# EDGAR Filing Document

**Accession Number:** 0000277751
**File Stem:** 0001193125-26-243936
**Filing Date:** 2026-5
**Character Count:** 3530227
**Document Hash:** 0a22c5cd9296f30447fce295df001f4d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-243936.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001193125-26-243936

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 185

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**EFFECTIVENESS DATE**: 20260528

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01879
- **FILM NUMBER:** 261032368

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

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

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

## Series and Classes Contracts Data

### Janus Henderson Balanced Fund (Series ID: S000010464)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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2026-03-31 iso4217:USDiso4217:USDxbrli:sharesxbrli:purexbrli:sharesutr:Djif:Holding

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

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

------

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

#### Investment Company Act file number

#### 811-01879

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

------

151 Detroit Street, Denver, Colorado 80206

(address of principal executive offices) (Zip code)

Stephanie Grauerholz, 151 Detroit Street, Denver, Colorado 80206

(Name and address of agent for service)

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

#### 303-333-3863

#### Date of fiscal year end:

#### 9/30

#### Date of reporting period:

#### 03/31/26
 **Item 1. Report to Stockholders.**

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

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Balanced Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class A Shares:JDBAX
This semiannual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Balanced Fund<br>(Class A Shares/JDBAX) | $44 | 0.89%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$26,405M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 2.8 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 63.6 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 11.9 |
| Corporate Bonds | 10.6 |
| Mortgage-Backed Securities | 8.2 |
| United States Treasury Notes/Bonds | 3.4 |
| Investment Companies | 2.4 |
| Foreign Government Bonds | 0.9 |
| Bank Loans and Mezzanine Loans | 0.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (2.0) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390477.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Balanced Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class C Shares:JABCX
This semiannual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Balanced Fund<br>(Class C Shares/JABCX) | $77 | 1.57%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$26,405M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 2.8 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 63.6 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 11.9 |
| Corporate Bonds | 10.6 |
| Mortgage-Backed Securities | 8.2 |
| United States Treasury Notes/Bonds | 3.4 |
| Investment Companies | 2.4 |
| Foreign Government Bonds | 0.9 |
| Bank Loans and Mezzanine Loans | 0.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (2.0) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390501.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71054A 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Balanced Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class D Shares:JANBX
This semiannual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Balanced Fund<br>(Class D Shares/JANBX) | $34 | 0.69%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$26,405M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 2.8 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 63.6 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 11.9 |
| Corporate Bonds | 10.6 |
| Mortgage-Backed Securities | 8.2 |
| United States Treasury Notes/Bonds | 3.4 |
| Investment Companies | 2.4 |
| Foreign Government Bonds | 0.9 |
| Bank Loans and Mezzanine Loans | 0.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (2.0) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390525.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1817.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Balanced Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class I Shares:JBALX
This semiannual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Balanced Fund<br>(Class I Shares/JBALX) | $33 | 0.67%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$26,405M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 2.8 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 63.6 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 11.9 |
| Corporate Bonds | 10.6 |
| Mortgage-Backed Securities | 8.2 |
| United States Treasury Notes/Bonds | 3.4 |
| Investment Companies | 2.4 |
| Foreign Government Bonds | 0.9 |
| Bank Loans and Mezzanine Loans | 0.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (2.0) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390552.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71055C 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Balanced Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class N Shares:JABNX
This semiannual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Balanced Fund<br>(Class N Shares/JABNX) | $28 | 0.57%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$26,405M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 2.8 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 63.6 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 11.9 |
| Corporate Bonds | 10.6 |
| Mortgage-Backed Securities | 8.2 |
| United States Treasury Notes/Bonds | 3.4 |
| Investment Companies | 2.4 |
| Foreign Government Bonds | 0.9 |
| Bank Loans and Mezzanine Loans | 0.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (2.0) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390575.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Balanced Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class R Shares:JDBRX
This semiannual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Balanced Fund<br>(Class R Shares/JDBRX) | $65 | 1.32%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$26,405M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 2.8 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 63.6 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 11.9 |
| Corporate Bonds | 10.6 |
| Mortgage-Backed Securities | 8.2 |
| United States Treasury Notes/Bonds | 3.4 |
| Investment Companies | 2.4 |
| Foreign Government Bonds | 0.9 |
| Bank Loans and Mezzanine Loans | 0.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (2.0) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390602.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 225-70-71056D 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Balanced Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class S Shares:JABRX
This semiannual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Balanced Fund<br>(Class S Shares/JABRX) | $52 | 1.07%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$26,405M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 2.8 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 63.6 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 11.9 |
| Corporate Bonds | 10.6 |
| Mortgage-Backed Securities | 8.2 |
| United States Treasury Notes/Bonds | 3.4 |
| Investment Companies | 2.4 |
| Foreign Government Bonds | 0.9 |
| Bank Loans and Mezzanine Loans | 0.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (2.0) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390625.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Balanced Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class T Shares:JABAX
This semiannual shareholder report contains important information about the Janus Henderson Balanced Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Balanced Fund<br>(Class T Shares/JABAX) | $40 | 0.81%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$26,405M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 5.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 2.8 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 63.6 |
| Asset-Backed/Commercial Mortgage-Backed Securities | 11.9 |
| Corporate Bonds | 10.6 |
| Mortgage-Backed Securities | 8.2 |
| United States Treasury Notes/Bonds | 3.4 |
| Investment Companies | 2.4 |
| Foreign Government Bonds | 0.9 |
| Bank Loans and Mezzanine Loans | 0.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | (2.0) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390652.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71057I 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Contrarian Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class A Shares:JCNAX
This semiannual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Contrarian Fund<br>(Class A Shares/JCNAX) | $43 | 0.90%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,282M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 4.7 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.6 |
| Investment Companies | 0.2 |
| Rights | 0.0 |
| Other | (1.7) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390075.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Contrarian Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class C Shares:JCNCX
This semiannual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Contrarian Fund<br>(Class C Shares/JCNCX) | $73 | 1.52%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,282M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 4.7 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.6 |
| Investment Companies | 0.2 |
| Rights | 0.0 |
| Other | (1.7) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390102.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71058N 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Contrarian Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class D Shares:JACNX
This semiannual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Contrarian Fund<br>(Class D Shares/JACNX) | $31 | 0.64%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,282M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 4.7 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.6 |
| Investment Companies | 0.2 |
| Rights | 0.0 |
| Other | (1.7) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390127.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1817.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Contrarian Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class I Shares:JCONX
This semiannual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Contrarian Fund<br>(Class I Shares/JCONX) | $30 | 0.63%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,282M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 4.7 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.6 |
| Investment Companies | 0.2 |
| Rights | 0.0 |
| Other | (1.7) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390151.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71059R 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Contrarian Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class N Shares:JCNNX
This semiannual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Contrarian Fund<br>(Class N Shares/JCNNX) | $25 | 0.52%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,282M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 4.7 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.6 |
| Investment Companies | 0.2 |
| Rights | 0.0 |
| Other | (1.7) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390177.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Contrarian Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class R Shares:JCNRX
This semiannual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Contrarian Fund<br>(Class R Shares/JCNRX) | $64 | 1.35%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,282M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 4.7 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.6 |
| Investment Companies | 0.2 |
| Rights | 0.0 |
| Other | (1.7) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390201.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71060S 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Contrarian Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class S Shares:JCNIX
This semiannual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Contrarian Fund<br>(Class S Shares/JCNIX) | $52 | 1.09%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,282M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 4.7 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.6 |
| Investment Companies | 0.2 |
| Rights | 0.0 |
| Other | (1.7) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390225.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Contrarian Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class T Shares:JSVAX
This semiannual shareholder report contains important information about the Janus Henderson Contrarian Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Contrarian Fund<br>(Class T Shares/JSVAX) | $36 | 0.75%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,282M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc/The | 4.7 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.6 |
| Investment Companies | 0.2 |
| Rights | 0.0 |
| Other | (1.7) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390252.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71061T 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Enterprise Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class A Shares:JDMAX
This semiannual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Enterprise Fund<br>(Class A Shares/JDMAX) | $55 | 1.12%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20,414M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;APi Group Corp | 2.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.9 |
| Investment Companies | 3.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | 0.1 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390675.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Enterprise Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class C Shares:JGRCX
This semiannual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Enterprise Fund<br>(Class C Shares/JGRCX) | $82 | 1.69%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20,414M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;APi Group Corp | 2.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.9 |
| Investment Companies | 3.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | 0.1 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390702.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71062A 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Enterprise Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class D Shares:JANEX
This semiannual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Enterprise Fund<br>(Class D Shares/JANEX) | $38 | 0.78%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20,414M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;APi Group Corp | 2.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.9 |
| Investment Companies | 3.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | 0.1 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390727.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1817.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Enterprise Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class I Shares:JMGRX
This semiannual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Enterprise Fund<br>(Class I Shares/JMGRX) | $38 | 0.77%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20,414M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;APi Group Corp | 2.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.9 |
| Investment Companies | 3.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | 0.1 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390751.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71063C 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Enterprise Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class N Shares:JDMNX
This semiannual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Enterprise Fund<br>(Class N Shares/JDMNX) | $33 | 0.67%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20,414M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;APi Group Corp | 2.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.9 |
| Investment Companies | 3.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | 0.1 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390775.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Enterprise Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class R Shares:JDMRX
This semiannual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Enterprise Fund<br>(Class R Shares/JDMRX) | $69 | 1.41%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20,414M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;APi Group Corp | 2.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.9 |
| Investment Companies | 3.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | 0.1 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390802.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 225-70-71064D 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Enterprise Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class S Shares:JGRTX
This semiannual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Enterprise Fund<br>(Class S Shares/JGRTX) | $57 | 1.16%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20,414M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;APi Group Corp | 2.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.9 |
| Investment Companies | 3.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | 0.1 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390825.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Enterprise Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class T Shares:JAENX
This semiannual shareholder report contains important information about the Janus Henderson Enterprise Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Enterprise Fund<br>(Class T Shares/JAENX) | $44 | 0.90%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20,414M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises Inc | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;APi Group Corp | 2.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 95.9 |
| Investment Companies | 3.9 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.1 |
| Other | 0.1 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390852.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71065I 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson European Focus Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class A Shares:HFEAX
This semiannual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson European Focus Fund<br>(Class A Shares/HFEAX) | $64 | 1.29%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$666M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;141% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erste Group Bank AG | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 92.7 |
| Investment Companies | 9.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (2.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388340.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson European Focus Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class C Shares:HFECX
This semiannual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson European Focus Fund<br>(Class C Shares/HFECX) | $101 | 2.04%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$666M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;141% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erste Group Bank AG | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 92.7 |
| Investment Companies | 9.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (2.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388367.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71066N 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson European Focus Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class D Shares:HFEDX
This semiannual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson European Focus Fund<br>(Class D Shares/HFEDX) | $54 | 1.09%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$666M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;141% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erste Group Bank AG | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 92.7 |
| Investment Companies | 9.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (2.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388392.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1817.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson European Focus Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class I Shares:HFEIX
This semiannual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson European Focus Fund<br>(Class I Shares/HFEIX) | $53 | 1.07%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$666M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;141% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erste Group Bank AG | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 92.7 |
| Investment Companies | 9.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (2.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388416.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71067R 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson European Focus Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class N Shares:HFERX
This semiannual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson European Focus Fund<br>(Class N Shares/HFERX) | $48 | 0.97%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$666M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;141% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erste Group Bank AG | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 92.7 |
| Investment Companies | 9.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (2.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388440.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson European Focus Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class S Shares:HFESX
This semiannual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson European Focus Fund<br>(Class S Shares/HFESX) | $68 | 1.37%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$666M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;141% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erste Group Bank AG | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 92.7 |
| Investment Companies | 9.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (2.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388467.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71068S 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson European Focus Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class T Shares:HFETX
This semiannual shareholder report contains important information about the Janus Henderson European Focus Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson European Focus Fund<br>(Class T Shares/HFETX) | $60 | 1.22%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$666M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;141% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erste Group Bank AG | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 92.7 |
| Investment Companies | 9.7 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.0 |
| Other | (2.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388492.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Forty Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class A Shares:JDCAX
This semiannual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Forty Fund<br>(Class A Shares/JDCAX) | $41 | 0.87%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20,539M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 12.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 5.5 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.2 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389139.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71069T 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Forty Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class C Shares:JACCX
This semiannual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Forty Fund<br>(Class C Shares/JACCX) | $70 | 1.49%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20,539M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 12.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 5.5 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.2 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389163.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Forty Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class D Shares:JFRDX
This semiannual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Forty Fund<br>(Class D Shares/JFRDX) | $30 | 0.65%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20,539M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 12.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 5.5 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.2 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389187.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1817.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71077A 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Forty Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class I Shares:JCAPX
This semiannual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Forty Fund<br>(Class I Shares/JCAPX) | $30 | 0.63%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20,539M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 12.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 5.5 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.2 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389214.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Forty Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class N Shares:JFRNX
This semiannual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Forty Fund<br>(Class N Shares/JFRNX) | $26 | 0.55%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20,539M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 12.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 5.5 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.2 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389237.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71078C 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Forty Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class R Shares:JDCRX
This semiannual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Forty Fund<br>(Class R Shares/JDCRX) | $60 | 1.28%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20,539M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 12.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 5.5 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.2 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389264.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Forty Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class S Shares:JARTX
This semiannual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Forty Fund<br>(Class S Shares/JARTX) | $48 | 1.03%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20,539M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 12.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 5.5 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.2 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389289.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 225-70-71079D 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Forty Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class T Shares:JACTX
This semiannual shareholder report contains important information about the Janus Henderson Forty Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Forty Fund<br>(Class T Shares/JACTX) | $36 | 0.77%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20,539M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 12.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 5.5 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.2 <br> Other (0.1)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389313.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Equity Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class A Shares:HFQAX
This semiannual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Equity Income Fund<br>(Class A Shares/HFQAX) | $59 | 1.11%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,337M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;90% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nestle SA (REG) | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Komatsu Ltd | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | 2.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 93.1 |
| Investment Companies | 4.3 |
| Preferred Stocks | 2.5 |
| Other | 0.1 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388516.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71080I 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Equity Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class C Shares:HFQCX
This semiannual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Equity Income Fund<br>(Class C Shares/HFQCX) | $92 | 1.74%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,337M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;90% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nestle SA (REG) | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Komatsu Ltd | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | 2.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 93.1 |
| Investment Companies | 4.3 |
| Preferred Stocks | 2.5 |
| Other | 0.1 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388542.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Equity Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class D Shares:HFQDX
This semiannual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Equity Income Fund<br>(Class D Shares/HFQDX) | $45 | 0.85%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,337M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;90% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nestle SA (REG) | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Komatsu Ltd | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | 2.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 93.1 |
| Investment Companies | 4.3 |
| Preferred Stocks | 2.5 |
| Other | 0.1 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388566.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1817.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71081N 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Equity Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class I Shares:HFQIX
This semiannual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Equity Income Fund<br>(Class I Shares/HFQIX) | $43 | 0.81%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,337M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;90% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nestle SA (REG) | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Komatsu Ltd | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | 2.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 93.1 |
| Investment Companies | 4.3 |
| Preferred Stocks | 2.5 |
| Other | 0.1 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388590.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Equity Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class N Shares:HFQRX
This semiannual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Equity Income Fund<br>(Class N Shares/HFQRX) | $38 | 0.72%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,337M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;90% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nestle SA (REG) | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Komatsu Ltd | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | 2.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 93.1 |
| Investment Companies | 4.3 |
| Preferred Stocks | 2.5 |
| Other | 0.1 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388617.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71082R 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Equity Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class S Shares:HFQSX
This semiannual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Equity Income Fund<br>(Class S Shares/HFQSX) | $65 | 1.23%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,337M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;90% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nestle SA (REG) | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Komatsu Ltd | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | 2.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 93.1 |
| Investment Companies | 4.3 |
| Preferred Stocks | 2.5 |
| Other | 0.1 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388642.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Equity Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class T Shares:HFQTX
This semiannual shareholder report contains important information about the Janus Henderson Global Equity Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Equity Income Fund<br>(Class T Shares/HFQTX) | $51 | 0.96%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,337M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;90% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nestle SA (REG) | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Komatsu Ltd | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | 2.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 93.1 |
| Investment Companies | 4.3 |
| Preferred Stocks | 2.5 |
| Other | 0.1 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388666.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71083S 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Life Sciences Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class A Shares:JFNAX
This semiannual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Life Sciences Fund<br>(Class A Shares/JFNAX) | $53 | 0.99%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,198M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co | 8.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie Inc | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Inc | 3.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.4 |
| Private Placements | 0.7 |
| Investment Companies | 0.4 |
| Private Investment in Public Equity (PIPES) | 0.2 |
| Rights | 0.0 |
| Warrants | 0.0 |
| Other | 0.3 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389734.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Life Sciences Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class C Shares:JFNCX
This semiannual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Life Sciences Fund<br>(Class C Shares/JFNCX) | $91 | 1.71%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,198M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co | 8.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie Inc | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Inc | 3.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.4 |
| Private Placements | 0.7 |
| Investment Companies | 0.4 |
| Private Investment in Public Equity (PIPES) | 0.2 |
| Rights | 0.0 |
| Warrants | 0.0 |
| Other | 0.3 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389758.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71084T 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Life Sciences Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class D Shares:JNGLX
This semiannual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Life Sciences Fund<br>(Class D Shares/JNGLX) | $42 | 0.79%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,198M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co | 8.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie Inc | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Inc | 3.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.4 |
| Private Placements | 0.7 |
| Investment Companies | 0.4 |
| Private Investment in Public Equity (PIPES) | 0.2 |
| Rights | 0.0 |
| Warrants | 0.0 |
| Other | 0.3 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389784.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1817.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Life Sciences Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class I Shares:JFNIX
This semiannual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Life Sciences Fund<br>(Class I Shares/JFNIX) | $41 | 0.77%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,198M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co | 8.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie Inc | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Inc | 3.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.4 |
| Private Placements | 0.7 |
| Investment Companies | 0.4 |
| Private Investment in Public Equity (PIPES) | 0.2 |
| Rights | 0.0 |
| Warrants | 0.0 |
| Other | 0.3 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389809.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71085A 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Life Sciences Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class N Shares:JFNNX
This semiannual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Life Sciences Fund<br>(Class N Shares/JFNNX) | $36 | 0.67%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,198M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co | 8.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie Inc | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Inc | 3.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.4 |
| Private Placements | 0.7 |
| Investment Companies | 0.4 |
| Private Investment in Public Equity (PIPES) | 0.2 |
| Rights | 0.0 |
| Warrants | 0.0 |
| Other | 0.3 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389834.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Life Sciences Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class S Shares:JFNSX
This semiannual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Life Sciences Fund<br>(Class S Shares/JFNSX) | $63 | 1.18%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,198M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co | 8.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie Inc | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Inc | 3.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.4 |
| Private Placements | 0.7 |
| Investment Companies | 0.4 |
| Private Investment in Public Equity (PIPES) | 0.2 |
| Rights | 0.0 |
| Warrants | 0.0 |
| Other | 0.3 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389858.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71086C 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Life Sciences Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class T Shares:JAGLX
This semiannual shareholder report contains important information about the Janus Henderson Global Life Sciences Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Life Sciences Fund<br>(Class T Shares/JAGLX) | $48 | 0.90%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,198M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co | 8.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie Inc | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group Inc | 3.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.4 |
| Private Placements | 0.7 |
| Investment Companies | 0.4 |
| Private Investment in Public Equity (PIPES) | 0.2 |
| Rights | 0.0 |
| Warrants | 0.0 |
| Other | 0.3 |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389884.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Real Estate Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class A Shares:JERAX
This semiannual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Real Estate Fund<br>(Class A Shares/JERAX) | $52 | 1.04%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$319M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower Inc | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Inc | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust Inc | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ventas Inc | 4.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Investment Companies | 2.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.5 |
| Other | (0.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_387777.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 225-70-71087D 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Real Estate Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class C Shares:JERCX
This semiannual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Real Estate Fund<br>(Class C Shares/JERCX) | $91 | 1.80%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$319M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower Inc | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Inc | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust Inc | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ventas Inc | 4.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Investment Companies | 2.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.5 |
| Other | (0.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_387800.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Real Estate Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class D Shares:JNGSX
This semiannual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Real Estate Fund<br>(Class D Shares/JNGSX) | $43 | 0.85%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$319M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower Inc | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Inc | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust Inc | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ventas Inc | 4.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Investment Companies | 2.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.5 |
| Other | (0.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_387827.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1817.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71088I 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Real Estate Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class I Shares:JERIX
This semiannual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Real Estate Fund<br>(Class I Shares/JERIX) | $39 | 0.78%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$319M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower Inc | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Inc | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust Inc | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ventas Inc | 4.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Investment Companies | 2.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.5 |
| Other | (0.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_387850.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Real Estate Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class N Shares:JERNX
This semiannual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Real Estate Fund<br>(Class N Shares/JERNX) | $35 | 0.69%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$319M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower Inc | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Inc | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust Inc | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ventas Inc | 4.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Investment Companies | 2.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.5 |
| Other | (0.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_387877.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71089N 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Real Estate Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class S Shares:JERSX
This semiannual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Real Estate Fund<br>(Class S Shares/JERSX) | $61 | 1.21%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$319M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower Inc | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Inc | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust Inc | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ventas Inc | 4.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Investment Companies | 2.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.5 |
| Other | (0.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_387900.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Real Estate Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class T Shares:JERTX
This semiannual shareholder report contains important information about the Janus Henderson Global Real Estate Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Real Estate Fund<br>(Class T Shares/JERTX) | $47 | 0.94%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$319M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower Inc | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Inc | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust Inc | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ventas Inc | 4.0 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Investment Companies | 2.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.5 |
| Other | (0.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_387927.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71090S 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Research Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class A Shares:JDWAX
This semiannual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Research Fund<br>(Class A Shares/JDWAX) | $57 | 1.16%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,143M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 2.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.8 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Investment Companies | 0.0 |
| Other | (0.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389537.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Research Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class C Shares:JWWCX
This semiannual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Research Fund<br>(Class C Shares/JWWCX) | $90 | 1.84%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,143M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 2.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.8 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Investment Companies | 0.0 |
| Other | (0.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389563.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71091T 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Research Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class D Shares:JANWX
This semiannual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Research Fund<br>(Class D Shares/JANWX) | $43 | 0.87%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,143M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 2.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.8 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Investment Companies | 0.0 |
| Other | (0.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389587.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1817.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Research Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class I Shares:JWWFX
This semiannual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Research Fund<br>(Class I Shares/JWWFX) | $41 | 0.84%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,143M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 2.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.8 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Investment Companies | 0.0 |
| Other | (0.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389611.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71092A 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Research Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class N Shares:JDWNX
This semiannual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Research Fund<br>(Class N Shares/JDWNX) | $37 | 0.76%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,143M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 2.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.8 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Investment Companies | 0.0 |
| Other | (0.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389635.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Research Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class R Shares:JDWRX
This semiannual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Research Fund<br>(Class R Shares/JDWRX) | $75 | 1.53%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,143M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 2.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.8 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Investment Companies | 0.0 |
| Other | (0.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389659.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71093C 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Research Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class S Shares:JWGRX
This semiannual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Research Fund<br>(Class S Shares/JWGRX) | $62 | 1.26%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,143M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 2.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.8 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Investment Companies | 0.0 |
| Other | (0.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389685.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Research Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class T Shares:JAWWX
This semiannual shareholder report contains important information about the Janus Henderson Global Research Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Research Fund<br>(Class T Shares/JAWWX) | $48 | 0.98%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,143M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 2.4 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 99.8 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Investment Companies | 0.0 |
| Other | (0.5) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389709.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 225-70-71094D 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Select Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class A Shares:JORAX
This semiannual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Select Fund<br>(Class A Shares/JORAX) | $50 | 1.01%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,039M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class A | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.7 |
| Investment Companies | 1.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.1 |
| Private Placements | 0.0 |
| Other | (0.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390275.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Select Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class C Shares:JORCX
This semiannual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Select Fund<br>(Class C Shares/JORCX) | $94 | 1.89%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,039M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class A | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.7 |
| Investment Companies | 1.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.1 |
| Private Placements | 0.0 |
| Other | (0.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390302.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71095I 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Select Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class D Shares:JANRX
This semiannual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Select Fund<br>(Class D Shares/JANRX) | $40 | 0.81%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,039M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class A | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.7 |
| Investment Companies | 1.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.1 |
| Private Placements | 0.0 |
| Other | (0.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390327.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1817.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Select Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class I Shares:JORFX
This semiannual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Select Fund<br>(Class I Shares/JORFX) | $39 | 0.79%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,039M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class A | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.7 |
| Investment Companies | 1.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.1 |
| Private Placements | 0.0 |
| Other | (0.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390351.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71096N 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Select Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class N Shares:JSLNX
This semiannual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Select Fund<br>(Class N Shares/JSLNX) | $34 | 0.69%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,039M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class A | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.7 |
| Investment Companies | 1.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.1 |
| Private Placements | 0.0 |
| Other | (0.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390375.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Select Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class R Shares:JORRX
This semiannual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Select Fund<br>(Class R Shares/JORRX) | $77 | 1.55%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,039M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class A | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.7 |
| Investment Companies | 1.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.1 |
| Private Placements | 0.0 |
| Other | (0.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390402.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71097R 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Select Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class S Shares:JORIX
This semiannual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Select Fund<br>(Class S Shares/JORIX) | $64 | 1.29%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,039M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class A | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.7 |
| Investment Companies | 1.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.1 |
| Private Placements | 0.0 |
| Other | (0.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390425.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Select Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class T Shares:JORNX
This semiannual shareholder report contains important information about the Janus Henderson Global Select Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Select Fund<br>(Class T Shares/JORNX) | $45 | 0.91%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,039M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class A | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.7 |
| Investment Companies | 1.6 |
| Investments Purchased with Cash Collateral from Securities Lending | 1.1 |
| Private Placements | 0.0 |
| Other | (0.4) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390452.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71098S 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Sustainable Equity Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class A Shares:JEASX
This semiannual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Sustainable Equity Fund<br>(Class A Shares/JEASX) | $60 | 1.23%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$78M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies Inc | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp | 3.4 |

---

Asset Allocation (% of net assets)

Common Stocks 98.3 <br> Investment Companies 1.8 <br> Other (0.1)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388692.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Sustainable Equity Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class C Shares:JECTX
This semiannual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Sustainable Equity Fund<br>(Class C Shares/JECTX) | $68 | 1.40%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$78M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies Inc | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp | 3.4 |

---

Asset Allocation (% of net assets)

Common Stocks 98.3 <br> Investment Companies 1.8 <br> Other (0.1)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388716.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71099T 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Sustainable Equity Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class D Shares:JEDTX
This semiannual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Sustainable Equity Fund<br>(Class D Shares/JEDTX) | $48 | 0.99%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$78M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies Inc | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp | 3.4 |

---

Asset Allocation (% of net assets)

Common Stocks 98.3 <br> Investment Companies 1.8 <br> Other (0.1)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388742.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1817.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Sustainable Equity Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class I Shares:JEUIX
This semiannual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Sustainable Equity Fund<br>(Class I Shares/JEUIX) | $49 | 1.00%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$78M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies Inc | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp | 3.4 |

---

Asset Allocation (% of net assets)

Common Stocks 98.3 <br> Investment Companies 1.8 <br> Other (0.1)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388767.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71100A 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Sustainable Equity Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class N Shares:JETNX
This semiannual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Sustainable Equity Fund<br>(Class N Shares/JETNX) | $42 | 0.86%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$78M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies Inc | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp | 3.4 |

---

Asset Allocation (% of net assets)

Common Stocks 98.3 <br> Investment Companies 1.8 <br> Other (0.1)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388792.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Sustainable Equity Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class R Shares:JEGRX
This semiannual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Sustainable Equity Fund<br>(Class R Shares/JEGRX) | $55 | 1.13%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$78M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies Inc | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp | 3.4 |

---

Asset Allocation (% of net assets)

Common Stocks 98.3 <br> Investment Companies 1.8 <br> Other (0.1)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388816.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71101C 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Sustainable Equity Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class S Shares:JESSX
This semiannual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Sustainable Equity Fund<br>(Class S Shares/JESSX) | $48 | 0.98%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$78M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies Inc | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp | 3.4 |

---

Asset Allocation (% of net assets)

Common Stocks 98.3 <br> Investment Companies 1.8 <br> Other (0.1)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388842.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Sustainable Equity Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class T Shares:JETTX
This semiannual shareholder report contains important information about the Janus Henderson Global Sustainable Equity Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Sustainable Equity Fund<br>(Class T Shares/JETTX) | $54 | 1.10%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$78M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies Inc | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp | 3.4 |

---

Asset Allocation (% of net assets)

Common Stocks 98.3 <br> Investment Companies 1.8 <br> Other (0.1)

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388866.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 225-70-71102D 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Technology and Innovation Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class A Shares:JATAX
This semiannual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Technology and Innovation Fund<br>(Class A Shares/JATAX) | $47 | 0.98%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,836M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 4.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.8 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Private Placements | 0.2 |
| Warrants | 0.0 |
| Other | (0.8) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389908.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Technology and Innovation Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class C Shares:JAGCX
This semiannual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Technology and Innovation Fund<br>(Class C Shares/JAGCX) | $77 | 1.60%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,836M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 4.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.8 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Private Placements | 0.2 |
| Warrants | 0.0 |
| Other | (0.8) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389932.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71103I 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Technology and Innovation Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class D Shares:JNGTX
This semiannual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Technology and Innovation Fund<br>(Class D Shares/JNGTX) | $38 | 0.78%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,836M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 4.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.8 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Private Placements | 0.2 |
| Warrants | 0.0 |
| Other | (0.8) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389956.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1817.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Technology and Innovation Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class I Shares:JATIX
This semiannual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Technology and Innovation Fund<br>(Class I Shares/JATIX) | $37 | 0.76%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,836M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 4.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.8 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Private Placements | 0.2 |
| Warrants | 0.0 |
| Other | (0.8) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389979.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71104N 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Technology and Innovation Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class N Shares:JATNX
This semiannual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Technology and Innovation Fund<br>(Class N Shares/JATNX) | $32 | 0.67%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,836M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 4.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.8 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Private Placements | 0.2 |
| Warrants | 0.0 |
| Other | (0.8) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390005.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Technology and Innovation Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class S Shares:JATSX
This semiannual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Technology and Innovation Fund<br>(Class S Shares/JATSX) | $56 | 1.17%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,836M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 4.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.8 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Private Placements | 0.2 |
| Warrants | 0.0 |
| Other | (0.8) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390027.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71105S 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Global Technology and Innovation Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class T Shares:JAGTX
This semiannual shareholder report contains important information about the Janus Henderson Global Technology and Innovation Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Global Technology and Innovation Fund<br>(Class T Shares/JAGTX) | $43 | 0.90%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,836M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 4.9 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.8 |
| Investment Companies | 2.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Private Placements | 0.2 |
| Warrants | 0.0 |
| Other | (0.8) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_390053.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Growth and Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class A Shares:JDNAX
This semiannual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Growth and Income Fund<br>(Class A Shares/JDNAX) | $48 | 0.97%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,641M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.1 <br> Other 0.0

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389339.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71106T 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Growth and Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class C Shares:JGICX
This semiannual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Growth and Income Fund<br>(Class C Shares/JGICX) | $77 | 1.57%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,641M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.1 <br> Other 0.0

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389363.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Growth and Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class D Shares:JNGIX
This semiannual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Growth and Income Fund<br>(Class D Shares/JNGIX) | $36 | 0.73%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,641M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.1 <br> Other 0.0

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389389.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1817.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71107A 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Growth and Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class I Shares:JGINX
This semiannual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Growth and Income Fund<br>(Class I Shares/JGINX) | $36 | 0.72%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,641M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.1 <br> Other 0.0

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389414.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Growth and Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class N Shares:JDNNX
This semiannual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Growth and Income Fund<br>(Class N Shares/JDNNX) | $31 | 0.63%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,641M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.1 <br> Other 0.0

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389439.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71108C 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Growth and Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class R Shares:JDNRX
This semiannual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Growth and Income Fund<br>(Class R Shares/JDNRX) | $67 | 1.37%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,641M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.1 <br> Other 0.0

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389463.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Growth and Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class S Shares:JADGX
This semiannual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Growth and Income Fund<br>(Class S Shares/JADGX) | $55 | 1.11%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,641M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.1 <br> Other 0.0

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389489.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 225-70-71109D 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Growth and Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class T Shares:JAGIX
This semiannual shareholder report contains important information about the Janus Henderson Growth and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Growth and Income Fund<br>(Class T Shares/JAGIX) | $42 | 0.85%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7,641M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 2.9 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Investment Companies 0.1 <br> Other 0.0

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389513.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Overseas Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class A Shares:JDIAX
This semiannual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Overseas Fund<br>(Class A Shares/JDIAX) | $53 | 1.03%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,052M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 2.4 |
| Investment Companies | 1.2 |
| Other | (1.7) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388142.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71110I 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Overseas Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class C Shares:JIGCX
This semiannual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Overseas Fund<br>(Class C Shares/JIGCX) | $87 | 1.70%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,052M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 2.4 |
| Investment Companies | 1.2 |
| Other | (1.7) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388169.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Overseas Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class D Shares:JNOSX
This semiannual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Overseas Fund<br>(Class D Shares/JNOSX) | $36 | 0.71%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,052M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 2.4 |
| Investment Companies | 1.2 |
| Other | (1.7) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388193.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1817.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71111N 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Overseas Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class I Shares:JIGFX
This semiannual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Overseas Fund<br>(Class I Shares/JIGFX) | $35 | 0.68%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,052M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 2.4 |
| Investment Companies | 1.2 |
| Other | (1.7) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388218.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Overseas Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class N Shares:JDINX
This semiannual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Overseas Fund<br>(Class N Shares/JDINX) | $30 | 0.59%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,052M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 2.4 |
| Investment Companies | 1.2 |
| Other | (1.7) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388242.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71112S 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Overseas Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class R Shares:JDIRX
This semiannual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Overseas Fund<br>(Class R Shares/JDIRX) | $68 | 1.33%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,052M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 2.4 |
| Investment Companies | 1.2 |
| Other | (1.7) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388266.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Overseas Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class S Shares:JIGRX
This semiannual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Overseas Fund<br>(Class S Shares/JIGRX) | $55 | 1.08%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,052M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 2.4 |
| Investment Companies | 1.2 |
| Other | (1.7) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388292.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71113T 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Overseas Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class T Shares:JAOSX
This semiannual shareholder report contains important information about the Janus Henderson Overseas Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

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

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4,052M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 3.6 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.1 |
| Investments Purchased with Cash Collateral from Securities Lending | 2.4 |
| Investment Companies | 1.2 |
| Other | (1.7) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388316.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Research Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class A Shares:JRAAX
This semiannual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Research Fund<br>(Class A Shares/JRAAX) | $50 | 1.05%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$24,754M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 14.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 9.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.8 |

---

Asset Allocation (% of net assets)

Common Stocks 100.0 <br> Investments Purchased with Cash Collateral from Securities Lending 0.0 <br> Other (0.0)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_387950.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71114A 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Research Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class C Shares:JRACX
This semiannual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Research Fund<br>(Class C Shares/JRACX) | $81 | 1.71%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$24,754M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 14.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 9.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.8 |

---

Asset Allocation (% of net assets)

Common Stocks 100.0 <br> Investments Purchased with Cash Collateral from Securities Lending 0.0 <br> Other (0.0)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_387976.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Research Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class D Shares:JNRFX
This semiannual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Research Fund<br>(Class D Shares/JNRFX) | $40 | 0.85%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$24,754M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 14.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 9.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.8 |

---

Asset Allocation (% of net assets)

Common Stocks 100.0 <br> Investments Purchased with Cash Collateral from Securities Lending 0.0 <br> Other (0.0)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_387999.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1817.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71115C 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Research Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class I Shares:JRAIX
This semiannual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Research Fund<br>(Class I Shares/JRAIX) | $41 | 0.87%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$24,754M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 14.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 9.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.8 |

---

Asset Allocation (% of net assets)

Common Stocks 100.0 <br> Investments Purchased with Cash Collateral from Securities Lending 0.0 <br> Other (0.0)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388023.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Research Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class N Shares:JRANX
This semiannual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Research Fund<br>(Class N Shares/JRANX) | $35 | 0.74%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$24,754M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 14.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 9.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.8 |

---

Asset Allocation (% of net assets)

Common Stocks 100.0 <br> Investments Purchased with Cash Collateral from Securities Lending 0.0 <br> Other (0.0)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388046.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 225-70-71116D 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Research Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class R Shares:JRARX
This semiannual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Research Fund<br>(Class R Shares/JRARX) | $70 | 1.47%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$24,754M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 14.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 9.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.8 |

---

Asset Allocation (% of net assets)

Common Stocks 100.0 <br> Investments Purchased with Cash Collateral from Securities Lending 0.0 <br> Other (0.0)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388072.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Research Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class S Shares:JRASX
This semiannual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Research Fund<br>(Class S Shares/JRASX) | $59 | 1.25%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$24,754M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 14.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 9.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.8 |

---

Asset Allocation (% of net assets)

Common Stocks 100.0 <br> Investments Purchased with Cash Collateral from Securities Lending 0.0 <br> Other (0.0)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388095.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71117I 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Research Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class T Shares:JAMRX
This semiannual shareholder report contains important information about the Janus Henderson Research Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Research Fund<br>(Class T Shares/JAMRX) | $46 | 0.96%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$24,754M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 14.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 9.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5.8 |

---

Asset Allocation (% of net assets)

Common Stocks 100.0 <br> Investments Purchased with Cash Collateral from Securities Lending 0.0 <br> Other (0.0)

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388119.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Triton Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class A Shares:JGMAX
This semiannual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Triton Fund<br>(Class A Shares/JGMAX) | $57 | 1.12%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,180M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies Inc | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;AST SpaceMobile Inc | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 2.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Private Placements | 1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Investment Companies | 0.6 |
| Rights | 0.1 |
| Other | (0.9) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_387576.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71118N 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Triton Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class C Shares:JGMCX
This semiannual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Triton Fund<br>(Class C Shares/JGMCX) | $84 | 1.67%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,180M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies Inc | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;AST SpaceMobile Inc | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 2.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Private Placements | 1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Investment Companies | 0.6 |
| Rights | 0.1 |
| Other | (0.9) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_387600.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Triton Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class D Shares:JANIX
This semiannual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Triton Fund<br>(Class D Shares/JANIX) | $40 | 0.79%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,180M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies Inc | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;AST SpaceMobile Inc | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 2.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Private Placements | 1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Investment Companies | 0.6 |
| Rights | 0.1 |
| Other | (0.9) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_387627.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1817.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71119S 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Triton Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class I Shares:JSMGX
This semiannual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Triton Fund<br>(Class I Shares/JSMGX) | $40 | 0.78%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,180M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies Inc | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;AST SpaceMobile Inc | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 2.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Private Placements | 1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Investment Companies | 0.6 |
| Rights | 0.1 |
| Other | (0.9) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_387652.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Triton Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class N Shares:JGMNX
This semiannual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Triton Fund<br>(Class N Shares/JGMNX) | $34 | 0.67%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,180M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies Inc | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;AST SpaceMobile Inc | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 2.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Private Placements | 1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Investment Companies | 0.6 |
| Rights | 0.1 |
| Other | (0.9) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_387676.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71120T 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Triton Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class R Shares:JGMRX
This semiannual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Triton Fund<br>(Class R Shares/JGMRX) | $71 | 1.41%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,180M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies Inc | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;AST SpaceMobile Inc | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 2.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Private Placements | 1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Investment Companies | 0.6 |
| Rights | 0.1 |
| Other | (0.9) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_387702.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Triton Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class S Shares:JGMIX
This semiannual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Triton Fund<br>(Class S Shares/JGMIX) | $59 | 1.16%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,180M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies Inc | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;AST SpaceMobile Inc | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 2.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Private Placements | 1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Investment Companies | 0.6 |
| Rights | 0.1 |
| Other | (0.9) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_387726.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71121A 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Triton Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class T Shares:JATTX
This semiannual shareholder report contains important information about the Janus Henderson Triton Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Triton Fund<br>(Class T Shares/JATTX) | $46 | 0.91%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5,180M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies Inc | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;AST SpaceMobile Inc | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc | 2.1 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Private Placements | 1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.7 |
| Investment Companies | 0.6 |
| Rights | 0.1 |
| Other | (0.9) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_387750.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson U.S. Dividend Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class D Shares:JDDVX
This semiannual shareholder report contains important information about the Janus Henderson U.S. Dividend Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson U.S. Dividend Income Fund<br>(Class D Shares/JDDVX) | $41 | 0.81%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$60M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International Inc | 2.8 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Other 0.1

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388891.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1817.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71122C 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson U.S. Dividend Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class I Shares:JIDVX
This semiannual shareholder report contains important information about the Janus Henderson U.S. Dividend Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson U.S. Dividend Income Fund<br>(Class I Shares/JIDVX) | $36 | 0.72%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$60M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International Inc | 2.8 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Other 0.1

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388916.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson U.S. Dividend Income Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class N Shares:JNDVX
This semiannual shareholder report contains important information about the Janus Henderson U.S. Dividend Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson U.S. Dividend Income Fund<br>(Class N Shares/JNDVX) | $35 | 0.69%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$60M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International Inc | 2.8 |

---

Asset Allocation (% of net assets)

Common Stocks 99.9 <br> Other 0.1

Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388938.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 225-70-71123D 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Venture Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class A Shares:JVTAX
This semiannual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Venture Fund<br>(Class A Shares/JVTAX) | $52 | 1.04%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,061M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies Inc | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;AST SpaceMobile Inc | 1.8 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.5 |
| Private Placements | 1.6 |
| Investment Companies | 1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.9 |
| Rights | 0.1 |
| Other | (1.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388964.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Venture Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class C Shares:JVTCX
This semiannual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Venture Fund<br>(Class C Shares/JVTCX) | $94 | 1.89%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,061M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies Inc | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;AST SpaceMobile Inc | 1.8 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.5 |
| Private Placements | 1.6 |
| Investment Companies | 1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.9 |
| Rights | 0.1 |
| Other | (1.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_388989.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71124I 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Venture Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class D Shares:JANVX
This semiannual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/reports. You can also request this information by contacting us at 1-800-525-3713.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Venture Fund<br>(Class D Shares/JANVX) | $39 | 0.79%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,061M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies Inc | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;AST SpaceMobile Inc | 1.8 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.5 |
| Private Placements | 1.6 |
| Investment Companies | 1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.9 |
| Rights | 0.1 |
| Other | (1.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389013.jpg)

Where can I find more information?

![QR Code - Individual Investor](images_1817.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Venture Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class I Shares:JVTIX
This semiannual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Venture Fund<br>(Class I Shares/JVTIX) | $38 | 0.77%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,061M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies Inc | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;AST SpaceMobile Inc | 1.8 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.5 |
| Private Placements | 1.6 |
| Investment Companies | 1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.9 |
| Rights | 0.1 |
| Other | (1.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389037.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71125N 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Venture Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class N Shares:JVTNX
This semiannual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Venture Fund<br>(Class N Shares/JVTNX) | $34 | 0.67%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,061M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies Inc | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;AST SpaceMobile Inc | 1.8 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.5 |
| Private Placements | 1.6 |
| Investment Companies | 1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.9 |
| Rights | 0.1 |
| Other | (1.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389064.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Venture Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class S Shares:JVTSX
This semiannual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Venture Fund<br>(Class S Shares/JVTSX) | $59 | 1.18%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,061M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies Inc | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;AST SpaceMobile Inc | 1.8 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.5 |
| Private Placements | 1.6 |
| Investment Companies | 1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.9 |
| Rights | 0.1 |
| Other | (1.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389087.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

Janus Investment Fund 125-70-71126R 05-26

![TSR Front Cover Logo](images_1815.jpg)

#### Janus Henderson Venture Fund

#### SEMIANNUAL SHAREHOLDER REPORT

#### March 31, 2026

#### Class T Shares:JAVTX
This semiannual shareholder report contains important information about the Janus Henderson Venture Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at janushenderson.com/info. You can also request this information by contacting us at 1-877-335-2687.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a <br>$10,000 investment** | **Cost paid as a percentage<br>of a $10,000 investment** |
| Janus Henderson Venture Fund<br>(Class T Shares/JAVTX) | $45 | 0.90%\* |

---

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

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3,061M |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

What did the Fund invest in?

5 Largest Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies Inc | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;AST SpaceMobile Inc | 1.8 |

---

Asset Allocation (% of net assets)

---

| | |
|:---|:---|
| Common Stocks | 97.5 |
| Private Placements | 1.6 |
| Investment Companies | 1 |
| Investments Purchased with Cash Collateral from Securities Lending | 0.9 |
| Rights | 0.1 |
| Other | (1.1) |

---

Top 5 Country Allocations (% of investments)

![Graphical Representation - Allocation 2 Chart](chartimages_389114.jpg)

Where can I find more information?

![QR Code - Advisor](images_1816.jpg)

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

* Prospectus

* Financial information

* Fund holdings

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

*Mutual funds distributed by Janus Henderson Distributors US LLC.*

------

Item 2 - Code of Ethics

Not applicable to semiannual reports.

------

Item 3 - Audit Committee Financial Expert

Not applicable to semiannual reports.

------

Item 4 - Principal Accountant Fees and Services

Not applicable to semiannual reports.

------

Item 5 - Audit Committee of Listed Registrants

Not applicable.

------

Item 6 - Investments

(a) Schedule of Investments is contained in the Reports to Shareholders included under Item 7 of this Form N-CSR.

(b) Not applicable.

------

Item 7 - Financial Statements and Financial Highlights for Open-Ended Management Investment Companies

------

SEMIANNUAL FINANCIAL STATEMENTS

March 31, 2026

**Janus Henderson Balanced Fund**

Janus Investment Fund

![](imgc0bfe86b1.gif)

------

**Table of Contents**

**Janus Henderson Balanced Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_8798b500-c439-4f9d-bd8a-7a70572b17a8_SOI-SOI-RunningFooter-45_1)<br> [Management Investment Companies](#xx_8798b500-c439-4f9d-bd8a-7a70572b17a8_SOI-SOI-RunningFooter-45_1)<br>|  |
| [Schedule of Investments](#xx_8798b500-c439-4f9d-bd8a-7a70572b17a8_SOI-SOI-RunningFooter-45_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_8798b500-c439-4f9d-bd8a-7a70572b17a8_SOI-SOI-RunningFooter-45_21) | 21 |
| [Statement of Assets and Liabilities](#xx_8798b500-c439-4f9d-bd8a-7a70572b17a8_SAL-SAL-RunningFooter-45_1) | 23 |
| [Statement of Operations](#xx_8798b500-c439-4f9d-bd8a-7a70572b17a8_SOP-SOP-RunningFooter-45_1) | 25 |
| [Statements of Changes in Net Assets](#xx_8798b500-c439-4f9d-bd8a-7a70572b17a8_SOC-SOC-RunningFooter-45_1) | 27 |
| [Financial Highlights](#xx_8798b500-c439-4f9d-bd8a-7a70572b17a8_FIHI-FIHI-RunningFooter-45_1) | 28 |
| [Notes to Financial Statements](#xx_8798b500-c439-4f9d-bd8a-7a70572b17a8_NTF-NTF-RunningFooter-45_1) | 36 |
| [Items 8-11 - Additional Information](#xx_8798b500-c439-4f9d-bd8a-7a70572b17a8_AI-AI-RunningFooter-45_1) | 53 |

---

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – 11.9% |  |  |
| 208 Park Avenue Mortgage Trust 2017-280P, CME Term SOFR 1 Month + <br> 1.1800%, 4.8500%, 9/15/34<sup>ž,</sup><sup>‡</sup> <br>| $11417538 | $11360642 |
| A&D Mortgage Trust 2024-NQM5 A1, 5.6990%, 11/25/69<sup>ž</sup> <br>| 7569787 | 7596335 |
| A&D Mortgage Trust 2025-NQM4 A1, 5.2250%, 10/25/70<sup>ž,</sup><sup>Ç</sup> <br>| 5753259 | 5740622 |
| AGL CLO 1 Ltd 2023-26A A1R, CME Term SOFR 3 Month + 1.2800%, <br> 4.9497%, 10/21/38<sup>ž,</sup><sup>‡</sup> <br>| 39500000 | 39499325 |
| ALA Trust 2025-OANA A, CME Term SOFR 1 Month + 1.7426%, 5.4156%, <br> 6/15/40<sup>ž,</sup><sup>‡</sup> <br>| 40760000 | 40768551 |
| Angel Oak Mortgage Trust I LLC 2019-5, 2.5930%, 10/25/49<sup>ž,</sup><sup>‡</sup> <br>| 256659 | 254425 |
| 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>| 632483 | 625888 |
| 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>| 1431215 | 1378465 |
| Angel Oak Mortgage Trust I LLC 2024-5 A1, 4.9500%, 7/25/68<sup>ž,</sup><sup>Ç</sup> <br>| 20982573 | 20817204 |
| Angel Oak Mortgage Trust I LLC 2025-6 A1, 5.5150%, 4/25/70<sup>ž,</sup><sup>Ç</sup> <br>| 15722849 | 15780587 |
| Ansley Park Capital LLC 2025-A A2, 4.4300%, 4/20/35<sup>ž</sup> <br>| 10745330 | 10759908 |
| Aqua Finance Trust 2021-A A, 1.5400%, 7/17/46<sup>ž</sup> <br>| 1601483 | 1471502 |
| Avis Budget Rental Car Funding AESOP LLC 2023-4A A, 5.4900%, 6/20/29<sup>ž</sup> <br>| 9035000 | 9212275 |
| Avis Budget Rental Car Funding AESOP LLC 2026-1A A, 4.2800%, 8/20/30<sup>ž</sup> <br>| 4557000 | 4516597 |
| Babson CLO Ltd LP-5A A, CME Term SOFR 3 Month + 1.2200%, 4.8876%, <br> 1/22/35<sup>ž,</sup><sup>‡</sup> <br>| 24995203 | 24986910 |
| Bain Capital Credit CLO Ltd 2023-3A A1R, CME Term SOFR 3 Month + <br> 1.3100%, 4.9780%, 10/25/38<sup>ž,</sup><sup>‡</sup> <br>| 22259000 | 22268834 |
| Ballyrock Ltd 2020-14A A1BR, CME Term SOFR 3 Month + 1.5800%, 5.2476%, <br> 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 5292308 | 5292674 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR2 E, 1.2731%, <br> 7/27/50<sup>ž,</sup><sup>‡</sup> <br>| 6911000 | 6105492 |
| BAMLL Commercial Mortgage Securities Trust 2024-FRR3 E, 0.4732%, <br> 1/27/50<sup>ž,</sup><sup>‡</sup> <br>| 9329952 | 8679923 |
| Bayview Opportunity Master Fund 2021-5 AF, US 30 Day Average SOFR + <br> 0.8500%, 4.5119%, 11/25/51<sup>ž,</sup><sup>‡</sup> <br>| 12407895 | 11568726 |
| Bayview Opportunity Master Fund 2022-2 A1, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 9727846 | 8426457 |
| Bayview Opportunity Master Fund VII 2025-EDU1 B, US 30 Day Average SOFR + <br> 1.7000%, 5.3619%, 7/27/48<sup>ž,</sup><sup>‡</sup> <br>| 5584073 | 5577722 |
| Benefit Street Partners CLO Ltd 2018-15A A1R, CME Term SOFR 3 Month + <br> 1.3900%, 5.0622%, 7/15/37<sup>ž,</sup><sup>‡</sup> <br>| 36066000 | 36079554 |
| Benefit Street Partners CLO Ltd 2025-43A A, CME Term SOFR 3 Month + <br> 1.2700%, 5.0716%, 10/20/38<sup>ž,</sup><sup>‡</sup> <br>| 31619000 | 31597388 |
| BLP Commercial Mortgage Trust 2025-IND A, CME Term SOFR 1 Month + <br> 1.2000%, 4.8725%, 3/15/42<sup>ž,</sup><sup>‡</sup> <br>| 24325395 | 24158129 |
| BLP Commercial Mortgage Trust 2025-IND2 A, CME Term SOFR 1 Month + <br> 1.5000%, 5.1725%, 12/15/42<sup>ž,</sup><sup>‡</sup> <br>| 15929000 | 15885728 |
| BPR Trust 2023-BRK2 A, 6.8990%, 10/5/38<sup>ž,</sup><sup>‡</sup> <br>| 20831000 | 21341422 |
| BPR Trust 2024-PMDW A, 5.3580%, 11/5/41<sup>ž,</sup><sup>‡</sup> <br>| 28442928 | 28787960 |
| BPR Trust 2024-PMDW D, 5.8500%, 11/5/41<sup>ž,</sup><sup>‡</sup> <br>| 11000000 | 10934892 |
| BX Commercial Mortgage Trust 2019-OC11 B, 3.6050%, 12/9/41<sup>ž</sup> <br>| 2965000 | 2807119 |
| BX Commercial Mortgage Trust 2019-OC11 C, 3.8560%, 12/9/41<sup>ž</sup> <br>| 8218000 | 7785591 |
| BX Commercial Mortgage Trust 2021-LBA AJV, CME Term SOFR 1 Month + <br> 1.1645%, 4.8375%, 2/15/36<sup>ž,</sup><sup>‡</sup> <br>| 18764000 | 18737929 |
| BX Commercial Mortgage Trust 2021-LBA AV, CME Term SOFR 1 Month + <br> 1.1645%, 4.8375%, 2/15/36<sup>ž,</sup><sup>‡</sup> <br>| 14912300 | 14902963 |
| BX Commercial Mortgage Trust 2024-AIR2 A, CME Term SOFR 1 Month + <br> 1.4923%, 5.1653%, 10/15/41<sup>ž,</sup><sup>‡</sup> <br>| 26045578 | 26045415 |
| BX Commercial Mortgage Trust 2024-AIRC C, CME Term SOFR 1 Month + <br> 2.5900%, 6.2625%, 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 10047105 | 10046783 |
| BX Commercial Mortgage Trust 2024-BRBK A, CME Term SOFR 1 Month + <br> 2.8796%, 6.5578%, 10/15/41<sup>ž,</sup><sup>‡</sup> <br>| 29782657 | 29940684 |
| BX Commercial Mortgage Trust 2024-GPA3 A, CME Term SOFR 1 Month + <br> 1.2928%, 4.9653%, 12/15/39<sup>ž,</sup><sup>‡</sup> <br>| 13625522 | 13620106 |

---

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

Janus Investment Fund \| 1

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| BX Commercial Mortgage Trust 2024-GPA3 B, CME Term SOFR 1 Month + <br> 1.6423%, 5.3148%, 12/15/39<sup>ž,</sup><sup>‡</sup> <br>| $9413421 | $9413422 |
| BX Commercial Mortgage Trust 2024-VLT4 A, CME Term SOFR 1 Month + <br> 1.4914%, 5.1639%, 6/15/41<sup>ž,</sup><sup>‡</sup> <br>| 24841746 | 24687274 |
| BX Commercial Mortgage Trust 2024-VLT5 A, 5.0497%, 11/13/46<sup>ž,</sup><sup>‡</sup> <br>| 20709000 | 20533367 |
| BX Commercial Mortgage Trust 2024-VLT5 B, 5.4147%, 11/13/46<sup>ž,</sup><sup>‡</sup> <br>| 4247000 | 4238942 |
| BX Commercial Mortgage Trust 2025-ARIA A, 5.0311%, 12/13/42<sup>ž,</sup><sup>‡</sup> <br>| 30916000 | 31086311 |
| BX Commercial Mortgage Trust 2025-DIME A, CME Term SOFR 1 Month + <br> 1.1500%, 4.8225%, 2/15/35<sup>ž,</sup><sup>‡</sup> <br>| 25165000 | 24971323 |
| BX Commercial Mortgage Trust 2025-GW A, CME Term SOFR 1 Month + <br> 1.6000%, 5.2730%, 7/15/42<sup>ž,</sup><sup>‡</sup> <br>| 23236000 | 23214866 |
| BX Commercial Mortgage Trust 2025-ROIC A, CME Term SOFR 1 Month + <br> 1.1438%, 4.8163%, 3/15/30<sup>ž,</sup><sup>‡</sup> <br>| 31203221 | 31038778 |
| BX Commercial Mortgage Trust 2025-ROIC B, CME Term SOFR 1 Month + <br> 1.3935%, 5.0660%, 3/15/30<sup>ž,</sup><sup>‡</sup> <br>| 6828206 | 6770000 |
| BX Commercial Mortgage Trust 2025-SPOT A, CME Term SOFR 1 Month + <br> 1.4434%, 5.1159%, 4/15/40<sup>ž,</sup><sup>‡</sup> <br>| 11478996 | 11461051 |
| BX Commercial Mortgage Trust 2025-VLT7 A, CME Term SOFR 1 Month + <br> 1.7000%, 5.3725%, 7/15/44<sup>ž,</sup><sup>‡</sup> <br>| 49200000 | 48945504 |
| BX Commercial Mortgage Trust 2026-CSMO A, CME Term SOFR 1 Month + <br> 1.4000%, 5.0725%, 2/15/43<sup>ž,</sup><sup>‡</sup> <br>| 23395000 | 23370882 |
| BX Commercial Mortgage Trust 2026-CSMO B, CME Term SOFR 1 Month + <br> 1.7000%, 5.3725%, 2/15/43<sup>ž,</sup><sup>‡</sup> <br>| 7926000 | 7922682 |
| BX Commercial Mortgage Trust 2026-CSMO C, CME Term SOFR 1 Month + <br> 2.0000%, 5.6725%, 2/15/43<sup>ž,</sup><sup>‡</sup> <br>| 4699000 | 4693871 |
| BXHPP Trust 2021-FILM A, CME Term SOFR 1 Month + 0.7645%, 4.4375%, <br> 8/15/36<sup>ž,</sup><sup>‡</sup> <br>| 3193000 | 3027374 |
| BXP Trust 2017-GM, 3.3790%, 6/13/39<sup>ž</sup> <br>| 4190000 | 4119889 |
| Carlyle Global Markets Strategies 2023-2A A1R, CME Term SOFR 3 Month + <br> 1.3200%, 4.9876%, 7/20/38<sup>ž,</sup><sup>‡</sup> <br>| 33655000 | 33678885 |
| CART 2024-DFW1 A, CME Term SOFR 1 Month + 1.6417%, 5.3142%, <br> 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 17061000 | 16945082 |
| CART 2024-DFW1 B, CME Term SOFR 1 Month + 2.2908%, 5.9633%, <br> 8/15/41<sup>ž,</sup><sup>‡</sup> <br>| 12544811 | 12485506 |
| Castle Hill INGOTS Ltd 2026-GATE3 A, 4.6945%, 2/10/43<sup>ž,</sup><sup>‡</sup> <br>| 5520000 | 5465984 |
| CBAMR Ltd 2018-5A A1R, CME Term SOFR 3 Month + 1.3400%, 5.4523%, <br> 10/18/38<sup>ž,</sup><sup>‡</sup> <br>| 16113000 | 16116848 |
| CF Hippolyta Issuer LLC 2020-1 A1, 1.6900%, 7/15/60<sup>ž</sup> <br>| 8424994 | 7072197 |
| CF Hippolyta Issuer LLC 2020-1 B1, 2.2800%, 7/15/60<sup>ž</sup> <br>| 818501 | 521647 |
| CF Hippolyta Issuer LLC 2021-1A A1, 1.5300%, 3/15/61<sup>ž</sup> <br>| 15566333 | 12568679 |
| CF Hippolyta Issuer LLC 2021-1A B1, 1.9800%, 3/15/61<sup>ž</sup> <br>| 5435902 | 3266608 |
| CF Hippolyta Issuer LLC 2022-1A A1, 5.9700%, 8/15/62<sup>ž</sup> <br>| 17257714 | 17008247 |
| CF Hippolyta Issuer LLC 2022-1A A2, 6.1100%, 8/15/62<sup>ž</sup> <br>| 48898757 | 47536642 |
| Chase Mortgage Finance Corp 2021-CL1 M1, US 30 Day Average SOFR + <br> 1.2000%, 4.8619%, 2/25/50<sup>ž,</sup><sup>‡</sup> <br>| 11944006 | 11658985 |
| CIFC Funding Ltd 2019-7A A1R, CME Term SOFR 3 Month + 1.2800%, <br> 4.9476%, 10/19/38<sup>ž,</sup><sup>‡</sup> <br>| 25667000 | 25667000 |
| Citigroup Mortgage Loan Trust Inc 2025-LTV1 A1, 5.2370%, 12/25/55<sup>ž,</sup><sup>‡</sup> <br>| 20951278 | 20868204 |
| Compass Datacenters Issuer II LLC 2024-2A A1, 5.0220%, 8/25/49<sup>ž</sup> <br>| 3645000 | 3633048 |
| Compass Datacenters Issuer II LLC 2025-1A A1, 5.3160%, 5/25/50<sup>ž</sup> <br>| 62151000 | 62143342 |
| Compass Datacenters Issuer III LLC 2025-1A A2, 5.6560%, 2/25/50<sup>ž</sup> <br>| 21257000 | 21239054 |
| Compass Datacenters Issuer III LLC 2025-2A A2, 5.8350%, 2/25/50<sup>ž</sup> <br>| 13235000 | 13121285 |
| Connecticut Avenue Securities Trust 2021-R03 1M2, US 30 Day Average SOFR <br> + 1.6500%, 5.3119%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 9700049 | 9709063 |
| Connecticut Avenue Securities Trust 2022-R02 2M2, US 30 Day Average SOFR <br> + 3.0000%, 6.6619%, 1/27/42<sup>ž,</sup><sup>‡</sup> <br>| 11937152 | 12061425 |
| Connecticut Avenue Securities Trust 2022-R04 1M2, US 30 Day Average SOFR <br> + 3.1000%, 6.7619%, 3/25/42<sup>ž,</sup><sup>‡</sup> <br>| 887782 | 903745 |
| Connecticut Avenue Securities Trust 2022-R05 2M1, US 30 Day Average SOFR <br> + 1.9000%, 5.5619%, 4/25/42<sup>ž,</sup><sup>‡</sup> <br>| 784843 | 785813 |

---

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

2 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Connecticut Avenue Securities Trust 2022-R05 2M2, US 30 Day Average SOFR <br> + 3.0000%, 6.6619%, 4/25/42<sup>ž,</sup><sup>‡</sup> <br>| $9001000 | $9117675 |
| Connecticut Avenue Securities Trust 2023-R06 1M1, US 30 Day Average SOFR <br> + 1.7000%, 5.3619%, 7/27/43<sup>ž,</sup><sup>‡</sup> <br>| 4387968 | 4397716 |
| Connecticut Avenue Securities Trust 2023-R07 2M1, US 30 Day Average SOFR <br> + 1.9500%, 5.6119%, 9/25/43<sup>ž,</sup><sup>‡</sup> <br>| 1658707 | 1662783 |
| Connecticut Avenue Securities Trust 2023-R08 1M1, US 30 Day Average SOFR <br> + 1.5000%, 5.1619%, 10/26/43<sup>ž,</sup><sup>‡</sup> <br>| 3172124 | 3173463 |
| Connecticut Avenue Securities Trust 2024-R01 1M1, US 30 Day Average SOFR <br> + 1.0500%, 4.7119%, 1/25/44<sup>ž,</sup><sup>‡</sup> <br>| 3745242 | 3744727 |
| Connecticut Avenue Securities Trust 2024-R03 2M1, US 30 Day Average SOFR <br> + 1.1500%, 4.8119%, 3/25/44<sup>ž,</sup><sup>‡</sup> <br>| 2173244 | 2171240 |
| Connecticut Avenue Securities Trust 2024-R04 1M1, US 30 Day Average SOFR <br> + 1.1000%, 4.7619%, 5/25/44<sup>ž,</sup><sup>‡</sup> <br>| 1597298 | 1597696 |
| Connecticut Avenue Securities Trust 2025-R01 1M1, US 30 Day Average SOFR <br> + 1.1000%, 4.7619%, 1/25/45<sup>ž,</sup><sup>‡</sup> <br>| 2257298 | 2253824 |
| Connecticut Avenue Securities Trust 2025-R02 1M1, US 30 Day Average SOFR <br> + 1.1500%, 4.8119%, 2/27/45<sup>ž,</sup><sup>‡</sup> <br>| 4012824 | 4011024 |
| Connecticut Avenue Securities Trust 2025-R05 2M1, US 30 Day Average SOFR <br> + 1.2000%, 4.8619%, 7/25/45<sup>ž,</sup><sup>‡</sup> <br>| 7616678 | 7609518 |
| COOPR Residential Mortgage Trust 2025-CES2 A1A, 5.5020%, 6/25/60<sup>ž,</sup><sup>Ç</sup> <br>| 5567772 | 5581477 |
| COOPR Residential Mortgage Trust 2025-CES3 A1A, 4.8400%, 9/25/60<sup>ž,</sup><sup>Ç</sup> <br>| 13149003 | 13023731 |
| COOPR Residential Mortgage Trust 2025-CES4 A1A, 5.0400%, 11/25/60<sup>ž,</sup><sup>Ç</sup> <br>| 4998700 | 4976731 |
| COOPR Residential Mortgage Trust 2026-CES1 A1A, 4.8740%, 1/1/61<sup>ž,</sup><sup>Ç</sup> <br>| 12231559 | 12125377 |
| CPF IV LLC / CP EF Asset Securitization LLC 2023-1A A, 7.4800%, 3/15/32<sup>ž</sup> <br>| 868258 | 872554 |
| Croton Park CLO Ltd, CME Term SOFR 3 Month + 1.5600%, 5.2322%, <br> 10/15/36<sup>ž,</sup><sup>‡</sup> <br>| 16432000 | 16395966 |
| CyrusOne Data Centers Issuer I LLC 2024-1A A2, 4.7600%, 3/22/49<sup>ž</sup> <br>| 9636018 | 9435592 |
| CyrusOne Data Centers Issuer I LLC 2024-2A A2, 4.5000%, 5/20/49<sup>ž</sup> <br>| 3413000 | 3319321 |
| CyrusOne Data Centers Issuer I LLC 2024-3A A2, 4.6500%, 5/20/49<sup>ž</sup> <br>| 33334000 | 31718388 |
| DATA Mortgage Trust 2024-CTR2 A, 5.2990%, 5/10/46<sup>ž,</sup><sup>‡</sup> <br>| 6852820 | 6747843 |
| DB Master Finance LLC 2017-1A A2II, 4.0300%, 11/20/47<sup>ž</sup> <br>| 5210880 | 5164459 |
| DB Master Finance LLC 2021-1A A23, 2.7910%, 11/20/51<sup>ž</sup> <br>| 3548495 | 3114137 |
| DB Master Finance LLC 2021-1A A2II, 2.4930%, 11/20/51<sup>ž</sup> <br>| 4662067 | 4371602 |
| DI Issuer LLC 2025-1A A2, 5.3100%, 12/15/55<sup>ž</sup> <br>| 8717000 | 8706370 |
| Diamond Infrastructure Funding LLC 2021-1A A, 1.7600%, 4/15/49<sup>ž</sup> <br>| 17354000 | 16969531 |
| Ellington Financial Mortgage Trust 2025-RTL1 A1, 5.2210%, 11/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 7333000 | 7321154 |
| Elmwood CLO X Ltd 2021-3A AR2, CME Term SOFR 3 Month + 1.3000%, <br> 4.9676%, 7/20/38<sup>ž,</sup><sup>‡</sup> <br>| 24120000 | 24131283 |
| Fannie Mae REMICS 2018-27 EA, 3.0000%, 5/25/48 | 5581341 | 5007599 |
| Fannie Mae REMICS 2019-71 P, 3.0000%, 11/25/49 | 7722973 | 6911230 |
| FIGRE Trust 2024-HE2 A, 6.3800%, 5/25/54<sup>ž,</sup><sup>‡</sup> <br>| 6917393 | 7054305 |
| FIGRE Trust 2024-HE4 A, 5.0560%, 9/25/54<sup>ž,</sup><sup>‡</sup> <br>| 9093431 | 9083911 |
| FIGRE Trust 2025-HE2 A, 5.7750%, 3/25/55<sup>ž,</sup><sup>‡</sup> <br>| 10414468 | 10487009 |
| FIGRE Trust 2025-HE3 A, 5.5600%, 5/25/55<sup>ž,</sup><sup>‡</sup> <br>| 11541856 | 11580574 |
| FIGRE Trust 2025-HE4 A, 5.4080%, 7/25/55<sup>ž,</sup><sup>‡</sup> <br>| 4986997 | 4989315 |
| FIGRE Trust 2025-HE5 A, 5.2850%, 8/25/55<sup>ž,</sup><sup>‡</sup> <br>| 8116963 | 8093445 |
| FIGRE Trust 2025-HE6 A, 5.0440%, 9/25/55<sup>ž,</sup><sup>‡</sup> <br>| 6352425 | 6297770 |
| Finance of America Structured Securities Trust 2025-S1 A1, 3.5000%, 2/25/75<sup>ž</sup> <br>| 9485806 | 9184268 |
| Flagstar Mortgage Trust 2021-13IN A2, 3.0000%, 12/30/51<sup>ž,</sup><sup>‡</sup> <br>| 17043991 | 14773589 |
| Foundation Finance Trust 2025-3A A, 4.5600%, 8/15/52<sup>ž</sup> <br>| 11836542 | 11751791 |
| Freddie Mac - SLST 2020-2 M1, 4.7500%, 9/25/60<sup>ž,</sup><sup>‡</sup> <br>| 1736646 | 1728468 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA3 M2, US <br> 30 Day Average SOFR + 2.1000%, 5.7619%, 9/25/41<sup>ž,</sup><sup>‡</sup> <br>| 5220531 | 5238119 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA4 M2, US <br> 30 Day Average SOFR + 2.3500%, 6.0119%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| 17429528 | 17533601 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 M1A, US <br> 30 Day Average SOFR + 1.3000%, 4.9619%, 2/25/42<sup>ž,</sup><sup>‡</sup> <br>| 611568 | 612048 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA2 M2, US <br> 30 Day Average SOFR + 3.7500%, 7.4119%, 2/25/42<sup>ž,</sup><sup>‡</sup> <br>| 7710086 | 7869151 |

