a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Service Shares at an annual rate of up to 0.25% of the average daily net assets of the Service Shares. Under the terms of the Plan, the Trust is authorized to make payments to the Distributor for remittance to insurance companies and qualified plan service providers as compensation for distribution and/or shareholder services performed by such entities. These

amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" 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 Portfolio. 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

Janus Aspen Series \| 19

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**Janus Henderson VIT Global Research Portfolio**

**Notes to Financial Statements** 

of the account balance is recorded by the Portfolio as unrealized appreciation/(depreciation) and is included as of December 31, 2025 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended December 31, 2025 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the year ended December 31, 2025.

Pursuant to the provisions of the 1940 Act and related rules, the Portfolio may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Portfolio 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 Portfolio 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 Portfolio's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Portfolio 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 December 31, 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 Portfolio must satisfy under the income tax regulations; (2) losses or deductions the Portfolio 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 foreign currency contract adjustments. The Portfolio 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>|
| $904403 | $85352158 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $43587 | &nbsp;&nbsp; $493496513 |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2025 are noted below. The primary differences between

book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *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>|
| $547802997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $508321874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(14483175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $493838699 |

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20 \| December 31, 2025

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**Janus Henderson VIT Global Research Portfolio**

**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 December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $6871842 | &nbsp;&nbsp;&nbsp; $85489019 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $6381115 | &nbsp;&nbsp;&nbsp; $28882293 | &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.

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year ended December 31, 2025* | *Year ended December 31, 2025* | *Year ended December 31, 2024* | *Year ended December 31, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Institutional Shares: |  |  |  |  |
| Shares sold | 254958 | &nbsp;&nbsp; $19237901 | &nbsp;&nbsp; 278926 | &nbsp;&nbsp; $19199877 |
| Reinvested dividends and distributions | 886016 | &nbsp;&nbsp; 64137542 | &nbsp;&nbsp; 364204 | &nbsp;&nbsp; 25203588 |
| Shares repurchased | (1310789) | &nbsp;&nbsp; (99144744) | &nbsp;&nbsp; (918754) | &nbsp;&nbsp; (63445392) |
| Net Increase/(Decrease) | (169815) | &nbsp;&nbsp; $(15769301) | &nbsp;&nbsp; (275624) | &nbsp;&nbsp; $(19041927) |
| Service Shares: |  |  |  |  |
| Shares sold | 439054 | &nbsp;&nbsp; $31977508 | &nbsp;&nbsp; 305008 | &nbsp;&nbsp; $20525854 |
| Reinvested dividends and distributions | 406516 | &nbsp;&nbsp; 28223319 | &nbsp;&nbsp; 150993 | &nbsp;&nbsp; 10059820 |
| Shares repurchased | (480834) | &nbsp;&nbsp; (34741110) | &nbsp;&nbsp; (432954) | &nbsp;&nbsp; (28974068) |
| Net Increase/(Decrease) | 364736 | &nbsp;&nbsp; $25459717 | &nbsp;&nbsp; 23047 | &nbsp;&nbsp; $1611606 |

---

**7. Purchases and Sales of Investment Securities**

For the year ended December 31, 2025, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as

applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $303591014 | &nbsp;&nbsp;&nbsp;&nbsp; $375338658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**8. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Portfolio's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client

consents, and approval by Janus Henderson's shareholders. Management is assessing the impact to the portfolios.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 and through the date of issuance of the Portfolio's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Portfolio's financial statements.

Janus Aspen Series \| 21

------

**Janus Henderson Global Research Portfolio**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Aspen Series and Shareholders of Janus Henderson VIT Global Research Portfolio

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson VIT Global Research Portfolio (one of the portfolios constituting Janus Aspen Series, referred to hereafter as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 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 Portfolio as of December 31, 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 December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 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 Portfolio's management. Our responsibility is to express an opinion on the Portfolio'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 Portfolio 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 December 31, 2025 by correspondence with the custodian, transfer agent, and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable

basis for our opinion.

![](img1bc908882.jpg)

Denver, Colorado

February 18, 2026

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

22 \| December 31, 2025

------

**Janus Henderson Global Research Portfolio**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Portfolio designated the following for the year ended December 31, 2025:

---

| | |
|:---|:---|
| Section 163(j) Interest Dividend | 1% |
| Capital Gain Distributions | $85489019 |
| Dividends Received Deduction Percentage | 87% |

---

Janus Aspen Series \| 23

------

**Janus Henderson VIT Global Research Portfolio**

**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 portfolios in the Janus Aspen Series. Annual retainer fees and attendance fees are allocated to each portfolio based on net assets. Trustees fees paid by the portfolio are within

Item 7. Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

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

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

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

24 \| December 31, 2025

------

**Janus Henderson VIT Global Research Portfolio**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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

• For Janus Henderson Balanced Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Enterprise Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

Janus Aspen Series \| 25

------

**Janus Henderson VIT Global Research Portfolio**

**Additional Information (unaudited)**

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Global Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025, and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the additional resources added by the Adviser to support the Portfolio's portfolio management.

• For Janus Henderson Global Technology and Innovation Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Overseas Portfolio, the Trustees noted that the Portfolio's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

26 \| December 31, 2025

------

**Janus Henderson VIT Global Research Portfolio**

**Additional Information (unaudited)**

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

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

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional/separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Portfolio's total expenses, net of applicable fee waivers (the Portfolio's "total expenses") as reflected in the comparative information provided by Broadridge:

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

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that although the Portfolio's total expenses exceeded the peer group for one share class, overall the Portfolio's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Portfolio's expenses, although this limit did not apply because the Portfolio's total expenses were already below the applicable fee limit.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

Janus Aspen Series \| 27

------

**Janus Henderson VIT Global Research Portfolio**

**Additional Information (unaudited)**

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

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

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

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

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

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

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by 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,

28 \| December 31, 2025

------

**Janus Henderson VIT Global Research Portfolio**

**Additional Information (unaudited)**

taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They 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

Janus Aspen Series \| 29

------

**Janus Henderson VIT Global Research Portfolio**

**Additional Information (unaudited)**

services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

30 \| December 31, 2025

------

**Janus Henderson VIT Global Research Portfolio**

**Notes**

Janus Aspen Series \| 31

------

**Janus Henderson VIT Global Research Portfolio**

**Notes**

32 \| December 31, 2025

------

**Janus Henderson VIT Global Research Portfolio**

**Notes**

Janus Aspen Series \| 33

------

![](img2063ffec3.gif)

*This report is submitted for the general information of shareholders of the Portfolio. It is not an offer or solicitation for the Portfolio 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

109-02-81112 02-26

------

ANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson VIT Global Sustainable Equity Portfolio**

Janus Aspen Series

![](img072390d61.gif)

------

**Table of Contents**

**Janus Henderson VIT Global Sustainable Equity Portfolio** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_55d1020f-c62c-473c-8dd2-7923934b8d65_SOI-SOI-RunningFooter-58_1)<br> [Management Investment Companies](#xx_55d1020f-c62c-473c-8dd2-7923934b8d65_SOI-SOI-RunningFooter-58_1)<br>|  |
| [Schedule of Investments](#xx_55d1020f-c62c-473c-8dd2-7923934b8d65_SOI-SOI-RunningFooter-58_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_55d1020f-c62c-473c-8dd2-7923934b8d65_SOI-SOI-RunningFooter-58_4) | 4 |
| [Statement of Assets and Liabilities](#xx_55d1020f-c62c-473c-8dd2-7923934b8d65_SAL-SAL-RunningFooter-58_1) | 5 |
| [Statement of Operations](#xx_55d1020f-c62c-473c-8dd2-7923934b8d65_SOP-SOP-RunningFooter-58_1) | 6 |
| [Statements of Changes in Net Assets](#xx_55d1020f-c62c-473c-8dd2-7923934b8d65_SOC-SOC-RunningFooter-58_1) | 7 |
| [Financial Highlights](#xx_55d1020f-c62c-473c-8dd2-7923934b8d65_FIHI-FIHI-RunningFooter-58_1) | 8 |
| [Notes to Financial Statements](#xx_55d1020f-c62c-473c-8dd2-7923934b8d65_NTF-NTF-RunningFooter-58_1) | 10 |
| [Report of Independent Registered Public Accounting Firm](#xx_55d1020f-c62c-473c-8dd2-7923934b8d65_AUD-AR-RunningFooter-58_1) | 18 |
| [Designation Requirements](#xx_55d1020f-c62c-473c-8dd2-7923934b8d65_DR-DR-RunningFooter-58_1) | 19 |
| [Items 8-11 - Additional Information](#xx_55d1020f-c62c-473c-8dd2-7923934b8d65_AI-AI-RunningFooter-58_1) | 20 |

---

------

**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 98.4% |  |  |
| Auto Components – 2.0% |  |  |
| Aptive PLC<sup>\*</sup> <br>| 3639 | $276892 |
| Banks – 1.0% |  |  |
| HDFC Bank Ltd (ADR) | 3962 | 144772 |
| Biotechnology – 3.3% |  |  |
| Argenx SE (ADR)<sup>\*</sup> <br>| 384 | 322925 |
| Vertex Pharmaceuticals Inc<sup>\*</sup> <br>| 306 | 138728 |
|  |  | 461653 |
| Building Products – 3.7% |  |  |
| Advanced Drainage Systems Inc | 1232 | 178431 |
| Cie de Saint-Gobain | 3384 | 343491 |
|  |  | 521922 |
| Capital Markets – 3.3% |  |  |
| Intercontinental Exchange Inc | 1682 | 272417 |
| S&P Global Inc | 383 | 200152 |
|  |  | 472569 |
| Commercial Services & Supplies – 1.1% |  |  |
| Tetra Tech Inc | 4472 | 149991 |
| Construction & Engineering – 3.1% |  |  |
| APi Group Corp<sup>\*</sup> <br>| 6504 | 248843 |
| Stantec Inc | 2034 | 191958 |
|  |  | 440801 |
| Diversified Financial Services – 2.5% |  |  |
| Mastercard Inc - Class A | 598 | 341386 |
| Walker & Dunlop Inc | 186 | 11188 |
|  |  | 352574 |
| Electrical Equipment – 9.4% |  |  |
| Contemporary Amperex Technology Co Ltd | 2200 | 142590 |
| Hubbell Inc | 516 | 229161 |
| Legrand SA | 1245 | 184999 |
| NEXTracker Inc - Class A<sup>\*</sup> <br>| 787 | 68556 |
| Prysmian SpA | 2949 | 294026 |
| Schneider Electric SE | 1519 | 416325 |
|  |  | 1335657 |
| Electronic Equipment, Instruments & Components – 6.1% |  |  |
| Keyence Corp | 200 | 72470 |
| Keysight Technologies Inc<sup>\*</sup> <br>| 1682 | 341766 |
| TE Connectivity PLC | 1953 | 444327 |
|  |  | 858563 |
| Entertainment – 3.9% |  |  |
| Nintendo Co Ltd | 1900 | 128360 |
| Spotify Technology SA<sup>\*</sup> <br>| 734 | 426241 |
|  |  | 554601 |
| Health Care Providers & Services – 3.7% |  |  |
| McKesson Corp | 638 | 523345 |
| Independent Power and Renewable Electricity Producers – 1.2% |  |  |
| Boralex Inc - Class A | 8886 | 164006 |
| Insurance – 11.5% |  |  |
| AIA Group Ltd | 47400 | 486881 |
| Arthur J Gallagher & Co | 1642 | 424933 |
| Intact Financial Corp | 1350 | 281066 |
| Marsh & McLennan Cos Inc | 684 | 126896 |
| Progressive Corp/The | 1351 | 307650 |
|  |  | 1627426 |
| Machinery – 3.9% |  |  |
| Knorr-Bremse AG | 1383 | 154644 |
| Wabtec Corp | 662 | 141304 |
| Xylem Inc/NY | 1867 | 254248 |
|  |  | 550196 |
| Pharmaceuticals – 2.3% |  |  |
| Eli Lilly & Co | 306 | 328852 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 1

------

**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Professional Services – 4.1% |  |  |
| Experian PLC | 6834 | $309022 |
| Jacobs Solutions Inc | 1013 | 134182 |
| Wolters Kluwer NV | 1379 | 143165 |
|  |  | 586369 |
| Road & Rail – 2.0% |  |  |
| Uber Technologies Inc<sup>\*</sup> <br>| 3501 | 286067 |
| Semiconductor & Semiconductor Equipment – 18.1% |  |  |
| ASML Holding NV | 130 | 138948 |
| Disco Corp | 700 | 215901 |
| Infineon Technologies AG | 3779 | 167429 |
| KLA Corp | 190 | 230865 |
| Micron Technology Inc | 813 | 232038 |
| NVIDIA Corp | 5368 | 1001132 |
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 1858 | 564628 |
|  |  | 2550941 |
| Software – 10.0% |  |  |
| Autodesk Inc<sup>\*</sup> <br>| 466 | 137941 |
| Cadence Design Systems Inc<sup>\*</sup> <br>| 423 | 132221 |
| Fair Isaac Corp<sup>\*</sup> <br>| 42 | 71006 |
| Microsoft Corp | 1912 | 924682 |
| SAP SE | 587 | 143614 |
|  |  | 1409464 |
| Specialty Retail – 1.1% |  |  |
| Home Depot Inc | 451 | 155189 |
| Trading Companies & Distributors – 1.1% |  |  |
| Core & Main Inc - Class A<sup>\*</sup> <br>| 2996 | 155702 |
| Total Common Stocks (cost $11,111,791) |  | 13907552 |
| Investment Companies – 2.5% |  |  |
| Money Markets – 2.5% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº,</sup><sup>£</sup> (cost $343,551) | 343479 | 343582 |
| Total Investments (total cost $11,455,342) – 100.9% |  | 14251134 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.9)% |  | (121230) |
| Net Assets – 100% |  | $14129904 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $8369346 | &nbsp;&nbsp;&nbsp;&nbsp; 58.7<br> %<br>|
| France | 944815 | &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| Canada | 637030 | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Taiwan | 564628 | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Hong Kong | 486881 | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Germany | 465687 | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Ireland | 444327 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Sweden | 426241 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Japan | 416731 | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Belgium | 322925 | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| United Kingdom | 309022 | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Italy | 294026 | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Netherlands | 282113 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| India | 144772 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| China | 142590 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Total | $14251134 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

------

**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*12/31/24*<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>*12/31/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% | Investment Companies - 2.5% |
| Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% | Money Markets - 2.5% |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | $427510 | $9662776 | $(9746732) | $(3) | $31 | $343582 | 343479 | $24131 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 3

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**Janus Henderson VIT Global Sustainable Equity Portfolio**

**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 December 31, 2025. |
| £&nbsp;&nbsp; The Portfolio may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, <br> as amended, an affiliated company is one in which the Portfolio owns 5% or more of the outstanding voting securities, or a company which <br> is under common ownership or control.<br>|

---

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

financial instruments as of December 31, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* |  |  |  |
| Building Products | $178431 | &nbsp;&nbsp; $343491 | &nbsp;&nbsp; $- |
| Construction & Engineering | 248843 | &nbsp;&nbsp; 191958 | &nbsp;&nbsp; - |
| Electrical Equipment | 297717 | &nbsp;&nbsp; 1037940 | &nbsp;&nbsp; - |
| Electronic Equipment, Instruments & Components | 786093 | &nbsp;&nbsp; 72470 | &nbsp;&nbsp; - |
| Entertainment | 426241 | &nbsp;&nbsp; 128360 | &nbsp;&nbsp; - |
| Independent Power and Renewable Electricity Producers | - | &nbsp;&nbsp; 164006 | &nbsp;&nbsp; - |
| Insurance | 859479 | &nbsp;&nbsp; 767947 | &nbsp;&nbsp; - |
| Machinery | 395552 | &nbsp;&nbsp; 154644 | &nbsp;&nbsp; - |
| Professional Services | 134182 | &nbsp;&nbsp; 452187 | &nbsp;&nbsp; - |
| Semiconductor & Semiconductor Equipment | 2028663 | &nbsp;&nbsp; 522278 | &nbsp;&nbsp; - |
| Software | 1265850 | &nbsp;&nbsp; 143614 | &nbsp;&nbsp; - |
| All Other | 3307606 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 343582 | &nbsp;&nbsp; - |
| **Total Assets** | $9928657 | &nbsp;&nbsp; $4322477 | &nbsp;&nbsp; $- |

---

4 \| December 31, 2025

------

**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Statement of Assets and Liabilities** 

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $11,111,791) | $13907552 |
| Affiliated investments, at value (cost $343,551) | 343582 |
| Cash denominated in foreign currency (cost $1,949) | 1949 |
| Trustees' deferred compensation | 419 |
| Receivables: |  |
| Due from adviser | 24532 |
| Investments sold | 2470 |
| Dividends | 2243 |
| Portfolio shares sold | 1292 |
| Dividends from affiliates | 1156 |
| Foreign tax reclaims | 270 |
| Other assets | 116 |
| Total Assets | 14285581 |
| Liabilities: |  |
| Due to custodian | 36 |
| Payables: |  |
| Portfolio shares repurchased | 67286 |
| Professional fees | 50192 |
| Advisory fees | 9065 |
| Custodian fees | 1892 |
| 12b-1 Distribution and shareholder servicing fees | 1211 |
| Transfer agent fees and expenses | 862 |
| Trustees' deferred compensation fees | 419 |
| Affiliated portfolio administration fees payable | 30 |
| Trustees' fees and expenses | 18 |
| Accrued expenses and other payables | 24666 |
| Total Liabilities | 155677 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $14129904 |
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $11331598 |
| Total distributable earnings (loss) | 2798306 |
| Total Net Assets | $14129904 |
| Net Assets - Institutional Shares | $8572906 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 663986 |
| Net Asset Value Per Share | $12.91 |
| Net Assets - Service Shares | $5556998 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 430990 |
| Net Asset Value Per Share | $12.89 |

---

See Notes to Financial Statements.

Janus Aspen Series \| 5

------

**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Statement of Operations** 

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $139243 |
| Dividends from affiliates | 24131 |
| Other income | 35 |
| Foreign tax withheld | (9739) |
| Total Investment Income | 153670 |
| Expenses: |  |
| Advisory fees | 107029 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Service Shares | 4767 |
| Transfer agent administrative fees and expenses: |  |
| Institutional Shares | 4571 |
| Service Shares | 2564 |
| Other transfer agent fees and expenses: |  |
| Institutional Shares | 749 |
| Service Shares | 379 |
| Non-affiliated portfolio administration fees  | 61522 |
| Professional fees | 55774 |
| Registration fees | 44300 |
| Custodian fees | 9739 |
| Accounting systems fees | 8998 |
| Shareholder reports expense | 5670 |
| Affiliated portfolio administration fees | 432 |
| Trustees' fees and expenses | 285 |
| Other expenses | 10682 |
| Total Expenses | 317461 |
| Less: Excess Expense Reimbursement and Waivers | (202300) |
| Net Expenses | 115161 |
| Net Investment Income/(Loss) | 38509 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 544151 |
| Investments in affiliates | (3) |
| Total Net Realized Gain/(Loss) on Investments | 544148 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 1762848 |
| Investments in affiliates | 31 |
| Total Change in Unrealized Net Appreciation/Depreciation | 1762879 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $2345536 |

---

See Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*December 31, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*December 31, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $38509 | &nbsp;&nbsp; $28778 |
| Net realized gain/(loss) on investments | 544148 | &nbsp;&nbsp; 358758 |
| Change in unrealized net appreciation/depreciation | 1762879 | &nbsp;&nbsp; 427437 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 2345536 | &nbsp;&nbsp; 814973 |
| Dividends and Distributions to Shareholders: |  |  |
| Institutional Shares | (390188) | &nbsp;&nbsp; (55725) |
| Service Shares | (240271) | &nbsp;&nbsp; (39166) |
| Net Decrease from Dividends and Distributions to Shareholders | (630459) | &nbsp;&nbsp; (94891) |
| Capital Share Transactions: |  |  |
| Institutional Shares | 546523 | &nbsp;&nbsp; 3024811 |
| Service Shares | 487507 | &nbsp;&nbsp; 704180 |
| Net Increase/(Decrease) from Capital Share Transactions | 1034030 | &nbsp;&nbsp; 3728991 |
| Net Increase/(Decrease) in Net Assets | 2749107 | &nbsp;&nbsp; 4449073 |
| Net Assets: |  |  |
| Beginning of period | 11380797 | &nbsp;&nbsp; 6931724 |
| End of period | $14129904 | &nbsp;&nbsp; $11380797 |

---

See Notes to Financial Statements.

Janus Aspen Series \| 7

------

**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Financial Highlights**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Shares |  |  |  |  |
| For a share outstanding during the year or period ended December 31 | 2025 | 2024 | 2023 | 2022<sup>(1)</sup> <br>|
| Net Asset Value, Beginning of Period | $11.50 | &nbsp;&nbsp; $10.44 | &nbsp;&nbsp; $8.50 | &nbsp;&nbsp; $10.00 |
| Income/(Loss) from Investment Operations: |  |  |  |  |
| Net investment income/(loss)<sup>(2)</sup> <br>| 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain/(loss) | 1.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp; (1.48) |
| Total from Investment Operations | 2.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp; (1.44) |
| Less Dividends and Distributions: |  |  |  |  |
| Dividends (from net investment income) | (0.05) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.06) |
| Distributions (from capital gains) | (0.55) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.60) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.06) |
| Net Asset Value, End of Period | $12.91 | &nbsp;&nbsp; $11.50 | &nbsp;&nbsp; $10.44 | &nbsp;&nbsp; $8.50 |
| Total Return<sup>\*</sup> <br>| 17.46% | &nbsp;&nbsp; 11.06% | &nbsp;&nbsp; 23.32% | &nbsp;&nbsp; (14.46)% |
| Net Assets, End of Period (in thousands) | $8573 | &nbsp;&nbsp; $6862 | &nbsp;&nbsp; $3451 | &nbsp;&nbsp; $2140 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |
| Ratio of Gross Expenses | 2.16% | &nbsp;&nbsp; 2.46% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.91% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.77% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.93% |
| Ratio of Net Investment Income/(Loss) | 0.32% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.47% |
| Portfolio Turnover Rate | 66% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 15% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

\*\* Annualized for periods of less than one full year.

(1) Period from January 26, 2022 (inception date) through December 31, 2022.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Financial Highlights**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Service Shares |  |  |  |  |
| For a share outstanding during the year or period ended December 31 | 2025 | 2024 | 2023 | 2022<sup>(1)</sup> <br>|
| Net Asset Value, Beginning of Period | $11.49 | &nbsp;&nbsp; $10.44 | &nbsp;&nbsp; $8.51 | &nbsp;&nbsp; $10.00 |
| Income/(Loss) from Investment Operations: |  |  |  |  |
| Net investment income/(loss)<sup>(2)</sup> <br>| 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain/(loss) | 1.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp; (1.48) |
| Total from Investment Operations | 1.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp; (1.44) |
| Less Dividends and Distributions: |  |  |  |  |
| Dividends (from net investment income) | (0.03) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.05) |
| Distributions (from capital gains) | (0.55) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.58) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.05) |
| Net Asset Value, End of Period | $12.89 | &nbsp;&nbsp; $11.49 | &nbsp;&nbsp; $10.44 | &nbsp;&nbsp; $8.51 |
| Total Return<sup>\*</sup> <br>| 17.26% | &nbsp;&nbsp; 11.01% | &nbsp;&nbsp; 23.24% | &nbsp;&nbsp; (14.44)% |
| Net Assets, End of Period (in thousands) | $5557 | &nbsp;&nbsp; $4519 | &nbsp;&nbsp; $3480 | &nbsp;&nbsp; $2265 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |
| Ratio of Gross Expenses | 2.34% | &nbsp;&nbsp; 2.69% | &nbsp;&nbsp; 4.31% | &nbsp;&nbsp; 4.91% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.87% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.95% |
| Ratio of Net Investment Income/(Loss) | 0.18% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.44% |
| Portfolio Turnover Rate | 66% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 15% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

\*\* Annualized for periods of less than one full year.

(1) Period from January 26, 2022 (inception date) through December 31, 2022.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Aspen Series \| 9

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**Janus Henderson VIT Global Sustainable Equity Portfolio**

**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 VIT Global Sustainable Equity Portfolio (the "Portfolio") is a series of Janus Aspen Series (the "Trust"), which is organized as a Delaware statutory 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 10 portfolios, each of which offers multiple share classes, with differing investment objectives and policies. The Portfolio seeks long-term growth of capital. The Portfolio is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to

the Portfolio.

The Portfolio currently offers two classes of shares: Institutional Shares and Service Shares. Each class represents an interest in the same portfolio of investments. Institutional Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans. Service Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans that require a fee from Portfolio assets to procure distribution and administrative services to contract

owners and plan participants.

Shareholders, including participating insurance companies, as well as accounts, may from time to time own (beneficially or of record) a significant percentage of the Portfolio's shares and can be considered to "control" the Portfolio when that ownership exceeds 25% of the Portfolio's assets (and which may differ from control as determined in accordance with

United States of America generally accepted accounting principles ("US GAAP")).

The Chief Financial Officer of the Portfolio is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Portfolio operated as a single segment entity for the year ended December 31, 2025. The key indicator of performance of the Portfolio is net investment income as reported on the Statement of Operations.

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

**Investment Valuation**

Portfolio 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 Portfolio, 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

10 \| December 31, 2025

------

**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Notes to Financial Statements** 

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 Portfolio, 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 Portfolio 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 Portfolio'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 Portfolio'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 Portfolio since the beginning of the fiscal year.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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

Janus Aspen Series \| 11

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**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Notes to Financial Statements** 

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 Portfolio may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Portfolio's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Portfolio that have not yet occurred. Currently,

the risk of material loss from such claims is considered remote.

**Foreign Currency Translations**

The Portfolio 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 Portfolio may make semiannual distributions of substantially all of its investment income and an annual distribution

of its net realized capital gains (if any).

The Portfolio 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 Portfolio distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Portfolio 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 Portfolio'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 Portfolio's financial statements. The Portfolio 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.

The Portfolio's management has determined the Portfolio did not pay a significant amount of income taxes for the year

ended December 31, 2025.

**2. Other Investments and Strategies**

**Market Risk**

The value of the Portfolio's portfolio may decrease if the value of one or more issuers in the Portfolio's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio'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 Portfolio invests. If the value of the Portfolio's portfolio decreases, the Portfolio's NAV will also decrease, which means if you sell your shares in the Portfolio 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

12 \| December 31, 2025

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**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Notes to Financial Statements** 

events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Portfolio. 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 Portfolio 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 Portfolio may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Portfolio 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 Portfolio's investments. In addition, the Portfolio'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 Portfolio's investments. To the extent that the Portfolio 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 Portfolio'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 Portfolio invests in

Chinese local market securities.

**3. Investment Advisory Agreements and Other Transactions with Affiliates**

The Portfolio pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table

reflects the Portfolio's contractual investment advisory fee rate (expressed as an annual rate).

---

| | |
|:---|:---|
| &nbsp;&nbsp; *Average Daily Net* <br>*Assets of the Portfolio*<br>| *Contractual Investment* <br>*Advisory Fee (%)*<br>|
| First $2 Billion | 0.75 |
| Over $2 Billion | 0.70 |

---

The Portfolio's actual investment advisory fee rate for the reporting period was 0.75% of average annual net assets

before any applicable waivers.

Janus Aspen Series \| 13

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**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Notes to Financial Statements** 

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Portfolio's total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.68% of the Portfolio's average daily net assets for at least a one-year period commencing on April 30, 2025. The previous expense limit (for a one-year period commencing April 29, 2024) was 0.80%. If applicable, amounts waived and/or reimbursed to the Portfolio by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on

the Statement of Operations.

For a period of three years subsequent to the Portfolio's commencement of operations, or until the Portfolio's assets meet the first breakpoint in the investment advisory fee schedule, whichever occurs first, the Adviser may recover from the Portfolio fees and expenses previously waived or reimbursed, if the Portfolio'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 ended December 31, 2025, the Adviser reimbursed the Portfolio $14,256 of fees and expense that are eligible for recoupment. As of December 31, 2025, the aggregate amount of recoupment that may potentially be made to the Adviser is $541,252. The recoupment of such reimbursements expired on

January 26, 2025. The Adviser recouped $0 prior to the Recoupment Deadline.

The Adviser serves as administrator to the Portfolio 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 Portfolio, including providing office space for the Portfolio, and is reimbursed by the Portfolio 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 Portfolio pays for some or all of the salaries, fees, and expenses of the Adviser employees and Portfolio officers, with respect to certain specified administration functions they perform on behalf of the Portfolio. The Portfolio 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 Portfolio. These amounts are disclosed as "Affiliated portfolio administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Portfolio's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Portfolio. Total compensation of $51,726 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended December 31, 2025. The Portfolio'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 Portfolio's transfer agent. The Transfer Agent receives an administrative services fee at an annual rate of 0.05% of the average daily net assets of the Portfolio for arranging for the provision by participating insurance companies and qualified plan service providers of administrative 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 on behalf of contract holders or plan participants investing in the Portfolio. The Transfer Agent expects to use this entire fee to compensate insurance companies and qualified plan service providers for providing these services to their customers who invest in the Portfolio.

The Transfer Agent is not compensated for internal services related to the shares, except for out-of-pocket costs. These

amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under a distribution and shareholder servicing plan (the "Plan") adopted in accordance with Rule 12b-1 under the 1940 Act, the Service Shares may pay the Trust's distributor, Janus Henderson Distributors US LLC (the "Distributor"), a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Service Shares at an annual rate of up to 0.25% of the average daily net assets of the Service Shares. Under the terms of the Plan, the Trust is authorized to make payments to the Distributor for remittance to insurance companies and qualified plan service providers as compensation for distribution and/or shareholder services performed by such entities. These

amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" 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 Portfolio. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account

14 \| December 31, 2025

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**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Notes to Financial Statements** 

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 Portfolio as unrealized appreciation/(depreciation) and is included as of December 31, 2025 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended December 31, 2025 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the year ended December 31, 2025.

Pursuant to the provisions of the 1940 Act and related rules, the Portfolio may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Portfolio 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 Portfolio 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 Portfolio's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Portfolio 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 December 31, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

As of December 31, 2025, shares of the Portfolio 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* |
| Institutional Shares | 40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24<br> %<br>|
| Service Shares | 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |

---

**4. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Portfolio must satisfy under the income tax regulations; (2) losses or deductions the Portfolio 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 Portfolio 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>|
| $- | $60006 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(391) | &nbsp;&nbsp; $2738691 |

---

Janus Aspen Series \| 15

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**Janus Henderson VIT Global Sustainable Equity Portfolio**

**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 December 31, 2025 are noted below. The primary differences between

book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $11512443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2968114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(229423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2738691 |

---

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 December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $38558 | &nbsp;&nbsp;&nbsp; $591901 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $24679 | &nbsp;&nbsp;&nbsp; $70212 | &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 December 31, 2025* | *Year ended December 31, 2025* | *Year ended December 31, 2024* | *Year ended December 31, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Institutional Shares: |  |  |  |  |
| Shares sold | 504313 | &nbsp;&nbsp; $6247364 | &nbsp;&nbsp; 512513 | &nbsp;&nbsp; $5968624 |
| Reinvested dividends and distributions | 29984 | &nbsp;&nbsp; 390188 | &nbsp;&nbsp; 4655 | &nbsp;&nbsp; 55725 |
| Shares repurchased | (466979) | &nbsp;&nbsp; (6091029) | &nbsp;&nbsp; (251071) | &nbsp;&nbsp; (2999538) |
| Net Increase/(Decrease) | 67318 | &nbsp;&nbsp; $546523 | &nbsp;&nbsp; 266097 | &nbsp;&nbsp; $3024811 |
| Service Shares: |  |  |  |  |
| Shares sold | 61337 | &nbsp;&nbsp; $789415 | &nbsp;&nbsp; 79681 | &nbsp;&nbsp; $929699 |
| Reinvested dividends and distributions | 18489 | &nbsp;&nbsp; 240271 | &nbsp;&nbsp; 3272 | &nbsp;&nbsp; 39166 |
| Shares repurchased | (42283) | &nbsp;&nbsp; (542179) | &nbsp;&nbsp; (22901) | &nbsp;&nbsp; (264685) |
| Net Increase/(Decrease) | 37543 | &nbsp;&nbsp; $487507 | &nbsp;&nbsp; 60052 | &nbsp;&nbsp; $704180 |

---

**6. Purchases and Sales of Investment Securities**

For the year ended December 31, 2025, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as

applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $9654496 | &nbsp;&nbsp;&nbsp;&nbsp; $9050834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Portfolio's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client

consents, and approval by Janus Henderson's shareholders. Management is assessing the impact to the portfolios.

16 \| December 31, 2025

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**Janus Henderson VIT Global Sustainable Equity Portfolio**

**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 December 31, 2025 and through the date of issuance of the Portfolio's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Portfolio's financial statements.

Janus Aspen Series \| 17

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**Janus Henderson Global Sustainable Equity Portfolio**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Aspen Series and Shareholders of Janus Henderson VIT Global Sustainable Equity Portfolio

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson VIT Global Sustainable Equity Portfolio (one of the portfolios constituting Janus Aspen Series, referred to hereafter as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the three years in the period ended December 31, 2025 and for the period January 26, 2022 (inception date) through December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 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 December 31, 2025 and the financial highlights for each of the three years in the period ended December 31, 2025 and for the period January 26, 2022 (inception date) through December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio'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 Portfolio 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 December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits

provide a reasonable basis for our opinion.

![](imgcaceeb4e2.jpg)

Denver, Colorado

February 18, 2026

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

18 \| December 31, 2025

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**Janus Henderson Global Sustainable Equity Portfolio**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Portfolio designated the following for the year ended December 31, 2025:

---

| | |
|:---|:---|
| Section 163(j) Interest Dividend | 7% |
| Capital Gain Distributions | $591901 |
| Dividends Received Deduction Percentage | 100% |

---

Janus Aspen Series \| 19

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**Janus Henderson VIT Global Sustainable Equity Portfolio**

**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 portfolios in the Janus Aspen Series. Annual retainer fees and attendance fees are allocated to each portfolio based on net assets. Trustees fees paid by the portfolio are within

Item 7. Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

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

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

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

20 \| December 31, 2025

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**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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

• For Janus Henderson Balanced Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Enterprise Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

Janus Aspen Series \| 21

------

**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Additional Information (unaudited)**

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Global Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025, and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the additional resources added by the Adviser to support the Portfolio's portfolio management.

• For Janus Henderson Global Technology and Innovation Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Overseas Portfolio, the Trustees noted that the Portfolio's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

22 \| December 31, 2025

------

**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Additional Information (unaudited)**

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

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

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional/separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Portfolio's total expenses, net of applicable fee waivers (the Portfolio's "total expenses") as reflected in the comparative information provided by Broadridge:

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

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that although the Portfolio's total expenses exceeded the peer group for one share class, overall the Portfolio's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Portfolio's expenses, although this limit did not apply because the Portfolio's total expenses were already below the applicable fee limit.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

Janus Aspen Series \| 23

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**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Additional Information (unaudited)**

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

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

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

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

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

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

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by 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,

24 \| December 31, 2025

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**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Additional Information (unaudited)**

taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They 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

Janus Aspen Series \| 25

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**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Additional Information (unaudited)**

services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

26 \| December 31, 2025

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**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Notes**

Janus Aspen Series \| 27

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**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Notes**

28 \| December 31, 2025

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**Janus Henderson VIT Global Sustainable Equity Portfolio**

**Notes**

Janus Aspen Series \| 29

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![](img4a03dbcb3.gif)

*This report is submitted for the general information of shareholders of the Portfolio. It is not an offer or solicitation for the Portfolio 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

109-02-93095 02-26

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ANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson VIT Global Technology and Innovation Portfolio**

Janus Aspen Series

![](imgc9c2597c1.gif)

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**Table of Contents**

**Janus Henderson VIT Global Technology and Innovation Portfolio** 

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| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_de127d3c-df05-4b2e-b70e-c4ce518de275_SOI-SOI-RunningFooter-57_1)<br> [Management Investment Companies](#xx_de127d3c-df05-4b2e-b70e-c4ce518de275_SOI-SOI-RunningFooter-57_1)<br>|  |
| [Schedule of Investments](#xx_de127d3c-df05-4b2e-b70e-c4ce518de275_SOI-SOI-RunningFooter-57_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_de127d3c-df05-4b2e-b70e-c4ce518de275_SOI-SOI-RunningFooter-57_4) | 4 |
| [Statement of Assets and Liabilities](#xx_de127d3c-df05-4b2e-b70e-c4ce518de275_SAL-SAL-RunningFooter-57_1) | 5 |
| [Statement of Operations](#xx_de127d3c-df05-4b2e-b70e-c4ce518de275_SOP-SOP-RunningFooter-57_1) | 6 |
| [Statements of Changes in Net Assets](#xx_de127d3c-df05-4b2e-b70e-c4ce518de275_SOC-SOC-RunningFooter-57_1) | 7 |
| [Financial Highlights](#xx_de127d3c-df05-4b2e-b70e-c4ce518de275_FIHI-FIHI-RunningFooter-57_1) | 8 |
| [Notes to Financial Statements](#xx_de127d3c-df05-4b2e-b70e-c4ce518de275_NTF-NTF-RunningFooter-57_1) | 10 |
| [Report of Independent Registered Public Accounting Firm](#xx_de127d3c-df05-4b2e-b70e-c4ce518de275_AUD-AR-RunningFooter-57_1) | 19 |
| [Designation Requirements](#xx_de127d3c-df05-4b2e-b70e-c4ce518de275_DR-DR-RunningFooter-57_1) | 20 |
| [Items 8-11 - Additional Information](#xx_de127d3c-df05-4b2e-b70e-c4ce518de275_AI-AI-RunningFooter-57_1) | 21 |

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**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Schedule of Investments** 

**December 31, 2025**

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| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 98.6% |  |  |
| Capital Markets – 0.3% |  |  |
| Coinbase Global Inc - Class A<sup>\*</sup> <br>| 17936 | $4056047 |
| Communications Equipment – 0.5% |  |  |
| Arista Networks Inc<sup>\*</sup> <br>| 53441 | 7002374 |
| Diversified Financial Services – 0.2% |  |  |
| Toast Inc - Class A<sup>\*</sup> <br>| 87442 | 3105065 |
| Electronic Equipment, Instruments & Components – 1.8% |  |  |
| Amphenol Corp | 192214 | 25975800 |
| Entertainment – 1.1% |  |  |
| Netflix Inc<sup>\*</sup> <br>| 115450 | 10824592 |
| Spotify Technology SA<sup>\*</sup> <br>| 6925 | 4021417 |
|  |  | 14846009 |
| Hotels, Restaurants & Leisure – 0.9% |  |  |
| DoorDash Inc - Class A<sup>\*</sup> <br>| 55507 | 12571225 |
| Independent Power and Renewable Electricity Producers – 0.5% |  |  |
| Vistra Corp | 45271 | 7303571 |
| Information Technology Services – 2.2% |  |  |
| Shopify Inc<sup>\*</sup> <br>| 73871 | 11891015 |
| Snowflake Inc - Class A<sup>\*</sup> <br>| 89401 | 19611003 |
|  |  | 31502018 |
| Interactive Media & Services – 4.0% |  |  |
| Alphabet Inc - Class C | 177434 | 55678789 |
| Multiline Retail – 7.7% |  |  |
| Alibaba Group Holdings Ltd (ADR) | 69366 | 10167668 |
| Amazon.com Inc<sup>\*</sup> <br>| 281494 | 64974445 |
| MercadoLibre Inc<sup>\*</sup> <br>| 16083 | 32395344 |
|  |  | 107537457 |
| Semiconductor & Semiconductor Equipment – 46.4% |  |  |
| Analog Devices Inc | 66512 | 18038054 |
| ASML Holding NV | 13323 | 14239980 |
| Broadcom Inc | 262275 | 90773378 |
| Credo Technology Group Holding Ltd<sup>\*</sup> <br>| 13805 | 1986401 |
| KLA Corp | 26878 | 32658920 |
| Lam Research Corp | 253819 | 43448736 |
| Micron Technology Inc | 71808 | 20494721 |
| Nova Ltd<sup>\*</sup> <br>| 30203 | 9918363 |
| NVIDIA Corp | 1157939 | 215955623 |
| SK Hynix Inc | 55274 | 25033769 |
| Taiwan Semiconductor Manufacturing Co Ltd | 3636000 | 177650670 |
|  |  | 650198615 |
| Software – 26.9% |  |  |
| AppLovin Corp - Class A<sup>\*</sup> <br>| 26926 | 18143277 |
| Atlassian Corp - Class A<sup>\*</sup> <br>| 55120 | 8937157 |
| Cadence Design Systems Inc<sup>\*</sup> <br>| 107805 | 33697687 |
| Datadog Inc - Class A<sup>\*</sup> <br>| 51363 | 6984854 |
| Intuit Inc | 57435 | 38046093 |
| Kinaxis Inc<sup>\*</sup> <br>| 33044 | 4167339 |
| Microsoft Corp | 320418 | 154960553 |
| Nebius Group NV<sup>\*,#</sup> <br>| 142427 | 11921852 |
| Oracle Corp | 147430 | 28735581 |
| Samsara Inc - Class A<sup>\*</sup> <br>| 141312 | 5009510 |
| ServiceTitan Inc - Class A<sup>\*</sup> <br>| 96144 | 10239336 |
| Tyler Technologies Inc<sup>\*</sup> <br>| 18659 | 8470253 |
| Via Transportation Inc - Class A<sup>\*,</sup><sup>§</sup> <br>| 100150 | 2905352 |
| Via Transportation Inc - Class A<sup>\*</sup> <br>| 77547 | 2249639 |
| Workday Inc - Class A<sup>\*</sup> <br>| 194964 | 41874368 |
|  |  | 376342851 |