---

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

Janus Investment Fund \| 3

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA3 M1B, US <br> 30 Day Average SOFR + 2.9000%, 6.5619%, 4/25/42<sup>ž,</sup><sup>‡</sup> <br>| $8680781 | $8831481 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA3 M2, US <br> 30 Day Average SOFR + 4.3500%, 8.0119%, 4/25/42<sup>ž,</sup><sup>‡</sup> <br>| 4906251 | 5051707 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA4 M2, US <br> 30 Day Average SOFR + 5.2500%, 8.9119%, 5/26/42<sup>ž,</sup><sup>‡</sup> <br>| 1549942 | 1614013 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA5 M2, US <br> 30 Day Average SOFR + 6.7500%, 10.4119%, 6/25/42<sup>ž,</sup><sup>‡</sup> <br>| 829508 | 882832 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA6 M2, US <br> 30 Day Average SOFR + 5.7500%, 9.4119%, 9/25/42<sup>ž,</sup><sup>‡</sup> <br>| 3830016 | 4070802 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA1 M1A, US <br> 30 Day Average SOFR + 2.1000%, 5.7619%, 3/25/42<sup>ž,</sup><sup>‡</sup> <br>| 782598 | 783937 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A, US <br> 30 Day Average SOFR + 2.1000%, 5.7619%, 4/27/43<sup>ž,</sup><sup>‡</sup> <br>| 3424057 | 3455752 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA2 M1A, US <br> 30 Day Average SOFR + 2.0000%, 5.6619%, 6/25/43<sup>ž,</sup><sup>‡</sup> <br>| 204686 | 204939 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 M1, US <br> 30 Day Average SOFR + 1.8500%, 5.5119%, 11/25/43<sup>ž,</sup><sup>‡</sup> <br>| 4179561 | 4198781 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA2 M1, US <br> 30 Day Average SOFR + 1.2000%, 4.8619%, 5/25/44<sup>ž,</sup><sup>‡</sup> <br>| 1950173 | 1949335 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA1 M1, US <br> 30 Day Average SOFR + 1.0500%, 4.7119%, 1/25/45<sup>ž,</sup><sup>‡</sup> <br>| 4007598 | 4002244 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA2 M1, US <br> 30 Day Average SOFR + 1.2000%, 4.8619%, 5/25/45<sup>ž,</sup><sup>‡</sup> <br>| 754290 | 753549 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA3 M1, US <br> 30 Day Average SOFR + 1.1000%, 4.7619%, 9/25/45<sup>ž,</sup><sup>‡</sup> <br>| 622606 | 621480 |
| Freddie Mac Structured Agency Credit Risk Debt Notes 2025-HQA1 M1, US <br> 30 Day Average SOFR + 1.1500%, 4.8119%, 2/27/45<sup>ž,</sup><sup>‡</sup> <br>| 8592953 | 8585422 |
| FREMF Mortgage Trust 2023-K511 C, 5.6344%, 11/25/28<sup>ž,</sup><sup>‡</sup> <br>| 5263000 | 4944744 |
| FS Commercial Mortgage Trust 2026-ORL A, CME Term SOFR 1 Month + <br> 1.3500%, 5.0225%, 2/15/41<sup>ž,</sup><sup>‡</sup> <br>| 10119000 | 10095562 |
| GCAT 2023-INV1 A1, 6.0000%, 8/25/53<sup>ž,</sup><sup>‡</sup> <br>| 15725022 | 15873135 |
| Golden Tree Loan Management US CLO1 Ltd 2023-17A AR, CME Term SOFR 3 <br> Month + 1.2800%, 4.9476%, 1/20/39<sup>ž,</sup><sup>‡</sup> <br>| 27405000 | 27406195 |
| Great Wolf Trust 2024-WLF2 A, CME Term SOFR 1 Month + 1.6912%, 5.3638%, <br> 5/15/41<sup>ž,</sup><sup>‡</sup> <br>| 29946000 | 29939339 |
| GS Mortgage Securities Trust 2025-800D A, CME Term SOFR 1 Month + <br> 2.6500%, 6.3296%, 11/25/41<sup>ž,</sup><sup>‡</sup> <br>| 10406498 | 10401258 |
| GS Mortgage-Backed Securities Trust 2025-CES2 A1, 5.1800%, 9/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 10903447 | 10864075 |
| GS Mortgage-Backed Securities Trust 2026-CES1 A1, 4.8990%, 5/25/56<sup>ž,</sup><sup>Ç</sup> <br>| 3821670 | 3800437 |
| Hertz Vehicle Financing LLC 2025-5A A, 4.6200%, 5/25/30<sup>ž</sup> <br>| 10791000 | 10761505 |
| Homeward Opportunities Fund I Trust 2024-RRTL2 A1, 5.9890%, 9/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 9899349 | 11604505 |
| Homeward Opportunities Fund I Trust 2025-RRTL1 A1, 5.4760%, 3/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 16625000 | 16626812 |
| Homeward Opportunities Fund I Trust 2025-RRTL2 A1, 5.2370%, 9/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 8497000 | 8505035 |
| Hudson's Bay Simon JV Trust 2015-HB10 A10, 4.1545%, 8/5/34<sup>ž</sup> <br>| 7602661 | 7306187 |
| JP Morgan Mortgage Trust 2025-5MPR A1D, 5.5000%, 11/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 6228237 | 6211494 |
| KRE Commercial Mortgage Trust 2025-AIP4 A, CME Term SOFR 1 Month + <br> 1.3000%, 4.9725%, 3/15/42<sup>ž,</sup><sup>‡</sup> <br>| 20395537 | 20286510 |
| Lendbuzz Securitization Trust 2023-1A A2, 6.9200%, 8/15/28<sup>ž</sup> <br>| 1547074 | 1560108 |
| Lex Commercial Loan Master Trust 2024-BBG A, 4.8736%, 10/13/33<sup>ž,</sup><sup>‡</sup> <br>| 6407000 | 6386808 |
| LEX Trust 2026-450 A, CME Term SOFR 1 Month + 1.3500%, 5.0000%, <br> 3/15/43<sup>ž,</sup><sup>‡</sup> <br>| 8800000 | 8762226 |
| LHOME Mortgage Trust 2024-RTL2 A1, 7.1280%, 3/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 6506012 | 6521963 |
| LHOME Mortgage Trust 2024-RTL3 A1, 6.9000%, 5/25/29<sup>ž,</sup><sup>Ç</sup> <br>| 8285561 | 8322440 |
| LHOME Mortgage Trust 2024-RTL4 A1, 5.9210%, 7/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 22374900 | 22441924 |
| LHOME Mortgage Trust 2025-RTL3 A1, 5.2390%, 8/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 6451000 | 6469554 |
| LHOME Mortgage Trust 2026-RTL1 A1, 4.9080%, 1/25/41<sup>ž,</sup><sup>Ç</sup> <br>| 4200000 | 4186696 |
| Life Financial Services Trust 2021-BMR C, CME Term SOFR 1 Month + 1.2145%, <br> 4.8875%, 3/15/38<sup>ž,</sup><sup>‡</sup> <br>| 1642688 | 1624394 |

---

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

4 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *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%, 4.9678%, 5/15/39<sup>ž,</sup><sup>‡</sup> <br>| $14828995 | $14285896 |
| M&T Equipment Notes 2023-1A A3, 5.7400%, 7/15/30<sup>ž</sup> <br>| 1718867 | 1725850 |
| Madison Park Funding Ltd 2019-34A A2RR, CME Term SOFR 3 Month + <br> 1.6000%, 5.2711%, 10/16/37<sup>ž,</sup><sup>‡</sup> <br>| 11944000 | 11920135 |
| Madison Park Funding Ltd 2022-55A A1R, CME Term SOFR 3 Month + <br> 1.3600%, 5.0276%, 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 37139704 | 37154170 |
| Madison Park Funding Ltd 2022-62A A1R2, CME Term SOFR 3 Month + <br> 1.3000%, 4.9711%, 7/16/38<sup>ž,</sup><sup>‡</sup> <br>| 26531000 | 26537633 |
| Madison Park Funding Ltd 2025-73A A1, CME Term SOFR 3 Month + 1.3000%, <br> 5.2630%, 10/18/38<sup>ž,</sup><sup>‡</sup> <br>| 28500000 | 28504457 |
| Magnetite CLO Ltd 2025-50A A1, CME Term SOFR 3 Month + 1.2800%, <br> 4.9480%, 7/26/38<sup>ž,</sup><sup>‡</sup> <br>| 19768000 | 19767976 |
| Mello Mortgage Capital Acceptance Trust 2021-INV2 A11, US 30 Day Average <br> SOFR + 0.9500%, 4.6172%, 8/25/51<sup>ž,</sup><sup>‡</sup> <br>| 9064886 | 8474967 |
| Mello Mortgage Capital Acceptance Trust 2021-INV3 A11, US 30 Day Average <br> SOFR + 0.9500%, 4.6172%, 10/25/51<sup>ž,</sup><sup>‡</sup> <br>| 11468124 | 10726412 |
| Mello Mortgage Capital Acceptance Trust 2024-SD1 A1, 4.0000%, 4/25/54<sup>ž,</sup><sup>Ç</sup> <br>| 7062036 | 6945556 |
| Merchants Fleet Funding LLC 2025-1A A, 4.4900%, 1/20/39<sup>ž</sup> <br>| 7750000 | 7747218 |
| 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>| 9877579 | 9656933 |
| MVW Owner Trust 2025-2A A, 4.4800%, 10/20/44<sup>ž</sup> <br>| 3655628 | 3591852 |
| Neuberger Berman CLO Ltd 2019-32RA A, CME Term SOFR 3 Month + <br> 1.3100%, 4.9776%, 7/20/39<sup>ž,</sup><sup>‡</sup> <br>| 24157798 | 24171049 |
| New Economy Assets Phase 1 Issuer LLC 2021-1 B1, 2.4100%, 10/20/61<sup>ž</sup> <br>| 8554000 | 5292793 |
| 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>| 783396 | 784456 |
| 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>| 11984007 | 11933159 |
| New Residential Mortgage Loan Trust 2024-RTL2 A1, 5.4430%, 9/25/39<sup>ž,</sup><sup>Ç</sup> <br>| 9423000 | 9445592 |
| NRTH PARK Mortgage Trust 2025-PARK A, CME Term SOFR 1 Month + <br> 1.3933%, 5.0658%, 10/15/40<sup>ž,</sup><sup>‡</sup> <br>| 20952000 | 20927875 |
| NRZ Excess Spread Collateralized Notes 2021-FHT1 A, 3.1040%, 7/25/26<sup>ž</sup> <br>| 3453951 | 3421770 |
| NRZ Excess Spread Collateralized Notes 2024-FNT1 A, 7.3980%, 11/25/31<sup>ž,</sup><sup>Ç</sup> <br>| 10855705 | 10926409 |
| Oak Hill Credit Partners 2020-7A A1R2, CME Term SOFR 3 Month + 1.2800%, <br> 4.9476%, 7/19/38<sup>ž,</sup><sup>‡</sup> <br>| 24903000 | 24902651 |
| Oak Hill Credit Partners 2021-9A A2R, CME Term SOFR 3 Month + 1.5800%, <br> 5.2476%, 10/19/37<sup>ž,</sup><sup>‡</sup> <br>| 17357000 | 17282063 |
| Oak Street Investment Grade Net Lease Fund 2020-1A A1, 1.8500%, 11/20/50<sup>ž</sup> <br>| 10452976 | 9542106 |
| Oaktree ABF Equipment ST LLC 2026-1A A2, 4.5000%, 10/17/33<sup>ž</sup> <br>| 5800000 | 5797347 |
| Oasis Securitization 2024-1A A, 5.8800%, 9/30/38<sup>§</sup> <br>| 4807000 | 4794243 |
| Oasis Securitization 2025-1A A, 6.3550%, 8/15/39<sup>ž</sup> <br>| 14654000 | 14664442 |
| OCP CLO Ltd 2017-14A A2R, CME Term SOFR 3 Month + 1.5700%, 5.2376%, <br> 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 7550000 | 7537102 |
| OCP CLO Ltd 2025-44A A, CME Term SOFR 3 Month + 1.3000%, 4.9680%, <br> 10/25/38<sup>ž,</sup><sup>‡</sup> <br>| 12300000 | 12303264 |
| Octagon Investment Partners 42 Ltd 2019-3A A2RR, CME Term SOFR 3 Month <br> + 1.5600%, 5.2322%, 7/15/37<sup>ž,</sup><sup>‡</sup> <br>| 2354880 | 2350799 |
| Onslow Bay Financial LLC 2022-INV1 A1, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 4110566 | 3561593 |
| Onslow Bay Financial LLC 2022-INV1 A18, 3.0000%, 12/25/51<sup>ž,</sup><sup>‡</sup> <br>| 10877039 | 9349032 |
| PLYM Commercial Mortgage Trust 2026-IND A, CME Term SOFR 1 Month + <br> 1.2500%, 4.9225%, 3/15/43<sup>ž,</sup><sup>‡</sup> <br>| 12540000 | 12472943 |
| PNW Trust 2026-ARTE A, CME Term SOFR 1 Month + 1.7113%, 5.3863%, <br> 4/16/29<sup>ž,</sup><sup>‡</sup> <br>| 16941000 | 16898395 |
| Pretium Mortgage Credit Partners LLC 2025-RPL1 A1, 4.0000%, 7/25/69<sup>ž,</sup><sup>Ç</sup> <br>| 11795795 | 11650437 |
| Pretium Mortgage Credit Partners LLC 2025-RPL2 A1, 4.0000%, 8/25/64<sup>ž,</sup><sup>Ç</sup> <br>| 12645483 | 12506009 |
| Pretium Mortgage Credit Partners LLC 2025-RPL5 A1, 4.1500%, 1/25/70<sup>ž,</sup><sup>Ç</sup> <br>| 21637475 | 21005024 |
| PRP Advisors LLC 2024-RCF2 A1, 3.7500%, 3/25/54<sup>ž,</sup><sup>Ç</sup> <br>| 4707258 | 4622433 |
| PRP Advisors LLC 2025-RCF4 A1, 4.5000%, 8/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 8034147 | 7949820 |
| PRP Advisors LLC 2025-RPL4 A1, 3.0000%, 5/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 15343871 | 14781911 |

---

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

Janus Investment Fund \| 5

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| QTS Issuer ABS I LLC 2025-1A A2, 5.4390%, 5/25/55<sup>ž</sup> <br>| $32519000 | $32150978 |
| QTS Issuer ABS II 2026-5A A2, 6.1780%, 3/5/56<sup>ž</sup> <br>| 20120000 | 20021087 |
| QTS Issuer ABS II LLC 2025-1A A2, 5.0440%, 10/5/55<sup>ž</sup> <br>| 23757000 | 23209999 |
| Research-Driven Pagaya Motor Asset Trust I 2026-R1A A, 5.6590%, 7/25/34<sup>ž</sup> <br>| 7504000 | 7516980 |
| Saluda Grade Alternative Mortgage Trust 2023-FIG3 A, 7.0670%, 8/25/53<sup>ž,</sup><sup>‡</sup> <br>| 18761810 | 19301764 |
| Saluda Grade Alternative Mortgage Trust 2023-FIG4 A, 6.7180%, 11/25/53<sup>ž,</sup><sup>‡</sup> <br>| 9904984 | 10205723 |
| Saluda Grade Alternative Mortgage Trust 2024-CES1 A1, 6.3060%, 3/25/54<sup>ž,</sup><sup>‡</sup> <br>| 5657646 | 5721028 |
| Saluda Grade Alternative Mortgage Trust 2024-FIG5 A, 6.2550%, 4/25/54<sup>ž,</sup><sup>‡</sup> <br>| 7957635 | 8138184 |
| Saluda Grade Alternative Mortgage Trust 2024-RTL6 A1, 7.4390%, 7/25/30<sup>ž,</sup><sup>Ç</sup> <br>| 18334250 | 18439173 |
| Saluda Grade Alternative Mortgage Trust 2025-LOC5 A1A, CME Term SOFR 1 <br> Month + 1.6000%, 5.2786%, 10/25/55<sup>ž,</sup><sup>‡</sup> <br>| 15560486 | 15578413 |
| Saluda Grade Alternative Mortgage Trust 2025-RRTL1 A1, 5.3200%, <br> 10/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 10000000 | 9958474 |
| Saluda Grade Alternative Mortgage Trust 2026-HB1 A1A, CME Term SOFR 1 <br> Month + 1.4000%, 5.0786%, 4/25/56<sup>ž,</sup><sup>‡</sup> <br>| 10732472 | 10717986 |
| Saluda Grade Alternative Mortgage Trust 2026-RTL7 A1, 5.7490%, 3/25/31<sup>ž,</sup><sup>Ç</sup> <br>| 24074000 | 23829854 |
| Santander Bank Auto Credit-Linked Notes 2022-B A2, 5.5870%, 8/16/32<sup>ž</sup> <br>| 745468 | 747127 |
| SCF Equipment Trust LLC 2025-2A A2, 4.2600%, 12/22/31<sup>ž</sup> <br>| 6300000 | 6298223 |
| SCG Hotel Issuer Inc 2025-DLFN A, CME Term SOFR 1 Month + 1.2000%, <br> 4.8725%, 3/15/35<sup>ž,</sup><sup>‡</sup> <br>| 29118000 | 29001074 |
| SEB Funding LLC 2026-1A A2, 6.6650%, 1/30/56<sup>ž</sup> <br>| 14536000 | 14446543 |
| SELF Commercial Mortgage Trust 2024-STRG A, CME Term SOFR 1 Month + <br> 1.5423%, 5.2148%, 11/15/34<sup>ž,</sup><sup>‡</sup> <br>| 2505447 | 2503933 |
| Sequoia Mortgage Trust 2013-5, 2.5000%, 5/25/43<sup>ž,</sup><sup>‡</sup> <br>| 1634399 | 1462532 |
| Sequoia Mortgage Trust 2020-2, 3.5000%, 3/25/50<sup>ž,</sup><sup>‡</sup> <br>| 679140 | 610618 |
| SF ABS Issuer LLC 2025-1A A2, 5.3770%, 11/25/55<sup>ž</sup> <br>| 38578000 | 37184607 |
| Sixth Street CLO Ltd 2017-9A AR, CME Term SOFR 3 Month + 1.3800%, <br> 5.0497%, 7/21/37<sup>ž,</sup><sup>‡</sup> <br>| 24810000 | 24816825 |
| SMRT 2022-MINI A, CME Term SOFR 1 Month + 1.0000%, 4.6730%, 1/15/39<sup>ž,</sup><sup>‡</sup> <br>| 10990000 | 10976302 |
| Stack Infrastructure Issuer LLC 2026-1A A2, 5.0000%, 3/27/56<sup>ž</sup> <br>| 19259000 | 18626870 |
| SV RNO Property Owner 1 LLC, 5.8750%, 3/1/31<sup>ž</sup> <br>| 49354000 | 48786062 |
| Switch ABS Issuer LLC 2026-1A A21, 5.6090%, 3/27/56<sup>ž</sup> <br>| 19693000 | 19728755 |
| Taco Bell Funding LLC 2021-1A A2II, 2.2940%, 8/25/51<sup>ž</sup> <br>| 5546212 | 5129282 |
| TEXAS Commercial Mortgage Trust 2025-TWR A, CME Term SOFR 1 Month + <br> 1.2931%, 4.9656%, 4/15/42<sup>ž,</sup><sup>‡</sup> <br>| 8177000 | 8128320 |
| Texas Debt Capital CLO Ltd 2023-2A A1R, CME Term SOFR 3 Month + <br> 1.3700%, 5.0397%, 10/21/37<sup>ž,</sup><sup>‡</sup> <br>| 25800000 | 25811264 |
| THE 2023-MIC Trust 2023-MIC A, 8.4366%, 12/5/38<sup>ž,</sup><sup>‡</sup> <br>| 14644028 | 15595767 |
| The Huntington National Bank 2024-2 B1, 5.4420%, 10/20/32<sup>ž</sup> <br>| 5082041 | 5123776 |
| Toorak Mortgage Corp 2025-RRTL1 A1, 5.5240%, 2/25/40<sup>ž,</sup><sup>Ç</sup> <br>| 7590000 | 7600952 |
| Towd Point Mortgage Trust 2025-FIX2 A1, 5.2490%, 10/25/65<sup>ž,</sup><sup>Ç</sup> <br>| 17891832 | 17835317 |
| Trackside Rail LLC 2026-1A A, 4.8900%, 3/20/56<sup>ž</sup> <br>| 16741000 | 16352291 |
| TVC Mortgage Trust 2026-RRTL1 A1, 4.9640%, 2/25/41<sup>ž,</sup><sup>Ç</sup> <br>| 9701000 | 9664921 |
| TYSN 2023-CRNR Mortgage Trust 2023-CRNR A, 6.5797%, 12/10/33<sup>ž,</sup><sup>‡</sup> <br>| 23414873 | 24352812 |
| United Wholesale Mortgage LLC 2021-INV1 A9, US 30 Day Average SOFR + <br> 0.9000%, 4.5672%, 8/25/51<sup>ž,</sup><sup>‡</sup> <br>| 10979868 | 10246961 |
| UPG HI Issuer Trust 2025-2 A, 5.0000%, 9/25/47<sup>ž</sup> <br>| 6086380 | 6073502 |
| US Bank National Association 2026-RVM1 B1, 4.9590%, 12/25/46<sup>ž</sup> <br>| 9603000 | 9555630 |
| Vantage Data Centers LLC 2020-2A A2, 1.9920%, 9/15/45<sup>ž</sup> <br>| 11511000 | 10996770 |
| VASA Trust 2021-VASA A, CME Term SOFR 1 Month + 1.0145%, 4.6875%, <br> 7/15/39<sup>ž,</sup><sup>‡</sup> <br>| 8418000 | 8252624 |
| VB-S1 Issuer LLC 2026-1A C2, 4.6930%, 3/15/56<sup>ž</sup> <br>| 9070000 | 8897831 |
| Vista Point Securitization Trust 2026-CES1 A1, 5.0350%, 2/25/56<sup>ž,</sup><sup>Ç</sup> <br>| 8682885 | 8587338 |
| Voya CLO Ltd 2024-4A A2, CME Term SOFR 3 Month + 1.5500%, 5.2176%, <br> 7/20/37<sup>ž,</sup><sup>‡</sup> <br>| 10074095 | 10055878 |
| Voya CLO Ltd 2025-4A A1, CME Term SOFR 3 Month + 1.2900%, 4.9622%, <br> 10/15/38<sup>ž,</sup><sup>‡</sup> <br>| 5006000 | 5006518 |
| Wells Fargo Commercial Mortgage Trust 2025-VTT A, 4.7603%, 3/15/38<sup>ž,</sup><sup>‡</sup> <br>| 29711000 | 29715631 |
| Wendy's Funding LLC 2021-1A A2I, 2.3700%, 6/15/51<sup>ž</sup> <br>| 3567504 | 3303142 |
| Wendy's Funding LLC 2021-1A A2II, 2.7750%, 6/15/51<sup>ž</sup> <br>| 9224879 | 8148404 |

---

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

6 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |
| Wendy's Funding LLC 2022-1A A2II, 4.5350%, 3/15/52<sup>ž</sup> <br>| $2331539 | $2220532 |
| Wendy's Funding LLC 2025-1A A2I, 5.4220%, 12/15/55<sup>ž</sup> <br>| 13065314 | 12998705 |
| Woodward Capital Management 2021-3 A21, US 30 Day Average SOFR + <br> 0.8000%, 4.4619%, 7/25/51<sup>ž,</sup><sup>‡</sup> <br>| 8141052 | 7574491 |
| Woodward Capital Management 2023-CES1 A1A, 6.5150%, 6/25/43<sup>ž,</sup><sup>‡</sup> <br>| 3000305 | 2997984 |
| Woodward Capital Management 2024-CES1 A1A, 6.0250%, 2/25/44<sup>ž,</sup><sup>‡</sup> <br>| 4584311 | 4602339 |
| Woodward Capital Management 2024-CES2 A1A, 6.1410%, 4/25/44<sup>ž,</sup><sup>‡</sup> <br>| 12223937 | 12300978 |
| Woodward Capital Management 2024-CES5 A1A, 5.8460%, 8/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 14216733 | 14272061 |
| Woodward Capital Management 2024-CES6 A1A, 5.3440%, 9/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 11472709 | 11460975 |
| Woodward Capital Management 2024-CES7 A1A, 5.1580%, 10/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 17530081 | 17481024 |
| Woodward Capital Management 2024-CES9 A1A, 5.5820%, 12/25/44<sup>ž,</sup><sup>Ç</sup> <br>| 3327176 | 3336889 |
| Woodward Capital Management 2025-CES10 A1A, 4.8940%, 11/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 6704569 | 6652876 |
| Woodward Capital Management 2025-CES2 A1A, 5.5030%, 2/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 7310440 | 7335673 |
| Woodward Capital Management 2025-CES7 A1A, 5.3770%, 7/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 7876090 | 7880181 |
| Woodward Capital Management 2025-CES8 A1A, 5.1477%, 8/25/55<sup>ž,</sup><sup>‡</sup> <br>| 14996885 | 14963871 |
| Woodward Capital Management 2025-CES9 A1A, 4.7950%, 9/25/55<sup>ž,</sup><sup>Ç</sup> <br>| 5796432 | 5741915 |
| Woodward Capital Management 2026-CES2 A1A, 4.7620%, 2/1/56<sup>ž,</sup><sup>Ç</sup> <br>| 8937572 | 8838490 |
| Woodward Capital Management 2026-CES2 A1B, 4.8630%, 2/1/56<sup>ž,</sup><sup>Ç</sup> <br>| 2966008 | 2938638 |
| Total Asset-Backed/Commercial Mortgage-Backed Securities (cost <br> $3,167,683,000)<br>|  | 3153059546 |
| Bank Loans and Mezzanine Loans – 0.9% |  |  |
| Basic Industry – 0% |  |  |
| Qnity Electronics Inc, CME Term SOFR 1 Month + 2.0000%, 5.6677%, 11/1/32<sup>‡</sup> <br>| 7992968 | 7992968 |
| Capital Goods – 0.3% |  |  |
| CompoSecure Holdings LLC, CME Term SOFR 1 Month + 2.2500%, 5.9281%, <br> 1/14/33<sup>‡</sup> <br>| 2810000 | 2797720 |
| EMRLD Borrower LP, CME Term SOFR 3 Month + 2.2500%, 5.9227%, 5/31/30<sup>‡</sup> <br>| 7968224 | 7974316 |
| EMRLD Borrower LP, CME Term SOFR 3 Month + 2.2500%, 5.9496%, 8/4/31<sup>‡</sup> <br>| 40954738 | 40955254 |
| TransDigm Group Inc, CME Term SOFR 1 Month + 2.5000%, 6.1677%, 8/19/32<sup>‡</sup> <br>| 21031315 | 21026267 |
|  |  | 72753557 |
| Consumer Cyclical – 0.1% |  |  |
| Belron Finance 2019 LLC, CME Term SOFR 3 Month + 2.0000%, 5.6599%, <br> 10/16/31<sup>‡</sup> <br>| 12623655 | 12611031 |
| Consumer Non-Cyclical – 0.1% |  |  |
| Medline Borrower LP, CME Term SOFR 1 Month + 1.7500%, 5.4177%, <br> 10/23/30<sup>‡</sup> <br>| 22992198 | 23017259 |
| Electric – 0.2% |  |  |
| Alpha Generation LLC, CME Term SOFR 1 Month + 1.7500%, 5.4177%, <br> 9/30/31<sup>‡</sup> <br>| 14780910 | 14767894 |
| Lightning Power LLC, CME Term SOFR 1 Month + 2.2500%, 5.9177%, <br> 8/18/31<sup>‡</sup> <br>| 26978165 | 27076119 |
| Talen Energy Supply LLC, CME Term SOFR 1 Month + 2.0000%, 5.6677%, <br> 11/25/32<sup>‡</sup> <br>| 18878238 | 18874840 |
|  |  | 60718853 |
| Technology – 0.1% |  |  |
| Galileo Parent Inc, CME Term SOFR 6 Month + 4.5000%, 8.1183%, 3/3/33<sup>‡</sup> <br>| 16812695 | 16455425 |
| Transportation – 0.1% |  |  |
| Genesee & Wyoming Inc, CME Term SOFR 3 Month + 1.7500%, 5.4496%, <br> 4/10/31<sup>‡</sup> <br>| 37069495 | 36864872 |
| Total Bank Loans and Mezzanine Loans (cost $230,159,833) |  | 230413965 |
| Corporate Bonds – 10.6% |  |  |
| Banking – 2.6% |  |  |
| Bank of America Corp, SOFR + 1.0000%, 5.1620%, 1/24/31<sup>‡</sup> <br>| 47490000 | 48394777 |
| Bank of America Corp, SOFR + 1.8400%, 5.8720%, 9/15/34<sup>‡</sup> <br>| 18294000 | 19156764 |
| Bank of America Corp, SOFR + 1.6970%, 5.7440%, 2/12/36<sup>‡</sup> <br>| 78359000 | 79718793 |
| Capital One Financial Corp, SOFR + 3.0700%, 7.6240%, 10/30/31<sup>‡</sup> <br>| 18133000 | 20027839 |
| Capital One Financial Corp, SOFR + 1.9900%, 5.8840%, 7/26/35<sup>‡</sup> <br>| 23812000 | 24389404 |
| Capital One Financial Corp, SOFR + 2.0360%, 6.1830%, 1/30/36<sup>‡</sup> <br>| 17959000 | 18267076 |
| Citigroup Inc, CME Term SOFR 3 Month + 1.8246%, 3.8870%, 1/10/28<sup>‡</sup> <br>| 36115000 | 35940902 |
| Citigroup Inc, SOFR + 1.1710%, 4.5030%, 9/11/31<sup>‡</sup> <br>| 9685000 | 9574920 |

---

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

Janus Investment Fund \| 7

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Banking – (continued) |  |  |
| Citigroup Inc, SOFR + 2.0560%, 5.8270%, 2/13/35<sup>‡</sup> <br>| $50084000 | $50741991 |
| Citigroup Inc, SOFR + 1.4880%, 5.1740%, 9/11/36<sup>‡</sup> <br>| 8338000 | 8265394 |
| Citigroup Inc, US Treasury Yield Curve Rate 5 Year + 3.0010%, 6.6250%<sup>‡</sup><sup>,μ</sup> <br>| 13540000 | 13550158 |
| Discover Financial Services, SOFR + 3.3700%, 7.9640%, 11/2/34<sup>‡</sup> <br>| 12097000 | 13873422 |
| Goldman Sachs Group Inc, SOFR + 0.9600%, 4.5160%, 1/21/32<sup>‡</sup> <br>| 11528000 | 11353258 |
| Goldman Sachs Group Inc, SOFR + 1.3800%, 5.5360%, 1/28/36<sup>‡</sup> <br>| 21952000 | 22313898 |
| Goldman Sachs Group Inc, SOFR + 1.1900%, 5.0650%, 1/21/37<sup>‡</sup> <br>| 11528000 | 11270605 |
| JPMorgan Chase & Co, SOFR + 1.0100%, 5.1400%, 1/24/31<sup>‡</sup> <br>| 21125000 | 21511616 |
| Morgan Stanley, SOFR + 0.9500%, 4.4930%, 1/16/32<sup>‡</sup> <br>| 33176000 | 32618256 |
| Morgan Stanley, SOFR + 1.2900%, 2.9430%, 1/21/33<sup>‡</sup> <br>| 16462000 | 14801612 |
| Morgan Stanley, SOFR + 1.8800%, 5.4240%, 7/21/34<sup>‡</sup> <br>| 18294000 | 18562177 |
| Morgan Stanley, SOFR + 1.5550%, 5.3200%, 7/19/35<sup>‡</sup> <br>| 24159000 | 24242789 |
| PNC Financial Services Group Inc/The, SOFR + 1.0720%, 5.2220%, 1/29/31<sup>‡</sup> <br>| 6123000 | 6246043 |
| PNC Financial Services Group Inc/The, SOFR + 2.2840%, 6.8750%, 10/20/34<sup>‡</sup> <br>| 18085000 | 19979765 |
| PNC Financial Services Group Inc/The, SOFR + 1.5990%, 5.4010%, 7/23/35<sup>‡</sup> <br>| 21150000 | 21418501 |
| Societe Generale SA, US Treasury Yield Curve Rate 1 Year + 1.2000%, 5.5000%, <br> 4/13/29<sup>ž,</sup><sup>‡</sup> <br>| 14133000 | 14344134 |
| Societe Generale SA, US Treasury Yield Curve Rate 1 Year + 1.6000%, 6.1000%, <br> 4/13/33<sup>ž,</sup><sup>‡</sup> <br>| 34519000 | 35862617 |
| US Bancorp, SOFR + 1.5600%, 5.3840%, 1/23/30<sup>‡</sup> <br>| 19681000 | 20155345 |
| US Bancorp, SOFR + 1.0610%, 5.0460%, 2/12/31<sup>‡</sup> <br>| 20690000 | 20991407 |
| US Bancorp, SOFR + 1.4110%, 5.4240%, 2/12/36<sup>‡</sup><sup>,#</sup> <br>| 22770000 | 23267518 |
| US Bancorp, US Treasury Yield Curve Rate 5 Year + 0.9500%, 2.4910%, <br> 11/3/36<sup>‡</sup> <br>| 20457000 | 17685900 |
| Wells Fargo & Co, SOFR + 1.1100%, 5.2440%, 1/24/31<sup>‡</sup> <br>| 17790000 | 18134792 |
|  |  | 696661673 |
| Basic Industry – 0.1% |  |  |
| First Quantum Minerals Ltd, 6.3750%, 2/15/36<sup>ž</sup> <br>| 11976000 | 11521113 |
| Qnity Electronics Inc, 5.7500%, 8/15/32<sup>ž</sup> <br>| 9965000 | 9976869 |
|  |  | 21497982 |
| Brokerage – 0.7% |  |  |
| Jane Street Group / JSG Finance Inc, 7.1250%, 4/30/31<sup>ž</sup> <br>| 14182000 | 14578472 |
| Jane Street Group / JSG Finance Inc, 6.1250%, 11/1/32<sup>ž</sup> <br>| 34751000 | 34364871 |
| Jane Street Group / JSG Finance Inc, 6.7500%, 5/1/33<sup>ž</sup> <br>| 29124000 | 29548279 |
| LPL Holdings Inc, 6.7500%, 11/17/28 | 30079000 | 31513737 |
| LPL Holdings Inc, 5.2000%, 3/15/30 | 8509000 | 8571354 |
| LPL Holdings Inc, 5.1500%, 6/15/30 | 13703000 | 13762619 |
| LPL Holdings Inc, 6.0000%, 5/20/34 | 19554000 | 19944137 |
| LPL Holdings Inc, 5.6500%, 3/15/35 | 14248000 | 14125952 |
| LPL Holdings Inc, 5.7500%, 6/15/35 | 16998000 | 16930733 |
|  |  | 183340154 |
| Capital Goods – 0.1% |  |  |
| Eaton Corp, 4.2000%, 3/6/31 | 6564000 | 6469029 |
| Quikrete Holdings Inc, 6.3750%, 3/1/32<sup>ž</sup> <br>| 15902000 | 16124676 |
| TransDigm Inc, 6.2500%, 1/31/34<sup>ž</sup> <br>| 3003000 | 3036126 |
| TransDigm Inc, 6.7500%, 1/31/34<sup>ž</sup> <br>| 10283000 | 10417759 |
|  |  | 36047590 |
| Communications – 0.4% |  |  |
| AppLovin Corp, 5.3750%, 12/1/31 | 18923000 | 19108669 |
| AppLovin Corp, 5.5000%, 12/1/34 | 39357000 | 39031161 |
| AppLovin Corp, 5.9500%, 12/1/54 | 20293000 | 18432900 |
| ROBLOX Corp, 3.8750%, 5/1/30<sup>ž</sup> <br>| 31345000 | 29457492 |
|  |  | 106030222 |
| Consumer Cyclical – 0.7% |  |  |
| Carnival Corp, 5.7500%, 8/1/32<sup>ž</sup> <br>| 20705000 | 20698267 |
| Cyprium Corp / Cyprium Holdings Luxembourg Sarl, 6.1250%, 4/15/31<sup>ž</sup> <br>| 12658000 | 12478477 |
| Cyprium Corp / Cyprium Holdings Luxembourg Sarl, 6.3750%, 4/15/34<sup>ž</sup> <br>| 8196000 | 7955382 |
| Flutter Treasury DAC, 5.8750%, 6/4/31<sup>ž</sup> <br>| 10566000 | 10467630 |
| Ford Motor Credit Co LLC, 7.1220%, 11/7/33 | 10934000 | 11485563 |

---

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

8 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Consumer Cyclical – (continued) |  |  |
| GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29 | $1226000 | $1236633 |
| GLP Capital LP / GLP Financing II Inc, 6.7500%, 12/1/33 | 13964000 | 14707262 |
| GLP Capital LP / GLP Financing II Inc, 5.6250%, 9/15/34 | 14546000 | 14318943 |
| GLP Capital LP / GLP Financing II Inc, 5.6250%, 3/1/36 | 9524000 | 9263025 |
| KB Home, 4.0000%, 6/15/31 | 7674000 | 7075263 |
| NCL Corporation Ltd, 5.8750%, 1/15/31<sup>ž</sup> <br>| 38011000 | 36930189 |
| NCL Corporation Ltd, 6.2500%, 9/15/33<sup>ž,#</sup> <br>| 23566000 | 22866995 |
| VICI Properties LP, 5.6250%, 4/1/35 | 16210000 | 16134351 |
|  |  | 185617980 |
| 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>| 14308000 | 14487180 |
| CVS Health Corp, 5.0000%, 9/15/32 | 8260000 | 8266624 |
| CVS Health Corp, 5.2500%, 2/21/33 | 2870000 | 2902793 |
| CVS Health Corp, 5.7000%, 6/1/34<sup>#</sup> <br>| 14746000 | 15154371 |
| CVS Health Corp, 5.4500%, 9/15/35 | 14687000 | 14744110 |
| CVS Health Corp, 4.7800%, 3/25/38 | 32715000 | 30148111 |
| CVS Health Corp, 6.2000%, 9/15/55 | 8502000 | 8421294 |
| HCA Inc, 3.6250%, 3/15/32 | 10927000 | 10154415 |
| HCA Inc, 5.6000%, 4/1/34 | 16318000 | 16664638 |
| Maple Parent Holdings Corp, 5.7000%, 3/26/36<sup>ž</sup> <br>| 7879000 | 7828480 |
| Maple Parent Holdings Corp, 6.6250%, 3/26/56<sup>ž</sup> <br>| 4895000 | 4847159 |
| Solventum Corp, 5.4500%, 3/13/31 | 30323000 | 31110480 |
| Solventum Corp, 5.6000%, 3/23/34 | 39969000 | 40860730 |
| Teva Pharmaceutical Finance Co LLC, 6.1500%, 2/1/36 | 8271000 | 8521727 |
| Teva Pharmaceutical Finance Netherlands III BV, 6.0000%, 12/1/32 | 14987000 | 15381758 |
| Teva Pharmaceutical Finance Netherlands IV BV, 5.7500%, 12/1/30 | 11755000 | 11904183 |
|  |  | 241398053 |
| Electric – 0.9% |  |  |
| Alpha Generation LLC, 6.2500%, 1/15/34<sup>ž</sup> <br>| 27956000 | 27462398 |
| American Electric Power Co Inc, US Treasury Yield Curve Rate 5 Year + 2.1280%, <br> 5.8000%, 3/15/56<sup>‡</sup> <br>| 10674000 | 10543937 |
| American Electric Power Co Inc, US Treasury Yield Curve Rate 5 Year + 1.9400%, <br> 6.0500%, 3/15/56<sup>‡</sup> <br>| 8539000 | 8462788 |
| Duke Energy Corp, 5.4500%, 6/15/34 | 35348000 | 36130623 |
| Exelon Corp, 5.4500%, 3/15/34 | 17447000 | 17836432 |
| NRG Energy Inc, 4.7340%, 10/15/30<sup>ž</sup> <br>| 21488000 | 21279061 |
| NRG Energy Inc, 5.7500%, 1/15/34<sup>ž</sup> <br>| 11546000 | 11389256 |
| NRG Energy Inc, 6.0000%, 1/15/36<sup>ž</sup> <br>| 21628000 | 21431339 |
| Talen Energy Supply LLC, 6.2500%, 2/1/34<sup>ž</sup> <br>| 19547000 | 19329215 |
| Talen Energy Supply LLC, 6.5000%, 2/1/36<sup>ž</sup> <br>| 32081000 | 32303345 |
| Vistra Operations Co LLC, 4.7000%, 1/31/31<sup>ž</sup> <br>| 4237000 | 4168782 |
| Vistra Operations Co LLC, 5.3500%, 1/31/36<sup>ž</sup> <br>| 8338000 | 8156177 |
| Xcel Energy Inc, 5.6000%, 4/15/35 | 12145000 | 12342393 |
| Xcel Energy Inc, US Treasury Yield Curve Rate 5 Year + 2.1680%, 5.7500%, <br> 12/3/56<sup>‡</sup> <br>| 16382000 | 15991745 |
|  |  | 246827491 |
| Energy – 1.2% |  |  |
| Antero Resources Corp, 5.4000%, 2/1/36 | 35247000 | 34660558 |
| Cheniere Energy Inc, 5.6500%, 4/15/34 | 20937000 | 21555201 |
| Civitas Resources Inc, 8.6250%, 11/1/30<sup>ž</sup> <br>| 5452000 | 5752329 |
| Civitas Resources Inc, 8.7500%, 7/1/31<sup>ž,#</sup> <br>| 16280000 | 17017354 |
| Civitas Resources Inc, 9.6250%, 6/15/33<sup>ž</sup> <br>| 25310000 | 27960488 |
| Columbia Pipelines Operating Company LLC, 6.0360%, 11/15/33<sup>ž</sup> <br>| 12631000 | 13308846 |
| Columbia Pipelines Operating Company LLC, 6.4970%, 8/15/43<sup>ž</sup> <br>| 2548000 | 2660404 |
| Columbia Pipelines Operating Company LLC, 6.5440%, 11/15/53<sup>ž</sup> <br>| 13172000 | 13817898 |
| DT Midstream Inc, 4.1250%, 6/15/29<sup>ž</sup> <br>| 25682000 | 25141661 |
| DT Midstream Inc, 4.3750%, 6/15/31<sup>ž</sup> <br>| 41648000 | 40145838 |
| DT Midstream Inc, 4.3000%, 4/15/32<sup>ž</sup> <br>| 7191000 | 6860273 |

---

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

Janus Investment Fund \| 9

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Corporate Bonds – (continued) |  |  |
| Energy – (continued) |  |  |
| Hess Midstream Operations LP, 5.1250%, 6/15/28<sup>ž</sup> <br>| $11121000 | $11088321 |
| Hess Midstream Operations LP, 4.2500%, 2/15/30<sup>ž</sup> <br>| 15799000 | 15181848 |
| Occidental Petroleum Corp, 8.8750%, 7/15/30 | 10356000 | 11787997 |
| Sunoco LP, 7.0000%, 5/1/29<sup>ž</sup> <br>| 22419000 | 22996468 |
| Sunoco LP, 5.6250%, 3/15/31<sup>ž</sup> <br>| 7982000 | 7945389 |
| Sunoco LP, 7.2500%, 5/1/32<sup>ž</sup> <br>| 12629000 | 13066835 |
| Viper Energy Partners LLC, 4.9000%, 8/1/30 | 6297000 | 6292844 |
| Viper Energy Partners LLC, 5.7000%, 8/1/35 | 16748000 | 16878802 |
|  |  | 314119354 |
| Finance Companies – 0.5% |  |  |
| Blackstone Private Credit Fund, 7.3000%, 11/27/28 | 14859000 | 15163075 |
| Blue Owl Credit Income Corp, 7.9500%, 6/13/28 | 8994000 | 9213673 |
| OWL Rock Core Income Corp, 4.7000%, 2/8/27 | 2729000 | 2698150 |
| Rocket Cos Inc, 6.1250%, 8/1/30<sup>ž</sup> <br>| 10068000 | 10160897 |
| Rocket Cos Inc, 6.3750%, 8/1/33<sup>ž</sup> <br>| 42189000 | 42642279 |
| Takeoff Merger Sub Inc, 4.8500%, 3/24/31<sup>ž</sup> <br>| 28459000 | 28103112 |
| Takeoff Merger Sub Inc, 5.5000%, 3/24/36<sup>ž</sup> <br>| 8349000 | 8224674 |
|  |  | 116205860 |
| Financial Institutions – 0.1% |  |  |
| Atlas Warehouse Lending Co LP, 4.6250%, 11/15/28<sup>ž</sup> <br>| 6110000 | 6017537 |
| Atlas Warehouse Lending Co LP, 4.9500%, 11/15/30<sup>ž</sup> <br>| 9657000 | 9472748 |
| Atlas Warehouse Lending Co LP, 5.2500%, 1/15/33<sup>ž</sup> <br>| 5668000 | 5489294 |
|  |  | 20979579 |
| Insurance – 0.8% |  |  |
| Aon North America Inc, 5.4500%, 3/1/34 | 45231000 | 46191444 |
| Asurion LLC / Asurion Co-Issuer Inc, 8.0000%, 12/31/32<sup>ž</sup> <br>| 15976000 | 16574269 |
| Athene Global Funding, 2.6460%, 10/4/31<sup>ž</sup> <br>| 17357000 | 15049621 |
| Centene Corp, 4.2500%, 12/15/27 | 29289000 | 28771015 |
| Elevance Health Inc, 5.2000%, 2/15/35 | 13031000 | 13009602 |
| Health Care Service Corp, 5.2000%, 6/15/29<sup>ž</sup> <br>| 14413000 | 14619537 |
| Health Care Service Corp, 2.2000%, 6/1/30<sup>ž</sup> <br>| 13536000 | 12245674 |
| Health Care Service Corp, 5.4500%, 6/15/34<sup>ž</sup> <br>| 32502000 | 32519199 |
| Humana Inc, 5.8750%, 3/1/33 | 5208000 | 5321447 |
| Humana Inc, 5.9500%, 3/15/34 | 14187000 | 14467635 |
|  |  | 198769443 |
| Professional Services – 0.2% |  |  |
| Booz Allen Hamilton Inc, 5.9500%, 8/4/33 | 22041000 | 22493061 |
| Booz Allen Hamilton Inc, 5.9500%, 4/15/35 | 34511000 | 34792406 |
|  |  | 57285467 |
| Technology – 1.3% |  |  |
| APLD ComputeCo 2 LLC, 6.7500%, 3/15/31<sup>ž</sup> <br>| 24770000 | 24589652 |
| Black Pearl Compute LLC, 6.1250%, 2/15/31<sup>ž</sup> <br>| 23875000 | 24299903 |
| CACI International Inc, 6.3750%, 6/15/33<sup>ž</sup> <br>| 8503000 | 8655425 |
| Constellation Software Inc/Canada, 5.1580%, 2/16/29<sup>ž,#</sup> <br>| 6132000 | 6154999 |
| Equinix Asia Financing Corp Pte Ltd, 4.4000%, 3/15/31 | 14382000 | 14078472 |
| Equinix Europe 2 Financing Corporation LLC, 4.7000%, 3/15/33 | 29528000 | 28719308 |
| Foundry JV Holdco LLC, 5.9000%, 1/25/33<sup>ž</sup> <br>| 5478000 | 5631996 |
| Foundry JV Holdco LLC, 5.8750%, 1/25/34<sup>ž</sup> <br>| 25341000 | 25657707 |
| Foundry JV Holdco LLC, 6.2500%, 1/25/35<sup>ž</sup> <br>| 5478000 | 5737571 |
| Marvell Technology Inc, 1.6500%, 4/15/26 | 13225000 | 13210239 |
| MSCI Inc, 4.0000%, 11/15/29<sup>ž</sup> <br>| 4528000 | 4398087 |
| Oracle Corp, 5.3500%, 5/4/33 | 12206000 | 11882283 |
| Oracle Corp, 5.5000%, 8/3/35 | 6388000 | 6097957 |
| Oracle Corp, 5.2000%, 9/26/35 | 19683000 | 18462555 |
| Oracle Corp, 5.7000%, 2/4/36 | 12620000 | 12133982 |
| Oracle Corp, 5.9500%, 9/26/55 | 12406000 | 10436804 |
| Oracle Corp, 6.1000%, 9/26/65 | 21986000 | 18230385 |
| Oracle Corp, 6.8500%, 2/4/66 | 8953000 | 8230690 |
| Salesforce Inc, 4.9000%, 9/15/31 | 33476000 | 33428588 |

---

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

10 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>|  | *Value* |
| Corporate Bonds – (continued) |  |  |  |
| Technology – (continued) |  |  |  |
| Salesforce Inc, 5.2000%, 3/15/33 | $25181000 |  | $25137998 |
| Salesforce Inc, 5.5500%, 3/15/36 | 26533000 |  | 26450466 |
| Salesforce Inc, 6.4000%, 3/15/46 | 4914000 |  | 4948019 |
| Salesforce Inc, 6.5500%, 3/15/56 | 16707000 |  | 16764959 |
|  |  |  | 353338045 |
| Transportation – 0.1% |  |  |  |
| GXO Logistics Inc, 1.6500%, 7/15/26 | 14940000 |  | 14806103 |
| Total Corporate Bonds (cost $2,785,303,114) |  |  | 2792924996 |
| Foreign Government Bonds – 0.9% |  |  |  |
| United Kingdom Gilt, 4.1250%, 3/7/31 (cost $241,806,564) | 179551600 | GBP | 233948654 |
| Mortgage-Backed Securities – 8.2% |  |  |  |
| Fannie Mae: |  |  |  |
| 2.5000%, TBA, 30 Year Maturity | 70738816 |  | 59496013 |
| 3.0000%, TBA, 30 Year Maturity | 3968000 |  | 3488527 |
| 4.5000%, TBA, 30 Year Maturity | 45799760 |  | 44162877 |
| 5.0000%, TBA, 30 Year Maturity | 138927676 |  | 136809029 |
| 6.0000%, TBA, 30 Year Maturity | 199461275 |  | 203237077 |
| 6.0000%, TBA, 30 Year Maturity | 50191725 |  | 51081122 |
|  |  |  | 498274645 |
| Fannie Mae Pool: |  |  |  |
| 323282, 7.5000%, 7/1/28 | 10663 |  | 10793 |
| BO3223, 3.0000%, 10/1/34 | 540167 |  | 520399 |
| BO4725, 2.5000%, 11/1/34 | 545639 |  | 518281 |
| BO7717, 3.0000%, 11/1/34 | 255944 |  | 246871 |
| BO5957, 3.0000%, 12/1/34 | 329725 |  | 317392 |
| FS3713, 2.5000%, 12/1/36 | 23242212 |  | 22097359 |
| 995757, 6.0000%, 2/1/37 | 134567 |  | 141082 |
| AL6997, 4.5000%, 11/1/42 | 784805 |  | 781119 |
| AB7563, 3.0000%, 1/1/43 | 513487 |  | 473022 |
| MA1363, 3.0000%, 2/1/43 | 114876 |  | 105389 |
| AT2957, 3.0000%, 5/1/43 | 1131625 |  | 1033573 |
| AL5942, 5.0000%, 7/1/44 | 83341 |  | 84098 |
| AL5887, 4.5000%, 10/1/44 | 1873453 |  | 1858105 |
| AL6542, 4.5000%, 3/1/45 | 3064162 |  | 3039060 |
| AL6842, 4.0000%, 5/1/45 | 536197 |  | 516664 |
| AL7381, 4.5000%, 6/1/45 | 1623389 |  | 1611710 |
| BM3912, 3.0000%, 3/1/47 | 3704815 |  | 3357596 |
| CA0108, 3.5000%, 8/1/47 | 625500 |  | 586362 |
| BH1902, 3.5000%, 12/1/47 | 254982 |  | 239027 |
| BM3282, 3.5000%, 12/1/47 | 184607 |  | 173056 |
| BJ4559, 3.5000%, 1/1/48 | 1752797 |  | 1637949 |
| BJ4566, 4.0000%, 1/1/48 | 6182118 |  | 5957847 |
| BJ4567, 4.0000%, 1/1/48 | 2339528 |  | 2252255 |
| CA4646, 3.0000%, 2/1/48 | 2447521 |  | 2224611 |
| BJ5170, 3.5000%, 3/1/48 | 307377 |  | 288244 |
| BK1964, 4.0000%, 3/1/48 | 1839476 |  | 1770437 |
| BK3211, 4.5000%, 3/1/48 | 84330 |  | 82725 |
| BJ9181, 5.0000%, 5/1/48 | 1900423 |  | 1911926 |
| BN0012, 4.5000%, 8/1/48 | 46557 |  | 45671 |
| MA3521, 4.0000%, 11/1/48 | 4511655 |  | 4305915 |
| BN3899, 4.0000%, 12/1/48 | 672096 |  | 641447 |
| FM3664, 4.0000%, 3/1/49 | 2184298 |  | 2084689 |
| CA3683, 4.5000%, 6/1/49 | 260029 |  | 254230 |
| CA4035, 4.5000%, 8/1/49 | 384267 |  | 375698 |
| MA3774, 3.0000%, 9/1/49 | 8827140 |  | 7886865 |
| BO2983, 3.0000%, 9/1/49 | 544890 |  | 491267 |
| MA3908, 4.5000%, 1/1/50 | 546360 |  | 534214 |
| CA5327, 2.5000%, 3/1/50 | 1853300 |  | 1562794 |
| CA5573, 4.0000%, 4/1/50 | 1730936 |  | 1649911 |

---

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

Janus Investment Fund \| 11

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Fannie Mae Pool – (continued) |  |  |
| MA4079, 3.0000%, 7/1/50 | $7569685 | $6735134 |
| BM7069, 4.5000%, 7/1/50 | 12532364 | 12019229 |
| CA6635, 2.5000%, 8/1/50 | 41942545 | 36154721 |
| BK2913, 2.5000%, 8/1/50 | 1664240 | 1437146 |
| FM5076, 4.0000%, 8/1/50 | 1527070 | 1455587 |
| FS2713, 4.5000%, 10/1/50 | 9380470 | 9201960 |
| 20510201, 2.5000%, 2/1/51 | 16125558 | 13593487 |
| FS2546, 4.0000%, 3/1/51 | 375397 | 358278 |
| 20510401, 3.0000%, 4/1/51 | 1690364 | 1505670 |
| 20510501, 2.5000%, 5/1/51 | 4549577 | 3833550 |
| MA4378, 2.0000%, 7/1/51 | 52597500 | 42678529 |
| FS0359, 2.5000%, 1/1/52 | 10709419 | 9178762 |
| CB2681, 3.5000%, 1/1/52 | 2013506 | 1875101 |
| FS0662, 2.5000%, 2/1/52 | 52663791 | 45104104 |
| CB2750, 2.5000%, 2/1/52 | 24020122 | 20414223 |
| 20520201, 2.5000%, 2/1/52 | 14507839 | 12227534 |
| CB2907, 3.5000%, 2/1/52 | 5450211 | 5075150 |
| CB3043, 2.5000%, 3/1/52 | 22357059 | 19147788 |
| FS1081, 2.5000%, 3/1/52 | 21538976 | 18424660 |
| FS5988, 2.5000%, 3/1/52 | 20169190 | 17240489 |
| CB3042, 2.5000%, 3/1/52 | 8076436 | 6917829 |
| BT2256, 2.5000%, 3/1/52 | 2011507 | 1720041 |
| BV2965, 2.5000%, 3/1/52 | 1569087 | 1342213 |
| BV5152, 2.5000%, 3/1/52 | 1534781 | 1314469 |
| BV2962, 2.5000%, 3/1/52 | 673817 | 576771 |
| BV4144, 3.0000%, 3/1/52 | 9808971 | 8728377 |
| FS1184, 3.5000%, 3/1/52 | 3386973 | 3145483 |
| CB3240, 3.0000%, 4/1/52 | 15812644 | 14060115 |
| BV5379, 3.0000%, 4/1/52 | 8608814 | 7683206 |
| BV5380, 3.0000%, 4/1/52 | 7419233 | 6601038 |
| FS1301, 3.5000%, 4/1/52 | 3855814 | 3554970 |
| BV5393, 3.5000%, 4/1/52 | 3734316 | 3466292 |
| BV4203, 3.5000%, 4/1/52 | 1319010 | 1224340 |
| BV8484, 3.5000%, 4/1/52 | 1303933 | 1210346 |
| BV6879, 4.5000%, 4/1/52 | 1078114 | 1045294 |
| BV7632, 4.5000%, 4/1/52 | 828334 | 803117 |
| BW0081, 4.5000%, 4/1/52 | 609737 | 591119 |
| BV7132, 4.5000%, 4/1/52 | 429171 | 416066 |
| BW0072, 4.5000%, 4/1/52 | 361933 | 350882 |
| BV7131, 4.5000%, 4/1/52 | 342612 | 332144 |
| FS6926, 2.5000%, 5/1/52 | 55738945 | 47715297 |
| CB3501, 3.5000%, 5/1/52 | 6528032 | 6030718 |
| FS3377, 4.0000%, 5/1/52 | 7827922 | 7470953 |
| BW0343, 4.5000%, 5/1/52 | 1681998 | 1630637 |
| FS2144, 3.5000%, 6/1/52 | 13227384 | 12284277 |
| FS5491, 3.0000%, 7/1/52 | 18964816 | 16842949 |
| FS5339, 3.0000%, 7/1/52 | 10878299 | 9661188 |
| CB4329, 3.5000%, 7/1/52 | 1152089 | 1069945 |
| BW7369, 5.0000%, 10/1/52 | 5659084 | 5644186 |
| BW1288, 5.0000%, 10/1/52 | 2579165 | 2567242 |
| BT8021, 5.0000%, 1/1/53 | 2262297 | 2256342 |
| BX5759, 5.0000%, 1/1/53 | 794402 | 791991 |
| BX5969, 5.0000%, 2/1/53 | 929326 | 926022 |
| BX8071, 5.0000%, 3/1/53 | 478868 | 476812 |
| BX7860, 5.5000%, 3/1/53 | 304931 | 310772 |
| BX9351, 5.0000%, 4/1/53 | 1062528 | 1057966 |
| BY0782, 5.5000%, 4/1/53 | 180086 | 184160 |
| BY1920, 5.0000%, 5/1/53 | 579095 | 576609 |
| BY1896, 5.5000%, 5/1/53 | 329483 | 334760 |

---

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

12 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Fannie Mae Pool – (continued) |  |  |
| BY0866, 5.5000%, 5/1/53 | $169088 | $172106 |
| BY3263, 5.0000%, 6/1/53 | 1148768 | 1143836 |
| BY2783, 5.0000%, 6/1/53 | 637623 | 634885 |
| BY4284, 5.5000%, 6/1/53 | 470558 | 481447 |
| CB6686, 4.5000%, 7/1/53 | 2795749 | 2733833 |
| BY6374, 5.5000%, 7/1/53 | 1249051 | 1269057 |
| BY7004, 5.5000%, 7/1/53 | 432976 | 442995 |
| BY6690, 5.0000%, 8/1/53 | 683448 | 681018 |
| CB7112, 5.5000%, 9/1/53 | 21320667 | 21792753 |
| CB7430, 5.5000%, 11/1/53 | 5956848 | 6093786 |
| 20540101, 2.5000%, 1/1/54 | 8110706 | 6869653 |
| FS8037, 6.0000%, 1/1/54 | 5893852 | 6132209 |
| CB8134, 5.5000%, 3/1/54 | 10919392 | 11156341 |
| FS7607, 6.0000%, 3/1/54 | 5025414 | 5200325 |
| FS7643, 6.0000%, 4/1/54 | 12343570 | 12830281 |
| CB8543, 6.0000%, 5/1/54 | 32986216 | 34066229 |
| 20550301, 5.5000%, 3/1/55 | 5259326 | 5369994 |
| 20551001, 6.0000%, 10/1/55 | 4193464 | 4311344 |
| 20551101, 5.5000%, 11/1/55 | 6075131 | 6207842 |
| 20551201, 5.0000%, 12/1/55 | 25558473 | 25497891 |
| BF0130, 3.5000%, 8/1/56 | 8346272 | 7656874 |
| BF0167, 3.0000%, 2/1/57 | 8465639 | 7340997 |
| BF0189, 3.0000%, 6/1/57 | 158598 | 137237 |
| BF0619, 2.5000%, 3/1/62 | 50116437 | 41034976 |
| BF0598, 2.5000%, 3/1/62 | 16781070 | 13982317 |
|  |  | 757487919 |
| Freddie Mac Gold Pool: |  |  |
| Q58477, 4.0000%, 9/1/48 | 1243459 | 1188075 |
| Freddie Mac Pool: |  |  |
| ZS7403, 3.0000%, 5/1/31 | 4938520 | 4836408 |
| ZK8962, 3.0000%, 9/1/32 | 1382942 | 1343814 |
| ZK9009, 3.0000%, 10/1/32 | 702048 | 681194 |
| ZK9085, 3.0000%, 12/1/32 | 364096 | 353624 |
| ZK9163, 3.0000%, 1/1/33 | 922211 | 895237 |
| SB0040, 2.5000%, 12/1/33 | 5682825 | 5481646 |
| QN0786, 3.0000%, 10/1/34 | 1724290 | 1660649 |
| QN0783, 3.0000%, 10/1/34 | 802244 | 771921 |
| SB0116, 2.5000%, 11/1/34 | 1997688 | 1898233 |
| QN0951, 2.5000%, 11/1/34 | 524249 | 497897 |
| SB0866, 2.5000%, 6/1/37 | 18683775 | 17662484 |
| ZS3695, 6.0000%, 4/1/40 | 1913200 | 2012937 |
| ZT1145, 4.5000%, 5/1/44 | 593417 | 589148 |
| ZT1167, 4.0000%, 4/1/45 | 16631 | 16164 |
| ZT1257, 3.0000%, 1/1/46 | 341365 | 313318 |
| ZM1434, 3.5000%, 7/1/46 | 1407162 | 1318254 |
| ZT1633, 4.0000%, 3/1/47 | 722221 | 697100 |
| ZT0534, 3.5000%, 12/1/47 | 4523449 | 4225887 |
| ZM5707, 3.5000%, 2/1/48 | 1691200 | 1577389 |
| ZM5945, 4.0000%, 3/1/48 | 1479797 | 1424257 |
| ZM5865, 4.5000%, 3/1/48 | 77828 | 76347 |
| ZM6220, 4.0000%, 4/1/48 | 1723223 | 1644641 |
| ZM6276, 4.0000%, 4/1/48 | 1696833 | 1630608 |
| ZM6427, 4.0000%, 5/1/48 | 3079391 | 2938965 |
| ZM7182, 4.5000%, 7/1/48 | 517728 | 507876 |
| ZM7926, 5.0000%, 9/1/48 | 103436 | 104058 |
| ZT1320, 4.0000%, 11/1/48 | 403642 | 385235 |
| SI2017, 4.0000%, 12/1/48 | 4990903 | 4763291 |
| ZN2165, 4.5000%, 12/1/48 | 1529871 | 1513725 |
| ZA7158, 4.5000%, 6/1/49 | 383261 | 375388 |

---

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

Janus Investment Fund \| 13

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Freddie Mac Pool – (continued) |  |  |
| RA1087, 4.5000%, 7/1/49 | $2513870 | $2462229 |
| RA1088, 4.5000%, 7/1/49 | 499085 | 487955 |
| QA2159, 3.0000%, 8/1/49 | 753703 | 663966 |
| RA1188, 4.5000%, 8/1/49 | 2522222 | 2470409 |
| QA4936, 3.0000%, 12/1/49 | 792388 | 706271 |
| QA5622, 3.0000%, 12/1/49 | 641218 | 571530 |
| RA1999, 4.5000%, 1/1/50 | 1780063 | 1743496 |
| SD8040, 4.5000%, 1/1/50 | 422583 | 413189 |
| QA8274, 3.5000%, 3/1/50 | 561943 | 518420 |
| SD1551, 4.0000%, 3/1/50 | 4799286 | 4580429 |
| SE9056, 4.5000%, 3/1/50 | 5444522 | 5204216 |
| QB1708, 2.5000%, 8/1/50 | 795567 | 687254 |
| QB2976, 2.5000%, 8/1/50 | 358074 | 309213 |
| QB3353, 2.5000%, 9/1/50 | 1524778 | 1316242 |
| SD1143, 4.5000%, 9/1/50 | 13972183 | 13706292 |
| RA5285, 2.5000%, 5/1/51 | 34863511 | 29716284 |
| SD1137, 2.5000%, 6/1/51 | 13139071 | 11301513 |
| QC5848, 2.5000%, 8/1/51 | 39572063 | 33705128 |
| RA5906, 2.5000%, 9/1/51 | 32134123 | 27518362 |
| SD0688, 2.5000%, 10/1/51 | 34661328 | 29639023 |
| SD7548, 2.5000%, 11/1/51 | 11822591 | 10151157 |
| QD6087, 2.5000%, 1/1/52 | 3441292 | 2951440 |
| QD4842, 2.5000%, 1/1/52 | 2133580 | 1827967 |
| QD7069, 2.5000%, 2/1/52 | 5309069 | 4546972 |
| QD9513, 2.5000%, 2/1/52 | 3151269 | 2687429 |
| QD6554, 3.0000%, 2/1/52 | 2722530 | 2422922 |
| QD6555, 3.0000%, 2/1/52 | 1846275 | 1648182 |
| SD0931, 2.5000%, 3/1/52 | 26283032 | 22442103 |
| QD8288, 2.5000%, 3/1/52 | 893254 | 764098 |
| QD9182, 3.0000%, 3/1/52 | 2627796 | 2345555 |
| QE0318, 4.5000%, 3/1/52 | 287222 | 278478 |
| SD0943, 3.5000%, 4/1/52 | 2207791 | 2055860 |
| QE1073, 3.5000%, 4/1/52 | 839101 | 778876 |
| QD9191, 3.5000%, 4/1/52 | 645814 | 599461 |
| SD8212, 2.5000%, 5/1/52 | 12347961 | 10458514 |
| SD3493, 2.5000%, 5/1/52 | 10831061 | 9268398 |
| SD7023, 3.0000%, 6/1/52 | 15017331 | 13334654 |
| SD1840, 3.0000%, 6/1/52 | 10886084 | 9668101 |
| SD1150, 3.5000%, 6/1/52 | 4389262 | 4087212 |
| QF0488, 5.5000%, 9/1/52 | 5782041 | 5896937 |
| QF2386, 5.0000%, 10/1/52 | 10439764 | 10382133 |
| QF2145, 5.0000%, 10/1/52 | 357363 | 356278 |
| QF2437, 5.5000%, 10/1/52 | 349168 | 357248 |
| QF7813, 5.0000%, 1/1/53 | 460761 | 459548 |
| QF6841, 5.0000%, 1/1/53 | 402655 | 401433 |
| QF8398, 5.0000%, 3/1/53 | 1642107 | 1635057 |
| QF9871, 5.0000%, 3/1/53 | 1580965 | 1574178 |
| QG1442, 5.0000%, 4/1/53 | 1808725 | 1795692 |
| QG2380, 5.0000%, 5/1/53 | 5204888 | 5167384 |
| QG3598, 5.0000%, 5/1/53 | 3186103 | 3163145 |
| QG3742, 5.0000%, 5/1/53 | 322431 | 321046 |
| SD2897, 5.5000%, 5/1/53 | 3906115 | 3969557 |
| QG2543, 5.5000%, 5/1/53 | 500294 | 508307 |
| QG4742, 5.0000%, 6/1/53 | 2188678 | 2163803 |
| QG5161, 5.0000%, 6/1/53 | 2050633 | 2027327 |
| QG5055, 5.0000%, 6/1/53 | 1515347 | 1498711 |
| QG3917, 5.0000%, 6/1/53 | 1303556 | 1294162 |
| QG4676, 5.0000%, 6/1/53 | 640732 | 633864 |
| QG3912, 5.5000%, 6/1/53 | 1661715 | 1688331 |

---

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

14 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Mortgage-Backed Securities – (continued) |  |  |
| Freddie Mac Pool – (continued) |  |  |
| QG4741, 5.5000%, 6/1/53 | $1241391 | $1249921 |
| QG6693, 5.5000%, 7/1/53 | 5244780 | 5338406 |
| QG7441, 5.5000%, 7/1/53 | 3075463 | 3124723 |
| SD4294, 5.5000%, 9/1/53 | 4357073 | 4455104 |
| RA9851, 6.0000%, 9/1/53 | 33058256 | 34209214 |
| SD4009, 6.0000%, 9/1/53 | 10047481 | 10397186 |
| SD4668, 6.0000%, 10/1/53 | 15802260 | 16241953 |
| SD4247, 6.5000%, 11/1/53 | 12311040 | 12929550 |
| 20540101, 2.5000%, 1/1/54 | 9737299 | 8238545 |
| QI2699, 5.5000%, 4/1/54 | 2794571 | 2858702 |
| RJ1341, 6.0000%, 4/1/54 | 23928763 | 24762017 |
| RJ3021, 5.5000%, 12/1/54 | 40416195 | 40870168 |
| SL1226, 5.5000%, 5/1/55 | 7860469 | 8009008 |
| RJ4363, 5.5000%, 6/1/55 | 1167337 | 1191900 |
| 20551101, 6.0000%, 11/1/55 | 5809249 | 5978569 |
| 20560101, 5.0000%, 1/1/56 | 65394894 | 65101704 |
| 20560101, 5.5000%, 1/1/56 | 5258468 | 5330136 |
|  |  | 627817442 |
| Ginnie Mae: |  |  |
| 2.5000%, TBA, 30 Year Maturity | 32578133 | 28005629 |
| 3.5000%, TBA, 30 Year Maturity | 20258806 | 18482190 |
| 4.0000%, TBA, 30 Year Maturity | 11351459 | 10623853 |
| 5.0000%, TBA, 30 Year Maturity | 18848683 | 18654881 |
|  |  | 75766553 |
| Ginnie Mae I Pool: |  |  |
| 625655, 6.0000%, 1/15/34 | 36941 | 38436 |
| 784059, 4.0000%, 1/15/45 | 6912533 | 6672935 |
| 784182, 4.5000%, 8/15/46 | 8874543 | 8751789 |
| BB4357, 4.0000%, 7/15/47 | 1554314 | 1482558 |
| BC7161, 4.0000%, 8/15/47 | 223614 | 213291 |
| BD7109, 4.0000%, 11/15/47 | 173105 | 165114 |
| BD7135, 4.0000%, 12/15/47 | 627594 | 598621 |
|  |  | 17922744 |
| Ginnie Mae II Pool: |  |  |
| MA4068, 3.0000%, 11/20/46 | 25678122 | 23298660 |
| BB9817, 4.0000%, 8/20/47 | 924092 | 882528 |
| BB9814, 4.0000%, 8/20/47 | 151753 | 144928 |
| BB9835, 4.0000%, 8/20/47 | 141542 | 135176 |
| MA5021, 4.5000%, 2/20/48 | 838976 | 825450 |
| BH3673, 4.5000%, 5/20/48 | 1128308 | 1096712 |
| BH3672, 4.5000%, 5/20/48 | 183007 | 178438 |
| MA5264, 4.0000%, 6/20/48 | 6710358 | 6397991 |
| MA5400, 5.0000%, 8/20/48 | 2486438 | 2501055 |
| MA5930, 3.5000%, 5/20/49 | 33753171 | 31500584 |
| MA7255, 2.5000%, 3/20/51 | 32815333 | 28226040 |
| MA7313, 3.0000%, 4/20/51 | 22274771 | 19910448 |
| MA7473, 3.0000%, 7/20/51 | 17902137 | 15997783 |
| MA7535, 3.0000%, 8/20/51 | 40756960 | 36418251 |
| 785843, 2.5000%, 1/20/52 | 24362798 | 20754192 |
|  |  | 188268236 |
| Total Mortgage-Backed Securities (cost $2,205,187,750) |  | 2166725614 |
| United States Treasury Notes/Bonds – 3.4% |  |  |
| 3.5000%, 3/15/29 | 4446700 | 4407444 |
| 3.8750%, 3/31/31 | 285057000 | 284143928 |
| 4.2500%, 3/31/33 | 109534000 | 110287046 |
| 4.1250%, 2/15/36 | 116861500 | 115035539 |
| 4.6250%, 2/15/46 | 218727900 | 210867366 |
| 4.6250%, 11/15/55 | 193908400 | 185273417 |
| Total United States Treasury Notes/Bonds (cost $926,719,026) |  | 910014740 |