---

Janus Aspen Series \| 1

------

**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Technology Hardware, Storage & Peripherals – 5.8% |  |  |
| Apple Inc | 256172 | $69642920 |
| Samsung Electronics Co Ltd | 140479 | 11710134 |
|  |  | 81353054 |
| Wireless Telecommunication Services – 0.3% |  |  |
| SoftBank Group Corp | 153200 | 4319608 |
| Total Common Stocks (cost $736,062,498) |  | 1381792483 |
| Private Placements – 0.1% |  |  |
| Professional Services – 0.1% |  |  |
| Apartment List Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 485075 | 2100375 |
| Software – 0% |  |  |
| Magic Leap Inc - Class A private equity common shares<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 3260 | 0 |
| Total Private Placements (cost $3,357,149) |  | 2100375 |
| Warrants – 0% |  |  |
| Road & Rail – 0% |  |  |
| Grab Holdings Ltd, expires 12/1/26<sup>\*</sup> (cost $141,055) | 44659 | 13398 |
| Investment Companies – 1.3% |  |  |
| Money Markets – 1.3% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº,</sup><sup>£</sup> (cost $18,425,817) | 18421787 | 18427313 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.7% |  |  |
| Investment Companies – 0.5% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº,</sup><sup>£</sup> <br>| 7426126 | 7426126 |
| Time Deposits – 0.2% |  |  |
| Royal Bank of Canada, 3.7000%, 1/2/26 | $1856532 | 1856532 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $9,282,658) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $9,282,658) | 9282658 |
| Total Investments (total cost $767,269,177) – 100.7% |  | 1411616227 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.7)% |  | (10497839) |
| Net Assets – 100% |  | $1401118388 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $1094165670 | &nbsp;&nbsp;&nbsp;&nbsp; 77.5<br> %<br>|
| Taiwan | 177650670 | &nbsp;&nbsp;&nbsp;&nbsp;12.6 |
| South Korea | 36743903 | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Argentina | 32395344 | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Netherlands | 26161832 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Canada | 16058354 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| China | 10167668 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Israel | 9918363 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Japan | 4319608 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Sweden | 4021417 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Singapore | 13398 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Total | $1411616227 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

2 \| December 31, 2025

------

**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*12/31/24*<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>*12/31/25*<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, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | $43814851 | $313240058 | $(338629143) | $51 | $1496 | $18427313 | 18421787 | $916741 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.5% | Investments Purchased with Cash Collateral from Securities Lending - 0.5% | Investments Purchased with Cash Collateral from Securities Lending - 0.5% | Investments Purchased with Cash Collateral from Securities Lending - 0.5% | Investments Purchased with Cash Collateral from Securities Lending - 0.5% | Investments Purchased with Cash Collateral from Securities Lending - 0.5% | Investments Purchased with Cash Collateral from Securities Lending - 0.5% | Investments Purchased with Cash Collateral from Securities Lending - 0.5% | Investments Purchased with Cash Collateral from Securities Lending - 0.5% |
| Investment Companies - 0.5% | Investment Companies - 0.5% | Investment Companies - 0.5% | Investment Companies - 0.5% | Investment Companies - 0.5% | Investment Companies - 0.5% | Investment Companies - 0.5% | Investment Companies - 0.5% | Investment Companies - 0.5% |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  |
|  | 1012045 | 37724483 | (31310402) | - | - | 7426126 | 7426126 | 13045 <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% |
|  | $44826896 | $350964541 | $(369939545) | $51 | $1496 | $25853439 | 25847913 | $929786 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $8941368 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8941368) | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the amount of assets or liabilities that could be offset with the same
 counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Collateral pledged is limited to the net outstanding amount due to/from an individual
 counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

Janus Aspen Series \| 3

------

**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Notes to Schedule of Investments and Other Information** 

ADR American Depositary Receipt <br> LLC Limited Liability Company

---

| |
|:---|
| Non-income producing security. |
| Rate shown is the 7-day yield as of December 31, 2025. |
| Loaned security; a portion of the security is on loan at December 31, 2025. |
| &nbsp;&nbsp; Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the year ended December 31, 2025 is <br> $2,100,375, which represents 0.1% of net assets.<br>|
| £&nbsp;&nbsp; The Portfolio may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, <br> as amended, an affiliated company is one in which the Portfolio owns 5% or more of the outstanding voting securities, or a company which <br> is under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
| Schedule of Restricted Securities (as of December 31, 2025) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Acquisition* <br>*Date*<br>| &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 |  | $1771979 | &nbsp;&nbsp; $2100375 | &nbsp;&nbsp;&nbsp;&nbsp; 0.1<br> %<br>|
| Magic Leap Inc - Class A private equity common shares | 10/5/17 |  | 1585170 | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Via Transportation Inc - Class A | 9/15/25 | 3/11/26 | 4499797 | &nbsp;&nbsp; 2905352 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Total |  |  | $7856946 | &nbsp;&nbsp; $5005727 | &nbsp;&nbsp; 0.3% |

---

The Portfolio has registration rights for certain restricted securities held as of December 31, 2025. The issuer incurs all registration costs. As of December 31, 2025, the fair value of equity securities subject to a contractual sale restriction is $2,905,352, which represents 0.2% of net assets. Lock-up agreements last for 180 days, with the last one ending on

3/11/26. 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 Portfolio's investments in securities and other

financial instruments as of December 31, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* |  |  |  |
| Semiconductor & Semiconductor Equipment | $433274196 | &nbsp;&nbsp; $216924419 | &nbsp;&nbsp; $- |
| Software | 372175512 | &nbsp;&nbsp; 4167339 | &nbsp;&nbsp; - |
| Technology Hardware, Storage & Peripherals | 69642920 | &nbsp;&nbsp; 11710134 | &nbsp;&nbsp; - |
| Wireless Telecommunication Services | - | &nbsp;&nbsp; 4319608 | &nbsp;&nbsp; - |
| All Other | 269578355 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Private Placements* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2100375 |
| *Warrants* | 13398 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 18427313 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 9282658 | &nbsp;&nbsp; - |
| **Total Assets** | $1144684381 | &nbsp;&nbsp; $264831471 | &nbsp;&nbsp; $2100375 |

---

4 \| December 31, 2025

------

**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Statement of Assets and Liabilities** 

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $741,417,234)<sup>(1)</sup> <br>| $1385762788 |
| Affiliated investments, at value (cost $25,851,943) | 25853439 |
| Cash denominated in foreign currency (cost $11,225) | 11225 |
| Trustees' deferred compensation | 41377 |
| Receivables: |  |
| Dividends | 610526 |
| Portfolio shares sold | 278167 |
| Dividends from affiliates | 57390 |
| Foreign tax reclaims | 8623 |
| Other assets | 12090 |
| Total Assets | 1412635625 |
| Liabilities: |  |
| Collateral for securities loaned (Note 2) | 9282658 |
| Payables: |  |
| Portfolio shares repurchased | 942204 |
| Advisory fees | 785260 |
| 12b-1 Distribution and shareholder servicing fees | 286377 |
| Transfer agent fees and expenses | 63384 |
| Professional fees | 56551 |
| Trustees' deferred compensation fees | 41377 |
| Custodian fees | 6569 |
| Affiliated portfolio administration fees payable | 3067 |
| Trustees' fees and expenses | 490 |
| Accrued expenses and other payables | 49300 |
| Total Liabilities | 11517237 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $1401118388 |
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $580111550 |
| Total distributable earnings (loss) | 821006838 |
| Total Net Assets | $1401118388 |
| Net Assets - Institutional Shares | $93063656 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 3886910 |
| Net Asset Value Per Share | $23.94 |
| Net Assets - Service Shares | $1308054732 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 54637636 |
| Net Asset Value Per Share | $23.94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $8,941,368 of securities on loan. See Note 2 in Notes to Financial Statements.

See Notes to Financial Statements.

Janus Aspen Series \| 5

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**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Statement of Operations** 

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $6354572 |
| Dividends from affiliates | 916741 |
| Affiliated securities lending income, net | 13045 |
| Unaffiliated securities lending income, net | 2837 |
| Other income | 2231 |
| Foreign tax withheld | (520010) |
| Total Investment Income | 6769416 |
| Expenses: |  |
| Advisory fees | 8085203 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Service Shares | 2951702 |
| Transfer agent administrative fees and expenses: |  |
| Institutional Shares | 41316 |
| Service Shares | 590341 |
| Other transfer agent fees and expenses: |  |
| Institutional Shares | 1587 |
| Service Shares | 11367 |
| Professional fees | 95114 |
| Custodian fees | 53795 |
| Shareholder reports expense | 45536 |
| Affiliated portfolio administration fees | 37961 |
| Trustees' fees and expenses | 24188 |
| Registration fees | 2119 |
| Other expenses | 141446 |
| Total Expenses | 12081675 |
| Net Investment Income/(Loss) | (5312259) |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 182358443 |
| Investments in affiliates | 51 |
| Total Net Realized Gain/(Loss) on Investments | 182358494 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 108646666 |
| Investments in affiliates | 1496 |
| Total Change in Unrealized Net Appreciation/Depreciation | 108648162 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $285694397 |

---

See Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*December 31, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*December 31, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $(5312259) | &nbsp;&nbsp; $(3288152) |
| Net realized gain/(loss) on investments | 182358494 | &nbsp;&nbsp; 131057313 |
| Change in unrealized net appreciation/depreciation | 108648162 | &nbsp;&nbsp; 158814243 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 285694397 | &nbsp;&nbsp; 286583404 |
| Dividends and Distributions to Shareholders: |  |  |
| Institutional Shares | (7735754) | &nbsp;&nbsp; — |
| Service Shares | (110267194) | &nbsp;&nbsp; — |
| Net Decrease from Dividends and Distributions to Shareholders | (118002948) | &nbsp;&nbsp; — |
| Capital Share Transactions: |  |  |
| Institutional Shares | 7306847 | &nbsp;&nbsp; 2020653 |
| Service Shares | 58736932 | &nbsp;&nbsp; (29029354) |
| Net Increase/(Decrease) from Capital Share Transactions | 66043779 | &nbsp;&nbsp; (27008701) |
| Net Increase/(Decrease) in Net Assets | 233735228 | &nbsp;&nbsp; 259574703 |
| Net Assets: |  |  |
| Beginning of period | 1167383160 | &nbsp;&nbsp; 907808457 |
| End of period | $1401118388 | &nbsp;&nbsp; $1167383160 |

---

See Notes to Financial Statements.

Janus Aspen Series \| 7

------

**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Shares |  |  |  |  |  |
| For a share outstanding during the year ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $21.11 | &nbsp;&nbsp; $15.98 | &nbsp;&nbsp; $10.34 | &nbsp;&nbsp; $20.75 | &nbsp;&nbsp; $20.34 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.04) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.05) |
| Net realized and unrealized gain/(loss) | 5.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp; (7.60) | &nbsp;&nbsp;&nbsp;&nbsp;3.47 |
| Total from Investment Operations | 4.98 | &nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp; (7.62) | &nbsp;&nbsp;&nbsp;&nbsp;3.42 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05) |
| Distributions (from capital gains) | (2.15) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.79) | &nbsp;&nbsp; (2.96) |
| Total Dividends and Distributions | (2.15) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.79) | &nbsp;&nbsp; (3.01) |
| Net Asset Value, End of Period | $23.94 | &nbsp;&nbsp; $21.11 | &nbsp;&nbsp; $15.98 | &nbsp;&nbsp; $10.34 | &nbsp;&nbsp; $20.75 |
| Total Return<sup>\*</sup> <br>| 25.15% | &nbsp;&nbsp; 32.10% | &nbsp;&nbsp; 54.55% | &nbsp;&nbsp; (36.95)% | &nbsp;&nbsp; 18.01% |
| Net Assets, End of Period (in thousands) | $93064 | &nbsp;&nbsp; $74717 | &nbsp;&nbsp; $54674 | &nbsp;&nbsp; $34566 | &nbsp;&nbsp; $59208 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.72% |
| Ratio of Net Investment Income/(Loss) | (0.19)% | &nbsp;&nbsp; (0.07)% | &nbsp;&nbsp; (0.02)% | &nbsp;&nbsp; (0.14)% | &nbsp;&nbsp; (0.25)% |
| Portfolio Turnover Rate | 50% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 47% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

(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.

8 \| December 31, 2025

------

**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Shares |  |  |  |  |  |
| For a share outstanding during the year ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $21.16 | &nbsp;&nbsp; $16.06 | &nbsp;&nbsp; $10.41 | &nbsp;&nbsp; $20.91 | &nbsp;&nbsp; $20.51 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.10) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.10) |
| Net realized and unrealized gain/(loss) | 5.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.69 | &nbsp;&nbsp; (7.66) | &nbsp;&nbsp;&nbsp;&nbsp;3.49 |
| Total from Investment Operations | 4.93 | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 | &nbsp;&nbsp; (7.71) | &nbsp;&nbsp;&nbsp;&nbsp;3.39 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) |
| Distributions (from capital gains) | (2.15) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.79) | &nbsp;&nbsp; (2.96) |
| Total Dividends and Distributions | (2.15) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.79) | &nbsp;&nbsp; (2.99) |
| Net Asset Value, End of Period | $23.94 | &nbsp;&nbsp; $21.16 | &nbsp;&nbsp; $16.06 | &nbsp;&nbsp; $10.41 | &nbsp;&nbsp; $20.91 |
| Total Return<sup>\*</sup> <br>| 24.84% | &nbsp;&nbsp; 31.76% | &nbsp;&nbsp; 54.27% | &nbsp;&nbsp; (37.12)% | &nbsp;&nbsp; 17.69% |
| Net Assets, End of Period (in thousands) | $1308055 | &nbsp;&nbsp; $1092666 | &nbsp;&nbsp; $853134 | &nbsp;&nbsp; $535573 | &nbsp;&nbsp; $878244 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% |
| Ratio of Net Investment Income/(Loss) | (0.44)% | &nbsp;&nbsp; (0.32)% | &nbsp;&nbsp; (0.26)% | &nbsp;&nbsp; (0.38)% | &nbsp;&nbsp; (0.49)% |
| Portfolio Turnover Rate | 50% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 47% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Aspen Series \| 9

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**Janus Henderson VIT Global Technology and Innovation Portfolio**

**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 VIT Global Technology and Innovation Portfolio (the "Portfolio") is a series of Janus Aspen Series (the "Trust"), which is organized as a Delaware statutory 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 10 portfolios, each of which offers multiple share classes, with differing investment objectives and policies. The Portfolio seeks long-term growth of capital. The Portfolio is classified as nondiversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser

(the "Adviser") to the Portfolio.

The Portfolio currently offers two classes of shares: Institutional Shares and Service Shares. Each class represents an interest in the same portfolio of investments. Institutional Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans. Service Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans that require a fee from Portfolio assets to procure distribution and administrative services to contract

owners and plan participants.

Shareholders, including participating insurance companies, as well as accounts, may from time to time own (beneficially or of record) a significant percentage of the Portfolio's shares and can be considered to "control" the Portfolio when that ownership exceeds 25% of the Portfolio's assets (and which may differ from control as determined in accordance with

United States of America generally accepted accounting principles ("US GAAP")).

The Chief Financial Officer of the Portfolio is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Portfolio operated as a single segment entity for the year ended December 31, 2025. The key indicator of performance of the Portfolio is net investment income as reported on the Statement of Operations.

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

**Investment Valuation**

Portfolio 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 Portfolio, 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

10 \| December 31, 2025

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**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Notes to Financial Statements** 

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 Portfolio, 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 Portfolio 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 Portfolio'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 Portfolio'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 Portfolio since the beginning of the fiscal year.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Portfolio'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 $2,905,352 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 Portfolio's management has determined the Portfolio did not hold a significant amount of Level 3 securities as of

December 31, 2025.

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Portfolio 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 Portfolio 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

Janus Aspen Series \| 11

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**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Notes to Financial Statements** 

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 Portfolio 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 Portfolio may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Portfolio's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Portfolio that have not yet occurred. Currently,

the risk of material loss from such claims is considered remote.

**Foreign Currency Translations**

The Portfolio 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 Portfolio may make semiannual distributions of substantially all of its investment income and an annual distribution

of its net realized capital gains (if any).

The Portfolio 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 Portfolio distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Portfolio 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 Portfolio'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 Portfolio's financial statements. The Portfolio 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.

The Portfolio's management has determined the Portfolio did not pay a significant amount of income taxes for the year

ended December 31, 2025.

**2. Other Investments and Strategies**

12 \| December 31, 2025

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**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Notes to Financial Statements** 

**Market Risk**

The value of the Portfolio's portfolio may decrease if the value of one or more issuers in the Portfolio's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio'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 Portfolio invests. If the value of the Portfolio's portfolio decreases, the Portfolio's NAV will also decrease, which means if you sell your shares in the Portfolio you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Portfolio. 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 Portfolio 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 Portfolio may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Portfolio 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 Portfolio's investments. In addition, the Portfolio'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 Portfolio's investments. To the extent that the Portfolio 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 Portfolio'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 Portfolio invests in

Chinese local market securities.

**Restricted Security Transactions**

Restricted securities held by the Portfolio 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

Janus Aspen Series \| 13

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**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Notes to Financial Statements** 

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 Portfolio 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**

Portfolio transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Portfolio ("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 Portfolio. The Portfolio 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 Portfolio'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 Portfolio 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 Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Portfolio may lend portfolio 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 Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. 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 Portfolio to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Portfolio 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 Portfolio 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 Portfolio may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

14 \| December 31, 2025

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**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Notes to Financial Statements** 

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of December 31, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $8,941,368. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2025 is $9,282,658,

resulting in the net amount due the counterparty of $341,290.

**Offsetting Assets and Liabilities**

The Portfolio 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

Portfolio's Schedule of Investments.

**3. Investment Advisory Agreements and Other Transactions with Affiliates**

The Portfolio pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Portfolio'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 Portfolio's total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.88% of the Portfolio's average daily net assets for at least a one-year period commencing on April 30, 2025. The previous expense limit (for a one-year period commencing April 29, 2024) was 0.95%. If applicable, amounts waived and/or reimbursed to the Portfolio by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on

the Statement of Operations.

The Adviser serves as administrator to the Portfolio 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 Portfolio, including providing office space for the Portfolio, and is reimbursed by the Portfolio 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 Portfolio pays for some or all of the salaries, fees, and expenses of the Adviser employees and Portfolio officers, with respect to certain specified administration functions they perform on behalf of the Portfolio. The Portfolio 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 Portfolio. These amounts are disclosed as "Affiliated portfolio administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Portfolio's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Portfolio. Total compensation of $51,726 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended December 31, 2025. The Portfolio'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 Portfolio's transfer agent. The Transfer Agent receives an administrative services fee at an annual rate of 0.05% of the average

Janus Aspen Series \| 15

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**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Notes to Financial Statements** 

daily net assets of the Portfolio for arranging for the provision by participating insurance companies and qualified plan service providers of administrative 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 on behalf of contract holders or plan participants investing in the Portfolio. The Transfer Agent expects to use this entire fee to compensate insurance companies and qualified plan service providers for providing these services to their customers who invest in the Portfolio.

The Transfer Agent is not compensated for internal services related to the shares, except for out-of-pocket costs. These

amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under a distribution and shareholder servicing plan (the "Plan") adopted in accordance with Rule 12b-1 under the 1940 Act, the Service Shares may pay the Trust's distributor, Janus Henderson Distributors US LLC (the "Distributor"), a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Service Shares at an annual rate of up to 0.25% of the average daily net assets of the Service Shares. Under the terms of the Plan, the Trust is authorized to make payments to the Distributor for remittance to insurance companies and qualified plan service providers as compensation for distribution and/or shareholder services performed by such entities. These

amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" 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 Portfolio. 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 Portfolio as unrealized appreciation/(depreciation) and is included as of December 31, 2025 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended December 31, 2025 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the year ended December 31, 2025.

Pursuant to the provisions of the 1940 Act and related rules, the Portfolio may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Portfolio 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 Portfolio 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 Portfolio's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Portfolio 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 December 31, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

The Portfolio 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 Portfolio 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 Portfolio from or to another fund or account that is or could be considered an affiliate of the Portfolio under certain limited circumstances by virtue of having a common investment

16 \| December 31, 2025

------

**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Notes to Financial Statements** 

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 December 31, 2025, the Portfolio engaged in cross trades amounting to $897,555 in sales, resulting in a net realized loss of $262,084. The net realized loss is included within the "Net Realized Gain/(Loss) on Investments" section of the Portfolio's Statement of

Operations.

**4. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Portfolio must satisfy under the income tax regulations; (2) losses or deductions the Portfolio 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 Portfolio 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>|
| $6333137 | $170188277 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(44488) | &nbsp;&nbsp; $644529912 |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2025 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships, and

passive foreign investment companies.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $767086315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $663815618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(19285706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $644529912 |

---

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 December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $- | &nbsp;&nbsp;&nbsp; $118002948 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $3013783 |

---

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 Aspen Series \| 17

------

**Janus Henderson VIT Global Technology and Innovation Portfolio**

**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 December 31, 2025* | *Year ended December 31, 2025* | *Year ended December 31, 2024* | *Year ended December 31, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Institutional Shares: |  |  |  |  |
| Shares sold | 1015336 | &nbsp;&nbsp; $22495645 | &nbsp;&nbsp; 920508 | &nbsp;&nbsp; $17696670 |
| Reinvested dividends and distributions | 372807 | &nbsp;&nbsp; 7735754 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Shares repurchased | (1040732) | &nbsp;&nbsp; (22924552) | &nbsp;&nbsp; (801747) | &nbsp;&nbsp; (15676017) |
| Net Increase/(Decrease) | 347411 | &nbsp;&nbsp; $7306847 | &nbsp;&nbsp; 118761 | &nbsp;&nbsp; $2020653 |
| Service Shares: |  |  |  |  |
| Shares sold | 8634668 | &nbsp;&nbsp; $188823695 | &nbsp;&nbsp; 8564804 | &nbsp;&nbsp; $166042250 |
| Reinvested dividends and distributions | 5306410 | &nbsp;&nbsp; 110267194 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Shares repurchased | (10950056) | &nbsp;&nbsp; (240353957) | &nbsp;&nbsp; (10046941) | &nbsp;&nbsp; (195071604) |
| Net Increase/(Decrease) | 2991022 | &nbsp;&nbsp; $58736932 | &nbsp;&nbsp; (1482137) | &nbsp;&nbsp; $(29029354) |

---

**6. Purchases and Sales of Investment Securities**

For the year ended December 31, 2025, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as

applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $621695187 | &nbsp;&nbsp;&nbsp;&nbsp; $653205868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Portfolio's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client

consents, and approval by Janus Henderson's shareholders. Management is assessing the impact to the portfolios.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 and through the date of issuance of the Portfolio's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Portfolio's financial statements

18 \| December 31, 2025

------

**Janus Henderson Global Technology And Innovation Portfolio**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Aspen Series and Shareholders of Janus Henderson VIT Global Technology and Innovation Portfolio

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson VIT Global Technology and Innovation Portfolio (one of the portfolios constituting Janus Aspen Series, referred to hereafter as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 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 Portfolio as of December 31, 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 December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 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 Portfolio's management. Our responsibility is to express an opinion on the Portfolio'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 Portfolio 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 December 31, 2025 by correspondence with the custodian, transfer agent, and the 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.

![](img00dd6a7a2.jpg)

Denver, Colorado

February 18, 2026

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

Janus Aspen Series \| 19

------

**Janus Henderson Global Technology And Innovation Portfolio**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Portfolio designated the following for the year ended December 31, 2025:

---

| | |
|:---|:---|
| Capital Gain Distributions | $118002948 |

---

20 \| December 31, 2025

------

**Janus Henderson VIT Global Technology and Innovation Portfolio**

**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 portfolios in the Janus Aspen Series. Annual retainer fees and attendance fees are allocated to each portfolio based on net assets. Trustees fees paid by the portfolio are within

Item 7. Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

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

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

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

Janus Aspen Series \| 21

------

**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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

• For Janus Henderson Balanced Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Enterprise Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

22 \| December 31, 2025

------

**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Additional Information (unaudited)**

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Global Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025, and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the additional resources added by the Adviser to support the Portfolio's portfolio management.

• For Janus Henderson Global Technology and Innovation Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Overseas Portfolio, the Trustees noted that the Portfolio's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

Janus Aspen Series \| 23

------

**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Additional Information (unaudited)**

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

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

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional/separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Portfolio's total expenses, net of applicable fee waivers (the Portfolio's "total expenses") as reflected in the comparative information provided by Broadridge:

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

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that although the Portfolio's total expenses exceeded the peer group for one share class, overall the Portfolio's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Portfolio's expenses, although this limit did not apply because the Portfolio's total expenses were already below the applicable fee limit.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

24 \| December 31, 2025

------

**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Additional Information (unaudited)**

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

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

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

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

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

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

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by 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,

Janus Aspen Series \| 25

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**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Additional Information (unaudited)**

taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They 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

26 \| December 31, 2025

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**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Additional Information (unaudited)**

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 Aspen Series \| 27

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**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Notes**

28 \| December 31, 2025

------

**Janus Henderson VIT Global Technology and Innovation Portfolio**

**Notes**

Janus Aspen Series \| 29

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![](img103c3a753.gif)

*This report is submitted for the general information of shareholders of the Portfolio. It is not an offer or solicitation for the Portfolio 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

109-02-81119 02-26

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ANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson VIT Mid Cap Value Portfolio**

Janus Aspen Series

![](imgcefb12311.gif)

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**Table of Contents**

**Janus Henderson VIT Mid Cap Value Portfolio** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_783296b0-a00f-46d5-b832-2444262f2f4f_SOI-SOI-RunningFooter-59_1)<br> [Management Investment Companies](#xx_783296b0-a00f-46d5-b832-2444262f2f4f_SOI-SOI-RunningFooter-59_1)<br>|  |
| [Schedule of Investments](#xx_783296b0-a00f-46d5-b832-2444262f2f4f_SOI-SOI-RunningFooter-59_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_783296b0-a00f-46d5-b832-2444262f2f4f_SOI-SOI-RunningFooter-59_4) | 4 |
| [Statement of Assets and Liabilities](#xx_783296b0-a00f-46d5-b832-2444262f2f4f_SAL-SAL-RunningFooter-59_1) | 5 |
| [Statement of Operations](#xx_783296b0-a00f-46d5-b832-2444262f2f4f_SOP-SOP-RunningFooter-59_1) | 6 |
| [Statements of Changes in Net Assets](#xx_783296b0-a00f-46d5-b832-2444262f2f4f_SOC-SOC-RunningFooter-59_1) | 7 |
| [Financial Highlights](#xx_783296b0-a00f-46d5-b832-2444262f2f4f_FIHI-FIHI-RunningFooter-59_1) | 8 |
| [Notes to Financial Statements](#xx_783296b0-a00f-46d5-b832-2444262f2f4f_NTF-NTF-RunningFooter-59_1) | 10 |
| [Report of Independent Registered Public Accounting Firm](#xx_783296b0-a00f-46d5-b832-2444262f2f4f_AUD-AR-RunningFooter-59_1) | 18 |
| [Designation Requirements](#xx_783296b0-a00f-46d5-b832-2444262f2f4f_DR-DR-RunningFooter-59_1) | 19 |
| [Items 8-11 - Additional Information](#xx_783296b0-a00f-46d5-b832-2444262f2f4f_AI-AI-RunningFooter-59_1) | 20 |

---

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**Janus Henderson VIT Mid Cap Value Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 97.7% |  |  |
| Aerospace & Defense – 2.8% |  |  |
| BWX Technologies Inc | 6435 | $1112225 |
| L3Harris Technologies Inc | 7164 | 2103136 |
|  |  | 3215361 |
| Banks – 5.2% |  |  |
| Cullen/Frost Bankers Inc | 8241 | 1043558 |
| PNC Financial Services Group Inc/The | 12052 | 2515614 |
| Wintrust Financial Corp | 17436 | 2437901 |
|  |  | 5997073 |
| Beverages – 0.6% |  |  |
| Keurig Dr Pepper Inc | 24063 | 674005 |
| Biotechnology – 1.1% |  |  |
| BioMarin Pharmaceutical Inc<sup>\*</sup> <br>| 10391 | 617537 |
| Revolution Medicines Inc<sup>\*</sup> <br>| 3703 | 294944 |
| United Therapeutics Corp<sup>\*</sup> <br>| 786 | 382979 |
|  |  | 1295460 |
| Building Products – 1.6% |  |  |
| Carlisle Cos Inc | 5573 | 1782580 |
| Capital Markets – 3.0% |  |  |
| Lazard Inc | 40296 | 1956774 |
| MarketAxess Holdings Inc | 7999 | 1449818 |
|  |  | 3406592 |
| Chemicals – 3.4% |  |  |
| Corteva Inc | 24193 | 1621657 |
| Solstice Advanced Materials Inc<sup>\*</sup> <br>| 20979 | 1019160 |
| Westlake Chemical Corp | 17465 | 1291362 |
|  |  | 3932179 |
| Commercial Services & Supplies – 1.4% |  |  |
| Waste Connections Inc | 8925 | 1565088 |
| Construction Materials – 1.4% |  |  |
| Martin Marietta Materials Inc | 2589 | 1612067 |
| Consumer Finance – 1.7% |  |  |
| Ally Financial Inc | 42823 | 1939454 |
| Containers & Packaging – 1.9% |  |  |
| Ball Corp | 41505 | 2198520 |
| Distributors – 1.3% |  |  |
| LKQ Corp | 49463 | 1493783 |
| Electric Utilities – 6.5% |  |  |
| Alliant Energy Corp | 47343 | 3077767 |
| Entergy Corp | 26889 | 2485350 |
| PPL Corp | 53924 | 1888419 |
|  |  | 7451536 |
| Electrical Equipment – 1.7% |  |  |
| AMETEK Inc | 9324 | 1914310 |
| Electronic Equipment, Instruments & Components – 7.1% |  |  |
| Arrow Electronics Inc<sup>\*</sup> <br>| 3163 | 348499 |
| CDW Corp/DE | 8642 | 1177041 |
| Fabrinet<sup>\*</sup> <br>| 2744 | 1249288 |
| Keysight Technologies Inc<sup>\*</sup> <br>| 5811 | 1180737 |
| Littelfuse Inc | 7479 | 1891589 |
| Vontier Corp | 62038 | 2306573 |
|  |  | 8153727 |
| Energy Equipment & Services – 0.6% |  |  |
| Baker Hughes Co | 16038 | 730370 |
| Entertainment – 1.2% |  |  |
| Electronic Arts Inc | 6741 | 1377389 |
| Food & Staples Retailing – 2.4% |  |  |
| Casey's General Stores Inc | 4997 | 2761892 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

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**Janus Henderson VIT Mid Cap Value Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Food Products – 1.0% |  |  |
| Cal-Maine Foods Inc | 6463 | $514261 |
| Lamb Weston Holdings Inc | 15979 | 669360 |
|  |  | 1183621 |
| Health Care Equipment & Supplies – 2.4% |  |  |
| Globus Medical Inc<sup>\*</sup> <br>| 12795 | 1117131 |
| Hologic Inc<sup>\*</sup> <br>| 22128 | 1648315 |
|  |  | 2765446 |
| Health Care Providers & Services – 3.5% |  |  |
| Cardinal Health Inc | 7599 | 1561594 |
| Humana Inc | 3463 | 886978 |
| Labcorp Holdings Inc | 6204 | 1556460 |
|  |  | 4005032 |
| Household Durables – 2.2% |  |  |
| Toll Brothers Inc | 9801 | 1325291 |
| TopBuild Corp<sup>\*</sup> <br>| 2758 | 1150610 |
|  |  | 2475901 |
| Industrial Conglomerates – 1.6% |  |  |
| 3M Co | 11656 | 1866126 |
| Industrial Real Estate Investment Trusts (REITs) – 1.1% |  |  |
| STAG Industrial Inc | 32463 | 1193340 |
| Insurance – 8.0% |  |  |
| Axis Capital Holdings Ltd | 19955 | 2136981 |
| Everest Re Group Ltd | 7654 | 2597385 |
| Hartford Financial Services Group Inc | 15244 | 2100623 |
| Selective Insurance Group Inc | 27998 | 2342593 |
|  |  | 9177582 |
| Life Sciences Tools & Services – 1.9% |  |  |
| ICON PLC<sup>\*</sup> <br>| 11614 | 2116303 |
| Machinery – 1.7% |  |  |
| Lincoln Electric Holdings Inc | 8130 | 1948273 |
| Marine – 1.6% |  |  |
| Kirby Corp<sup>\*</sup> <br>| 16473 | 1814995 |
| Media – 1.9% |  |  |
| Fox Corp - Class B | 34085 | 2213139 |
| Metals & Mining – 2.1% |  |  |
| Freeport-McMoRan Inc | 46885 | 2381289 |
| Oil, Gas & Consumable Fuels – 4.8% |  |  |
| Chesapeake Energy Corp | 23378 | 2579996 |
| ConocoPhillips | 20417 | 1911236 |
| Valero Energy Corp | 6290 | 1023949 |
|  |  | 5515181 |
| Professional Services – 2.0% |  |  |
| TransUnion | 27242 | 2336001 |
| Real Estate Management & Development – 1.2% |  |  |
| CBRE Group Inc<sup>\*</sup> <br>| 8486 | 1364464 |
| Residential Real Estate Investment Trusts (REITs) – 0.9% |  |  |
| Equity LifeStyle Properties Inc | 17729 | 1074555 |
| Retail Real Estate Investment Trusts (REITs) – 2.2% |  |  |
| Agree Realty Corp | 34932 | 2516152 |
| Road & Rail – 2.8% |  |  |
| Canadian Pacific Kansas City Ltd | 19595 | 1442780 |
| Landstar System Inc | 7042 | 1011935 |
| Saia Inc<sup>\*</sup> <br>| 2360 | 770587 |
|  |  | 3225302 |
| Semiconductor & Semiconductor Equipment – 2.2% |  |  |
| Qnity Electronics Inc | 14325 | 1169636 |
| Teradyne Inc | 6886 | 1332854 |
|  |  | 2502490 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

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**Janus Henderson VIT Mid Cap Value Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Specialized Real Estate Investment Trusts (REITs) – 2.0% |  |  |
| Lamar Advertising Co | 17997 | $2278060 |
| Specialty Retail – 4.6% |  |  |
| AutoZone Inc<sup>\*</sup> <br>| 412 | 1397298 |
| Bath & Body Works Inc | 34721 | 697198 |
| Boot Barn Holdings Inc<sup>\*</sup> <br>| 3731 | 658409 |
| Burlington Stores Inc<sup>\*</sup> <br>| 4387 | 1267185 |
| O'Reilly Automotive Inc<sup>\*</sup> <br>| 12990 | 1184818 |
|  |  | 5204908 |
| Trading Companies & Distributors – 1.1% |  |  |
| MSC Industrial Direct Co Inc | 14912 | 1254099 |
| Total Common Stocks (cost $78,651,031) |  | 111913645 |
| Repurchase Agreements – 2.3% |  |  |
| ING Financial Markets LLC, Joint repurchase agreement, 3.7800%, dated <br> 12/31/25, maturing 1/2/26 to be repurchased at $2,600,546 collateralized by <br> $2,602,760 in U.S. Treasuries 1.8750% - 4.1250%, 10/15/28 - 7/15/35 with <br> a value of $2,652,558 (cost $2,600,000)<br>| $2600000 | 2600000 |
| Total Investments (total cost $81,251,031) – 100.0% |  | 114513645 |
| Liabilities, net of Cash, Receivables and Other Assets – (0)% |  | (40237) |
| Net Assets – 100% |  | $114473408 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $110954562 | &nbsp;&nbsp;&nbsp;&nbsp; 96.9<br> %<br>|
| Ireland | 2116303 | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Canada | 1442780 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Total | $114513645 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Assets*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| ING Financial Markets LLC | $2600000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2600000) | &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 Aspen Series \| 3

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**Janus Henderson VIT Mid Cap Value Portfolio**

**Notes to Schedule of Investments and Other Information** 

LLC Limited Liability Company <br> PLC Public Limited Company

\* Non-income producing security.

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

financial instruments as of December 31, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* | $111913645 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| *Repurchase Agreements* | - | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp; - |
| **Total Assets** | $111913645 | &nbsp;&nbsp; $2600000 | &nbsp;&nbsp; $- |

---

4 \| December 31, 2025

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**Janus Henderson VIT Mid Cap Value Portfolio**

**Statement of Assets and Liabilities** 

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Investments, at value (cost $78,651,031) | $111913645 |
| Repurchase agreements, at value (cost $2,600,000) | 2600000 |
| Cash | 39745 |
| Trustees' deferred compensation | 3379 |
| Receivables: |  |
| Dividends | 66571 |
| Portfolio shares sold | 6804 |
| Interest | 546 |
| Other assets | 690 |
| Total Assets | 114631380 |
| Liabilities: |  |
| Payables: |  |
| Professional fees | 48542 |
| Advisory fees | 45732 |
| 12b-1 Distribution and shareholder servicing fees | 12194 |
| Portfolio shares repurchased | 8392 |
| Transfer agent fees and expenses | 5526 |
| Trustees' deferred compensation fees | 3379 |
| Custodian fees | 463 |
| Affiliated portfolio administration fees payable | 252 |
| Trustees' fees and expenses | 47 |
| Accrued expenses and other payables | 33445 |
| Total Liabilities | 157972 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $114473408 |
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $77337036 |
| Total distributable earnings (loss) | 37136372 |
| Total Net Assets | $114473408 |
| Net Assets - Institutional Shares | $59222704 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 3332003 |
| Net Asset Value Per Share | $17.77 |
| Net Assets - Service Shares | $55250704 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 3292317 |
| Net Asset Value Per Share | $16.78 |

---

See Notes to Financial Statements.

Janus Aspen Series \| 5

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**Janus Henderson VIT Mid Cap Value Portfolio**

**Statement of Operations** 

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $1925482 |
| Interest | 116235 |
| Other income | 185 |
| Foreign tax withheld | (3903) |
| Total Investment Income | 2037999 |
| Expenses: |  |
| Advisory fees | 738775 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Service Shares | 140186 |
| Transfer agent administrative fees and expenses: |  |
| Institutional Shares | 29054 |
| Service Shares | 28037 |
| Other transfer agent fees and expenses: |  |
| Institutional Shares | 1563 |
| Service Shares | 986 |
| Professional fees | 52465 |
| Non-affiliated portfolio administration fees  | 48371 |
| Registration fees | 23291 |
| Shareholder reports expense | 18308 |
| Affiliated portfolio administration fees | 3422 |
| Custodian fees | 3413 |
| Trustees' fees and expenses | 2157 |
| Other expenses | 29911 |
| Total Expenses | 1119939 |
| Less: Excess Expense Reimbursement and Waivers | (30447) |
| Net Expenses | 1089492 |
| Net Investment Income/(Loss) | 948507 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 3974378 |
| Total Net Realized Gain/(Loss) on Investments | 3974378 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments and Trustees' deferred compensation | 2117747 |
| Total Change in Unrealized Net Appreciation/Depreciation | 2117747 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $7040632 |

---

See Notes to Financial Statements.

6 \| December 31, 2025

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**Janus Henderson VIT Mid Cap Value Portfolio**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*December 31, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*December 31, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $948507 | &nbsp;&nbsp; $905921 |
| Net realized gain/(loss) on investments | 3974378 | &nbsp;&nbsp; 11031615 |
| Change in unrealized net appreciation/depreciation | 2117747 | &nbsp;&nbsp; 2203585 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 7040632 | &nbsp;&nbsp; 14141121 |
| Dividends and Distributions to Shareholders: |  |  |
| Institutional Shares | (5992825) | &nbsp;&nbsp; (3316951) |
| Service Shares | (5982007) | &nbsp;&nbsp; (3723019) |
| Net Decrease from Dividends and Distributions to Shareholders | (11974832) | &nbsp;&nbsp; (7039970) |
| Capital Share Transactions: |  |  |
| Institutional Shares | 3152705 | &nbsp;&nbsp; 4123806 |
| Service Shares | (560721) | &nbsp;&nbsp; (5299674) |
| Net Increase/(Decrease) from Capital Share Transactions | 2591984 | &nbsp;&nbsp; (1175868) |
| Net Increase/(Decrease) in Net Assets | (2342216) | &nbsp;&nbsp; 5925283 |
| Net Assets: |  |  |
| Beginning of period | 116815624 | &nbsp;&nbsp; 110890341 |
| End of period | $114473408 | &nbsp;&nbsp; $116815624 |

---

See Notes to Financial Statements.

Janus Aspen Series \| 7

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**Janus Henderson VIT Mid Cap Value Portfolio**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Shares |  |  |  |  |  |
| For a share outstanding during the year ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $18.61 | &nbsp;&nbsp; $17.53 | &nbsp;&nbsp; $16.36 | &nbsp;&nbsp; $19.12 | &nbsp;&nbsp; $16.04 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain/(loss) | 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp; (1.34) | &nbsp;&nbsp;&nbsp;&nbsp;3.00 |
| Total from Investment Operations | 1.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp;&nbsp;3.16 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.15) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.08) |
| Distributions (from capital gains) | (1.78) | &nbsp;&nbsp; (0.96) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (1.37) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.93) | &nbsp;&nbsp; (1.14) | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (1.60) | &nbsp;&nbsp; (0.08) |
| Net Asset Value, End of Period | $17.77 | &nbsp;&nbsp; $18.61 | &nbsp;&nbsp; $17.53 | &nbsp;&nbsp; $16.36 | &nbsp;&nbsp; $19.12 |
| Total Return<sup>\*</sup> <br>| 6.50% | &nbsp;&nbsp; 13.11% | &nbsp;&nbsp; 11.40% | &nbsp;&nbsp; (5.56)% | &nbsp;&nbsp; 19.73% |
| Net Assets, End of Period (in thousands) | $59223 | &nbsp;&nbsp; $58373 | &nbsp;&nbsp; $50854 | &nbsp;&nbsp; $51231 | &nbsp;&nbsp; $58536 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.86% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.83% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% |
| Ratio of Net Investment Income/(Loss) | 0.94% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 0.90% |
| Portfolio Turnover Rate | 40% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 63% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson VIT Mid Cap Value Portfolio**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Shares |  |  |  |  |  |
| For a share outstanding during the year ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $17.68 | &nbsp;&nbsp; $16.72 | &nbsp;&nbsp; $15.64 | &nbsp;&nbsp; $18.36 | &nbsp;&nbsp; $15.42 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain/(loss) | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp; (1.30) | &nbsp;&nbsp;&nbsp;&nbsp;2.87 |
| Total from Investment Operations | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp;&nbsp;2.99 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.12) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.05) |
| Distributions (from capital gains) | (1.78) | &nbsp;&nbsp; (0.96) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (1.37) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (1.90) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (1.56) | &nbsp;&nbsp; (0.05) |
| Net Asset Value, End of Period | $16.78 | &nbsp;&nbsp; $17.68 | &nbsp;&nbsp; $16.72 | &nbsp;&nbsp; $15.64 | &nbsp;&nbsp; $18.36 |
| Total Return<sup>\*</sup> <br>| 6.29% | &nbsp;&nbsp; 12.80% | &nbsp;&nbsp; 11.11% | &nbsp;&nbsp; (5.77)% | &nbsp;&nbsp; 19.42% |
| Net Assets, End of Period (in thousands) | $55251 | &nbsp;&nbsp; $58443 | &nbsp;&nbsp; $60036 | &nbsp;&nbsp; $66344 | &nbsp;&nbsp; $78435 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.11% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.92% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.08% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.92% |
| Ratio of Net Investment Income/(Loss) | 0.72% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.68% |
| Portfolio Turnover Rate | 40% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 63% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Aspen Series \| 9

------

**Janus Henderson VIT Mid Cap Value Portfolio**

**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 VIT Mid Cap Value Portfolio (the "Portfolio") is a series of Janus Aspen Series (the "Trust"), which is organized as a Delaware statutory 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 10 portfolios, each of which offers multiple share classes, with differing investment objectives and policies. The Portfolio seeks capital appreciation. The Portfolio is classified as diversified, as defined in

the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Portfolio.