---

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

Janus Investment Fund \| 15

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – 63.6% |  |  |
| Aerospace & Defense – 1.8% |  |  |
| General Electric Co | 714006 | $202613482 |
| Howmet Aerospace Inc | 673767 | 155276343 |
| Lockheed Martin Corp | 178035 | 107602574 |
|  |  | 465492399 |
| Banks – 2.0% |  |  |
| JPMorgan Chase & Co | 1283413 | 377528768 |
| PNC Financial Services Group Inc/The | 663982 | 138168014 |
|  |  | 515696782 |
| Beverages – 0.6% |  |  |
| Monster Beverage Corp<sup>\*</sup> <br>| 2122171 | 153772511 |
| Biotechnology – 1.4% |  |  |
| AbbVie Inc | 932057 | 202713077 |
| Vertex Pharmaceuticals Inc<sup>\*</sup> <br>| 352448 | 157382130 |
|  |  | 360095207 |
| Building Products – 0.6% |  |  |
| Trane Technologies PLC | 387993 | 161692203 |
| Capital Markets – 3.0% |  |  |
| CME Group Inc | 633996 | 187250718 |
| Goldman Sachs Group Inc | 247139 | 209077123 |
| Intercontinental Exchange Inc | 1167848 | 183679133 |
| Morgan Stanley | 1305117 | 214783105 |
|  |  | 794790079 |
| Chemicals – 0.4% |  |  |
| Ecolab Inc | 380932 | 101335531 |
| Communications Equipment – 1.0% |  |  |
| Arista Networks Inc<sup>\*</sup> <br>| 700911 | 86057853 |
| Motorola Solutions Inc | 387554 | 168186809 |
|  |  | 254244662 |
| Consumer Finance – 1.1% |  |  |
| American Express Co | 927994 | 280699625 |
| Diversified Financial Services – 2.2% |  |  |
| Mastercard Inc - Class A | 747664 | 373577794 |
| Visa Inc | 692696 | 209360439 |
|  |  | 582938233 |
| Electric Utilities – 1.5% |  |  |
| American Electric Power Co Inc | 929019 | 121775810 |
| Duke Energy Corp | 1421319 | 186107510 |
| Southern Co | 849934 | 82035630 |
|  |  | 389918950 |
| Electrical Equipment – 1.6% |  |  |
| Eaton Corp PLC | 551802 | 197363021 |
| Emerson Electric Co | 771061 | 101024412 |
| GE Vernova Inc | 128164 | 111874356 |
|  |  | 410261789 |
| Electronic Equipment, Instruments & Components – 0.8% |  |  |
| Amphenol Corp | 1668933 | 210869685 |
| Entertainment – 1.8% |  |  |
| Netflix Inc<sup>\*</sup> <br>| 2748956 | 264312119 |
| Walt Disney Co/The | 2147020 | 206929788 |
|  |  | 471241907 |
| Food & Staples Retailing – 0.5% |  |  |
| Costco Wholesale Corp | 144058 | 143543713 |
| Health Care Equipment & Supplies – 2.1% |  |  |
| Abbott Laboratories | 1887161 | 193754820 |
| Boston Scientific Corp<sup>\*</sup> <br>| 1173011 | 73606440 |
| Intuitive Surgical Inc<sup>\*</sup> <br>| 244015 | 112488475 |
| Stryker Corp | 552848 | 181660324 |
|  |  | 561510059 |

---

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

16 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Health Care Providers & Services – 0.4% |  |  |
| HCA Healthcare Inc | 222272 | $105188001 |
| Hotels, Restaurants & Leisure – 1.9% |  |  |
| Booking Holdings Inc | 42291 | 178058643 |
| Hilton Worldwide Holdings Inc | 452858 | 137705061 |
| McDonald's Corp | 129125 | 40130759 |
| Royal Caribbean Cruises Ltd | 578941 | 159312984 |
|  |  | 515207447 |
| Insurance – 1.0% |  |  |
| Progressive Corp/The | 1288865 | 255504598 |
| Interactive Media & Services – 5.8% |  |  |
| Alphabet Inc - Class C | 3707146 | 1063431901 |
| Meta Platforms Inc - Class A | 834745 | 477582657 |
|  |  | 1541014558 |
| Life Sciences Tools & Services – 0.8% |  |  |
| Danaher Corp | 1047055 | 198521628 |
| Machinery – 0.5% |  |  |
| Deere & Co | 243198 | 136993433 |
| Metals & Mining – 0.5% |  |  |
| Freeport-McMoRan Inc | 2443094 | 143605065 |
| Multiline Retail – 2.8% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 3602331 | 750257477 |
| Oil, Gas & Consumable Fuels – 1.5% |  |  |
| Chevron Corp | 1276313 | 264069160 |
| ConocoPhillips | 1081666 | 142779912 |
|  |  | 406849072 |
| Pharmaceuticals – 3.0% |  |  |
| Eli Lilly & Co | 409206 | 376375402 |
| Johnson & Johnson | 1108486 | 270958318 |
| Zoetis Inc | 1307028 | 154503780 |
|  |  | 801837500 |
| Road & Rail – 1.4% |  |  |
| Uber Technologies Inc<sup>\*</sup> <br>| 2903818 | 208871629 |
| Union Pacific Corp | 671198 | 162846059 |
|  |  | 371717688 |
| Semiconductor & Semiconductor Equipment – 10.9% |  |  |
| Broadcom Inc | 1996697 | 617997689 |
| KLA Corp | 179056 | 263643845 |
| Lam Research Corp | 1325509 | 283208253 |
| Micron Technology Inc | 559450 | 189004588 |
| NVIDIA Corp | 8711541 | 1519292750 |
|  |  | 2873147125 |
| Software – 4.6% |  |  |
| Cadence Design Systems Inc<sup>\*</sup> <br>| 396345 | 110132385 |
| Intuit Inc | 291400 | 125995532 |
| Microsoft Corp | 2643715 | 978623982 |
|  |  | 1214751899 |
| Specialty Retail – 1.3% |  |  |
| Home Depot Inc | 580151 | 190805863 |
| O'Reilly Automotive Inc<sup>\*</sup> <br>| 300088 | 27701123 |
| TJX Cos Inc | 856763 | 136825051 |
|  |  | 355332037 |
| Technology Hardware, Storage & Peripherals – 3.2% |  |  |
| Apple Inc | 3371613 | 855681663 |
| Textiles, Apparel & Luxury Goods – 0.5% |  |  |
| NIKE Inc - Class B | 2367138 | 125032229 |
| Tobacco – 1.1% |  |  |
| Philip Morris International Inc | 1688764 | 279220240 |
| Total Common Stocks (cost $8,410,121,700) |  | 16787964995 |

---

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

Janus Investment Fund \| 17

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Investment Companies – 2.4% |  |  |
| Money Markets – 2.4% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº,</sup><sup>£</sup> (cost $635,526,770) | 635432923 | $635432923 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.1% |  |  |
| Investment Companies – 0.1% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº,</sup><sup>£</sup> <br>| 10841620 | 10841620 |
| Time Deposits – 0% |  |  |
| Royal Bank of Canada, 3.6500%, 4/1/26 | $2710405 | 2710405 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $13,552,025) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $13,552,025) | 13552025 |
| Total Investments (total cost $18,616,059,782) – 102.0% |  | 26924037458 |
| Liabilities, net of Cash, Receivables and Other Assets – (2.0)% |  | (518738079) |
| Net Assets – 100% |  | $26405299379 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $26563319612 | &nbsp;&nbsp;&nbsp;&nbsp; 98.7<br> %<br>|
| United Kingdom | 246559685 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| France | 50206751 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Israel | 35807668 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Zambia | 11521113 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Ireland | 10467630 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Canada | 6154999 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Total | $26924037458 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*3/31/26*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 2.4% | Investment Companies - 2.4% | Investment Companies - 2.4% | Investment Companies - 2.4% | Investment Companies - 2.4% | Investment Companies - 2.4% | Investment Companies - 2.4% | Investment Companies - 2.4% | Investment Companies - 2.4% |
| Money Markets - 2.4% | Money Markets - 2.4% | Money Markets - 2.4% | Money Markets - 2.4% | Money Markets - 2.4% | Money Markets - 2.4% | Money Markets - 2.4% | Money Markets - 2.4% | Money Markets - 2.4% |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  |
|  | $498324627 | $2185649501 | $(2048400216) | $(42662) | $(98327) | $635432923 | 635432923 | $10113132 |
| 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, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  |
|  | 8318846 | 3224771102 | (3222248328) | - | - | 10841620 | 10841620 | 265095 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 2.5% | Total Affiliated Investments - 2.5% | Total Affiliated Investments - 2.5% | Total Affiliated Investments - 2.5% | Total Affiliated Investments - 2.5% | Total Affiliated Investments - 2.5% | Total Affiliated Investments - 2.5% | Total Affiliated Investments - 2.5% | Total Affiliated Investments - 2.5% |
|  | $506643473 | $5410420603 | $(5270648544) | $(42662) | $(98327) | $646274543 | 646274543 | $10378227 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***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 | 5/22/26 | &nbsp;&nbsp; (180161783) | &nbsp;&nbsp; $241367965 | &nbsp;&nbsp; $2969842 |

---

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

18 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***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 | 16669 | &nbsp;&nbsp; 7/6/26 | &nbsp;&nbsp; $3457905906 | &nbsp;&nbsp; $(14878484) |
| 5 Year US Treasury Note | 9153 | &nbsp;&nbsp; 7/6/26 | &nbsp;&nbsp; 990168684 | &nbsp;&nbsp; (12513460) |
| Ultra Long Term US Treasury Bond | 1391 | &nbsp;&nbsp; 6/30/26 | &nbsp;&nbsp; 162138438 | &nbsp;&nbsp; (5014767) |
| US Treasury Long Bond | 4999 | &nbsp;&nbsp; 6/30/26 | &nbsp;&nbsp; 569261125 | &nbsp;&nbsp; (16485442) |
| Total - Futures Long |  |  |  | &nbsp;&nbsp; (48892153) |
| *Futures Short:* |  |  |  |  |
| 10 Year US Treasury Note | 2477 | &nbsp;&nbsp; 6/30/26 | &nbsp;&nbsp; (275063109) | &nbsp;&nbsp; 4720000 |
| Ultra 10-Year Treasury Note | 2205 | &nbsp;&nbsp; 6/30/26 | &nbsp;&nbsp; (250301953) | &nbsp;&nbsp; 4480501 |
| Total - Futures Short |  |  |  | &nbsp;&nbsp; 9200501 |
| Total |  |  |  | &nbsp;&nbsp; $(39691652) |

---

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 March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2026** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2026** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2026** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2026** |
|  | *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate* <br>*Contracts*<br>| *Total* |
| *Asset Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $2969842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2969842 |
| <sup>\*</sup>Futures contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9200501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9200501 |
| Total Asset Derivatives | $2969842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9200501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12170343 |
| *Liability Derivatives:* |  |  |  |
| <sup>\*</sup>Futures contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $48892153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $48892153 |

---

\* The fair value presented includes net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in total distributable earnings (loss). 

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

of Operations for the period ended March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** |
| *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; $7619270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7619270 |
| Swap contracts | (722000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(722000) |
| Total | $(722000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7619270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6897270 |

---

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

Janus Investment Fund \| 19

------

**Janus Henderson Balanced Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| *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; $(47340186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(47340186) |
| Forward foreign currency exchange contracts | 2969842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2969842 |
| Total | $2969842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(47340186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(44370344) |

---

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

sections of the Fund's Statement of Operations.

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2026** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2026** |
| Credit default swaps: |  |
| Average notional amount - buy protection | $162857143 |
| Forward foreign currency exchange contracts: |  |
| Average amounts sold - in USD | 34056875 |
| Futures contracts: |  |
| Average notional amount of contracts - long | 4522798993 |
| Average notional amount of contracts - short | 711161810 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Assets*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| BNP Paribas | $2969842 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2969842 |
| JPMorgan Chase Bank, National Association | 13216713 | &nbsp;&nbsp; — | &nbsp;&nbsp; (13216713) | &nbsp;&nbsp; — |
| Total | $16186555 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(13216713) | &nbsp;&nbsp; $2969842 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the amount of assets or liabilities that could be offset with the same
 counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Collateral pledged is limited to the net outstanding amount due to/from an individual
 counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

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

20 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

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

---

| | |
|:---|:---|
| IBOR | Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| PLC | Public Limited Company |
| SOFR | Secured Overnight Financing Rate |
| TBA | (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate <br> principal amount and no defined maturity date. The actual principal and maturity date will be determined upon <br> settlement when specific mortgage pools are assigned.<br>|

---

---

| |
|:---|
| &nbsp;&nbsp; Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale <br> and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be <br> liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended March 31, 2026 is <br> $4,158,846,347, which represents 15.8% of net assets.<br>|
| Non-income producing security. |
| &nbsp;&nbsp; Variable or floating rate security. Rate shown is the current rate as of March 31, 2026. Certain variable rate securities are not based on a <br> 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 March 31, 2026. |
| Loaned security; a portion of the security is on loan at March 31, 2026. |
| &nbsp;&nbsp; Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if <br> any, represents the next call date.<br>|
| &nbsp;&nbsp; Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the <br> current rate.<br>|
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
| Schedule of Restricted Securities (as of March 31, 2026) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *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; $4806303 | $4794243 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %<br>|

---

The Fund has registration rights for certain restricted securities held as of March 31, 2026. The issuer incurs all registration costs.

Janus Investment Fund \| 21

------

**Janus Henderson Balanced Fund**

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

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

instruments as of March 31, 2026. 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; $3153059546 | &nbsp;&nbsp; $- |
| *Bank Loans and Mezzanine Loans* | - | &nbsp;&nbsp; 230413965 | &nbsp;&nbsp; - |
| *Corporate Bonds* | - | &nbsp;&nbsp; 2792924996 | &nbsp;&nbsp; - |
| *Foreign Government Bonds* | - | &nbsp;&nbsp; 233948654 | &nbsp;&nbsp; - |
| *Mortgage-Backed Securities* | - | &nbsp;&nbsp; 2166725614 | &nbsp;&nbsp; - |
| *United States Treasury Notes/Bonds* | - | &nbsp;&nbsp; 910014740 | &nbsp;&nbsp; - |
| *Common Stocks* | 16787964995 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 635432923 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 13552025 | &nbsp;&nbsp; - |
| Total Investments in Securities | $16787964995 | &nbsp;&nbsp; $10136072463 | &nbsp;&nbsp; $- |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | - | &nbsp;&nbsp; 2969842 | &nbsp;&nbsp; - |
| *Futures Contracts* | 9200501 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| **Total Assets** | $16797165496 | &nbsp;&nbsp; $10139042305 | &nbsp;&nbsp; $- |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Futures Contracts* | $48892153 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Other financial instruments may include forward foreign currency exchange contracts,
 futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and centrally
 cleared swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the
 contract's value from trade date. Written options, written swaptions, and OTC swaps are reported at their market value at measurement date.

22 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

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

**March 31, 2026**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $17,969,691,392)<sup>(1)</sup> <br>| $26277762915 |
| Affiliated investments, at value (cost $646,368,390) | 646274543 |
| Cash | 1194980 |
| Collateral for To Be Announced transactions | 5628605 |
| Deposits with brokers for futures | 50440000 |
| Forward foreign currency exchange contracts | 2969842 |
| Variation margin receivable on futures contracts | 4768296 |
| Trustees' deferred compensation | 830603 |
| Receivables: |  |
| Investments sold | 408052983 |
| TBA investments sold | 76389598 |
| Interest | 60519212 |
| Fund shares sold | 15444823 |
| Dividends | 7923711 |
| Dividends from affiliates | 1878969 |
| Other assets | 295358 |
| Total Assets | 27560374438 |
| Liabilities: |  |
| Collateral for securities loaned (Note 3) | 13552025 |
| Variation margin payable on futures contracts | 1235156 |
| Payables: |  |
| TBA investments purchased | 654355116 |
| Investments purchased | 418985439 |
| Fund shares repurchased | 37670178 |
| Advisory fees | 12639910 |
| Dividends | 8554448 |
| Transfer agent fees and expenses | 3629590 |
| 12b-1 Distribution and shareholder servicing fees | 2371749 |
| Trustees' deferred compensation fees | 830603 |
| Trustees' fees and expenses | 146019 |
| Professional fees | 67652 |
| Affiliated fund administration fees payable | 57454 |
| Custodian fees | 13797 |
| Accrued expenses and other payables | 965923 |
| Total Liabilities | 1155075059 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $26405299379 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 23

------

**Janus Henderson Balanced Fund**

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

**March 31, 2026**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $17372550952 |
| Total distributable earnings (loss) | 9032748427 |
| Total Net Assets | $26405299379 |
| Net Assets - Class A Shares | $2508236108 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 55102883 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $45.52 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $48.30 |
| Net Assets - Class C Shares | $1806620046 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 40292442 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $44.84 |
| Net Assets - Class D Shares | $2448625924 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 53574250 |
| Net Asset Value Per Share | $45.71 |
| Net Assets - Class I Shares | $12331626445 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 269698530 |
| Net Asset Value Per Share | $45.72 |
| Net Assets - Class N Shares | $2408827197 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 52751801 |
| Net Asset Value Per Share | $45.66 |
| Net Assets - Class R Shares | $390098999 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 8642916 |
| Net Asset Value Per Share | $45.14 |
| Net Assets - Class S Shares | $346395498 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 7609551 |
| Net Asset Value Per Share | $45.52 |
| Net Assets - Class T Shares | $4164869162 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 91282320 |
| Net Asset Value Per Share | $45.63 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $13,216,713 of securities on loan. See Note 3 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

24 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Investment Income: |  |
| Interest | $239382899 |
| Dividends | 103656787 |
| Dividends from affiliates | 10113132 |
| Affiliated securities lending income, net | 265095 |
| Unaffiliated securities lending income, net | 65619 |
| Other income | 3613954 |
| Total Investment Income | 357097486 |
| Expenses: |  |
| Advisory fees | 76852989 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 3260109 |
| Class C Shares | 9309429 |
| Class R Shares | 1053367 |
| Class S Shares | 475857 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 1392375 |
| Class R Shares | 526689 |
| Class S Shares | 475757 |
| Class T Shares | 5647333 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 828592 |
| Class C Shares | 635800 |
| Class I Shares | 6737964 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 78566 |
| Class C Shares | 51617 |
| Class D Shares | 97564 |
| Class I Shares | 180884 |
| Class N Shares | 67901 |
| Class R Shares | 1514 |
| Class S Shares | 1451 |
| Class T Shares | 14744 |
| Shareholder reports expense | 450981 |
| Affiliated fund administration fees | 349332 |
| Trustees' fees and expenses | 327471 |
| Registration fees | 159394 |
| Professional fees | 103730 |
| Custodian fees | 65541 |
| Other expenses | 896092 |
| Total Expenses | 110043043 |
| Less: Excess Expense Reimbursement and Waivers | (239328) |
| Net Expenses | 109803715 |
| Net Investment Income/(Loss) | 247293771 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 25

------

**Janus Henderson Balanced Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | $1132955537 |
| Investments in affiliates | (42662) |
| Futures contracts | 7619270 |
| Swap contracts | (722000) |
| Total Net Realized Gain/(Loss) on Investments | 1139810145 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (2259002136) |
| Investments in affiliates | (98327) |
| Forward foreign currency exchange contracts | 2969842 |
| Futures contracts | (47340186) |
| Total Change in Unrealized Net Appreciation/Depreciation | (2303470807) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $(916366891) |

---

See Notes to Financial Statements.

26 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*March 31, 2026* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $247293771 | &nbsp;&nbsp; $476234672 |
| Net realized gain/(loss) on investments | 1139810145 | &nbsp;&nbsp; 1743414681 |
| Change in unrealized net appreciation/depreciation | (2303470807) | &nbsp;&nbsp; 1061874205 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (916366891) | &nbsp;&nbsp; 3281523558 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (193345456) | &nbsp;&nbsp; (146810019) |
| Class C Shares | (144300545) | &nbsp;&nbsp; (121336044) |
| Class D Shares | (194563752) | &nbsp;&nbsp; (159340075) |
| Class I Shares | (958000874) | &nbsp;&nbsp; (773472014) |
| Class N Shares | (192569046) | &nbsp;&nbsp; (156159669) |
| Class R Shares | (30692825) | &nbsp;&nbsp; (24615658) |
| Class S Shares | (27608252) | &nbsp;&nbsp; (24061185) |
| Class T Shares | (338223597) | &nbsp;&nbsp; (291749698) |
| Net Decrease from Dividends and Distributions to Shareholders | (2079304347) | &nbsp;&nbsp; (1697544362) |
| Capital Share Transactions: |  |  |
| Class A Shares | 194138558 | &nbsp;&nbsp; 151609067 |
| Class C Shares | (47548431) | &nbsp;&nbsp; (215406767) |
| Class D Shares | 109548531 | &nbsp;&nbsp; 6857191 |
| Class I Shares | 898210038 | &nbsp;&nbsp; 293156647 |
| Class N Shares | 150605702 | &nbsp;&nbsp; 67522552 |
| Class R Shares | 3559841 | &nbsp;&nbsp; (10754229) |
| Class S Shares | (8903848) | &nbsp;&nbsp; (23792906) |
| Class T Shares | (4087143) | &nbsp;&nbsp; (256604944) |
| Net Increase/(Decrease) from Capital Share Transactions | 1295523248 | &nbsp;&nbsp; 12586611 |
| Net Increase/(Decrease) in Net Assets | (1700147990) | &nbsp;&nbsp; 1596565807 |
| Net Assets: |  |  |
| Beginning of period | 28105447369 | &nbsp;&nbsp; 26508881562 |
| End of period | $26405299379 | &nbsp;&nbsp; $28105447369 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 27

------

**Janus Henderson Balanced Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $50.85 | &nbsp;&nbsp; $47.97 | &nbsp;&nbsp; $38.80 | &nbsp;&nbsp; $35.92 | &nbsp;&nbsp; $44.26 | &nbsp;&nbsp; $38.77 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain/(loss) | (1.98) | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;9.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp; (6.67) | &nbsp;&nbsp;&nbsp;&nbsp;6.02 |
| Total from Investment Operations | (1.57) | &nbsp;&nbsp;&nbsp;&nbsp;5.93 | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp; (6.33) | &nbsp;&nbsp;&nbsp;&nbsp;6.36 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.42) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.41) |
| Distributions (from capital gains) | (3.34) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.46) |
| Total Dividends and Distributions | (3.76) | &nbsp;&nbsp; (3.05) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp; (0.87) |
| Net Asset Value, End of Period | $45.52 | &nbsp;&nbsp; $50.85 | &nbsp;&nbsp; $47.97 | &nbsp;&nbsp; $38.80 | &nbsp;&nbsp; $35.92 | &nbsp;&nbsp; $44.26 |
| Total Return<sup>\*</sup> <br>| (3.40)% | &nbsp;&nbsp; 12.97% | &nbsp;&nbsp; 25.93% | &nbsp;&nbsp; 11.04% | &nbsp;&nbsp; (15.13)% | &nbsp;&nbsp; 16.58% |
| Net Assets, End of Period (in thousands) | $2508236 | &nbsp;&nbsp; $2596463 | &nbsp;&nbsp; $2297158 | &nbsp;&nbsp; $1865079 | &nbsp;&nbsp; $1748525 | &nbsp;&nbsp; $1963351 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% |
| Ratio of Net Investment Income/(Loss) | 1.67% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 50% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 60% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.

28 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $50.14 | &nbsp;&nbsp; $47.34 | &nbsp;&nbsp; $38.29 | &nbsp;&nbsp; $35.46 | &nbsp;&nbsp; $43.74 | &nbsp;&nbsp; $38.34 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain/(loss) | (1.95) | &nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;9.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp; (6.57) | &nbsp;&nbsp;&nbsp;&nbsp;5.95 |
| Total from Investment Operations | (1.71) | &nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp; (6.54) | &nbsp;&nbsp;&nbsp;&nbsp;5.99 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.25) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.13) |
| Distributions (from capital gains) | (3.34) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.46) |
| Total Dividends and Distributions | (3.59) | &nbsp;&nbsp; (2.71) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; (0.59) |
| Net Asset Value, End of Period | $44.84 | &nbsp;&nbsp; $50.14 | &nbsp;&nbsp; $47.34 | &nbsp;&nbsp; $38.29 | &nbsp;&nbsp; $35.46 | &nbsp;&nbsp; $43.74 |
| Total Return<sup>\*</sup> <br>| (3.74)% | &nbsp;&nbsp; 12.17% | &nbsp;&nbsp; 25.03% | &nbsp;&nbsp; 10.25% | &nbsp;&nbsp; (15.75)% | &nbsp;&nbsp; 15.76% |
| Net Assets, End of Period (in thousands) | $1806620 | &nbsp;&nbsp; $2067605 | &nbsp;&nbsp; $2171728 | &nbsp;&nbsp; $2035792 | &nbsp;&nbsp; $2180941 | &nbsp;&nbsp; $2817466 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.57% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.60% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 1.57% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.60% |
| Ratio of Net Investment Income/(Loss) | 0.98% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.10% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 50% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 60% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.

Janus Investment Fund \| 29

------

**Janus Henderson Balanced Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $51.05 | &nbsp;&nbsp; $48.14 | &nbsp;&nbsp; $38.93 | &nbsp;&nbsp; $36.04 | &nbsp;&nbsp; $44.40 | &nbsp;&nbsp; $38.89 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Net realized and unrealized gain/(loss) | (1.99) | &nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp;9.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp; (6.68) | &nbsp;&nbsp;&nbsp;&nbsp;6.04 |
| Total from Investment Operations | (1.53) | &nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp;&nbsp;&nbsp;10.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp; (6.27) | &nbsp;&nbsp;&nbsp;&nbsp;6.46 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.47) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.49) |
| Distributions (from capital gains) | (3.34) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.46) |
| Total Dividends and Distributions | (3.81) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.15) | &nbsp;&nbsp; (2.09) | &nbsp;&nbsp; (0.95) |
| Net Asset Value, End of Period | $45.71 | &nbsp;&nbsp; $51.05 | &nbsp;&nbsp; $48.14 | &nbsp;&nbsp; $38.93 | &nbsp;&nbsp; $36.04 | &nbsp;&nbsp; $44.40 |
| Total Return<sup>\*</sup> <br>| (3.31)% | &nbsp;&nbsp; 13.20% | &nbsp;&nbsp; 26.17% | &nbsp;&nbsp; 11.24% | &nbsp;&nbsp; (14.97)% | &nbsp;&nbsp; 16.80% |
| Net Assets, End of Period (in thousands) | $2448626 | &nbsp;&nbsp; $2616882 | &nbsp;&nbsp; $2461743 | &nbsp;&nbsp; $2049685 | &nbsp;&nbsp; $1946256 | &nbsp;&nbsp; $2362421 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% |
| Ratio of Net Investment Income/(Loss) | 1.87% | &nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 2.04% | &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.99% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 50% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 60% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.

30 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period <br> ended March 31, 2026 (unaudited) and the <br> year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $51.06 | &nbsp;&nbsp; $48.16 | &nbsp;&nbsp; $38.94 | &nbsp;&nbsp; $36.05 | &nbsp;&nbsp; $44.41 | &nbsp;&nbsp; $38.90 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain/(loss) | (1.99) | &nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp; (6.68) | &nbsp;&nbsp;&nbsp;&nbsp;6.04 |
| Total from Investment Operations | (1.53) | &nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp; (6.25) | &nbsp;&nbsp;&nbsp;&nbsp;6.48 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.47) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.51) |
| Distributions (from capital gains) | (3.34) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.46) |
| Total Dividends and Distributions | (3.81) | &nbsp;&nbsp; (3.15) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; (2.11) | &nbsp;&nbsp; (0.97) |
| Net Asset Value, End of Period | $45.72 | &nbsp;&nbsp; $51.06 | &nbsp;&nbsp; $48.16 | &nbsp;&nbsp; $38.94 | &nbsp;&nbsp; $36.05 | &nbsp;&nbsp; $44.41 |
| Total Return<sup>\*</sup> <br>| (3.30)% | &nbsp;&nbsp; 13.20% | &nbsp;&nbsp; 26.23% | &nbsp;&nbsp; 11.28% | &nbsp;&nbsp; (14.93)% | &nbsp;&nbsp; 16.86% |
| Net Assets, End of Period (in thousands) | $12331626 | &nbsp;&nbsp; $12816512 | &nbsp;&nbsp; $11799023 | &nbsp;&nbsp; $9681874 | &nbsp;&nbsp; $9457091 | &nbsp;&nbsp; $11674873 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.65% |
| Ratio of Net Investment Income/(Loss) | 1.88% | &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.04% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 50% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 60% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.

Janus Investment Fund \| 31

------

**Janus Henderson Balanced Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $51.00 | &nbsp;&nbsp; $48.10 | &nbsp;&nbsp; $38.90 | &nbsp;&nbsp; $36.01 | &nbsp;&nbsp; $44.37 | &nbsp;&nbsp; $38.86 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Net realized and unrealized gain/(loss) | (1.99) | &nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;9.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp; (6.69) | &nbsp;&nbsp;&nbsp;&nbsp;6.03 |
| Total from Investment Operations | (1.50) | &nbsp;&nbsp;&nbsp;&nbsp;6.10 | &nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp; (6.22) | &nbsp;&nbsp;&nbsp;&nbsp;6.51 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.50) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.54) |
| Distributions (from capital gains) | (3.34) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.46) |
| Total Dividends and Distributions | (3.84) | &nbsp;&nbsp; (3.20) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (1.20) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (1.00) |
| Net Asset Value, End of Period | $45.66 | &nbsp;&nbsp; $51.00 | &nbsp;&nbsp; $48.10 | &nbsp;&nbsp; $38.90 | &nbsp;&nbsp; $36.01 | &nbsp;&nbsp; $44.37 |
| Total Return<sup>\*</sup> <br>| (3.26)% | &nbsp;&nbsp; 13.33% | &nbsp;&nbsp; 26.32% | &nbsp;&nbsp; 11.39% | &nbsp;&nbsp; (14.87)% | &nbsp;&nbsp; 16.96% |
| Net Assets, End of Period (in thousands) | $2408827 | &nbsp;&nbsp; $2530540 | &nbsp;&nbsp; $2315386 | &nbsp;&nbsp; $1993794 | &nbsp;&nbsp; $1777708 | &nbsp;&nbsp; $1611032 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% |
| Ratio of Net Investment Income/(Loss) | 1.98% | &nbsp;&nbsp; 2.02% | &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.12% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 50% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 60% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.

32 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $50.45 | &nbsp;&nbsp; $47.62 | &nbsp;&nbsp; $38.52 | &nbsp;&nbsp; $35.67 | &nbsp;&nbsp; $43.96 | &nbsp;&nbsp; $38.52 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain/(loss) | (1.96) | &nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp;9.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp; (6.61) | &nbsp;&nbsp;&nbsp;&nbsp;5.97 |
| Total from Investment Operations | (1.66) | &nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp; (6.46) | &nbsp;&nbsp;&nbsp;&nbsp;6.13 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.31) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.23) |
| Distributions (from capital gains) | (3.34) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.46) |
| Total Dividends and Distributions | (3.65) | &nbsp;&nbsp; (2.84) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.83) | &nbsp;&nbsp; (0.69) |
| Net Asset Value, End of Period | $45.14 | &nbsp;&nbsp; $50.45 | &nbsp;&nbsp; $47.62 | &nbsp;&nbsp; $38.52 | &nbsp;&nbsp; $35.67 | &nbsp;&nbsp; $43.96 |
| Total Return<sup>\*</sup> <br>| (3.61)% | &nbsp;&nbsp; 12.48% | &nbsp;&nbsp; 25.40% | &nbsp;&nbsp; 10.56% | &nbsp;&nbsp; (15.50)% | &nbsp;&nbsp; 16.08% |
| Net Assets, End of Period (in thousands) | $390099 | &nbsp;&nbsp; $431736 | &nbsp;&nbsp; $418696 | &nbsp;&nbsp; $378412 | &nbsp;&nbsp; $368360 | &nbsp;&nbsp; $473663 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.32% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.32% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.32% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.31% |
| Ratio of Net Investment Income/(Loss) | 1.24% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.38% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 50% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 60% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.

Janus Investment Fund \| 33

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**Janus Henderson Balanced Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $50.85 | &nbsp;&nbsp; $47.97 | &nbsp;&nbsp; $38.79 | &nbsp;&nbsp; $35.91 | &nbsp;&nbsp; $44.24 | &nbsp;&nbsp; $38.76 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain/(loss) | (1.98) | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;9.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp; (6.65) | &nbsp;&nbsp;&nbsp;&nbsp;6.00 |
| Total from Investment Operations | (1.62) | &nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp; (6.40) | &nbsp;&nbsp;&nbsp;&nbsp;6.27 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.37) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.33) |
| Distributions (from capital gains) | (3.34) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.46) |
| Total Dividends and Distributions | (3.71) | &nbsp;&nbsp; (2.96) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; (1.93) | &nbsp;&nbsp; (0.79) |
| Net Asset Value, End of Period | $45.52 | &nbsp;&nbsp; $50.85 | &nbsp;&nbsp; $47.97 | &nbsp;&nbsp; $38.79 | &nbsp;&nbsp; $35.91 | &nbsp;&nbsp; $44.24 |
| Total Return<sup>\*</sup> <br>| (3.50)% | &nbsp;&nbsp; 12.76% | &nbsp;&nbsp; 25.73% | &nbsp;&nbsp; 10.84% | &nbsp;&nbsp; (15.29)% | &nbsp;&nbsp; 16.35% |
| Net Assets, End of Period (in thousands) | $346395 | &nbsp;&nbsp; $395008 | &nbsp;&nbsp; $396524 | &nbsp;&nbsp; $355150 | &nbsp;&nbsp; $373119 | &nbsp;&nbsp; $566156 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.07% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.07% |
| Ratio of Net Investment Income/(Loss) | 1.48% | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.63% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 50% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 60% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.

34 \| March 31, 2026

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**Janus Henderson Balanced Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $50.96 | &nbsp;&nbsp; $48.07 | &nbsp;&nbsp; $38.87 | &nbsp;&nbsp; $35.98 | &nbsp;&nbsp; $44.34 | &nbsp;&nbsp; $38.83 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net realized and unrealized gain/(loss) | (1.98) | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp; (6.68) | &nbsp;&nbsp;&nbsp;&nbsp;6.02 |
| Total from Investment Operations | (1.55) | &nbsp;&nbsp;&nbsp;&nbsp;5.97 | &nbsp;&nbsp;&nbsp;&nbsp;10.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp; (6.32) | &nbsp;&nbsp;&nbsp;&nbsp;6.40 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.44) | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.43) |
| Distributions (from capital gains) | (3.34) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.46) |
| Total Dividends and Distributions | (3.78) | &nbsp;&nbsp; (3.08) | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (2.04) | &nbsp;&nbsp; (0.89) |
| Net Asset Value, End of Period | $45.63 | &nbsp;&nbsp; $50.96 | &nbsp;&nbsp; $48.07 | &nbsp;&nbsp; $38.87 | &nbsp;&nbsp; $35.98 | &nbsp;&nbsp; $44.34 |
| Total Return<sup>\*</sup> <br>| (3.36)% | &nbsp;&nbsp; 13.05% | &nbsp;&nbsp; 26.05% | &nbsp;&nbsp; 11.14% | &nbsp;&nbsp; (15.09)% | &nbsp;&nbsp; 16.67% |
| Net Assets, End of Period (in thousands) | $4164869 | &nbsp;&nbsp; $4650703 | &nbsp;&nbsp; $4648624 | &nbsp;&nbsp; $4204443 | &nbsp;&nbsp; $4289200 | &nbsp;&nbsp; $5616342 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.82% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.82% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.81% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.81% |
| Ratio of Net Investment Income/(Loss) | 1.75% | &nbsp;&nbsp; 1.79% | &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.89% |
| Portfolio Turnover Rate<sup>(2)</sup> <br>| 50% | &nbsp;&nbsp; 75% | &nbsp;&nbsp; 76% | &nbsp;&nbsp; 92% | &nbsp;&nbsp; 79% | &nbsp;&nbsp; 60% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

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

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

See Notes to Financial Statements.

Janus Investment Fund \| 35

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**Janus Henderson Balanced Fund**

**Notes to Financial Statements (unaudited)**

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

**1. Organization and Significant Accounting Policies**

Janus Henderson Balanced Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 34 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term capital growth, consistent with preservation of capital and balanced by current income. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the

investment adviser (the "Adviser") to the Fund.

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

shares.

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

GAAP")).

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

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

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

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

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

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain

retirement platforms.

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

requirements.

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

36 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Notes to Financial Statements (unaudited)**

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

with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an

agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended March 31, 2026. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

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

**Investment Valuation**

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

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

**Valuation Inputs Summary**

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

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

Janus Investment Fund \| 37

------

**Janus Henderson Balanced Fund**

**Notes to Financial Statements (unaudited)**

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

rates and similar data.

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

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

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

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

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

**Investment Transactions and Investment Income**

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

net assets represented by each class as a percentage of total net assets.

**Expenses**

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

operations of such class.

**Estimates**

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

Actual results could differ from those estimates.

**Indemnifications**

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

loss from such claims is considered remote.

38 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Notes to Financial Statements (unaudited)**

**Foreign Currency Translations**

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

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

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

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

and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

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

income tax purposes.

**Income Taxes**

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

in the next twelve months.

**2. Derivative Instruments**

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended March 31, 2026 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

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

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

Janus Investment Fund \| 39

------

**Janus Henderson Balanced Fund**

**Notes to Financial Statements (unaudited)**

would be the case. Derivatives can be volatile and may involve significant risks.

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

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

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

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

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

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

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

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

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

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

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

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

dependent on the Adviser's ability to establish and maintain appropriate systems and trading.

**Forward Foreign Currency Exchange Contracts**

A forward foreign currency exchange contract ("forward currency contract") is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale

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**Janus Henderson Balanced Fund**

**Notes to Financial Statements (unaudited)**

commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

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

closing a forward currency contract is reported on the Statement of Operations (if applicable).

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

denominated securities held by the Fund.

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

denominated securities held by the Fund.

**Futures Contracts**

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

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

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

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

With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the

exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

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

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

**Swaps**

Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults,

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**Janus Henderson Balanced Fund**

**Notes to Financial Statements (unaudited)**

the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund's total return.

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty ("CCP"). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant ("FCM") that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the "Executing Dealer") and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission ("CFTC"). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades.

The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund's Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported on the Fund's Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the period is included in the Statement of Operations (if applicable).

The Fund's maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of

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

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

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

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**Janus Henderson Balanced Fund**

**Notes to Financial Statements (unaudited)**

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

credit default transaction would be the notional amount of the agreement.

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

not be able to meet its obligation to the counterparty.

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

market was less attractive.

There were no credit default swaps held at March 31, 2026.

**3. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**Loans**

The Fund may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession ("DIP") loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis. Commercial loans will comprise no more than 20% of the Fund's total assets.

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**Janus Henderson Balanced Fund**

**Notes to Financial Statements (unaudited)**

Below are descriptions of the types of loans held by the Fund as of March 31, 2026.

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

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

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

Purchasers of floating rate loans may pay and/or receive certain fees. The Fund may receive fees such as covenant waiver fees or prepayment penalty fees. The Fund may pay fees such as facility fees. Such fees may

affect the Fund's return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Mezzanine Loans –** Mezzanine loans are secured by the stock of the company that owns the assets. Mezzanine loans are a hybrid of debt and equity financing that is typically used to fund the expansion of existing companies. A mezzanine loan is composed of debt capital that gives the lender the right to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. Mezzanine loans typically are the most

subordinated debt obligation in an issuer's capital structure.

**Mortgage- and Asset-Backed Securities**

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

The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities' issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund's returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation

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**Janus Henderson Balanced Fund**

**Notes to Financial Statements (unaudited)**

risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private

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

**Restricted Security Transactions**

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets

exist.

**Sovereign Debt**

The Fund may invest in U.S. and non-U.S. government debt securities ("sovereign debt"). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor's willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor's policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor's ability or willingness to timely service its debts. The Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund's holdings. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not

repaid. In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

**TBA Commitments**

The Fund may enter into "to be announced" or "TBA" commitments. TBAs are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate, and mortgage terms. Although TBA securities must meet industry-accepted "good delivery" standards, there can be no assurance that a security purchased on forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA commitments do not require the delivery of a specific security, the characteristics of the security delivered to the Fund may be less favorable than expected. If the counterparty to a transaction fails to deliver the security, the Fund could suffer a loss.

To mitigate the counterparty credit risk and in accordance with FINRA 4210 regulatory requirements on TBA commitments and other types of forward-settling transactions, the Fund enters into a Master Securities Forward Transaction Agreement ("MSFTA") bilaterally with each counterparty with which it undertakes transactions. An MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of an MSFTA, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by the defaulting party.

This right to close out and net payments across all transactions traded under an MSFTA may result in a reduction of the Fund's credit risk to such counterparty equal to any amounts payable by the Fund under the applicable transactions, if any.

For mortgage-backed and asset-backed securities traded under an MSFTA, the collateral and margining requirements are contract specific. Amounts across all transactions traded under an MSFTA are netted and an amount is posted from

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**Janus Henderson Balanced Fund**

**Notes to Financial Statements (unaudited)**

one party to the other to collateralize such obligations. Cash that has been pledged to cover the Fund's collateral or margin obligations under an MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as

restricted cash.

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

The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Typically, no income accrues on securities the Fund has committed to purchase prior to the time delivery of the securities is made. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund's other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases (including TBA commitments) are outstanding, the purchases may result in a form of leverage.

When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security's price appreciates in value such that the security's price is above the agreed upon price on the settlement date. The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or forward

commitment securities before the settlement date, which may result in a gain or loss.

**Counterparties**

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have

greater exposure to the risks associated with one or more counterparties.

**Securities Lending**

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

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**Janus Henderson Balanced Fund**

**Notes to Financial Statements (unaudited)**

If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

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

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

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of March 31, 2026, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $13,216,713. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2026 is $13,552,025, resulting in the

net amount due to the counterparty of $335,312.

**Offsetting Assets and Liabilities**

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

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of

instrument, see the Fund's Schedule of Investments.

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

exchange contract's obligation value.

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

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

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

Janus Investment Fund \| 47

------

**Janus Henderson Balanced Fund**

**Notes to Financial Statements (unaudited)**

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.68% for at least a one-year period commencing on January 28, 2026. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess

Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $215,106 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2026. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

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

Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net

assets of Class D Shares as detailed below.

---

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

---

During the reporting period, the administrative services fee rate was 0.11%.

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

Shares, Class S Shares, and Class T Shares.

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

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the

48 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Notes to Financial Statements (unaudited)**

Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

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

servicing fees" on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2026, the Distributor retained

upfront sales charges of $132,216.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class A Shares paid CDSCs of $12,122 to Janus

Henderson Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class C Shares

paid CDSCs of $62,854.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2026 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2026 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $37,088 were paid by the Trust to the Trustees under the

Deferred Plan during the period ended March 31, 2026.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash

Janus Investment Fund \| 49

------

**Janus Henderson Balanced Fund**

**Notes to Financial Statements (unaudited)**

management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2026 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

The Fund is permitted to purchase or sell securities ("cross-trade") between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 ("Rule 17a-7"), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust's Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the period ended March 31, 2026, the Fund engaged in cross trades amounting to $15,940,022 in purchases and $15,404,069 in sales, resulting in a net realized gain of $14,709,963. The net realized gain is included within the "Net Realized Gain/(Loss) on Investments" section of

the Fund's Statement of Operations.

**5. Federal Income Tax**

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

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal

income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2026 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; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $18667163279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8589740997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(332866818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8256874179 |

---

Information on the tax components of derivatives as of March 31, 2026 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax* <br>*Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12170343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(48892153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(36721810) |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

constitute adjustments to tax basis.

50 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Notes to Financial Statements (unaudited)**

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

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended March 31, 2026* | *Period ended March 31, 2026* | *Year ended September 30, 2025* | *Year ended September 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 5575005 | &nbsp;&nbsp; $271980203 | &nbsp;&nbsp; 8754655 | &nbsp;&nbsp; $414208057 |
| Reinvested dividends and distributions | 3384489 | &nbsp;&nbsp; 161723228 | &nbsp;&nbsp; 2617675 | &nbsp;&nbsp; 122725437 |
| Shares repurchased | (4916261) | &nbsp;&nbsp; (239564873) | &nbsp;&nbsp; (8197484) | &nbsp;&nbsp; (385324427) |
| Net Increase/(Decrease) | 4043233 | &nbsp;&nbsp; $194138558 | &nbsp;&nbsp; 3174846 | &nbsp;&nbsp; $151609067 |
| Class C Shares: |  |  |  |  |
| Shares sold | 2163197 | &nbsp;&nbsp; $104400307 | &nbsp;&nbsp; 4506946 | &nbsp;&nbsp; $210134240 |
| Reinvested dividends and distributions | 2929507 | &nbsp;&nbsp; 138124531 | &nbsp;&nbsp; 2484177 | &nbsp;&nbsp; 114626480 |
| Shares repurchased | (6038456) | &nbsp;&nbsp; (290073269) | &nbsp;&nbsp; (11628604) | &nbsp;&nbsp; (540167487) |
| Net Increase/(Decrease) | (945752) | &nbsp;&nbsp; $(47548431) | &nbsp;&nbsp; (4637481) | &nbsp;&nbsp; $(215406767) |
| Class D Shares: |  |  |  |  |
| Shares sold | 1411517 | &nbsp;&nbsp; $69737373 | &nbsp;&nbsp; 2457317 | &nbsp;&nbsp; $115902980 |
| Reinvested dividends and distributions | 3877746 | &nbsp;&nbsp; 185959757 | &nbsp;&nbsp; 3252268 | &nbsp;&nbsp; 153026656 |
| Shares repurchased | (2980421) | &nbsp;&nbsp; (146148599) | &nbsp;&nbsp; (5579836) | &nbsp;&nbsp; (262072445) |
| Net Increase/(Decrease) | 2308842 | &nbsp;&nbsp; $109548531 | &nbsp;&nbsp; 129749 | &nbsp;&nbsp; $6857191 |
| Class I Shares: |  |  |  |  |
| Shares sold | 26265463 | &nbsp;&nbsp; $1288509728 | &nbsp;&nbsp; 36816273 | &nbsp;&nbsp; $1746520151 |
| Reinvested dividends and distributions | 18374513 | &nbsp;&nbsp; 881439138 | &nbsp;&nbsp; 15112871 | &nbsp;&nbsp; 711523664 |
| Shares repurchased | (25926228) | &nbsp;&nbsp; (1271738828) | &nbsp;&nbsp; (45948235) | &nbsp;&nbsp; (2164887168) |
| Net Increase/(Decrease) | 18713748 | &nbsp;&nbsp; $898210038 | &nbsp;&nbsp; 5980909 | &nbsp;&nbsp; $293156647 |
| Class N Shares: |  |  |  |  |
| Shares sold | 6544044 | &nbsp;&nbsp; $319656652 | &nbsp;&nbsp; 10870633 | &nbsp;&nbsp; $515945410 |
| Reinvested dividends and distributions | 3646336 | &nbsp;&nbsp; 174684986 | &nbsp;&nbsp; 2995129 | &nbsp;&nbsp; 140862583 |
| Shares repurchased | (7054319) | &nbsp;&nbsp; (343735936) | &nbsp;&nbsp; (12383869) | &nbsp;&nbsp; (589285441) |
| Net Increase/(Decrease) | 3136061 | &nbsp;&nbsp; $150605702 | &nbsp;&nbsp; 1481893 | &nbsp;&nbsp; $67522552 |
| Class R Shares: |  |  |  |  |
| Shares sold | 212774 | &nbsp;&nbsp; $10288672 | &nbsp;&nbsp; 703723 | &nbsp;&nbsp; $33091348 |
| Reinvested dividends and distributions | 645988 | &nbsp;&nbsp; 30639268 | &nbsp;&nbsp; 528937 | &nbsp;&nbsp; 24572560 |
| Shares repurchased | (773713) | &nbsp;&nbsp; (37368099) | &nbsp;&nbsp; (1467620) | &nbsp;&nbsp; (68418137) |
| Net Increase/(Decrease) | 85049 | &nbsp;&nbsp; $3559841 | &nbsp;&nbsp; (234960) | &nbsp;&nbsp; $(10754229) |
| Class S Shares: |  |  |  |  |
| Shares sold | 381772 | &nbsp;&nbsp; $18715949 | &nbsp;&nbsp; 914437 | &nbsp;&nbsp; $43151088 |
| Reinvested dividends and distributions | 576267 | &nbsp;&nbsp; 27548088 | &nbsp;&nbsp; 500902 | &nbsp;&nbsp; 23459701 |
| Shares repurchased | (1116782) | &nbsp;&nbsp; (55167885) | &nbsp;&nbsp; (1913349) | &nbsp;&nbsp; (90403695) |
| Net Increase/(Decrease) | (158743) | &nbsp;&nbsp; $(8903848) | &nbsp;&nbsp; (498010) | &nbsp;&nbsp; $(23792906) |
| Class T Shares: |  |  |  |  |
| Shares sold | 2468576 | &nbsp;&nbsp; $121191950 | &nbsp;&nbsp; 5439677 | &nbsp;&nbsp; $257074592 |
| Reinvested dividends and distributions | 6956608 | &nbsp;&nbsp; 333197357 | &nbsp;&nbsp; 6124552 | &nbsp;&nbsp; 287592625 |
| Shares repurchased | (9401504) | &nbsp;&nbsp; (458476450) | &nbsp;&nbsp; (17015707) | &nbsp;&nbsp; (801272161) |
| Net Increase/(Decrease) | 23680 | &nbsp;&nbsp; $(4087143) | &nbsp;&nbsp; (5451478) | &nbsp;&nbsp; $(256604944) |

---

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

For the period ended March 31, 2026, 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>|
| $5930412785 | &nbsp;&nbsp;&nbsp;&nbsp; $6114039611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7770696273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8476186238 |

---

Janus Investment Fund \| 51

------

**Janus Henderson Balanced Fund**

**Notes to Financial Statements (unaudited)**

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

**8. Acquisition Note**

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

shareholders of Janus Henderson Group, plc approved the acquisition on April 16, 2026.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2026 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements other than the following:

At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

52 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

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

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

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

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

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

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

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

Janus Investment Fund \| 53

------

**Janus Henderson Balanced Fund**

**Additional Information (unaudited)**

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

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

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

***Performance of the Funds***

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

54 \| March 31, 2026

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**Janus Henderson Balanced Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund \| 55

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**Janus Henderson Balanced Fund**

**Additional Information (unaudited)**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

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

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

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

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

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

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

56 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Additional Information (unaudited)**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

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

Janus Investment Fund \| 57

------

**Janus Henderson Balanced Fund**

**Additional Information (unaudited)**

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as identified by Broadridge using Morningstar category schema. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

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

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

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

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

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

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

58 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Additional Information (unaudited)**

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 59

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**Janus Henderson Balanced Fund**

**Additional Information (unaudited)**

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

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

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

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

60 \| March 31, 2026

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**Janus Henderson Balanced Fund**

**Additional Information (unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

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

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

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

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

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

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

Janus Investment Fund \| 61

------

**Janus Henderson Balanced Fund**

**Additional Information (unaudited)**

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

***Economies of Scale***

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

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

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

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

***Other Benefits to the Adviser***

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

62 \| March 31, 2026

------

**Janus Henderson Balanced Fund**

**Additional Information (unaudited)**

concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 63

------

![](img5f2b8ac92.gif)

*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93037 05-26

------

SEMIANNUAL FINANCIAL STATEMENTS

March 31, 2026

**Janus Henderson Contrarian Fund**

Janus Investment Fund

![](imgc854191a1.gif)

------

**Table of Contents**

**Janus Henderson Contrarian Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_250b0fd6-008b-4670-911c-563b1fc4fbe1_SOI-SOI-RunningFooter-43_1)<br> [Management Investment Companies](#xx_250b0fd6-008b-4670-911c-563b1fc4fbe1_SOI-SOI-RunningFooter-43_1)<br>|  |
| [Schedule of Investments](#xx_250b0fd6-008b-4670-911c-563b1fc4fbe1_SOI-SOI-RunningFooter-43_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_250b0fd6-008b-4670-911c-563b1fc4fbe1_SOI-SOI-RunningFooter-43_5) | 5 |
| [Statement of Assets and Liabilities](#xx_250b0fd6-008b-4670-911c-563b1fc4fbe1_SAL-SAL-RunningFooter-43_1) | 6 |
| [Statement of Operations](#xx_250b0fd6-008b-4670-911c-563b1fc4fbe1_SOP-SOP-RunningFooter-43_1) | 8 |
| [Statements of Changes in Net Assets](#xx_250b0fd6-008b-4670-911c-563b1fc4fbe1_SOC-SOC-RunningFooter-43_1) | 9 |
| [Financial Highlights](#xx_250b0fd6-008b-4670-911c-563b1fc4fbe1_FIHI-FIHI-RunningFooter-43_1) | 10 |
| [Notes to Financial Statements](#xx_250b0fd6-008b-4670-911c-563b1fc4fbe1_NTF-NTF-RunningFooter-43_1) | 18 |
| [Items 8-11 - Additional Information](#xx_250b0fd6-008b-4670-911c-563b1fc4fbe1_AI-AI-RunningFooter-43_1) | 32 |

---

------

**Janus Henderson Contrarian Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 99.9% |  |  |
| Aerospace & Defense – 4.1% |  |  |
| Howmet Aerospace Inc | 766246 | $176589053 |
| Banks – 8.9% |  |  |
| Cullen/Frost Bankers Inc | 619839 | 84967530 |
| PNC Financial Services Group Inc/The | 979554 | 203835392 |
| Western Alliance Bancorp | 1325524 | 93913375 |
|  |  | 382716297 |
| Biotechnology – 6.2% |  |  |
| Argenx SE (ADR)<sup>\*</sup> <br>| 144283 | 105362661 |
| Madrigal Pharmaceuticals Inc<sup>\*</sup> <br>| 188314 | 98576729 |
| Revolution Medicines Inc<sup>\*</sup> <br>| 232000 | 22562000 |
| Vaxcyte Inc<sup>\*</sup> <br>| 669842 | 38924519 |
|  |  | 265425909 |
| Building Products – 1.3% |  |  |
| Builders FirstSource Inc<sup>\*</sup> <br>| 678709 | 55878112 |
| Capital Markets – 8.1% |  |  |
| Blackstone Group Inc | 446479 | 51340620 |
| Bullish<sup>\*,#</sup> <br>| 1040858 | 37189857 |
| Hong Kong Exchanges & Clearing Ltd | 2229400 | 113000713 |
| Intercontinental Exchange Inc | 639817 | 100630418 |
| Robinhood Markets Inc - Class A<sup>\*</sup> <br>| 619391 | 42923796 |
|  |  | 345085404 |
| Communications Equipment – 3.7% |  |  |
| Lumentum Holdings Inc<sup>\*</sup> <br>| 228439 | 160537792 |
| Construction & Engineering – 1.2% |  |  |
| Legence Corp - Class A<sup>\*</sup> <br>| 938089 | 52964505 |
| Consumer Finance – 4.8% |  |  |
| Capital One Financial Corp | 1132978 | 206689177 |
| Electrical Equipment – 7.1% |  |  |
| Forgent Power Solutions Inc<sup>\*</sup> <br>| 3505356 | 102601770 |
| Vertiv Holdings Co | 795752 | 199399536 |
|  |  | 302001306 |
| Energy Equipment & Services – 1.3% |  |  |
| Baker Hughes Co | 942746 | 57554643 |
| Health Care Equipment & Supplies – 2.9% |  |  |
| Glaukos Corp<sup>\*</sup> <br>| 639308 | 68827899 |
| Medline Inc - Class A<sup>\*</sup> <br>| 1220588 | 54316166 |
|  |  | 123144065 |
| Health Care Providers & Services – 6.5% |  |  |
| Surgery Partners Inc<sup>\*,</sup><sup>£</sup> <br>| 12979640 | 154717309 |
| UnitedHealth Group Inc | 458219 | 123989479 |
|  |  | 278706788 |
| Hotels, Restaurants & Leisure – 8.1% |  |  |
| Caesars Entertainment Inc<sup>\*</sup> <br>| 5841506 | 154391003 |
| Flutter Entertainment PLC<sup>\*</sup> <br>| 786628 | 80196725 |
| Sportradar Group AG - Class A<sup>\*</sup> <br>| 2271181 | 38019570 |
| Wingstop Inc | 466032 | 72220979 |
|  |  | 344828277 |
| Industrial Conglomerates – 2.7% |  |  |
| 3M Co | 787512 | 114370368 |
| Life Sciences Tools & Services – 1.6% |  |  |
| Sotera Health Co<sup>\*</sup> <br>| 4853280 | 69596035 |
| Media – 2.7% |  |  |
| Nexstar Media Group Inc | 630593 | 114030132 |
| Multiline Retail – 4.9% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 1000898 | 208457027 |
| Pharmaceuticals – 0.4% |  |  |
| Structure Therapeutics Inc (ADR)<sup>\*</sup> <br>| 329472 | 15880550 |

---

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

Janus Investment Fund \| 1

------

**Janus Henderson Contrarian Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Semiconductor & Semiconductor Equipment – 8.7% |  |  |
| Marvell Technology Inc | 1319636 | $130709946 |
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 720924 | 243636266 |
|  |  | 374346212 |
| Software – 13.3% |  |  |
| Cipher Mining Inc<sup>\*</sup> <br>| 3990867 | 51362458 |
| Datadog Inc - Class A<sup>\*</sup> <br>| 338572 | 39968425 |
| Nebius Group NV<sup>\*,#</sup> <br>| 1917854 | 198996531 |
| Oracle Corp | 1901368 | 279710246 |
|  |  | 570037660 |
| Trading Companies & Distributors – 1.4% |  |  |
| Core & Main Inc - Class A<sup>\*</sup> <br>| 1182716 | 58426170 |
| Total Common Stocks (cost $3,628,569,187) |  | 4277265482 |
| Rights – 0% |  |  |
| Biotechnology – 0% |  |  |
| Metsera Inc (CVR)<sup>\*,</sup><sup>¢</sup> (cost $0) | 309842 | 1518226 |
| Investment Companies – 0.2% |  |  |
| Money Markets – 0.2% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº,</sup><sup>£</sup> (cost $8,061,749) | 8061749 | 8061749 |
| Investments Purchased with Cash Collateral from Securities Lending – 1.6% |  |  |
| Investment Companies – 1.3% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº,</sup><sup>£</sup> <br>| 54321254 | 54321254 |
| Time Deposits – 0.3% |  |  |
| Royal Bank of Canada, 3.6500%, 4/1/26 | $13580313 | 13580313 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $67,901,567) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $67,901,567) | 67901567 |
| Total Investments (total cost $3,704,532,503) – 101.7% |  | 4354747024 |
| Liabilities, net of Cash, Receivables and Other Assets – (1.7)% |  | (72516463) |
| Net Assets – 100% |  | $4282230561 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $3618541426 | &nbsp;&nbsp;&nbsp;&nbsp; 83.1<br> %<br>|
| Taiwan | 243636266 | &nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Netherlands | 198996531 | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Hong Kong | 113000713 | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Belgium | 105362661 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Switzerland | 38019570 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Cayman Islands | 37189857 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Total | $4354747024 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*3/31/26*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Common Stocks - 3.6% | Common Stocks - 3.6% | Common Stocks - 3.6% | Common Stocks - 3.6% | Common Stocks - 3.6% | Common Stocks - 3.6% | Common Stocks - 3.6% | Common Stocks - 3.6% | Common Stocks - 3.6% |
| Health Care Providers & Services - 3.6% | Health Care Providers & Services - 3.6% | Health Care Providers & Services - 3.6% | Health Care Providers & Services - 3.6% | Health Care Providers & Services - 3.6% | Health Care Providers & Services - 3.6% | Health Care Providers & Services - 3.6% | Health Care Providers & Services - 3.6% | Health Care Providers & Services - 3.6% |
| Surgery Partners Inc<sup>\*</sup>  | Surgery Partners Inc<sup>\*</sup>  | Surgery Partners Inc<sup>\*</sup>  | Surgery Partners Inc<sup>\*</sup>  | Surgery Partners Inc<sup>\*</sup>  | Surgery Partners Inc<sup>\*</sup>  | Surgery Partners Inc<sup>\*</sup>  | Surgery Partners Inc<sup>\*</sup>  | Surgery Partners Inc<sup>\*</sup>  |
|  | $270059410 | $7773130 | $- | $- | $(123115231) | $154717309 | 12979640 | $- |

---

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

2 \| March 31, 2026

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**Janus Henderson Contrarian Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliate* | *Affiliated*<br> *Investments,*<br> *at Value at*<br> *9/30/25*<br>| *Purchases* | *Sales*<br> *Proceeds*<br>| *Realized*<br> *Gain/(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation/*<br> *Depreciation*<br>| *Affiliated*<br> *Investments,*<br> *at Value at*<br> *3/31/26*<br>| *Ending*<br> *Shares*<br>| *Dividend*<br> *Income*<br>|
| Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% |
| Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  |
|  | $19476298 | $544902968 | $(556304561) | $(12956) | $- | $8061749 | 8061749 | $495813 |
| Investments Purchased with Cash Collateral from Securities Lending - 1.3% | Investments Purchased with Cash Collateral from Securities Lending - 1.3% | Investments Purchased with Cash Collateral from Securities Lending - 1.3% | Investments Purchased with Cash Collateral from Securities Lending - 1.3% | Investments Purchased with Cash Collateral from Securities Lending - 1.3% | Investments Purchased with Cash Collateral from Securities Lending - 1.3% | Investments Purchased with Cash Collateral from Securities Lending - 1.3% | Investments Purchased with Cash Collateral from Securities Lending - 1.3% | Investments Purchased with Cash Collateral from Securities Lending - 1.3% |
| Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% | Investment Companies - 1.3% |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  |
|  | 10207447 | 666238559 | (622124752) | - | - | 54321254 | 54321254 | 144925 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 5.1% | Total Affiliated Investments - 5.1% | Total Affiliated Investments - 5.1% | Total Affiliated Investments - 5.1% | Total Affiliated Investments - 5.1% | Total Affiliated Investments - 5.1% | Total Affiliated Investments - 5.1% | Total Affiliated Investments - 5.1% | Total Affiliated Investments - 5.1% |
|  | $299743155 | $1218914657 | $(1178429313) | $(12956) | $(123115231) | $217100312 | 75362643 | $640738 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** |
| *Counterparty/* <br>*Reference Asset*<br>| *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Exercise* <br>*Price*<br>|  | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount*<br>| &nbsp;&nbsp; *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>| &nbsp;&nbsp; *Options* <br>*Written,* <br>*at Value*<br>|
| *Written Put Options:* | *Written Put Options:* | *Written Put Options:* | *Written Put Options:* |  |  |  |  |  |
| *Bank of America, National Association:* | *Bank of America, National Association:* | *Bank of America, National Association:* | *Bank of America, National Association:* |  |  |  |  |  |
| Unitedhealth Group Inc | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;360.00 | USD | &nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp; $27059000 | &nbsp;&nbsp; $9250000 | &nbsp;&nbsp; $309000 | &nbsp;&nbsp; $(8941000) |
| Amazon.Com Inc | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;215.00 | USD | &nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp; 20827000 | &nbsp;&nbsp; 1335000 | &nbsp;&nbsp; 386395 | &nbsp;&nbsp; (948605) |
| Oracle Corp | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;145.00 | USD | &nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp; 14711000 | &nbsp;&nbsp; 503000 | &nbsp;&nbsp; (70611) | &nbsp;&nbsp; (573611) |
|  |  |  |  |  |  | &nbsp;&nbsp; 11088000 | &nbsp;&nbsp; 624784 | &nbsp;&nbsp; (10463216) |
| Total - Written Put Options |  |  |  |  |  | &nbsp;&nbsp; 11088000 | &nbsp;&nbsp; 624784 | &nbsp;&nbsp; (10463216) |
| *Written Call Options:* | *Written Call Options:* | *Written Call Options:* | *Written Call Options:* |  |  |  |  |  |
| *Morgan Stanley & Co International PLC:* | *Morgan Stanley & Co International PLC:* | *Morgan Stanley & Co International PLC:* | *Morgan Stanley & Co International PLC:* |  |  |  |  |  |
| Vertiv Holdings Co | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;240.00 | USD | &nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp; (62645000) | &nbsp;&nbsp; 5600000 | &nbsp;&nbsp; 462213 | &nbsp;&nbsp; (5137787) |
| *JPMorgan Chase Bank, National Association:* | *JPMorgan Chase Bank, National Association:* | *JPMorgan Chase Bank, National Association:* | *JPMorgan Chase Bank, National Association:* |  |  |  |  |  |
| Lumentum Holdings Inc | 500 | &nbsp;&nbsp; 1000.00 | USD | &nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp; (35138000) | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 869225 | &nbsp;&nbsp; (130775) |
| Total - Written Call Options |  |  |  |  |  | &nbsp;&nbsp; 6600000 | &nbsp;&nbsp; 1331438 | &nbsp;&nbsp; (5268562) |
| Total OTC Written Options | Total OTC Written Options |  |  |  |  | &nbsp;&nbsp; $17688000 | &nbsp;&nbsp; $1956222 | &nbsp;&nbsp; $(15731778) |

---

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 March 31, 2026.

---

| | |
|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2026** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2026** |
|  | *Equity* <br>*Contracts*<br>|
| *Liability Derivatives:* |  |
| OTC options written, at value | $15731778 |

---

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

Janus Investment Fund \| 3

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**Janus Henderson Contrarian Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

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

of Operations for the period ended March 31, 2026.

---

| | |
|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Equity* <br>*Contracts*<br>|
| Written options contracts | $(7798400) |

---

---

| | |
|:---|:---|
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |
| *Derivative* | *Equity* <br>*Contracts*<br>|
| Written options contracts | $1879109 |

---

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

sections of the Fund's Statement of Operations.

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2026** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2026** |
| Options: |  |
| Average value of option contracts written | $8192825 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $73462106 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(73462106) | &nbsp;&nbsp; $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Liabilities*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| Bank of America, National Association | $10463216 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10463216) | &nbsp;&nbsp; $— |
| JPMorgan Chase Bank, National Association | 130775 | &nbsp;&nbsp; — | &nbsp;&nbsp; (130775) | &nbsp;&nbsp; — |
| Morgan Stanley & Co International PLC | 5137787 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3160000) | &nbsp;&nbsp; 1977787 |
| Total | $15731778 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(13753991) | &nbsp;&nbsp; $1977787 |

---

&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 \| March 31, 2026

------

**Janus Henderson Contrarian Fund**

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

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CVR | Contingent Value Right |
| 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 March 31, 2026. |
| Loaned security; a portion of the security is on loan at March 31, 2026. |
| &nbsp;&nbsp; Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended March 31, 2026 is <br> $1,518,226, which represents 0.0% of net assets.<br>|
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

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

instruments as of March 31, 2026. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* |  |  |  |
| Capital Markets | $232084691 | &nbsp;&nbsp; $113000713 | &nbsp;&nbsp; $- |
| All Other | 3932180078 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Rights* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1518226 |
| *Investment Companies* | - | &nbsp;&nbsp; 8061749 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 67901567 | &nbsp;&nbsp; - |
| **Total Assets** | $4164264769 | &nbsp;&nbsp; $188964029 | &nbsp;&nbsp; $1518226 |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *OTC Options Written, at Value* | $- | &nbsp;&nbsp; $15731778 | &nbsp;&nbsp; $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Other financial instruments may include forward foreign currency exchange contracts,
 futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and centrally
 cleared swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the
 contract's value from trade date. Written options, written swaptions, and OTC swaps are reported at their market value at measurement date.

Janus Investment Fund \| 5

------

**Janus Henderson Contrarian Fund**

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

**March 31, 2026**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $3,323,585,331)<sup>(1)</sup> <br>| $4137646712 |
| Affiliated investments, at value (cost $380,947,172) | 217100312 |
| Deposits with brokers for OTC derivatives | 15370000 |
| Trustees' deferred compensation | 135309 |
| Receivables: |  |
| Investments sold | 13581115 |
| Fund shares sold | 653542 |
| Dividends | 544313 |
| Dividends from affiliates | 91512 |
| Other assets | 41948 |
| Total Assets | 4385164763 |
| Liabilities: |  |
| Collateral for securities loaned (Note 3) | 67901567 |
| OTC options written, at value (premiums received $17,688,000) | 15731778 |
| Payables: |  |
| Investments purchased | 11705925 |
| Fund shares repurchased | 4684247 |
| Advisory fees | 1824119 |
| Transfer agent fees and expenses | 623224 |
| Trustees' deferred compensation fees | 135309 |
| Professional fees | 47016 |
| 12b-1 Distribution and shareholder servicing fees | 25239 |
| Trustees' fees and expenses | 25022 |
| Affiliated fund administration fees payable | 9390 |
| Custodian fees | 6602 |
| Accrued expenses and other payables | 214764 |
| Total Liabilities | 102934202 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $4282230561 |

---

See Notes to Financial Statements.

6 \| March 31, 2026

------

**Janus Henderson Contrarian Fund**

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

**March 31, 2026**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $3495790712 |
| Total distributable earnings (loss) | 786439849 |
| Total Net Assets | $4282230561 |
| Net Assets - Class A Shares | $58373386 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2305764 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $25.32 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $26.86 |
| Net Assets - Class C Shares | $12774675 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 594050 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $21.50 |
| Net Assets - Class D Shares | $2669482111 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 104634098 |
| Net Asset Value Per Share | $25.51 |
| Net Assets - Class I Shares | $517912140 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 20298694 |
| Net Asset Value Per Share | $25.51 |
| Net Assets - Class N Shares | $96629396 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3796224 |
| Net Asset Value Per Share | $25.45 |
| Net Assets - Class R Shares | $2074377 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 87995 |
| Net Asset Value Per Share | $23.57 |
| Net Assets - Class S Shares | $1122756 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 44577 |
| Net Asset Value Per Share | $25.19 |
| Net Assets - Class T Shares | $923861720 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 36270367 |
| Net Asset Value Per Share | $25.47 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $73,462,106 of securities on loan. See Note 3 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Contrarian Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $25039973 |
| Dividends from affiliates | 495813 |
| Affiliated securities lending income, net | 144925 |
| Unaffiliated securities lending income, net | 43859 |
| Other income | 2359 |
| Foreign tax withheld | (292357) |
| Total Investment Income | 25434572 |
| Expenses: |  |
| Advisory fees | 11579875 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 80277 |
| Class C Shares | 66789 |
| Class R Shares | 5529 |
| Class S Shares | 1654 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 1547403 |
| Class R Shares | 2779 |
| Class S Shares | 1659 |
| Class T Shares | 1260035 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 40101 |
| Class C Shares | 6898 |
| Class I Shares | 337488 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 2033 |
| Class C Shares | 464 |
| Class D Shares | 156333 |
| Class I Shares | 9729 |
| Class N Shares | 2994 |
| Class R Shares | 59 |
| Class S Shares | 20 |
| Class T Shares | 4357 |
| Shareholder reports expense | 176225 |
| Registration fees | 85881 |
| Affiliated fund administration fees | 58731 |
| Trustees' fees and expenses | 55594 |
| Professional fees | 42150 |
| Custodian fees | 35259 |
| Other expenses | 178365 |
| Total Expenses | 15738681 |
| Less: Excess Expense Reimbursement and Waivers | (88131) |
| Net Expenses | 15650550 |
| Net Investment Income/(Loss) | 9784022 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 143092599 |
| Investments in affiliates | (12956) |
| Written options contracts | (7798400) |
| Total Net Realized Gain/(Loss) on Investments | 135281243 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments and Trustees' deferred compensation | (418614519) |
| Investments in affiliates | (123115231) |
| Written options contracts | 1879109 |
| Total Change in Unrealized Net Appreciation/Depreciation | (539850641) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $(394785376) |

---

See Notes to Financial Statements.