The Portfolio currently offers two classes of shares: Institutional Shares and Service Shares. Each class represents an interest in the same portfolio of investments. Institutional Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans. Service Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans that require a fee from Portfolio assets to procure distribution and administrative services to contract

owners and plan participants.

Shareholders, including participating insurance companies, as well as accounts, may from time to time own (beneficially or of record) a significant percentage of the Portfolio's shares and can be considered to "control" the Portfolio when that ownership exceeds 25% of the Portfolio's assets (and which may differ from control as determined in accordance with

United States of America generally accepted accounting principles ("US GAAP")).

The Chief Financial Officer of the Portfolio is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Portfolio operated as a single segment entity for the year ended December 31, 2025. The key indicator of performance of the Portfolio is net investment income as reported on the Statement of Operations.

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

**Investment Valuation**

Portfolio 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 Portfolio, 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 Portfolio, if any, will be calculated using the NAV of

10 \| December 31, 2025

------

**Janus Henderson VIT Mid Cap Value Portfolio**

**Notes to Financial Statements** 

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 Portfolio 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 Portfolio'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 Portfolio'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 Portfolio since the beginning of the fiscal year.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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.

Janus Aspen Series \| 11

------

**Janus Henderson VIT Mid Cap Value Portfolio**

**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 Portfolio may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Portfolio's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Portfolio that have not yet occurred. Currently,

the risk of material loss from such claims is considered remote.

**Dividends and Distributions**

The Portfolio may make semiannual distributions of substantially all of its investment income and an annual distribution

of its net realized capital gains (if any).

The Portfolio 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 Portfolio distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Portfolio 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 Portfolio'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 Portfolio's financial statements. The Portfolio 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.

The Portfolio's management has determined the Portfolio did not pay a significant amount of income taxes for the year

ended December 31, 2025.

**2. Other Investments and Strategies**

**Market Risk**

The value of the Portfolio's portfolio may decrease if the value of one or more issuers in the Portfolio's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio'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 Portfolio invests. If the value of the Portfolio's portfolio decreases, the Portfolio's NAV will also decrease, which means if you sell your shares in the Portfolio you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Portfolio. 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.

12 \| December 31, 2025

------

**Janus Henderson VIT Mid Cap Value Portfolio**

**Notes to Financial Statements** 

**Real Estate Investing**

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

equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

**Repurchase Agreements**

The Portfolio and other funds advised by the Adviser or its affiliates may transfer daily uninvested cash balances into one or more joint trading accounts. Assets in the joint trading accounts are invested in money market instruments and the proceeds are allocated to the participating funds on a pro rata basis.

Repurchase agreements held by the Portfolio are fully collateralized, and such collateral is in the possession of the Portfolio's custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value exceeds the current market value of the repurchase agreements, including accrued interest. In the event of default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the other party to the

agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.

**Counterparties**

Portfolio transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Portfolio ("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 Portfolio. The Portfolio 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 Portfolio'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 Portfolio 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 Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio's Schedule of Investments.

All repurchase agreements are transacted under legally enforceable master repurchase agreements that give the Portfolio, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the counterparty. For financial reporting purposes, the Portfolio does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. Repurchase agreements held by the Portfolio are fully collateralized, and such collateral is in the possession of the Portfolio's custodian or, for tri-party agreements, the custodian designated by the agreement. The collateral is evaluated daily to ensure its market value

exceeds the current market value of the repurchase agreements, including accrued interest.

Janus Aspen Series \| 13

------

**Janus Henderson VIT Mid Cap Value Portfolio**

**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 Portfolio pays the Adviser an investment advisory fee rate that may adjust up or down based on the Portfolio's

performance relative to its benchmark index.

The investment advisory fee rate paid to the Adviser by the Portfolio consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Portfolio'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 Portfolio's average daily net assets based on the Portfolio'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 Portfolio's Service Shares for the performance measurement period is used to calculate the Performance Adjustment. The Portfolio's Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Portfolio's benchmark index used in the calculation is the Russell Midcap<sup>®</sup> Value Index.

No Performance Adjustment is applied unless the difference between the Portfolio's investment performance and the cumulative investment record of the Portfolio'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 Portfolio outperforms or underperforms its benchmark index, up to the Portfolio's full performance rate of ±4.00%. Because the Performance Adjustment is tied to a Portfolio'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 Portfolio's Shares lose value during the performance measurement period and could decrease the Adviser's fee even if the Portfolio'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 Portfolio is calculated net of expenses whereas the Portfolio's benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Portfolio and the Portfolio's benchmark index.

The Portfolio's prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the year ended December 31, 2025, the performance adjusted

investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.65%.

The Adviser has contractually agreed to waive the investment advisory fee and/or reimburse operating expenses to the extent that the Portfolio's total annual fund operating expenses, excluding any performance adjustments to management fees, the 12b-1 distribution and shareholder servicing fees (applicable to Service Shares), transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.77% of the Portfolio's average daily net assets for at least a one-year period commencing on April 30, 2025. If applicable, amounts waived and/or reimbursed to the Portfolio by the Adviser are disclosed as "Excess Expense Reimbursement and Waivers" on

the Statement of Operations.

The Adviser serves as administrator to the Portfolio 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 Portfolio, including providing office space for the Portfolio, and is reimbursed by the Portfolio 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 Portfolio pays for some or all of the salaries, fees, and expenses of the Adviser employees and Portfolio officers, with respect to certain specified administration functions they perform on behalf of the Portfolio. The Portfolio 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 Portfolio. These amounts are disclosed as "Affiliated portfolio administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Portfolio's Chief

14 \| December 31, 2025

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**Janus Henderson VIT Mid Cap Value Portfolio**

**Notes to Financial Statements** 

Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Portfolio. Total compensation of $51,726 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended December 31, 2025. The Portfolio'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 Portfolio's transfer agent. The Transfer Agent receives an administrative services fee at an annual rate of 0.05% of the average daily net assets of the Portfolio for arranging for the provision by participating insurance companies and qualified plan service providers of administrative 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 on behalf of contract holders or plan participants investing in the Portfolio. The Transfer Agent expects to use this entire fee to compensate insurance companies and qualified plan service providers for providing these services to their customers who invest in the Portfolio.

The Transfer Agent is not compensated for internal services related to the shares, except for out-of-pocket costs. These

amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under a distribution and shareholder servicing plan (the "Plan") adopted in accordance with Rule 12b-1 under the 1940 Act, the Service Shares may pay the Trust's distributor, Janus Henderson Distributors US LLC (the "Distributor"), a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Service Shares at an annual rate of up to 0.25% of the average daily net assets of the Service Shares. Under the terms of the Plan, the Trust is authorized to make payments to the Distributor for remittance to insurance companies and qualified plan service providers as compensation for distribution and/or shareholder services performed by such entities. These

amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" 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 Portfolio. 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 Portfolio as unrealized appreciation/(depreciation) and is included as of December 31, 2025 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended December 31, 2025 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the year ended December 31, 2025.

**4. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Portfolio must satisfy under the income tax regulations; (2) losses or deductions the Portfolio 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 Portfolio 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>|
| $212997 | $4105833 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(2917) | &nbsp;&nbsp; $32820459 |

---

Janus Aspen Series \| 15

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**Janus Henderson VIT Mid Cap Value Portfolio**

**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 December 31, 2025 are noted below. The primary difference between

book and tax appreciation or depreciation of investments is wash sale loss deferrals.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $81693186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36311511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3491052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32820459 |

---

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 December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $1691414 | &nbsp;&nbsp;&nbsp; $10283418 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $1042905 | &nbsp;&nbsp;&nbsp; $5997065 | &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 December 31, 2025* | *Year ended December 31, 2025* | *Year ended December 31, 2024* | *Year ended December 31, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Institutional Shares: |  |  |  |  |
| Shares sold | 481984 | &nbsp;&nbsp; $8697526 | &nbsp;&nbsp; 653554 | &nbsp;&nbsp; $12182804 |
| Reinvested dividends and distributions | 356690 | &nbsp;&nbsp; 5992825 | &nbsp;&nbsp; 188163 | &nbsp;&nbsp; 3316951 |
| Shares repurchased | (643920) | &nbsp;&nbsp; (11537646) | &nbsp;&nbsp; (606016) | &nbsp;&nbsp; (11375949) |
| Net Increase/(Decrease) | 194754 | &nbsp;&nbsp; $3152705 | &nbsp;&nbsp; 235701 | &nbsp;&nbsp; $4123806 |
| Service Shares: |  |  |  |  |
| Shares sold | 292644 | &nbsp;&nbsp; $4980473 | &nbsp;&nbsp; 200876 | &nbsp;&nbsp; $3518419 |
| Reinvested dividends and distributions | 376983 | &nbsp;&nbsp; 5982007 | &nbsp;&nbsp; 222452 | &nbsp;&nbsp; 3723019 |
| Shares repurchased | (682010) | &nbsp;&nbsp; (11523201) | &nbsp;&nbsp; (709056) | &nbsp;&nbsp; (12541112) |
| Net Increase/(Decrease) | (12383) | &nbsp;&nbsp; $(560721) | &nbsp;&nbsp; (285728) | &nbsp;&nbsp; $(5299674) |

---

**6. Purchases and Sales of Investment Securities**

For the year ended December 31, 2025, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as

applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $45222545 | &nbsp;&nbsp;&nbsp;&nbsp; $53986816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Portfolio's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client

consents, and approval by Janus Henderson's shareholders. Management is assessing the impact to the portfolios.

16 \| December 31, 2025

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**Janus Henderson VIT Mid Cap Value Portfolio**

**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 December 31, 2025 and through the date of issuance of the Portfolio's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Portfolio's financial statements.

Janus Aspen Series \| 17

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**Janus Henderson Mid Cap Value Portfolio**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Aspen Series and Shareholders of Janus Henderson VIT Mid Cap Value Portfolio

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson VIT Mid Cap Value Portfolio (one of the portfolios constituting Janus Aspen Series, referred to hereafter as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 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 Portfolio as of December 31, 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 December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 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 Portfolio's management. Our responsibility is to express an opinion on the Portfolio'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 Portfolio 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 December 31, 2025 by correspondence with the custodian and broker. We believe that our audits provide

a reasonable basis for our opinion.

![](img3dcad1fe2.jpg)

Denver, Colorado

February 18, 2026

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

18 \| December 31, 2025

------

**Janus Henderson Mid Cap Value Portfolio**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Portfolio designated the following for the year ended December 31, 2025:

---

| | |
|:---|:---|
| Section 163(j) Interest Dividend | 3% |
| Capital Gain Distributions | $10283418 |
| Dividends Received Deduction Percentage | 56% |

---

Janus Aspen Series \| 19

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**Janus Henderson VIT Mid Cap Value Portfolio**

**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 portfolios in the Janus Aspen Series. Annual retainer fees and attendance fees are allocated to each portfolio based on net assets. Trustees fees paid by the portfolio are within

Item 7. Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

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

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

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

20 \| December 31, 2025

------

**Janus Henderson VIT Mid Cap Value Portfolio**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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

• For Janus Henderson Balanced Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Enterprise Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

Janus Aspen Series \| 21

------

**Janus Henderson VIT Mid Cap Value Portfolio**

**Additional Information (unaudited)**

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Global Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025, and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the additional resources added by the Adviser to support the Portfolio's portfolio management.

• For Janus Henderson Global Technology and Innovation Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Overseas Portfolio, the Trustees noted that the Portfolio's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

22 \| December 31, 2025

------

**Janus Henderson VIT Mid Cap Value Portfolio**

**Additional Information (unaudited)**

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

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

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional/separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Portfolio's total expenses, net of applicable fee waivers (the Portfolio's "total expenses") as reflected in the comparative information provided by Broadridge:

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

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that although the Portfolio's total expenses exceeded the peer group for one share class, overall the Portfolio's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Portfolio's expenses, although this limit did not apply because the Portfolio's total expenses were already below the applicable fee limit.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

Janus Aspen Series \| 23

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**Janus Henderson VIT Mid Cap Value Portfolio**

**Additional Information (unaudited)**

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

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

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

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

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

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

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by 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,

24 \| December 31, 2025

------

**Janus Henderson VIT Mid Cap Value Portfolio**

**Additional Information (unaudited)**

taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They 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

Janus Aspen Series \| 25

------

**Janus Henderson VIT Mid Cap Value Portfolio**

**Additional Information (unaudited)**

services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

26 \| December 31, 2025

------

**Janus Henderson VIT Mid Cap Value Portfolio**

**Notes**

Janus Aspen Series \| 27

------

**Janus Henderson VIT Mid Cap Value Portfolio**

**Notes**

28 \| December 31, 2025

------

**Janus Henderson VIT Mid Cap Value Portfolio**

**Notes**

Janus Aspen Series \| 29

------

![](img13ff0c153.gif)

*This report is submitted for the general information of shareholders of the Portfolio. It is not an offer or solicitation for the Portfolio 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

109-02-81122 02-26

------

ANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson VIT Overseas Portfolio**

Janus Aspen Series

![](img179004871.gif)

------

**Table of Contents**

**Janus Henderson VIT Overseas Portfolio** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_a5035eef-86b4-4583-91e7-a88aaa289ff3_SOI-SOI-RunningFooter-55_1)<br> [Management Investment Companies](#xx_a5035eef-86b4-4583-91e7-a88aaa289ff3_SOI-SOI-RunningFooter-55_1)<br>|  |
| [Schedule of Investments](#xx_a5035eef-86b4-4583-91e7-a88aaa289ff3_SOI-SOI-RunningFooter-55_1) | 2 |
| [Notes to Schedule of Investments and Other Information](#xx_a5035eef-86b4-4583-91e7-a88aaa289ff3_SOI-SOI-RunningFooter-55_5) | 6 |
| [Statement of Assets and Liabilities](#xx_a5035eef-86b4-4583-91e7-a88aaa289ff3_SAL-SAL-RunningFooter-55_1) | 7 |
| [Statement of Operations](#xx_a5035eef-86b4-4583-91e7-a88aaa289ff3_SOP-SOP-RunningFooter-55_1) | 8 |
| [Statements of Changes in Net Assets](#xx_a5035eef-86b4-4583-91e7-a88aaa289ff3_SOC-SOC-RunningFooter-55_1) | 9 |
| [Financial Highlights](#xx_a5035eef-86b4-4583-91e7-a88aaa289ff3_FIHI-FIHI-RunningFooter-55_1) | 10 |
| [Notes to Financial Statements](#xx_a5035eef-86b4-4583-91e7-a88aaa289ff3_NTF-NTF-RunningFooter-55_1) | 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_a5035eef-86b4-4583-91e7-a88aaa289ff3_AUD-AR-RunningFooter-55_1) | 23 |
| [Designation Requirements](#xx_a5035eef-86b4-4583-91e7-a88aaa289ff3_DR-DR-RunningFooter-55_1) | 24 |
| [Items 8-11 - Additional Information](#xx_a5035eef-86b4-4583-91e7-a88aaa289ff3_AI-AI-RunningFooter-55_1) | 25 |

---

------

**Janus Henderson VIT Overseas Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 98.6% |  |  |
| Aerospace & Defense – 5.7% |  |  |
| BAE Systems PLC | 1429945 | $32867145 |
| Rheinmetall AG | 6063 | 11116808 |
|  |  | 43983953 |
| Airlines – 0.9% |  |  |
| Ryanair Holdings PLC | 203581 | 7069349 |
| Banks – 18.0% |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 1282371 | 29992333 |
| BNP Paribas SA | 128620 | 12169727 |
| Erste Group Bank AG | 244726 | 29440444 |
| HDFC Bank Ltd | 2129363 | 23530868 |
| Natwest Group PLC | 1325682 | 11560476 |
| Resona Holdings Inc | 2538300 | 24070481 |
| UniCredit SpA | 101154 | 8396671 |
|  |  | 139161000 |
| Beverages – 4.6% |  |  |
| Davide Campari-Milano NV | 2159831 | 14022140 |
| Heineken NV | 264441 | 21629843 |
|  |  | 35651983 |
| Biotechnology – 3.1% |  |  |
| Argenx SE (ADR)<sup>\*</sup> <br>| 17564 | 14770446 |
| Ascendis Pharma A/S (ADR)<sup>\*</sup> <br>| 42435 | 9048839 |
|  |  | 23819285 |
| Capital Markets – 1.0% |  |  |
| St James's Place PLC | 420795 | 7786042 |
| Chemicals – 2.2% |  |  |
| Shin-Etsu Chemical Co Ltd | 281700 | 8761454 |
| Taiyo Nippon Sanso Corp | 186700 | 5575691 |
| Tokyo Ohka Kogyo Co Ltd | 70200 | 2607520 |
|  |  | 16944665 |
| Commercial Services & Supplies – 2.1% |  |  |
| Rentokil Initial PLC | 2735033 | 16333012 |
| Diversified Telecommunication Services – 3.0% |  |  |
| Deutsche Telekom AG | 709889 | 23024994 |
| Electrical Equipment – 2.6% |  |  |
| Contemporary Amperex Technology Co Ltd - Class A | 190509 | 9991517 |
| Prysmian SpA | 105112 | 10480043 |
|  |  | 20471560 |
| Electronic Equipment, Instruments & Components – 2.7% |  |  |
| Hexagon AB - Class B | 1758202 | 20801989 |
| Entertainment – 4.2% |  |  |
| Liberty Media Corp-Liberty Formula One - Series C<sup>\*</sup> <br>| 158816 | 15644964 |
| Spotify Technology SA<sup>\*</sup> <br>| 28764 | 16703543 |
|  |  | 32348507 |
| Food Products – 0.1% |  |  |
| Magnum Ice Cream Co NV/The<sup>\*</sup> <br>| 60741 | 963915 |
| Hotels, Restaurants & Leisure – 0.8% |  |  |
| Trip.com Group Ltd | 44834 | 3216191 |
| Trip.com Group Ltd (ADR) | 45277 | 3255869 |
|  |  | 6472060 |
| Information Technology Services – 1.8% |  |  |
| Fujitsu Ltd | 509300 | 13965566 |
| Insurance – 6.0% |  |  |
| AIA Group Ltd | 2371600 | 24360499 |
| Dai-ichi Life Holdings Inc | 2673600 | 22199659 |
|  |  | 46560158 |
| Interactive Media & Services – 2.6% |  |  |
| Tencent Holdings Ltd | 262000 | 20076852 |
| Machinery – 1.7% |  |  |
| Alstom SA<sup>\*</sup> <br>| 452150 | 13383801 |

---

Janus Aspen Series \| 2

------

**Janus Henderson VIT Overseas Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Metals & Mining – 2.8% |  |  |
| Freeport-McMoRan Inc | 208244 | $10576713 |
| Teck Resources Ltd | 239623 | 11473060 |
|  |  | 22049773 |
| Multiline Retail – 1.3% |  |  |
| MercadoLibre Inc<sup>\*</sup> <br>| 4811 | 9690605 |
| Oil, Gas & Consumable Fuels – 3.6% |  |  |
| Canadian Natural Resources Ltd | 492695 | 16677726 |
| TotalEnergies SE | 174091 | 11345933 |
|  |  | 28023659 |
| Personal Products – 2.3% |  |  |
| Unilever PLC | 269959 | 17647123 |
| Pharmaceuticals – 5.8% |  |  |
| AstraZeneca PLC | 123784 | 22795931 |
| Roche Holding AG | 53842 | 22256799 |
|  |  | 45052730 |
| Professional Services – 0.9% |  |  |
| Recruit Holdings Co Ltd | 119600 | 6823699 |
| Semiconductor & Semiconductor Equipment – 10.5% |  |  |
| ASML Holding NV | 24257 | 25926532 |
| Taiwan Semiconductor Manufacturing Co Ltd | 1135000 | 55454761 |
|  |  | 81381293 |
| Software – 1.7% |  |  |
| SAP SE | 54646 | 13369577 |
| Specialty Retail – 2.4% |  |  |
| Industria de Diseno Textil SA | 281388 | 18533587 |
| Textiles, Apparel & Luxury Goods – 4.2% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE | 21373 | 16111764 |
| Samsonite International SA<sup>ž</sup> <br>| 6311277 | 16116042 |
|  |  | 32227806 |
| Total Common Stocks (cost $502,463,262) |  | 763618543 |
| Investment Companies – 1.7% |  |  |
| Money Markets – 1.7% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº,</sup><sup>£</sup> (cost $12,772,480) | 12769449 | 12773280 |
| Total Investments (total cost $515,235,742) – 100.3% |  | 776391823 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.3)% |  | (2232253) |
| Net Assets – 100% |  | $774159570 |

---

3 \| December 31, 2025

------

**Janus Henderson VIT Overseas Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United Kingdom | $108989729 | &nbsp;&nbsp;&nbsp;&nbsp; 14.0<br> %<br>|
| Japan | 84004070 | &nbsp;&nbsp;&nbsp;&nbsp;10.8 |
| Taiwan | 55454761 | &nbsp;&nbsp;&nbsp;&nbsp;7.2 |
| France | 53011225 | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| Spain | 48525920 | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| Netherlands | 48520290 | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| Germany | 47511379 | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Hong Kong | 40476541 | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| United States | 38994957 | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| Sweden | 37505532 | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| China | 36540429 | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Italy | 32898854 | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Austria | 29440444 | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Canada | 28150786 | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| India | 23530868 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Switzerland | 22256799 | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Belgium | 14770446 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Argentina | 9690605 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Denmark | 9048839 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Ireland | 7069349 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Total | $776391823 | &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>*12/31/24*<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>*12/31/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 1.7% | Investment Companies - 1.7% | Investment Companies - 1.7% | Investment Companies - 1.7% | Investment Companies - 1.7% | Investment Companies - 1.7% | Investment Companies - 1.7% | Investment Companies - 1.7% | Investment Companies - 1.7% |
| Money Markets - 1.7% | Money Markets - 1.7% | Money Markets - 1.7% | Money Markets - 1.7% | Money Markets - 1.7% | Money Markets - 1.7% | Money Markets - 1.7% | Money Markets - 1.7% | Money Markets - 1.7% |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | $10762207 | $207450366 | $(205440236) | $143 | $800 | $12773280 | 12769449 | $640767 |
| 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, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  |
|  | 1025996 | 114789845 | (115815841) | - | - | - | - | 22898 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 1.7% | Total Affiliated Investments - 1.7% | Total Affiliated Investments - 1.7% | Total Affiliated Investments - 1.7% | Total Affiliated Investments - 1.7% | Total Affiliated Investments - 1.7% | Total Affiliated Investments - 1.7% | Total Affiliated Investments - 1.7% | Total Affiliated Investments - 1.7% |
|  | $11788203 | $322240211 | $(321256077) | $143 | $800 | $12773280 | 12769449 | $663665 |

---

Janus Aspen Series \| 4

------

**Janus Henderson VIT Overseas Portfolio**

**Schedule of Investments** 

**December 31, 2025**

The following tables provide information about the effect of derivatives and hedging activities on the Portfolio's

Statement of Operations for the year ended December 31, 2025.