8 \| March 31, 2026

------

**Janus Henderson Contrarian Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*March 31, 2026* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $9784022 | &nbsp;&nbsp; $17589846 |
| Net realized gain/(loss) on investments | 135281243 | &nbsp;&nbsp; 535312221 |
| Change in unrealized net appreciation/depreciation | (539850641) | &nbsp;&nbsp; (76303138) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (394785376) | &nbsp;&nbsp; 476598929 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (6512211) | &nbsp;&nbsp; (7355104) |
| Class C Shares | (1755967) | &nbsp;&nbsp; (2206898) |
| Class D Shares | (290611373) | &nbsp;&nbsp; (303691670) |
| Class I Shares | (64305337) | &nbsp;&nbsp; (75641817) |
| Class N Shares | (10637908) | &nbsp;&nbsp; (11380779) |
| Class R Shares | (241844) | &nbsp;&nbsp; (239114) |
| Class S Shares | (127074) | &nbsp;&nbsp; (158192) |
| Class T Shares | (102139673) | &nbsp;&nbsp; (109480151) |
| Net Decrease from Dividends and Distributions to Shareholders | (476331387) | &nbsp;&nbsp; (510153725) |
| Capital Share Transactions: |  |  |
| Class A Shares | 2747551 | &nbsp;&nbsp; (4096847) |
| Class C Shares | (1258778) | &nbsp;&nbsp; (2042795) |
| Class D Shares | 149858826 | &nbsp;&nbsp; 95111534 |
| Class I Shares | (41024046) | &nbsp;&nbsp; (24133004) |
| Class N Shares | 5919912 | &nbsp;&nbsp; 2229871 |
| Class R Shares | 341951 | &nbsp;&nbsp; (286488) |
| Class S Shares | (116876) | &nbsp;&nbsp; (131561) |
| Class T Shares | 34957473 | &nbsp;&nbsp; (24495855) |
| Net Increase/(Decrease) from Capital Share Transactions | 151426013 | &nbsp;&nbsp; 42154855 |
| Net Increase/(Decrease) in Net Assets | (719690750) | &nbsp;&nbsp; 8600059 |
| Net Assets: |  |  |
| Beginning of period | 5001921311 | &nbsp;&nbsp; 4993321252 |
| End of period | $4282230561 | &nbsp;&nbsp; $5001921311 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Contrarian Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $30.59 | &nbsp;&nbsp; $30.70 | &nbsp;&nbsp; $24.74 | &nbsp;&nbsp; $20.87 | &nbsp;&nbsp; $31.37 | &nbsp;&nbsp; $22.46 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain/(loss) | (2.37) | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;7.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp; (7.74) | &nbsp;&nbsp;&nbsp;&nbsp;9.28 |
| Total from Investment Operations | (2.35) | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;7.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp; (7.71) | &nbsp;&nbsp;&nbsp;&nbsp;9.32 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.01) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.10) |
| Distributions (from capital gains) | (2.91) | &nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Total Dividends and Distributions | (2.92) | &nbsp;&nbsp; (3.12) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (2.79) | &nbsp;&nbsp; (0.41) |
| Net Asset Value, End of Period | $25.32 | &nbsp;&nbsp; $30.59 | &nbsp;&nbsp; $30.70 | &nbsp;&nbsp; $24.74 | &nbsp;&nbsp; $20.87 | &nbsp;&nbsp; $31.37 |
| Total Return<sup>\*</sup> <br>| (8.32)% | &nbsp;&nbsp; 10.27% | &nbsp;&nbsp; 33.40% | &nbsp;&nbsp; 18.86% | &nbsp;&nbsp; (26.77)% | &nbsp;&nbsp; 41.82% |
| Net Assets, End of Period (in thousands) | $58373 | &nbsp;&nbsp; $67643 | &nbsp;&nbsp; $73194 | &nbsp;&nbsp; $61193 | &nbsp;&nbsp; $54652 | &nbsp;&nbsp; $63005 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.12% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.12% |
| Ratio of Net Investment Income/(Loss) | 0.18% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; 0.14% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 37% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

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

See Notes to Financial Statements.

10 \| March 31, 2026

------

**Janus Henderson Contrarian Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $26.50 | &nbsp;&nbsp; $27.09 | &nbsp;&nbsp; $22.11 | &nbsp;&nbsp; $18.72 | &nbsp;&nbsp; $28.59 | &nbsp;&nbsp; $20.55 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.05) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.14) |
| Net realized and unrealized gain/(loss) | (2.04) | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;6.79 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp; (6.98) | &nbsp;&nbsp;&nbsp;&nbsp;8.49 |
| Total from Investment Operations | (2.09) | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;6.69 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp; (7.13) | &nbsp;&nbsp;&nbsp;&nbsp;8.35 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.91) | &nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Total Dividends and Distributions | (2.91) | &nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Net Asset Value, End of Period | $21.50 | &nbsp;&nbsp; $26.50 | &nbsp;&nbsp; $27.09 | &nbsp;&nbsp; $22.11 | &nbsp;&nbsp; $18.72 | &nbsp;&nbsp; $28.59 |
| Total Return<sup>\*</sup> <br>| (8.65)% | &nbsp;&nbsp; 9.58% | &nbsp;&nbsp; 32.41% | &nbsp;&nbsp; 18.11% | &nbsp;&nbsp; (27.34)% | &nbsp;&nbsp; 40.91% |
| Net Assets, End of Period (in thousands) | $12775 | &nbsp;&nbsp; $17130 | &nbsp;&nbsp; $19945 | &nbsp;&nbsp; $19460 | &nbsp;&nbsp; $21790 | &nbsp;&nbsp; $21150 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.52% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 1.81% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.52% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.61% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 1.81% |
| Ratio of Net Investment Income/(Loss) | (0.43)% | &nbsp;&nbsp; (0.50)% | &nbsp;&nbsp; (0.42)% | &nbsp;&nbsp; (0.24)% | &nbsp;&nbsp; (0.63)% | &nbsp;&nbsp; (0.52)% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 37% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

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

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Contrarian Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $30.82 | &nbsp;&nbsp; $30.91 | &nbsp;&nbsp; $24.90 | &nbsp;&nbsp; $21.01 | &nbsp;&nbsp; $31.54 | &nbsp;&nbsp; $22.56 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain/(loss) | (2.39) | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;7.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp; (7.79) | &nbsp;&nbsp;&nbsp;&nbsp;9.33 |
| Total from Investment Operations | (2.33) | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;7.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp; (7.70) | &nbsp;&nbsp;&nbsp;&nbsp;9.43 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.07) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.14) |
| Distributions (from capital gains) | (2.91) | &nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Total Dividends and Distributions | (2.98) | &nbsp;&nbsp; (3.19) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (2.83) | &nbsp;&nbsp; (0.45) |
| Net Asset Value, End of Period | $25.51 | &nbsp;&nbsp; $30.82 | &nbsp;&nbsp; $30.91 | &nbsp;&nbsp; $24.90 | &nbsp;&nbsp; $21.01 | &nbsp;&nbsp; $31.54 |
| Total Return<sup>\*</sup> <br>| (8.22)% | &nbsp;&nbsp; 10.53% | &nbsp;&nbsp; 33.71% | &nbsp;&nbsp; 19.15% | &nbsp;&nbsp; (26.60)% | &nbsp;&nbsp; 42.18% |
| Net Assets, End of Period (in thousands) | $2669482 | &nbsp;&nbsp; $3053216 | &nbsp;&nbsp; $2968836 | &nbsp;&nbsp; $2400757 | &nbsp;&nbsp; $2122792 | &nbsp;&nbsp; $3021999 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.64% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.64% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Investment Income/(Loss) | 0.44% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.34% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 37% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

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

See Notes to Financial Statements.

12 \| March 31, 2026

------

**Janus Henderson Contrarian Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $30.83 | &nbsp;&nbsp; $30.91 | &nbsp;&nbsp; $24.90 | &nbsp;&nbsp; $21.01 | &nbsp;&nbsp; $31.55 | &nbsp;&nbsp; $22.58 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain/(loss) | (2.40) | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;7.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp; (7.79) | &nbsp;&nbsp;&nbsp;&nbsp;9.30 |
| Total from Investment Operations | (2.34) | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;7.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp; (7.69) | &nbsp;&nbsp;&nbsp;&nbsp;9.44 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.07) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.16) |
| Distributions (from capital gains) | (2.91) | &nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Total Dividends and Distributions | (2.98) | &nbsp;&nbsp; (3.20) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; (0.47) |
| Net Asset Value, End of Period | $25.51 | &nbsp;&nbsp; $30.83 | &nbsp;&nbsp; $30.91 | &nbsp;&nbsp; $24.90 | &nbsp;&nbsp; $21.01 | &nbsp;&nbsp; $31.55 |
| Total Return<sup>\*</sup> <br>| (8.24)% | &nbsp;&nbsp; 10.59% | &nbsp;&nbsp; 33.73% | &nbsp;&nbsp; 19.18% | &nbsp;&nbsp; (26.57)% | &nbsp;&nbsp; 42.18% |
| Net Assets, End of Period (in thousands) | $517912 | &nbsp;&nbsp; $674135 | &nbsp;&nbsp; $712611 | &nbsp;&nbsp; $730721 | &nbsp;&nbsp; $754492 | &nbsp;&nbsp; $679220 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.85% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.85% |
| Ratio of Net Investment Income/(Loss) | 0.46% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.48% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 37% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

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

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Contrarian Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $30.77 | &nbsp;&nbsp; $30.86 | &nbsp;&nbsp; $24.86 | &nbsp;&nbsp; $20.98 | &nbsp;&nbsp; $31.50 | &nbsp;&nbsp; $22.54 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain/(loss) | (2.40) | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;7.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp; (7.77) | &nbsp;&nbsp;&nbsp;&nbsp;9.31 |
| Total from Investment Operations | (2.32) | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;7.88 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp; (7.65) | &nbsp;&nbsp;&nbsp;&nbsp;9.44 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.09) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.17) |
| Distributions (from capital gains) | (2.91) | &nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Total Dividends and Distributions | (3.00) | &nbsp;&nbsp; (3.23) | &nbsp;&nbsp; (1.88) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (2.87) | &nbsp;&nbsp; (0.48) |
| Net Asset Value, End of Period | $25.45 | &nbsp;&nbsp; $30.77 | &nbsp;&nbsp; $30.86 | &nbsp;&nbsp; $24.86 | &nbsp;&nbsp; $20.98 | &nbsp;&nbsp; $31.50 |
| Total Return<sup>\*</sup> <br>| (8.19)% | &nbsp;&nbsp; 10.68% | &nbsp;&nbsp; 33.91% | &nbsp;&nbsp; 19.30% | &nbsp;&nbsp; (26.50)% | &nbsp;&nbsp; 42.28% |
| Net Assets, End of Period (in thousands) | $96629 | &nbsp;&nbsp; $110047 | &nbsp;&nbsp; $107976 | &nbsp;&nbsp; $81340 | &nbsp;&nbsp; $83560 | &nbsp;&nbsp; $78699 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.52% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.77% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.52% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.77% |
| Ratio of Net Investment Income/(Loss) | 0.56% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.46% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 37% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

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

See Notes to Financial Statements.

14 \| March 31, 2026

------

**Janus Henderson Contrarian Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $28.74 | &nbsp;&nbsp; $29.08 | &nbsp;&nbsp; $23.55 | &nbsp;&nbsp; $19.91 | &nbsp;&nbsp; $30.14 | &nbsp;&nbsp; $21.62 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.04) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.10) |
| Net realized and unrealized gain/(loss) | (2.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp; (7.40) | &nbsp;&nbsp;&nbsp;&nbsp;8.93 |
| Total from Investment Operations | (2.26) | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;7.24 | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp; (7.49) | &nbsp;&nbsp;&nbsp;&nbsp;8.83 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.91) | &nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Total Dividends and Distributions | (2.91) | &nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Net Asset Value, End of Period | $23.57 | &nbsp;&nbsp; $28.74 | &nbsp;&nbsp; $29.08 | &nbsp;&nbsp; $23.55 | &nbsp;&nbsp; $19.91 | &nbsp;&nbsp; $30.14 |
| Total Return<sup>\*</sup> <br>| (8.56)% | &nbsp;&nbsp; 9.80% | &nbsp;&nbsp; 32.78% | &nbsp;&nbsp; 18.28% | &nbsp;&nbsp; (27.11)% | &nbsp;&nbsp; 41.11% |
| Net Assets, End of Period (in thousands) | $2074 | &nbsp;&nbsp; $2165 | &nbsp;&nbsp; $2451 | &nbsp;&nbsp; $1794 | &nbsp;&nbsp; $1628 | &nbsp;&nbsp; $1450 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.40% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.76% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.35% | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.61% |
| Ratio of Net Investment Income/(Loss) | (0.27)% | &nbsp;&nbsp; (0.31)% | &nbsp;&nbsp; (0.17)% | &nbsp;&nbsp; (0.03)% | &nbsp;&nbsp; (0.36)% | &nbsp;&nbsp; (0.33)% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 37% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

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

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Contrarian Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $30.46 | &nbsp;&nbsp; $30.58 | &nbsp;&nbsp; $24.64 | &nbsp;&nbsp; $20.80 | &nbsp;&nbsp; $31.34 | &nbsp;&nbsp; $22.41 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| — <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.03) |
| Net realized and unrealized gain/(loss) | (2.36) | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;7.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp; (7.74) | &nbsp;&nbsp;&nbsp;&nbsp;9.27 |
| Total from Investment Operations | (2.36) | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;7.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp; (7.76) | &nbsp;&nbsp;&nbsp;&nbsp;9.24 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.91) | &nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Total Dividends and Distributions | (2.91) | &nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (1.73) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (0.31) |
| Net Asset Value, End of Period | $25.19 | &nbsp;&nbsp; $30.46 | &nbsp;&nbsp; $30.58 | &nbsp;&nbsp; $24.64 | &nbsp;&nbsp; $20.80 | &nbsp;&nbsp; $31.34 |
| Total Return<sup>\*</sup> <br>| (8.40)% | &nbsp;&nbsp; 10.06% | &nbsp;&nbsp; 33.10% | &nbsp;&nbsp; 18.64% | &nbsp;&nbsp; (26.94)% | &nbsp;&nbsp; 41.49% |
| Net Assets, End of Period (in thousands) | $1123 | &nbsp;&nbsp; $1487 | &nbsp;&nbsp; $1637 | &nbsp;&nbsp; $1796 | &nbsp;&nbsp; $1402 | &nbsp;&nbsp; $739 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.24% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.74% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.09% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.35% |
| Ratio of Net Investment Income/(Loss) | 0.00% <br><sup>(3)</sup><br>| &nbsp;&nbsp; (0.06)% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; (0.08)% | &nbsp;&nbsp; (0.09)% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 37% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

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

(2) Less than $0.005 on a per share basis. 

(3) Less than 0.005%.

See Notes to Financial Statements.

16 \| March 31, 2026

------

**Janus Henderson Contrarian Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $30.77 | &nbsp;&nbsp; $30.86 | &nbsp;&nbsp; $24.86 | &nbsp;&nbsp; $20.97 | &nbsp;&nbsp; $31.48 | &nbsp;&nbsp; $22.54 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain/(loss) | (2.40) | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;7.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp; (7.77) | &nbsp;&nbsp;&nbsp;&nbsp;9.30 |
| Total from Investment Operations | (2.35) | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;7.82 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp; (7.71) | &nbsp;&nbsp;&nbsp;&nbsp;9.37 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.04) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.12) |
| Distributions (from capital gains) | (2.91) | &nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.74) | &nbsp;&nbsp; (0.31) |
| Total Dividends and Distributions | (2.95) | &nbsp;&nbsp; (3.16) | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (2.80) | &nbsp;&nbsp; (0.43) |
| Net Asset Value, End of Period | $25.47 | &nbsp;&nbsp; $30.77 | &nbsp;&nbsp; $30.86 | &nbsp;&nbsp; $24.86 | &nbsp;&nbsp; $20.97 | &nbsp;&nbsp; $31.48 |
| Total Return<sup>\*</sup> <br>| (8.27)% | &nbsp;&nbsp; 10.43% | &nbsp;&nbsp; 33.57% | &nbsp;&nbsp; 19.04% | &nbsp;&nbsp; (26.66)% | &nbsp;&nbsp; 41.94% |
| Net Assets, End of Period (in thousands) | $923862 | &nbsp;&nbsp; $1076098 | &nbsp;&nbsp; $1106670 | &nbsp;&nbsp; $933747 | &nbsp;&nbsp; $866118 | &nbsp;&nbsp; $1259649 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.01% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.75% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.00% |
| Ratio of Net Investment Income/(Loss) | 0.33% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.24% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 52% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 37% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

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

See Notes to Financial Statements.

Janus Investment Fund \| 17

------

**Janus Henderson Contrarian Fund**

**Notes to Financial Statements (unaudited)**

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

**1. Organization and Significant Accounting Policies**

Janus Henderson Contrarian Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 34 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as nondiversified, as defined in the 1940

Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

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

shares.

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

GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain

retirement platforms.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

18 \| March 31, 2026

------

**Janus Henderson Contrarian Fund**

**Notes to Financial Statements (unaudited)**

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement

with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an

agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended March 31, 2026. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

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**Janus Henderson Contrarian Fund**

**Notes to Financial Statements (unaudited)**

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

The Fund's management has determined the Fund did not hold a significant amount of Level 3 securities as of

March 31, 2026.

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of

net assets represented by each class as a percentage of total net assets.

**Expenses**

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the

operations of such class.

**Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

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**Janus Henderson Contrarian Fund**

**Notes to Financial Statements (unaudited)**

**Indemnifications**

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material

loss from such claims is considered remote.

**Foreign Currency Translations**

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge

could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change

in the next twelve months.

**2. Derivative Instruments**

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended March 31, 2026 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost.

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**Janus Henderson Contrarian Fund**

**Notes to Financial Statements (unaudited)**

The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund's ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise

would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Commodity Risk** – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk** – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk** – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Currency Risk** – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Risk** – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Index Risk** – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk** – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund's NAV to likewise decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Leverage Risk** – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk** – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser's needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to certain exchange-traded

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**Janus Henderson Contrarian Fund**

**Notes to Financial Statements (unaudited)**

derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are

dependent on the Adviser's ability to establish and maintain appropriate systems and trading.

**Options Contracts** 

An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price on or before a specified date. The purchaser pays a premium to the seller for this right. The seller has the corresponding obligation to sell or buy a financial instrument if the purchaser (owner) "exercises" the option. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of premium received or paid. Upon expiration, or closing of the option transaction, a realized gain or loss is reported on the Statement of Operations (if applicable). The difference between the premium paid/received and the market value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported on the Statement of Operations (if applicable). Option contracts are typically valued using an approved vendor's option valuation model. To the extent reliable market quotations are available, option contracts are valued using market quotations. In cases when an approved vendor cannot provide coverage for an option and there is no reliable market quotation, a broker quotation or an internal valuation using the Black-Scholes model, the Cox-Rubinstein Binomial Option Pricing Model, or other appropriate option pricing model is used. Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as "Variation margin receivable" or "Variation margin payable" (if applicable).

The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected adverse price movements, could render the Fund's hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of

pursuing its investment objective through its investments in options contracts.

Options traded on an exchange are regulated and the terms of the options are standardized. Options traded OTC expose the Fund to counterparty risk in the event that the counterparty does not perform. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to

cover the Fund's exposure to the counterparty.

In writing an option, the Fund bears the risk of an unfavorable change in the price of the security underlying the written option. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options written are reported as a liability on the Statement of Assets and Liabilities as "Options written, at value" (if applicable). The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the options are exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the security decreases and the options are exercised. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Exercise of an option written by the Fund could result in the Fund buying or selling a security at a price

different from the current market value.

During the period, the Fund wrote call options on various equity securities for the purpose of decreasing exposure to

individual equity risk and/or generating income.

During the period, the Fund wrote put options on various for the purpose of increasing exposure to individual equity risk

and/or generating income.

**3. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's

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**Janus Henderson Contrarian Fund**

**Notes to Financial Statements (unaudited)**

portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**Emerging Market Investing**

Within the parameters of its specific investment policies, the Fund may invest in securities of issuers or companies from or with exposure to one or more "developing countries" or "emerging market countries." Such countries include but are not limited to countries included in the MSCI Emerging Markets Index<sup>SM</sup>. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund's investments. In addition, the Fund's investments may be denominated in foreign currencies and therefore, changes in the value of a country's currency compared to the U.S. dollar may affect the value of the Fund's investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund's performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country's lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese

local market securities.

**Counterparties**

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

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**Janus Henderson Contrarian Fund**

**Notes to Financial Statements (unaudited)**

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have

greater exposure to the risks associated with one or more counterparties.

**Securities Lending**

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of March 31, 2026, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $73,462,106. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2026 is $67,901,567, resulting in the

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**Janus Henderson Contrarian Fund**

**Notes to Financial Statements (unaudited)**

net amount due to the counterparty of $5,560,539.

**Offsetting Assets and Liabilities**

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment.

The Offsetting Assets and Liabilities tables located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the "Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31,

2026" table located in the Fund's Schedule of Investments.

The Fund may require the counterparty to pledge securities as collateral daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized gain on OTC derivative contracts with a particular counterparty. The Fund may deposit cash as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. The collateral amounts are subject to minimum exposure requirements and initial margin requirements. Collateral amounts are monitored and subsequently adjusted up or down as valuations fluctuate by at

least the minimum exposure requirement. Collateral may reduce the risk of loss.

**4. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee rate that may adjust up or down based on the Fund's

performance relative to its benchmark index.

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund's average daily net assets during the previous month (the "Base Fee Rate"), plus or minus (2) a performance-fee adjustment (the "Performance Adjustment") calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund's average daily net assets based on the Fund's relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund's Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund's Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Fund's benchmark index used in the calculation is the S&P 500<sup>®</sup> Index.

No Performance Adjustment is applied unless the difference between the Fund's investment performance and the cumulative investment record of the Fund's benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund's full performance rate of ±7.00%. Because the Performance Adjustment is tied to a Fund's relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser's fee even if the Fund's Shares lose value during the performance measurement period and could decrease the Adviser's fee even if the Fund's Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated

26 \| March 31, 2026

------

**Janus Henderson Contrarian Fund**

**Notes to Financial Statements (unaudited)**

net of expenses whereas the Fund's benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund's benchmark index.

The Fund's prospectus and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the period ended March 31, 2026, the performance adjusted investment advisory fee

rate before any waivers and/or reimbursements of expenses is 0.49%.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.75% for at least a one-year period commencing on January 28, 2026. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess

Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $215,106 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2026. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the

Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net

assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds* | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion — $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R

Shares, Class S Shares, and Class T Shares.

Janus Investment Fund \| 27

------

**Janus Henderson Contrarian Fund**

**Notes to Financial Statements (unaudited)**

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder

servicing fees" on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2026, the Distributor retained

upfront sales charges of $6,086.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class A Shares paid CDSCs of $18 to Janus Henderson

Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class C Shares

paid CDSCs of $43.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2026 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2026 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees

28 \| March 31, 2026

------

**Janus Henderson Contrarian Fund**

**Notes to Financial Statements (unaudited)**

are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $37,088 were paid by the Trust to the Trustees under the

Deferred Plan during the period ended March 31, 2026.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2026 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

The Fund is permitted to purchase or sell securities ("cross-trade") between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 ("Rule 17a-7"), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust's Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the period ended March 31, 2026, the Fund engaged in cross

trades amounting to $11,829,062 in purchases.

**5. Federal Income Tax**

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal

income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2026 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, straddle deferrals, and

investments in partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &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>|
| $3730721935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1187238344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(563213255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $624025089 |

---

Information on the tax components of derivatives as of March 31, 2026 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>|
| $(17688000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2026833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(70611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1956222 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

constitute adjustments to tax basis.

Janus Investment Fund \| 29

------

**Janus Henderson Contrarian Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended March 31, 2026* | *Period ended March 31, 2026* | *Year ended September 30, 2025* | *Year ended September 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 207879 | &nbsp;&nbsp; $5761239 | &nbsp;&nbsp; 308213 | &nbsp;&nbsp; $8810468 |
| Reinvested dividends and distributions | 206197 | &nbsp;&nbsp; 5602378 | &nbsp;&nbsp; 208528 | &nbsp;&nbsp; 6101543 |
| Shares repurchased | (319542) | &nbsp;&nbsp; (8616066) | &nbsp;&nbsp; (689765) | &nbsp;&nbsp; (19008858) |
| Net Increase/(Decrease) | 94534 | &nbsp;&nbsp; $2747551 | &nbsp;&nbsp; (173024) | &nbsp;&nbsp; $(4096847) |
| Class C Shares: |  |  |  |  |
| Shares sold | 15095 | &nbsp;&nbsp; $366706 | &nbsp;&nbsp; 60995 | &nbsp;&nbsp; $1561506 |
| Reinvested dividends and distributions | 69379 | &nbsp;&nbsp; 1604745 | &nbsp;&nbsp; 79106 | &nbsp;&nbsp; 2014819 |
| Shares repurchased | (136973) | &nbsp;&nbsp; (3230229) | &nbsp;&nbsp; (229857) | &nbsp;&nbsp; (5619120) |
| Net Increase/(Decrease) | (52499) | &nbsp;&nbsp; $(1258778) | &nbsp;&nbsp; (89756) | &nbsp;&nbsp; $(2042795) |
| Class D Shares: |  |  |  |  |
| Shares sold | 794970 | &nbsp;&nbsp; $22191917 | &nbsp;&nbsp; 2193402 | &nbsp;&nbsp; $62480508 |
| Reinvested dividends and distributions | 10184425 | &nbsp;&nbsp; 278645898 | &nbsp;&nbsp; 9927762 | &nbsp;&nbsp; 292074733 |
| Shares repurchased | (5408595) | &nbsp;&nbsp; (150978989) | &nbsp;&nbsp; (9119535) | &nbsp;&nbsp; (259443707) |
| Net Increase/(Decrease) | 5570800 | &nbsp;&nbsp; $149858826 | &nbsp;&nbsp; 3001629 | &nbsp;&nbsp; $95111534 |
| Class I Shares: |  |  |  |  |
| Shares sold | 2226064 | &nbsp;&nbsp; $62447269 | &nbsp;&nbsp; 6169860 | &nbsp;&nbsp; $179826523 |
| Reinvested dividends and distributions | 2281743 | &nbsp;&nbsp; 62428498 | &nbsp;&nbsp; 2498424 | &nbsp;&nbsp; 73503644 |
| Shares repurchased | (6078303) | &nbsp;&nbsp; (165899813) | &nbsp;&nbsp; (9855437) | &nbsp;&nbsp; (277463171) |
| Net Increase/(Decrease) | (1570496) | &nbsp;&nbsp; $(41024046) | &nbsp;&nbsp; (1187153) | &nbsp;&nbsp; $(24133004) |
| Class N Shares: |  |  |  |  |
| Shares sold | 431908 | &nbsp;&nbsp; $12033704 | &nbsp;&nbsp; 1120925 | &nbsp;&nbsp; $31841505 |
| Reinvested dividends and distributions | 370325 | &nbsp;&nbsp; 10106180 | &nbsp;&nbsp; 378213 | &nbsp;&nbsp; 11096775 |
| Shares repurchased | (582752) | &nbsp;&nbsp; (16219972) | &nbsp;&nbsp; (1421741) | &nbsp;&nbsp; (40708409) |
| Net Increase/(Decrease) | 219481 | &nbsp;&nbsp; $5919912 | &nbsp;&nbsp; 77397 | &nbsp;&nbsp; $2229871 |
| Class R Shares: |  |  |  |  |
| Shares sold | 21320 | &nbsp;&nbsp; $556752 | &nbsp;&nbsp; 23609 | &nbsp;&nbsp; $600488 |
| Reinvested dividends and distributions | 9380 | &nbsp;&nbsp; 237684 | &nbsp;&nbsp; 8524 | &nbsp;&nbsp; 235176 |
| Shares repurchased | (18026) | &nbsp;&nbsp; (452485) | &nbsp;&nbsp; (41100) | &nbsp;&nbsp; (1122152) |
| Net Increase/(Decrease) | 12674 | &nbsp;&nbsp; $341951 | &nbsp;&nbsp; (8967) | &nbsp;&nbsp; $(286488) |
| Class S Shares: |  |  |  |  |
| Shares sold | 3653 | &nbsp;&nbsp; $97067 | &nbsp;&nbsp; 4272 | &nbsp;&nbsp; $116000 |
| Reinvested dividends and distributions | 4698 | &nbsp;&nbsp; 127074 | &nbsp;&nbsp; 5421 | &nbsp;&nbsp; 158192 |
| Shares repurchased | (12594) | &nbsp;&nbsp; (341017) | &nbsp;&nbsp; (14383) | &nbsp;&nbsp; (405753) |
| Net Increase/(Decrease) | (4243) | &nbsp;&nbsp; $(116876) | &nbsp;&nbsp; (4690) | &nbsp;&nbsp; $(131561) |
| Class T Shares: |  |  |  |  |
| Shares sold | 1828067 | &nbsp;&nbsp; $51191656 | &nbsp;&nbsp; 2812134 | &nbsp;&nbsp; $81053576 |
| Reinvested dividends and distributions | 3674617 | &nbsp;&nbsp; 100427294 | &nbsp;&nbsp; 3657532 | &nbsp;&nbsp; 107494874 |
| Shares repurchased | (4205899) | &nbsp;&nbsp; (116661477) | &nbsp;&nbsp; (7361631) | &nbsp;&nbsp; (213044305) |
| Net Increase/(Decrease) | 1296785 | &nbsp;&nbsp; $34957473 | &nbsp;&nbsp; (891965) | &nbsp;&nbsp; $(24495855) |

---

**7. Purchases and Sales of Investment Securities**

For the period ended March 31, 2026, 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>|
| $1142726352 | &nbsp;&nbsp;&nbsp;&nbsp; $1435344313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

30 \| March 31, 2026

------

**Janus Henderson Contrarian Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, and client consents. The

shareholders of Janus Henderson Group, plc approved the acquisition on April 16, 2026.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2026 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements other than the following:

At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

Janus Investment Fund \| 31

------

**Janus Henderson Contrarian Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The 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

32 \| March 31, 2026

------

**Janus Henderson Contrarian Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract and retain well-qualified personnel.

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 33

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**Janus Henderson Contrarian Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

34 \| March 31, 2026

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**Janus Henderson Contrarian Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 35

------

**Janus Henderson Contrarian Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

36 \| March 31, 2026

------

**Janus Henderson Contrarian Fund**

**Additional Information (unaudited)**

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as identified by Broadridge using Morningstar category schema. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance or service being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, recent fee reductions, investment structure changes, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 37

------

**Janus Henderson Contrarian Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

38 \| March 31, 2026

------

**Janus Henderson Contrarian Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 39

------

**Janus Henderson Contrarian Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

40 \| March 31, 2026

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**Janus Henderson Contrarian Fund**

**Additional Information (unaudited)**

other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They

Janus Investment Fund \| 41

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**Janus Henderson Contrarian Fund**

**Additional Information (unaudited)**

concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

42 \| March 31, 2026

------

**Janus Henderson Contrarian Fund**

**Notes**

Janus Investment Fund \| 43

------

**Janus Henderson Contrarian Fund**

**Notes**

44 \| March 31, 2026

------

**Janus Henderson Contrarian Fund**

**Notes**

Janus Investment Fund \| 45

------

![](img4340b7a72.gif)

*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93038 05-26

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SEMIANNUAL FINANCIAL STATEMENTS

March 31, 2026

**Janus Henderson Enterprise Fund**

Janus Investment Fund

![](img8ffb8cc91.gif)

------

**Table of Contents**

**Janus Henderson Enterprise Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_a118ea9b-0f7d-4682-9789-485a95a88dd8_SOI-SOI-RunningFooter-46_1)<br> [Management Investment Companies](#xx_a118ea9b-0f7d-4682-9789-485a95a88dd8_SOI-SOI-RunningFooter-46_1)<br>|  |
| [Schedule of Investments](#xx_a118ea9b-0f7d-4682-9789-485a95a88dd8_SOI-SOI-RunningFooter-46_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_a118ea9b-0f7d-4682-9789-485a95a88dd8_SOI-SOI-RunningFooter-46_7) | 7 |
| [Statement of Assets and Liabilities](#xx_a118ea9b-0f7d-4682-9789-485a95a88dd8_SAL-SAL-RunningFooter-46_1) | 8 |
| [Statement of Operations](#xx_a118ea9b-0f7d-4682-9789-485a95a88dd8_SOP-SOP-RunningFooter-46_1) | 10 |
| [Statements of Changes in Net Assets](#xx_a118ea9b-0f7d-4682-9789-485a95a88dd8_SOC-SOC-RunningFooter-46_1) | 12 |
| [Financial Highlights](#xx_a118ea9b-0f7d-4682-9789-485a95a88dd8_FIHI-FIHI-RunningFooter-46_1) | 13 |
| [Notes to Financial Statements](#xx_a118ea9b-0f7d-4682-9789-485a95a88dd8_NTF-NTF-RunningFooter-46_1) | 21 |
| [Items 8-11 - Additional Information](#xx_a118ea9b-0f7d-4682-9789-485a95a88dd8_AI-AI-RunningFooter-46_1) | 35 |

---

------

**Janus Henderson Enterprise Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 95.9% |  |  |
| Aerospace & Defense – 0.8% |  |  |
| Standardaero Inc<sup>\*</sup> <br>| 6085562 | $157190066 |
| Airlines – 1.6% |  |  |
| Ryanair Holdings PLC | 4513508 | 127852541 |
| Ryanair Holdings PLC (ADR) | 3441065 | 198893557 |
|  |  | 326746098 |
| Biotechnology – 4.5% |  |  |
| Argenx SE (ADR)<sup>\*</sup> <br>| 309064 | 225693986 |
| Ascendis Pharma A/S (ADR)<sup>\*</sup> <br>| 455042 | 104081757 |
| Bridgebio Pharma Inc<sup>\*</sup> <br>| 1909659 | 141811277 |
| Madrigal Pharmaceuticals Inc<sup>\*</sup> <br>| 233269 | 122109323 |
| Praxis Precision Medicines Inc<sup>\*</sup> <br>| 290420 | 93570420 |
| Revolution Medicines Inc<sup>\*</sup> <br>| 999703 | 97221117 |
| Vaxcyte Inc<sup>\*</sup> <br>| 2269870 | 131902146 |
|  |  | 916390026 |
| Capital Markets – 4.2% |  |  |
| Cboe Global Markets Inc | 638291 | 179404451 |
| Charles Schwab Corp | 1364178 | 128205449 |
| LPL Financial Holdings Inc | 1828994 | 550216265 |
|  |  | 857826165 |
| Chemicals – 2.0% |  |  |
| Corteva Inc | 4802252 | 401996515 |
| Commercial Services & Supplies – 6.3% |  |  |
| Cimpress PLC<sup>\*,</sup><sup>£</sup> <br>| 2355405 | 171944565 |
| Clean Harbors Inc<sup>\*</sup> <br>| 1443210 | 413811603 |
| RB Global Inc | 2681209 | 256993883 |
| Rentokil Initial PLC | 16467941 | 102376044 |
| Rentokil Initial PLC (ADR)<sup>#</sup> <br>| 6389737 | 201148921 |
| Veralto Corp | 1490524 | 131792132 |
|  |  | 1278067148 |
| Construction & Engineering – 2.6% |  |  |
| APi Group Corp<sup>\*</sup> <br>| 13147907 | 532753192 |
| Diversified Financial Services – 2.2% |  |  |
| Jack Henry & Associates Inc | 479046 | 75708430 |
| WEX Inc<sup>\*,</sup><sup>£</sup> <br>| 2499077 | 382458744 |
|  |  | 458167174 |
| Electric Utilities – 2.5% |  |  |
| Alliant Energy Corp | 7227173 | 518621935 |
| Electrical Equipment – 1.2% |  |  |
| Sensata Technologies Holding PLC | 6977054 | 245731842 |
| Electronic Equipment, Instruments & Components – 8.1% |  |  |
| CDW Corp/DE | 1411060 | 170766481 |
| Flex Ltd<sup>\*</sup> <br>| 11766969 | 770265791 |
| TE Connectivity PLC | 868228 | 181477016 |
| Teledyne Technologies Inc<sup>\*</sup> <br>| 868360 | 525366484 |
|  |  | 1647875772 |
| Entertainment – 2.2% |  |  |
| Liberty Media Corp-Liberty Formula One - Series A<sup>\*</sup> <br>| 731603 | 57123562 |
| Liberty Media Corp-Liberty Formula One - Series C<sup>\*</sup> <br>| 4700460 | 399633109 |
|  |  | 456756671 |
| Food & Staples Retailing – 0.5% |  |  |
| Dollar Tree Inc<sup>\*</sup> <br>| 904605 | 99063294 |
| Health Care Equipment & Supplies – 8.2% |  |  |
| Boston Scientific Corp<sup>\*</sup> <br>| 5565902 | 349260350 |
| Cooper Cos Inc/The<sup>\*</sup> <br>| 1678964 | 120045926 |
| Glaukos Corp<sup>\*</sup> <br>| 636302 | 68504273 |
| Globus Medical Inc<sup>\*</sup> <br>| 2207141 | 190167269 |
| ICU Medical Inc<sup>\*</sup> <br>| 1230753 | 158951750 |
| Lantheus Holdings Inc<sup>\*</sup> <br>| 1132936 | 85933196 |
| Medline Inc - Class A<sup>\*</sup> <br>| 2957481 | 131607904 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

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**Janus Henderson Enterprise Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Health Care Equipment & Supplies – (continued) |  |  |
| STERIS PLC | 994302 | $219870001 |
| Teleflex Inc<sup>£</sup> <br>| 2885870 | 345178911 |
|  |  | 1669519580 |
| Hotels, Restaurants & Leisure – 4.5% |  |  |
| Aramark | 10081068 | 408686496 |
| DoorDash Inc - Class A<sup>\*</sup> <br>| 2815645 | 422769097 |
| Entain PLC | 11134775 | 84067865 |
|  |  | 915523458 |
| Insurance – 2.2% |  |  |
| Intact Financial Corp | 789515 | 143087886 |
| Willis Towers Watson PLC | 641071 | 186359340 |
| WR Berkley Corp | 1738101 | 115201334 |
|  |  | 444648560 |
| Interactive Media & Services – 0.3% |  |  |
| Ziff Davis Inc<sup>\*</sup> <br>| 1581368 | 66354201 |
| Life Sciences Tools & Services – 4.9% |  |  |
| Illumina Inc<sup>\*</sup> <br>| 1338491 | 164982401 |
| PerkinElmer Inc<sup>£</sup> <br>| 5624564 | 492768052 |
| Waters Corp<sup>\*</sup> <br>| 1170078 | 348449228 |
|  |  | 1006199681 |
| Machinery – 1.8% |  |  |
| Ingersoll Rand Inc | 4676941 | 374716513 |
| Multi-Utilities – 3.5% |  |  |
| Ameren Corp | 3512382 | 386081029 |
| DTE Energy Co | 2204308 | 322313916 |
|  |  | 708394945 |
| Oil, Gas & Consumable Fuels – 1.3% |  |  |
| ONEOK Inc | 2877348 | 260083486 |
| Professional Services – 3.6% |  |  |
| Broadridge Financial Solutions Inc | 1279978 | 207970825 |
| SS&C Technologies Holdings Inc | 3844135 | 259748202 |
| TransUnion | 2085935 | 144325843 |
| UL Solutions Inc - Class A | 1411452 | 120975551 |
|  |  | 733020421 |
| Real Estate Management & Development – 1.8% |  |  |
| CoStar Group Inc<sup>\*</sup> <br>| 5532268 | 223171691 |
| FirstService Corp | 1027776 | 142799198 |
|  |  | 365970889 |
| Road & Rail – 5.4% |  |  |
| Canadian Pacific Kansas City Ltd<sup>#</sup> <br>| 3784687 | 297703479 |
| JB Hunt Transport Services Inc | 2853222 | 604597742 |
| TFI International Inc<sup>#</sup> <br>| 1889400 | 205245522 |
|  |  | 1107546743 |
| Semiconductor & Semiconductor Equipment – 5.4% |  |  |
| KLA Corp | 189323 | 278761078 |
| NXP Semiconductors NV | 1800147 | 354376938 |
| ON Semiconductor Corp<sup>\*</sup> <br>| 7509031 | 464959200 |
|  |  | 1098097216 |
| Software – 6.4% |  |  |
| AppLovin Corp - Class A<sup>\*</sup> <br>| 311354 | 123918892 |
| Constellation Software Inc/Canada | 232661 | 408480721 |
| Descartes Systems Group Inc/The<sup>\*</sup> <br>| 1369078 | 97971222 |
| Dynatrace Inc<sup>\*</sup> <br>| 2457390 | 90874282 |
| PTC Inc<sup>\*</sup> <br>| 2528600 | 360300214 |
| Topicus.com Inc<sup>\*</sup> <br>| 1001381 | 66192371 |
| Workday Inc - Class A<sup>\*</sup> <br>| 1184263 | 153859449 |
|  |  | 1301597151 |
| Specialized Real Estate Investment Trusts (REITs) – 0.5% |  |  |
| Lamar Advertising Co | 840871 | 106504721 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| March 31, 2026

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**Janus Henderson Enterprise Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Specialty Retail – 2.3% |  |  |
| Burlington Stores Inc<sup>\*</sup> <br>| 546782 | $177911927 |
| CarMax Inc<sup>\*</sup> <br>| 3156983 | 131267353 |
| Wayfair Inc - Class A<sup>\*</sup> <br>| 2260926 | 170044245 |
|  |  | 479223525 |
| Textiles, Apparel & Luxury Goods – 1.5% |  |  |
| Gildan Activewear Inc | 5492104 | 305635588 |
| Trading Companies & Distributors – 3.6% |  |  |
| Ferguson Enterprises Inc | 3174027 | 740373538 |
| Total Common Stocks (cost $14,136,223,399) |  | 19580596114 |
| Investment Companies – 3.9% |  |  |
| Money Markets – 3.9% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº,</sup><sup>£</sup> (cost $796,893,902) | 796768925 | 796768926 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.1% |  |  |
| Investment Companies – 0.1% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº,</sup><sup>£</sup> <br>| 9798420 | 9798420 |
| Time Deposits – 0% |  |  |
| Royal Bank of Canada, 3.6500%, 4/1/26 | $2449605 | 2449605 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $12,248,025) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $12,248,025) | 12248025 |
| Total Investments (total cost $14,945,365,326) – 99.9% |  | 20389613065 |
| Cash, Receivables and Other Assets, net of Liabilities – 0.1% |  | 23965603 |
| Net Assets – 100% |  | $20413578668 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $17239911508 | &nbsp;&nbsp;&nbsp;&nbsp; 84.6<br> %<br>|
| Canada | 1924109870 | &nbsp;&nbsp;&nbsp;&nbsp;9.4 |
| Ireland | 508223114 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| United Kingdom | 387592830 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Belgium | 225693986 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Denmark | 104081757 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Total | $20389613065 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*3/31/26*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Common Stocks - 6.8% | Common Stocks - 6.8% | Common Stocks - 6.8% | Common Stocks - 6.8% | Common Stocks - 6.8% | Common Stocks - 6.8% | Common Stocks - 6.8% | Common Stocks - 6.8% | Common Stocks - 6.8% |
| Commercial Services & Supplies - 0.8% | Commercial Services & Supplies - 0.8% | Commercial Services & Supplies - 0.8% | Commercial Services & Supplies - 0.8% | Commercial Services & Supplies - 0.8% | Commercial Services & Supplies - 0.8% | Commercial Services & Supplies - 0.8% | Commercial Services & Supplies - 0.8% | Commercial Services & Supplies - 0.8% |
| Cimpress PLC<sup>\*</sup>  | Cimpress PLC<sup>\*</sup>  | Cimpress PLC<sup>\*</sup>  | Cimpress PLC<sup>\*</sup>  | Cimpress PLC<sup>\*</sup>  | Cimpress PLC<sup>\*</sup>  | Cimpress PLC<sup>\*</sup>  | Cimpress PLC<sup>\*</sup>  | Cimpress PLC<sup>\*</sup>  |
|  | $148484731 | $- | $- | $- | $23459834 | $171944565 | 2355405 | $- |
| Diversified Financial Services - 1.9% | Diversified Financial Services - 1.9% | Diversified Financial Services - 1.9% | Diversified Financial Services - 1.9% | Diversified Financial Services - 1.9% | Diversified Financial Services - 1.9% | Diversified Financial Services - 1.9% | Diversified Financial Services - 1.9% | Diversified Financial Services - 1.9% |
| WEX Inc<sup>\*</sup>  | WEX Inc<sup>\*</sup>  | WEX Inc<sup>\*</sup>  | WEX Inc<sup>\*</sup>  | WEX Inc<sup>\*</sup>  | WEX Inc<sup>\*</sup>  | WEX Inc<sup>\*</sup>  | WEX Inc<sup>\*</sup>  | WEX Inc<sup>\*</sup>  |
|  | 393679600 | - | - | - | (11220856) | 382458744 | 2499077 | - |
| Health Care Equipment & Supplies - 1.7% | Health Care Equipment & Supplies - 1.7% | Health Care Equipment & Supplies - 1.7% | Health Care Equipment & Supplies - 1.7% | Health Care Equipment & Supplies - 1.7% | Health Care Equipment & Supplies - 1.7% | Health Care Equipment & Supplies - 1.7% | Health Care Equipment & Supplies - 1.7% | Health Care Equipment & Supplies - 1.7% |
| Teleflex Inc | Teleflex Inc | Teleflex Inc | Teleflex Inc | Teleflex Inc | Teleflex Inc | Teleflex Inc | Teleflex Inc | Teleflex Inc |
|  | 353115053 | - | - | - | (7936142) | 345178911 | 2885870 | 1962392 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

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**Janus Henderson Enterprise Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliate* | *Affiliated*<br> *Investments,*<br> *at Value at*<br> *9/30/25*<br>| *Purchases* | *Sales*<br> *Proceeds*<br>| *Realized*<br> *Gain/(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation/*<br> *Depreciation*<br>| *Affiliated*<br> *Investments,*<br> *at Value at*<br> *3/31/26*<br>| *Ending*<br> *Shares*<br>| *Dividend*<br> *Income*<br>|
| Common Stocks - (continued) | Common Stocks - (continued) | Common Stocks - (continued) | Common Stocks - (continued) | Common Stocks - (continued) | Common Stocks - (continued) | Common Stocks - (continued) | Common Stocks - (continued) | Common Stocks - (continued) |
| Life Sciences Tools & Services - 2.4% | Life Sciences Tools & Services - 2.4% | Life Sciences Tools & Services - 2.4% | Life Sciences Tools & Services - 2.4% | Life Sciences Tools & Services - 2.4% | Life Sciences Tools & Services - 2.4% | Life Sciences Tools & Services - 2.4% | Life Sciences Tools & Services - 2.4% | Life Sciences Tools & Services - 2.4% |
| PerkinElmer Inc | PerkinElmer Inc | PerkinElmer Inc | PerkinElmer Inc | PerkinElmer Inc | PerkinElmer Inc | PerkinElmer Inc | PerkinElmer Inc | PerkinElmer Inc |
|  | $492993035 | $- | $- | $- | $(224983) | $492768052 | 5624564 | $787439 |
| Total Common Stocks - 6.8% | Total Common Stocks - 6.8% | Total Common Stocks - 6.8% | Total Common Stocks - 6.8% | Total Common Stocks - 6.8% | Total Common Stocks - 6.8% | Total Common Stocks - 6.8% | Total Common Stocks - 6.8% | Total Common Stocks - 6.8% |
|  | $1388272419 | $- | $- | $- | $4077853 | $1392350272 | 13364916 | $2749831 |
| Investment Companies - 3.9% | Investment Companies - 3.9% | Investment Companies - 3.9% | Investment Companies - 3.9% | Investment Companies - 3.9% | Investment Companies - 3.9% | Investment Companies - 3.9% | Investment Companies - 3.9% | Investment Companies - 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% | Money Markets - 3.9% |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  |
|  | 839251008 | 1811575171 | (1853870231) | (35439) | (151583) | 796768926 | 796768925 | 15004023 |
| 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, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  |
|  | - | 778560339 | (768761919) | - | - | 9798420 | 9798420 | 68742 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 10.8% | Total Affiliated Investments - 10.8% | Total Affiliated Investments - 10.8% | Total Affiliated Investments - 10.8% | Total Affiliated Investments - 10.8% | Total Affiliated Investments - 10.8% | Total Affiliated Investments - 10.8% | Total Affiliated Investments - 10.8% | Total Affiliated Investments - 10.8% |
|  | $2227523427 | $2590135510 | $(2622632150) | $(35439) | $3926270 | $2198917618 | 819932261 | $17822596 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***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 | 5/27/26 | &nbsp;&nbsp; (469000) | &nbsp;&nbsp; $344203 | &nbsp;&nbsp; $6182 |
| Euro | 5/27/26 | &nbsp;&nbsp; 66647000 | &nbsp;&nbsp; (79026014) | &nbsp;&nbsp; (1800997) |
|  |  |  |  | &nbsp;&nbsp; (1794815) |
| Barclays Capital, Inc.: | Barclays Capital, Inc.: | Barclays Capital, Inc.: | Barclays Capital, Inc.: | Barclays Capital, Inc.: |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; (131663870) | &nbsp;&nbsp; 96608819 | &nbsp;&nbsp; 1715119 |
| Euro | 5/27/26 | &nbsp;&nbsp; (126546500) | &nbsp;&nbsp; 150031809 | &nbsp;&nbsp; 3400218 |
|  |  |  |  | &nbsp;&nbsp; 5115337 |
| BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; (37833000) | &nbsp;&nbsp; 27768358 | &nbsp;&nbsp; 501096 |
| Euro | 5/27/26 | &nbsp;&nbsp; (22746000) | &nbsp;&nbsp; 26970615 | &nbsp;&nbsp; 614436 |
|  |  |  |  | &nbsp;&nbsp; 1115532 |
| Citibank, National Association: | Citibank, National Association: | Citibank, National Association: | Citibank, National Association: | Citibank, National Association: |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; 42601777 | &nbsp;&nbsp; (31297152) | &nbsp;&nbsp; (592902) |
| Euro | 5/27/26 | &nbsp;&nbsp; (57342912) | &nbsp;&nbsp; 67977809 | &nbsp;&nbsp; 1533597 |
|  |  |  |  | &nbsp;&nbsp; 940695 |
| Goldman Sachs & Co. LLC: | Goldman Sachs & Co. LLC: | Goldman Sachs & Co. LLC: | Goldman Sachs & Co. LLC: | Goldman Sachs & Co. LLC: |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; 170807000 | &nbsp;&nbsp; (125335101) | &nbsp;&nbsp; (2229893) |
| Euro | 5/27/26 | &nbsp;&nbsp; 12789000 | &nbsp;&nbsp; (14721277) | &nbsp;&nbsp; 97556 |
| Euro | 5/27/26 | &nbsp;&nbsp; (25933000) | &nbsp;&nbsp; 30748628 | &nbsp;&nbsp; 699618 |
|  |  |  |  | &nbsp;&nbsp; (1432719) |
| HSBC Securities (USA), Inc.: | HSBC Securities (USA), Inc.: | HSBC Securities (USA), Inc.: | HSBC Securities (USA), Inc.: | HSBC Securities (USA), Inc.: |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; (87325463) | &nbsp;&nbsp; 64068435 | &nbsp;&nbsp; 1130620 |
| Euro | 5/27/26 | &nbsp;&nbsp; 23557380 | &nbsp;&nbsp; (27930402) | &nbsp;&nbsp; (634064) |
|  |  |  |  | &nbsp;&nbsp; 496556 |
| 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 | 5/27/26 | &nbsp;&nbsp; (266955000) | &nbsp;&nbsp; 195890766 | &nbsp;&nbsp; 3489102 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty/*<br> *Foreign Currency*<br>| *Settlement*<br> *Date*<br>| &nbsp;&nbsp; *Foreign Currency*<br> *Amount (Sold)/*<br> *Purchased*<br>| &nbsp;&nbsp; *USD Currency*<br> *Amount (Sold)/*<br> *Purchased*<br>| &nbsp;&nbsp; *Market Value and*<br> *Unrealized*<br> *Appreciation/*<br> *(Depreciation)*<br>|
| Euro | 5/27/26 | &nbsp;&nbsp; 12036000 | &nbsp;&nbsp; $(13861139) | &nbsp;&nbsp; $85180 |
| Euro | 5/27/26 | &nbsp;&nbsp; (100493270) | &nbsp;&nbsp; 118932879 | &nbsp;&nbsp; 2489611 |
|  |  |  |  | &nbsp;&nbsp; 6063893 |
| 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 | 5/27/26 | &nbsp;&nbsp; (52028536) | &nbsp;&nbsp; 38171989 | &nbsp;&nbsp; 673621 |
| Euro | 5/27/26 | &nbsp;&nbsp; (4895000) | &nbsp;&nbsp; 5802788 | &nbsp;&nbsp; 130867 |
|  |  |  |  | &nbsp;&nbsp; 804488 |
| 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 | 5/27/26 | &nbsp;&nbsp; 116576000 | &nbsp;&nbsp; (85289645) | &nbsp;&nbsp; (1270179) |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; 35628000 | &nbsp;&nbsp; (25638923) | &nbsp;&nbsp; 39137 |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; (1091500) | &nbsp;&nbsp; 800910 | &nbsp;&nbsp; 14236 |
| Euro | 5/27/26 | &nbsp;&nbsp; 8870000 | &nbsp;&nbsp; (10284307) | &nbsp;&nbsp; (6487) |
| Euro | 5/27/26 | &nbsp;&nbsp; (119975000) | &nbsp;&nbsp; 142239960 | &nbsp;&nbsp; 3222878 |
|  |  |  |  | &nbsp;&nbsp; 1999585 |
| UBS: | UBS: | UBS: | UBS: | UBS: |
| Euro | 5/27/26 | &nbsp;&nbsp; 10092000 | &nbsp;&nbsp; (11737622) | &nbsp;&nbsp; (43849) |
| Total |  |  |  | &nbsp;&nbsp; $13264703 |

---

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 March 31, 2026.

---

| | |
|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2026** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2026** |
|  | *Currency* <br>*Contracts*<br>|
| *Asset Derivatives:* |  |
| Forward foreign currency exchange contracts | $19843074 |
| *Liability Derivatives:* |  |
| Forward foreign currency exchange contracts | $6578371 |

---

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement

of Operations for the period ended March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** |
| *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 | $(776749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(776749) |
| Swap contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25936088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25936088 |
| Total | $(776749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25936088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25159339 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Enterprise Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| *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 | $9502696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9502696 |
| Swap contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18329101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(18329101) |
| Total | $9502696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(18329101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8826405) |

---

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation"

sections of the Fund's Statement of Operations.

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2026** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2026** |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased - in USD | $539127914 |
| Average amounts sold - in USD | 1423417939 |
| Total return swaps: |  |
| Average notional amount | 24202584 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $6182 | &nbsp;&nbsp; $(6182) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Capital, Inc. | 5115337 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5115337 |
| BNP Paribas | 1115532 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1115532 |
| Citibank, National Association | 1533597 | &nbsp;&nbsp; (592902) | &nbsp;&nbsp; — | &nbsp;&nbsp; 940695 |
| Goldman Sachs & Co. LLC | 797174 | &nbsp;&nbsp; (797174) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Securities (USA), Inc. | 1130620 | &nbsp;&nbsp; (634064) | &nbsp;&nbsp; — | &nbsp;&nbsp; 496556 |
| JPMorgan Chase Bank, National Association | 18447456 | &nbsp;&nbsp; — | &nbsp;&nbsp; (12383563) | &nbsp;&nbsp; 6063893 |
| Morgan Stanley & Co. International PLC | 804488 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 804488 |
| State Street Bank and Trust Company | 3276251 | &nbsp;&nbsp; (1276666) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1999585 |
| Total | $32226637 | &nbsp;&nbsp; $(3306988) | &nbsp;&nbsp; $(12383563) | &nbsp;&nbsp; $16536086 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Liabilities*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| Bank of America, National Association | $1800997 | &nbsp;&nbsp; $(6182) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1794815 |
| Citibank, National Association | 592902 | &nbsp;&nbsp; (592902) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | 2229893 | &nbsp;&nbsp; (797174) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1432719 |
| HSBC Securities (USA), Inc. | 634064 | &nbsp;&nbsp; (634064) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank and Trust Company | 1276666 | &nbsp;&nbsp; (1276666) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS | 43849 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43849 |
| Total | $6578371 | &nbsp;&nbsp; $(3306988) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3271383 |

---

&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 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

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 March 31, 2026. |
| Loaned security; a portion of the security is on loan at March 31, 2026. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial

instruments as of March 31, 2026. 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 | $198893557 | &nbsp;&nbsp; $127852541 | &nbsp;&nbsp; $- |
| Commercial Services & Supplies | 1175691104 | &nbsp;&nbsp; 102376044 | &nbsp;&nbsp; - |
| Hotels, Restaurants & Leisure | 831455593 | &nbsp;&nbsp; 84067865 | &nbsp;&nbsp; - |
| Insurance | 301560674 | &nbsp;&nbsp; 143087886 | &nbsp;&nbsp; - |
| Software | 826924059 | &nbsp;&nbsp; 474673092 | &nbsp;&nbsp; - |
| All Other | 15314013699 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 796768926 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 12248025 | &nbsp;&nbsp; - |
| Total Investments in Securities | $18648538686 | &nbsp;&nbsp; $1741074379 | &nbsp;&nbsp; $- |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | - | &nbsp;&nbsp; 19843074 | &nbsp;&nbsp; - |
| **Total Assets** | $18648538686 | &nbsp;&nbsp; $1760917453 | &nbsp;&nbsp; $- |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | $- | &nbsp;&nbsp; $6578371 | &nbsp;&nbsp; $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Other financial instruments may include forward foreign currency exchange contracts,
 futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and centrally
 cleared swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the
 contract's value from trade date. Written options, written swaptions, and OTC swaps are reported at their market value at measurement date.

Janus Investment Fund \| 7

------

**Janus Henderson Enterprise Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $12,458,589,708)<sup>(1)</sup> <br>| $18190695447 |
| Affiliated investments, at value (cost $2,486,775,618) | 2198917618 |
| Cash | 9159448 |
| Forward foreign currency exchange contracts | 19843074 |
| Trustees' deferred compensation | 645191 |
| Receivables: |  |
| Investments sold | 55364553 |
| Dividends | 13364224 |
| Fund shares sold | 11757539 |
| Dividends from affiliates | 2545511 |
| Foreign tax reclaims | 310678 |
| Other assets | 72055 |
| Total Assets | 20502675338 |
| Liabilities: |  |
| Collateral for securities loaned (Note 3) | 12248025 |
| Forward foreign currency exchange contracts | 6578371 |
| Payables: |  |
| Fund shares repurchased | 35928127 |
| Investments purchased | 18408304 |
| Advisory fees | 11414048 |
| Transfer agent fees and expenses | 2515190 |
| Trustees' deferred compensation fees | 645191 |
| 12b-1 Distribution and shareholder servicing fees | 225198 |
| Trustees' fees and expenses | 119940 |
| Professional fees | 56021 |
| Affiliated fund administration fees payable | 44586 |
| Custodian fees | 42679 |
| Accrued expenses and other payables | 870990 |
| Total Liabilities | 89096670 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $20413578668 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

8 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $13435180705 |
| Total distributable earnings (loss) | 6978397963 |
| Total Net Assets | $20413578668 |
| Net Assets - Class A Shares | $417779284 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3343282 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $124.96 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $132.58 |
| Net Assets - Class C Shares | $54932935 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 536651 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $102.36 |
| Net Assets - Class D Shares | $2271066251 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 17074767 |
| Net Asset Value Per Share | $133.01 |
| Net Assets - Class I Shares | $8539654011 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 63552147 |
| Net Asset Value Per Share | $134.37 |
| Net Assets - Class N Shares | $6153944032 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 45339450 |
| Net Asset Value Per Share | $135.73 |
| Net Assets - Class R Shares | $81425250 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 712709 |
| Net Asset Value Per Share | $114.25 |
| Net Assets - Class S Shares | $232610559 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1885711 |
| Net Asset Value Per Share | $123.35 |
| Net Assets - Class T Shares | $2662166346 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 20317663 |
| Net Asset Value Per Share | $131.03 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $12,383,563 of securities on loan. See Note 3 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Enterprise Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $82412674 |
| Dividends from affiliates | 17753854 |
| Affiliated securities lending income, net | 68742 |
| Unaffiliated securities lending income, net | 20224 |
| Other income | 36186 |
| Foreign tax withheld | (2222604) |
| Total Investment Income | 98069076 |
| Expenses: |  |
| Advisory fees | 72192772 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 579634 |
| Class C Shares | 275966 |
| Class R Shares | 226352 |
| Class S Shares | 323315 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 1315563 |
| Class R Shares | 114957 |
| Class S Shares | 323520 |
| Class T Shares | 3752569 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 543129 |
| Class C Shares | 31155 |
| Class I Shares | 5298124 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 15315 |
| Class C Shares | 1669 |
| Class D Shares | 126708 |
| Class I Shares | 149988 |
| Class N Shares | 189785 |
| Class R Shares | 743 |
| Class S Shares | 2382 |
| Class T Shares | 13769 |
| Shareholder reports expense | 721342 |
| Affiliated fund administration fees | 282003 |
| Trustees' fees and expenses | 267288 |
| Custodian fees | 176546 |
| Registration fees | 173424 |
| Professional fees | 92210 |
| Other expenses | 619950 |
| Total Expenses | 87810178 |
| Less: Excess Expense Reimbursement and Waivers | (202271) |
| Net Expenses | 87607907 |
| Net Investment Income/(Loss) | 10461169 |

---

See Notes to Financial Statements.

10 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | $1982587357 |
| Investments in affiliates | (35439) |
| Forward foreign currency exchange contracts | (776749) |
| Swap contracts | 25936088 |
| Total Net Realized Gain/(Loss) on Investments | 2007711257 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (2928448954) |
| Investments in affiliates | 3926270 |
| Forward foreign currency exchange contracts | 9502696 |
| Swap contracts | (18329101) |
| Total Change in Unrealized Net Appreciation/Depreciation | (2933349089) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $(915176663) |

---

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Enterprise Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*March 31, 2026* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $10461169 | &nbsp;&nbsp; $53238184 |
| Net realized gain/(loss) on investments | 2007711257 | &nbsp;&nbsp; 1308561411 |
| Change in unrealized net appreciation/depreciation | (2933349089) | &nbsp;&nbsp; (95981934) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (915176663) | &nbsp;&nbsp; 1265817661 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (34653857) | &nbsp;&nbsp; (31459279) |
| Class C Shares | (5352646) | &nbsp;&nbsp; (5745359) |
| Class D Shares | (175707783) | &nbsp;&nbsp; (166597171) |
| Class I Shares | (683250604) | &nbsp;&nbsp; (577658133) |
| Class N Shares | (477680632) | &nbsp;&nbsp; (448121413) |
| Class R Shares | (7258137) | &nbsp;&nbsp; (6571390) |
| Class S Shares | (19426929) | &nbsp;&nbsp; (19538878) |
| Class T Shares | (217983859) | &nbsp;&nbsp; (224284043) |
| Net Decrease from Dividends and Distributions to Shareholders | (1621314447) | &nbsp;&nbsp; (1479975666) |
| Capital Share Transactions: |  |  |
| Class A Shares | (12612846) | &nbsp;&nbsp; 26321527 |
| Class C Shares | (1282414) | &nbsp;&nbsp; (22020635) |
| Class D Shares | 30425998 | &nbsp;&nbsp; (20895764) |
| Class I Shares | (416476960) | &nbsp;&nbsp; 1237432858 |
| Class N Shares | (72272976) | &nbsp;&nbsp; 80902474 |
| Class R Shares | (7298312) | &nbsp;&nbsp; 5870920 |
| Class S Shares | (4460775) | &nbsp;&nbsp; (29257065) |
| Class T Shares | (185656139) | &nbsp;&nbsp; (228867729) |
| Net Increase/(Decrease) from Capital Share Transactions | (669634424) | &nbsp;&nbsp; 1049486586 |
| Net Increase/(Decrease) in Net Assets | (3206125534) | &nbsp;&nbsp; 835328581 |
| Net Assets: |  |  |
| Beginning of period | 23619704202 | &nbsp;&nbsp; 22784375621 |
| End of period | $20413578668 | &nbsp;&nbsp; $23619704202 |

---

See Notes to Financial Statements.