---

| | |
|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended December 31, 2025** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the year ended December 31, 2025** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Equity* <br>*Contracts*<br>|
| Swap contracts | $576188 |

---

---

| | |
|:---|:---|
| *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 | $(138562) |

---

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation"

sections of the Portfolio's Statement of Operations.

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Year Ended December 31, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Year Ended December 31, 2025** |
| Total return swaps: |  |
| Average notional amount | $2273963 |

---

5 \| December 31, 2025

------

**Janus Henderson VIT Overseas Portfolio**

**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 December 31, 2025 <br> is $16,116,042, which represents 2.1% of net assets.<br>|
| Non-income producing security. |
| Rate shown is the 7-day yield as of December 31, 2025. |
| £&nbsp;&nbsp; The Portfolio may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, <br> as amended, an affiliated company is one in which the Portfolio owns 5% or more of the outstanding voting securities, or a company which <br> is under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

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

financial instruments as of December 31, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* |  |  |  |
| Biotechnology | $23819285 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Entertainment | 32348507 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Hotels, Restaurants & Leisure | 3255869 | &nbsp;&nbsp; 3216191 | &nbsp;&nbsp; - |
| Metals & Mining | 10576713 | &nbsp;&nbsp; 11473060 | &nbsp;&nbsp; - |
| Multiline Retail | 9690605 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Oil, Gas & Consumable Fuels | 16677726 | &nbsp;&nbsp; 11345933 | &nbsp;&nbsp; - |
| All Other | - | &nbsp;&nbsp; 641214654 | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 12773280 | &nbsp;&nbsp; - |
| **Total Assets** | $96368705 | &nbsp;&nbsp; $680023118 | &nbsp;&nbsp; $- |

---

Janus Aspen Series \| 6

------

**Janus Henderson VIT Overseas Portfolio**

**Statement of Assets and Liabilities** 

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $502,463,262) | $763618543 |
| Affiliated investments, at value (cost $12,772,480) | 12773280 |
| Cash denominated in foreign currency (cost $1,124) | 1124 |
| Trustees' deferred compensation | 22871 |
| Receivables: |  |
| Foreign tax reclaims | 1127070 |
| Dividends | 494663 |
| Portfolio shares sold | 162298 |
| Dividends from affiliates | 40871 |
| Other assets | 138116 |
| Total Assets | 778378836 |
| Liabilities: |  |
| Payables: |  |
| Foreign tax liability | 2731223 |
| Portfolio shares repurchased | 822641 |
| Advisory fees | 345037 |
| 12b-1 Distribution and shareholder servicing fees | 129046 |
| Professional fees | 50440 |
| Transfer agent fees and expenses | 35204 |
| Trustees' deferred compensation fees | 22871 |
| Custodian fees | 8606 |
| Affiliated portfolio administration fees payable | 1684 |
| Trustees' fees and expenses | 385 |
| Accrued expenses and other payables | 72129 |
| Total Liabilities | 4219266 |
| Net Assets | $774159570 |
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $622420940 |
| Total distributable earnings (loss) (includes $2,731,223 of foreign capital gains tax) | 151738630 |
| Total Net Assets | $774159570 |
| Net Assets - Institutional Shares | $180763955 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 3238159 |
| Net Asset Value Per Share | $55.82 |
| Net Assets - Service Shares | $593395615 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 11192360 |
| Net Asset Value Per Share | $53.02 |

---

See Notes to Financial Statements.

7 \| December 31, 2025

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**Janus Henderson VIT Overseas Portfolio**

**Statement of Operations** 

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $16746219 |
| Dividends from affiliates | 640767 |
| Affiliated securities lending income, net | 22898 |
| Unaffiliated securities lending income, net | 5610 |
| Other income | 10946 |
| Foreign tax withheld | (1720058) |
| Total Investment Income | 15706382 |
| Expenses: |  |
| Advisory fees | 4458888 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Service Shares | 1417065 |
| Transfer agent administrative fees and expenses: |  |
| Institutional Shares | 84059 |
| Service Shares | 283412 |
| Other transfer agent fees and expenses: |  |
| Institutional Shares | 3354 |
| Service Shares | 5767 |
| Custodian fees | 78053 |
| Shareholder reports expense | 74843 |
| Professional fees | 65958 |
| Registration fees | 24138 |
| Affiliated portfolio administration fees | 22156 |
| Trustees' fees and expenses | 14040 |
| Other expenses | 122565 |
| Total Expenses | 6654298 |
| Net Investment Income/(Loss) | 9052084 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 42808935 |
| Investments in affiliates | 143 |
| Swap contracts | 576188 |
| Total Net Realized Gain/(Loss) on Investments | 43385266 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation (net of increase in deferred foreign taxes of <br> $2,753,347)<br>| 131389239 |
| Investments in affiliates | 800 |
| Swap contracts | (138562) |
| Total Change in Unrealized Net Appreciation/Depreciation | 131251477 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $183688827 |

---

See Notes to Financial Statements.

Janus Aspen Series \| 8

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**Janus Henderson VIT Overseas Portfolio**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*December 31, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*December 31, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $9052084 | &nbsp;&nbsp; $8721314 |
| Net realized gain/(loss) on investments | 43385266 | &nbsp;&nbsp; 62490843 |
| Change in unrealized net appreciation/depreciation | 131251477 | &nbsp;&nbsp; (33561053) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 183688827 | &nbsp;&nbsp; 37651104 |
| Dividends and Distributions to Shareholders: |  |  |
| Institutional Shares | (2420344) | &nbsp;&nbsp; (2203050) |
| Service Shares | (7590223) | &nbsp;&nbsp; (6750486) |
| Net Decrease from Dividends and Distributions to Shareholders | (10010567) | &nbsp;&nbsp; (8953536) |
| Capital Share Transactions: |  |  |
| Institutional Shares | (13617813) | &nbsp;&nbsp; (2633076) |
| Service Shares | (44115279) | &nbsp;&nbsp; (27083339) |
| Net Increase/(Decrease) from Capital Share Transactions | (57733092) | &nbsp;&nbsp; (29716415) |
| Net Increase/(Decrease) in Net Assets | 115945168 | &nbsp;&nbsp; (1018847) |
| Net Assets: |  |  |
| Beginning of period | 658214402 | &nbsp;&nbsp; 659233249 |
| End of period | $774159570 | &nbsp;&nbsp; $658214402 |

---

See Notes to Financial Statements.

9 \| December 31, 2025

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**Janus Henderson VIT Overseas Portfolio**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Shares |  |  |  |  |  |
| For a share outstanding during the year ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $43.92 | &nbsp;&nbsp; $42.06 | &nbsp;&nbsp; $38.52 | &nbsp;&nbsp; $42.92 | &nbsp;&nbsp; $38.21 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net realized and unrealized gain/(loss) | 11.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp; (4.46) | &nbsp;&nbsp;&nbsp;&nbsp;4.62 |
| Total from Investment Operations | 12.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;4.16 | &nbsp;&nbsp; (3.72) | &nbsp;&nbsp;&nbsp;&nbsp;5.20 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.73) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (0.49) |
| Total Dividends and Distributions | (0.73) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (0.49) |
| Net Asset Value, End of Period | $55.82 | &nbsp;&nbsp; $43.92 | &nbsp;&nbsp; $42.06 | &nbsp;&nbsp; $38.52 | &nbsp;&nbsp; $42.92 |
| Total Return<sup>\*</sup> <br>| 28.87% | &nbsp;&nbsp; 5.86% | &nbsp;&nbsp; 10.85% | &nbsp;&nbsp; (8.63)% | &nbsp;&nbsp; 13.61% |
| Net Assets, End of Period (in thousands) | $180764 | &nbsp;&nbsp; $154443 | &nbsp;&nbsp; $150156 | &nbsp;&nbsp; $144544 | &nbsp;&nbsp; $170166 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.72% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.87% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.72% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.87% |
| Ratio of Net Investment Income/(Loss) | 1.44% | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 1.38% |
| Portfolio Turnover Rate | 42% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 36% | &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. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Aspen Series \| 10

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**Janus Henderson VIT Overseas Portfolio**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Shares |  |  |  |  |  |
| For a share outstanding during the year ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $41.77 | &nbsp;&nbsp; $40.08 | &nbsp;&nbsp; $36.76 | &nbsp;&nbsp; $41.02 | &nbsp;&nbsp; $36.57 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Net realized and unrealized gain/(loss) | 11.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp; (4.25) | &nbsp;&nbsp;&nbsp;&nbsp;4.41 |
| Total from Investment Operations | 11.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp;&nbsp;&nbsp;4.87 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) | (0.64) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.42) |
| Total Dividends and Distributions | (0.64) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.42) |
| Net Asset Value, End of Period | $53.02 | &nbsp;&nbsp; $41.77 | &nbsp;&nbsp; $40.08 | &nbsp;&nbsp; $36.76 | &nbsp;&nbsp; $41.02 |
| Total Return<sup>\*</sup> <br>| 28.58% | &nbsp;&nbsp; 5.58% | &nbsp;&nbsp; 10.58% | &nbsp;&nbsp; (8.84)% | &nbsp;&nbsp; 13.32% |
| Net Assets, End of Period (in thousands) | $593396 | &nbsp;&nbsp; $503771 | &nbsp;&nbsp; $509077 | &nbsp;&nbsp; $502240 | &nbsp;&nbsp; $570494 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.96% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.12% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.96% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.12% |
| Ratio of Net Investment Income/(Loss) | 1.17% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.14% |
| Portfolio Turnover Rate | 42% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 36% | &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. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

11 \| December 31, 2025

------

**Janus Henderson VIT Overseas Portfolio**

**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 VIT Overseas Portfolio (the "Portfolio") is a series of Janus Aspen Series (the "Trust"), which is organized as a Delaware statutory 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 10 portfolios, each of which offers multiple share classes, with differing investment objectives and policies. The Portfolio seeks long-term growth of capital. The Portfolio is classified as diversified, as

defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Portfolio.

The Portfolio currently offers two classes of shares: Institutional Shares and Service Shares. Each class represents an interest in the same portfolio of investments. Institutional Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans. Service Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans that require a fee from Portfolio assets to procure distribution and administrative services to contract

owners and plan participants.

Shareholders, including participating insurance companies, as well as accounts, may from time to time own (beneficially or of record) a significant percentage of the Portfolio's shares and can be considered to "control" the Portfolio when that ownership exceeds 25% of the Portfolio's assets (and which may differ from control as determined in accordance with

United States of America generally accepted accounting principles ("US GAAP")).

The Chief Financial Officer of the Portfolio is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Portfolio operated as a single segment entity for the year ended December 31, 2025. The key indicator of performance of the Portfolio is net investment income as reported on the Statement of Operations.

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

**Investment Valuation**

Portfolio 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 Portfolio, 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 Portfolio, if any, will be calculated using the NAV of

Janus Aspen Series \| 12

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**Janus Henderson VIT Overseas Portfolio**

**Notes to Financial Statements** 

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 Portfolio 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 Portfolio'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 Portfolio'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 Portfolio since the beginning of the fiscal year.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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.

13 \| December 31, 2025

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**Janus Henderson VIT Overseas Portfolio**

**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 Portfolio may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Portfolio's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Portfolio that have not yet occurred. Currently,

the risk of material loss from such claims is considered remote.

**Foreign Currency Translations**

The Portfolio 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 Portfolio may make semiannual distributions of substantially all of its investment income and an annual distribution

of its net realized capital gains (if any).

The Portfolio 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 Portfolio distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Portfolio 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 Portfolio'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 Portfolio's financial statements. The Portfolio 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.

The Portfolio's management has determined the Portfolio did not pay a significant amount of income taxes for the year

ended December 31, 2025.

**2. Derivative Instruments**

The Portfolio 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 Portfolio 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 Portfolio during the year ended December 31, 2025 is discussed in further detail below. A summary of derivative activity by the Portfolio is reflected in the tables at the end of the Schedule of Investments.

The Portfolio 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 Portfolio invests in a derivative for speculative

Janus Aspen Series \| 14

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**Janus Henderson VIT Overseas Portfolio**

**Notes to Financial Statements** 

purposes, the Portfolio will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. The Portfolio 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 Portfolio'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 Portfolio 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 Portfolio 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 Portfolio.

&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 Portfolio could receive lower interest payments or experience a reduction in the value of the derivative to below what the Portfolio 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 Portfolio'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 Portfolio 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 Portfolio may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Portfolio may require the counterparty to post collateral if the Portfolio has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Portfolio 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 Portfolio has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted

15 \| December 31, 2025

------

**Janus Henderson VIT Overseas Portfolio**

**Notes to Financial Statements** 

cash are considered to cover in an amount at all times equal to or greater than the Portfolio'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 Portfolio. 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 Portfolio or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Portfolio 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 Portfolio. If the other party to a swap defaults, the Portfolio would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Portfolio utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Portfolio and reduce the Portfolio's total return.

Swap agreements also bear the risk that the Portfolio 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 Portfolio 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 Portfolio will submit the swap to, and post collateral with, a futures clearing merchant ("FCM") that is a clearinghouse member. Alternatively, the Portfolio 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 Portfolio 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 Portfolio to losses, increase its costs, or prevent the Portfolio 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 Portfolio's Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Portfolio'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 Portfolio'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 Portfolio and the counterparty and by the posting of

collateral by the counterparty to cover the Portfolio'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 Portfolio entered into total return swaps on equity securities to increase exposure to equity risk. These total return swaps require the Portfolio to pay a floating reference interest rate, and an amount equal to the

Janus Aspen Series \| 16

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**Janus Henderson VIT Overseas Portfolio**

**Notes to Financial Statements** 

negative price movement of securities or an index multiplied by the notional amount of the contract. The Portfolio 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 December 31, 2025.

**3. Other Investments and Strategies**

**Market Risk**

The value of the Portfolio's portfolio may decrease if the value of one or more issuers in the Portfolio's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio'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 Portfolio invests. If the value of the Portfolio's portfolio decreases, the Portfolio's NAV will also decrease, which means if you sell your shares in the Portfolio you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Portfolio. 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 Portfolio 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 Portfolio may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Portfolio 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 Portfolio's investments. In addition, the Portfolio'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 Portfolio's investments. To the extent that the Portfolio 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 Portfolio'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,

17 \| December 31, 2025

------

**Janus Henderson VIT Overseas Portfolio**

**Notes to Financial Statements** 

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 Portfolio invests in

Chinese local market securities.

**Counterparties**

Portfolio transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Portfolio ("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 Portfolio. The Portfolio 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 Portfolio's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value.

The Portfolio 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 Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Portfolio may lend portfolio 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 Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. 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 Portfolio to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Portfolio 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 Portfolio 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 Portfolio 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

Janus Aspen Series \| 18

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**Janus Henderson VIT Overseas Portfolio**

**Notes to Financial Statements** 

securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

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

There were no securities on loan as of December 31, 2025.

**4. Investment Advisory Agreements and Other Transactions with Affiliates**

The Portfolio pays the Adviser an investment advisory fee rate that may adjust up or down based on the Portfolio's

performance relative to its benchmark index.

The investment advisory fee rate paid to the Adviser by the Portfolio consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Portfolio'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 Portfolio's average daily net assets based on the Portfolio'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 Portfolio's Service Shares for the performance measurement period is used to calculate the Performance Adjustment. The Portfolio's Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Portfolio'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 Portfolio's investment performance and the cumulative investment record of the Portfolio'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 Portfolio outperforms or underperforms its benchmark index, up to the Portfolio's full performance rate of ±7.00%. Because the Performance Adjustment is tied to a Portfolio'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 Portfolio's Shares lose value during the performance measurement period and could decrease the Adviser's fee even if the Portfolio'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 Portfolio is calculated net of expenses whereas the Portfolio's benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Portfolio and the Portfolio's benchmark index.

The Portfolio's prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the year ended December 31, 2025, the performance adjusted

investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.61%.

The Adviser serves as administrator to the Portfolio 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 Portfolio, including providing office space for the Portfolio, and is reimbursed by the Portfolio 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 Portfolio pays for some or all of the salaries, fees, and expenses of the Adviser employees and Portfolio officers, with respect to certain specified administration functions they perform on behalf of the Portfolio. The Portfolio pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are

19 \| December 31, 2025

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**Janus Henderson VIT Overseas Portfolio**

**Notes to Financial Statements** 

separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Portfolio. These amounts are disclosed as "Affiliated portfolio administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Portfolio's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Portfolio. Total compensation of $51,726 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended December 31, 2025. The Portfolio'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 Portfolio's transfer agent. The Transfer Agent receives an administrative services fee at an annual rate of 0.05% of the average daily net assets of the Portfolio for arranging for the provision by participating insurance companies and qualified plan service providers of administrative 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 on behalf of contract holders or plan participants investing in the Portfolio. The Transfer Agent expects to use this entire fee to compensate insurance companies and qualified plan service providers for providing these services to their customers who invest in the Portfolio.

The Transfer Agent is not compensated for internal services related to the shares, except for out-of-pocket costs. These

amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under a distribution and shareholder servicing plan (the "Plan") adopted in accordance with Rule 12b-1 under the 1940 Act, the Service Shares may pay the Trust's distributor, Janus Henderson Distributors US LLC (the "Distributor"), a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Service Shares at an annual rate of up to 0.25% of the average daily net assets of the Service Shares. Under the terms of the Plan, the Trust is authorized to make payments to the Distributor for remittance to insurance companies and qualified plan service providers as compensation for distribution and/or shareholder services performed by such entities. These

amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" 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 Portfolio. 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 Portfolio as unrealized appreciation/(depreciation) and is included as of December 31, 2025 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the year ended December 31, 2025 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the year ended December 31, 2025.

Pursuant to the provisions of the 1940 Act and related rules, the Portfolio may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Portfolio 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 Portfolio 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 Portfolio's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Portfolio to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Janus Aspen Series \| 20

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**Janus Henderson VIT Overseas Portfolio**

**Notes to Financial Statements** 

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the year ended December 31, 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 Portfolio must satisfy under the income tax regulations; (2) losses or deductions the Portfolio 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 Portfolio 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>|
| $1305015 | $- | &nbsp;&nbsp; $(107818733) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $112929 | &nbsp;&nbsp; $258139419 |

---

Accumulated capital losses noted below represent net capital loss carryovers, as of December 31, 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 December 31, 2025* | *For the year ended December 31, 2025* |  |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | &nbsp;&nbsp; Accumulated <br>Capital Losses<br>|
| $(63293151) | &nbsp;&nbsp; $(44525582) | &nbsp;&nbsp; $(107818733) |

---

During the year ended December 31, 2025, capital loss carryovers of $42,654,425 were utilized by the Portfolio.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of December 31, 2025 are noted below. The primary differences between

book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *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>|
| $515521181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $275012195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(14141553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $260870642 |

---

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 December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $10010567 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $8953536 | &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.