12 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $140.96 | &nbsp;&nbsp; $142.98 | &nbsp;&nbsp; $123.25 | &nbsp;&nbsp; $116.22 | &nbsp;&nbsp; $168.35 | &nbsp;&nbsp; $137.77 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.17) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.27) |
| Net realized and unrealized gain/(loss) | (5.46) | &nbsp;&nbsp;&nbsp;&nbsp;7.58 | &nbsp;&nbsp;&nbsp;&nbsp;29.46 | &nbsp;&nbsp;&nbsp;&nbsp;19.41 | &nbsp;&nbsp; (27.16) | &nbsp;&nbsp;&nbsp;&nbsp;43.67 |
| Total from Investment Operations | (5.63) | &nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;&nbsp;29.56 | &nbsp;&nbsp;&nbsp;&nbsp;19.60 | &nbsp;&nbsp; (27.46) | &nbsp;&nbsp;&nbsp;&nbsp;43.40 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (10.37) | &nbsp;&nbsp; (8.35) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Total Dividends and Distributions | (10.37) | &nbsp;&nbsp; (9.46) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Net Asset Value, End of Period | $124.96 | &nbsp;&nbsp; $140.96 | &nbsp;&nbsp; $142.98 | &nbsp;&nbsp; $123.25 | &nbsp;&nbsp; $116.22 | &nbsp;&nbsp; $168.35 |
| Total Return<sup>\*</sup> <br>| (4.47)% | &nbsp;&nbsp; 5.21% | &nbsp;&nbsp; 25.76% | &nbsp;&nbsp; 17.82% | &nbsp;&nbsp; (19.08)% | &nbsp;&nbsp; 32.57% |
| Net Assets, End of Period (in thousands) | $417779 | &nbsp;&nbsp; $484327 | &nbsp;&nbsp; $466764 | &nbsp;&nbsp; $388721 | &nbsp;&nbsp; $327176 | &nbsp;&nbsp; $472904 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.15% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.13% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.12% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.11% |
| Ratio of Net Investment Income/(Loss) | (0.25)% | &nbsp;&nbsp; (0.10)% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; (0.21)% | &nbsp;&nbsp; (0.17)% |
| Portfolio Turnover Rate | 9% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Enterprise Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $117.62 | &nbsp;&nbsp; $120.73 | &nbsp;&nbsp; $106.05 | &nbsp;&nbsp; $102.11 | &nbsp;&nbsp; $151.54 | &nbsp;&nbsp; $125.75 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.46) | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; (1.06) |
| Net realized and unrealized gain/(loss) | (4.43) | &nbsp;&nbsp;&nbsp;&nbsp;6.38 | &nbsp;&nbsp;&nbsp;&nbsp;25.00 | &nbsp;&nbsp;&nbsp;&nbsp;16.92 | &nbsp;&nbsp; (23.89) | &nbsp;&nbsp;&nbsp;&nbsp;39.67 |
| Total from Investment Operations | (4.89) | &nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp;24.51 | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp; (24.76) | &nbsp;&nbsp;&nbsp;&nbsp;38.61 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (10.37) | &nbsp;&nbsp; (8.35) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Total Dividends and Distributions | (10.37) | &nbsp;&nbsp; (8.69) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Net Asset Value, End of Period | $102.36 | &nbsp;&nbsp; $117.62 | &nbsp;&nbsp; $120.73 | &nbsp;&nbsp; $106.05 | &nbsp;&nbsp; $102.11 | &nbsp;&nbsp; $151.54 |
| Total Return<sup>\*</sup> <br>| (4.75)% | &nbsp;&nbsp; 4.59% | &nbsp;&nbsp; 25.12% | &nbsp;&nbsp; 17.20% | &nbsp;&nbsp; (19.47)% | &nbsp;&nbsp; 31.83% |
| Net Assets, End of Period (in thousands) | $54933 | &nbsp;&nbsp; $64272 | &nbsp;&nbsp; $88844 | &nbsp;&nbsp; $101480 | &nbsp;&nbsp; $110936 | &nbsp;&nbsp; $179240 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.69% | &nbsp;&nbsp; 1.69% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.67% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.69% | &nbsp;&nbsp; 1.69% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.67% |
| Ratio of Net Investment Income/(Loss) | (0.82)% | &nbsp;&nbsp; (0.70)% | &nbsp;&nbsp; (0.45)% | &nbsp;&nbsp; (0.38)% | &nbsp;&nbsp; (0.69)% | &nbsp;&nbsp; (0.73)% |
| Portfolio Turnover Rate | 9% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

14 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $149.39 | &nbsp;&nbsp; $150.93 | &nbsp;&nbsp; $129.17 | &nbsp;&nbsp; $120.89 | &nbsp;&nbsp; $174.13 | &nbsp;&nbsp; $142.10 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain/(loss) | (5.82) | &nbsp;&nbsp;&nbsp;&nbsp;8.03 | &nbsp;&nbsp;&nbsp;&nbsp;31.05 | &nbsp;&nbsp;&nbsp;&nbsp;20.24 | &nbsp;&nbsp; (28.23) | &nbsp;&nbsp;&nbsp;&nbsp;45.06 |
| Total from Investment Operations | (5.76) | &nbsp;&nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;&nbsp;&nbsp;31.59 | &nbsp;&nbsp;&nbsp;&nbsp;20.85 | &nbsp;&nbsp; (28.05) | &nbsp;&nbsp;&nbsp;&nbsp;45.31 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.25) | &nbsp;&nbsp; (1.54) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.46) |
| Distributions (from capital gains) | (10.37) | &nbsp;&nbsp; (8.35) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Total Dividends and Distributions | (10.62) | &nbsp;&nbsp; (9.89) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (25.19) | &nbsp;&nbsp; (13.28) |
| Net Asset Value, End of Period | $133.01 | &nbsp;&nbsp; $149.39 | &nbsp;&nbsp; $150.93 | &nbsp;&nbsp; $129.17 | &nbsp;&nbsp; $120.89 | &nbsp;&nbsp; $174.13 |
| Total Return<sup>\*</sup> <br>| (4.31)% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 26.17% | &nbsp;&nbsp; 18.20% | &nbsp;&nbsp; (18.82)% | &nbsp;&nbsp; 32.99% |
| Net Assets, End of Period (in thousands) | $2271066 | &nbsp;&nbsp; $2517981 | &nbsp;&nbsp; $2570953 | &nbsp;&nbsp; $2189482 | &nbsp;&nbsp; $1937787 | &nbsp;&nbsp; $2507220 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.78% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.78% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% |
| Ratio of Net Investment Income/(Loss) | 0.09% | &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.12% | &nbsp;&nbsp; 0.15% |
| Portfolio Turnover Rate | 9% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Enterprise Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $150.84 | &nbsp;&nbsp; $152.31 | &nbsp;&nbsp; $130.24 | &nbsp;&nbsp; $121.76 | &nbsp;&nbsp; $175.21 | &nbsp;&nbsp; $142.89 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain/(loss) | (5.88) | &nbsp;&nbsp;&nbsp;&nbsp;8.10 | &nbsp;&nbsp;&nbsp;&nbsp;31.31 | &nbsp;&nbsp;&nbsp;&nbsp;20.38 | &nbsp;&nbsp; (28.42) | &nbsp;&nbsp;&nbsp;&nbsp;45.33 |
| Total from Investment Operations | (5.81) | &nbsp;&nbsp;&nbsp;&nbsp;8.46 | &nbsp;&nbsp;&nbsp;&nbsp;31.90 | &nbsp;&nbsp;&nbsp;&nbsp;21.05 | &nbsp;&nbsp; (28.19) | &nbsp;&nbsp;&nbsp;&nbsp;45.65 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.29) | &nbsp;&nbsp; (1.58) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.51) |
| Distributions (from capital gains) | (10.37) | &nbsp;&nbsp; (8.35) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Total Dividends and Distributions | (10.66) | &nbsp;&nbsp; (9.93) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (25.26) | &nbsp;&nbsp; (13.33) |
| Net Asset Value, End of Period | $134.37 | &nbsp;&nbsp; $150.84 | &nbsp;&nbsp; $152.31 | &nbsp;&nbsp; $130.24 | &nbsp;&nbsp; $121.76 | &nbsp;&nbsp; $175.21 |
| Total Return<sup>\*</sup> <br>| (4.31)% | &nbsp;&nbsp; 5.58% | &nbsp;&nbsp; 26.20% | &nbsp;&nbsp; 18.23% | &nbsp;&nbsp; (18.78)% | &nbsp;&nbsp; 33.06% |
| Net Assets, End of Period (in thousands) | $8539654 | &nbsp;&nbsp; $10023411 | &nbsp;&nbsp; $8817446 | &nbsp;&nbsp; $6792381 | &nbsp;&nbsp; $5404045 | &nbsp;&nbsp; $8014607 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.74% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.74% |
| Ratio of Net Investment Income/(Loss) | 0.09% | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.19% |
| Portfolio Turnover Rate | 9% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

16 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $152.28 | &nbsp;&nbsp; $153.66 | &nbsp;&nbsp; $131.19 | &nbsp;&nbsp; $122.44 | &nbsp;&nbsp; $176.05 | &nbsp;&nbsp; $143.53 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Net realized and unrealized gain/(loss) | (5.94) | &nbsp;&nbsp;&nbsp;&nbsp;8.18 | &nbsp;&nbsp;&nbsp;&nbsp;31.57 | &nbsp;&nbsp;&nbsp;&nbsp;20.52 | &nbsp;&nbsp; (28.59) | &nbsp;&nbsp;&nbsp;&nbsp;45.53 |
| Total from Investment Operations | (5.79) | &nbsp;&nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;&nbsp;&nbsp;32.30 | &nbsp;&nbsp;&nbsp;&nbsp;21.32 | &nbsp;&nbsp; (28.21) | &nbsp;&nbsp;&nbsp;&nbsp;46.00 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.39) | &nbsp;&nbsp; (1.72) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (0.66) |
| Distributions (from capital gains) | (10.37) | &nbsp;&nbsp; (8.35) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Total Dividends and Distributions | (10.76) | &nbsp;&nbsp; (10.07) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (25.40) | &nbsp;&nbsp; (13.48) |
| Net Asset Value, End of Period | $135.73 | &nbsp;&nbsp; $152.28 | &nbsp;&nbsp; $153.66 | &nbsp;&nbsp; $131.19 | &nbsp;&nbsp; $122.44 | &nbsp;&nbsp; $176.05 |
| Total Return<sup>\*</sup> <br>| (4.25)% | &nbsp;&nbsp; 5.68% | &nbsp;&nbsp; 26.32% | &nbsp;&nbsp; 18.36% | &nbsp;&nbsp; (18.71)% | &nbsp;&nbsp; 33.17% |
| Net Assets, End of Period (in thousands) | $6153944 | &nbsp;&nbsp; $6972912 | &nbsp;&nbsp; $6967680 | &nbsp;&nbsp; $5279269 | &nbsp;&nbsp; $4678462 | &nbsp;&nbsp; $5636167 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% |
| Ratio of Net Investment Income/(Loss) | 0.21% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.28% |
| Portfolio Turnover Rate | 9% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 17

------

**Janus Henderson Enterprise Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $129.92 | &nbsp;&nbsp; $132.53 | &nbsp;&nbsp; $115.25 | &nbsp;&nbsp; $109.72 | &nbsp;&nbsp; $160.72 | &nbsp;&nbsp; $132.38 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.34) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.69) |
| Net realized and unrealized gain/(loss) | (4.96) | &nbsp;&nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp;&nbsp;&nbsp;27.37 | &nbsp;&nbsp;&nbsp;&nbsp;18.26 | &nbsp;&nbsp; (25.66) | &nbsp;&nbsp;&nbsp;&nbsp;41.85 |
| Total from Investment Operations | (5.30) | &nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp;&nbsp;&nbsp;27.11 | &nbsp;&nbsp;&nbsp;&nbsp;18.10 | &nbsp;&nbsp; (26.33) | &nbsp;&nbsp;&nbsp;&nbsp;41.16 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (10.37) | &nbsp;&nbsp; (8.35) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Total Dividends and Distributions | (10.37) | &nbsp;&nbsp; (9.13) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Net Asset Value, End of Period | $114.25 | &nbsp;&nbsp; $129.92 | &nbsp;&nbsp; $132.53 | &nbsp;&nbsp; $115.25 | &nbsp;&nbsp; $109.72 | &nbsp;&nbsp; $160.72 |
| Total Return<sup>\*</sup> <br>| (4.61)% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 25.40% | &nbsp;&nbsp; 17.48% | &nbsp;&nbsp; (19.32)% | &nbsp;&nbsp; 32.18% |
| Net Assets, End of Period (in thousands) | $81425 | &nbsp;&nbsp; $99976 | &nbsp;&nbsp; $96080 | &nbsp;&nbsp; $75820 | &nbsp;&nbsp; $69756 | &nbsp;&nbsp; $110802 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.40% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.40% |
| Ratio of Net Investment Income/(Loss) | (0.54)% | &nbsp;&nbsp; (0.40)% | &nbsp;&nbsp; (0.22)% | &nbsp;&nbsp; (0.14)% | &nbsp;&nbsp; (0.50)% | &nbsp;&nbsp; (0.45)% |
| Portfolio Turnover Rate | 9% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

18 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $139.30 | &nbsp;&nbsp; $141.37 | &nbsp;&nbsp; $122.02 | &nbsp;&nbsp; $115.22 | &nbsp;&nbsp; $167.17 | &nbsp;&nbsp; $136.94 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.19) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.34) |
| Net realized and unrealized gain/(loss) | (5.39) | &nbsp;&nbsp;&nbsp;&nbsp;7.50 | &nbsp;&nbsp;&nbsp;&nbsp;29.15 | &nbsp;&nbsp;&nbsp;&nbsp;19.24 | &nbsp;&nbsp; (26.92) | &nbsp;&nbsp;&nbsp;&nbsp;43.39 |
| Total from Investment Operations | (5.58) | &nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp;29.18 | &nbsp;&nbsp;&nbsp;&nbsp;19.37 | &nbsp;&nbsp; (27.28) | &nbsp;&nbsp;&nbsp;&nbsp;43.05 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (10.37) | &nbsp;&nbsp; (8.35) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Total Dividends and Distributions | (10.37) | &nbsp;&nbsp; (9.36) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Net Asset Value, End of Period | $123.35 | &nbsp;&nbsp; $139.30 | &nbsp;&nbsp; $141.37 | &nbsp;&nbsp; $122.02 | &nbsp;&nbsp; $115.22 | &nbsp;&nbsp; $167.17 |
| Total Return<sup>\*</sup> <br>| (4.49)% | &nbsp;&nbsp; 5.16% | &nbsp;&nbsp; 25.70% | &nbsp;&nbsp; 17.77% | &nbsp;&nbsp; (19.12)% | &nbsp;&nbsp; 32.51% |
| Net Assets, End of Period (in thousands) | $232611 | &nbsp;&nbsp; $267571 | &nbsp;&nbsp; $303098 | &nbsp;&nbsp; $279289 | &nbsp;&nbsp; $283177 | &nbsp;&nbsp; $442011 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% |
| Ratio of Net Investment Income/(Loss) | (0.29)% | &nbsp;&nbsp; (0.15)% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; (0.25)% | &nbsp;&nbsp; (0.21)% |
| Portfolio Turnover Rate | 9% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 19

------

**Janus Henderson Enterprise Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $147.28 | &nbsp;&nbsp; $148.93 | &nbsp;&nbsp; $127.72 | &nbsp;&nbsp; $119.78 | &nbsp;&nbsp; $172.66 | &nbsp;&nbsp; $141.02 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain/(loss) | (5.74) | &nbsp;&nbsp;&nbsp;&nbsp;7.92 | &nbsp;&nbsp;&nbsp;&nbsp;30.66 | &nbsp;&nbsp;&nbsp;&nbsp;20.04 | &nbsp;&nbsp; (27.97) | &nbsp;&nbsp;&nbsp;&nbsp;44.71 |
| Total from Investment Operations | (5.76) | &nbsp;&nbsp;&nbsp;&nbsp;8.07 | &nbsp;&nbsp;&nbsp;&nbsp;31.04 | &nbsp;&nbsp;&nbsp;&nbsp;20.51 | &nbsp;&nbsp; (27.96) | &nbsp;&nbsp;&nbsp;&nbsp;44.78 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.12) | &nbsp;&nbsp; (1.37) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.32) |
| Distributions (from capital gains) | (10.37) | &nbsp;&nbsp; (8.35) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.67) | &nbsp;&nbsp; (12.82) |
| Total Dividends and Distributions | (10.49) | &nbsp;&nbsp; (9.72) | &nbsp;&nbsp; (9.83) | &nbsp;&nbsp; (12.57) | &nbsp;&nbsp; (24.92) | &nbsp;&nbsp; (13.14) |
| Net Asset Value, End of Period | $131.03 | &nbsp;&nbsp; $147.28 | &nbsp;&nbsp; $148.93 | &nbsp;&nbsp; $127.72 | &nbsp;&nbsp; $119.78 | &nbsp;&nbsp; $172.66 |
| Total Return<sup>\*</sup> <br>| (4.37)% | &nbsp;&nbsp; 5.43% | &nbsp;&nbsp; 26.03% | &nbsp;&nbsp; 18.07% | &nbsp;&nbsp; (18.91)% | &nbsp;&nbsp; 32.84% |
| Net Assets, End of Period (in thousands) | $2662166 | &nbsp;&nbsp; $3189255 | &nbsp;&nbsp; $3473510 | &nbsp;&nbsp; $3170313 | &nbsp;&nbsp; $3197451 | &nbsp;&nbsp; $5208155 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Investment Income/(Loss) | (0.03)% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.05% |
| Portfolio Turnover Rate | 9% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

20 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and Significant Accounting Policies**

Janus Henderson Enterprise Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 34 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act.

Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of

shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US

GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain

retirement platforms.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

Janus Investment Fund \| 21

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements (unaudited)**

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement

with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an

agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended March 31, 2026. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

22 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements (unaudited)**

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of

net assets represented by each class as a percentage of total net assets.

**Expenses**

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the

operations of such class.

**Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

**Indemnifications**

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material

loss from such claims is considered remote.

Janus Investment Fund \| 23

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements (unaudited)**

**Foreign Currency Translations**

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge

could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change

in the next twelve months.

**2. Derivative Instruments**

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended March 31, 2026 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund's ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise

24 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements (unaudited)**

would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Commodity Risk** – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk** – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk** – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Currency Risk** – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Risk** – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Index Risk** – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk** – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund's NAV to likewise decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Leverage Risk** – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk** – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser's needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are

dependent on the Adviser's ability to establish and maintain appropriate systems and trading.

**Forward Foreign Currency Exchange Contracts**

A forward foreign currency exchange contract ("forward currency contract") is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale

Janus Investment Fund \| 25

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements (unaudited)**

commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon

closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency

denominated securities held by the Fund.

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency

denominated securities held by the Fund.

**Swaps**

Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year to exchange one set of cash flows for another. The most significant factor in the performance of swap agreements is the change in value of the specific index, security, or currency, or other factors that determine the amounts of payments due to and from the Fund. The use of swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Swap transactions may in some instances involve the delivery of securities or other underlying assets by the Fund or its counterparty to collateralize obligations under the swap. If the other party to a swap that is not collateralized defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. Swap agreements entail the risk that a party will default on its payment obligations to the Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If the Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund's total return.

Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Swap agreements are typically privately negotiated and entered into in the OTC market. However, certain swap agreements are required to be cleared through a clearinghouse and traded on an exchange or swap execution facility. Swaps that are required to be cleared are required to post initial and variation margins in accordance with the exchange requirements. Regulations enacted require the Fund to centrally clear certain interest rate and credit default index swaps through a clearinghouse or central counterparty ("CCP"). To clear a swap with a CCP, the Fund will submit the swap to, and post collateral with, a futures clearing merchant ("FCM") that is a clearinghouse member. Alternatively, the Fund may enter into a swap with a financial institution other than the FCM (the "Executing Dealer") and arrange for the swap to be transferred to the FCM for clearing. The Fund may also enter into a swap with the FCM itself. The CCP, the FCM, and the Executing Dealer are all subject to regulatory oversight by the U.S. Commodity Futures Trading Commission ("CFTC"). A default or failure by a CCP or an FCM, or the failure of a swap to be transferred from an Executing Dealer to the FCM for clearing, may expose the Fund to losses, increase its costs, or prevent the Fund from entering or exiting swap positions, accessing collateral, or fully implementing its investment strategies. The regulatory requirement to clear certain swaps could, either temporarily or permanently, reduce the liquidity of cleared swaps or increase the costs of entering into those swaps.

Index swaps, interest rate swaps, inflation swaps and credit default swaps are valued using an approved vendor supplied price. Basket swaps are valued using a broker supplied price. Equity swaps that consist of a single underlying equity are valued either at the closing price, the latest bid price, or the last sale price on the primary market or exchange it trades.

The market value of swap contracts are aggregated by positive and negative values and are disclosed separately as an asset or liability on the Fund's Statement of Assets and Liabilities (if applicable). Realized gains and losses are reported

26 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements (unaudited)**

on the Fund's Statement of Operations (if applicable). The change in unrealized net appreciation or depreciation during the period is included in the Statement of Operations (if applicable).

The Fund's maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of

collateral by the counterparty to cover the Fund's exposure to the counterparty.

Total return swaps involve an exchange by two parties in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains over the payment period. A fixed-income total return swap may be written on many different kinds of underlying reference assets, and may include different indices for various kinds of debt

securities (e.g., U.S. investment grade bonds, high-yield bonds, or emerging market bonds).

During the period, the Fund entered into total return swaps on to increase exposure to equity risk. These total return swaps require the Fund to pay a floating reference interest rate, and an amount equal to the negative price movement of securities or an index multiplied by the notional amount of the contract. The Fund will receive payments equal to the positive price movement of the same securities or index multiplied by the notional amount of the contract and, in some

cases, dividends paid on the securities.

There were no total return swaps held at March 31, 2026.

**3. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**Counterparties**

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial

Janus Investment Fund \| 27

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements (unaudited)**

transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have

greater exposure to the risks associated with one or more counterparties.

**Securities Lending**

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of March 31, 2026, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $12,383,563. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2026 is $12,248,025, resulting in the

net amount due to the counterparty of $135,538.

28 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements (unaudited)**

**Offsetting Assets and Liabilities**

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment.

The Offsetting Assets and Liabilities tables located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the "Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31,

2026" table located in the Fund's Schedule of Investments.

The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to these contracts. Certain securities may be segregated at the Fund's custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund's corresponding forward foreign currency

exchange contract's obligation value.

**4. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund's

contractual investment advisory fee rate (expressed as an annual rate) is 0.64% of its average daily net assets.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.80% for at least a one-year period commencing on January 28, 2026. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess

Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $215,106 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2026. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not

Janus Investment Fund \| 29

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**Janus Henderson Enterprise Fund**

**Notes to Financial Statements (unaudited)**

limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the

Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net

assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds* | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion — $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R

Shares, Class S Shares, and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder

servicing fees" on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2026, the Distributor retained

upfront sales charges of $6,827.

30 \| March 31, 2026

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**Janus Henderson Enterprise Fund**

**Notes to Financial Statements (unaudited)**

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class A Shares paid CDSCs of $11 to Janus Henderson

Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class C Shares

paid CDSCs of $5,212.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2026 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2026 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $37,088 were paid by the Trust to the Trustees under the

Deferred Plan during the period ended March 31, 2026.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2026 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

The Fund is permitted to purchase or sell securities ("cross-trade") between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 ("Rule 17a-7"), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust's Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the period ended March 31, 2026, the Fund engaged in cross trades amounting to $10,946,940 in sales, resulting in a net realized gain of $5,986,254. The net realized gain is

included within the "Net Realized Gain/(Loss) on Investments" section of the Fund's Statement of Operations.

Janus Investment Fund \| 31

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Federal Income Tax**

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal

income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2026 are noted below. The primary differences between

book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $14930777377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7125144712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1666309024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5458835688 |

---

Information on the tax components of derivatives as of March 31, 2026 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax* <br>*Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19843074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(6578371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13264703 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

constitute adjustments to tax basis.

32 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended March 31, 2026* | *Period ended March 31, 2026* | *Year ended September 30, 2025* | *Year ended September 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 353187 | &nbsp;&nbsp; $47427645 | &nbsp;&nbsp; 964280 | &nbsp;&nbsp; $133269389 |
| Reinvested dividends and distributions | 185876 | &nbsp;&nbsp; 24846084 | &nbsp;&nbsp; 154686 | &nbsp;&nbsp; 21806099 |
| Shares repurchased | (631728) | &nbsp;&nbsp; (84886575) | &nbsp;&nbsp; (947551) | &nbsp;&nbsp; (128753961) |
| Net Increase/(Decrease) | (92665) | &nbsp;&nbsp; $(12612846) | &nbsp;&nbsp; 171415 | &nbsp;&nbsp; $26321527 |
| Class C Shares: |  |  |  |  |
| Shares sold | 57148 | &nbsp;&nbsp; $6228590 | &nbsp;&nbsp; 168417 | &nbsp;&nbsp; $19342994 |
| Reinvested dividends and distributions | 46095 | &nbsp;&nbsp; 5056630 | &nbsp;&nbsp; 47032 | &nbsp;&nbsp; 5559157 |
| Shares repurchased | (113045) | &nbsp;&nbsp; (12567634) | &nbsp;&nbsp; (404908) | &nbsp;&nbsp; (46922786) |
| Net Increase/(Decrease) | (9802) | &nbsp;&nbsp; $(1282414) | &nbsp;&nbsp; (189459) | &nbsp;&nbsp; $(22020635) |
| Class D Shares: |  |  |  |  |
| Shares sold | 229358 | &nbsp;&nbsp; $32888730 | &nbsp;&nbsp; 564809 | &nbsp;&nbsp; $81017686 |
| Reinvested dividends and distributions | 1177742 | &nbsp;&nbsp; 167392467 | &nbsp;&nbsp; 1075646 | &nbsp;&nbsp; 160281983 |
| Shares repurchased | (1187437) | &nbsp;&nbsp; (169855199) | &nbsp;&nbsp; (1819773) | &nbsp;&nbsp; (262195433) |
| Net Increase/(Decrease) | 219663 | &nbsp;&nbsp; $30425998 | &nbsp;&nbsp; (179318) | &nbsp;&nbsp; $(20895764) |
| Class I Shares: |  |  |  |  |
| Shares sold | 6925935 | &nbsp;&nbsp; $1002322684 | &nbsp;&nbsp; 21987122 | &nbsp;&nbsp; $3170857559 |
| Reinvested dividends and distributions | 4473804 | &nbsp;&nbsp; 642348823 | &nbsp;&nbsp; 3614768 | &nbsp;&nbsp; 543769506 |
| Shares repurchased | (14296711) | &nbsp;&nbsp; (2061148467) | &nbsp;&nbsp; (17044033) | &nbsp;&nbsp; (2477194207) |
| Net Increase/(Decrease) | (2896972) | &nbsp;&nbsp; $(416476960) | &nbsp;&nbsp; 8557857 | &nbsp;&nbsp; $1237432858 |
| Class N Shares: |  |  |  |  |
| Shares sold | 4964129 | &nbsp;&nbsp; $729706696 | &nbsp;&nbsp; 10912333 | &nbsp;&nbsp; $1613104089 |
| Reinvested dividends and distributions | 2948083 | &nbsp;&nbsp; 427442537 | &nbsp;&nbsp; 2616845 | &nbsp;&nbsp; 397080087 |
| Shares repurchased | (8361631) | &nbsp;&nbsp; (1229422209) | &nbsp;&nbsp; (13084540) | &nbsp;&nbsp; (1929281702) |
| Net Increase/(Decrease) | (449419) | &nbsp;&nbsp; $(72272976) | &nbsp;&nbsp; 444638 | &nbsp;&nbsp; $80902474 |
| Class R Shares: |  |  |  |  |
| Shares sold | 58625 | &nbsp;&nbsp; $7255072 | &nbsp;&nbsp; 167288 | &nbsp;&nbsp; $20956577 |
| Reinvested dividends and distributions | 58730 | &nbsp;&nbsp; 7183878 | &nbsp;&nbsp; 50010 | &nbsp;&nbsp; 6513346 |
| Shares repurchased | (174169) | &nbsp;&nbsp; (21737262) | &nbsp;&nbsp; (172728) | &nbsp;&nbsp; (21599003) |
| Net Increase/(Decrease) | (56814) | &nbsp;&nbsp; $(7298312) | &nbsp;&nbsp; 44570 | &nbsp;&nbsp; $5870920 |
| Class S Shares: |  |  |  |  |
| Shares sold | 71610 | &nbsp;&nbsp; $9549230 | &nbsp;&nbsp; 226964 | &nbsp;&nbsp; $30857069 |
| Reinvested dividends and distributions | 147084 | &nbsp;&nbsp; 19410702 | &nbsp;&nbsp; 139939 | &nbsp;&nbsp; 19503271 |
| Shares repurchased | (253781) | &nbsp;&nbsp; (33420707) | &nbsp;&nbsp; (590100) | &nbsp;&nbsp; (79617405) |
| Net Increase/(Decrease) | (35087) | &nbsp;&nbsp; $(4460775) | &nbsp;&nbsp; (223197) | &nbsp;&nbsp; $(29257065) |
| Class T Shares: |  |  |  |  |
| Shares sold | 948972 | &nbsp;&nbsp; $133210272 | &nbsp;&nbsp; 2089961 | &nbsp;&nbsp; $297432911 |
| Reinvested dividends and distributions | 1522316 | &nbsp;&nbsp; 213230838 | &nbsp;&nbsp; 1494776 | &nbsp;&nbsp; 219791846 |
| Shares repurchased | (3808715) | &nbsp;&nbsp; (532097249) | &nbsp;&nbsp; (5252885) | &nbsp;&nbsp; (746092486) |
| Net Increase/(Decrease) | (1337427) | &nbsp;&nbsp; $(185656139) | &nbsp;&nbsp; (1668148) | &nbsp;&nbsp; $(228867729) |

---

**7. Purchases and Sales of Investment Securities**

For the period ended March 31, 2026, 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>|
| $2005224257 | &nbsp;&nbsp;&nbsp;&nbsp; $4224981176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

Janus Investment Fund \| 33

------

**Janus Henderson Enterprise Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, and client consents. The

shareholders of Janus Henderson Group, plc approved the acquisition on April 16, 2026.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2026 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements other than the following:

At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

34 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analyses provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

Janus Investment Fund \| 35

------

**Janus Henderson Enterprise Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract and retain well-qualified personnel.

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

36 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund \| 37

------

**Janus Henderson Enterprise Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

38 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

Janus Investment Fund \| 39

------

**Janus Henderson Enterprise Fund**

**Additional Information (unaudited)**

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as identified by Broadridge using Morningstar category schema. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance or service being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, recent fee reductions, investment structure changes, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

40 \| March 31, 2026

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**Janus Henderson Enterprise Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 41

------

**Janus Henderson Enterprise Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

42 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 43

------

**Janus Henderson Enterprise Fund**

**Additional Information (unaudited)**

other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They

44 \| March 31, 2026

------

**Janus Henderson Enterprise Fund**

**Additional Information (unaudited)**

concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 45

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![](img24c4c9102.gif)

*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93040 05-26

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SEMIANNUAL FINANCIAL STATEMENTS

March 31, 2026

**Janus Henderson European Focus Fund**

Janus Investment Fund

![](img973cbd961.gif)

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**Table of Contents**

**Janus Henderson European Focus Fund** 

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| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_5cf83c3c-fab9-4700-b207-93aabba89e86_SOI-SOI-RunningFooter-23_1)<br> [Management Investment Companies](#xx_5cf83c3c-fab9-4700-b207-93aabba89e86_SOI-SOI-RunningFooter-23_1)<br>|  |
| [Schedule of Investments](#xx_5cf83c3c-fab9-4700-b207-93aabba89e86_SOI-SOI-RunningFooter-23_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_5cf83c3c-fab9-4700-b207-93aabba89e86_SOI-SOI-RunningFooter-23_4) | 4 |
| [Statement of Assets and Liabilities](#xx_5cf83c3c-fab9-4700-b207-93aabba89e86_SAL-SAL-RunningFooter-23_1) | 5 |
| [Statement of Operations](#xx_5cf83c3c-fab9-4700-b207-93aabba89e86_SOP-SOP-RunningFooter-23_1) | 7 |
| [Statements of Changes in Net Assets](#xx_5cf83c3c-fab9-4700-b207-93aabba89e86_SOC-SOC-RunningFooter-23_1) | 8 |
| [Financial Highlights](#xx_5cf83c3c-fab9-4700-b207-93aabba89e86_FIHI-FIHI-RunningFooter-23_1) | 9 |
| [Notes to Financial Statements](#xx_5cf83c3c-fab9-4700-b207-93aabba89e86_NTF-NTF-RunningFooter-23_1) | 16 |
| [Items 8-11 - Additional Information](#xx_5cf83c3c-fab9-4700-b207-93aabba89e86_AI-AI-RunningFooter-23_1) | 29 |

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**Janus Henderson European Focus Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 92.7% |  |  |
| Aerospace & Defense – 7.5% |  |  |
| Leonardo SpA | 180379 | $12114084 |
| Rheinmetall AG | 7968 | 13286470 |
| Rolls-Royce Holdings PLC | 949259 | 14493884 |
| Thales SA | 34093 | 10008612 |
|  |  | 49903050 |
| Banks – 16.2% |  |  |
| ABN AMRO Bank NV, CVA | 327913 | 10486939 |
| Banco Bilbao Vizcaya Argentaria SA | 812968 | 17741723 |
| Banco Santander SA | 2164351 | 24487044 |
| Erste Group Bank AG | 226641 | 24486583 |
| FinecoBank Banca Fineco SpA | 418879 | 9299105 |
| Natwest Group PLC | 1290915 | 9578399 |
| UniCredit SpA | 163615 | 11788100 |
|  |  | 107867893 |
| Biotechnology – 2.1% |  |  |
| argenx SE<sup>\*</sup> <br>| 19164 | 13961224 |
| Chemicals – 1.5% |  |  |
| BASF SE | 163963 | 9906346 |
| Communications Equipment – 1.8% |  |  |
| Nokia Oyj | 1523048 | 12136970 |
| Construction & Engineering – 2.2% |  |  |
| ACS Actividades de Construccion y Servicios SA | 117450 | 14531614 |
| Construction Materials – 2.0% |  |  |
| CRH PLC | 127248 | 13376310 |
| Diversified Financial Services – 1.7% |  |  |
| Investor AB - Class B | 303150 | 11481895 |
| Diversified Telecommunication Services – 2.3% |  |  |
| Orange SA | 737362 | 15063958 |
| Electric Utilities – 3.3% |  |  |
| Iberdrola SA<sup>#</sup> <br>| 943765 | 21661908 |
| Electrical Equipment – 4.1% |  |  |
| Huber + Suhner AG (REG) | 30417 | 6739024 |
| Siemens Energy AG | 78926 | 12987549 |
| Vestas Wind Systems A/S | 263343 | 7885721 |
|  |  | 27612294 |
| Energy Equipment & Services – 1.5% |  |  |
| Technip Energies NV | 230378 | 9681669 |
| Hotels, Restaurants & Leisure – 2.0% |  |  |
| InterContinental Hotels Group PLC<sup>\*</sup> <br>| 56809 | 7481854 |
| TUI AG | 779089 | 5907844 |
|  |  | 13389698 |
| Industrial Conglomerates – 3.1% |  |  |
| Siemens AG | 86756 | 20574930 |
| Insurance – 1.6% |  |  |
| ASR Nederland NV | 157533 | 10851313 |
| Machinery – 9.4% |  |  |
| Alstom SA<sup>\*</sup> <br>| 376247 | 10719391 |
| Epiroc AB - Class A | 400648 | 9841946 |
| Knorr-Bremse AG | 122003 | 13619371 |
| Sandvik AB | 400720 | 15321961 |
| Wartsila OYJ Abp | 345891 | 12931714 |
|  |  | 62434383 |
| Metals & Mining – 4.4% |  |  |
| Anglo American PLC | 252918 | 10743519 |
| Antofagasta PLC | 213448 | 9495787 |
| ArcelorMittal SA | 128959 | 6718062 |
| DPM Metals Inc (ADR) | 70123 | 2469354 |
|  |  | 29426722 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson European Focus Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Oil, Gas & Consumable Fuels – 6.6% |  |  |
| Shell PLC | 426005 | $19890054 |
| TotalEnergies SE | 257914 | 23810848 |
|  |  | 43700902 |
| Paper & Forest Products – 1.4% |  |  |
| UPM-Kymmene Oyj | 310023 | 9642088 |
| Pharmaceuticals – 7.3% |  |  |
| Novartis AG | 187060 | 28408340 |
| Roche Holding AG | 50592 | 19982051 |
|  |  | 48390391 |
| Semiconductor & Semiconductor Equipment – 8.6% |  |  |
| ASM International NV | 15713 | 11967419 |
| ASML Holding NV | 28075 | 37156131 |
| NXP Semiconductors NV | 41883 | 8245087 |
|  |  | 57368637 |
| Specialty Retail – 1.2% |  |  |
| Industria de Diseno Textil SA | 140596 | 8082626 |
| Trading Companies & Distributors – 0.9% |  |  |
| Sunbelt Rentals Holdings Inc | 92758 | 5922471 |
| Total Common Stocks (cost $561,092,878) |  | 616969292 |
| Investment Companies – 9.7% |  |  |
| Money Markets – 9.7% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº,</sup><sup>£</sup> (cost $64,694,070) | 64694053 | 64694053 |
| Investments Purchased with Cash Collateral from Securities Lending – 0% |  |  |
| Investment Companies – 0% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº,</sup><sup>£</sup> <br>| 193097 | 193097 |
| Time Deposits – 0% |  |  |
| Royal Bank of Canada, 3.6500%, 4/1/26 | $48274 | 48274 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $241,371) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $241,371) | 241371 |
| Total Investments (total cost $626,028,319) – 102.4% |  | 681904716 |
| Liabilities, net of Cash, Receivables and Other Assets – (2.4)% |  | (15967226) |
| Net Assets – 100% |  | $665937490 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $86556821 | &nbsp;&nbsp;&nbsp;&nbsp; 12.7<br> %<br>|
| Spain | 86504915 | &nbsp;&nbsp;&nbsp;&nbsp;12.7 |
| United Kingdom | 77605968 | &nbsp;&nbsp;&nbsp;&nbsp;11.4 |
| Germany | 76282510 | &nbsp;&nbsp;&nbsp;&nbsp;11.2 |
| France | 76002540 | &nbsp;&nbsp;&nbsp;&nbsp;11.1 |
| Netherlands | 70461802 | &nbsp;&nbsp;&nbsp;&nbsp;10.3 |
| Switzerland | 55129415 | &nbsp;&nbsp;&nbsp;&nbsp;8.1 |
| Sweden | 36645802 | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Finland | 34710772 | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| Italy | 33201289 | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Austria | 24486583 | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Belgium | 13961224 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Denmark | 7885721 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Canada | 2469354 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Total | $681904716 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*3/31/26*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 9.7% | Investment Companies - 9.7% | Investment Companies - 9.7% | Investment Companies - 9.7% | Investment Companies - 9.7% | Investment Companies - 9.7% | Investment Companies - 9.7% | Investment Companies - 9.7% | Investment Companies - 9.7% |
| Money Markets - 9.7% | Money Markets - 9.7% | Money Markets - 9.7% | Money Markets - 9.7% | Money Markets - 9.7% | Money Markets - 9.7% | Money Markets - 9.7% | Money Markets - 9.7% | Money Markets - 9.7% |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  |
|  | $6296595 | $375938983 | $(317530924) | $(10584) | $(17) | $64694053 | 64694053 | $268879 |
| Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% |
| Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  |
|  | - | 47895382 | (47702285) | - | - | 193097 | 193097 | 5333 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 9.7% | Total Affiliated Investments - 9.7% | Total Affiliated Investments - 9.7% | Total Affiliated Investments - 9.7% | Total Affiliated Investments - 9.7% | Total Affiliated Investments - 9.7% | Total Affiliated Investments - 9.7% | Total Affiliated Investments - 9.7% | Total Affiliated Investments - 9.7% |
|  | $6296595 | $423834365 | $(365233209) | $(10584) | $(17) | $64887150 | 64887150 | $274212 |

---

---

| | |
|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Equity* <br>*Contracts*<br>|
| Purchased options contracts | $(472516) |
| Written options contracts | 223986 |
| Total | $(248530) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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*<br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<br>| *Net Amount* |
| JPMorgan Chase Bank, National Association | $233268 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(233268) | &nbsp;&nbsp; $— |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson European Focus Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CVA | Certificate Van Aandelen (Bearer) |
| LLC | Limited Liability Company |
| PLC | Public Limited Company |
| REG | Registered |

---

---

| |
|:---|
| Non-income producing security. |
| Rate shown is the 7-day yield as of March 31, 2026. |
| Loaned security; a portion of the security is on loan at March 31, 2026. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial

instruments as of March 31, 2026. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* |  |  |  |
| Construction Materials | $13376310 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Metals & Mining | 2469354 | &nbsp;&nbsp; 26957368 | &nbsp;&nbsp; - |
| Semiconductor & Semiconductor Equipment | 8245087 | &nbsp;&nbsp; 49123550 | &nbsp;&nbsp; - |
| All Other | - | &nbsp;&nbsp; 516797623 | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 64694053 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 241371 | &nbsp;&nbsp; - |
| **Total Assets** | $24090751 | &nbsp;&nbsp; $657813965 | &nbsp;&nbsp; $- |

---

4 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $561,141,152)<sup>(1)</sup> <br>| $617017566 |
| Affiliated investments, at value (cost $64,887,167) | 64887150 |
| Cash denominated in foreign currency (cost $5,645) | 5645 |
| Trustees' deferred compensation | 20985 |
| Receivables: |  |
| Investments sold | 24647464 |
| Foreign tax reclaims | 4653607 |
| Fund shares sold | 1360504 |
| Dividends | 726108 |
| Dividends from affiliates | 85755 |
| Other assets | 266891 |
| Total Assets | 713671675 |
| Liabilities: |  |
| Due to custodian | 1610 |
| Collateral for securities loaned (Note 3) | 241371 |
| Payables: |  |
| Investments purchased | 44243386 |
| Foreign withholding tax reclaim fee (Note 1) | 1783960 |
| Fund shares repurchased | 697524 |
| Advisory fees | 499026 |
| Transfer agent fees and expenses | 97963 |
| Professional fees | 43251 |
| 12b-1 Distribution and shareholder servicing fees | 33974 |
| Trustees' deferred compensation fees | 20985 |
| Custodian fees | 5536 |
| Trustees' fees and expenses | 3643 |
| Affiliated fund administration fees payable | 1444 |
| Accrued expenses and other payables | 60512 |
| Total Liabilities | 47734185 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $665937490 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson European Focus Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $887508601 |
| Total distributable earnings (loss) | (221571111) |
| Total Net Assets | $665937490 |
| Net Assets - Class A Shares | $141190453 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2444830 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $57.75 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $61.27 |
| Net Assets - Class C Shares | $3780034 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 69080 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $54.72 |
| Net Assets - Class D Shares | $63935392 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1115606 |
| Net Asset Value Per Share | $57.31 |
| Net Assets - Class I Shares | $384669176 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 6709027 |
| Net Asset Value Per Share | $57.34 |
| Net Assets - Class N Shares | $42718070 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 751759 |
| Net Asset Value Per Share | $56.82 |
| Net Assets - Class S Shares | $757396 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 13868 |
| Net Asset Value Per Share | $54.61 |
| Net Assets - Class T Shares | $28886969 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 504923 |
| Net Asset Value Per Share | $57.21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $233,268 of securities on loan. See Note 3 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

6 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $5072803 |
| Dividends from affiliates | 268879 |
| Affiliated securities lending income, net | 5333 |
| Unaffiliated securities lending income, net | 1311 |
| Other income | 22509 |
| Foreign tax withheld (net of foreign withholding tax reclaim fee of $60,327 (Note 1)) | (124432) |
| Total Investment Income | 5246403 |
| Expenses: |  |
| Advisory fees | 3459264 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 187034 |
| Class C Shares | 21431 |
| Class S Shares | 1007 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 33366 |
| Class S Shares | 1009 |
| Class T Shares | 38205 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 55499 |
| Class C Shares | 2123 |
| Class I Shares | 227973 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 4826 |
| Class C Shares | 136 |
| Class D Shares | 6141 |
| Class I Shares | 6771 |
| Class N Shares | 1431 |
| Class S Shares | 7 |
| Class T Shares | 2583 |
| Custodian fees | 73400 |
| Professional fees | 70762 |
| Registration fees | 31944 |
| Shareholder reports expense | 24064 |
| Affiliated fund administration fees | 8917 |
| Trustees' fees and expenses | 8513 |
| Other expenses | 75770 |
| Total Expenses | 4342176 |
| Less: Excess Expense Reimbursement and Waivers | (329576) |
| Net Expenses | 4012600 |
| Net Investment Income/(Loss) | 1233803 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 57756126 |
| Investments in affiliates | (10584) |
| Purchased options contracts | (472516) |
| Written options contracts | 223986 |
| Total Net Realized Gain/(Loss) on Investments | 57497012 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (68031420) |
| Investments in affiliates | (17) |
| Total Change in Unrealized Net Appreciation/Depreciation | (68031437) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $(9300622) |

---

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson European Focus Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*March 31, 2026* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $1233803 | &nbsp;&nbsp; $8493134 |
| Net realized gain/(loss) on investments | 57497012 | &nbsp;&nbsp; 55334570 |
| Change in unrealized net appreciation/depreciation | (68031437) | &nbsp;&nbsp; 48004629 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (9300622) | &nbsp;&nbsp; 111832333 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (1697158) | &nbsp;&nbsp; (1672649) |
| Class C Shares | (24898) | &nbsp;&nbsp; (17019) |
| Class D Shares | (780465) | &nbsp;&nbsp; (169845) |
| Class I Shares | (5427094) | &nbsp;&nbsp; (4925044) |
| Class N Shares | (712064) | &nbsp;&nbsp; (83733) |
| Class S Shares | (9307) | &nbsp;&nbsp; (8872) |
| Class T Shares | (381883) | &nbsp;&nbsp; (216448) |
| Net Decrease from Dividends and Distributions to Shareholders | (9032869) | &nbsp;&nbsp; (7093610) |
| Capital Share Transactions: |  |  |
| Class A Shares | (2524664) | &nbsp;&nbsp; (9161741) |
| Class C Shares | (663429) | &nbsp;&nbsp; (322339) |
| Class D Shares | 20227198 | &nbsp;&nbsp; 29464912 |
| Class I Shares | (32652218) | &nbsp;&nbsp; 29953096 |
| Class N Shares | (5400600) | &nbsp;&nbsp; 36739880 |
| Class S Shares | (9465) | &nbsp;&nbsp; 4850 |
| Class T Shares | 721934 | &nbsp;&nbsp; 9250034 |
| Net Increase/(Decrease) from Capital Share Transactions | (20301244) | &nbsp;&nbsp; 95928692 |
| Net Increase/(Decrease) in Net Assets | (38634735) | &nbsp;&nbsp; 200667415 |
| Net Assets: |  |  |
| Beginning of period | 704572225 | &nbsp;&nbsp; 503904810 |
| End of period | $665937490 | &nbsp;&nbsp; $704572225 |

---

See Notes to Financial Statements.

8 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $59.20 | &nbsp;&nbsp; $49.68 | &nbsp;&nbsp; $39.83 | &nbsp;&nbsp; $32.52 | &nbsp;&nbsp; $44.48 | &nbsp;&nbsp; $34.23 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.06 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83 <br><sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain/(loss) | (0.82) | &nbsp;&nbsp;&nbsp;&nbsp;9.49 | &nbsp;&nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp; (12.80) | &nbsp;&nbsp;&nbsp;&nbsp;10.20 |
| Total from Investment Operations | (0.76) | &nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;10.82 | &nbsp;&nbsp;&nbsp;&nbsp;8.23 | &nbsp;&nbsp; (11.90) | &nbsp;&nbsp;&nbsp;&nbsp;10.36 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.69) | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.11) |
| Total Dividends and Distributions | (0.69) | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.11) |
| Net Asset Value, End of Period | $57.75 | &nbsp;&nbsp; $59.20 | &nbsp;&nbsp; $49.68 | &nbsp;&nbsp; $39.83 | &nbsp;&nbsp; $32.52 | &nbsp;&nbsp; $44.48 |
| Total Return<sup>\*</sup> <br>| (1.32)% | &nbsp;&nbsp; 20.80% | &nbsp;&nbsp; 27.58% | &nbsp;&nbsp; 25.45% | &nbsp;&nbsp; (26.79)% | &nbsp;&nbsp; 30.31% |
| Net Assets, End of Period (in thousands) | $141190 | &nbsp;&nbsp; $147181 | &nbsp;&nbsp; $132785 | &nbsp;&nbsp; $116476 | &nbsp;&nbsp; $96858 | &nbsp;&nbsp; $141908 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.38% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 1.44% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 1.43% <br><sup>(8)</sup><br>| &nbsp;&nbsp; 1.51% <br><sup>(9)</sup><br>| &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.41% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.29% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.30% |
| Ratio of Net Investment Income/(Loss) | 0.18% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.32% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.29% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 2.05% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 2.17% | &nbsp;&nbsp; 0.37% |
| Portfolio Turnover Rate | 141% | &nbsp;&nbsp; 159% | &nbsp;&nbsp; 168% | &nbsp;&nbsp; 169% | &nbsp;&nbsp; 145% | &nbsp;&nbsp; 184% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaim received in November 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.13%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.06 and 0.12%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.05%, respectively. 

(5) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.31 and 0.76%, respectively. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaim received in November 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(8) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(9) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson European Focus Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $55.98 | &nbsp;&nbsp; $46.90 | &nbsp;&nbsp; $37.46 | &nbsp;&nbsp; $30.43 | &nbsp;&nbsp; $41.90 | &nbsp;&nbsp; $32.40 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.18) <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48 <br><sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp; (0.18) |
| Net realized and unrealized gain/(loss) | (0.76) | &nbsp;&nbsp;&nbsp;&nbsp;9.03 | &nbsp;&nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;&nbsp;&nbsp;6.96 | &nbsp;&nbsp; (12.04) | &nbsp;&nbsp;&nbsp;&nbsp;9.68 |
| Total from Investment Operations | (0.94) | &nbsp;&nbsp;&nbsp;&nbsp;9.28 | &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp; (11.47) | &nbsp;&nbsp;&nbsp;&nbsp;9.50 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.32) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.32) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Asset Value, End of Period | $54.72 | &nbsp;&nbsp; $55.98 | &nbsp;&nbsp; $46.90 | &nbsp;&nbsp; $37.46 | &nbsp;&nbsp; $30.43 | &nbsp;&nbsp; $41.90 |
| Total Return<sup>\*</sup> <br>| (1.70)% | &nbsp;&nbsp; 19.90% | &nbsp;&nbsp; 26.65% | &nbsp;&nbsp; 24.51% | &nbsp;&nbsp; (27.37)% | &nbsp;&nbsp; 29.32% |
| Net Assets, End of Period (in thousands) | $3780 | &nbsp;&nbsp; $4499 | &nbsp;&nbsp; $4132 | &nbsp;&nbsp; $5957 | &nbsp;&nbsp; $9829 | &nbsp;&nbsp; $23302 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 2.20% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 2.28% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 2.21% <br><sup>(8)</sup><br>| &nbsp;&nbsp; 2.30% <br><sup>(9)</sup><br>| &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.17% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 2.04% | &nbsp;&nbsp; 2.06% | &nbsp;&nbsp; 2.02% | &nbsp;&nbsp; 2.06% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 2.05% |
| Ratio of Net Investment Income/(Loss) | (0.61)% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.52% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.42% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.28% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; (0.46)% |
| Portfolio Turnover Rate | 141% | &nbsp;&nbsp; 159% | &nbsp;&nbsp; 168% | &nbsp;&nbsp; 169% | &nbsp;&nbsp; 145% | &nbsp;&nbsp; 184% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaim received in November 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.13%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.06 and 0.12%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.05%, respectively. 

(5) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.29 and 0.76%, respectively. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaim received in November 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(8) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(9) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

10 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $58.81 | &nbsp;&nbsp; $49.35 | &nbsp;&nbsp; $39.57 | &nbsp;&nbsp; $32.32 | &nbsp;&nbsp; $44.21 | &nbsp;&nbsp; $34.01 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.13 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91 <br><sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain/(loss) | (0.82) | &nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;&nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;&nbsp;7.34 | &nbsp;&nbsp; (12.73) | &nbsp;&nbsp;&nbsp;&nbsp;10.13 |
| Total from Investment Operations | (0.69) | &nbsp;&nbsp;&nbsp;&nbsp;10.20 | &nbsp;&nbsp;&nbsp;&nbsp;10.83 | &nbsp;&nbsp;&nbsp;&nbsp;8.25 | &nbsp;&nbsp; (11.75) | &nbsp;&nbsp;&nbsp;&nbsp;10.37 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.81) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.17) |
| Total Dividends and Distributions | (0.81) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.17) |
| Net Asset Value, End of Period | $57.31 | &nbsp;&nbsp; $58.81 | &nbsp;&nbsp; $49.35 | &nbsp;&nbsp; $39.57 | &nbsp;&nbsp; $32.32 | &nbsp;&nbsp; $44.21 |
| Total Return<sup>\*</sup> <br>| (1.22)% | &nbsp;&nbsp; 21.07% | &nbsp;&nbsp; 27.82% | &nbsp;&nbsp; 25.69% | &nbsp;&nbsp; (26.66)% | &nbsp;&nbsp; 30.57% |
| Net Assets, End of Period (in thousands) | $63935 | &nbsp;&nbsp; $46195 | &nbsp;&nbsp; $11650 | &nbsp;&nbsp; $9386 | &nbsp;&nbsp; $6899 | &nbsp;&nbsp; $10102 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.19% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 1.25% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 1.31% <br><sup>(8)</sup><br>| &nbsp;&nbsp; 1.41% <br><sup>(9)</sup><br>| &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.28% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.09% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.10% |
| Ratio of Net Investment Income/(Loss) | 0.44% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.62% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.42% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 2.26% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 2.39% | &nbsp;&nbsp; 0.57% |
| Portfolio Turnover Rate | 141% | &nbsp;&nbsp; 159% | &nbsp;&nbsp; 168% | &nbsp;&nbsp; 169% | &nbsp;&nbsp; 145% | &nbsp;&nbsp; 184% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaim received in November 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.13%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.06 and 0.12%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.05%, respectively. 

(5) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.31 and 0.76%, respectively. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaim received in November 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(8) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(9) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson European Focus Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $58.84 | &nbsp;&nbsp; $49.39 | &nbsp;&nbsp; $39.61 | &nbsp;&nbsp; $32.36 | &nbsp;&nbsp; $44.25 | &nbsp;&nbsp; $34.03 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.12 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96 <br><sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain/(loss) | (0.80) | &nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;10.16 | &nbsp;&nbsp;&nbsp;&nbsp;7.32 | &nbsp;&nbsp; (12.75) | &nbsp;&nbsp;&nbsp;&nbsp;10.15 |
| Total from Investment Operations | (0.68) | &nbsp;&nbsp;&nbsp;&nbsp;10.22 | &nbsp;&nbsp;&nbsp;&nbsp;10.85 | &nbsp;&nbsp;&nbsp;&nbsp;8.28 | &nbsp;&nbsp; (11.73) | &nbsp;&nbsp;&nbsp;&nbsp;10.41 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.82) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.03) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.19) |
| Total Dividends and Distributions | (0.82) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.03) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.19) |
| Net Asset Value, End of Period | $57.34 | &nbsp;&nbsp; $58.84 | &nbsp;&nbsp; $49.39 | &nbsp;&nbsp; $39.61 | &nbsp;&nbsp; $32.36 | &nbsp;&nbsp; $44.25 |
| Total Return<sup>\*</sup> <br>| (1.21)% | &nbsp;&nbsp; 21.09% | &nbsp;&nbsp; 27.88% | &nbsp;&nbsp; 25.77% | &nbsp;&nbsp; (26.60)% | &nbsp;&nbsp; 30.66% |
| Net Assets, End of Period (in thousands) | $384669 | &nbsp;&nbsp; $427910 | &nbsp;&nbsp; $333621 | &nbsp;&nbsp; $273922 | &nbsp;&nbsp; $196068 | &nbsp;&nbsp; $299272 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.16% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 1.20% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 1.18% <br><sup>(8)</sup><br>| &nbsp;&nbsp; 1.26% <br><sup>(9)</sup><br>| &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.14% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.07% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.03% |
| Ratio of Net Investment Income/(Loss) | 0.39% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.56% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.52% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 2.39% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 2.47% | &nbsp;&nbsp; 0.62% |
| Portfolio Turnover Rate | 141% | &nbsp;&nbsp; 159% | &nbsp;&nbsp; 168% | &nbsp;&nbsp; 169% | &nbsp;&nbsp; 145% | &nbsp;&nbsp; 184% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaim received in November 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.13%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.06 and 0.12%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.05%, respectively. 

(5) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.31 and 0.76%, respectively. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaim received in November 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(8) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(9) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

12 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $58.32 | &nbsp;&nbsp; $49.04 | &nbsp;&nbsp; $39.35 | &nbsp;&nbsp; $32.15 | &nbsp;&nbsp; $43.95 | &nbsp;&nbsp; $33.80 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.14 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01 <br><sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain/(loss) | (0.79) | &nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;7.24 | &nbsp;&nbsp; (12.56) | &nbsp;&nbsp;&nbsp;&nbsp;10.01 |
| Total from Investment Operations | (0.65) | &nbsp;&nbsp;&nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;&nbsp;10.80 | &nbsp;&nbsp;&nbsp;&nbsp;8.25 | &nbsp;&nbsp; (11.61) | &nbsp;&nbsp;&nbsp;&nbsp;10.36 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.85) | &nbsp;&nbsp; (0.90) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.21) |
| Total Dividends and Distributions | (0.85) | &nbsp;&nbsp; (0.90) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.21) |
| Net Asset Value, End of Period | $56.82 | &nbsp;&nbsp; $58.32 | &nbsp;&nbsp; $49.04 | &nbsp;&nbsp; $39.35 | &nbsp;&nbsp; $32.15 | &nbsp;&nbsp; $43.95 |
| Total Return<sup>\*</sup> <br>| (1.17)% | &nbsp;&nbsp; 21.23% | &nbsp;&nbsp; 27.94% | &nbsp;&nbsp; 25.84% | &nbsp;&nbsp; (26.54)% | &nbsp;&nbsp; 30.72% |
| Net Assets, End of Period (in thousands) | $42718 | &nbsp;&nbsp; $49054 | &nbsp;&nbsp; $5144 | &nbsp;&nbsp; $16922 | &nbsp;&nbsp; $14170 | &nbsp;&nbsp; $9763 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.06% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 1.10% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 1.11% <br><sup>(8)</sup><br>| &nbsp;&nbsp; 1.21% <br><sup>(9)</sup><br>| &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.11% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.97% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.96% |
| Ratio of Net Investment Income/(Loss) | 0.46% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 2.54% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 2.00% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 2.54% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 2.40% | &nbsp;&nbsp; 0.85% |
| Portfolio Turnover Rate | 141% | &nbsp;&nbsp; 159% | &nbsp;&nbsp; 168% | &nbsp;&nbsp; 169% | &nbsp;&nbsp; 145% | &nbsp;&nbsp; 184% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaim received in November 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.13%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.06 and 0.12%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.05%, respectively. 

(5) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.30 and 0.76%, respectively. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaim received in November 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(8) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(9) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson European Focus Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $56.02 | &nbsp;&nbsp; $47.07 | &nbsp;&nbsp; $37.83 | &nbsp;&nbsp; $31.03 | &nbsp;&nbsp; $42.42 | &nbsp;&nbsp; $32.57 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.03 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82 <br><sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain/(loss) | (0.78) | &nbsp;&nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;&nbsp;&nbsp;9.61 | &nbsp;&nbsp;&nbsp;&nbsp;7.00 | &nbsp;&nbsp; (12.13) | &nbsp;&nbsp;&nbsp;&nbsp;9.73 |
| Total from Investment Operations | (0.75) | &nbsp;&nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;&nbsp;&nbsp;10.22 | &nbsp;&nbsp;&nbsp;&nbsp;7.82 | &nbsp;&nbsp; (11.25) | &nbsp;&nbsp;&nbsp;&nbsp;9.96 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.66) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.11) |
| Total Dividends and Distributions | (0.66) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.11) |
| Net Asset Value, End of Period | $54.61 | &nbsp;&nbsp; $56.02 | &nbsp;&nbsp; $47.07 | &nbsp;&nbsp; $37.83 | &nbsp;&nbsp; $31.03 | &nbsp;&nbsp; $42.42 |
| Total Return<sup>\*</sup> <br>| (1.37)% | &nbsp;&nbsp; 20.72% | &nbsp;&nbsp; 27.45% | &nbsp;&nbsp; 25.38% | &nbsp;&nbsp; (26.61)% | &nbsp;&nbsp; 30.63% |
| Net Assets, End of Period (in thousands) | $757 | &nbsp;&nbsp; $785 | &nbsp;&nbsp; $654 | &nbsp;&nbsp; $246 | &nbsp;&nbsp; $101 | &nbsp;&nbsp; $85 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.92% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 2.04% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 2.18% <br><sup>(8)</sup><br>| &nbsp;&nbsp; 2.89% <br><sup>(9)</sup><br>| &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; 5.71% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.37% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.07% |
| Ratio of Net Investment Income/(Loss) | 0.10% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.25% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.38% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 2.13% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 2.27% | &nbsp;&nbsp; 0.58% |
| Portfolio Turnover Rate | 141% | &nbsp;&nbsp; 159% | &nbsp;&nbsp; 168% | &nbsp;&nbsp; 169% | &nbsp;&nbsp; 145% | &nbsp;&nbsp; 184% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaim received in November 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.13%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.06 and 0.12%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.05%, respectively. 

(5) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.29 and 0.76%, respectively. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaim received in November 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(8) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(9) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

14 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $58.70 | &nbsp;&nbsp; $49.27 | &nbsp;&nbsp; $39.51 | &nbsp;&nbsp; $32.27 | &nbsp;&nbsp; $44.17 | &nbsp;&nbsp; $34.02 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.08 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93 <br><sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain/(loss) | (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;9.39 | &nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;7.26 | &nbsp;&nbsp; (12.70) | &nbsp;&nbsp;&nbsp;&nbsp;10.12 |
| Total from Investment Operations | (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;10.12 | &nbsp;&nbsp;&nbsp;&nbsp;10.77 | &nbsp;&nbsp;&nbsp;&nbsp;8.19 | &nbsp;&nbsp; (11.77) | &nbsp;&nbsp;&nbsp;&nbsp;10.32 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.76) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.17) |
| Total Dividends and Distributions | (0.76) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.17) |
| Net Asset Value, End of Period | $57.21 | &nbsp;&nbsp; $58.70 | &nbsp;&nbsp; $49.27 | &nbsp;&nbsp; $39.51 | &nbsp;&nbsp; $32.27 | &nbsp;&nbsp; $44.17 |
| Total Return<sup>\*</sup> <br>| (1.29)% | &nbsp;&nbsp; 20.91% | &nbsp;&nbsp; 27.70% | &nbsp;&nbsp; 25.54% | &nbsp;&nbsp; (26.73)% | &nbsp;&nbsp; 30.41% |
| Net Assets, End of Period (in thousands) | $28887 | &nbsp;&nbsp; $28949 | &nbsp;&nbsp; $15919 | &nbsp;&nbsp; $13027 | &nbsp;&nbsp; $7392 | &nbsp;&nbsp; $10590 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.33% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 1.36% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 1.37% <br><sup>(8)</sup><br>| &nbsp;&nbsp; 1.46% <br><sup>(9)</sup><br>| &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.38% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.22% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.21% |
| Ratio of Net Investment Income/(Loss) | 0.25% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.41% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.39% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 2.31% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 2.25% | &nbsp;&nbsp; 0.47% |
| Portfolio Turnover Rate | 141% | &nbsp;&nbsp; 159% | &nbsp;&nbsp; 168% | &nbsp;&nbsp; 169% | &nbsp;&nbsp; 145% | &nbsp;&nbsp; 184% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaim received in November 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.13%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.06 and 0.12%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.05%, respectively. 

(5) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.31 and 0.76%, respectively. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaim received in November 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(8) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(9) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2023. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

Janus Investment Fund \| 15

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**Janus Henderson European Focus Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and Significant Accounting Policies**

Janus Henderson European Focus Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 34 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term capital appreciation primarily through investment in equities of European companies. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson

Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of

shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US

GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain

retirement platforms.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

16 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements (unaudited)**

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement

with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an

agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended March 31, 2026. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

Janus Investment Fund \| 17

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements (unaudited)**

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of

net assets represented by each class as a percentage of total net assets.

**Expenses**

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the

operations of such class.

**Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

**Indemnifications**

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material

loss from such claims is considered remote.

18 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements (unaudited)**

**Foreign Currency Translations**

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge

could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change

in the next twelve months.

**Foreign Taxes**

The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the Fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. The Statement of Operations reflects $550,022 of tax reclaims received as well as $39,288 of professional fees and $60,327 of certain fees assessed by the Internal Revenue Service due to the recovery of foreign withholding taxes after such amounts

were previously passed through to Fund shareholders as foreign tax credits.

**2. Derivative Instruments**

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended March 31, 2026 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost.

Janus Investment Fund \| 19

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements (unaudited)**

The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund's ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise

would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Commodity Risk** – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk** – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk** – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Currency Risk** – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Risk** – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Index Risk** – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk** – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund's NAV to likewise decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Leverage Risk** – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk** – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser's needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to certain exchange-traded

20 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements (unaudited)**

derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are

dependent on the Adviser's ability to establish and maintain appropriate systems and trading.

**Options Contracts** 

An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price on or before a specified date. The purchaser pays a premium to the seller for this right. The seller has the corresponding obligation to sell or buy a financial instrument if the purchaser (owner) "exercises" the option. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of premium received or paid. Upon expiration, or closing of the option transaction, a realized gain or loss is reported on the Statement of Operations (if applicable). The difference between the premium paid/received and the market value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported on the Statement of Operations (if applicable). Option contracts are typically valued using an approved vendor's option valuation model. To the extent reliable market quotations are available, option contracts are valued using market quotations. In cases when an approved vendor cannot provide coverage for an option and there is no reliable market quotation, a broker quotation or an internal valuation using the Black-Scholes model, the Cox-Rubinstein Binomial Option Pricing Model, or other appropriate option pricing model is used. Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as "Variation margin receivable" or "Variation margin payable" (if applicable).

The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected adverse price movements, could render the Fund's hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of

pursuing its investment objective through its investments in options contracts.

Options traded on an exchange are regulated and the terms of the options are standardized. Options traded OTC expose the Fund to counterparty risk in the event that the counterparty does not perform. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to

cover the Fund's exposure to the counterparty.

During the period, the Fund purchased put options on various equity index securities for the purpose of decreasing

exposure to broad equity risk.

There were no purchased options held at March 31, 2026.

During the period, the Fund wrote put options on various equity indices for the purpose of increasing exposure to broad

equity risk.

There were no written options held at March 31, 2026.

**3. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and

Janus Investment Fund \| 21

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements (unaudited)**

economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**Counterparties**

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have

greater exposure to the risks associated with one or more counterparties.

**Securities Lending**

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05%

22 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements (unaudited)**

for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of March 31, 2026, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $233,268. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2026 is $241,371, resulting in the net

amount due to the counterparty of $8,103.

**Offsetting Assets and Liabilities**

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see

the Fund's Schedule of Investments.

**4. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table

reflects the Fund's contractual investment advisory fee rate (expressed as an annual rate).

---

| | |
|:---|:---|
| &nbsp;&nbsp; *Average Daily Net* <br>*Assets of the Fund*<br>| *Contractual Investment* <br>*Advisory Fee (%)*<br>|
| First $500 Million | 1.00 |
| Next $1 Billion | 0.90 |
| Next $1 Billion | 0.85 |
| Over $2.5 Billion | 0.80 |

---

The Fund's actual investment advisory fee rate for the reporting period was 0.97% of average annual net assets before

any applicable waivers.

The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, "HGIL"), pursuant to which HGIL and certain employees of HGIL serve as "associated persons" of the Adviser. In this capacity, such employees of HGIL are subject to the oversight and supervision of the Adviser and may

provide portfolio management, research, and related services to the Fund on behalf of the Adviser.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.96% for at least a one-year period commencing on January 28, 2026. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess

Expense Reimbursement and Waivers" on the Statement of Operations.

Janus Investment Fund \| 23

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements (unaudited)**

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $215,106 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2026. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the

Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net

assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds* | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion — $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for

reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking

and omnibus fees" on the Statement of Operations.

24 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements (unaudited)**

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the

Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2026, the Distributor retained

upfront sales charges of $2,181.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no

CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended March 31, 2026.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class C Shares

paid CDSCs of $189.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2026 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2026 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $37,088 were paid by the Trust to the Trustees under the

Deferred Plan during the period ended March 31, 2026.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Janus Investment Fund \| 25

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements (unaudited)**

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2026 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

As of March 31, 2026, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the

Adviser, as indicated in the table below:

---

| | | |
|:---|:---|:---|
| *Class* | *% of Class Owned* | *% of Fund Owned* |
| Class A Shares | -<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -<br> %<br>|
| Class C Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class D Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class I Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class N Shares | 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| Class S Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class T Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

**5. Federal Income Tax**

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal

income tax purposes pursuant to Section 988 of the Internal Revenue Code.

Accumulated capital losses noted below represent net capital loss carryovers, as of September 30, 2025, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table

shows these capital loss carryovers.

---

| | | |
|:---|:---|:---|
| *Capital Loss Carryover Schedule* | *Capital Loss Carryover Schedule* |  |
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |  |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | &nbsp;&nbsp; Accumulated <br>Capital Losses<br>|
| $(213830205) | &nbsp;&nbsp; $(118276787) | &nbsp;&nbsp; $(332106992) |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2026 are noted below. The primary differences between

book and tax appreciation or depreciation of investments are wash sale loss deferrals and investments in partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $631182899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $72464443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(21742626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50721817 |

---

26 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended March 31, 2026* | *Period ended March 31, 2026* | *Year ended September 30, 2025* | *Year ended September 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 68313 | &nbsp;&nbsp; $4160138 | &nbsp;&nbsp; 127289 | &nbsp;&nbsp; $6514148 |
| Reinvested dividends and distributions | 25113 | &nbsp;&nbsp; 1501013 | &nbsp;&nbsp; 31602 | &nbsp;&nbsp; 1483375 |
| Shares repurchased | (134556) | &nbsp;&nbsp; (8185815) | &nbsp;&nbsp; (345741) | &nbsp;&nbsp; (17159264) |
| Net Increase/(Decrease) | (41130) | &nbsp;&nbsp; $(2524664) | &nbsp;&nbsp; (186850) | &nbsp;&nbsp; $(9161741) |
| Class C Shares: |  |  |  |  |
| Shares sold | 5168 | &nbsp;&nbsp; $296487 | &nbsp;&nbsp; 28164 | &nbsp;&nbsp; $1402108 |
| Reinvested dividends and distributions | 385 | &nbsp;&nbsp; 21854 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 15397 |
| Shares repurchased | (16854) | &nbsp;&nbsp; (981770) | &nbsp;&nbsp; (36229) | &nbsp;&nbsp; (1739844) |
| Net Increase/(Decrease) | (11301) | &nbsp;&nbsp; $(663429) | &nbsp;&nbsp; (7720) | &nbsp;&nbsp; $(322339) |
| Class D Shares: |  |  |  |  |
| Shares sold | 559144 | &nbsp;&nbsp; $34126140 | &nbsp;&nbsp; 757367 | &nbsp;&nbsp; $40383812 |
| Reinvested dividends and distributions | 12984 | &nbsp;&nbsp; 769555 | &nbsp;&nbsp; 3484 | &nbsp;&nbsp; 162171 |
| Shares repurchased | (241972) | &nbsp;&nbsp; (14668497) | &nbsp;&nbsp; (211457) | &nbsp;&nbsp; (11081071) |
| Net Increase/(Decrease) | 330156 | &nbsp;&nbsp; $20227198 | &nbsp;&nbsp; 549394 | &nbsp;&nbsp; $29464912 |
| Class I Shares: |  |  |  |  |
| Shares sold | 798354 | &nbsp;&nbsp; $48301525 | &nbsp;&nbsp; 3002155 | &nbsp;&nbsp; $151659289 |
| Reinvested dividends and distributions | 78370 | &nbsp;&nbsp; 4647315 | &nbsp;&nbsp; 94309 | &nbsp;&nbsp; 4391038 |
| Shares repurchased | (1439818) | &nbsp;&nbsp; (85601058) | &nbsp;&nbsp; (2578907) | &nbsp;&nbsp; (126097231) |
| Net Increase/(Decrease) | (563094) | &nbsp;&nbsp; $(32652218) | &nbsp;&nbsp; 517557 | &nbsp;&nbsp; $29953096 |
| Class N Shares: |  |  |  |  |
| Shares sold | 51539 | &nbsp;&nbsp; $3090338 | &nbsp;&nbsp; 907084 | &nbsp;&nbsp; $45775801 |
| Reinvested dividends and distributions | 11724 | &nbsp;&nbsp; 688766 | &nbsp;&nbsp; 1255 | &nbsp;&nbsp; 57865 |
| Shares repurchased | (152600) | &nbsp;&nbsp; (9179704) | &nbsp;&nbsp; (172141) | &nbsp;&nbsp; (9093786) |
| Net Increase/(Decrease) | (89337) | &nbsp;&nbsp; $(5400600) | &nbsp;&nbsp; 736198 | &nbsp;&nbsp; $36739880 |
| Class S Shares: |  |  |  |  |
| Shares sold | (1) | &nbsp;&nbsp; $(9) | &nbsp;&nbsp; 88 | &nbsp;&nbsp; $3968 |
| Reinvested dividends and distributions | 165 | &nbsp;&nbsp; 9307 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 8872 |
| Shares repurchased | (316) | &nbsp;&nbsp; (18763) | &nbsp;&nbsp;&nbsp;&nbsp;(161) | &nbsp;&nbsp; (7990) |
| Net Increase/(Decrease) | (152) | &nbsp;&nbsp; $(9465) | &nbsp;&nbsp; 127 | &nbsp;&nbsp; $4850 |
| Class T Shares: |  |  |  |  |
| Shares sold | 80362 | &nbsp;&nbsp; $4882131 | &nbsp;&nbsp; 367008 | &nbsp;&nbsp; $19423518 |
| Reinvested dividends and distributions | 6414 | &nbsp;&nbsp; 379736 | &nbsp;&nbsp; 4637 | &nbsp;&nbsp; 215646 |
| Shares repurchased | (75007) | &nbsp;&nbsp; (4539933) | &nbsp;&nbsp; (201595) | &nbsp;&nbsp; (10389130) |
| Net Increase/(Decrease) | 11769 | &nbsp;&nbsp; $721934 | &nbsp;&nbsp; 170050 | &nbsp;&nbsp; $9250034 |

---

**7. Purchases and Sales of Investment Securities**

For the period ended March 31, 2026, 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>|
| $970960786 | &nbsp;&nbsp;&nbsp;&nbsp; $1040498055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**8. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, and client consents. The

shareholders of Janus Henderson Group, plc approved the acquisition on April 16, 2026.

Janus Investment Fund \| 27

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**Janus Henderson European Focus Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2026 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements other than the following:

At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

28 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analyses provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

Janus Investment Fund \| 29

------

**Janus Henderson European Focus Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract and retain well-qualified personnel.