21 \| December 31, 2025

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**Janus Henderson VIT Overseas Portfolio**

**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 December 31, 2025* | *Year ended December 31, 2025* | *Year ended December 31, 2024* | *Year ended December 31, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Institutional Shares: |  |  |  |  |
| Shares sold | 221710 | &nbsp;&nbsp; $10936798 | &nbsp;&nbsp; 342191 | &nbsp;&nbsp; $15262819 |
| Reinvested dividends and distributions | 46484 | &nbsp;&nbsp; 2420344 | &nbsp;&nbsp; 48440 | &nbsp;&nbsp; 2203050 |
| Shares repurchased | (546461) | &nbsp;&nbsp; (26974955) | &nbsp;&nbsp; (443997) | &nbsp;&nbsp; (20098945) |
| Net Increase/(Decrease) | (278267) | &nbsp;&nbsp; $(13617813) | &nbsp;&nbsp; (53366) | &nbsp;&nbsp; $(2633076) |
| Service Shares: |  |  |  |  |
| Shares sold | 1552901 | &nbsp;&nbsp; $73592073 | &nbsp;&nbsp; 1079898 | &nbsp;&nbsp; $46301867 |
| Reinvested dividends and distributions | 153915 | &nbsp;&nbsp; 7590223 | &nbsp;&nbsp; 156005 | &nbsp;&nbsp; 6750486 |
| Shares repurchased | (2573831) | &nbsp;&nbsp; (125297575) | &nbsp;&nbsp; (1878619) | &nbsp;&nbsp; (80135692) |
| Net Increase/(Decrease) | (867015) | &nbsp;&nbsp; $(44115279) | &nbsp;&nbsp; (642716) | &nbsp;&nbsp; $(27083339) |

---

**7. Purchases and Sales of Investment Securities**

For the year ended December 31, 2025, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as

applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $298126961 | &nbsp;&nbsp;&nbsp;&nbsp; $356213246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**8. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Portfolio's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client

consents, and approval by Janus Henderson's shareholders. Management is assessing the impact to the portfolios.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to December 31, 2025 and through the date of issuance of the Portfolio's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Portfolio's financial statements.

Janus Aspen Series \| 22

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**Janus Henderson Overseas Portfolio**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Aspen Series and Shareholders of Janus Henderson VIT Overseas Portfolio

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson VIT Overseas Portfolio (one of the portfolios constituting Janus Aspen Series, referred to hereafter as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 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 Portfolio as of December 31, 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 December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 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 Portfolio's management. Our responsibility is to express an opinion on the Portfolio'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 Portfolio 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 December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits

provide a reasonable basis for our opinion.

![](img1d48421e2.jpg)

Denver, Colorado

February 18, 2026

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

23 \| December 31, 2025

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**Janus Henderson Overseas Portfolio**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Portfolio designated the following for the year ended December 31, 2025:

---

| | |
|:---|:---|
| Section 163(j) Interest Dividend | 4% |
| Foreign Taxes Paid | $1427682 |
| Foreign Source Income | $11543910 |

---

Janus Aspen Series \| 24

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**Janus Henderson VIT Overseas Portfolio**

**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 portfolios in the Janus Aspen Series. Annual retainer fees and attendance fees are allocated to each portfolio based on net assets. Trustees fees paid by the portfolio are within

Item 7. Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

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

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

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

25 \| December 31, 2025

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**Janus Henderson VIT Overseas Portfolio**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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

• For Janus Henderson Balanced Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Enterprise Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

Janus Aspen Series \| 26

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**Janus Henderson VIT Overseas Portfolio**

**Additional Information (unaudited)**

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Global Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025, and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the additional resources added by the Adviser to support the Portfolio's portfolio management.

• For Janus Henderson Global Technology and Innovation Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Overseas Portfolio, the Trustees noted that the Portfolio's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

27 \| December 31, 2025

------

**Janus Henderson VIT Overseas Portfolio**

**Additional Information (unaudited)**

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

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

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional/separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Portfolio's total expenses, net of applicable fee waivers (the Portfolio's "total expenses") as reflected in the comparative information provided by Broadridge:

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

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that although the Portfolio's total expenses exceeded the peer group for one share class, overall the Portfolio's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Portfolio's expenses, although this limit did not apply because the Portfolio's total expenses were already below the applicable fee limit.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

Janus Aspen Series \| 28

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**Janus Henderson VIT Overseas Portfolio**

**Additional Information (unaudited)**

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

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

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

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

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

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

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by 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,

29 \| December 31, 2025

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**Janus Henderson VIT Overseas Portfolio**

**Additional Information (unaudited)**

taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They 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

Janus Aspen Series \| 30

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**Janus Henderson VIT Overseas Portfolio**

**Additional Information (unaudited)**

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.

31 \| December 31, 2025

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**Janus Henderson VIT Overseas Portfolio**

**Notes**

Janus Aspen Series \| 32

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**Janus Henderson VIT Overseas Portfolio**

**Notes**

33 \| December 31, 2025

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**Janus Henderson VIT Overseas Portfolio**

**Notes**

Janus Aspen Series \| 34

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![](imge9d580d73.gif)

*This report is submitted for the general information of shareholders of the Portfolio. It is not an offer or solicitation for the Portfolio 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

109-02-81120 02-26

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ANNUAL FINANCIAL STATEMENTS

December 31, 2025

**Janus Henderson VIT Research Portfolio**

Janus Aspen Series

![](img208fcf1d1.gif)

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**Table of Contents**

**Janus Henderson VIT Research Portfolio** 

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| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_fc3e287d-6453-46a5-937a-99d404dd9572_SOI-SOI-RunningFooter-50_1)<br> [Management Investment Companies](#xx_fc3e287d-6453-46a5-937a-99d404dd9572_SOI-SOI-RunningFooter-50_1)<br>|  |
| [Schedule of Investments](#xx_fc3e287d-6453-46a5-937a-99d404dd9572_SOI-SOI-RunningFooter-50_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_fc3e287d-6453-46a5-937a-99d404dd9572_SOI-SOI-RunningFooter-50_5) | 5 |
| [Statement of Assets and Liabilities](#xx_fc3e287d-6453-46a5-937a-99d404dd9572_SAL-SAL-RunningFooter-50_1) | 6 |
| [Statement of Operations](#xx_fc3e287d-6453-46a5-937a-99d404dd9572_SOP-SOP-RunningFooter-50_1) | 7 |
| [Statements of Changes in Net Assets](#xx_fc3e287d-6453-46a5-937a-99d404dd9572_SOC-SOC-RunningFooter-50_1) | 8 |
| [Financial Highlights](#xx_fc3e287d-6453-46a5-937a-99d404dd9572_FIHI-FIHI-RunningFooter-50_1) | 9 |
| [Notes to Financial Statements](#xx_fc3e287d-6453-46a5-937a-99d404dd9572_NTF-NTF-RunningFooter-50_1) | 11 |
| [Report of Independent Registered Public Accounting Firm](#xx_fc3e287d-6453-46a5-937a-99d404dd9572_AUD-AR-RunningFooter-50_1) | 20 |
| [Designation Requirements](#xx_fc3e287d-6453-46a5-937a-99d404dd9572_DR-DR-RunningFooter-50_1) | 21 |
| [Items 8-11 - Additional Information](#xx_fc3e287d-6453-46a5-937a-99d404dd9572_AI-AI-RunningFooter-50_1) | 22 |

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**Janus Henderson VIT Research Portfolio**

**Schedule of Investments** 

**December 31, 2025**

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| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 100.0% |  |  |
| Aerospace & Defense – 2.9% |  |  |
| Boeing Co<sup>\*</sup> <br>| 19164 | $4160888 |
| General Electric Co | 36036 | 11100169 |
| Howmet Aerospace Inc | 36564 | 7496351 |
|  |  | 22757408 |
| Automobiles – 0.7% |  |  |
| Tesla Inc<sup>\*</sup> <br>| 11965 | 5380900 |
| Beverages – 0.6% |  |  |
| Constellation Brands Inc - Class A | 11479 | 1583643 |
| Monster Beverage Corp<sup>\*</sup> <br>| 37457 | 2871828 |
|  |  | 4455471 |
| Biotechnology – 3.1% |  |  |
| AbbVie Inc | 49647 | 11343843 |
| Amgen Inc | 3739 | 1223812 |
| Argenx SE (ADR)<sup>\*</sup> <br>| 2594 | 2181424 |
| Mirum Pharmaceuticals Inc<sup>\*</sup> <br>| 10784 | 851828 |
| Revolution Medicines Inc<sup>\*</sup> <br>| 18630 | 1483880 |
| United Therapeutics Corp<sup>\*</sup> <br>| 2152 | 1048562 |
| Vaxcyte Inc<sup>\*</sup> <br>| 27037 | 1247487 |
| Vertex Pharmaceuticals Inc<sup>\*</sup> <br>| 9828 | 4455622 |
|  |  | 23836458 |
| Building Products – 0.7% |  |  |
| Trane Technologies PLC | 13477 | 5245248 |
| Capital Markets – 1.5% |  |  |
| Ares Management Corp - Class A | 19549 | 3159705 |
| Blackstone Group Inc | 33526 | 5167698 |
| LPL Financial Holdings Inc | 8426 | 3009514 |
|  |  | 11336917 |
| Chemicals – 0.5% |  |  |
| Ecolab Inc | 14039 | 3685518 |
| Communications Equipment – 0.8% |  |  |
| Arista Networks Inc<sup>\*</sup> <br>| 47857 | 6270703 |
| Consumer Finance – 0.3% |  |  |
| Capital One Financial Corp | 11248 | 2726065 |
| Diversified Financial Services – 4.7% |  |  |
| Apollo Global Management Inc | 21242 | 3074992 |
| Mastercard Inc - Class A | 26641 | 15208814 |
| Visa Inc | 50601 | 17746277 |
|  |  | 36030083 |
| Electrical Equipment – 0.5% |  |  |
| Eaton Corp PLC | 13370 | 4258479 |
| Electronic Equipment, Instruments & Components – 1.0% |  |  |
| Amphenol Corp | 58863 | 7954746 |
| Energy Equipment & Services – 0.1% |  |  |
| Atlas Energy Solutions Inc<sup>#</sup> <br>| 66953 | 630697 |
| Entertainment – 3.1% |  |  |
| Liberty Media Corp-Liberty Formula One - Series C<sup>\*</sup> <br>| 49681 | 4894076 |
| Netflix Inc<sup>\*</sup> <br>| 142433 | 13354518 |
| Spotify Technology SA<sup>\*</sup> <br>| 10389 | 6032996 |
|  |  | 24281590 |
| Health Care Equipment & Supplies – 1.2% |  |  |
| Boston Scientific Corp<sup>\*</sup> <br>| 29609 | 2823218 |
| DexCom Inc<sup>\*</sup> <br>| 20707 | 1374323 |
| Intuitive Surgical Inc<sup>\*</sup> <br>| 9416 | 5332846 |
|  |  | 9530387 |
| Health Care Providers & Services – 0.5% |  |  |
| McKesson Corp | 4301 | 3528067 |
| Hotels, Restaurants & Leisure – 3.3% |  |  |
| Booking Holdings Inc | 1447 | 7749163 |
| DoorDash Inc - Class A<sup>\*</sup> <br>| 17926 | 4059880 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 1

------

**Janus Henderson VIT Research Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Hotels, Restaurants & Leisure – (continued) |  |  |
| Flutter Entertainment PLC<sup>\*</sup> <br>| 14234 | $3060879 |
| Hilton Worldwide Holdings Inc | 19770 | 5678933 |
| Royal Caribbean Cruises Ltd | 13745 | 3833755 |
| Wingstop Inc | 3975 | 947998 |
|  |  | 25330608 |
| Household Durables – 0.4% |  |  |
| Lennar Corp | 32177 | 3307796 |
| Household Products – 0.8% |  |  |
| Procter & Gamble Co | 41650 | 5968862 |
| Independent Power and Renewable Electricity Producers – 0.4% |  |  |
| Vistra Corp | 19857 | 3203530 |
| Industrial Conglomerates – 1.0% |  |  |
| 3M Co | 47095 | 7539910 |
| Information Technology Services – 0.7% |  |  |
| Snowflake Inc - Class A<sup>\*</sup> <br>| 24380 | 5347997 |
| Insurance – 0.7% |  |  |
| Arthur J Gallagher & Co | 9896 | 2560986 |
| Progressive Corp/The | 12132 | 2762699 |
|  |  | 5323685 |
| Interactive Media & Services – 10.5% |  |  |
| Alphabet Inc - Class C | 163788 | 51396674 |
| Meta Platforms Inc - Class A | 44432 | 29329119 |
|  |  | 80725793 |
| Life Sciences Tools & Services – 0.2% |  |  |
| Danaher Corp | 6178 | 1414268 |
| Machinery – 0.4% |  |  |
| Deere & Co | 7096 | 3303685 |
| Multiline Retail – 4.8% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 161321 | 37236113 |
| Pharmaceuticals – 3.4% |  |  |
| Eli Lilly & Co | 22663 | 24355473 |
| Johnson & Johnson | 10550 | 2183322 |
|  |  | 26538795 |
| Road & Rail – 0.4% |  |  |
| TFI International Inc | 30830 | 3186281 |
| Semiconductor & Semiconductor Equipment – 23.8% |  |  |
| Analog Devices Inc | 10383 | 2815870 |
| Broadcom Inc | 131710 | 45584831 |
| Credo Technology Group Holding Ltd<sup>\*</sup> <br>| 13461 | 1936903 |
| KLA Corp | 5624 | 6833610 |
| Lam Research Corp | 58701 | 10048437 |
| Micron Technology Inc | 14795 | 4222641 |
| NVIDIA Corp | 580772 | 108313978 |
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 12707 | 3861530 |
|  |  | 183617800 |
| Software – 18.1% |  |  |
| AppLovin Corp - Class A<sup>\*</sup> <br>| 12569 | 8469243 |
| Atlassian Corp - Class A<sup>\*</sup> <br>| 28385 | 4602344 |
| Cadence Design Systems Inc<sup>\*</sup> <br>| 18643 | 5827429 |
| Datadog Inc - Class A<sup>\*</sup> <br>| 34567 | 4700766 |
| Intuit Inc | 18516 | 12265369 |
| Microsoft Corp | 172798 | 83568569 |
| Oracle Corp | 49609 | 9669290 |
| Tyler Technologies Inc<sup>\*</sup> <br>| 5088 | 2309698 |
| Workday Inc - Class A<sup>\*</sup> <br>| 36368 | 7811119 |
|  |  | 139223827 |
| Specialty Retail – 1.7% |  |  |
| O'Reilly Automotive Inc<sup>\*</sup> <br>| 38418 | 3504106 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| December 31, 2025

------

**Janus Henderson VIT Research Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Specialty Retail – (continued) |  |  |
| TJX Cos Inc | 51115 | $7851775 |
| Wayfair Inc - Class A<sup>\*</sup> <br>| 13877 | 1393389 |
|  |  | 12749270 |
| Technology Hardware, Storage & Peripherals – 6.3% |  |  |
| Apple Inc | 177619 | 48287501 |
| Textiles, Apparel & Luxury Goods – 0.3% |  |  |
| NIKE Inc - Class B | 31116 | 1982400 |
| Trading Companies & Distributors – 0.4% |  |  |
| Ferguson Enterprises Inc | 14179 | 3156671 |
| Wireless Telecommunication Services – 0.2% |  |  |
| T-Mobile US Inc | 6425 | 1304532 |
| Total Common Stocks (cost $321,315,405) |  | 770658061 |
| Investment Companies – 0% |  |  |
| Money Markets – 0% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº,</sup><sup>£</sup> (cost $231,695) | 231625 | 231695 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.1% |  |  |
| Investment Companies – 0.1% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº,</sup><sup>£</sup> <br>| 361536 | 361536 |
| Time Deposits – 0% |  |  |
| Royal Bank of Canada, 3.7000%, 1/2/26 | $90384 | 90384 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $451,920) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $451,920) | 451920 |
| Total Investments (total cost $321,999,020) – 100.1% |  | 771341676 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.1)% |  | (899730) |
| Net Assets – 100% |  | $770441946 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $756079445 | &nbsp;&nbsp;&nbsp;&nbsp; 98.0<br> %<br>|
| Sweden | 6032996 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Taiwan | 3861530 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Canada | 3186281 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Belgium | 2181424 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Total | $771341676 | &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>*12/31/24*<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>*12/31/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| 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% |
| Money Markets - 0% | Money Markets - 0% | Money Markets - 0% | Money Markets - 0% | Money Markets - 0% | Money Markets - 0% | Money Markets - 0% | Money Markets - 0% | Money Markets - 0% |
| Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.7222%<sup>ºº</sup>  |
|  | $241295 | $36961735 | $(36971401) | $66 | $- | $231695 | 231625 | $14126 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Aspen Series \| 3

------

**Janus Henderson VIT Research Portfolio**

**Schedule of Investments** 

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliate* | *Affiliated*<br> *Investments,*<br> *at Value at*<br> *12/31/24*<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> *12/31/25*<br>| *Ending*<br> *Shares*<br>| *Dividend*<br> *Income*<br>|
| Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% | Investments Purchased with Cash Collateral from Securities Lending - 0.1% |
| Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% |
| Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.6894%<sup>ºº</sup>  |
|  | $811348 | $12578945 | $(13028757) | $- | $- | $361536 | 361536 | $3514 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 0.1% | Total Affiliated Investments - 0.1% | Total Affiliated Investments - 0.1% | Total Affiliated Investments - 0.1% | Total Affiliated Investments - 0.1% | Total Affiliated Investments - 0.1% | Total Affiliated Investments - 0.1% | Total Affiliated Investments - 0.1% | Total Affiliated Investments - 0.1% |
|  | $1052643 | $49540680 | $(50000158) | $66 | $- | $593231 | 593161 | $17640 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $425709 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(425709) | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the amount of assets or liabilities that could be offset with the same
 counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Collateral pledged is limited to the net outstanding amount due to/from an individual
 counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| December 31, 2025

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**Janus Henderson VIT Research Portfolio**

**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 December 31, 2025. |
| Loaned security; a portion of the security is on loan at December 31, 2025. |
| £&nbsp;&nbsp; The Portfolio may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, <br> as amended, an affiliated company is one in which the Portfolio owns 5% or more of the outstanding voting securities, or a company which <br> is under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

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

financial instruments as of December 31, 2025. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* | $770658061 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| *Investment Companies* | - | &nbsp;&nbsp; 231695 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 451920 | &nbsp;&nbsp; - |
| **Total Assets** | $770658061 | &nbsp;&nbsp; $683615 | &nbsp;&nbsp; $- |

---

Janus Aspen Series \| 5

------

**Janus Henderson VIT Research Portfolio**

**Statement of Assets and Liabilities** 

**December 31, 2025**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $321,405,789)<sup>(1)</sup> <br>| $770748445 |
| Affiliated investments, at value (cost $593,231) | 593231 |
| Cash | 11928 |
| Trustees' deferred compensation | 22736 |
| Receivables: |  |
| Portfolio shares sold | 301261 |
| Dividends | 115468 |
| Foreign tax reclaims | 18797 |
| Dividends from affiliates | 461 |
| Other assets | 5724 |
| Total Assets | 771818051 |
| Liabilities: |  |
| Collateral for securities loaned (Note 2) | 451920 |
| Payables: |  |
| Advisory fees | 506946 |
| Portfolio shares repurchased | 130603 |
| Professional fees | 53052 |
| 12b-1 Distribution and shareholder servicing fees | 44410 |
| Transfer agent fees and expenses | 35805 |
| Trustees' deferred compensation fees | 22736 |
| Affiliated portfolio administration fees payable | 1699 |
| Custodian fees | 512 |
| Trustees' fees and expenses | 324 |
| Accrued expenses and other payables | 128098 |
| Total Liabilities | 1376105 |
| Net Assets | $770441946 |
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $202815704 |
| Total distributable earnings (loss) | 567626242 |
| Total Net Assets | $770441946 |
| Net Assets - Institutional Shares | $569252155 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 8771563 |
| Net Asset Value Per Share | $64.90 |
| Net Assets - Service Shares | $201189791 |
| Shares Outstanding, $0.001 Par Value (unlimited shares authorized) | 3285131 |
| Net Asset Value Per Share | $61.24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $425,709 of securities on loan. See Note 2 in Notes to Financial Statements.

See Notes to Financial Statements.

6 \| December 31, 2025

------

**Janus Henderson VIT Research Portfolio**

**Statement of Operations** 

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $3981249 |
| Dividends from affiliates | 14126 |
| Affiliated securities lending income, net | 3514 |
| Unaffiliated securities lending income, net | 865 |
| Other income | 1121 |
| Foreign tax withheld | (15130) |
| Total Investment Income | 3985745 |
| Expenses: |  |
| Advisory fees | 5339270 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Service Shares | 483117 |
| Transfer agent administrative fees and expenses: |  |
| Institutional Shares | 270425 |
| Service Shares | 96623 |
| Other transfer agent fees and expenses: |  |
| Institutional Shares | 10524 |
| Service Shares | 1964 |
| Professional fees | 57303 |
| Shareholder reports expense | 51638 |
| Custodian fees | 30808 |
| Registration fees | 25962 |
| Affiliated portfolio administration fees | 22032 |
| Trustees' fees and expenses | 13939 |
| Other expenses | 119604 |
| Total Expenses | 6523209 |
| Net Investment Income/(Loss) | (2537464) |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 119638407 |
| Investments in affiliates | 66 |
| Total Net Realized Gain/(Loss) on Investments | 119638473 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 6210077 |
| Total Change in Unrealized Net Appreciation/Depreciation | 6210077 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $123311086 |

---

See Notes to Financial Statements.