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

30 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund \| 31

------

**Janus Henderson European Focus Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

32 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

Janus Investment Fund \| 33

------

**Janus Henderson European Focus Fund**

**Additional Information (unaudited)**

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as identified by Broadridge using Morningstar category schema. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance or service being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, recent fee reductions, investment structure changes, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

34 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 35

------

**Janus Henderson European Focus Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

36 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 37

------

**Janus Henderson European Focus Fund**

**Additional Information (unaudited)**

other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They

38 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Additional Information (unaudited)**

concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 39

------

**Janus Henderson European Focus Fund**

**Notes**

40 \| March 31, 2026

------

**Janus Henderson European Focus Fund**

**Notes**

Janus Investment Fund \| 41

------

![](imgae9d74cd2.gif)

*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93080 05-26

------

SEMIANNUAL FINANCIAL STATEMENTS

March 31, 2026

**Janus Henderson Forty Fund**

Janus Investment Fund

![](imgf68866a11.gif)

------

**Table of Contents**

**Janus Henderson Forty Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_f4b72b1e-8f6b-4806-b3c2-c1a7b0ecf21b_SOI-SOI-RunningFooter-36_1)<br> [Management Investment Companies](#xx_f4b72b1e-8f6b-4806-b3c2-c1a7b0ecf21b_SOI-SOI-RunningFooter-36_1)<br>|  |
| [Schedule of Investments](#xx_f4b72b1e-8f6b-4806-b3c2-c1a7b0ecf21b_SOI-SOI-RunningFooter-36_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_f4b72b1e-8f6b-4806-b3c2-c1a7b0ecf21b_SOI-SOI-RunningFooter-36_3) | 3 |
| [Statement of Assets and Liabilities](#xx_f4b72b1e-8f6b-4806-b3c2-c1a7b0ecf21b_SAL-SAL-RunningFooter-36_1) | 4 |
| [Statement of Operations](#xx_f4b72b1e-8f6b-4806-b3c2-c1a7b0ecf21b_SOP-SOP-RunningFooter-36_1) | 6 |
| [Statements of Changes in Net Assets](#xx_f4b72b1e-8f6b-4806-b3c2-c1a7b0ecf21b_SOC-SOC-RunningFooter-36_1) | 7 |
| [Financial Highlights](#xx_f4b72b1e-8f6b-4806-b3c2-c1a7b0ecf21b_FIHI-FIHI-RunningFooter-36_1) | 8 |
| [Notes to Financial Statements](#xx_f4b72b1e-8f6b-4806-b3c2-c1a7b0ecf21b_NTF-NTF-RunningFooter-36_1) | 16 |
| [Items 8-11 - Additional Information](#xx_f4b72b1e-8f6b-4806-b3c2-c1a7b0ecf21b_AI-AI-RunningFooter-36_1) | 27 |

---

------

**Janus Henderson Forty Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 99.9% |  |  |
| Aerospace & Defense – 5.4% |  |  |
| Boeing Co<sup>\*</sup> <br>| 1951587 | $388424361 |
| Howmet Aerospace Inc | 3169674 | 730483070 |
|  |  | 1118907431 |
| Biotechnology – 3.6% |  |  |
| Argenx SE (ADR)<sup>\*</sup> <br>| 537873 | 392781759 |
| Madrigal Pharmaceuticals Inc<sup>\*</sup> <br>| 429415 | 224785870 |
| Vaxcyte Inc<sup>\*</sup> <br>| 2241120 | 130231483 |
|  |  | 747799112 |
| Capital Markets – 2.2% |  |  |
| Blackstone Group Inc | 1674313 | 192529252 |
| Intercontinental Exchange Inc | 1656709 | 260567191 |
|  |  | 453096443 |
| Diversified Financial Services – 2.0% |  |  |
| Mastercard Inc - Class A | 836122 | 417776719 |
| Electrical Equipment – 6.3% |  |  |
| Eaton Corp PLC | 2128251 | 761211535 |
| GE Vernova Inc | 601602 | 525138386 |
|  |  | 1286349921 |
| Health Care Equipment & Supplies – 0.7% |  |  |
| Medline Inc - Class A<sup>\*</sup> <br>| 3101622 | 138022179 |
| Health Care Providers & Services – 1.7% |  |  |
| UnitedHealth Group Inc | 1299723 | 351692047 |
| Hotels, Restaurants & Leisure – 6.1% |  |  |
| Booking Holdings Inc | 77862 | 327823936 |
| Chipotle Mexican Grill Inc<sup>\*</sup> <br>| 5872029 | 187963648 |
| DoorDash Inc - Class A<sup>\*</sup> <br>| 1860978 | 279425847 |
| DraftKings Inc<sup>\*</sup> <br>| 21074132 | 455622734 |
|  |  | 1250836165 |
| Information Technology Services – 1.4% |  |  |
| Shopify Inc<sup>\*</sup> <br>| 2387247 | 283175239 |
| Interactive Media & Services – 8.3% |  |  |
| Alphabet Inc - Class C | 3347415 | 960239467 |
| Meta Platforms Inc - Class A | 1309480 | 749192792 |
|  |  | 1709432259 |
| Life Sciences Tools & Services – 1.8% |  |  |
| Danaher Corp | 1977089 | 374856074 |
| Multiline Retail – 11.5% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 8502532 | 1770822339 |
| MercadoLibre Inc<sup>\*</sup> <br>| 335734 | 580490801 |
|  |  | 2351313140 |
| Pharmaceuticals – 3.6% |  |  |
| Eli Lilly & Co | 809542 | 744592445 |
| Semiconductor & Semiconductor Equipment – 24.9% |  |  |
| Broadcom Inc | 3731568 | 1154957612 |
| Lam Research Corp | 906463 | 193674885 |
| NVIDIA Corp | 15151753 | 2642465723 |
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 3342994 | 1129764822 |
|  |  | 5120863042 |
| Software – 14.9% |  |  |
| AppLovin Corp - Class A<sup>\*</sup> <br>| 487194 | 193903212 |
| Datadog Inc - Class A<sup>\*</sup> <br>| 3501109 | 413305917 |
| Microsoft Corp | 3749812 | 1388067908 |
| Oracle Corp | 5550115 | 816477418 |
| Palantir Technologies Inc - Class A<sup>\*</sup> <br>| 1691029 | 247363722 |
|  |  | 3059118177 |
| Technology Hardware, Storage & Peripherals – 5.5% |  |  |
| Apple Inc | 4421455 | 1122121064 |
| Total Common Stocks (cost $12,536,613,194) |  | 20529951457 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

\| 1

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**Janus Henderson Forty Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Investment Companies – 0.2% |  |  |
| Money Markets – 0.2% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº,</sup><sup>£</sup> (cost $38,481,016) | 38481016 | $38481016 |
| Total Investments (total cost $12,575,094,210) – 100.1% |  | 20568432473 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.1)% |  | (29294635) |
| Net Assets – 100% |  | $20539137838 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $18182219852 | &nbsp;&nbsp;&nbsp;&nbsp; 88.4<br> %<br>|
| Taiwan | 1129764822 | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| Argentina | 580490801 | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Belgium | 392781759 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Canada | 283175239 | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Total | $20568432473 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*3/31/26*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% | Investment Companies - 0.2% |
| Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% | Money Markets - 0.2% |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  |
|  | $140520981 | $1257227569 | $(1359260886) | $(6648) | $- | $38481016 | 38481016 | $1349320 |
| 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, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  |
|  | - | 19277728 | (19277728) | - | - | - | - | 369 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 0.2% | Total Affiliated Investments - 0.2% | Total Affiliated Investments - 0.2% | Total Affiliated Investments - 0.2% | Total Affiliated Investments - 0.2% | Total Affiliated Investments - 0.2% | Total Affiliated Investments - 0.2% | Total Affiliated Investments - 0.2% | Total Affiliated Investments - 0.2% |
|  | $140520981 | $1276505297 | $(1378538614) | $(6648) | $- | $38481016 | 38481016 | $1349689 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \|

------

**Janus Henderson Forty Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

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 March 31, 2026. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial

instruments as of March 31, 2026. 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* | $20529951457 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| *Investment Companies* | - | &nbsp;&nbsp; 38481016 | &nbsp;&nbsp; - |
| **Total Assets** | $20529951457 | &nbsp;&nbsp; $38481016 | &nbsp;&nbsp; $- |

---

\| 3

------

**Janus Henderson Forty Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $12,536,613,194) | $20529951457 |
| Affiliated investments, at value (cost $38,481,016) | 38481016 |
| Trustees' deferred compensation | 648564 |
| Receivables: |  |
| Investments sold | 56504717 |
| Fund shares sold | 8455988 |
| Dividends | 3725996 |
| Dividends from affiliates | 146296 |
| Foreign tax reclaims | 32115 |
| Other assets | 63104 |
| Total Assets | 20638009253 |
| Liabilities: |  |
| Due to custodian | 13 |
| Payables: |  |
| Investments purchased | 70665291 |
| Fund shares repurchased | 14737903 |
| Advisory fees | 8987562 |
| Transfer agent fees and expenses | 2730935 |
| Trustees' deferred compensation fees | 648564 |
| 12b-1 Distribution and shareholder servicing fees | 292603 |
| Trustees' fees and expenses | 125840 |
| Affiliated fund administration fees payable | 45085 |
| Professional fees | 44814 |
| Custodian fees | 15640 |
| Dividends | 13 |
| Accrued expenses and other payables | 577152 |
| Total Liabilities | 98871415 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $20539137838 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

4 \| March 31, 2026

------

**Janus Henderson Forty Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $11616987685 |
| Total distributable earnings (loss) | 8922150153 |
| Total Net Assets | $20539137838 |
| Net Assets - Class A Shares | $484311108 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 9913577 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $48.85 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $51.83 |
| Net Assets - Class C Shares | $76927412 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2483300 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $30.98 |
| Net Assets - Class D Shares | $12651588775 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 271110527 |
| Net Asset Value Per Share | $46.67 |
| Net Assets - Class I Shares | $2104342289 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 39739818 |
| Net Asset Value Per Share | $52.95 |
| Net Assets - Class N Shares | $563454966 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 10536530 |
| Net Asset Value Per Share | $53.48 |
| Net Assets - Class R Shares | $72500288 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1910768 |
| Net Asset Value Per Share | $37.94 |
| Net Assets - Class S Shares | $393105187 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 8786384 |
| Net Asset Value Per Share | $44.74 |
| Net Assets - Class T Shares | $4192907813 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 88332864 |
| Net Asset Value Per Share | $47.47 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Forty Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $61488308 |
| Dividends from affiliates | 1349320 |
| Affiliated securities lending income, net | 369 |
| Unaffiliated securities lending income, net | 94 |
| Other income | 11588 |
| Foreign tax withheld | (858335) |
| Total Investment Income | 61991344 |
| Expenses: |  |
| Advisory fees | 61321812 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 685759 |
| Class C Shares | 400218 |
| Class R Shares | 210823 |
| Class S Shares | 565641 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 7691876 |
| Class R Shares | 106913 |
| Class S Shares | 565932 |
| Class T Shares | 5950823 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 208135 |
| Class C Shares | 39446 |
| Class I Shares | 1034325 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 16608 |
| Class C Shares | 2461 |
| Class D Shares | 311721 |
| Class I Shares | 33391 |
| Class N Shares | 17432 |
| Class R Shares | 361 |
| Class S Shares | 2282 |
| Class T Shares | 13671 |
| Shareholder reports expense | 324993 |
| Affiliated fund administration fees | 291569 |
| Trustees' fees and expenses | 286669 |
| Professional fees | 123011 |
| Custodian fees | 117409 |
| Registration fees | 101955 |
| Other expenses | 620182 |
| Total Expenses | 81045418 |
| Less: Excess Expense Reimbursement and Waivers | (540235) |
| Net Expenses | 80505183 |
| Net Investment Income/(Loss) | (18513839) |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 1578254466 |
| Investments in affiliates | (6648) |
| Total Net Realized Gain/(Loss) on Investments | 1578247818 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (4394296183) |
| Total Change in Unrealized Net Appreciation/Depreciation | (4394296183) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $(2834562204) |

---

See Notes to Financial Statements.

6 \| March 31, 2026

------

**Janus Henderson Forty Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*March 31, 2026* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $(18513839) | &nbsp;&nbsp; $(15367785) |
| Net realized gain/(loss) on investments | 1578247818 | &nbsp;&nbsp; 2448051590 |
| Change in unrealized net appreciation/depreciation | (4394296183) | &nbsp;&nbsp; 1825933592 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (2834562204) | &nbsp;&nbsp; 4258617397 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (63903069) | &nbsp;&nbsp; (49778163) |
| Class C Shares | (16411633) | &nbsp;&nbsp; (14591697) |
| Class D Shares | (1726748132) | &nbsp;&nbsp; (1373661795) |
| Class I Shares | (260740485) | &nbsp;&nbsp; (218700081) |
| Class N Shares | (69765624) | &nbsp;&nbsp; (62850300) |
| Class R Shares | (12402356) | &nbsp;&nbsp; (10536057) |
| Class S Shares | (56644433) | &nbsp;&nbsp; (49881862) |
| Class T Shares | (569135896) | &nbsp;&nbsp; (449429496) |
| Net Decrease from Dividends and Distributions to Shareholders | (2775751628) | &nbsp;&nbsp; (2229429451) |
| Capital Share Transactions: |  |  |
| Class A Shares | 37047566 | &nbsp;&nbsp; 17170476 |
| Class C Shares | 2260069 | &nbsp;&nbsp; (9047546) |
| Class D Shares | 1078838669 | &nbsp;&nbsp; 456873421 |
| Class I Shares | 114600396 | &nbsp;&nbsp; (95818075) |
| Class N Shares | 10737133 | &nbsp;&nbsp; (41257740) |
| Class R Shares | 3179171 | &nbsp;&nbsp; (3812228) |
| Class S Shares | 19591391 | &nbsp;&nbsp; (34908610) |
| Class T Shares | 310512217 | &nbsp;&nbsp; 158663915 |
| Net Increase/(Decrease) from Capital Share Transactions | 1576766612 | &nbsp;&nbsp; 447863613 |
| Net Increase/(Decrease) in Net Assets | (4033547220) | &nbsp;&nbsp; 2477051559 |
| Net Assets: |  |  |
| Beginning of period | 24572685058 | &nbsp;&nbsp; 22095633499 |
| End of period | $20539137838 | &nbsp;&nbsp; $24572685058 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Forty Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $62.50 | &nbsp;&nbsp; $57.23 | &nbsp;&nbsp; $43.76 | &nbsp;&nbsp; $33.69 | &nbsp;&nbsp; $56.20 | &nbsp;&nbsp; $46.81 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.10) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.26) |
| Net realized and unrealized gain/(loss) | (6.58) | &nbsp;&nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp;&nbsp;&nbsp;17.38 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp; (17.22) | &nbsp;&nbsp;&nbsp;&nbsp;13.50 |
| Total from Investment Operations | (6.68) | &nbsp;&nbsp;&nbsp;&nbsp;10.93 | &nbsp;&nbsp;&nbsp;&nbsp;17.37 | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp; (17.30) | &nbsp;&nbsp;&nbsp;&nbsp;13.24 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (6.97) | &nbsp;&nbsp; (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Total Dividends and Distributions | (6.97) | &nbsp;&nbsp; (5.66) | &nbsp;&nbsp; (3.90) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Net Asset Value, End of Period | $48.85 | &nbsp;&nbsp; $62.50 | &nbsp;&nbsp; $57.23 | &nbsp;&nbsp; $43.76 | &nbsp;&nbsp; $33.69 | &nbsp;&nbsp; $56.20 |
| Total Return<sup>\*</sup> <br>| (12.12)% | &nbsp;&nbsp; 20.32% | &nbsp;&nbsp; 42.41% | &nbsp;&nbsp; 29.97% | &nbsp;&nbsp; (34.00)% | &nbsp;&nbsp; 29.72% |
| Net Assets, End of Period (in thousands) | $484311 | &nbsp;&nbsp; $578367 | &nbsp;&nbsp; $511272 | &nbsp;&nbsp; $377708 | &nbsp;&nbsp; $326566 | &nbsp;&nbsp; $525208 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.87% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 1.02% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.87% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 1.02% |
| Ratio of Net Investment Income/(Loss) | (0.34)% | &nbsp;&nbsp; (0.25)% | &nbsp;&nbsp; (0.03)% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; (0.17)% | &nbsp;&nbsp; (0.50)% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 31% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

8 \| March 31, 2026

------

**Janus Henderson Forty Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $42.28 | &nbsp;&nbsp; $40.65 | &nbsp;&nbsp; $32.32 | &nbsp;&nbsp; $25.06 | &nbsp;&nbsp; $43.38 | &nbsp;&nbsp; $37.15 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.18) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.47) |
| Net realized and unrealized gain/(loss) | (4.15) | &nbsp;&nbsp;&nbsp;&nbsp;7.62 | &nbsp;&nbsp;&nbsp;&nbsp;12.47 | &nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp; (12.83) | &nbsp;&nbsp;&nbsp;&nbsp;10.55 |
| Total from Investment Operations | (4.33) | &nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp;12.22 | &nbsp;&nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp; (13.11) | &nbsp;&nbsp;&nbsp;&nbsp;10.08 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (6.97) | &nbsp;&nbsp; (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Total Dividends and Distributions | (6.97) | &nbsp;&nbsp; (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Net Asset Value, End of Period | $30.98 | &nbsp;&nbsp; $42.28 | &nbsp;&nbsp; $40.65 | &nbsp;&nbsp; $32.32 | &nbsp;&nbsp; $25.06 | &nbsp;&nbsp; $43.38 |
| Total Return<sup>\*</sup> <br>| (12.38)% | &nbsp;&nbsp; 19.57% | &nbsp;&nbsp; 41.41% | &nbsp;&nbsp; 29.07% | &nbsp;&nbsp; (34.43)% | &nbsp;&nbsp; 28.88% |
| Net Assets, End of Period (in thousands) | $76927 | &nbsp;&nbsp; $102410 | &nbsp;&nbsp; $108611 | &nbsp;&nbsp; $97763 | &nbsp;&nbsp; $89166 | &nbsp;&nbsp; $160133 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.49% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.68% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.49% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.68% |
| Ratio of Net Investment Income/(Loss) | (0.96)% | &nbsp;&nbsp; (0.88)% | &nbsp;&nbsp; (0.71)% | &nbsp;&nbsp; (0.57)% | &nbsp;&nbsp; (0.80)% | &nbsp;&nbsp; (1.15)% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 31% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Forty Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period <br> ended March 31, 2026 (unaudited) and the <br> year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $59.95 | &nbsp;&nbsp; $55.06 | &nbsp;&nbsp; $42.26 | &nbsp;&nbsp; $32.47 | &nbsp;&nbsp; $54.28 | &nbsp;&nbsp; $45.24 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.03) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.15) |
| Net realized and unrealized gain/(loss) | (6.28) | &nbsp;&nbsp;&nbsp;&nbsp;10.63 | &nbsp;&nbsp;&nbsp;&nbsp;16.72 | &nbsp;&nbsp;&nbsp;&nbsp;9.68 | &nbsp;&nbsp; (16.58) | &nbsp;&nbsp;&nbsp;&nbsp;13.04 |
| Total from Investment Operations | (6.31) | &nbsp;&nbsp;&nbsp;&nbsp;10.61 | &nbsp;&nbsp;&nbsp;&nbsp;16.80 | &nbsp;&nbsp;&nbsp;&nbsp;9.81 | &nbsp;&nbsp; (16.57) | &nbsp;&nbsp;&nbsp;&nbsp;12.89 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (6.97) | &nbsp;&nbsp; (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Total Dividends and Distributions | (6.97) | &nbsp;&nbsp; (5.72) | &nbsp;&nbsp; (4.00) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.24) | &nbsp;&nbsp; (3.85) |
| Net Asset Value, End of Period | $46.67 | &nbsp;&nbsp; $59.95 | &nbsp;&nbsp; $55.06 | &nbsp;&nbsp; $42.26 | &nbsp;&nbsp; $32.47 | &nbsp;&nbsp; $54.28 |
| Total Return<sup>\*</sup> <br>| (12.01)% | &nbsp;&nbsp; 20.58% | &nbsp;&nbsp; 42.68% | &nbsp;&nbsp; 30.23% | &nbsp;&nbsp; (33.86)% | &nbsp;&nbsp; 30.00% |
| Net Assets, End of Period (in thousands) | $12651589 | &nbsp;&nbsp; $15043727 | &nbsp;&nbsp; $13355517 | &nbsp;&nbsp; $9953141 | &nbsp;&nbsp; $8069316 | &nbsp;&nbsp; $12846210 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.65% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.82% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.65% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.82% |
| Ratio of Net Investment Income/(Loss) | (0.12)% | &nbsp;&nbsp; (0.03)% | &nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; (0.29)% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 31% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

10 \| March 31, 2026

------

**Janus Henderson Forty Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $67.09 | &nbsp;&nbsp; $60.98 | &nbsp;&nbsp; $46.40 | &nbsp;&nbsp; $35.63 | &nbsp;&nbsp; $59.06 | &nbsp;&nbsp; $48.89 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.03) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (0.13) |
| Net realized and unrealized gain/(loss) | (7.14) | &nbsp;&nbsp;&nbsp;&nbsp;11.85 | &nbsp;&nbsp;&nbsp;&nbsp;18.48 | &nbsp;&nbsp;&nbsp;&nbsp;10.63 | &nbsp;&nbsp; (18.21) | &nbsp;&nbsp;&nbsp;&nbsp;14.15 |
| Total from Investment Operations | (7.17) | &nbsp;&nbsp;&nbsp;&nbsp;11.85 | &nbsp;&nbsp;&nbsp;&nbsp;18.60 | &nbsp;&nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp; (18.17) | &nbsp;&nbsp;&nbsp;&nbsp;14.02 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (6.97) | &nbsp;&nbsp; (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Total Dividends and Distributions | (6.97) | &nbsp;&nbsp; (5.74) | &nbsp;&nbsp; (4.02) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.26) | &nbsp;&nbsp; (3.85) |
| Net Asset Value, End of Period | $52.95 | &nbsp;&nbsp; $67.09 | &nbsp;&nbsp; $60.98 | &nbsp;&nbsp; $46.40 | &nbsp;&nbsp; $35.63 | &nbsp;&nbsp; $59.06 |
| Total Return<sup>\*</sup> <br>| (12.01)% | &nbsp;&nbsp; 20.61% | &nbsp;&nbsp; 42.76% | &nbsp;&nbsp; 30.30% | &nbsp;&nbsp; (33.84)% | &nbsp;&nbsp; 30.07% |
| Net Assets, End of Period (in thousands) | $2104342 | &nbsp;&nbsp; $2539705 | &nbsp;&nbsp; $2405255 | &nbsp;&nbsp; $1826123 | &nbsp;&nbsp; $1547668 | &nbsp;&nbsp; $2360269 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.63% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.76% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.63% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.76% |
| Ratio of Net Investment Income/(Loss) | (0.10)% | &nbsp;&nbsp; 0.00% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; (0.24)% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 31% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(3) Less than 0.005%.

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Forty Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $67.66 | &nbsp;&nbsp; $61.44 | &nbsp;&nbsp; $46.73 | &nbsp;&nbsp; $35.86 | &nbsp;&nbsp; $59.38 | &nbsp;&nbsp; $49.11 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (—) <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.10) |
| Net realized and unrealized gain/(loss) | (7.21) | &nbsp;&nbsp;&nbsp;&nbsp;11.95 | &nbsp;&nbsp;&nbsp;&nbsp;18.61 | &nbsp;&nbsp;&nbsp;&nbsp;10.69 | &nbsp;&nbsp; (18.30) | &nbsp;&nbsp;&nbsp;&nbsp;14.22 |
| Total from Investment Operations | (7.21) | &nbsp;&nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp;&nbsp;18.77 | &nbsp;&nbsp;&nbsp;&nbsp;10.89 | &nbsp;&nbsp; (18.23) | &nbsp;&nbsp;&nbsp;&nbsp;14.12 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (6.97) | &nbsp;&nbsp; (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Total Dividends and Distributions | (6.97) | &nbsp;&nbsp; (5.78) | &nbsp;&nbsp; (4.06) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.29) | &nbsp;&nbsp; (3.85) |
| Net Asset Value, End of Period | $53.48 | &nbsp;&nbsp; $67.66 | &nbsp;&nbsp; $61.44 | &nbsp;&nbsp; $46.73 | &nbsp;&nbsp; $35.86 | &nbsp;&nbsp; $59.38 |
| Total Return<sup>\*</sup> <br>| (11.97)% | &nbsp;&nbsp; 20.72% | &nbsp;&nbsp; 42.86% | &nbsp;&nbsp; 30.38% | &nbsp;&nbsp; (33.78)% | &nbsp;&nbsp; 30.15% |
| Net Assets, End of Period (in thousands) | $563455 | &nbsp;&nbsp; $700232 | &nbsp;&nbsp; $679864 | &nbsp;&nbsp; $490179 | &nbsp;&nbsp; $371702 | &nbsp;&nbsp; $581225 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.55% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.70% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.55% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.70% |
| Ratio of Net Investment Income/(Loss) | (0.02)% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; (0.17)% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 31% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

See Notes to Financial Statements.

12 \| March 31, 2026

------

**Janus Henderson Forty Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $50.18 | &nbsp;&nbsp; $47.17 | &nbsp;&nbsp; $36.83 | &nbsp;&nbsp; $28.48 | &nbsp;&nbsp; $48.48 | &nbsp;&nbsp; $41.01 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.17) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.40) |
| Net realized and unrealized gain/(loss) | (5.10) | &nbsp;&nbsp;&nbsp;&nbsp;8.96 | &nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;8.46 | &nbsp;&nbsp; (14.56) | &nbsp;&nbsp;&nbsp;&nbsp;11.72 |
| Total from Investment Operations | (5.27) | &nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;&nbsp;14.23 | &nbsp;&nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp; (14.79) | &nbsp;&nbsp;&nbsp;&nbsp;11.32 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (6.97) | &nbsp;&nbsp; (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Total Dividends and Distributions | (6.97) | &nbsp;&nbsp; (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Net Asset Value, End of Period | $37.94 | &nbsp;&nbsp; $50.18 | &nbsp;&nbsp; $47.17 | &nbsp;&nbsp; $36.83 | &nbsp;&nbsp; $28.48 | &nbsp;&nbsp; $48.48 |
| Total Return<sup>\*</sup> <br>| (12.30)% | &nbsp;&nbsp; 19.81% | &nbsp;&nbsp; 41.82% | &nbsp;&nbsp; 29.41% | &nbsp;&nbsp; (34.26)% | &nbsp;&nbsp; 29.21% |
| Net Assets, End of Period (in thousands) | $72500 | &nbsp;&nbsp; $92129 | &nbsp;&nbsp; $90397 | &nbsp;&nbsp; $70645 | &nbsp;&nbsp; $60027 | &nbsp;&nbsp; $103653 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.29% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.43% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.28% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.42% |
| Ratio of Net Investment Income/(Loss) | (0.76)% | &nbsp;&nbsp; (0.66)% | &nbsp;&nbsp; (0.45)% | &nbsp;&nbsp; (0.28)% | &nbsp;&nbsp; (0.59)% | &nbsp;&nbsp; (0.90)% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 31% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Forty Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $57.86 | &nbsp;&nbsp; $53.45 | &nbsp;&nbsp; $41.17 | &nbsp;&nbsp; $31.75 | &nbsp;&nbsp; $53.33 | &nbsp;&nbsp; $44.67 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.13) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.33) |
| Net realized and unrealized gain/(loss) | (6.02) | &nbsp;&nbsp;&nbsp;&nbsp;10.28 | &nbsp;&nbsp;&nbsp;&nbsp;16.26 | &nbsp;&nbsp;&nbsp;&nbsp;9.45 | &nbsp;&nbsp; (16.22) | &nbsp;&nbsp;&nbsp;&nbsp;12.84 |
| Total from Investment Operations | (6.15) | &nbsp;&nbsp;&nbsp;&nbsp;10.07 | &nbsp;&nbsp;&nbsp;&nbsp;16.17 | &nbsp;&nbsp;&nbsp;&nbsp;9.44 | &nbsp;&nbsp; (16.37) | &nbsp;&nbsp;&nbsp;&nbsp;12.51 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (6.97) | &nbsp;&nbsp; (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Total Dividends and Distributions | (6.97) | &nbsp;&nbsp; (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Net Asset Value, End of Period | $44.74 | &nbsp;&nbsp; $57.86 | &nbsp;&nbsp; $53.45 | &nbsp;&nbsp; $41.17 | &nbsp;&nbsp; $31.75 | &nbsp;&nbsp; $53.33 |
| Total Return<sup>\*</sup> <br>| (12.18)% | &nbsp;&nbsp; 20.13% | &nbsp;&nbsp; 42.15% | &nbsp;&nbsp; 29.75% | &nbsp;&nbsp; (34.09)% | &nbsp;&nbsp; 29.50% |
| Net Assets, End of Period (in thousands) | $393105 | &nbsp;&nbsp; $485418 | &nbsp;&nbsp; $486739 | &nbsp;&nbsp; $381719 | &nbsp;&nbsp; $331903 | &nbsp;&nbsp; $586481 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.04% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.20% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.03% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.19% |
| Ratio of Net Investment Income/(Loss) | (0.50)% | &nbsp;&nbsp; (0.40)% | &nbsp;&nbsp; (0.19)% | &nbsp;&nbsp; (0.02)% | &nbsp;&nbsp; (0.34)% | &nbsp;&nbsp; (0.66)% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 31% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

14 \| March 31, 2026

------

**Janus Henderson Forty Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $60.89 | &nbsp;&nbsp; $55.85 | &nbsp;&nbsp; $42.80 | &nbsp;&nbsp; $32.92 | &nbsp;&nbsp; $54.99 | &nbsp;&nbsp; $45.83 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.07) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.21) |
| Net realized and unrealized gain/(loss) | (6.38) | &nbsp;&nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;&nbsp;&nbsp;16.97 | &nbsp;&nbsp;&nbsp;&nbsp;9.81 | &nbsp;&nbsp; (16.83) | &nbsp;&nbsp;&nbsp;&nbsp;13.22 |
| Total from Investment Operations | (6.45) | &nbsp;&nbsp;&nbsp;&nbsp;10.71 | &nbsp;&nbsp;&nbsp;&nbsp;17.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp; (16.86) | &nbsp;&nbsp;&nbsp;&nbsp;13.01 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (6.97) | &nbsp;&nbsp; (5.66) | &nbsp;&nbsp; (3.89) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Total Dividends and Distributions | (6.97) | &nbsp;&nbsp; (5.67) | &nbsp;&nbsp; (3.95) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (3.85) |
| Net Asset Value, End of Period | $47.47 | &nbsp;&nbsp; $60.89 | &nbsp;&nbsp; $55.85 | &nbsp;&nbsp; $42.80 | &nbsp;&nbsp; $32.92 | &nbsp;&nbsp; $54.99 |
| Total Return<sup>\*</sup> <br>| (12.06)% | &nbsp;&nbsp; 20.44% | &nbsp;&nbsp; 42.55% | &nbsp;&nbsp; 30.09% | &nbsp;&nbsp; (33.94)% | &nbsp;&nbsp; 29.86% |
| Net Assets, End of Period (in thousands) | $4192908 | &nbsp;&nbsp; $5030696 | &nbsp;&nbsp; $4457979 | &nbsp;&nbsp; $3352693 | &nbsp;&nbsp; $2759921 | &nbsp;&nbsp; $4465117 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.95% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.77% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.93% |
| Ratio of Net Investment Income/(Loss) | (0.24)% | &nbsp;&nbsp; (0.15)% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; (0.07)% | &nbsp;&nbsp; (0.41)% |
| Portfolio Turnover Rate | 14% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 31% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Forty Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and Significant Accounting Policies**

Janus Henderson Forty Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 34 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as nondiversified, as defined in the 1940

Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of

shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US

GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain

retirement platforms.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

16 \| March 31, 2026

------

**Janus Henderson Forty Fund**

**Notes to Financial Statements (unaudited)**

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement

with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an

agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended March 31, 2026. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

Janus Investment Fund \| 17

------

**Janus Henderson Forty Fund**

**Notes to Financial Statements (unaudited)**

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of

net assets represented by each class as a percentage of total net assets.

**Expenses**

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the

operations of such class.

**Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

**Indemnifications**

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material

loss from such claims is considered remote.

18 \| March 31, 2026

------

**Janus Henderson Forty Fund**

**Notes to Financial Statements (unaudited)**

**Foreign Currency Translations**

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge

could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change

in the next twelve months.

**2. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

Janus Investment Fund \| 19

------

**Janus Henderson Forty Fund**

**Notes to Financial Statements (unaudited)**

**Emerging Market Investing**

Within the parameters of its specific investment policies, the Fund may invest in securities of issuers or companies from or with exposure to one or more "developing countries" or "emerging market countries." Such countries include but are not limited to countries included in the MSCI Emerging Markets Index<sup>SM</sup>. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund's investments. In addition, the Fund's investments may be denominated in foreign currencies and therefore, changes in the value of a country's currency compared to the U.S. dollar may affect the value of the Fund's investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund's performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country's lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese

local market securities.

**Counterparties**

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have

greater exposure to the risks associated with one or more counterparties.

**Securities Lending**

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund

20 \| March 31, 2026

------

**Janus Henderson Forty Fund**

**Notes to Financial Statements (unaudited)**

securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations.

There were no securities on loan as of March 31, 2026.

**3. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee rate that may adjust up or down based on the Fund's

performance relative to its benchmark index.

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund's average daily net assets during the previous month (the "Base Fee Rate"), plus or minus (2) a performance-fee adjustment (the "Performance Adjustment") calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund's average daily net assets based on the Fund's relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund's Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund's Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Fund's benchmark index used in the calculation is the Russell 1000<sup>®</sup> Growth Index.

Janus Investment Fund \| 21

------

**Janus Henderson Forty Fund**

**Notes to Financial Statements (unaudited)**

No Performance Adjustment is applied unless the difference between the Fund's investment performance and the cumulative investment record of the Fund's benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund's full performance rate of ±8.50%. Because the Performance Adjustment is tied to a Fund's relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser's fee even if the Fund's Shares lose value during the performance measurement period and could decrease the Adviser's fee even if the Fund's Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses whereas the Fund's benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund's benchmark index.

The Fund's prospectus and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the period ended March 31, 2026, the performance adjusted investment advisory fee

rate before any waivers and/or reimbursements of expenses is 0.53%.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.68% for at least a one-year period commencing on January 28, 2026. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess

Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $215,106 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2026. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the

Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net

assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds* | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion — $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

22 \| March 31, 2026

------

**Janus Henderson Forty Fund**

**Notes to Financial Statements (unaudited)**

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R

Shares, Class S Shares, and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder

servicing fees" on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2026, the Distributor retained

upfront sales charges of $13,114.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class A Shares paid CDSCs of $840 to Janus Henderson

Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class C Shares

paid CDSCs of $3,056.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All

Janus Investment Fund \| 23

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**Janus Henderson Forty Fund**

**Notes to Financial Statements (unaudited)**

deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2026 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2026 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $37,088 were paid by the Trust to the Trustees under the

Deferred Plan during the period ended March 31, 2026.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2026 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

**4. Federal Income Tax**

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal

income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2026 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; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $12576518187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8755235144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(763320858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7991914286 |

---

24 \| March 31, 2026

------

**Janus Henderson Forty Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended March 31, 2026* | *Period ended March 31, 2026* | *Year ended September 30, 2025* | *Year ended September 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 670223 | &nbsp;&nbsp; $37855868 | &nbsp;&nbsp; 1233177 | &nbsp;&nbsp; $67115402 |
| Reinvested dividends and distributions | 922361 | &nbsp;&nbsp; 51661453 | &nbsp;&nbsp; 722254 | &nbsp;&nbsp; 40186220 |
| Shares repurchased | (932717) | &nbsp;&nbsp; (52469755) | &nbsp;&nbsp; (1635315) | &nbsp;&nbsp; (90131146) |
| Net Increase/(Decrease) | 659867 | &nbsp;&nbsp; $37047566 | &nbsp;&nbsp; 320116 | &nbsp;&nbsp; $17170476 |
| Class C Shares: |  |  |  |  |
| Shares sold | 160247 | &nbsp;&nbsp; $5876299 | &nbsp;&nbsp; 328298 | &nbsp;&nbsp; $12264421 |
| Reinvested dividends and distributions | 432369 | &nbsp;&nbsp; 15387998 | &nbsp;&nbsp; 352998 | &nbsp;&nbsp; 13357443 |
| Shares repurchased | (531598) | &nbsp;&nbsp; (19004228) | &nbsp;&nbsp; (930560) | &nbsp;&nbsp; (34669410) |
| Net Increase/(Decrease) | 61018 | &nbsp;&nbsp; $2260069 | &nbsp;&nbsp; (249264) | &nbsp;&nbsp; $(9047546) |
| Class D Shares: |  |  |  |  |
| Shares sold | 2471886 | &nbsp;&nbsp; $133707997 | &nbsp;&nbsp; 5064263 | &nbsp;&nbsp; $266852554 |
| Reinvested dividends and distributions | 30410378 | &nbsp;&nbsp; 1626042891 | &nbsp;&nbsp; 24484743 | &nbsp;&nbsp; 1304547068 |
| Shares repurchased | (12706300) | &nbsp;&nbsp; (680912219) | &nbsp;&nbsp; (21159337) | &nbsp;&nbsp; (1114526201) |
| Net Increase/(Decrease) | 20175964 | &nbsp;&nbsp; $1078838669 | &nbsp;&nbsp; 8389669 | &nbsp;&nbsp; $456873421 |
| Class I Shares: |  |  |  |  |
| Shares sold | 3662113 | &nbsp;&nbsp; $221361130 | &nbsp;&nbsp; 6464548 | &nbsp;&nbsp; $377097294 |
| Reinvested dividends and distributions | 3793610 | &nbsp;&nbsp; 230158295 | &nbsp;&nbsp; 3208069 | &nbsp;&nbsp; 191233008 |
| Shares repurchased | (5571703) | &nbsp;&nbsp; (336919029) | &nbsp;&nbsp; (11261051) | &nbsp;&nbsp; (664148377) |
| Net Increase/(Decrease) | 1884020 | &nbsp;&nbsp; $114600396 | &nbsp;&nbsp; (1588434) | &nbsp;&nbsp; $(95818075) |
| Class N Shares: |  |  |  |  |
| Shares sold | 812876 | &nbsp;&nbsp; $49577621 | &nbsp;&nbsp; 1529927 | &nbsp;&nbsp; $91527231 |
| Reinvested dividends and distributions | 1052209 | &nbsp;&nbsp; 64447801 | &nbsp;&nbsp; 976450 | &nbsp;&nbsp; 58655380 |
| Shares repurchased | (1678203) | &nbsp;&nbsp; (103288289) | &nbsp;&nbsp; (3221867) | &nbsp;&nbsp; (191440351) |
| Net Increase/(Decrease) | 186882 | &nbsp;&nbsp; $10737133 | &nbsp;&nbsp; (715490) | &nbsp;&nbsp; $(41257740) |
| Class R Shares: |  |  |  |  |
| Shares sold | 122087 | &nbsp;&nbsp; $5438728 | &nbsp;&nbsp; 199231 | &nbsp;&nbsp; $8856190 |
| Reinvested dividends and distributions | 281758 | &nbsp;&nbsp; 12273383 | &nbsp;&nbsp; 232601 | &nbsp;&nbsp; 10425185 |
| Shares repurchased | (329020) | &nbsp;&nbsp; (14532940) | &nbsp;&nbsp; (512321) | &nbsp;&nbsp; (23093603) |
| Net Increase/(Decrease) | 74825 | &nbsp;&nbsp; $3179171 | &nbsp;&nbsp; (80489) | &nbsp;&nbsp; $(3812228) |
| Class S Shares: |  |  |  |  |
| Shares sold | 325559 | &nbsp;&nbsp; $16977744 | &nbsp;&nbsp; 815049 | &nbsp;&nbsp; $41355279 |
| Reinvested dividends and distributions | 1098478 | &nbsp;&nbsp; 56373896 | &nbsp;&nbsp; 962892 | &nbsp;&nbsp; 49665982 |
| Shares repurchased | (1026762) | &nbsp;&nbsp; (53760249) | &nbsp;&nbsp; (2494495) | &nbsp;&nbsp; (125929871) |
| Net Increase/(Decrease) | 397275 | &nbsp;&nbsp; $19591391 | &nbsp;&nbsp; (716554) | &nbsp;&nbsp; $(34908610) |
| Class T Shares: |  |  |  |  |
| Shares sold | 5066443 | &nbsp;&nbsp; $274600946 | &nbsp;&nbsp; 7351432 | &nbsp;&nbsp; $396834935 |
| Reinvested dividends and distributions | 10215901 | &nbsp;&nbsp; 555847175 | &nbsp;&nbsp; 8098372 | &nbsp;&nbsp; 438688801 |
| Shares repurchased | (9563661) | &nbsp;&nbsp; (519935904) | &nbsp;&nbsp; (12650679) | &nbsp;&nbsp; (676859821) |
| Net Increase/(Decrease) | 5718683 | &nbsp;&nbsp; $310512217 | &nbsp;&nbsp; 2799125 | &nbsp;&nbsp; $158663915 |

---

**6. Purchases and Sales of Investment Securities**

For the period ended March 31, 2026, 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>|
| $3243652687 | &nbsp;&nbsp;&nbsp;&nbsp; $4344155767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

Janus Investment Fund \| 25

------

**Janus Henderson Forty Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, and client consents. The

shareholders of Janus Henderson Group, plc approved the acquisition on April 16, 2026.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2026 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements other than the following:

At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

26 \| March 31, 2026

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**Janus Henderson Forty Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analyses provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

Janus Investment Fund \| 27

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**Janus Henderson Forty Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract and retain well-qualified personnel.

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

28 \| March 31, 2026

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**Janus Henderson Forty Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund \| 29

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**Janus Henderson Forty Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

30 \| March 31, 2026

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**Janus Henderson Forty Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

Janus Investment Fund \| 31

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**Janus Henderson Forty Fund**

**Additional Information (unaudited)**

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as identified by Broadridge using Morningstar category schema. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance or service being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, recent fee reductions, investment structure changes, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

32 \| March 31, 2026

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**Janus Henderson Forty Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 33

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**Janus Henderson Forty Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

34 \| March 31, 2026

------

**Janus Henderson Forty Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 35

------

**Janus Henderson Forty Fund**

**Additional Information (unaudited)**

other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They

36 \| March 31, 2026

------

**Janus Henderson Forty Fund**

**Additional Information (unaudited)**

concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 37

------

![](img66059fa92.gif)

*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93041 05-26

------

SEMIANNUAL FINANCIAL STATEMENTS

March 31, 2026

**Janus Henderson Global Equity Income Fund**

Janus Investment Fund

![](img78d192271.gif)

------

**Table of Contents**

**Janus Henderson Global Equity Income Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_01963181-11a3-4209-a78d-018b45304683_SOI-SOI-RunningFooter-24_1)<br> [Management Investment Companies](#xx_01963181-11a3-4209-a78d-018b45304683_SOI-SOI-RunningFooter-24_1)<br>|  |
| [Schedule of Investments](#xx_01963181-11a3-4209-a78d-018b45304683_SOI-SOI-RunningFooter-24_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_01963181-11a3-4209-a78d-018b45304683_SOI-SOI-RunningFooter-24_5) | 5 |
| [Statement of Assets and Liabilities](#xx_01963181-11a3-4209-a78d-018b45304683_SAL-SAL-RunningFooter-24_1) | 6 |
| [Statement of Operations](#xx_01963181-11a3-4209-a78d-018b45304683_SOP-SOP-RunningFooter-24_1) | 8 |
| [Statements of Changes in Net Assets](#xx_01963181-11a3-4209-a78d-018b45304683_SOC-SOC-RunningFooter-24_1) | 9 |
| [Financial Highlights](#xx_01963181-11a3-4209-a78d-018b45304683_FIHI-FIHI-RunningFooter-24_1) | 10 |
| [Notes to Financial Statements](#xx_01963181-11a3-4209-a78d-018b45304683_NTF-NTF-RunningFooter-24_1) | 17 |
| [Items 8-11 - Additional Information](#xx_01963181-11a3-4209-a78d-018b45304683_AI-AI-RunningFooter-24_1) | 30 |

---

------

**Janus Henderson Global Equity Income Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 93.1% |  |  |
| Banks – 12.3% |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 8620460 | $188127711 |
| Banco de Sabadell SA | 43592814 | 156708542 |
| ING Groep NV | 2827465 | 73869746 |
| Mizuho Financial Group Inc | 1877600 | 74951205 |
| Nordea Bank Abp | 8065185 | 138804589 |
| Sumitomo Mitsui Financial Group Inc | 2148400 | 70825789 |
| UniCredit SpA | 1703761 | 122752221 |
| United Overseas Bank Ltd | 2576000 | 74107170 |
|  |  | 900146973 |
| Beverages – 2.5% |  |  |
| Carlsberg A/S | 1477872 | 184427197 |
| Consumer Finance – 1.2% |  |  |
| OneMain Holdings Inc | 1675310 | 89612332 |
| Containers & Packaging – 1.7% |  |  |
| Amcor PLC | 3139429 | 124792303 |
| Diversified Telecommunication Services – 5.8% |  |  |
| Deutsche Telekom AG | 3907629 | 144070819 |
| Elisa Oyj | 1608433 | 77976410 |
| Infrastrutture Wireless Italiane SpA<sup>ž</sup> <br>| 5277620 | 42235305 |
| Telia Co AB | 14855629 | 76006238 |
| TELUS Corp | 6412072 | 82427096 |
|  |  | 422715868 |
| Electric Utilities – 1.1% |  |  |
| Origin Energy Ltd | 9388501 | 80445232 |
| Electrical Equipment – 1.7% |  |  |
| Schneider Electric SE | 443217 | 121722127 |
| Equity Real Estate Investment Trusts (REITs) – 2.3% |  |  |
| British Land Co PLC | 18487601 | 88380757 |
| Land Securities Group PLC | 10918767 | 81007719 |
|  |  | 169388476 |
| Food Products – 3.5% |  |  |
| Danone SA | 469625 | 37711568 |
| Nestle SA (REG) | 2208166 | 219080448 |
|  |  | 256792016 |
| Health Care Equipment & Supplies – 0.5% |  |  |
| Coloplast A/S | 555111 | 37854484 |
| Hotels, Restaurants & Leisure – 0.9% |  |  |
| Accor SA | 1313712 | 62934559 |
| Household Durables – 0.5% |  |  |
| Taylor Wimpey PLC | 29115946 | 34417484 |
| Household Products – 1.5% |  |  |
| Reckitt Benckiser Group PLC | 1670175 | 113325290 |
| Industrial Conglomerates – 1.1% |  |  |
| Swire Pacific Ltd | 7555000 | 82862440 |
| Insurance – 8.0% |  |  |
| AXA SA | 816094 | 37409364 |
| Dai-ichi Life Holdings Inc | 7967600 | 72815418 |
| DB Insurance Co Ltd | 119412 | 13056869 |
| Legal & General Group PLC | 20534059 | 67667396 |
| Phoenix Group Holdings PLC | 9186403 | 83061728 |
| Tokio Marine Holdings Inc | 2276200 | 106303580 |
| Zurich Insurance Group AG | 294812 | 210253684 |
|  |  | 590568039 |
| Machinery – 4.7% |  |  |
| Daimler Truck Holding AG | 1622278 | 77325808 |
| Komatsu Ltd | 5469000 | 214705553 |
| Volvo AB | 1512535 | 49373126 |
|  |  | 341404487 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Global Equity Income Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Metals & Mining – 2.9% |  |  |
| Freeport-McMoRan Inc | 758884 | $44607202 |
| Rio Tinto PLC | 1815011 | 168682859 |
|  |  | 213290061 |
| Multi-Utilities – 2.0% |  |  |
| E.ON SE | 3260328 | 71250718 |
| Engie SA | 2318587 | 74741666 |
|  |  | 145992384 |
| Oil, Gas & Consumable Fuels – 10.7% |  |  |
| BP PLC | 18467256 | 145602508 |
| Pembina Pipeline Corp | 202520 | 9066734 |
| Shell PLC | 4926764 | 230029230 |
| TotalEnergies SE | 3342705 | 308601478 |
| Var Energi ASA | 17384622 | 89202844 |
|  |  | 782502794 |
| Personal Products – 2.5% |  |  |
| L'Oreal SA | 178322 | 73113917 |
| Unilever PLC | 1920198 | 108201086 |
|  |  | 181315003 |
| Pharmaceuticals – 6.5% |  |  |
| Novartis AG | 512947 | 77899994 |
| Pfizer Inc | 2462473 | 69146242 |
| Roche Holding AG | 446063 | 176179112 |
| Sanofi | 1595259 | 153851356 |
|  |  | 477076704 |
| Professional Services – 1.1% |  |  |
| RELX PLC | 2552470 | 84140114 |
| Semiconductor & Semiconductor Equipment – 3.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 475755 | 160781402 |
| Tokyo Electron Ltd | 273900 | 66989154 |
|  |  | 227770556 |
| Specialty Retail – 2.7% |  |  |
| Home Depot Inc | 236689 | 77844645 |
| Industria de Diseno Textil SA | 2130794 | 122495732 |
|  |  | 200340377 |
| Technology Hardware, Storage & Peripherals – 2.0% |  |  |
| Quanta Computer Inc | 16816000 | 148620159 |
| Textiles, Apparel & Luxury Goods – 1.9% |  |  |
| Cie Financiere Richemont SA (REG) | 376531 | 67111926 |
| LVMH Moet Hennessy Louis Vuitton SE | 124869 | 69401022 |
|  |  | 136512948 |
| Tobacco – 4.5% |  |  |
| British American Tobacco PLC | 2879990 | 167735920 |
| Imperial Brands PLC | 4031184 | 164042021 |
|  |  | 331777941 |
| Wireless Telecommunication Services – 3.9% |  |  |
| KDDI Corp | 10713400 | 183483288 |
| Tele2 AB | 4929184 | 101380797 |
|  |  | 284864085 |
| Total Common Stocks (cost $6,498,582,838) |  | 6827612433 |
| Preferred Stocks – 2.5% |  |  |
| Technology Hardware, Storage & Peripherals – 2.5% |  |  |
| Samsung Electronics Co Ltd (cost $99,804,233) | 2354222 | 187501817 |
| Investment Companies – 4.3% |  |  |
| Money Markets – 4.3% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº,</sup><sup>£</sup> (cost $314,482,452) | 314458418 | 314458418 |
| Total Investments (total cost $6,912,869,523) – 99.9% |  | 7329572668 |
| Cash, Receivables and Other Assets, net of Liabilities – 0.1% |  | 7428673 |
| Net Assets – 100% |  | $7337001341 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| March 31, 2026

------

**Janus Henderson Global Equity Income Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United Kingdom | $1428093026 | &nbsp;&nbsp;&nbsp;&nbsp; 19.5<br> %<br>|
| France | 939487057 | &nbsp;&nbsp;&nbsp;&nbsp;12.8 |
| Japan | 790073987 | &nbsp;&nbsp;&nbsp;&nbsp;10.8 |
| Switzerland | 750525164 | &nbsp;&nbsp;&nbsp;&nbsp;10.2 |
| United States | 720461142 | &nbsp;&nbsp;&nbsp;&nbsp;9.8 |
| Spain | 467331985 | &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| Taiwan | 309401561 | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Germany | 292647345 | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Sweden | 226760161 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Denmark | 222281681 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Finland | 216780999 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| South Korea | 200558686 | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Netherlands | 182070832 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Italy | 164987526 | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Canada | 91493830 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Norway | 89202844 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Hong Kong | 82862440 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Australia | 80445232 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Singapore | 74107170 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Total | $7329572668 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*3/31/26*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 4.3% | Investment Companies - 4.3% | Investment Companies - 4.3% | Investment Companies - 4.3% | Investment Companies - 4.3% | Investment Companies - 4.3% | Investment Companies - 4.3% | Investment Companies - 4.3% | Investment Companies - 4.3% |
| Money Markets - 4.3% | Money Markets - 4.3% | Money Markets - 4.3% | Money Markets - 4.3% | Money Markets - 4.3% | Money Markets - 4.3% | Money Markets - 4.3% | Money Markets - 4.3% | Money Markets - 4.3% |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  |
|  | $- | $2546666820 | $(2232144868) | $(39500) | $(24034) | $314458418 | 314458418 | $2509792 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***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 | 4/21/26 | &nbsp;&nbsp; (402062606) | &nbsp;&nbsp; $541146021 | &nbsp;&nbsp; $9075873 |
| Euro | 4/21/26 | &nbsp;&nbsp; (623066387) | &nbsp;&nbsp; 726947213 | &nbsp;&nbsp; 6126168 |
| Total |  |  |  | &nbsp;&nbsp; $15202041 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

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**Janus Henderson Global Equity Income Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

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 March 31, 2026.

---

| | |
|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2026** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2026** |
|  | *Currency* <br>*Contracts*<br>|
| *Asset Derivatives:* |  |
| Forward foreign currency exchange contracts | $15202041 |

---

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement

of Operations for the period ended March 31, 2026.

---

| | |
|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** |
| *Amount of Realized Gain/(Loss) Recognized on Derivatives* | *Amount of Realized Gain/(Loss) Recognized on Derivatives* |
| *Derivative* | *Currency* <br>*Contracts*<br>|
| Forward foreign currency exchange contracts | $12278872 |

---

---

| | |
|:---|:---|
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |
| *Derivative* | *Currency* <br>*Contracts*<br>|
| Forward foreign currency exchange contracts | $14658193 |

---

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation"

sections of the Fund's Statement of Operations.

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2026** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2026** |
| Forward foreign currency exchange contracts: |  |
| Average amounts sold - in USD | $1267254172 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Assets*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| BNP Paribas | $15202041 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15202041 |

---

&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 \| March 31, 2026

------

**Janus Henderson Global Equity Income Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| LLC | Limited Liability Company |
| PLC | Public Limited Company |
| REG | Registered |

---

---

| |
|:---|
| &nbsp;&nbsp; Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale <br> and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be <br> liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended March 31, 2026 is <br> $42,235,305, which represents 0.6% of net assets.<br>|
| Rate shown is the 7-day yield as of March 31, 2026. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|

---

The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial

instruments as of March 31, 2026. 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* |  |  |  |
| Consumer Finance | $89612332 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Containers & Packaging | 124792303 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Metals & Mining | 44607202 | &nbsp;&nbsp; 168682859 | &nbsp;&nbsp; - |
| Pharmaceuticals | 69146242 | &nbsp;&nbsp; 407930462 | &nbsp;&nbsp; - |
| Semiconductor & Semiconductor Equipment | 160781402 | &nbsp;&nbsp; 66989154 | &nbsp;&nbsp; - |
| Specialty Retail | 77844645 | &nbsp;&nbsp; 122495732 | &nbsp;&nbsp; - |
| All Other | - | &nbsp;&nbsp; 5494730100 | &nbsp;&nbsp; - |
| *Preferred Stocks* | - | &nbsp;&nbsp; 187501817 | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 314458418 | &nbsp;&nbsp; - |
| Total Investments in Securities | $566784126 | &nbsp;&nbsp; $6762788542 | &nbsp;&nbsp; $- |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | - | &nbsp;&nbsp; 15202041 | &nbsp;&nbsp; - |
| **Total Assets** | $566784126 | &nbsp;&nbsp; $6777990583 | &nbsp;&nbsp; $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Other financial instruments may include forward foreign currency exchange contracts,
 futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and centrally
 cleared swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the
 contract's value from trade date. Written options, written swaptions, and OTC swaps are reported at their market value at measurement date.

Janus Investment Fund \| 5

------

**Janus Henderson Global Equity Income Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $6,598,387,071) | $7015114250 |
| Affiliated investments, at value (cost $314,482,452) | 314458418 |
| Forward foreign currency exchange contracts | 15202041 |
| Cash denominated in foreign currency (cost $3,795,943) | 3795943 |
| Trustees' deferred compensation | 229792 |
| Receivables: |  |
| Investments sold | 109184993 |
| Foreign tax reclaims | 83448574 |
| Dividends | 41963624 |
| Fund shares sold | 9748586 |
| Dividends from affiliates | 852195 |
| Other assets | 7085959 |
| Total Assets | 7601084375 |
| Liabilities: |  |
| Due to custodian | 68 |
| Payables: |  |
| Investments purchased | 204960976 |
| Fund shares repurchased | 39599883 |
| Dividends | 8340893 |
| Foreign withholding tax reclaim fee (Note 1) | 5209531 |
| Advisory fees | 4034149 |
| Transfer agent fees and expenses | 905010 |
| 12b-1 Distribution and shareholder servicing fees | 403239 |
| Trustees' deferred compensation fees | 229792 |
| Custodian fees | 57141 |
| Professional fees | 51870 |
| Trustees' fees and expenses | 35050 |
| Affiliated fund administration fees payable | 15747 |
| Accrued expenses and other payables | 239685 |
| Total Liabilities | 264083034 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $7337001341 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

6 \| March 31, 2026

------

**Janus Henderson Global Equity Income Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $7431829706 |
| Total distributable earnings (loss) | (94828365) |
| Total Net Assets | $7337001341 |
| Net Assets - Class A Shares | $811168481 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 106385794 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $7.62 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $8.08 |
| Net Assets - Class C Shares | $258409564 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 34599617 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $7.47 |
| Net Assets - Class D Shares | $73667534 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 9701290 |
| Net Asset Value Per Share | $7.59 |
| Net Assets - Class I Shares | $5604263893 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 732163860 |
| Net Asset Value Per Share | $7.65 |
| Net Assets - Class N Shares | $473903619 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 61921354 |
| Net Asset Value Per Share | $7.65 |
| Net Assets - Class S Shares | $25268015 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3356787 |
| Net Asset Value Per Share | $7.53 |
| Net Assets - Class T Shares | $90320235 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 11898987 |
| Net Asset Value Per Share | $7.59 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Global Equity Income Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $231796013 |
| Dividends from affiliates | 2509792 |
| Other income | 83040 |
| Foreign withholding tax income (net of foreign withholding tax reclaim fee of $176,168 (Note 1)) | 4743687 |
| Total Investment Income | 239132532 |
| Expenses: |  |
| Advisory fees | 22745456 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 977541 |
| Class C Shares | 1241582 |
| Class S Shares | 29180 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 30440 |
| Class S Shares | 29180 |
| Class T Shares | 111308 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 538763 |
| Class C Shares | 89611 |
| Class I Shares | 2580637 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 23760 |
| Class C Shares | 6855 |
| Class D Shares | 3730 |
| Class I Shares | 78018 |
| Class N Shares | 13048 |
| Class S Shares | 119 |
| Class T Shares | 393 |
| Professional fees | 1281260 |
| Custodian fees | 553311 |
| Shareholder reports expense | 243467 |
| Registration fees | 89430 |
| Affiliated fund administration fees | 88540 |
| Trustees' fees and expenses | 80380 |
| Other expenses | 229183 |
| Total Expenses | 31065192 |
| Less: Excess Expense Reimbursement and Waivers | (5264) |
| Net Expenses | 31059928 |
| Net Investment Income/(Loss) | 208072604 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 632020768 |
| Investments in affiliates | (39500) |
| Forward foreign currency exchange contracts | 12278872 |
| Total Net Realized Gain/(Loss) on Investments | 644260140 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (52750289) |
| Investments in affiliates | (24034) |
| Forward foreign currency exchange contracts | 14658193 |
| Total Change in Unrealized Net Appreciation/Depreciation | (38116130) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $814216614 |

---

See Notes to Financial Statements.

8 \| March 31, 2026

------

**Janus Henderson Global Equity Income Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*March 31, 2026* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $208072604 | &nbsp;&nbsp; $401752518 |
| Net realized gain/(loss) on investments | 644260140 | &nbsp;&nbsp; 434926865 |
| Change in unrealized net appreciation/depreciation | (38116130) | &nbsp;&nbsp; 147776531 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 814216614 | &nbsp;&nbsp; 984455914 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (20159784) | &nbsp;&nbsp; (49975660) |
| Class C Shares | (5895511) | &nbsp;&nbsp; (17238299) |
| Class D Shares | (1677127) | &nbsp;&nbsp; (2939342) |
| Class I Shares | (147260392) | &nbsp;&nbsp; (349129825) |
| Class N Shares | (12782673) | &nbsp;&nbsp; (31085541) |
| Class S Shares | (601450) | &nbsp;&nbsp; (1461942) |
| Class T Shares | (2348780) | &nbsp;&nbsp; (5805891) |
| Net Decrease from Dividends and Distributions to Shareholders | (190725717) | &nbsp;&nbsp; (457636500) |
| Capital Share Transactions: |  |  |
| Class A Shares | 12290322 | &nbsp;&nbsp; (23287566) |
| Class C Shares | (24812646) | &nbsp;&nbsp; (40062611) |
| Class D Shares | 22546901 | &nbsp;&nbsp; 11840662 |
| Class I Shares | 76280079 | &nbsp;&nbsp; 215291340 |
| Class N Shares | (29926543) | &nbsp;&nbsp; 90633078 |
| Class S Shares | 643595 | &nbsp;&nbsp; 4082131 |
| Class T Shares | (1875326) | &nbsp;&nbsp; 3756724 |
| Net Increase/(Decrease) from Capital Share Transactions | 55146382 | &nbsp;&nbsp; 262253758 |
| Net Increase/(Decrease) in Net Assets | 678637279 | &nbsp;&nbsp; 789073172 |
| Net Assets: |  |  |
| Beginning of period | 6658364062 | &nbsp;&nbsp; 5869290890 |
| End of period | $7337001341 | &nbsp;&nbsp; $6658364062 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Global Equity Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $6.98 | &nbsp;&nbsp; $6.40 | &nbsp;&nbsp; $5.71 | &nbsp;&nbsp; $5.22 | &nbsp;&nbsp; $6.54 | &nbsp;&nbsp; $5.90 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.21 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp; 0.44 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net realized and unrealized gain/(loss) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp; (1.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Total from Investment Operations | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.19) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.49) |
| Total Dividends and Distributions | (0.19) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.49) |
| Net Asset Value, End of Period | $7.62 | &nbsp;&nbsp; $6.98 | &nbsp;&nbsp; $6.40 | &nbsp;&nbsp; $5.71 | &nbsp;&nbsp; $5.22 | &nbsp;&nbsp; $6.54 |
| Total Return<sup>\*</sup> <br>| 12.03% | &nbsp;&nbsp; 17.16% | &nbsp;&nbsp; 21.09% | &nbsp;&nbsp; 18.45% | &nbsp;&nbsp; (13.71)% | &nbsp;&nbsp; 19.08% |
| Net Assets, End of Period (in thousands) | $811168 | &nbsp;&nbsp; $730579 | &nbsp;&nbsp; $696218 | &nbsp;&nbsp; $653602 | &nbsp;&nbsp; $558995 | &nbsp;&nbsp; $662514 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.11% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.18% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.25% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 1.14% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.11% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.14% |
| Ratio of Net Investment Income/(Loss) | 5.67% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 6.39% | &nbsp;&nbsp; 7.20% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 6.86% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 7.28% |
| Portfolio Turnover Rate | 90% | &nbsp;&nbsp; 175% | &nbsp;&nbsp; 155% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 123% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in December 2025 and March 2026. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.60%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in January and August 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.15%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.05 and 0.69%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in December 2025 and March 2026. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in January and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

10 \| March 31, 2026

------

**Janus Henderson Global Equity Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $6.83 | &nbsp;&nbsp; $6.27 | &nbsp;&nbsp; $5.61 | &nbsp;&nbsp; $5.14 | &nbsp;&nbsp; $6.46 | &nbsp;&nbsp; $5.83 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.18 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp; 0.40 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain/(loss) | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Total from Investment Operations | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.17) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.45) |
| Total Dividends and Distributions | (0.17) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.45) |
| Net Asset Value, End of Period | $7.47 | &nbsp;&nbsp; $6.83 | &nbsp;&nbsp; $6.27 | &nbsp;&nbsp; $5.61 | &nbsp;&nbsp; $5.14 | &nbsp;&nbsp; $6.46 |
| Total Return<sup>\*</sup> <br>| 11.91% | &nbsp;&nbsp; 16.45% | &nbsp;&nbsp; 20.29% | &nbsp;&nbsp; 17.74% | &nbsp;&nbsp; (14.29)% | &nbsp;&nbsp; 18.54% |
| Net Assets, End of Period (in thousands) | $258410 | &nbsp;&nbsp; $259921 | &nbsp;&nbsp; $279019 | &nbsp;&nbsp; $301866 | &nbsp;&nbsp; $314778 | &nbsp;&nbsp; $437512 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.74% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.73% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.80% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 1.72% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.74% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.72% |
| Ratio of Net Investment Income/(Loss) | 5.08% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 5.73% | &nbsp;&nbsp; 6.55% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 6.92% | &nbsp;&nbsp; 6.22% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 6.66% |
| Portfolio Turnover Rate | 90% | &nbsp;&nbsp; 175% | &nbsp;&nbsp; 155% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 123% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in December 2025 and March 2026. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.60%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in January and August 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.15%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.05 and 0.69%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in December 2025 and March 2026. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in January and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Global Equity Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $6.95 | &nbsp;&nbsp; $6.38 | &nbsp;&nbsp; $5.69 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $6.52 | &nbsp;&nbsp; $5.88 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.22 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 0.46 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Net realized and unrealized gain/(loss) | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp; (1.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Total from Investment Operations | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.20) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) |
| Total Dividends and Distributions | (0.20) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) |
| Net Asset Value, End of Period | $7.59 | &nbsp;&nbsp; $6.95 | &nbsp;&nbsp; $6.38 | &nbsp;&nbsp; $5.69 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $6.52 |
| Total Return<sup>\*</sup> <br>| 12.24% | &nbsp;&nbsp; 17.41% | &nbsp;&nbsp; 21.48% | &nbsp;&nbsp; 18.57% | &nbsp;&nbsp; (13.38)% | &nbsp;&nbsp; 19.43% |
| Net Assets, End of Period (in thousands) | $73668 | &nbsp;&nbsp; $47401 | &nbsp;&nbsp; $32820 | &nbsp;&nbsp; $24238 | &nbsp;&nbsp; $21653 | &nbsp;&nbsp; $13132 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.85% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.87% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.95% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 0.89% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.89% |
| Ratio of Net Investment Income/(Loss) | 5.96% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 6.83% | &nbsp;&nbsp; 7.62% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 7.57% | &nbsp;&nbsp; 7.72% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 7.60% |
| Portfolio Turnover Rate | 90% | &nbsp;&nbsp; 175% | &nbsp;&nbsp; 155% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 123% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in December 2025 and March 2026. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.60%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in January and August 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.15%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.69%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in December 2025 and March 2026. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in January and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

12 \| March 31, 2026

------

**Janus Henderson Global Equity Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $7.00 | &nbsp;&nbsp; $6.42 | &nbsp;&nbsp; $5.73 | &nbsp;&nbsp; $5.24 | &nbsp;&nbsp; $6.55 | &nbsp;&nbsp; $5.91 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.22 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp; 0.46 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp; 0.48 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net realized and unrealized gain/(loss) | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp; (1.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Total from Investment Operations | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.20) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.51) |
| Total Dividends and Distributions | (0.20) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.51) |
| Net Asset Value, End of Period | $7.65 | &nbsp;&nbsp; $7.00 | &nbsp;&nbsp; $6.42 | &nbsp;&nbsp; $5.73 | &nbsp;&nbsp; $5.24 | &nbsp;&nbsp; $6.55 |
| Total Return<sup>\*</sup> <br>| 12.31% | &nbsp;&nbsp; 17.51% | &nbsp;&nbsp; 21.39% | &nbsp;&nbsp; 18.75% | &nbsp;&nbsp; (13.27)% | &nbsp;&nbsp; 19.43% |
| Net Assets, End of Period (in thousands) | $5604264 | &nbsp;&nbsp; $5050768 | &nbsp;&nbsp; $4435455 | &nbsp;&nbsp; $4337578 | &nbsp;&nbsp; $3552771 | &nbsp;&nbsp; $3719987 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.81% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.87% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 0.78% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.81% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.78% |
| Ratio of Net Investment Income/(Loss) | 5.94% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 6.76% | &nbsp;&nbsp; 7.54% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 7.87% | &nbsp;&nbsp; 7.33% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 7.70% |
| Portfolio Turnover Rate | 90% | &nbsp;&nbsp; 175% | &nbsp;&nbsp; 155% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 123% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in December 2025 and March 2026. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.60%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in January and August 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.15%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.05 and 0.69%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in December 2025 and March 2026. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in January and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Global Equity Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $7.00 | &nbsp;&nbsp; $6.42 | &nbsp;&nbsp; $5.73 | &nbsp;&nbsp; $5.24 | &nbsp;&nbsp; $6.55 | &nbsp;&nbsp; $5.91 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.22 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp; 0.48 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net realized and unrealized gain/(loss) | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp; (1.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Total from Investment Operations | 0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.21) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.51) |
| Total Dividends and Distributions | (0.21) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.51) |
| Net Asset Value, End of Period | $7.65 | &nbsp;&nbsp; $7.00 | &nbsp;&nbsp; $6.42 | &nbsp;&nbsp; $5.73 | &nbsp;&nbsp; $5.24 | &nbsp;&nbsp; $6.55 |
| Total Return<sup>\*</sup> <br>| 12.37% | &nbsp;&nbsp; 17.63% | &nbsp;&nbsp; 21.50% | &nbsp;&nbsp; 18.85% | &nbsp;&nbsp; (13.20)% | &nbsp;&nbsp; 19.51% |
| Net Assets, End of Period (in thousands) | $473904 | &nbsp;&nbsp; $462612 | &nbsp;&nbsp; $334727 | &nbsp;&nbsp; $314464 | &nbsp;&nbsp; $255001 | &nbsp;&nbsp; $134486 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.72% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.70% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.78% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 0.70% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.72% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.70% |
| Ratio of Net Investment Income/(Loss) | 5.99% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.73% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 7.91% | &nbsp;&nbsp; 7.69% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 7.85% |
| Portfolio Turnover Rate | 90% | &nbsp;&nbsp; 175% | &nbsp;&nbsp; 155% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 123% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in December 2025 and March 2026. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.60%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in January and August 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.15%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.05 and 0.69%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in December 2025 and March 2026. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in January and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

14 \| March 31, 2026

------

**Janus Henderson Global Equity Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $6.89 | &nbsp;&nbsp; $6.32 | &nbsp;&nbsp; $5.65 | &nbsp;&nbsp; $5.17 | &nbsp;&nbsp; $6.49 | &nbsp;&nbsp; $5.86 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.20 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp; 0.43 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 0.44 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net realized and unrealized gain/(loss) | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Total from Investment Operations | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.19) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) |
| Total Dividends and Distributions | (0.19) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.48) |
| Net Asset Value, End of Period | $7.53 | &nbsp;&nbsp; $6.89 | &nbsp;&nbsp; $6.32 | &nbsp;&nbsp; $5.65 | &nbsp;&nbsp; $5.17 | &nbsp;&nbsp; $6.49 |
| Total Return<sup>\*</sup> <br>| 12.12% | &nbsp;&nbsp; 17.14% | &nbsp;&nbsp; 20.89% | &nbsp;&nbsp; 18.38% | &nbsp;&nbsp; (13.85)% | &nbsp;&nbsp; 19.01% |
| Net Assets, End of Period (in thousands) | $25268 | &nbsp;&nbsp; $22621 | &nbsp;&nbsp; $16715 | &nbsp;&nbsp; $16746 | &nbsp;&nbsp; $14587 | &nbsp;&nbsp; $16510 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.23% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.21% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.30% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 1.21% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.23% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.21% |
| Ratio of Net Investment Income/(Loss) | 5.52% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 6.48% | &nbsp;&nbsp; 7.09% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 7.46% | &nbsp;&nbsp; 6.81% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 7.31% |
| Portfolio Turnover Rate | 90% | &nbsp;&nbsp; 175% | &nbsp;&nbsp; 155% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 123% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in December 2025 and March 2026. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.60%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in January and August 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.15%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.05 and 0.69%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in December 2025 and March 2026. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in January and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Global Equity Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $6.95 | &nbsp;&nbsp; $6.37 | &nbsp;&nbsp; $5.69 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $6.52 | &nbsp;&nbsp; $5.88 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.21 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp; 0.43 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net realized and unrealized gain/(loss) | 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp; (1.32) | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Total from Investment Operations | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.20) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.50) |
| Total Dividends and Distributions | (0.20) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.50) |
| Net Asset Value, End of Period | $7.59 | &nbsp;&nbsp; $6.95 | &nbsp;&nbsp; $6.37 | &nbsp;&nbsp; $5.69 | &nbsp;&nbsp; $5.21 | &nbsp;&nbsp; $6.52 |
| Total Return<sup>\*</sup> <br>| 12.17% | &nbsp;&nbsp; 17.49% | &nbsp;&nbsp; 21.21% | &nbsp;&nbsp; 18.50% | &nbsp;&nbsp; (13.41)% | &nbsp;&nbsp; 19.35% |
| Net Assets, End of Period (in thousands) | $90320 | &nbsp;&nbsp; $84461 | &nbsp;&nbsp; $74338 | &nbsp;&nbsp; $92856 | &nbsp;&nbsp; $122858 | &nbsp;&nbsp; $71551 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.97% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.95% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.02% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 0.94% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.96% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.94% |
| Ratio of Net Investment Income/(Loss) | 5.78% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 6.66% | &nbsp;&nbsp; 7.14% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 7.63% | &nbsp;&nbsp; 7.76% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 7.70% |
| Portfolio Turnover Rate | 90% | &nbsp;&nbsp; 175% | &nbsp;&nbsp; 155% | &nbsp;&nbsp; 152% | &nbsp;&nbsp; 86% | &nbsp;&nbsp; 123% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in December 2025 and March 2026. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.60%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in January and August 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.15%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.69%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in December 2025 and March 2026. The impact of the additional professional fees to Ratio of Gross Expenses is 0.03%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in January and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in November 2021 and March 2022. The impact of the additional professional fees to Ratio of Gross Expenses is 0.09%. 

See Notes to Financial Statements.

16 \| March 31, 2026

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**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and Significant Accounting Policies**

Janus Henderson Global Equity Income Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 34 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to achieve a high level of current income and, as a secondary objective, steady growth of capital. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson

Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of

shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US

GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain

retirement platforms.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

Janus Investment Fund \| 17

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**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements (unaudited)**

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement

with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an

agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended March 31, 2026. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

18 \| March 31, 2026

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**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements (unaudited)**

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of

net assets represented by each class as a percentage of total net assets.

**Expenses**

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the

operations of such class.

**Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

**Indemnifications**

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material

loss from such claims is considered remote.

Janus Investment Fund \| 19

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**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements (unaudited)**

**Foreign Currency Translations**

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

Dividends of net investment income are generally declared and distributed quarterly, and realized capital gains (if any) are distributed annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations,

and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change

in the next twelve months.

**Foreign Taxes**

The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the Fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. The Statement of Operations reflects $22,517,129 of tax reclaims received as well as $1,233,785 of professional fees and $176,168 of certain fees assessed by the Internal Revenue Service due to the recovery of foreign withholding taxes after such

amounts were previously passed through to Fund shareholders as foreign tax credits.

**2. Derivative Instruments**

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended March 31, 2026 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost.

20 \| March 31, 2026

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**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements (unaudited)**

The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund's ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise

would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Commodity Risk** – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk** – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk** – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Currency Risk** – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Risk** – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Index Risk** – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk** – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund's NAV to likewise decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Leverage Risk** – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk** – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser's needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to certain exchange-traded

Janus Investment Fund \| 21

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**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements (unaudited)**

derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are

dependent on the Adviser's ability to establish and maintain appropriate systems and trading.

**Forward Foreign Currency Exchange Contracts**

A forward foreign currency exchange contract ("forward currency contract") is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon

closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency

denominated securities held by the Fund.

**3. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**Emerging Market Investing**

Within the parameters of its specific investment policies, the Fund may invest in securities of issuers or companies from or with exposure to one or more "developing countries" or "emerging market countries." Such countries include but are not limited to countries included in the MSCI Emerging Markets Index<sup>SM</sup>. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is

22 \| March 31, 2026

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**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements (unaudited)**

less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund's investments. In addition, the Fund's investments may be denominated in foreign currencies and therefore, changes in the value of a country's currency compared to the U.S. dollar may affect the value of the Fund's investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund's performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country's lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese

local market securities.

**Counterparties**

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have

greater exposure to the risks associated with one or more counterparties.

**Offsetting Assets and Liabilities**

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment.

The Offsetting Assets and Liabilities table located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has

Janus Investment Fund \| 23

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**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements (unaudited)**

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 March 31, 2026" table located in

the Fund's Schedule of Investments.

The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to these contracts. Certain securities may be segregated at the Fund's custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund's corresponding forward foreign currency

exchange contract's obligation value.

**4. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table

reflects the Fund's contractual investment advisory fee rate (expressed as an annual rate).

---

| | |
|:---|:---|
| &nbsp;&nbsp; *Average Daily Net* <br>*Assets of the Fund*<br>| *Contractual Investment* <br>*Advisory Fee (%)*<br>|
| First $1 Billion | 0.85 |
| Next $1 Billion | 0.65 |
| Over $2 Billion | 0.60 |

---

The Fund's actual investment advisory fee rate for the reporting period was 0.65% of average annual net assets before

any applicable waivers.

The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, "HGIL"), pursuant to which HGIL and certain employees of HGIL serve as "associated persons" of the Adviser. In this capacity, such employees of HGIL are subject to the oversight and supervision of the Adviser and may

provide portfolio management, research, and related services to the Fund on behalf of the Adviser.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.77% for at least a one-year period commencing on January 28, 2026. The previous expense limit (for a one-year period commencing January 28, 2025) was 0.84%. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess Expense

Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $215,106 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2026. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction

24 \| March 31, 2026

------

**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements (unaudited)**

confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the

Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net

assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds* | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion — $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for

reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the

Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2026, the Distributor retained

upfront sales charges of $55,086.

Janus Investment Fund \| 25

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**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements (unaudited)**

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class A Shares paid CDSCs of $48 to Janus Henderson

Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class C Shares

paid CDSCs of $4,138.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2026 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2026 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $37,088 were paid by the Trust to the Trustees under the

Deferred Plan during the period ended March 31, 2026.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2026 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

**5. Federal Income Tax**

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal

income tax purposes pursuant to Section 988 of the Internal Revenue Code.

26 \| March 31, 2026

------

**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements (unaudited)**

Accumulated capital losses noted below represent net capital loss carryovers, as of September 30, 2025, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table

shows these capital loss carryovers.

---

| | | |
|:---|:---|:---|
| *Capital Loss Carryover Schedule* | *Capital Loss Carryover Schedule* |  |
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |  |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | &nbsp;&nbsp; Accumulated <br>Capital Losses<br>|
| $(1014311921) | &nbsp;&nbsp; $(143550073) | &nbsp;&nbsp; $(1157861994) |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2026 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships, and

investments in passive foreign investment companies.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $6949380827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $663069726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(282877885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $380191841 |

---

Information on the tax components of derivatives as of March 31, 2026 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax* <br>*Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15202041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15202041 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

constitute adjustments to tax basis.

Janus Investment Fund \| 27

------

**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended March 31, 2026* | *Period ended March 31, 2026* | *Year ended September 30, 2025* | *Year ended September 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 11800999 | &nbsp;&nbsp; $88573969 | &nbsp;&nbsp; 21010740 | &nbsp;&nbsp; $137202958 |
| Reinvested dividends and distributions | 2320134 | &nbsp;&nbsp; 17067885 | &nbsp;&nbsp; 6241002 | &nbsp;&nbsp; 41466665 |
| Shares repurchased | (12473171) | &nbsp;&nbsp; (93351532) | &nbsp;&nbsp; (31367470) | &nbsp;&nbsp; (201957189) |
| Net Increase/(Decrease) | 1647962 | &nbsp;&nbsp; $12290322 | &nbsp;&nbsp; (4115728) | &nbsp;&nbsp; $(23287566) |
| Class C Shares: |  |  |  |  |
| Shares sold | 2424809 | &nbsp;&nbsp; $17742996 | &nbsp;&nbsp; 4622956 | &nbsp;&nbsp; $29678178 |
| Reinvested dividends and distributions | 797545 | &nbsp;&nbsp; 5741415 | &nbsp;&nbsp; 2583118 | &nbsp;&nbsp; 16789726 |
| Shares repurchased | (6655497) | &nbsp;&nbsp; (48297057) | &nbsp;&nbsp; (13647938) | &nbsp;&nbsp; (86530515) |
| Net Increase/(Decrease) | (3433143) | &nbsp;&nbsp; $(24812646) | &nbsp;&nbsp; (6441864) | &nbsp;&nbsp; $(40062611) |
| Class D Shares: |  |  |  |  |
| Shares sold | 3556642 | &nbsp;&nbsp; $27684143 | &nbsp;&nbsp; 4179401 | &nbsp;&nbsp; $27559201 |
| Reinvested dividends and distributions | 209146 | &nbsp;&nbsp; 1540810 | &nbsp;&nbsp; 400185 | &nbsp;&nbsp; 2658785 |
| Shares repurchased | (885976) | &nbsp;&nbsp; (6678052) | &nbsp;&nbsp; (2904926) | &nbsp;&nbsp; (18377324) |
| Net Increase/(Decrease) | 2879812 | &nbsp;&nbsp; $22546901 | &nbsp;&nbsp; 1674660 | &nbsp;&nbsp; $11840662 |
| Class I Shares: |  |  |  |  |
| Shares sold | 84914570 | &nbsp;&nbsp; $638900543 | &nbsp;&nbsp; 182114687 | &nbsp;&nbsp; $1200600616 |
| Reinvested dividends and distributions | 18704365 | &nbsp;&nbsp; 138126880 | &nbsp;&nbsp; 49119545 | &nbsp;&nbsp; 327328352 |
| Shares repurchased | (92743240) | &nbsp;&nbsp; (700747344) | &nbsp;&nbsp; (200762304) | &nbsp;&nbsp; (1312637628) |
| Net Increase/(Decrease) | 10875695 | &nbsp;&nbsp; $76280079 | &nbsp;&nbsp; 30471928 | &nbsp;&nbsp; $215291340 |
| Class N Shares: |  |  |  |  |
| Shares sold | 8469206 | &nbsp;&nbsp; $63906969 | &nbsp;&nbsp; 28660149 | &nbsp;&nbsp; $186814697 |
| Reinvested dividends and distributions | 1146025 | &nbsp;&nbsp; 8460435 | &nbsp;&nbsp; 3086765 | &nbsp;&nbsp; 20618601 |
| Shares repurchased | (13766541) | &nbsp;&nbsp; (102293947) | &nbsp;&nbsp; (17812720) | &nbsp;&nbsp; (116800220) |
| Net Increase/(Decrease) | (4151310) | &nbsp;&nbsp; $(29926543) | &nbsp;&nbsp; 13934194 | &nbsp;&nbsp; $90633078 |
| Class S Shares: |  |  |  |  |
| Shares sold | 390153 | &nbsp;&nbsp; $2896578 | &nbsp;&nbsp; 1202337 | &nbsp;&nbsp; $7794049 |
| Reinvested dividends and distributions | 82713 | &nbsp;&nbsp; 601450 | &nbsp;&nbsp; 222211 | &nbsp;&nbsp; 1461942 |
| Shares repurchased | (399875) | &nbsp;&nbsp; (2854433) | &nbsp;&nbsp; (784107) | &nbsp;&nbsp; (5173860) |
| Net Increase/(Decrease) | 72991 | &nbsp;&nbsp; $643595 | &nbsp;&nbsp; 640441 | &nbsp;&nbsp; $4082131 |
| Class T Shares: |  |  |  |  |
| Shares sold | 1755679 | &nbsp;&nbsp; $13124751 | &nbsp;&nbsp; 3630105 | &nbsp;&nbsp; $23890038 |
| Reinvested dividends and distributions | 313502 | &nbsp;&nbsp; 2295333 | &nbsp;&nbsp; 859155 | &nbsp;&nbsp; 5683869 |
| Shares repurchased | (2331335) | &nbsp;&nbsp; (17295410) | &nbsp;&nbsp; (3995694) | &nbsp;&nbsp; (25817183) |
| Net Increase/(Decrease) | (262154) | &nbsp;&nbsp; $(1875326) | &nbsp;&nbsp; 493566 | &nbsp;&nbsp; $3756724 |

---

**7. Purchases and Sales of Investment Securities**

For the period ended March 31, 2026, 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>|
| $6197310578 | &nbsp;&nbsp;&nbsp;&nbsp; $6248524015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**8. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, and client consents. The

shareholders of Janus Henderson Group, plc approved the acquisition on April 16, 2026.

28 \| March 31, 2026

------

**Janus Henderson Global Equity Income Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2026 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

Janus Investment Fund \| 29

------

**Janus Henderson Global Equity Income Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The 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

30 \| March 31, 2026

------

**Janus Henderson Global Equity Income Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract and retain well-qualified personnel.

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 31

------

**Janus Henderson Global Equity Income Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

32 \| March 31, 2026

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**Janus Henderson Global Equity Income Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 33

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**Janus Henderson Global Equity Income Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

34 \| March 31, 2026

------

**Janus Henderson Global Equity Income Fund**

**Additional Information (unaudited)**

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as identified by Broadridge using Morningstar category schema. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance or service being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, recent fee reductions, investment structure changes, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 35

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**Janus Henderson Global Equity Income Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

36 \| March 31, 2026

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**Janus Henderson Global Equity Income Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 37

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**Janus Henderson Global Equity Income Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

38 \| March 31, 2026

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**Janus Henderson Global Equity Income Fund**

**Additional Information (unaudited)**

other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They

Janus Investment Fund \| 39

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**Janus Henderson Global Equity Income Fund**

**Additional Information (unaudited)**

concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

40 \| March 31, 2026

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**Janus Henderson Global Equity Income Fund**

**Notes**

Janus Investment Fund \| 41

------

![](imgf1f7d3102.gif)

*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93081 05-26

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SEMIANNUAL FINANCIAL STATEMENTS

March 31, 2026

**Janus Henderson Global Life Sciences Fund**

Janus Investment Fund

![](img32d591591.gif)

------

**Table of Contents**

**Janus Henderson Global Life Sciences Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_d6ab9606-62f4-4c7a-8378-8450ea3eb9d2_SOI-SOI-RunningFooter-41_1)<br> [Management Investment Companies](#xx_d6ab9606-62f4-4c7a-8378-8450ea3eb9d2_SOI-SOI-RunningFooter-41_1)<br>|  |
| [Schedule of Investments](#xx_d6ab9606-62f4-4c7a-8378-8450ea3eb9d2_SOI-SOI-RunningFooter-41_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_d6ab9606-62f4-4c7a-8378-8450ea3eb9d2_SOI-SOI-RunningFooter-41_4) | 4 |
| [Statement of Assets and Liabilities](#xx_d6ab9606-62f4-4c7a-8378-8450ea3eb9d2_SAL-SAL-RunningFooter-41_1) | 6 |
| [Statement of Operations](#xx_d6ab9606-62f4-4c7a-8378-8450ea3eb9d2_SOP-SOP-RunningFooter-41_1) | 8 |
| [Statements of Changes in Net Assets](#xx_d6ab9606-62f4-4c7a-8378-8450ea3eb9d2_SOC-SOC-RunningFooter-41_1) | 9 |
| [Financial Highlights](#xx_d6ab9606-62f4-4c7a-8378-8450ea3eb9d2_FIHI-FIHI-RunningFooter-41_1) | 10 |
| [Notes to Financial Statements](#xx_d6ab9606-62f4-4c7a-8378-8450ea3eb9d2_NTF-NTF-RunningFooter-41_1) | 17 |
| [Items 8-11 - Additional Information](#xx_d6ab9606-62f4-4c7a-8378-8450ea3eb9d2_AI-AI-RunningFooter-41_1) | 27 |

---

------

**Janus Henderson Global Life Sciences Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 98.4% |  |  |
| Biotechnology – 34.4% |  |  |
| 4D Molecular Therapeutics Inc<sup>\*</sup> <br>| 843751 | $7855322 |
| AbbVie Inc | 973698 | 211769578 |
| Alnylam Pharmaceuticals Inc<sup>\*</sup> <br>| 45974 | 15211417 |
| Amgen Inc | 269979 | 94992111 |
| Apogee Therapeutics Inc<sup>\*</sup> <br>| 379608 | 31951605 |
| Ardelyx Inc<sup>\*</sup> <br>| 2595551 | 15547351 |
| Argenx SE (ADR)<sup>\*</sup> <br>| 170761 | 124698220 |
| Ascendis Pharma A/S (ADR)<sup>\*</sup> <br>| 375029 | 85780383 |
| Biohaven Ltd<sup>\*</sup> <br>| 2219329 | 18775523 |
| Bridgebio Pharma Inc<sup>\*</sup> <br>| 1544777 | 114715140 |
| Cogent Biosciences Inc<sup>\*</sup> <br>| 498371 | 19182300 |
| Crinetics Pharmaceuticals Inc<sup>\*</sup> <br>| 394124 | 14314584 |
| Dyne Therapeutics Inc<sup>\*</sup> <br>| 2527189 | 45817937 |
| Gilead Sciences Inc | 487298 | 67914722 |
| IDEAYA Biosciences Inc<sup>\*</sup> <br>| 738445 | 24604987 |
| Immunome Inc<sup>\*</sup> <br>| 352024 | 7698765 |
| Janux Therapeutics Inc<sup>\*</sup> <br>| 719779 | 10004928 |
| LEXEO Therapeutics Inc<sup>\*</sup> <br>| 633486 | 3636210 |
| Madrigal Pharmaceuticals Inc<sup>\*</sup> <br>| 146830 | 76861100 |
| Mirum Pharmaceuticals Inc<sup>\*</sup> <br>| 685201 | 63298868 |
| Neurocrine Biosciences Inc<sup>\*</sup> <br>| 136844 | 18027829 |
| Nuvalent Inc - Class A<sup>\*</sup> <br>| 128260 | 13140237 |
| Olema Pharmaceuticals Inc<sup>\*</sup> <br>| 669023 | 9975133 |
| Praxis Precision Medicines Inc<sup>\*</sup> <br>| 394809 | 127203512 |
| Protagonist Therapeutics Inc<sup>\*</sup> <br>| 160233 | 16888558 |
| PTC Therapeutics Inc<sup>\*</sup> <br>| 1023753 | 69748292 |
| Regeneron Pharmaceuticals Inc | 23982 | 18529452 |
| Revolution Medicines Inc<sup>\*</sup> <br>| 1087572 | 105766377 |
| Rhythm Pharmaceuticals Inc<sup>\*</sup> <br>| 160738 | 13979384 |
| Scholar Rock Holding Corp<sup>\*</sup> <br>| 341559 | 16791040 |
| Soleno Therapeutics Inc<sup>\*</sup> <br>| 987375 | 33057315 |
| Travere Therapeutics Inc<sup>\*</sup> <br>| 1431577 | 42532153 |
| United Therapeutics Corp<sup>\*</sup> <br>| 116674 | 69185349 |
| Vaxcyte Inc<sup>\*</sup> <br>| 971339 | 56444509 |
| Vertex Pharmaceuticals Inc<sup>\*</sup> <br>| 230453 | 102906483 |
| Xenon Pharmaceuticals Inc<sup>\*</sup> <br>| 348403 | 20259634 |
|  |  | 1789066308 |
| Health Care Equipment & Supplies – 15.7% |  |  |
| Abbott Laboratories | 1212000 | 124436040 |
| Becton Dickinson and Co | 181502 | 28537559 |
| Boston Scientific Corp<sup>\*</sup> <br>| 1519494 | 95348248 |
| Cooper Cos Inc/The<sup>\*</sup> <br>| 281624 | 20136116 |
| DexCom Inc<sup>\*</sup> <br>| 561261 | 35247191 |
| Edwards Lifesciences Corp<sup>\*</sup> <br>| 465388 | 37268271 |
| Glaukos Corp<sup>\*</sup> <br>| 264595 | 28486298 |
| Globus Medical Inc<sup>\*</sup> <br>| 748297 | 64473270 |
| Insulet Corp<sup>\*</sup> <br>| 59198 | 12422108 |
| Intuitive Surgical Inc<sup>\*</sup> <br>| 229541 | 105816106 |
| Lantheus Holdings Inc<sup>\*</sup> <br>| 518573 | 39333762 |
| Medline Inc - Class A<sup>\*</sup> <br>| 864157 | 38454986 |
| Medtronic PLC | 583193 | 50533673 |
| Penumbra Inc<sup>\*</sup> <br>| 63033 | 20698146 |
| STERIS PLC | 81882 | 18106567 |
| Stryker Corp | 260737 | 85675571 |
| Teleflex Inc | 97903 | 11710178 |
|  |  | 816684090 |
| Health Care Providers & Services – 10.0% |  |  |
| AmerisourceBergen Corp | 139082 | 43691220 |
| Anthem Inc | 165217 | 48367277 |
| Centene Corp<sup>\*</sup> <br>| 340715 | 11155009 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Global Life Sciences Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Health Care Providers & Services – (continued) |  |  |
| CVS Health Corp | 1071455 | $76951898 |
| HCA Healthcare Inc | 206508 | 97727846 |
| Humana Inc | 52718 | 9140774 |
| McKesson Corp | 79786 | 69043613 |
| UnitedHealth Group Inc | 600994 | 162622966 |
|  |  | 518700603 |
| Health Care Technology – 0.3% |  |  |
| HeartFlow Inc<sup>\*</sup> <br>| 585408 | 14242977 |
| Life Sciences Tools & Services – 4.7% |  |  |
| Danaher Corp | 448383 | 85013417 |
| Illumina Inc<sup>\*</sup> <br>| 102173 | 12593844 |
| Sotera Health Co<sup>\*</sup> <br>| 1057589 | 15165826 |
| Thermo Fisher Scientific Inc | 265167 | 130337536 |
|  |  | 243110623 |
| Pharmaceuticals – 33.3% |  |  |
| AstraZeneca PLC | 1221946 | 238631842 |
| Daiichi Sankyo Co Ltd | 1047000 | 18460849 |
| Edgewise Therapeutics Inc<sup>\*</sup> <br>| 659237 | 20765966 |
| Eli Lilly & Co | 500869 | 460684280 |
| Johnson & Johnson | 1549605 | 378785446 |
| Merck & Co Inc | 638574 | 76814066 |
| Novartis AG (ADR) | 968789 | 147982520 |
| Roche Holding AG | 290904 | 114896794 |
| Sanofi | 1116972 | 107723986 |
| Structure Therapeutics Inc (ADR)<sup>\*</sup> <br>| 569355 | 27442911 |
| Tarsus Pharmaceuticals Inc<sup>\*</sup> <br>| 297070 | 20839460 |
| Terns Pharmaceuticals Inc<sup>\*</sup> <br>| 186985 | 9857849 |
| Teva Pharmaceutical Industries Ltd (ADR)<sup>\*</sup> <br>| 2036647 | 61343808 |
| UCB SA | 104561 | 31490706 |
| Zoetis Inc | 131891 | 15590835 |
|  |  | 1731311318 |
| Total Common Stocks (cost $3,098,114,044) |  | 5113115919 |
| Private Investment in Public Equity (PIPES) – 0.2% |  |  |
| Biotechnology – 0.2% |  |  |
| Mirum Pharmaceuticals Inc<sup>\*,</sup><sup>§</sup> (cost $8,476,591) | 123782 | 11434981 |
| Private Placements – 0.7% |  |  |
| Biotechnology – 0.4% |  |  |
| Asher Biotherapeutics - Series C<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 2580733 | 809963 |
| Asher Biotherapeutics Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 1214301 | 381108 |
| Attralus Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 669935 | 415360 |
| Curevo Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 2031087 | 5330344 |
| Curevo Inc - Series B<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 1348208 | 3538210 |
| Curevo Inc - Series B-1<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 886774 | 2327232 |
| Element Biosciences Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 425023 | 2461308 |
| Sonoma Biotherapeutics Inc - Series B<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 1924628 | 1510833 |
| TwinStrand Biosciences Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 344314 | 1380527 |
|  |  | 18154885 |
| Health Care Providers & Services – 0% |  |  |
| Freenome Holdings Inc - Series C<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 337474 | 997911 |
| Freenome Holdings Inc - Series D<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 342803 | 1016205 |
|  |  | 2014116 |
| Health Care Technology – 0.3% |  |  |
| Kardium Inc - Series 8 Class D Preferred shares<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 13234820 | 12237312 |
| Magnolia Medical Technologies Inc - Series D<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 1821717 | 2568621 |
| Magnolia Medical Technologies Inc - Series E1<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 301933 | 350031 |
|  |  | 15155964 |
| Total Private Placements (cost $54,208,128) |  | 35324965 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| March 31, 2026

------

**Janus Henderson Global Life Sciences Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Rights – 0% |  |  |
| Biotechnology – 0% |  |  |
| Akero Therapeutics Inc (CVR)<sup>\*,</sup><sup>¢</sup> <br>| 569281 | $370032 |
| Metsera Inc (CVR)<sup>\*,</sup><sup>¢</sup> <br>| 390971 | 1915758 |
|  |  | 2285790 |
| Pharmaceuticals – 0% |  |  |
| Alkermes PLC (CVR)<sup>\*,</sup><sup>¢</sup> <br>| 450200 | 288128 |
| Total Rights (cost $658,161) |  | 2573918 |
| Warrants – 0% |  |  |
| Health Care Technology – 0% |  |  |
| Magnolia Medical Technologies Inc - Series D, expires 12/31/32<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> (cost $0) | 1 | 0 |
| Investment Companies – 0.4% |  |  |
| Money Markets – 0.4% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº,</sup><sup>£</sup> (cost $20,153,735) | 20152770 | 20152770 |
| Total Investments (total cost $3,181,610,659) – 99.7% |  | 5182602553 |
| Cash, Receivables and Other Assets, net of Liabilities – 0.3% |  | 15874868 |
| Net Assets – 100% |  | $5198477421 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $4233490691 | &nbsp;&nbsp;&nbsp;&nbsp; 81.7<br> %<br>|
| Switzerland | 262879314 | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| United Kingdom | 238631842 | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Belgium | 156188926 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| France | 107723986 | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Denmark | 85780383 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Israel | 61343808 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Japan | 18460849 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Canada | 12237312 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| South Korea | 5865442 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Total | $5182602553 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*3/31/26*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% |
| Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% | Money Markets - 0.4% |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  |
|  | $30062294 | $361127940 | $(371036286) | $(213) | $(965) | $20152770 | 20152770 | $528600 |
| 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, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  |
|  | 11307042 | 42555992 | (53863034) | - | - | - | - | 2420 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% | Total Affiliated Investments - 0.4% |
|  | $41369336 | $403683932 | $(424899320) | $(213) | $(965) | $20152770 | 20152770 | $531020 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Global Life Sciences Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CVR | Contingent Value Right |
| LLC | Limited Liability Company |
| PLC | Public Limited Company |

---

---

| |
|:---|
| Non-income producing security. |
| Rate shown is the 7-day yield as of March 31, 2026. |
| &nbsp;&nbsp; Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended March 31, 2026 is <br> $37,898,883, which represents 0.7% of net assets.<br>|
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
| Schedule of Restricted Securities (as of March 31, 2026) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Acquisition* <br>*Date*<br>| *Cost* | *Value* | &nbsp;&nbsp; *Value as a* <br>*% of Net* <br>*Assets*<br>|
| Asher Biotherapeutics - Series C | 4/3/24 | &nbsp;&nbsp; $2999999 | $809963 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %<br>|
| Asher Biotherapeutics Inc | 8/23/21 | &nbsp;&nbsp; 2438924 | 381108 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Attralus Inc | 8/31/21 | &nbsp;&nbsp; 5198696 | 415360 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Curevo Inc | 11/10/22 | &nbsp;&nbsp; 5330344 | 5330344 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Curevo Inc - Series B | 3/6/25 - <br>10/28/25<br>| &nbsp;&nbsp; 3538210 | 3538210 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Curevo Inc - Series B-1 | 2/28/25 | &nbsp;&nbsp; 1861786 | 2327232 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Element Biosciences Inc | 6/21/21 | &nbsp;&nbsp; 8737070 | 2461308 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Freenome Holdings Inc - Series C | 8/14/20 | &nbsp;&nbsp; 2231817 | 997911 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Freenome Holdings Inc - Series D | 11/22/21 | &nbsp;&nbsp; 2585523 | 1016205 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Kardium Inc - Series 8 Class D Preferred shares | 6/6/25 | &nbsp;&nbsp; 8566105 | 12237312 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Magnolia Medical Technologies Inc - Series D, 12/31/32 | 1/10/22 | &nbsp;&nbsp; 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Magnolia Medical Technologies Inc - Series D | 1/10/22 | &nbsp;&nbsp; 3092692 | 2568621 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Magnolia Medical Technologies Inc - Series E1 | 2/26/25 | &nbsp;&nbsp; 411790 | 350031 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Mirum Pharmaceuticals Inc | 1/23/26 | &nbsp;&nbsp; 8476591 | 11434981 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Sonoma Biotherapeutics Inc - Series B | 7/23/21 - <br>12/14/22<br>| &nbsp;&nbsp; 4465171 | 1510833 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| TwinStrand Biosciences Inc | 4/30/21 | &nbsp;&nbsp; 2750001 | 1380527 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Total |  | &nbsp;&nbsp; $62684719 | $46759946 | &nbsp;&nbsp; 0.9% |

---

The Fund has registration rights for certain restricted securities held as of March 31, 2026. The issuer incurs all registration costs.

4 \| March 31, 2026

------

**Janus Henderson Global Life Sciences Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial

instruments as of March 31, 2026. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* |  |  |  |
| Pharmaceuticals | $1220107141 | &nbsp;&nbsp; $511204177 | &nbsp;&nbsp; $- |
| All Other | 3381804601 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Private Investment in Public Equity (PIPES)* | 11434981 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Private Placements* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 35324965 |
| *Rights* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2573918 |
| *Warrants* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 0 |
| *Investment Companies* | - | &nbsp;&nbsp; 20152770 | &nbsp;&nbsp; - |
| **Total Assets** | $4613346723 | &nbsp;&nbsp; $531356947 | &nbsp;&nbsp; $37898883 |

---

Janus Investment Fund \| 5

------

**Janus Henderson Global Life Sciences Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $3,161,456,924) | $5162449783 |
| Affiliated investments, at value (cost $20,153,735) | 20152770 |
| Cash denominated in foreign currency (cost $467) | 467 |
| Trustees' deferred compensation | 164068 |
| Receivables: |  |
| Investments sold | 11525727 |
| Foreign tax reclaims | 11025833 |
| Fund shares sold | 3040702 |
| Dividends | 1818788 |
| Dividends from affiliates | 60370 |
| Other assets | 524527 |
| Total Assets | 5210763035 |
| Liabilities: |  |
| Payables: |  |
| Investments purchased | 6271706 |
| Advisory fees | 2843305 |
| Fund shares repurchased | 1831109 |
| Transfer agent fees and expenses | 732940 |
| Trustees' deferred compensation fees | 164068 |
| 12b-1 Distribution and shareholder servicing fees | 107522 |
| Professional fees | 42305 |
| Trustees' fees and expenses | 26228 |
| Affiliated fund administration fees payable | 11106 |
| Custodian fees | 11050 |
| Accrued expenses and other payables | 244275 |
| Total Liabilities | 12285614 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $5198477421 |

---

See Notes to Financial Statements.

6 \| March 31, 2026

------

**Janus Henderson Global Life Sciences Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $3030964522 |
| Total distributable earnings (loss) | 2167512899 |
| Total Net Assets | $5198477421 |
| Net Assets - Class A Shares | $263311495 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3468885 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $75.91 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $80.54 |
| Net Assets - Class C Shares | $52102202 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 806555 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $64.60 |
| Net Assets - Class D Shares | $1769900922 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 22699274 |
| Net Asset Value Per Share | $77.97 |
| Net Assets - Class I Shares | $1667618521 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 21342409 |
| Net Asset Value Per Share | $78.14 |
| Net Assets - Class N Shares | $197279076 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2534246 |
| Net Asset Value Per Share | $77.85 |
| Net Assets - Class S Shares | $26389304 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 358491 |
| Net Asset Value Per Share | $73.61 |
| Net Assets - Class T Shares | $1221875901 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 15782312 |
| Net Asset Value Per Share | $77.42 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Global Life Sciences Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $31188231 |
| Dividends from affiliates | 528600 |
| Affiliated securities lending income, net | 2420 |
| Unaffiliated securities lending income, net | 678 |
| Other income | 6297 |
| Foreign tax withheld | (1261236) |
| Total Investment Income | 30464990 |
| Expenses: |  |
| Advisory fees | 16661253 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 347677 |
| Class C Shares | 260118 |
| Class S Shares | 34802 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 972628 |
| Class S Shares | 34789 |
| Class T Shares | 1573140 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 88949 |
| Class C Shares | 24247 |
| Class I Shares | 784859 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 8792 |
| Class C Shares | 1504 |
| Class D Shares | 93395 |
| Class I Shares | 24368 |
| Class N Shares | 5764 |
| Class S Shares | 200 |
| Class T Shares | 5780 |
| Shareholder reports expense | 171411 |
| Professional fees | 157549 |
| Affiliated fund administration fees | 65083 |
| Custodian fees | 64207 |
| Registration fees | 60623 |
| Trustees' fees and expenses | 59458 |
| Other expenses | 181527 |
| Total Expenses | 21682123 |
| Less: Excess Expense Reimbursement and Waivers | (84505) |
| Net Expenses | 21597618 |
| Net Investment Income/(Loss) | 8867372 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 277313119 |
| Investments in affiliates | (213) |
| Total Net Realized Gain/(Loss) on Investments | 277312906 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | 360809941 |
| Investments in affiliates | (965) |
| Total Change in Unrealized Net Appreciation/Depreciation | 360808976 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $646989254 |

---

See Notes to Financial Statements.

8 \| March 31, 2026

------

**Janus Henderson Global Life Sciences Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*March 31, 2026* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $8867372 | &nbsp;&nbsp; $15850657 |
| Net realized gain/(loss) on investments | 277312906 | &nbsp;&nbsp; 215138135 |
| Change in unrealized net appreciation/depreciation | 360808976 | &nbsp;&nbsp; (632291797) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 646989254 | &nbsp;&nbsp; (401303005) |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (13074747) | &nbsp;&nbsp; (14515428) |
| Class C Shares | (2701971) | &nbsp;&nbsp; (4036556) |
| Class D Shares | (82216555) | &nbsp;&nbsp; (93982722) |
| Class I Shares | (69452514) | &nbsp;&nbsp; (76880313) |
| Class N Shares | (9114543) | &nbsp;&nbsp; (10379173) |
| Class S Shares | (1276271) | &nbsp;&nbsp; (1377508) |
| Class T Shares | (56877330) | &nbsp;&nbsp; (66909401) |
| Net Decrease from Dividends and Distributions to Shareholders | (234713931) | &nbsp;&nbsp; (268081101) |
| Capital Share Transactions: |  |  |
| Class A Shares | (14070508) | &nbsp;&nbsp; (10036183) |
| Class C Shares | (2430310) | &nbsp;&nbsp; (14785938) |
| Class D Shares | 9553494 | &nbsp;&nbsp; (97239982) |
| Class I Shares | 223276137 | &nbsp;&nbsp; (27711786) |
| Class N Shares | 4483846 | &nbsp;&nbsp; (229419518) |
| Class S Shares | (938491) | &nbsp;&nbsp; (1773678) |
| Class T Shares | (3961865) | &nbsp;&nbsp; (111711224) |
| Net Increase/(Decrease) from Capital Share Transactions | 215912303 | &nbsp;&nbsp; (492678309) |
| Net Increase/(Decrease) in Net Assets | 628187626 | &nbsp;&nbsp; (1162062415) |
| Net Assets: |  |  |
| Beginning of period | 4570289795 | &nbsp;&nbsp; 5732352210 |
| End of period | $5198477421 | &nbsp;&nbsp; $4570289795 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Global Life Sciences Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $69.59 | &nbsp;&nbsp; $78.64 | &nbsp;&nbsp; $65.05 | &nbsp;&nbsp; $57.73 | &nbsp;&nbsp; $72.24 | &nbsp;&nbsp; $66.20 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain/(loss) | 9.85 | &nbsp;&nbsp; (5.38) | &nbsp;&nbsp;&nbsp;&nbsp;16.39 | &nbsp;&nbsp;&nbsp;&nbsp;7.21 | &nbsp;&nbsp; (7.84) | &nbsp;&nbsp;&nbsp;&nbsp;11.44 |
| Total from Investment Operations | 9.91 | &nbsp;&nbsp; (5.25) | &nbsp;&nbsp;&nbsp;&nbsp;16.46 | &nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp; (7.80) | &nbsp;&nbsp;&nbsp;&nbsp;11.51 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.26) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp; (0.66) |
| Distributions (from capital gains) | (3.33) | &nbsp;&nbsp; (3.71) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.95) | &nbsp;&nbsp; (4.81) |
| Total Dividends and Distributions | (3.59) | &nbsp;&nbsp; (3.80) | &nbsp;&nbsp; (2.87) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (6.71) | &nbsp;&nbsp; (5.47) |
| Net Asset Value, End of Period | $75.91 | &nbsp;&nbsp; $69.59 | &nbsp;&nbsp; $78.64 | &nbsp;&nbsp; $65.05 | &nbsp;&nbsp; $57.73 | &nbsp;&nbsp; $72.24 |
| Total Return<sup>\*</sup> <br>| 14.13% | &nbsp;&nbsp; (6.73)% | &nbsp;&nbsp; 26.32% | &nbsp;&nbsp; 12.77% | &nbsp;&nbsp; (11.96)% | &nbsp;&nbsp; 17.70% |
| Net Assets, End of Period (in thousands) | $263311 | &nbsp;&nbsp; $253589 | &nbsp;&nbsp; $300274 | &nbsp;&nbsp; $276513 | &nbsp;&nbsp; $238774 | &nbsp;&nbsp; $285239 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.99% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.97% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.99% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.97% |
| Ratio of Net Investment Income/(Loss) | 0.16% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.10% |
| Portfolio Turnover Rate | 16% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 32% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

10 \| March 31, 2026

------

**Janus Henderson Global Life Sciences Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $59.67 | &nbsp;&nbsp; $68.38 | &nbsp;&nbsp; $57.33 | &nbsp;&nbsp; $51.22 | &nbsp;&nbsp; $64.73 | &nbsp;&nbsp; $59.83 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.18) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.39) |
| Net realized and unrealized gain/(loss) | 8.44 | &nbsp;&nbsp; (4.67) | &nbsp;&nbsp;&nbsp;&nbsp;14.30 | &nbsp;&nbsp;&nbsp;&nbsp;6.40 | &nbsp;&nbsp; (6.96) | &nbsp;&nbsp;&nbsp;&nbsp;10.32 |
| Total from Investment Operations | 8.26 | &nbsp;&nbsp; (5.00) | &nbsp;&nbsp;&nbsp;&nbsp;13.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp; (7.31) | &nbsp;&nbsp;&nbsp;&nbsp;9.93 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.22) |
| Distributions (from capital gains) | (3.33) | &nbsp;&nbsp; (3.71) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.95) | &nbsp;&nbsp; (4.81) |
| Total Dividends and Distributions | (3.33) | &nbsp;&nbsp; (3.71) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.20) | &nbsp;&nbsp; (5.03) |
| Net Asset Value, End of Period | $64.60 | &nbsp;&nbsp; $59.67 | &nbsp;&nbsp; $68.38 | &nbsp;&nbsp; $57.33 | &nbsp;&nbsp; $51.22 | &nbsp;&nbsp; $64.73 |
| Total Return<sup>\*</sup> <br>| 13.71% | &nbsp;&nbsp; (7.40)% | &nbsp;&nbsp; 25.36% | &nbsp;&nbsp; 11.93% | &nbsp;&nbsp; (12.55)% | &nbsp;&nbsp; 16.86% |
| Net Assets, End of Period (in thousands) | $52102 | &nbsp;&nbsp; $50379 | &nbsp;&nbsp; $75676 | &nbsp;&nbsp; $82025 | &nbsp;&nbsp; $106819 | &nbsp;&nbsp; $157110 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.71% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.69% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.71% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.69% |
| Ratio of Net Investment Income/(Loss) | (0.55)% | &nbsp;&nbsp; (0.57)% | &nbsp;&nbsp; (0.65)% | &nbsp;&nbsp; (0.50)% | &nbsp;&nbsp; (0.61)% | &nbsp;&nbsp; (0.61)% |
| Portfolio Turnover Rate | 16% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 32% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Global Life Sciences Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $71.42 | &nbsp;&nbsp; $80.62 | &nbsp;&nbsp; $66.57 | &nbsp;&nbsp; $59.09 | &nbsp;&nbsp; $73.77 | &nbsp;&nbsp; $67.47 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gain/(loss) | 10.09 | &nbsp;&nbsp; (5.50) | &nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp; (8.02) | &nbsp;&nbsp;&nbsp;&nbsp;11.66 |
| Total from Investment Operations | 10.24 | &nbsp;&nbsp; (5.24) | &nbsp;&nbsp;&nbsp;&nbsp;16.99 | &nbsp;&nbsp;&nbsp;&nbsp;7.65 | &nbsp;&nbsp; (7.86) | &nbsp;&nbsp;&nbsp;&nbsp;11.86 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.36) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; (0.75) |
| Distributions (from capital gains) | (3.33) | &nbsp;&nbsp; (3.71) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.95) | &nbsp;&nbsp; (4.81) |
| Total Dividends and Distributions | (3.69) | &nbsp;&nbsp; (3.96) | &nbsp;&nbsp; (2.94) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (6.82) | &nbsp;&nbsp; (5.56) |
| Net Asset Value, End of Period | $77.97 | &nbsp;&nbsp; $71.42 | &nbsp;&nbsp; $80.62 | &nbsp;&nbsp; $66.57 | &nbsp;&nbsp; $59.09 | &nbsp;&nbsp; $73.77 |
| Total Return<sup>\*</sup> <br>| 14.23% | &nbsp;&nbsp; (6.55)% | &nbsp;&nbsp; 26.56% | &nbsp;&nbsp; 12.95% | &nbsp;&nbsp; (11.81)% | &nbsp;&nbsp; 17.91% |
| Net Assets, End of Period (in thousands) | $1769901 | &nbsp;&nbsp; $1612668 | &nbsp;&nbsp; $1938487 | &nbsp;&nbsp; $1649818 | &nbsp;&nbsp; $1538660 | &nbsp;&nbsp; $1848983 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.79% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.79% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% |
| Ratio of Net Investment Income/(Loss) | 0.37% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.24% | &nbsp;&nbsp; 0.28% |
| Portfolio Turnover Rate | 16% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 32% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

12 \| March 31, 2026

------

**Janus Henderson Global Life Sciences Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $71.57 | &nbsp;&nbsp; $80.80 | &nbsp;&nbsp; $66.72 | &nbsp;&nbsp; $59.22 | &nbsp;&nbsp; $73.93 | &nbsp;&nbsp; $67.61 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain/(loss) | 10.11 | &nbsp;&nbsp; (5.51) | &nbsp;&nbsp;&nbsp;&nbsp;16.79 | &nbsp;&nbsp;&nbsp;&nbsp;7.39 | &nbsp;&nbsp; (8.03) | &nbsp;&nbsp;&nbsp;&nbsp;11.69 |
| Total from Investment Operations | 10.28 | &nbsp;&nbsp; (5.23) | &nbsp;&nbsp;&nbsp;&nbsp;17.04 | &nbsp;&nbsp;&nbsp;&nbsp;7.70 | &nbsp;&nbsp; (7.85) | &nbsp;&nbsp;&nbsp;&nbsp;11.92 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.38) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (0.79) |
| Distributions (from capital gains) | (3.33) | &nbsp;&nbsp; (3.71) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.95) | &nbsp;&nbsp; (4.81) |
| Total Dividends and Distributions | (3.71) | &nbsp;&nbsp; (4.00) | &nbsp;&nbsp; (2.96) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (6.86) | &nbsp;&nbsp; (5.60) |
| Net Asset Value, End of Period | $78.14 | &nbsp;&nbsp; $71.57 | &nbsp;&nbsp; $80.80 | &nbsp;&nbsp; $66.72 | &nbsp;&nbsp; $59.22 | &nbsp;&nbsp; $73.93 |
| Total Return<sup>\*</sup> <br>| 14.25% | &nbsp;&nbsp; (6.52)% | &nbsp;&nbsp; 26.58% | &nbsp;&nbsp; 13.01% | &nbsp;&nbsp; (11.77)% | &nbsp;&nbsp; 17.96% |
| Net Assets, End of Period (in thousands) | $1667619 | &nbsp;&nbsp; $1329182 | &nbsp;&nbsp; $1539840 | &nbsp;&nbsp; $1047057 | &nbsp;&nbsp; $839582 | &nbsp;&nbsp; $1079081 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.77% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.77% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Investment Income/(Loss) | 0.42% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp; 0.32% |
| Portfolio Turnover Rate | 16% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 32% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Global Life Sciences Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $71.33 | &nbsp;&nbsp; $80.53 | &nbsp;&nbsp; $66.48 | &nbsp;&nbsp; $59.02 | &nbsp;&nbsp; $73.69 | &nbsp;&nbsp; $67.41 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Net realized and unrealized gain/(loss) | 10.09 | &nbsp;&nbsp; (5.43) | &nbsp;&nbsp;&nbsp;&nbsp;16.72 | &nbsp;&nbsp;&nbsp;&nbsp;7.34 | &nbsp;&nbsp; (7.99) | &nbsp;&nbsp;&nbsp;&nbsp;11.62 |
| Total from Investment Operations | 10.28 | &nbsp;&nbsp; (5.14) | &nbsp;&nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;&nbsp;&nbsp;7.73 | &nbsp;&nbsp; (7.75) | &nbsp;&nbsp;&nbsp;&nbsp;11.93 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.43) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (0.84) |
| Distributions (from capital gains) | (3.33) | &nbsp;&nbsp; (3.71) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.95) | &nbsp;&nbsp; (4.81) |
| Total Dividends and Distributions | (3.76) | &nbsp;&nbsp; (4.06) | &nbsp;&nbsp; (3.00) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (6.92) | &nbsp;&nbsp; (5.65) |
| Net Asset Value, End of Period | $77.85 | &nbsp;&nbsp; $71.33 | &nbsp;&nbsp; $80.53 | &nbsp;&nbsp; $66.48 | &nbsp;&nbsp; $59.02 | &nbsp;&nbsp; $73.69 |
| Total Return<sup>\*</sup> <br>| 14.30% | &nbsp;&nbsp; (6.42)% | &nbsp;&nbsp; 26.71% | &nbsp;&nbsp; 13.10% | &nbsp;&nbsp; (11.68)% | &nbsp;&nbsp; 18.04% |
| Net Assets, End of Period (in thousands) | $197279 | &nbsp;&nbsp; $176454 | &nbsp;&nbsp; $445638 | &nbsp;&nbsp; $289363 | &nbsp;&nbsp; $138495 | &nbsp;&nbsp; $176576 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.67% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.67% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% |
| Ratio of Net Investment Income/(Loss) | 0.49% | &nbsp;&nbsp; 0.41% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.43% |
| Portfolio Turnover Rate | 16% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 32% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

14 \| March 31, 2026

------

**Janus Henderson Global Life Sciences Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $67.57 | &nbsp;&nbsp; $76.51 | &nbsp;&nbsp; $63.47 | &nbsp;&nbsp; $56.40 | &nbsp;&nbsp; $70.72 | &nbsp;&nbsp; $64.93 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.01) | &nbsp;&nbsp; (—) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.07) |
| Net realized and unrealized gain/(loss) | 9.56 | &nbsp;&nbsp; (5.23) | &nbsp;&nbsp;&nbsp;&nbsp;15.95 | &nbsp;&nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp; (7.66) | &nbsp;&nbsp;&nbsp;&nbsp;11.21 |
| Total from Investment Operations | 9.55 | &nbsp;&nbsp; (5.23) | &nbsp;&nbsp;&nbsp;&nbsp;15.89 | &nbsp;&nbsp;&nbsp;&nbsp;7.07 | &nbsp;&nbsp; (7.74) | &nbsp;&nbsp;&nbsp;&nbsp;11.14 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.18) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.54) |
| Distributions (from capital gains) | (3.33) | &nbsp;&nbsp; (3.71) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.95) | &nbsp;&nbsp; (4.81) |
| Total Dividends and Distributions | (3.51) | &nbsp;&nbsp; (3.71) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.58) | &nbsp;&nbsp; (5.35) |
| Net Asset Value, End of Period | $73.61 | &nbsp;&nbsp; $67.57 | &nbsp;&nbsp; $76.51 | &nbsp;&nbsp; $63.47 | &nbsp;&nbsp; $56.40 | &nbsp;&nbsp; $70.72 |
| Total Return<sup>\*</sup> <br>| 14.01% | &nbsp;&nbsp; (6.90)% | &nbsp;&nbsp; 26.06% | &nbsp;&nbsp; 12.54% | &nbsp;&nbsp; (12.13)% | &nbsp;&nbsp; 17.46% |
| Net Assets, End of Period (in thousands) | $26389 | &nbsp;&nbsp; $25104 | &nbsp;&nbsp; $30286 | &nbsp;&nbsp; $28027 | &nbsp;&nbsp; $24128 | &nbsp;&nbsp; $27575 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.18% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.17% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.17% |
| Ratio of Net Investment Income/(Loss) | (0.01)% | &nbsp;&nbsp; (0.00)% <br><sup>(3)</sup><br>| &nbsp;&nbsp; (0.09)% | &nbsp;&nbsp; 0.05% | &nbsp;&nbsp; (0.13)% | &nbsp;&nbsp; (0.09)% |
| Portfolio Turnover Rate | 16% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 32% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(3) Less than 0.005%.

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Global Life Sciences Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $70.93 | &nbsp;&nbsp; $80.07 | &nbsp;&nbsp; $66.17 | &nbsp;&nbsp; $58.72 | &nbsp;&nbsp; $73.33 | &nbsp;&nbsp; $67.11 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain/(loss) | 10.03 | &nbsp;&nbsp; (5.47) | &nbsp;&nbsp;&nbsp;&nbsp;16.66 | &nbsp;&nbsp;&nbsp;&nbsp;7.33 | &nbsp;&nbsp; (7.96) | &nbsp;&nbsp;&nbsp;&nbsp;11.60 |
| Total from Investment Operations | 10.13 | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp;&nbsp;&nbsp;16.80 | &nbsp;&nbsp;&nbsp;&nbsp;7.54 | &nbsp;&nbsp; (7.87) | &nbsp;&nbsp;&nbsp;&nbsp;11.72 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.31) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.69) |
| Distributions (from capital gains) | (3.33) | &nbsp;&nbsp; (3.71) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.95) | &nbsp;&nbsp; (4.81) |
| Total Dividends and Distributions | (3.64) | &nbsp;&nbsp; (3.86) | &nbsp;&nbsp; (2.90) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (6.74) | &nbsp;&nbsp; (5.50) |
| Net Asset Value, End of Period | $77.42 | &nbsp;&nbsp; $70.93 | &nbsp;&nbsp; $80.07 | &nbsp;&nbsp; $66.17 | &nbsp;&nbsp; $58.72 | &nbsp;&nbsp; $73.33 |
| Total Return<sup>\*</sup> <br>| 14.17% | &nbsp;&nbsp; (6.64)% | &nbsp;&nbsp; 26.40% | &nbsp;&nbsp; 12.85% | &nbsp;&nbsp; (11.89)% | &nbsp;&nbsp; 17.78% |
| Net Assets, End of Period (in thousands) | $1221876 | &nbsp;&nbsp; $1122915 | &nbsp;&nbsp; $1402150 | &nbsp;&nbsp; $1209195 | &nbsp;&nbsp; $1104248 | &nbsp;&nbsp; $1378342 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.91% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.90% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Investment Income/(Loss) | 0.26% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.17% |
| Portfolio Turnover Rate | 16% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 21% | &nbsp;&nbsp; 32% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

16 \| March 31, 2026

------

**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and Significant Accounting Policies**

Janus Henderson Global Life Sciences Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 34 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as

defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of

shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US

GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain

retirement platforms.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

Janus Investment Fund \| 17

------

**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements (unaudited)**

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement

with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an

agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended March 31, 2026. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

18 \| March 31, 2026

------

**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements (unaudited)**

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

The Fund's management has determined the Fund did not hold a significant amount of Level 3 securities as of

March 31, 2026.

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of

net assets represented by each class as a percentage of total net assets.

**Expenses**

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the

operations of such class.

**Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

Janus Investment Fund \| 19

------

**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements (unaudited)**

**Indemnifications**

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material

loss from such claims is considered remote.

**Foreign Currency Translations**

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge

could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change

in the next twelve months.

**2. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

20 \| March 31, 2026

------

**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**Private Investment in Public Equity**

Private investments in public equity ("PIPEs") are equity securities privately purchased from public companies (including special purpose acquisition companies) at a specified price. PIPEs generally are not registered with the SEC until after a certain time period from the date the private sale is completed. Until the public registration process is completed, PIPEs are restricted as to resale and the Fund cannot freely trade the securities. Generally, such restrictions cause the PIPEs to be illiquid during this time. PIPEs may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect. To the extent that they increase the supply of a company's stock in the market, PIPEs can potentially dilute the value of

existing shares.

**Restricted Security Transactions**

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets

exist.

**Counterparties**

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have

greater exposure to the risks associated with one or more counterparties.

**Securities Lending**

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in

Janus Investment Fund \| 21

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**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements (unaudited)**

the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations.

There were no securities on loan as of March 31, 2026.

**3. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund's

contractual investment advisory fee rate (expressed as an annual rate) is 0.64% of its average daily net assets.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $215,106 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2026. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction

22 \| March 31, 2026

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**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements (unaudited)**

confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the

Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net

assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds* | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion — $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for

reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the

Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2026, the Distributor retained

upfront sales charges of $17,812.

Janus Investment Fund \| 23

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**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements (unaudited)**

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class A Shares paid CDSCs of $5,580 to Janus Henderson

Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class C Shares

paid CDSCs of $795.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2026 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2026 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $37,088 were paid by the Trust to the Trustees under the

Deferred Plan during the period ended March 31, 2026.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2026 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

**4. Federal Income Tax**

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal

income tax purposes pursuant to Section 988 of the Internal Revenue Code.

24 \| March 31, 2026

------

**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements (unaudited)**

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2026 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships, and

investments in passive foreign investment companies.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $3238845278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2057452822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(113695547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1943757275 |

---

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended March 31, 2026* | *Period ended March 31, 2026* | *Year ended September 30, 2025* | *Year ended September 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 242540 | &nbsp;&nbsp; $18785926 | &nbsp;&nbsp; 704956 | &nbsp;&nbsp; $48428863 |
| Reinvested dividends and distributions | 134808 | &nbsp;&nbsp; 10470532 | &nbsp;&nbsp; 172500 | &nbsp;&nbsp; 12152644 |
| Shares repurchased | (552408) | &nbsp;&nbsp; (43326966) | &nbsp;&nbsp; (1051956) | &nbsp;&nbsp; (70617690) |
| Net Increase/(Decrease) | (175060) | &nbsp;&nbsp; $(14070508) | &nbsp;&nbsp; (174500) | &nbsp;&nbsp; $(10036183) |
| Class C Shares: |  |  |  |  |
| Shares sold | 70655 | &nbsp;&nbsp; $4718567 | &nbsp;&nbsp; 154670 | &nbsp;&nbsp; $9280260 |
| Reinvested dividends and distributions | 38004 | &nbsp;&nbsp; 2517771 | &nbsp;&nbsp; 61900 | &nbsp;&nbsp; 3761650 |
| Shares repurchased | (146442) | &nbsp;&nbsp; (9666648) | &nbsp;&nbsp; (478851) | &nbsp;&nbsp; (27827848) |
| Net Increase/(Decrease) | (37783) | &nbsp;&nbsp; $(2430310) | &nbsp;&nbsp; (262281) | &nbsp;&nbsp; $(14785938) |
| Class D Shares: |  |  |  |  |
| Shares sold | 304495 | &nbsp;&nbsp; $24469740 | &nbsp;&nbsp; 541436 | &nbsp;&nbsp; $38078424 |
| Reinvested dividends and distributions | 981016 | &nbsp;&nbsp; 78226235 | &nbsp;&nbsp; 1250348 | &nbsp;&nbsp; 90250081 |
| Shares repurchased | (1166143) | &nbsp;&nbsp; (93142481) | &nbsp;&nbsp; (3256858) | &nbsp;&nbsp; (225568487) |
| Net Increase/(Decrease) | 119368 | &nbsp;&nbsp; $9553494 | &nbsp;&nbsp; (1465074) | &nbsp;&nbsp; $(97239982) |
| Class I Shares: |  |  |  |  |
| Shares sold | 4343890 | &nbsp;&nbsp; $348869710 | &nbsp;&nbsp; 6468455 | &nbsp;&nbsp; $452496908 |
| Reinvested dividends and distributions | 699347 | &nbsp;&nbsp; 55877786 | &nbsp;&nbsp; 874513 | &nbsp;&nbsp; 63244751 |
| Shares repurchased | (2272942) | &nbsp;&nbsp; (181471359) | &nbsp;&nbsp; (7828181) | &nbsp;&nbsp; (543453445) |
| Net Increase/(Decrease) | 2770295 | &nbsp;&nbsp; $223276137 | &nbsp;&nbsp; (485213) | &nbsp;&nbsp; $(27711786) |
| Class N Shares: |  |  |  |  |
| Shares sold | 466228 | &nbsp;&nbsp; $37266899 | &nbsp;&nbsp; 905685 | &nbsp;&nbsp; $63589956 |
| Reinvested dividends and distributions | 109933 | &nbsp;&nbsp; 8748488 | &nbsp;&nbsp; 138132 | &nbsp;&nbsp; 9948281 |
| Shares repurchased | (515732) | &nbsp;&nbsp; (41531541) | &nbsp;&nbsp; (4103582) | &nbsp;&nbsp; (302957755) |
| Net Increase/(Decrease) | 60429 | &nbsp;&nbsp; $4483846 | &nbsp;&nbsp; (3059765) | &nbsp;&nbsp; $(229419518) |
| Class S Shares: |  |  |  |  |
| Shares sold | 29898 | &nbsp;&nbsp; $2282589 | &nbsp;&nbsp; 83305 | &nbsp;&nbsp; $5495122 |
| Reinvested dividends and distributions | 16933 | &nbsp;&nbsp; 1276271 | &nbsp;&nbsp; 20110 | &nbsp;&nbsp; 1377508 |
| Shares repurchased | (59866) | &nbsp;&nbsp; (4497351) | &nbsp;&nbsp; (127722) | &nbsp;&nbsp; (8646308) |
| Net Increase/(Decrease) | (13035) | &nbsp;&nbsp; $(938491) | &nbsp;&nbsp; (24307) | &nbsp;&nbsp; $(1773678) |
| Class T Shares: |  |  |  |  |
| Shares sold | 749465 | &nbsp;&nbsp; $59476337 | &nbsp;&nbsp; 1063966 | &nbsp;&nbsp; $74583123 |
| Reinvested dividends and distributions | 702647 | &nbsp;&nbsp; 55649639 | &nbsp;&nbsp; 911891 | &nbsp;&nbsp; 65428172 |
| Shares repurchased | (1501097) | &nbsp;&nbsp; (119087841) | &nbsp;&nbsp; (3655192) | &nbsp;&nbsp; (251722519) |
| Net Increase/(Decrease) | (48985) | &nbsp;&nbsp; $(3961865) | &nbsp;&nbsp; (1679335) | &nbsp;&nbsp; $(111711224) |

---

**6. Purchases and Sales of Investment Securities**

For the period ended March 31, 2026, 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>|
| $835016962 | &nbsp;&nbsp;&nbsp;&nbsp; $849150053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

Janus Investment Fund \| 25

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**Janus Henderson Global Life Sciences Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, and client consents. The

shareholders of Janus Henderson Group, plc approved the acquisition on April 16, 2026.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2026 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements other than the following:

At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

26 \| March 31, 2026

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**Janus Henderson Global Life Sciences Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analyses provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

Janus Investment Fund \| 27

------

**Janus Henderson Global Life Sciences Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract and retain well-qualified personnel.

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

28 \| March 31, 2026

------

**Janus Henderson Global Life Sciences Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund \| 29

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**Janus Henderson Global Life Sciences Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

30 \| March 31, 2026

------

**Janus Henderson Global Life Sciences Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

Janus Investment Fund \| 31

------

**Janus Henderson Global Life Sciences Fund**

**Additional Information (unaudited)**

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as identified by Broadridge using Morningstar category schema. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance or service being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, recent fee reductions, investment structure changes, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

32 \| March 31, 2026

------

**Janus Henderson Global Life Sciences Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 33

------

**Janus Henderson Global Life Sciences Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

34 \| March 31, 2026

------

**Janus Henderson Global Life Sciences Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 35

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**Janus Henderson Global Life Sciences Fund**

**Additional Information (unaudited)**

other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They

36 \| March 31, 2026

------

**Janus Henderson Global Life Sciences Fund**

**Additional Information (unaudited)**

concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 37

------

![](img71907f252.gif)

*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93043 05-26

------

SEMIANNUAL FINANCIAL STATEMENTS

March 31, 2026

**Janus Henderson Global Real Estate Fund**

Janus Investment Fund

![](img0e3eddb21.gif)

------

**Table of Contents**

**Janus Henderson Global Real Estate Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_b909217a-db1a-4b99-88fe-e5b2b6af0476_SOI-SOI-RunningFooter-10_1)<br> [Management Investment Companies](#xx_b909217a-db1a-4b99-88fe-e5b2b6af0476_SOI-SOI-RunningFooter-10_1)<br>|  |
| [Schedule of Investments](#xx_b909217a-db1a-4b99-88fe-e5b2b6af0476_SOI-SOI-RunningFooter-10_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_b909217a-db1a-4b99-88fe-e5b2b6af0476_SOI-SOI-RunningFooter-10_4) | 4 |
| [Statement of Assets and Liabilities](#xx_b909217a-db1a-4b99-88fe-e5b2b6af0476_SAL-SAL-RunningFooter-10_1) | 5 |
| [Statement of Operations](#xx_b909217a-db1a-4b99-88fe-e5b2b6af0476_SOP-SOP-RunningFooter-10_1) | 7 |
| [Statements of Changes in Net Assets](#xx_b909217a-db1a-4b99-88fe-e5b2b6af0476_SOC-SOC-RunningFooter-10_1) | 8 |
| [Financial Highlights](#xx_b909217a-db1a-4b99-88fe-e5b2b6af0476_FIHI-FIHI-RunningFooter-10_1) | 9 |
| [Notes to Financial Statements](#xx_b909217a-db1a-4b99-88fe-e5b2b6af0476_NTF-NTF-RunningFooter-10_1) | 16 |
| [Items 8-11 - Additional Information](#xx_b909217a-db1a-4b99-88fe-e5b2b6af0476_AI-AI-RunningFooter-10_1) | 27 |

---

------

**Janus Henderson Global Real Estate Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 97.0% |  |  |
| Equity Real Estate Investment Trusts (REITs) – 4.2% |  |  |
| British Land Co PLC | 428380 | $2047889 |
| GPT Group | 1211855 | 3804057 |
| Merlin Properties Socimi SA | 249461 | 4057598 |
| United Urban Investment Corp | 3342 | 3606313 |
|  |  | 13515857 |
| Health Care Real Estate Investment Trusts (REITs) – 15.7% |  |  |
| Aedifica SA | 36000 | 2905899 |
| Janus Living Inc - Class A<sup>\*</sup> <br>| 145680 | 3433677 |
| Sabra Health Care Inc | 346934 | 6671541 |
| Ventas Inc | 154259 | 12615301 |
| Welltower Inc | 123139 | 24345812 |
|  |  | 49972230 |
| Hotels, Restaurants & Leisure – 2.1% |  |  |
| Accor SA | 24000 | 1149742 |
| Hilton Worldwide Holdings Inc | 18556 | 5642508 |
|  |  | 6792250 |
| Household Durables – 1.2% |  |  |
| DR Horton Inc | 28795 | 3951250 |
| Industrial Real Estate Investment Trusts (REITs) – 13.4% |  |  |
| Goodman Group | 438927 | 7812030 |
| Prologis Inc | 175911 | 23251916 |
| Segro PLC | 280000 | 2434603 |
| Terreno Realty Corp | 106703 | 6553698 |
| Tritax Big Box PLC | 1470157 | 2771528 |
|  |  | 42823775 |
| Office Real Estate Investment Trusts (REITs) – 3.0% |  |  |
| Helical PLC | 550000 | 1276454 |
| Highwoods Properties Inc | 239731 | 5132641 |
| Japan Real Estate Investment Corp<sup>#</sup> <br>| 4215 | 3104869 |
|  |  | 9513964 |
| Real Estate Management & Development – 18.4% |  |  |
| Capitaland Investment Ltd/Singapore | 1487700 | 3171906 |
| Catena AB | 29000 | 1362119 |
| CBRE Group Inc<sup>\*</sup> <br>| 48456 | 6563850 |
| Centurion Accommodation | 2913152 | 2508706 |
| China Resources Land Ltd | 2113500 | 7908725 |
| CTP NV<sup>ž</sup> <br>| 127138 | 2139339 |
| Fastighets AB Balder - Class B<sup>\*</sup> <br>| 495000 | 2912809 |
| Hongkong Land Holdings Ltd<sup>\*</sup> <br>| 646500 | 5056569 |
| Mitsubishi Estate Co Ltd | 177651 | 4916305 |
| Mitsui Fudosan Co Ltd | 488000 | 5165754 |
| Sumitomo Realty & Development Co Ltd | 179800 | 5055505 |
| Sun Hung Kai Properties Ltd | 343500 | 5822098 |
| TAG Immobilien AG | 106619 | 1667271 |
| VGP NV | 22294 | 2155414 |
| Vonovia SE | 86627 | 2157103 |
|  |  | 58563473 |
| Residential Real Estate Investment Trusts (REITs) – 4.4% |  |  |
| Comforia Residential Inc | 4012 | 2743076 |
| Equity LifeStyle Properties Inc | 79046 | 4934051 |
| Mid-America Apartment Communities Inc | 53154 | 6491167 |
|  |  | 14168294 |
| Retail Real Estate Investment Trusts (REITs) – 16.4% |  |  |
| Agree Realty Corp | 74645 | 5626740 |
| CapitaLand Integrated Commercial Trust | 1942150 | 3488887 |
| Federal Realty Investment Trust | 60480 | 6423581 |
| Japan Retail Fund Investment Corp | 5958 | 4194698 |
| Link | 706400 | 3270759 |
| Macerich Co | 306505 | 5792945 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Global Real Estate Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Retail Real Estate Investment Trusts (REITs) – (continued) |  |  |
| NetSTREIT Corp | 323296 | $6087664 |
| Scentre Group | 1520079 | 3506255 |
| Simon Property Group Inc | 44795 | 8355611 |
| Unibail-Rodamco-Westfield<sup>\*</sup> <br>| 48550 | 5425430 |
|  |  | 52172570 |
| Specialized Real Estate Investment Trusts (REITs) – 18.2% |  |  |
| CubeSmart | 120496 | 4416178 |
| Digital Realty Trust Inc | 86161 | 15527074 |
| Equinix Inc | 19469 | 19084292 |
| Keppel DC | 957932 | 1630356 |
| Lamar Advertising Co | 38374 | 4860451 |
| Public Storage | 39312 | 10648834 |
| Safestore Holdings PLC | 213605 | 1801496 |
|  |  | 57968681 |
| Total Common Stocks (cost $273,435,584) |  | 309442344 |
| Investment Companies – 2.6% |  |  |
| Money Markets – 2.6% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº,</sup><sup>£</sup> (cost $8,325,010) | 8324370 | 8324370 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.5% |  |  |
| Investment Companies – 0.4% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº,</sup><sup>£</sup> <br>| 1226880 | 1226880 |
| Time Deposits – 0.1% |  |  |
| Royal Bank of Canada, 3.6500%, 4/1/26 | $306720 | 306720 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $1,533,601) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $1,533,601) | 1533600 |
| Total Investments (total cost $283,294,195) – 100.1% |  | 319300314 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.1)% |  | (308004) |
| Net Assets – 100% |  | $318992310 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $206268752 | &nbsp;&nbsp;&nbsp;&nbsp; 64.6<br> %<br>|
| Japan | 28786520 | &nbsp;&nbsp;&nbsp;&nbsp;9.0 |
| Australia | 15122342 | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Hong Kong | 14149426 | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Singapore | 10799855 | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| United Kingdom | 10331970 | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| China | 7908725 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| France | 6575172 | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Belgium | 5061313 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Sweden | 4274928 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Spain | 4057598 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Germany | 3824374 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Netherlands | 2139339 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Total | $319300314 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| March 31, 2026

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**Janus Henderson Global Real Estate Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*3/31/26*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 2.6% | Investment Companies - 2.6% | Investment Companies - 2.6% | Investment Companies - 2.6% | Investment Companies - 2.6% | Investment Companies - 2.6% | Investment Companies - 2.6% | Investment Companies - 2.6% | Investment Companies - 2.6% |
| Money Markets - 2.6% | Money Markets - 2.6% | Money Markets - 2.6% | Money Markets - 2.6% | Money Markets - 2.6% | Money Markets - 2.6% | Money Markets - 2.6% | Money Markets - 2.6% | Money Markets - 2.6% |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  |
|  | $3987688 | $72485851 | $(68147788) | $(741) | $(640) | $8324370 | 8324370 | $84042 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% | Investments Purchased with Cash Collateral from Securities Lending - 0.4% |
| Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% | Investment Companies - 0.4% |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  |
|  | 2232153 | 25331474 | (26336747) | - | - | 1226880 | 1226880 | 7240 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 3.0% | Total Affiliated Investments - 3.0% | Total Affiliated Investments - 3.0% | Total Affiliated Investments - 3.0% | Total Affiliated Investments - 3.0% | Total Affiliated Investments - 3.0% | Total Affiliated Investments - 3.0% | Total Affiliated Investments - 3.0% | Total Affiliated Investments - 3.0% |
|  | $6219841 | $97817325 | $(94484535) | $(741) | $(640) | $9551250 | 9551250 | $91282 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $1473247 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1473247) | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the amount of assets or liabilities that could be offset with the same
 counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Collateral pledged is limited to the net outstanding amount due to/from an individual
 counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

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**Janus Henderson Global Real Estate Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

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 period ended March 31, 2026 is <br> $2,139,339, which represents 0.7% of net assets.<br>|
| Non-income producing security. |
| Rate shown is the 7-day yield as of March 31, 2026. |
| Loaned security; a portion of the security is on loan at March 31, 2026. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial

instruments as of March 31, 2026. 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* |  |  |  |
| Equity Real Estate Investment Trusts (REITs) | $- | &nbsp;&nbsp; $13515857 | &nbsp;&nbsp; $- |
| Health Care Real Estate Investment Trusts (REITs) | 47066331 | &nbsp;&nbsp; 2905899 | &nbsp;&nbsp; - |
| Hotels, Restaurants & Leisure | 5642508 | &nbsp;&nbsp; 1149742 | &nbsp;&nbsp; - |
| Household Durables | 3951250 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Industrial Real Estate Investment Trusts (REITs) | 29805614 | &nbsp;&nbsp; 13018161 | &nbsp;&nbsp; - |
| Office Real Estate Investment Trusts (REITs) | 5132641 | &nbsp;&nbsp; 4381323 | &nbsp;&nbsp; - |
| Real Estate Management & Development | 6563850 | &nbsp;&nbsp; 51999623 | &nbsp;&nbsp; - |
| Residential Real Estate Investment Trusts (REITs) | 11425218 | &nbsp;&nbsp; 2743076 | &nbsp;&nbsp; - |
| Retail Real Estate Investment Trusts (REITs) | 32286541 | &nbsp;&nbsp; 19886029 | &nbsp;&nbsp; - |
| Specialized Real Estate Investment Trusts (REITs) | 54536829 | &nbsp;&nbsp; 3431852 | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 8324370 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 1533600 | &nbsp;&nbsp; - |
| **Total Assets** | $196410782 | &nbsp;&nbsp; $122889532 | &nbsp;&nbsp; $- |

---

4 \| March 31, 2026

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**Janus Henderson Global Real Estate Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $273,742,305)<sup>(1)</sup> <br>| $309749064 |
| Affiliated investments, at value (cost $9,551,890) | 9551250 |
| Cash denominated in foreign currency (cost $73,411) | 73411 |
| Trustees' deferred compensation | 10065 |
| Receivables: |  |
| Investments sold | 5907860 |
| Dividends | 822248 |
| Foreign tax reclaims | 423000 |
| Fund shares sold | 233014 |
| Dividends from affiliates | 17525 |
| Other assets | 10761 |
| Total Assets | 326798198 |
| Liabilities: |  |
| Collateral for securities loaned (Note 2) | 1533600 |
| Payables: |  |
| Investments purchased | 5626900 |
| Fund shares repurchased | 287365 |
| Advisory fees | 160113 |
| Professional fees | 49826 |
| Transfer agent fees and expenses | 36614 |
| Dividends | 29537 |
| Trustees' deferred compensation fees | 10065 |
| 12b-1 Distribution and shareholder servicing fees | 4285 |
| Custodian fees | 1807 |
| Trustees' fees and expenses | 1619 |
| Affiliated fund administration fees payable | 696 |
| Accrued expenses and other payables | 63461 |
| Total Liabilities | 7805888 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $318992310 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 5

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**Janus Henderson Global Real Estate Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $352571873 |
| Total distributable earnings (loss) | (33579563) |
| Total Net Assets | $318992310 |
| Net Assets - Class A Shares | $9095005 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 737902 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $12.33 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $13.08 |
| Net Assets - Class C Shares | $995754 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 83029 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $11.99 |
| Net Assets - Class D Shares | $33437456 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2687494 |
| Net Asset Value Per Share | $12.44 |
| Net Assets - Class I Shares | $165291472 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 13303801 |
| Net Asset Value Per Share | $12.42 |
| Net Assets - Class N Shares | $56862747 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 4574674 |
| Net Asset Value Per Share | $12.43 |
| Net Assets - Class S Shares | $6397967 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 521633 |
| Net Asset Value Per Share | $12.27 |
| Net Assets - Class T Shares | $46911909 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3777398 |
| Net Asset Value Per Share | $12.42 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $1,473,247 of securities on loan. See Note 2 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

6 \| March 31, 2026

------

**Janus Henderson Global Real Estate Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $4283887 |
| Dividends from affiliates | 84042 |
| Affiliated securities lending income, net | 7240 |
| Unaffiliated securities lending income, net | 1855 |
| Other income | 2292 |
| Foreign tax withheld | (134197) |
| Total Investment Income | 4245119 |
| Expenses: |  |
| Advisory fees | 879318 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 12922 |
| Class C Shares | 5340 |
| Class S Shares | 7905 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 17806 |
| Class S Shares | 7913 |
| Class T Shares | 59410 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 3943 |
| Class C Shares | 671 |
| Class I Shares | 73615 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 392 |
| Class C Shares | 41 |
| Class D Shares | 5159 |
| Class I Shares | 2691 |
| Class N Shares | 1962 |
| Class S Shares | 81 |
| Class T Shares | 354 |
| Registration fees | 90651 |
| Professional fees | 34810 |
| Shareholder reports expense | 11754 |
| Custodian fees | 9783 |
| Affiliated fund administration fees | 3987 |
| Trustees' fees and expenses | 3546 |
| Other expenses | 64511 |
| Total Expenses | 1298565 |
| Less: Excess Expense Reimbursement and Waivers | (2824) |
| Net Expenses | 1295741 |
| Net Investment Income/(Loss) | 2949378 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 8165804 |
| Investments in affiliates | (741) |
| Total Net Realized Gain/(Loss) on Investments | 8165063 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (2225459) |
| Investments in affiliates | (640) |
| Total Change in Unrealized Net Appreciation/Depreciation | (2226099) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $8888342 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Global Real Estate Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*March 31, 2026* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $2949378 | &nbsp;&nbsp; $7404802 |
| Net realized gain/(loss) on investments | 8165063 | &nbsp;&nbsp; 2895470 |
| Change in unrealized net appreciation/depreciation | (2226099) | &nbsp;&nbsp; (24640775) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 8888342 | &nbsp;&nbsp; (14340503) |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (127496) | &nbsp;&nbsp; (329367) |
| Class C Shares | (9846) | &nbsp;&nbsp; (42463) |
| Class D Shares | (414561) | &nbsp;&nbsp; (1059322) |
| Class I Shares | (1923154) | &nbsp;&nbsp; (4939875) |
| Class N Shares | (986881) | &nbsp;&nbsp; (2158278) |
| Class S Shares | (68479) | &nbsp;&nbsp; (173108) |
| Class T Shares | (577817) | &nbsp;&nbsp; (1545827) |
| Net Decrease from Dividends and Distributions to Shareholders | (4108234) | &nbsp;&nbsp; (10248240) |
| Capital Share Transactions: |  |  |
| Class A Shares | (2165672) | &nbsp;&nbsp; (824971) |
| Class C Shares | (591386) | &nbsp;&nbsp; (684762) |
| Class D Shares | (774688) | &nbsp;&nbsp; (4371672) |
| Class I Shares | 12663472 | &nbsp;&nbsp; (30978621) |
| Class N Shares | 1765215 | &nbsp;&nbsp; (46624468) |
| Class S Shares | 124272 | &nbsp;&nbsp; (770312) |
| Class T Shares | (2183415) | &nbsp;&nbsp; (11160356) |
| Net Increase/(Decrease) from Capital Share Transactions | 8837798 | &nbsp;&nbsp; (95415162) |
| Net Increase/(Decrease) in Net Assets | 13617906 | &nbsp;&nbsp; (120003905) |
| Net Assets: |  |  |
| Beginning of period | 305374404 | &nbsp;&nbsp; 425378309 |
| End of period | $318992310 | &nbsp;&nbsp; $305374404 |

---

See Notes to Financial Statements.