Janus Aspen Series \| 7

------

**Janus Henderson VIT Research Portfolio**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Year ended* <br>*December 31, 2025*<br>| &nbsp;&nbsp; *Year ended* <br>*December 31, 2024*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $(2537464) | &nbsp;&nbsp; $(817996) |
| Net realized gain/(loss) on investments | 119638473 | &nbsp;&nbsp; 57714380 |
| Change in unrealized net appreciation/depreciation | 6210077 | &nbsp;&nbsp; 144095219 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 123311086 | &nbsp;&nbsp; 200991603 |
| Dividends and Distributions to Shareholders: |  |  |
| Institutional Shares | (41172763) | &nbsp;&nbsp; (14404053) |
| Service Shares | (15533577) | &nbsp;&nbsp; (5417961) |
| Net Decrease from Dividends and Distributions to Shareholders | (56706340) | &nbsp;&nbsp; (19822014) |
| Capital Share Transactions: |  |  |
| Institutional Shares | (19163383) | &nbsp;&nbsp; (31786438) |
| Service Shares | (9492501) | &nbsp;&nbsp; (9330779) |
| Net Increase/(Decrease) from Capital Share Transactions | (28655884) | &nbsp;&nbsp; (41117217) |
| Net Increase/(Decrease) in Net Assets | 37948862 | &nbsp;&nbsp; 140052372 |
| Net Assets: |  |  |
| Beginning of period | 732493084 | &nbsp;&nbsp; 592440712 |
| End of period | $770441946 | &nbsp;&nbsp; $732493084 |

---

See Notes to Financial Statements.

8 \| December 31, 2025

------

**Janus Henderson VIT Research Portfolio**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Shares |  |  |  |  |  |
| For a share outstanding during the year ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $59.40 | &nbsp;&nbsp; $45.15 | &nbsp;&nbsp; $31.58 | &nbsp;&nbsp; $56.31 | &nbsp;&nbsp; $49.35 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.17) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (0.01) |
| Net realized and unrealized gain/(loss) | 10.48 | &nbsp;&nbsp;&nbsp;&nbsp;15.85 | &nbsp;&nbsp;&nbsp;&nbsp;13.57 | &nbsp;&nbsp; (16.93) | &nbsp;&nbsp;&nbsp;&nbsp;9.73 |
| Total from Investment Operations | 10.31 | &nbsp;&nbsp;&nbsp;&nbsp;15.82 | &nbsp;&nbsp;&nbsp;&nbsp;13.63 | &nbsp;&nbsp; (16.84) | &nbsp;&nbsp;&nbsp;&nbsp;9.72 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.05) |
| Distributions (from capital gains) | (4.81) | &nbsp;&nbsp; (1.55) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.83) | &nbsp;&nbsp; (2.71) |
| Total Dividends and Distributions | (4.81) | &nbsp;&nbsp; (1.57) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (7.89) | &nbsp;&nbsp; (2.76) |
| Net Asset Value, End of Period | $64.90 | &nbsp;&nbsp; $59.40 | &nbsp;&nbsp; $45.15 | &nbsp;&nbsp; $31.58 | &nbsp;&nbsp; $56.31 |
| Total Return<sup>\*</sup> <br>| 18.39% | &nbsp;&nbsp; 35.31% | &nbsp;&nbsp; 43.17% | &nbsp;&nbsp; (29.89)% | &nbsp;&nbsp; 20.33% |
| Net Assets, End of Period (in thousands) | $569252 | &nbsp;&nbsp; $538231 | &nbsp;&nbsp; $436336 | &nbsp;&nbsp; $334877 | &nbsp;&nbsp; $519679 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 0.82% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.60% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.82% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.60% |
| Ratio of Net Investment Income/(Loss) | (0.28)% | &nbsp;&nbsp; (0.05)% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; (0.01)% |
| Portfolio Turnover Rate | 31% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 33% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Aspen Series \| 9

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**Janus Henderson VIT Research Portfolio**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Shares |  |  |  |  |  |
| For a share outstanding during the year ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $56.44 | &nbsp;&nbsp; $43.06 | &nbsp;&nbsp; $30.17 | &nbsp;&nbsp; $54.34 | &nbsp;&nbsp; $47.78 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.30) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.13) |
| Net realized and unrealized gain/(loss) | 9.91 | &nbsp;&nbsp;&nbsp;&nbsp;15.09 | &nbsp;&nbsp;&nbsp;&nbsp;12.94 | &nbsp;&nbsp; (16.34) | &nbsp;&nbsp;&nbsp;&nbsp;9.41 |
| Total from Investment Operations | 9.61 | &nbsp;&nbsp;&nbsp;&nbsp;14.93 | &nbsp;&nbsp;&nbsp;&nbsp;12.91 | &nbsp;&nbsp; (16.34) | &nbsp;&nbsp;&nbsp;&nbsp;9.28 |
| Less Dividends and Distributions: |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) |
| Distributions (from capital gains) | (4.81) | &nbsp;&nbsp; (1.55) | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.83) | &nbsp;&nbsp; (2.71) |
| Total Dividends and Distributions | (4.81) | &nbsp;&nbsp; (1.55) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (7.83) | &nbsp;&nbsp; (2.72) |
| Net Asset Value, End of Period | $61.24 | &nbsp;&nbsp; $56.44 | &nbsp;&nbsp; $43.06 | &nbsp;&nbsp; $30.17 | &nbsp;&nbsp; $54.34 |
| Total Return<sup>\*</sup> <br>| 18.10% | &nbsp;&nbsp; 34.96% | &nbsp;&nbsp; 42.81% | &nbsp;&nbsp; (30.06)% | &nbsp;&nbsp; 20.05% |
| Net Assets, End of Period (in thousands) | $201190 | &nbsp;&nbsp; $194263 | &nbsp;&nbsp; $156104 | &nbsp;&nbsp; $117437 | &nbsp;&nbsp; $184641 |
| Ratios to Average Net Assets: |  |  |  |  |  |
| Ratio of Gross Expenses | 1.07% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.85% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.07% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.85% |
| Ratio of Net Investment Income/(Loss) | (0.53)% | &nbsp;&nbsp; (0.30)% | &nbsp;&nbsp; (0.09)% | &nbsp;&nbsp; (0.01)% | &nbsp;&nbsp; (0.26)% |
| Portfolio Turnover Rate | 31% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 33% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which Janus Aspen Series serves as an underlying investment vehicle.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

See Notes to Financial Statements.

10 \| December 31, 2025

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**Janus Henderson VIT Research Portfolio**

**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 VIT Research Portfolio (the "Portfolio") is a series of Janus Aspen Series (the "Trust"), which is organized as a Delaware statutory 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 10 portfolios, each of which offers multiple share classes, with differing investment objectives and policies. The Portfolio seeks long-term growth of capital. The Portfolio is classified as nondiversified, as

defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Portfolio.

The Portfolio currently offers two classes of shares: Institutional Shares and Service Shares. Each class represents an interest in the same portfolio of investments. Institutional Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans. Service Shares are offered only in connection with investment in and payments under variable insurance contracts as well as certain qualified retirement plans that require a fee from Portfolio assets to procure distribution and administrative services to contract

owners and plan participants.

Shareholders, including participating insurance companies, as well as accounts, may from time to time own (beneficially or of record) a significant percentage of the Portfolio's shares and can be considered to "control" the Portfolio when that ownership exceeds 25% of the Portfolio's assets (and which may differ from control as determined in accordance with

United States of America generally accepted accounting principles ("US GAAP")).

The Chief Financial Officer of the Portfolio is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Portfolio operated as a single segment entity for the year ended December 31, 2025. The key indicator of performance of the Portfolio is net investment income as reported on the Statement of Operations.

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

**Investment Valuation**

Portfolio 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 Portfolio, 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 Portfolio, if any, will be calculated using the NAV of

Janus Aspen Series \| 11

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**Janus Henderson VIT Research Portfolio**

**Notes to Financial Statements** 

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 Portfolio 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 Portfolio'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 Portfolio'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 Portfolio since the beginning of the fiscal year.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2025 to fair value the Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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.

12 \| December 31, 2025

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**Janus Henderson VIT Research Portfolio**

**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 Portfolio may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Portfolio's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Portfolio that have not yet occurred. Currently,

the risk of material loss from such claims is considered remote.

**Foreign Currency Translations**

The Portfolio 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 Portfolio may make semiannual distributions of substantially all of its investment income and an annual distribution

of its net realized capital gains (if any).

The Portfolio 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 Portfolio distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Portfolio 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 Portfolio'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 Portfolio's financial statements. The Portfolio 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.

The Portfolio's management has determined the Portfolio did not pay a significant amount of income taxes for the year

ended December 31, 2025.

**2. Other Investments and Strategies**

**Market Risk**

The value of the Portfolio's portfolio may decrease if the value of one or more issuers in the Portfolio's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Portfolio'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 Portfolio invests. If the value of the Portfolio's portfolio decreases, the Portfolio's NAV will also decrease, which means if you sell your shares in the Portfolio 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

Janus Aspen Series \| 13

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**Janus Henderson VIT Research Portfolio**

**Notes to Financial Statements** 

emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Portfolio. 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**

Portfolio transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Portfolio ("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 Portfolio. The Portfolio 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 Portfolio'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 Portfolio 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 Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Portfolio may lend portfolio 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 Portfolio is unable to recover a security on loan, the Portfolio 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 Portfolio. 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 Portfolio to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Portfolio and Janus Henderson Cash

14 \| December 31, 2025

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**Janus Henderson VIT Research Portfolio**

**Notes to Financial Statements** 

Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Portfolio 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 Portfolio may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of December 31, 2025, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $425,709. Gross amounts of recognized liabilities for securities lending (collateral received) as of December 31, 2025 is $451,920,

resulting in the net amount due to the counterparty of $26,211.

**Offsetting Assets and Liabilities**

The Portfolio 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 Portfolio's Schedule of Investments.

**3. Investment Advisory Agreements and Other Transactions with Affiliates**

The Portfolio pays the Adviser an investment advisory fee rate that may adjust up or down based on the Portfolio's

performance relative to its benchmark index.

The investment advisory fee rate paid to the Adviser by the Portfolio consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Portfolio'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 Portfolio's average daily net assets based on the Portfolio'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 Portfolio's Service Shares for the performance measurement period is used to calculate the Performance Adjustment. The Portfolio's Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Portfolio's benchmark index used in the calculation is the Russell 1000<sup>®</sup> Growth Index. Effective May 1, 2020, the Core Growth Index was eliminated from the Performance Adjustment calculation for the Portfolio.

No Performance Adjustment is applied unless the difference between the Portfolio's investment performance and the cumulative investment record of the Portfolio'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 Portfolio outperforms or underperforms its benchmark index, up to the Portfolio's full performance rate of ±5.00%. Because the Performance Adjustment is tied to a Portfolio'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 Portfolio's Shares lose value during the performance measurement period and could decrease the Adviser's fee even if the Portfolio's Shares increase in value during the performance measurement

Janus Aspen Series \| 15

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**Janus Henderson VIT Research Portfolio**

**Notes to Financial Statements** 

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 Portfolio is calculated net of expenses whereas the Portfolio's benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Portfolio and the Portfolio's benchmark index.

The Portfolio's prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the year ended December 31, 2025, the performance adjusted

investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.73%.

The Adviser serves as administrator to the Portfolio 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 Portfolio, including providing office space for the Portfolio, and is reimbursed by the Portfolio 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 Portfolio pays for some or all of the salaries, fees, and expenses of the Adviser employees and Portfolio officers, with respect to certain specified administration functions they perform on behalf of the Portfolio. The Portfolio 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 Portfolio. These amounts are disclosed as "Affiliated portfolio administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Portfolio's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Portfolio. Total compensation of $51,726 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the year ended December 31, 2025. The Portfolio'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 Portfolio's transfer agent. The Transfer Agent receives an administrative services fee at an annual rate of 0.05% of the average daily net assets of the Portfolio for arranging for the provision by participating insurance companies and qualified plan service providers of administrative 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 on behalf of contract holders or plan participants investing in the Portfolio. The Transfer Agent expects to use this entire fee to compensate insurance companies and qualified plan service providers for providing these services to their customers who invest in the Portfolio.

The Transfer Agent is not compensated for internal services related to the shares, except for out-of-pocket costs. These

amounts are disclosed as "Other transfer agent fees and expenses" on the Statement of Operations.

Under a distribution and shareholder servicing plan (the "Plan") adopted in accordance with Rule 12b-1 under the 1940 Act, the Service Shares may pay the Trust's distributor, Janus Henderson Distributors US LLC (the "Distributor"), a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the Service Shares at an annual rate of up to 0.25% of the average daily net assets of the Service Shares. Under the terms of the Plan, the Trust is authorized to make payments to the Distributor for remittance to insurance companies and qualified plan service providers as compensation for distribution and/or shareholder services performed by such entities. These

amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" 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 Portfolio. 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 Portfolio as unrealized appreciation/(depreciation) and is included as of December 31, 2025 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation

16 \| December 31, 2025

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**Janus Henderson VIT Research Portfolio**

**Notes to Financial Statements** 

expenses for the year ended December 31, 2025 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. There were no deferred fees paid by the Trust to the

Trustees under the Deferred Plan during the year ended December 31, 2025.

Pursuant to the provisions of the 1940 Act and related rules, the Portfolio may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Portfolio 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 Portfolio 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 Portfolio's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Portfolio 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 December 31, 2025 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

The Portfolio 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 Portfolio 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 Portfolio from or to another fund or account that is or could be considered an affiliate of the Portfolio 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 December 31, 2025, the Portfolio engaged in cross trades amounting to $361,208 in sales, resulting in a net realized gain of $107,793. The net realized gain is included within the "Net Realized Gain/(Loss) on Investments" section of the Portfolio's Statement of

Operations.

**4. Federal Income Tax**

The tax components of capital shown in the table below represent: (1) distribution requirements the Portfolio must satisfy under the income tax regulations; (2) losses or deductions the Portfolio 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 Portfolio 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>|
| $- | $119742676 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(20876) | &nbsp;&nbsp; $447904442 |

---

Janus Aspen Series \| 17

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**Janus Henderson VIT Research Portfolio**

**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 December 31, 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;&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>|
| $323437234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $456952460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(9048018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $447904442 |

---

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 December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $907322 | &nbsp;&nbsp;&nbsp; $55799018 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $2533306 |

---

---

| | | | |
|:---|:---|:---|:---|
| *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* |
| *Distributions*  | *Distributions*  | *Distributions*  |  |
| *From Ordinary Income* | *From Long-Term Capital Gains* | *Tax Return of Capital* | *Net Investment Loss* |
| $149859 | &nbsp;&nbsp;&nbsp; $19672155 | &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 December 31, 2025* | *Year ended December 31, 2025* | *Year ended December 31, 2024* | *Year ended December 31, 2024* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Institutional Shares: |  |  |  |  |
| Shares sold | 204600 | &nbsp;&nbsp; $12475378 | &nbsp;&nbsp; 349576 | &nbsp;&nbsp; $18744500 |
| Reinvested dividends and distributions | 715550 | &nbsp;&nbsp; 41172763 | &nbsp;&nbsp; 262896 | &nbsp;&nbsp; 14404053 |
| Shares repurchased | (1210107) | &nbsp;&nbsp; (72811524) | &nbsp;&nbsp; (1215525) | &nbsp;&nbsp; (64934991) |
| Net Increase/(Decrease) | (289957) | &nbsp;&nbsp; $(19163383) | &nbsp;&nbsp; (603053) | &nbsp;&nbsp; $(31786438) |
| Service Shares: |  |  |  |  |
| Shares sold | 135787 | &nbsp;&nbsp; $7747091 | &nbsp;&nbsp; 256345 | &nbsp;&nbsp; $12841025 |
| Reinvested dividends and distributions | 285649 | &nbsp;&nbsp; 15533577 | &nbsp;&nbsp; 103912 | &nbsp;&nbsp; 5417961 |
| Shares repurchased | (577974) | &nbsp;&nbsp; (32773169) | &nbsp;&nbsp; (543990) | &nbsp;&nbsp; (27589765) |
| Net Increase/(Decrease) | (156538) | &nbsp;&nbsp; $(9492501) | &nbsp;&nbsp; (183733) | &nbsp;&nbsp; $(9330779) |

---

**6. Purchases and Sales of Investment Securities**

For the year ended December 31, 2025, the aggregate cost of purchases and proceeds from sales of investment securities (excluding any short-term securities, short-term options contracts, TBAs, and in-kind transactions, as

applicable) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Purchases of* <br>*Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Securities*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Purchases of Long-* <br>*Term U.S. Government* <br>*Obligations*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Proceeds from Sales* <br>*of Long-Term U.S.* <br>*Government Obligations*<br>|
| $229221567 | &nbsp;&nbsp;&nbsp;&nbsp; $316180719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Portfolio's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, client

consents, and approval by Janus Henderson's shareholders. Management is assessing the impact to the portfolios.

18 \| December 31, 2025

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**Janus Henderson VIT Research Portfolio**

**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 December 31, 2025 and through the date of issuance of the Portfolio's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Portfolio's financial statements

Janus Aspen Series \| 19

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**Janus Henderson Research Portfolio**

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Janus Aspen Series and Shareholders of Janus Henderson VIT Research Portfolio

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Janus Henderson VIT Research Portfolio (one of the portfolios constituting Janus Aspen Series, referred to hereafter as the "Portfolio") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 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 Portfolio as of December 31, 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 December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 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 Portfolio's management. Our responsibility is to express an opinion on the Portfolio'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 Portfolio 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 December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits

provide a reasonable basis for our opinion.

![](img22b3afc32.jpg)

Denver, Colorado

February 18, 2026

We have served as the auditor of one or more investment companies in Janus Henderson Funds since 1990.

20 \| December 31, 2025

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**Janus Henderson Research Portfolio**

**Designation Requirements (unaudited)**

For federal income tax purposes, the Portfolio designated the following for the year ended December 31, 2025:

---

| | |
|:---|:---|
| Capital Gain Distributions | $55799018 |

---

Janus Aspen Series \| 21

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**Janus Henderson VIT Research Portfolio**

**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 portfolios in the Janus Aspen Series. Annual retainer fees and attendance fees are allocated to each portfolio based on net assets. Trustees fees paid by the portfolio are within

Item 7. Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

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

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

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

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

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

22 \| December 31, 2025

------

**Janus Henderson VIT Research Portfolio**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

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

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

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

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

• For Janus Henderson Balanced Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Enterprise Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

Janus Aspen Series \| 23

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**Janus Henderson VIT Research Portfolio**

**Additional Information (unaudited)**

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that the Portfolio's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Global Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025, and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the additional resources added by the Adviser to support the Portfolio's portfolio management.

• For Janus Henderson Global Technology and Innovation Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

• For Janus Henderson Mid Cap Value Portfolio, the Trustees noted that the Portfolio's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Portfolio's portfolio management team.

• For Janus Henderson Overseas Portfolio, the Trustees noted that the Portfolio's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Portfolio's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

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 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

24 \| December 31, 2025

------

**Janus Henderson VIT Research Portfolio**

**Additional Information (unaudited)**

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

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

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional/separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Portfolio's total expenses, net of applicable fee waivers (the Portfolio's "total expenses") as reflected in the comparative information provided by Broadridge:

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

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

• For Janus Henderson Flexible Bond Portfolio, the Trustees noted that although the Portfolio's total expenses exceeded the peer group for one share class, overall the Portfolio's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Portfolio's expenses, although this limit did not apply because the Portfolio's total expenses were already below the applicable fee limit.

• For Janus Henderson Forty Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

Janus Aspen Series \| 25

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**Janus Henderson VIT Research Portfolio**

**Additional Information (unaudited)**

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

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

• For Janus Henderson Global Sustainable Equity Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

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

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

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

• For Janus Henderson Research Portfolio, the Trustees noted that the Portfolio's total expenses were below the peer group average for both share classes.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by 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,

26 \| December 31, 2025

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**Janus Henderson VIT Research Portfolio**

**Additional Information (unaudited)**

taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They 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

Janus Aspen Series \| 27

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**Janus Henderson VIT Research Portfolio**

**Additional Information (unaudited)**

services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

28 \| December 31, 2025

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**Janus Henderson VIT Research Portfolio**

**Notes**

Janus Aspen Series \| 29

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![](img360199163.gif)

*This report is submitted for the general information of shareholders of the Portfolio. It is not an offer or solicitation for the Portfolio 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

109-02-93078 02-26

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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](VIT_12-31_25_N-CSR_Ex-99.htm).

(b) A certification for the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached as [Ex99.906CERT](VIT_12-31_25_N-CSR_Ex-99.906.htm).

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## Exhibit 99.906

Section 906 Certification

The following certification is provided by the undersigned Principal Executive Officer and Principal Financial Officer of Registrant on the basis of such officers' knowledge and belief for the sole purpose of complying with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940.

Certification

In connection with the Annual Report of Janus Aspen Series (the "Registrant") on Form N-CSR for the period ended December 31, 2025, as filed with the Securities and Exchange Commission on February 27, 2026 (the "Report"), we, Michelle Rosenberg, Principal Executive Officer of the Registrant, and Jesper Nergaard, Principal Accounting Officer and Principal Financial Officer of the Registrant, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940, that:

(1) The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ Michelle Rosenberg

Michelle Rosenberg, President and Chief Executive Officer of Janus Aspen Series

(Principal Executive Officer)

February 27, 2026

/s/ Jesper Nergaard

Jesper Nergaard, Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of Janus Aspen Series (Principal Accounting Officer and Principal Financial Officer)

February 27, 2026

This certification is being furnished to the Commission solely pursuant to the requirements of Form N-CSR and is not being "filed" as part of this report. A signed original of this written statement required by Section 906, or other documents authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

Classification : Confidential

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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 Aspen Series;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 27, 2026

/s/ Michelle Rosenberg

Michelle Rosenberg, President and Chief Executive Officer of Janus Aspen Series (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 Aspen Series;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 27, 2026

/s/ Jesper Nergaard

Jesper Nergaard, Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of Janus Aspen Series (Principal Accounting Officer and Principal Financial Officer)

Classification : Confidential

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