8 \| March 31, 2026

------

**Janus Henderson Global Real Estate Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, 2026 <br> (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.20 | &nbsp;&nbsp; $12.78 | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $14.65 | &nbsp;&nbsp; $12.18 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain/(loss) | 0.17 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp; (0.08) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (3.55) | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| Total from Investment Operations | 0.27 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp; (3.34) | &nbsp;&nbsp;&nbsp;&nbsp;2.70 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.14) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.23) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.14) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.23) |
| Net Asset Value, End of Period | $12.33 | &nbsp;&nbsp; $12.20 | &nbsp;&nbsp; $12.78 | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $14.65 |
| Total Return<sup>\*</sup> <br>| 2.29% | &nbsp;&nbsp; (1.71)% | &nbsp;&nbsp; 25.87% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; (24.19)% | &nbsp;&nbsp; 22.32% |
| Net Assets, End of Period (in thousands) | $9095 | &nbsp;&nbsp; $11134 | &nbsp;&nbsp; $12584 | &nbsp;&nbsp; $9944 | &nbsp;&nbsp; $11566 | &nbsp;&nbsp; $15294 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.04% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.23% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.04% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.23% |
| Ratio of Net Investment Income/(Loss) | 1.54% | &nbsp;&nbsp; 2.08% | &nbsp;&nbsp; 2.31% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 2.25% |
| Portfolio Turnover Rate | 43% | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 68% | &nbsp;&nbsp; 77% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The amount shown does not correlate with the change in the aggregate gains and losses in the Fund's securities for the year or period due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's securities. 

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Global Real Estate Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, 2026 <br> (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $11.88 | &nbsp;&nbsp; $12.48 | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp; $10.28 | &nbsp;&nbsp; $14.34 | &nbsp;&nbsp; $11.98 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain/(loss) | 0.18 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp; (0.07) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (3.46) | &nbsp;&nbsp;&nbsp;&nbsp;2.37 |
| Total from Investment Operations | 0.22 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp;&nbsp;2.55 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.11) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.19) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.11) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp; (0.19) |
| Net Asset Value, End of Period | $11.99 | &nbsp;&nbsp; $11.88 | &nbsp;&nbsp; $12.48 | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp; $10.28 | &nbsp;&nbsp; $14.34 |
| Total Return<sup>\*</sup> <br>| 1.89% | &nbsp;&nbsp; (2.52)% | &nbsp;&nbsp; 24.87% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; (24.81)% | &nbsp;&nbsp; 21.34% |
| Net Assets, End of Period (in thousands) | $996 | &nbsp;&nbsp; $1578 | &nbsp;&nbsp; $2404 | &nbsp;&nbsp; $3249 | &nbsp;&nbsp; $4548 | &nbsp;&nbsp; $6766 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 2.04% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 1.83% | &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 2.03% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.80% | &nbsp;&nbsp; 1.75% | &nbsp;&nbsp; 1.79% | &nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 2.03% |
| Ratio of Net Investment Income/(Loss) | 0.71% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 1.31% |
| Portfolio Turnover Rate | 43% | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 68% | &nbsp;&nbsp; 77% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The amount shown does not correlate with the change in the aggregate gains and losses in the Fund's securities for the year or period due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's securities. 

See Notes to Financial Statements.

10 \| March 31, 2026

------

**Janus Henderson Global Real Estate Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.31 | &nbsp;&nbsp; $12.90 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp; $14.77 | &nbsp;&nbsp; $12.26 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain/(loss) | 0.18 | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp; (0.08) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (3.58) | &nbsp;&nbsp;&nbsp;&nbsp;2.41 |
| Total from Investment Operations | 0.29 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (3.34) | &nbsp;&nbsp;&nbsp;&nbsp;2.75 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.16) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.24) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.16) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp; (0.24) |
| Net Asset Value, End of Period | $12.44 | &nbsp;&nbsp; $12.31 | &nbsp;&nbsp; $12.90 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $10.62 | &nbsp;&nbsp; $14.77 |
| Total Return<sup>\*</sup> <br>| 2.38% | &nbsp;&nbsp; (1.61)% | &nbsp;&nbsp; 26.15% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; (24.05)% | &nbsp;&nbsp; 22.59% |
| Net Assets, End of Period (in thousands) | $33437 | &nbsp;&nbsp; $33938 | &nbsp;&nbsp; $40373 | &nbsp;&nbsp; $37677 | &nbsp;&nbsp; $44666 | &nbsp;&nbsp; $58872 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.85% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.06% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.85% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.06% |
| Ratio of Net Investment Income/(Loss) | 1.80% | &nbsp;&nbsp; 2.24% | &nbsp;&nbsp; 2.49% | &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 2.41% |
| Portfolio Turnover Rate | 43% | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 68% | &nbsp;&nbsp; 77% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The amount shown does not correlate with the change in the aggregate gains and losses in the Fund's securities for the year or period due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's securities. 

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Global Real Estate Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.29 | &nbsp;&nbsp; $12.88 | &nbsp;&nbsp; $10.51 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $14.75 | &nbsp;&nbsp; $12.25 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain/(loss) | 0.17 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp; (0.07) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (3.58) | &nbsp;&nbsp;&nbsp;&nbsp;2.41 |
| Total from Investment Operations | 0.29 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp; (3.34) | &nbsp;&nbsp;&nbsp;&nbsp;2.75 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.16) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.25) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.16) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp; (0.25) |
| Net Asset Value, End of Period | $12.42 | &nbsp;&nbsp; $12.29 | &nbsp;&nbsp; $12.88 | &nbsp;&nbsp; $10.51 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $14.75 |
| Total Return<sup>\*</sup> <br>| 2.42% | &nbsp;&nbsp; (1.54)% | &nbsp;&nbsp; 26.17% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; (24.04)% | &nbsp;&nbsp; 22.56% |
| Net Assets, End of Period (in thousands) | $165291 | &nbsp;&nbsp; $151287 | &nbsp;&nbsp; $192605 | &nbsp;&nbsp; $241439 | &nbsp;&nbsp; $383144 | &nbsp;&nbsp; $551129 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.78% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.00% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.78% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.00% |
| Ratio of Net Investment Income/(Loss) | 1.90% | &nbsp;&nbsp; 2.28% | &nbsp;&nbsp; 2.57% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 2.44% |
| Portfolio Turnover Rate | 43% | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 68% | &nbsp;&nbsp; 77% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The amount shown does not correlate with the change in the aggregate gains and losses in the Fund's securities for the year or period due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's securities. 

See Notes to Financial Statements.

12 \| March 31, 2026

------

**Janus Henderson Global Real Estate Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.30 | &nbsp;&nbsp; $12.88 | &nbsp;&nbsp; $10.51 | &nbsp;&nbsp; $10.61 | &nbsp;&nbsp; $14.76 | &nbsp;&nbsp; $12.24 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain/(loss) | 0.18 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp; (0.09) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (3.58) | &nbsp;&nbsp;&nbsp;&nbsp;2.42 |
| Total from Investment Operations | 0.30 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp; (3.32) | &nbsp;&nbsp;&nbsp;&nbsp;2.77 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.17) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.25) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.17) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (0.25) |
| Net Asset Value, End of Period | $12.43 | &nbsp;&nbsp; $12.30 | &nbsp;&nbsp; $12.88 | &nbsp;&nbsp; $10.51 | &nbsp;&nbsp; $10.61 | &nbsp;&nbsp; $14.76 |
| Total Return<sup>\*</sup> <br>| 2.46% | &nbsp;&nbsp; (1.39)% | &nbsp;&nbsp; 26.30% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; (23.94)% | &nbsp;&nbsp; 22.80% |
| Net Assets, End of Period (in thousands) | $56863 | &nbsp;&nbsp; $52634 | &nbsp;&nbsp; $106918 | &nbsp;&nbsp; $96342 | &nbsp;&nbsp; $82484 | &nbsp;&nbsp; $114928 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.69% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.69% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Investment Income/(Loss) | 1.96% | &nbsp;&nbsp; 2.29% | &nbsp;&nbsp; 2.66% | &nbsp;&nbsp; 2.22% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 2.49% |
| Portfolio Turnover Rate | 43% | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 68% | &nbsp;&nbsp; 77% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The amount shown does not correlate with the change in the aggregate gains and losses in the Fund's securities for the year or period due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's securities. 

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Global Real Estate Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, 2026 <br> (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.14 | &nbsp;&nbsp; $12.73 | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $10.48 | &nbsp;&nbsp; $14.59 | &nbsp;&nbsp; $12.15 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net realized and unrealized gain/(loss) | 0.18 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp; (0.08) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (3.54) | &nbsp;&nbsp;&nbsp;&nbsp;2.37 |
| Total from Investment Operations | 0.27 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp; (3.35) | &nbsp;&nbsp;&nbsp;&nbsp;2.66 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.14) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.22) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.14) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp; (0.22) |
| Net Asset Value, End of Period | $12.27 | &nbsp;&nbsp; $12.14 | &nbsp;&nbsp; $12.73 | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $10.48 | &nbsp;&nbsp; $14.59 |
| Total Return<sup>\*</sup> <br>| 2.24% | &nbsp;&nbsp; (1.96)% | &nbsp;&nbsp; 25.67% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; (24.37)% | &nbsp;&nbsp; 22.03% |
| Net Assets, End of Period (in thousands) | $6398 | &nbsp;&nbsp; $6211 | &nbsp;&nbsp; $7358 | &nbsp;&nbsp; $7085 | &nbsp;&nbsp; $7238 | &nbsp;&nbsp; $9178 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.23% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 1.43% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.21% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.43% |
| Ratio of Net Investment Income/(Loss) | 1.44% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp; 2.14% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 2.06% |
| Portfolio Turnover Rate | 43% | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 68% | &nbsp;&nbsp; 77% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The amount shown does not correlate with the change in the aggregate gains and losses in the Fund's securities for the year or period due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's securities. 

See Notes to Financial Statements.

14 \| March 31, 2026

------

**Janus Henderson Global Real Estate Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $12.29 | &nbsp;&nbsp; $12.87 | &nbsp;&nbsp; $10.50 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $14.75 | &nbsp;&nbsp; $12.25 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain/(loss) | 0.17 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp; (0.09) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (3.59) | &nbsp;&nbsp;&nbsp;&nbsp;2.42 |
| Total from Investment Operations | 0.28 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp;&nbsp;2.74 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.15) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.24) |
| Distributions (from capital gains) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.15) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.24) |
| Net Asset Value, End of Period | $12.42 | &nbsp;&nbsp; $12.29 | &nbsp;&nbsp; $12.87 | &nbsp;&nbsp; $10.50 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $14.75 |
| Total Return<sup>\*</sup> <br>| 2.34% | &nbsp;&nbsp; (1.61)% | &nbsp;&nbsp; 26.02% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; (24.15)% | &nbsp;&nbsp; 22.49% |
| Net Assets, End of Period (in thousands) | $46912 | &nbsp;&nbsp; $48592 | &nbsp;&nbsp; $63136 | &nbsp;&nbsp; $66270 | &nbsp;&nbsp; $87895 | &nbsp;&nbsp; $121737 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.94% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.14% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.94% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.14% |
| Ratio of Net Investment Income/(Loss) | 1.70% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 2.42% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 2.30% |
| Portfolio Turnover Rate | 43% | &nbsp;&nbsp; 61% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 68% | &nbsp;&nbsp; 77% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) The amount shown does not correlate with the change in the aggregate gains and losses in the Fund's securities for the year or period due to the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund's securities. 

See Notes to Financial Statements.

Janus Investment Fund \| 15

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**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and Significant Accounting Policies**

Janus Henderson Global Real Estate Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 34 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks total return through a combination of capital appreciation and current income. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is

the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of

shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US

GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain

retirement platforms.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

16 \| March 31, 2026

------

**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements (unaudited)**

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement

with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an

agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended March 31, 2026. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

Janus Investment Fund \| 17

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**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements (unaudited)**

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of

net assets represented by each class as a percentage of total net assets.

**Expenses**

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the

operations of such class.

**Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

**Indemnifications**

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material

loss from such claims is considered remote.

18 \| March 31, 2026

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**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements (unaudited)**

**Foreign Currency Translations**

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

Dividends of net investment income are generally declared and distributed quarterly, and realized capital gains (if any) are distributed annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations,

and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change

in the next twelve months.

**2. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

Janus Investment Fund \| 19

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**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements (unaudited)**

**Real Estate Investing**

The Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, corporate bonds, preferred stocks, and other equity securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of REITs and similar REIT-like entities. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity,

mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded OTC.

**Counterparties**

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have

greater exposure to the risks associated with one or more counterparties.

**Securities Lending**

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05%

20 \| March 31, 2026

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**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements (unaudited)**

for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of March 31, 2026, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $1,473,247. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2026 is $1,533,600, resulting in the net

amount due to the counterparty of $60,353.

**Offsetting Assets and Liabilities**

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of

instrument, see the Fund's Schedule of Investments.

**3. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee rate that may adjust up or down based on the Fund's

performance relative to its benchmark index.

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund's average daily net assets during the previous month (the "Base Fee Rate"), plus or minus (2) a performance-fee adjustment (the "Performance Adjustment") calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund's average daily net assets based on the Fund's relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund's Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund's Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.75%, and the Fund's benchmark index used in the calculation is the FTSE EPRA Nareit Global Index.

No Performance Adjustment is applied unless the difference between the Fund's investment performance and the cumulative investment record of the Fund's benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund's full performance rate of ±4.00%. Because the Performance Adjustment is tied to a Fund's relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser's fee even if the Fund's Shares lose value during the performance measurement period and could decrease the Adviser's fee even if the Fund's Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated

Janus Investment Fund \| 21

------

**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements (unaudited)**

net of expenses whereas the Fund's benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund's benchmark index.

The Fund's prospectus and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the period ended March 31, 2026, the performance adjusted investment advisory fee

rate before any waivers and/or reimbursements of expenses is 0.55%.

The Adviser has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, "HGIL"), pursuant to which HGIL and certain employees of HGIL serve as "associated persons" of the Adviser. In this capacity, such employees of HGIL are subject to the oversight and supervision of the Adviser and may

provide portfolio management, research, and related services to the Fund on behalf of the Adviser.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.91% for at least a one-year period commencing on January 28, 2026. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess

Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $215,106 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2026. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the

Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net

assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds* | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion — $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee

22 \| March 31, 2026

------

**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements (unaudited)**

to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for

reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the

Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2026, the Distributor retained

upfront sales charges of $93.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no

CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended March 31, 2026.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class C Shares

paid CDSCs of $235.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2026 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

Janus Investment Fund \| 23

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**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements (unaudited)**

"Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2026 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $37,088 were paid by the Trust to the Trustees under the

Deferred Plan during the period ended March 31, 2026.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2026 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

**4. Federal Income Tax**

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal

income tax purposes pursuant to Section 988 of the Internal Revenue Code.

Accumulated capital losses noted below represent net capital loss carryovers, as of September 30, 2025, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table

shows these capital loss carryovers.

---

| | | |
|:---|:---|:---|
| *Capital Loss Carryover Schedule* | *Capital Loss Carryover Schedule* |  |
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |  |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | &nbsp;&nbsp; Accumulated <br>Capital Losses<br>|
| $(57150514) | &nbsp;&nbsp; $(15999437) | &nbsp;&nbsp; $(73149951) |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2026 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships, and

investments in passive foreign investment companies.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $288646719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40509147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(9855552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30653595 |

---

24 \| March 31, 2026

------

**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended March 31, 2026* | *Period ended March 31, 2026* | *Year ended September 30, 2025* | *Year ended September 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 37050 | &nbsp;&nbsp; $464086 | &nbsp;&nbsp; 91626 | &nbsp;&nbsp; $1079192 |
| Reinvested dividends and distributions | 9578 | &nbsp;&nbsp; 113449 | &nbsp;&nbsp; 24586 | &nbsp;&nbsp; 294326 |
| Shares repurchased | (221738) | &nbsp;&nbsp; (2743207) | &nbsp;&nbsp; (187755) | &nbsp;&nbsp; (2198489) |
| Net Increase/(Decrease) | (175110) | &nbsp;&nbsp; $(2165672) | &nbsp;&nbsp; (71543) | &nbsp;&nbsp; $(824971) |
| Class C Shares: |  |  |  |  |
| Shares sold | 10837 | &nbsp;&nbsp; $138206 | &nbsp;&nbsp; 5889 | &nbsp;&nbsp; $67022 |
| Reinvested dividends and distributions | 842 | &nbsp;&nbsp; 9719 | &nbsp;&nbsp; 3583 | &nbsp;&nbsp; 41830 |
| Shares repurchased | (61467) | &nbsp;&nbsp; (739311) | &nbsp;&nbsp; (69331) | &nbsp;&nbsp; (793614) |
| Net Increase/(Decrease) | (49788) | &nbsp;&nbsp; $(591386) | &nbsp;&nbsp; (59859) | &nbsp;&nbsp; $(684762) |
| Class D Shares: |  |  |  |  |
| Shares sold | 221583 | &nbsp;&nbsp; $2857141 | &nbsp;&nbsp; 253211 | &nbsp;&nbsp; $3019983 |
| Reinvested dividends and distributions | 32758 | &nbsp;&nbsp; 392316 | &nbsp;&nbsp; 83374 | &nbsp;&nbsp; 1005994 |
| Shares repurchased | (323756) | &nbsp;&nbsp; (4024145) | &nbsp;&nbsp; (710172) | &nbsp;&nbsp; (8397649) |
| Net Increase/(Decrease) | (69415) | &nbsp;&nbsp; $(774688) | &nbsp;&nbsp; (373587) | &nbsp;&nbsp; $(4371672) |
| Class I Shares: |  |  |  |  |
| Shares sold | 2537634 | &nbsp;&nbsp; $31908123 | &nbsp;&nbsp; 4232127 | &nbsp;&nbsp; $49630938 |
| Reinvested dividends and distributions | 138527 | &nbsp;&nbsp; 1657821 | &nbsp;&nbsp; 360549 | &nbsp;&nbsp; 4342123 |
| Shares repurchased | (1678850) | &nbsp;&nbsp; (20902472) | &nbsp;&nbsp; (7240184) | &nbsp;&nbsp; (84951682) |
| Net Increase/(Decrease) | 997311 | &nbsp;&nbsp; $12663472 | &nbsp;&nbsp; (2647508) | &nbsp;&nbsp; $(30978621) |
| Class N Shares: |  |  |  |  |
| Shares sold | 2152971 | &nbsp;&nbsp; $26482862 | &nbsp;&nbsp; 1118801 | &nbsp;&nbsp; $13130555 |
| Reinvested dividends and distributions | 82233 | &nbsp;&nbsp; 984165 | &nbsp;&nbsp; 150535 | &nbsp;&nbsp; 1813314 |
| Shares repurchased | (1939485) | &nbsp;&nbsp; (25701812) | &nbsp;&nbsp; (5289673) | &nbsp;&nbsp; (61568337) |
| Net Increase/(Decrease) | 295719 | &nbsp;&nbsp; $1765215 | &nbsp;&nbsp; (4020337) | &nbsp;&nbsp; $(46624468) |
| Class S Shares: |  |  |  |  |
| Shares sold | 58614 | &nbsp;&nbsp; $726344 | &nbsp;&nbsp; 53874 | &nbsp;&nbsp; $639471 |
| Reinvested dividends and distributions | 5808 | &nbsp;&nbsp; 68479 | &nbsp;&nbsp; 14519 | &nbsp;&nbsp; 173108 |
| Shares repurchased | (54453) | &nbsp;&nbsp; (670551) | &nbsp;&nbsp; (134963) | &nbsp;&nbsp; (1582891) |
| Net Increase/(Decrease) | 9969 | &nbsp;&nbsp; $124272 | &nbsp;&nbsp; (66570) | &nbsp;&nbsp; $(770312) |
| Class T Shares: |  |  |  |  |
| Shares sold | 383553 | &nbsp;&nbsp; $4814681 | &nbsp;&nbsp; 350959 | &nbsp;&nbsp; $4163086 |
| Reinvested dividends and distributions | 47889 | &nbsp;&nbsp; 572310 | &nbsp;&nbsp; 127116 | &nbsp;&nbsp; 1531325 |
| Shares repurchased | (608657) | &nbsp;&nbsp; (7570406) | &nbsp;&nbsp; (1427720) | &nbsp;&nbsp; (16854767) |
| Net Increase/(Decrease) | (177215) | &nbsp;&nbsp; $(2183415) | &nbsp;&nbsp; (949645) | &nbsp;&nbsp; $(11160356) |

---

**6. Purchases and Sales of Investment Securities**

For the period ended March 31, 2026, 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>|
| $135280081 | &nbsp;&nbsp;&nbsp;&nbsp; $133756550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, and client consents. The

shareholders of Janus Henderson Group, plc approved the acquisition on April 16, 2026.

Janus Investment Fund \| 25

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**Janus Henderson Global Real Estate Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2026 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements other than the following:

At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

26 \| March 31, 2026

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**Janus Henderson Global Real Estate Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analyses provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

Janus Investment Fund \| 27

------

**Janus Henderson Global Real Estate Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract and retain well-qualified personnel.

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

28 \| March 31, 2026

------

**Janus Henderson Global Real Estate Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund \| 29

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**Janus Henderson Global Real Estate Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

30 \| March 31, 2026

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**Janus Henderson Global Real Estate Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

Janus Investment Fund \| 31

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**Janus Henderson Global Real Estate Fund**

**Additional Information (unaudited)**

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as identified by Broadridge using Morningstar category schema. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance or service being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, recent fee reductions, investment structure changes, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

32 \| March 31, 2026

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**Janus Henderson Global Real Estate Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 33

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**Janus Henderson Global Real Estate Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

34 \| March 31, 2026

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**Janus Henderson Global Real Estate Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 35

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**Janus Henderson Global Real Estate Fund**

**Additional Information (unaudited)**

other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They

36 \| March 31, 2026

------

**Janus Henderson Global Real Estate Fund**

**Additional Information (unaudited)**

concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 37

------

![](img3e8533752.gif)

*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93044 05-26

------

SEMIANNUAL FINANCIAL STATEMENTS

March 31, 2026

**Janus Henderson Global Research Fund**

Janus Investment Fund

![](img4752dd431.gif)

------

**Table of Contents**

**Janus Henderson Global Research Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_04f98cd0-a162-446b-bf7e-ac0651058661_SOI-SOI-RunningFooter-40_1)<br> [Management Investment Companies](#xx_04f98cd0-a162-446b-bf7e-ac0651058661_SOI-SOI-RunningFooter-40_1)<br>|  |
| [Schedule of Investments](#xx_04f98cd0-a162-446b-bf7e-ac0651058661_SOI-SOI-RunningFooter-40_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_04f98cd0-a162-446b-bf7e-ac0651058661_SOI-SOI-RunningFooter-40_6) | 6 |
| [Statement of Assets and Liabilities](#xx_04f98cd0-a162-446b-bf7e-ac0651058661_SAL-SAL-RunningFooter-40_1) | 7 |
| [Statement of Operations](#xx_04f98cd0-a162-446b-bf7e-ac0651058661_SOP-SOP-RunningFooter-40_1) | 9 |
| [Statements of Changes in Net Assets](#xx_04f98cd0-a162-446b-bf7e-ac0651058661_SOC-SOC-RunningFooter-40_1) | 10 |
| [Financial Highlights](#xx_04f98cd0-a162-446b-bf7e-ac0651058661_FIHI-FIHI-RunningFooter-40_1) | 11 |
| [Notes to Financial Statements](#xx_04f98cd0-a162-446b-bf7e-ac0651058661_NTF-NTF-RunningFooter-40_1) | 19 |
| [Items 8-11 - Additional Information](#xx_04f98cd0-a162-446b-bf7e-ac0651058661_AI-AI-RunningFooter-40_1) | 30 |

---

------

**Janus Henderson Global Research Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 99.8% |  |  |
| Aerospace & Defense – 3.8% |  |  |
| BAE Systems PLC | 1584760 | $46123741 |
| Boeing Co<sup>\*</sup> <br>| 180210 | 35867196 |
| General Electric Co | 140243 | 39796756 |
| Howmet Aerospace Inc | 159773 | 36821286 |
|  |  | 158608979 |
| Airlines – 0.5% |  |  |
| Ryanair Holdings PLC | 735584 | 20836627 |
| Banks – 7.8% |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 2509843 | 54773298 |
| BNP Paribas SA | 262499 | 25002567 |
| Erste Group Bank AG | 460387 | 49740800 |
| JPMorgan Chase & Co | 303052 | 89145776 |
| Natwest Group PLC | 3170432 | 23521200 |
| Piraeus Bank SA<sup>\*</sup> <br>| 1843027 | 15187995 |
| Resona Holdings Inc | 1476100 | 16426068 |
| UniCredit SpA | 694947 | 50069398 |
|  |  | 323867102 |
| Beverages – 1.1% |  |  |
| Constellation Brands Inc - Class A | 64238 | 9635700 |
| Monster Beverage Corp<sup>\*</sup> <br>| 396970 | 28764446 |
| Pernod Ricard SA | 85558 | 6385111 |
|  |  | 44785257 |
| Biotechnology – 2.9% |  |  |
| AbbVie Inc | 172279 | 37468960 |
| Argenx SE (ADR)<sup>\*</sup> <br>| 26883 | 19631311 |
| Ascendis Pharma A/S (ADR)<sup>\*</sup> <br>| 35357 | 8087207 |
| Bridgebio Pharma Inc<sup>\*</sup> <br>| 65471 | 4861876 |
| Mirum Pharmaceuticals Inc<sup>\*</sup> <br>| 64936 | 5998788 |
| Revolution Medicines Inc<sup>\*</sup> <br>| 84230 | 8191367 |
| United Therapeutics Corp<sup>\*</sup> <br>| 14992 | 8889956 |
| Vaxcyte Inc<sup>\*</sup> <br>| 154431 | 8973985 |
| Vertex Pharmaceuticals Inc<sup>\*</sup> <br>| 38528 | 17204293 |
|  |  | 119307743 |
| Building Products – 0.8% |  |  |
| Trane Technologies PLC | 80592 | 33585910 |
| Capital Markets – 3.6% |  |  |
| Ares Management Corp - Class A | 288860 | 31514626 |
| Bank of New York Mellon Corp | 212754 | 25239007 |
| Blackstone Group Inc | 206768 | 23776252 |
| LPL Financial Holdings Inc | 102166 | 30734598 |
| Morgan Stanley | 136791 | 22511695 |
| St James's Place PLC | 871920 | 13712385 |
|  |  | 147488563 |
| Chemicals – 1.5% |  |  |
| Ecolab Inc | 118029 | 31398075 |
| Taiyo Nippon Sanso Corp | 852000 | 30421956 |
|  |  | 61820031 |
| Commercial Services & Supplies – 0.7% |  |  |
| RB Global Inc | 285573 | 27391109 |
| Communications Equipment – 0.9% |  |  |
| Arista Networks Inc<sup>\*</sup> <br>| 149885 | 18402880 |
| Lumentum Holdings Inc<sup>\*</sup> <br>| 24446 | 17179671 |
|  |  | 35582551 |
| Consumer Finance – 1.3% |  |  |
| Capital One Financial Corp | 226091 | 41245781 |
| OneMain Holdings Inc | 241204 | 12902002 |
|  |  | 54147783 |
| Diversified Financial Services – 3.1% |  |  |
| Apollo Global Management Inc | 164223 | 18297727 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

\| 1

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**Janus Henderson Global Research Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Diversified Financial Services – (continued) |  |  |
| Mastercard Inc - Class A | 114642 | $57282022 |
| Visa Inc | 176046 | 53208143 |
|  |  | 128787892 |
| Electric Utilities – 0.7% |  |  |
| Xcel Energy Inc | 361735 | 28736228 |
| Electrical Equipment – 3.1% |  |  |
| Eaton Corp PLC | 104068 | 37222002 |
| GE Vernova Inc | 52491 | 45819394 |
| Nexans SA | 181705 | 24582569 |
| Rosebank Industries PLC<sup>\*</sup> <br>| 4567668 | 19228826 |
|  |  | 126852791 |
| Electronic Equipment, Instruments & Components – 1.0% |  |  |
| Amphenol Corp | 107322 | 13560135 |
| Hexagon AB - Class B | 2681042 | 26100371 |
|  |  | 39660506 |
| Entertainment – 3.5% |  |  |
| Liberty Media Corp-Liberty Formula One - Series C<sup>\*</sup> <br>| 315780 | 26847616 |
| Netflix Inc<sup>\*</sup> <br>| 629848 | 60559885 |
| Spotify Technology SA<sup>\*</sup> <br>| 53835 | 26105130 |
| Walt Disney Co/The | 342213 | 32982489 |
|  |  | 146495120 |
| Health Care Equipment & Supplies – 1.4% |  |  |
| Abbott Laboratories | 175176 | 17985320 |
| Boston Scientific Corp<sup>\*</sup> <br>| 316332 | 19849833 |
| DexCom Inc<sup>\*</sup> <br>| 124373 | 7810624 |
| Intuitive Surgical Inc<sup>\*</sup> <br>| 29390 | 13548496 |
|  |  | 59194273 |
| Health Care Providers & Services – 0.4% |  |  |
| McKesson Corp | 19665 | 17017304 |
| Hotels, Restaurants & Leisure – 2.8% |  |  |
| Booking Holdings Inc | 4547 | 19144325 |
| DoorDash Inc - Class A<sup>\*</sup> <br>| 88357 | 13266804 |
| Flutter Entertainment PLC<sup>\*</sup> <br>| 52235 | 5325358 |
| Hilton Worldwide Holdings Inc | 69039 | 20993379 |
| McDonald's Corp | 148998 | 46307088 |
| Royal Caribbean Cruises Ltd | 33849 | 9314568 |
| Wingstop Inc | 13396 | 2075978 |
|  |  | 116427500 |
| Household Durables – 0.3% |  |  |
| Lennar Corp | 158982 | 13805997 |
| Independent Power and Renewable Electricity Producers – 1.7% |  |  |
| RWE AG | 377202 | 25119708 |
| Vistra Corp | 315055 | 47362218 |
|  |  | 72481926 |
| Industrial Conglomerates – 1.0% |  |  |
| 3M Co | 292319 | 42453488 |
| Information Technology Services – 0.4% |  |  |
| Snowflake Inc - Class A<sup>\*</sup> <br>| 106468 | 16057504 |
| Insurance – 2.4% |  |  |
| Arthur J Gallagher & Co | 157636 | 34140805 |
| Beazley PLC | 1448202 | 24293574 |
| Progressive Corp/The | 197723 | 39196608 |
|  |  | 97630987 |
| Interactive Media & Services – 6.5% |  |  |
| Alphabet Inc - Class C | 697522 | 200091161 |
| Meta Platforms Inc - Class A | 124423 | 71186131 |
|  |  | 271277292 |
| Life Sciences Tools & Services – 0.5% |  |  |
| Danaher Corp | 110006 | 20857138 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \|

------

**Janus Henderson Global Research Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Machinery – 2.0% |  |  |
| Atlas Copco AB - Class A | 1758304 | $30943587 |
| ATS Corp<sup>\*</sup> <br>| 718382 | 20251462 |
| Deere & Co | 59678 | 33616617 |
|  |  | 84811666 |
| Metals & Mining – 1.8% |  |  |
| Teck Resources Ltd | 754924 | 39132950 |
| Vale SA | 2270207 | 36152892 |
|  |  | 75285842 |
| Multiline Retail – 3.4% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 577527 | 120281548 |
| MercadoLibre Inc<sup>\*</sup> <br>| 11551 | 19971910 |
|  |  | 140253458 |
| Oil, Gas & Consumable Fuels – 5.3% |  |  |
| Canadian Natural Resources Ltd | 706784 | 34482970 |
| Cheniere Energy Inc | 43610 | 12374774 |
| Chevron Corp | 154790 | 32026051 |
| ConocoPhillips | 178040 | 23501280 |
| EOG Resources Inc | 105046 | 15186500 |
| Rockpoint Gas Storage Inc - Class A | 299572 | 6017716 |
| Suncor Energy Inc | 447791 | 29622007 |
| TC Energy Corp<sup>#</sup> <br>| 635480 | 39799168 |
| TotalEnergies SE | 272244 | 25133807 |
|  |  | 218144273 |
| Personal Products – 1.2% |  |  |
| Unilever PLC | 900845 | 50761644 |
| Pharmaceuticals – 4.4% |  |  |
| AstraZeneca PLC | 156843 | 30629614 |
| Eli Lilly & Co | 46530 | 42796898 |
| Johnson & Johnson | 233176 | 56997541 |
| Merck & Co Inc | 221889 | 26691028 |
| Roche Holding AG | 60070 | 23725526 |
|  |  | 180840607 |
| Road & Rail – 0.7% |  |  |
| Canadian Pacific Kansas City Ltd | 396161 | 31179628 |
| Semiconductor & Semiconductor Equipment – 14.1% |  |  |
| Analog Devices Inc | 63529 | 20211116 |
| Applied Materials Inc | 47225 | 16141033 |
| ASML Holding NV | 45405 | 60091687 |
| Broadcom Inc | 317304 | 98208761 |
| Lam Research Corp | 266162 | 56868173 |
| Micron Technology Inc | 118043 | 39879647 |
| NVIDIA Corp | 1435445 | 250341608 |
| Taiwan Semiconductor Manufacturing Co Ltd | 780000 | 43979719 |
|  |  | 585721744 |
| Software – 6.3% |  |  |
| Cadence Design Systems Inc<sup>\*</sup> <br>| 66273 | 18415278 |
| Datadog Inc - Class A<sup>\*</sup> <br>| 154161 | 18198706 |
| Intuit Inc | 64649 | 27952935 |
| Microsoft Corp | 440768 | 163159091 |
| Oracle Corp | 54503 | 8017936 |
| SAP SE | 147175 | 24903536 |
|  |  | 260647482 |
| Specialty Retail – 1.8% |  |  |
| O'Reilly Automotive Inc<sup>\*</sup> <br>| 279424 | 25793630 |
| TJX Cos Inc | 296769 | 47394009 |
|  |  | 73187639 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

\| 3

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**Janus Henderson Global Research Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Technology Hardware, Storage & Peripherals – 2.7% |  |  |
| Apple Inc | 348035 | $88327803 |
| Seagate Technology Holdings PLC | 58386 | 22873299 |
|  |  | 111201102 |
| Textiles, Apparel & Luxury Goods – 1.2% |  |  |
| Gildan Activewear Inc | 185863 | 10343276 |
| LVMH Moet Hennessy Louis Vuitton SE | 34035 | 18916335 |
| Moncler SpA | 166107 | 10009476 |
| NIKE Inc - Class B | 184809 | 9761611 |
|  |  | 49030698 |
| Trading Companies & Distributors – 0.7% |  |  |
| Ferguson Enterprises Inc/DE | 129941 | 30488862 |
| Wireless Telecommunication Services – 0.5% |  |  |
| T-Mobile US Inc | 91503 | 19218375 |
| Total Common Stocks (cost $2,456,229,512) |  | 4135930621 |
| Investment Companies – 0% |  |  |
| Money Markets – 0% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº,</sup><sup>£</sup> (cost $632,903) | 632903 | 632903 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.7% |  |  |
| Investment Companies – 0.5% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº,</sup><sup>£</sup> <br>| 21184000 | 21184000 |
| Time Deposits – 0.2% |  |  |
| Royal Bank of Canada, 3.6500%, 4/1/26 | $5296000 | 5296000 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $26,480,000) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $26,480,000) | 26480000 |
| Total Investments (total cost $2,483,342,415) – 100.5% |  | 4163043524 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.5)% |  | (20230259) |
| Net Assets – 100% |  | $4142813265 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $3024253663 | &nbsp;&nbsp;&nbsp;&nbsp; 72.6<br> %<br>|
| Canada | 238220286 | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| United Kingdom | 157509340 | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Netherlands | 110853331 | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| France | 100020389 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Sweden | 83149088 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Italy | 60078874 | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Spain | 54773298 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Germany | 50023244 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Austria | 49740800 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Japan | 46848024 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Taiwan | 43979719 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Brazil | 36152892 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Switzerland | 23725526 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Ireland | 20836627 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Argentina | 19971910 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Belgium | 19631311 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Greece | 15187995 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Denmark | 8087207 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Total | $4163043524 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \|

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**Janus Henderson Global Research Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*3/31/26*<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, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  |
|  | $- | $179755020 | $(179115043) | $(7074) | $- | $632903 | 632903 | $81563 |
| 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, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  |
|  | 19410600 | 109024855 | (107251455) | - | - | 21184000 | 21184000 | 38280 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 0.5% | Total Affiliated Investments - 0.5% | Total Affiliated Investments - 0.5% | Total Affiliated Investments - 0.5% | Total Affiliated Investments - 0.5% | Total Affiliated Investments - 0.5% | Total Affiliated Investments - 0.5% | Total Affiliated Investments - 0.5% | Total Affiliated Investments - 0.5% |
|  | $19410600 | $288779875 | $(286366498) | $(7074) | $- | $21816903 | 21816903 | $119843 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $25051406 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(25051406) | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the amount of assets or liabilities that could be offset with the same
 counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Collateral pledged is limited to the net outstanding amount due to/from an individual
 counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

\| 5

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**Janus Henderson Global Research Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

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 March 31, 2026. |
| Loaned security; a portion of the security is on loan at March 31, 2026. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial

instruments as of March 31, 2026. 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 | $112485238 | &nbsp;&nbsp; $46123741 | &nbsp;&nbsp; $- |
| Airlines | - | &nbsp;&nbsp; 20836627 | &nbsp;&nbsp; - |
| Banks | 89145776 | &nbsp;&nbsp; 234721326 | &nbsp;&nbsp; - |
| Beverages | 38400146 | &nbsp;&nbsp; 6385111 | &nbsp;&nbsp; - |
| Capital Markets | 133776178 | &nbsp;&nbsp; 13712385 | &nbsp;&nbsp; - |
| Chemicals | 31398075 | &nbsp;&nbsp; 30421956 | &nbsp;&nbsp; - |
| Commercial Services & Supplies | - | &nbsp;&nbsp; 27391109 | &nbsp;&nbsp; - |
| Electrical Equipment | 83041396 | &nbsp;&nbsp; 43811395 | &nbsp;&nbsp; - |
| Electronic Equipment, Instruments & Components | 13560135 | &nbsp;&nbsp; 26100371 | &nbsp;&nbsp; - |
| Independent Power and Renewable Electricity Producers | 47362218 | &nbsp;&nbsp; 25119708 | &nbsp;&nbsp; - |
| Insurance | 73337413 | &nbsp;&nbsp; 24293574 | &nbsp;&nbsp; - |
| Machinery | 33616617 | &nbsp;&nbsp; 51195049 | &nbsp;&nbsp; - |
| Metals & Mining | - | &nbsp;&nbsp; 75285842 | &nbsp;&nbsp; - |
| Oil, Gas & Consumable Fuels | 83088605 | &nbsp;&nbsp; 135055668 | &nbsp;&nbsp; - |
| Personal Products | - | &nbsp;&nbsp; 50761644 | &nbsp;&nbsp; - |
| Pharmaceuticals | 126485467 | &nbsp;&nbsp; 54355140 | &nbsp;&nbsp; - |
| Road & Rail | - | &nbsp;&nbsp; 31179628 | &nbsp;&nbsp; - |
| Semiconductor & Semiconductor Equipment | 481650338 | &nbsp;&nbsp; 104071406 | &nbsp;&nbsp; - |
| Software | 235743946 | &nbsp;&nbsp; 24903536 | &nbsp;&nbsp; - |
| Textiles, Apparel & Luxury Goods | 20104887 | &nbsp;&nbsp; 28925811 | &nbsp;&nbsp; - |
| Trading Companies & Distributors | - | &nbsp;&nbsp; 30488862 | &nbsp;&nbsp; - |
| All Other | 1447594297 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 632903 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 26480000 | &nbsp;&nbsp; - |
| **Total Assets** | $3050790732 | &nbsp;&nbsp; $1112252792 | &nbsp;&nbsp; $- |

---

6 \|

------

**Janus Henderson Global Research Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $2,461,525,512)<sup>(1)</sup> <br>| $4141226621 |
| Affiliated investments, at value (cost $21,816,903) | 21816903 |
| Cash denominated in foreign currency (cost $5,940) | 5940 |
| Trustees' deferred compensation | 130867 |
| Receivables: |  |
| Investments sold | 4843799 |
| Dividends | 4691748 |
| Fund shares sold | 3653173 |
| Foreign tax reclaims | 2576232 |
| Dividends from affiliates | 34949 |
| Other assets | 297455 |
| Total Assets | 4179277687 |
| Liabilities: |  |
| Due to custodian | 7003 |
| Collateral for securities loaned (Note 2) | 26480000 |
| Payables: |  |
| Fund shares repurchased | 6326215 |
| Advisory fees | 2518761 |
| Transfer agent fees and expenses | 634162 |
| Trustees' deferred compensation fees | 130867 |
| Foreign tax liability | 67271 |
| Professional fees | 52198 |
| Trustees' fees and expenses | 23106 |
| 12b-1 Distribution and shareholder servicing fees | 19768 |
| Affiliated fund administration fees payable | 9049 |
| Custodian fees | 6428 |
| Accrued expenses and other payables | 189594 |
| Total Liabilities | 36464422 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $4142813265 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Global Research Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $2219877630 |
| Total distributable earnings (loss) (includes $67,271 of foreign capital gains tax) | 1922935635 |
| Total Net Assets | $4142813265 |
| Net Assets - Class A Shares | $33933748 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 289379 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $117.26 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $124.41 |
| Net Assets - Class C Shares | $3613473 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 32675 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $110.59 |
| Net Assets - Class D Shares | $2283212027 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 19808379 |
| Net Asset Value Per Share | $115.26 |
| Net Assets - Class I Shares | $253337857 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2146779 |
| Net Asset Value Per Share | $118.01 |
| Net Assets - Class N Shares | $94106674 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 818418 |
| Net Asset Value Per Share | $114.99 |
| Net Assets - Class R Shares | $10143531 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 88266 |
| Net Asset Value Per Share | $114.92 |
| Net Assets - Class S Shares | $22344775 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 189806 |
| Net Asset Value Per Share | $117.72 |
| Net Assets - Class T Shares | $1442121180 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 12537980 |
| Net Asset Value Per Share | $115.02 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $25,051,406 of securities on loan. See Note 2 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

8 \| March 31, 2026

------

**Janus Henderson Global Research Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $29941516 |
| Dividends from affiliates | 81563 |
| Affiliated securities lending income, net | 38280 |
| Unaffiliated securities lending income, net | 8613 |
| Other income | 2668 |
| Foreign tax withheld (Note 1) | (358706) |
| Total Investment Income | 29713934 |
| Expenses: |  |
| Advisory fees | 15835633 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 42171 |
| Class C Shares | 16574 |
| Class R Shares | 25657 |
| Class S Shares | 29344 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 1303192 |
| Class R Shares | 12819 |
| Class S Shares | 29299 |
| Class T Shares | 1927799 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 24738 |
| Class C Shares | 1471 |
| Class I Shares | 128991 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 1030 |
| Class C Shares | 102 |
| Class D Shares | 124451 |
| Class I Shares | 4149 |
| Class N Shares | 2781 |
| Class R Shares | 49 |
| Class S Shares | 157 |
| Class T Shares | 6004 |
| Professional fees | 187779 |
| Shareholder reports expense | 128604 |
| Custodian fees | 110949 |
| Registration fees | 87419 |
| Affiliated fund administration fees | 55244 |
| Trustees' fees and expenses | 52413 |
| Other expenses | 161709 |
| Total Expenses | 20300528 |
| Less: Excess Expense Reimbursement and Waivers | (109050) |
| Net Expenses | 20191478 |
| Net Investment Income/(Loss) | 9522456 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions (net of foreign taxes of $971,696) | 263005528 |
| Investments in affiliates | (7074) |
| Total Net Realized Gain/(Loss) on Investments | 262998454 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation (net of decrease in deferred foreign taxes of <br> $1,459,434)<br>| (405013139) |
| Total Change in Unrealized Net Appreciation/Depreciation | (405013139) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $(132492229) |

---

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Global Research Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*March 31, 2026* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $9522456 | &nbsp;&nbsp; $22145158 |
| Net realized gain/(loss) on investments | 262998454 | &nbsp;&nbsp; 304687940 |
| Change in unrealized net appreciation/depreciation | (405013139) | &nbsp;&nbsp; 402673244 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (132492229) | &nbsp;&nbsp; 729506342 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (2418509) | &nbsp;&nbsp; (2489712) |
| Class C Shares | (263561) | &nbsp;&nbsp; (176208) |
| Class D Shares | (184638001) | &nbsp;&nbsp; (167850365) |
| Class I Shares | (21024452) | &nbsp;&nbsp; (14014693) |
| Class N Shares | (7833403) | &nbsp;&nbsp; (3372315) |
| Class R Shares | (730521) | &nbsp;&nbsp; (523606) |
| Class S Shares | (1685453) | &nbsp;&nbsp; (1537402) |
| Class T Shares | (117536654) | &nbsp;&nbsp; (105916949) |
| Net Decrease from Dividends and Distributions to Shareholders | (336130554) | &nbsp;&nbsp; (295881250) |
| Capital Share Transactions: |  |  |
| Class A Shares | 4696376 | &nbsp;&nbsp; (4471060) |
| Class C Shares | 542017 | &nbsp;&nbsp; 799252 |
| Class D Shares | 87547295 | &nbsp;&nbsp; 30129606 |
| Class I Shares | 15861916 | &nbsp;&nbsp; 57694130 |
| Class N Shares | 5314437 | &nbsp;&nbsp; 49311140 |
| Class R Shares | 1432457 | &nbsp;&nbsp; 382159 |
| Class S Shares | 1569803 | &nbsp;&nbsp; (462870) |
| Class T Shares | 40134534 | &nbsp;&nbsp; 16937487 |
| Net Increase/(Decrease) from Capital Share Transactions | 157098835 | &nbsp;&nbsp; 150319844 |
| Net Increase/(Decrease) in Net Assets | (311523948) | &nbsp;&nbsp; 583944936 |
| Net Assets: |  |  |
| Beginning of period | 4454337213 | &nbsp;&nbsp; 3870392277 |
| End of period | $4142813265 | &nbsp;&nbsp; $4454337213 |

---

See Notes to Financial Statements.

10 \| March 31, 2026

------

**Janus Henderson Global Research Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $130.61 | &nbsp;&nbsp; $118.11 | &nbsp;&nbsp; $90.46 | &nbsp;&nbsp; $75.40 | &nbsp;&nbsp; $110.18 | &nbsp;&nbsp; $89.60 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.12 | &nbsp;&nbsp;&nbsp;&nbsp; 0.41 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain/(loss) | (3.94) | &nbsp;&nbsp;&nbsp;&nbsp;20.93 | &nbsp;&nbsp;&nbsp;&nbsp;31.49 | &nbsp;&nbsp;&nbsp;&nbsp;17.74 | &nbsp;&nbsp; (23.60) | &nbsp;&nbsp;&nbsp;&nbsp;23.77 |
| Total from Investment Operations | (3.82) | &nbsp;&nbsp;&nbsp;&nbsp;21.34 | &nbsp;&nbsp;&nbsp;&nbsp;32.11 | &nbsp;&nbsp;&nbsp;&nbsp;18.36 | &nbsp;&nbsp; (23.19) | &nbsp;&nbsp;&nbsp;&nbsp;24.00 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.38) | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.16) |
| Distributions (from capital gains) | (9.15) | &nbsp;&nbsp; (8.19) | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Total Dividends and Distributions | (9.53) | &nbsp;&nbsp; (8.84) | &nbsp;&nbsp; (4.46) | &nbsp;&nbsp; (3.30) | &nbsp;&nbsp; (11.59) | &nbsp;&nbsp; (3.42) |
| Net Asset Value, End of Period | $117.26 | &nbsp;&nbsp; $130.61 | &nbsp;&nbsp; $118.11 | &nbsp;&nbsp; $90.46 | &nbsp;&nbsp; $75.40 | &nbsp;&nbsp; $110.18 |
| Total Return<sup>\*</sup> <br>| (3.28)% | &nbsp;&nbsp; 19.09% | &nbsp;&nbsp; 36.88% | &nbsp;&nbsp; 24.94% | &nbsp;&nbsp; (23.60)% | &nbsp;&nbsp; 27.28% |
| Net Assets, End of Period (in thousands) | $33934 | &nbsp;&nbsp; $32871 | &nbsp;&nbsp; $33722 | &nbsp;&nbsp; $19068 | &nbsp;&nbsp; $17175 | &nbsp;&nbsp; $24310 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.16% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 0.97% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.17% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.16% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.17% |
| Ratio of Net Investment Income/(Loss) | 0.20% | &nbsp;&nbsp; 0.34% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.59% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp; 0.23% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 25% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.06 and 0.05%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.05 and 0.05%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Global Research Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $123.73 | &nbsp;&nbsp; $112.55 | &nbsp;&nbsp; $86.48 | &nbsp;&nbsp; $72.28 | &nbsp;&nbsp; $106.56 | &nbsp;&nbsp; $87.19 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.28) | &nbsp;&nbsp; (0.54) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.22) <br><sup>(3)</sup><br>| &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.45) |
| Net realized and unrealized gain/(loss) | (3.71) | &nbsp;&nbsp;&nbsp;&nbsp;19.91 | &nbsp;&nbsp;&nbsp;&nbsp;30.13 | &nbsp;&nbsp;&nbsp;&nbsp;17.00 | &nbsp;&nbsp; (22.64) | &nbsp;&nbsp;&nbsp;&nbsp;23.08 |
| Total from Investment Operations | (3.99) | &nbsp;&nbsp;&nbsp;&nbsp;19.37 | &nbsp;&nbsp;&nbsp;&nbsp;29.91 | &nbsp;&nbsp;&nbsp;&nbsp;16.98 | &nbsp;&nbsp; (22.85) | &nbsp;&nbsp;&nbsp;&nbsp;22.63 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (9.15) | &nbsp;&nbsp; (8.19) | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Total Dividends and Distributions | (9.15) | &nbsp;&nbsp; (8.19) | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Net Asset Value, End of Period | $110.59 | &nbsp;&nbsp; $123.73 | &nbsp;&nbsp; $112.55 | &nbsp;&nbsp; $86.48 | &nbsp;&nbsp; $72.28 | &nbsp;&nbsp; $106.56 |
| Total Return<sup>\*</sup> <br>| (3.59)% | &nbsp;&nbsp; 18.16% | &nbsp;&nbsp; 35.79% | &nbsp;&nbsp; 23.99% | &nbsp;&nbsp; (24.09)% | &nbsp;&nbsp; 26.42% |
| Net Assets, End of Period (in thousands) | $3613 | &nbsp;&nbsp; $3471 | &nbsp;&nbsp; $2385 | &nbsp;&nbsp; $2437 | &nbsp;&nbsp; $2971 | &nbsp;&nbsp; $4491 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.84% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 1.76% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.85% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.84% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.85% |
| Ratio of Net Investment Income/(Loss) | (0.48)% | &nbsp;&nbsp; (0.48)% <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.22)% <br><sup>(3)</sup><br>| &nbsp;&nbsp; (0.02)% | &nbsp;&nbsp; (0.23)% | &nbsp;&nbsp; (0.45)% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 25% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.06 and 0.05%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.05 and 0.05%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

12 \| March 31, 2026

------

**Janus Henderson Global Research Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $128.67 | &nbsp;&nbsp; $116.40 | &nbsp;&nbsp; $89.22 | &nbsp;&nbsp; $74.51 | &nbsp;&nbsp; $109.10 | &nbsp;&nbsp; $88.69 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.29 | &nbsp;&nbsp;&nbsp;&nbsp; 0.68 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Net realized and unrealized gain/(loss) | (3.86) | &nbsp;&nbsp;&nbsp;&nbsp;20.65 | &nbsp;&nbsp;&nbsp;&nbsp;31.01 | &nbsp;&nbsp;&nbsp;&nbsp;17.49 | &nbsp;&nbsp; (23.29) | &nbsp;&nbsp;&nbsp;&nbsp;23.50 |
| Total from Investment Operations | (3.57) | &nbsp;&nbsp;&nbsp;&nbsp;21.33 | &nbsp;&nbsp;&nbsp;&nbsp;31.85 | &nbsp;&nbsp;&nbsp;&nbsp;18.30 | &nbsp;&nbsp; (22.61) | &nbsp;&nbsp;&nbsp;&nbsp;24.06 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.69) | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.39) |
| Distributions (from capital gains) | (9.15) | &nbsp;&nbsp; (8.19) | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Total Dividends and Distributions | (9.84) | &nbsp;&nbsp; (9.06) | &nbsp;&nbsp; (4.67) | &nbsp;&nbsp; (3.59) | &nbsp;&nbsp; (11.98) | &nbsp;&nbsp; (3.65) |
| Net Asset Value, End of Period | $115.26 | &nbsp;&nbsp; $128.67 | &nbsp;&nbsp; $116.40 | &nbsp;&nbsp; $89.22 | &nbsp;&nbsp; $74.51 | &nbsp;&nbsp; $109.10 |
| Total Return<sup>\*</sup> <br>| (3.14)% | &nbsp;&nbsp; 19.41% | &nbsp;&nbsp; 37.17% | &nbsp;&nbsp; 25.23% | &nbsp;&nbsp; (23.37)% | &nbsp;&nbsp; 27.68% |
| Net Assets, End of Period (in thousands) | $2283212 | &nbsp;&nbsp; $2452957 | &nbsp;&nbsp; $2184606 | &nbsp;&nbsp; $1685915 | &nbsp;&nbsp; $1424181 | &nbsp;&nbsp; $1959177 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.87% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.75% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.86% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.87% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.86% |
| Ratio of Net Investment Income/(Loss) | 0.47% | &nbsp;&nbsp; 0.59% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.81% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.54% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 25% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.06 and 0.05%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.05 and 0.05%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Global Research Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $131.54 | &nbsp;&nbsp; $118.82 | &nbsp;&nbsp; $90.99 | &nbsp;&nbsp; $75.93 | &nbsp;&nbsp; $110.96 | &nbsp;&nbsp; $90.13 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.32 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net realized and unrealized gain/(loss) | (3.96) | &nbsp;&nbsp;&nbsp;&nbsp;21.11 | &nbsp;&nbsp;&nbsp;&nbsp;31.64 | &nbsp;&nbsp;&nbsp;&nbsp;17.83 | &nbsp;&nbsp; (23.73) | &nbsp;&nbsp;&nbsp;&nbsp;23.90 |
| Total from Investment Operations | (3.64) | &nbsp;&nbsp;&nbsp;&nbsp;21.86 | &nbsp;&nbsp;&nbsp;&nbsp;32.56 | &nbsp;&nbsp;&nbsp;&nbsp;18.72 | &nbsp;&nbsp; (22.98) | &nbsp;&nbsp;&nbsp;&nbsp;24.54 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.74) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.45) |
| Distributions (from capital gains) | (9.15) | &nbsp;&nbsp; (8.19) | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Total Dividends and Distributions | (9.89) | &nbsp;&nbsp; (9.14) | &nbsp;&nbsp; (4.73) | &nbsp;&nbsp; (3.66) | &nbsp;&nbsp; (12.05) | &nbsp;&nbsp; (3.71) |
| Net Asset Value, End of Period | $118.01 | &nbsp;&nbsp; $131.54 | &nbsp;&nbsp; $118.82 | &nbsp;&nbsp; $90.99 | &nbsp;&nbsp; $75.93 | &nbsp;&nbsp; $110.96 |
| Total Return<sup>\*</sup> <br>| (3.12)% | &nbsp;&nbsp; 19.48% | &nbsp;&nbsp; 37.25% | &nbsp;&nbsp; 25.31% | &nbsp;&nbsp; (23.33)% | &nbsp;&nbsp; 27.78% |
| Net Assets, End of Period (in thousands) | $253338 | &nbsp;&nbsp; $266951 | &nbsp;&nbsp; $182801 | &nbsp;&nbsp; $119712 | &nbsp;&nbsp; $100359 | &nbsp;&nbsp; $145610 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.84% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.70% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.79% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.84% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.79% |
| Ratio of Net Investment Income/(Loss) | 0.50% | &nbsp;&nbsp; 0.63% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.87% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.61% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 25% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.06 and 0.05%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.05 and 0.05%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

14 \| March 31, 2026

------

**Janus Henderson Global Research Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $128.43 | &nbsp;&nbsp; $116.22 | &nbsp;&nbsp; $89.09 | &nbsp;&nbsp; $74.42 | &nbsp;&nbsp; $109.00 | &nbsp;&nbsp; $88.60 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.36 | &nbsp;&nbsp;&nbsp;&nbsp; 0.87 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Net realized and unrealized gain/(loss) | (3.85) | &nbsp;&nbsp;&nbsp;&nbsp;20.57 | &nbsp;&nbsp;&nbsp;&nbsp;30.92 | &nbsp;&nbsp;&nbsp;&nbsp;17.46 | &nbsp;&nbsp; (23.27) | &nbsp;&nbsp;&nbsp;&nbsp;23.48 |
| Total from Investment Operations | (3.49) | &nbsp;&nbsp;&nbsp;&nbsp;21.44 | &nbsp;&nbsp;&nbsp;&nbsp;31.91 | &nbsp;&nbsp;&nbsp;&nbsp;18.39 | &nbsp;&nbsp; (22.47) | &nbsp;&nbsp;&nbsp;&nbsp;24.17 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.80) | &nbsp;&nbsp; (1.04) | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (0.51) |
| Distributions (from capital gains) | (9.15) | &nbsp;&nbsp; (8.19) | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Total Dividends and Distributions | (9.95) | &nbsp;&nbsp; (9.23) | &nbsp;&nbsp; (4.78) | &nbsp;&nbsp; (3.72) | &nbsp;&nbsp; (12.11) | &nbsp;&nbsp; (3.77) |
| Net Asset Value, End of Period | $114.99 | &nbsp;&nbsp; $128.43 | &nbsp;&nbsp; $116.22 | &nbsp;&nbsp; $89.09 | &nbsp;&nbsp; $74.42 | &nbsp;&nbsp; $109.00 |
| Total Return<sup>\*</sup> <br>| (3.08)% | &nbsp;&nbsp; 19.56% | &nbsp;&nbsp; 37.34% | &nbsp;&nbsp; 25.40% | &nbsp;&nbsp; (23.28)% | &nbsp;&nbsp; 27.85% |
| Net Assets, End of Period (in thousands) | $94107 | &nbsp;&nbsp; $99398 | &nbsp;&nbsp; $38550 | &nbsp;&nbsp; $36233 | &nbsp;&nbsp; $30831 | &nbsp;&nbsp; $43521 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.76% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.62% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.73% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.76% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.73% |
| Ratio of Net Investment Income/(Loss) | 0.58% | &nbsp;&nbsp; 0.76% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.97% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.67% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 25% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.06 and 0.05%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.05 and 0.05%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Global Research Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $128.24 | &nbsp;&nbsp; $115.92 | &nbsp;&nbsp; $88.77 | &nbsp;&nbsp; $74.11 | &nbsp;&nbsp; $108.69 | &nbsp;&nbsp; $88.57 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.11) | &nbsp;&nbsp; (0.09) <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp; (0.10) |
| Net realized and unrealized gain/(loss) | (3.86) | &nbsp;&nbsp;&nbsp;&nbsp;20.60 | &nbsp;&nbsp;&nbsp;&nbsp;30.96 | &nbsp;&nbsp;&nbsp;&nbsp;17.45 | &nbsp;&nbsp; (23.23) | &nbsp;&nbsp;&nbsp;&nbsp;23.48 |
| Total from Investment Operations | (3.97) | &nbsp;&nbsp;&nbsp;&nbsp;20.51 | &nbsp;&nbsp;&nbsp;&nbsp;31.12 | &nbsp;&nbsp;&nbsp;&nbsp;17.70 | &nbsp;&nbsp; (23.15) | &nbsp;&nbsp;&nbsp;&nbsp;23.38 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.20) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (9.15) | &nbsp;&nbsp; (8.19) | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Total Dividends and Distributions | (9.35) | &nbsp;&nbsp; (8.19) | &nbsp;&nbsp; (3.97) | &nbsp;&nbsp; (3.04) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Net Asset Value, End of Period | $114.92 | &nbsp;&nbsp; $128.24 | &nbsp;&nbsp; $115.92 | &nbsp;&nbsp; $88.77 | &nbsp;&nbsp; $74.11 | &nbsp;&nbsp; $108.69 |
| Total Return<sup>\*</sup> <br>| (3.45)% | &nbsp;&nbsp; 18.64% | &nbsp;&nbsp; 36.28% | &nbsp;&nbsp; 24.43% | &nbsp;&nbsp; (23.87)% | &nbsp;&nbsp; 26.87% |
| Net Assets, End of Period (in thousands) | $10144 | &nbsp;&nbsp; $9820 | &nbsp;&nbsp; $8572 | &nbsp;&nbsp; $6985 | &nbsp;&nbsp; $8123 | &nbsp;&nbsp; $9736 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.53% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.40% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.50% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.53% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.50% |
| Ratio of Net Investment Income/(Loss) | (0.18)% | &nbsp;&nbsp; (0.07)% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.16% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; (0.10)% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 25% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.06 and 0.05%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.05 and 0.05%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

16 \| March 31, 2026

------

**Janus Henderson Global Research Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $131.12 | &nbsp;&nbsp; $118.37 | &nbsp;&nbsp; $90.67 | &nbsp;&nbsp; $75.58 | &nbsp;&nbsp; $110.34 | &nbsp;&nbsp; $89.62 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.06 | &nbsp;&nbsp;&nbsp;&nbsp; 0.24 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain/(loss) | (3.96) | &nbsp;&nbsp;&nbsp;&nbsp;21.04 | &nbsp;&nbsp;&nbsp;&nbsp;31.57 | &nbsp;&nbsp;&nbsp;&nbsp;17.78 | &nbsp;&nbsp; (23.65) | &nbsp;&nbsp;&nbsp;&nbsp;23.70 |
| Total from Investment Operations | (3.90) | &nbsp;&nbsp;&nbsp;&nbsp;21.28 | &nbsp;&nbsp;&nbsp;&nbsp;32.03 | &nbsp;&nbsp;&nbsp;&nbsp;18.28 | &nbsp;&nbsp; (23.33) | &nbsp;&nbsp;&nbsp;&nbsp;23.98 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.35) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (9.15) | &nbsp;&nbsp; (8.19) | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Total Dividends and Distributions | (9.50) | &nbsp;&nbsp; (8.53) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (3.19) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Net Asset Value, End of Period | $117.72 | &nbsp;&nbsp; $131.12 | &nbsp;&nbsp; $118.37 | &nbsp;&nbsp; $90.67 | &nbsp;&nbsp; $75.58 | &nbsp;&nbsp; $110.34 |
| Total Return<sup>\*</sup> <br>| (3.32)% | &nbsp;&nbsp; 18.96% | &nbsp;&nbsp; 36.65% | &nbsp;&nbsp; 24.76% | &nbsp;&nbsp; (23.66)% | &nbsp;&nbsp; 27.23% |
| Net Assets, End of Period (in thousands) | $22345 | &nbsp;&nbsp; $23227 | &nbsp;&nbsp; $21491 | &nbsp;&nbsp; $16766 | &nbsp;&nbsp; $14034 | &nbsp;&nbsp; $24088 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.26% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.13% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.21% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.26% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.21% |
| Ratio of Net Investment Income/(Loss) | 0.09% | &nbsp;&nbsp; 0.20% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.44% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.27% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 25% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.06 and 0.05%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.05 and 0.05%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 17

------

**Janus Henderson Global Research Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $128.40 | &nbsp;&nbsp; $116.15 | &nbsp;&nbsp; $89.04 | &nbsp;&nbsp; $74.35 | &nbsp;&nbsp; $108.88 | &nbsp;&nbsp; $88.54 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.22 | &nbsp;&nbsp;&nbsp;&nbsp; 0.56 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Net realized and unrealized gain/(loss) | (3.85) | &nbsp;&nbsp;&nbsp;&nbsp;20.61 | &nbsp;&nbsp;&nbsp;&nbsp;30.96 | &nbsp;&nbsp;&nbsp;&nbsp;17.46 | &nbsp;&nbsp; (23.25) | &nbsp;&nbsp;&nbsp;&nbsp;23.47 |
| Total from Investment Operations | (3.63) | &nbsp;&nbsp;&nbsp;&nbsp;21.17 | &nbsp;&nbsp;&nbsp;&nbsp;31.69 | &nbsp;&nbsp;&nbsp;&nbsp;18.19 | &nbsp;&nbsp; (22.67) | &nbsp;&nbsp;&nbsp;&nbsp;23.92 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.60) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.32) |
| Distributions (from capital gains) | (9.15) | &nbsp;&nbsp; (8.19) | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (2.78) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp; (3.26) |
| Total Dividends and Distributions | (9.75) | &nbsp;&nbsp; (8.92) | &nbsp;&nbsp; (4.58) | &nbsp;&nbsp; (3.50) | &nbsp;&nbsp; (11.86) | &nbsp;&nbsp; (3.58) |
| Net Asset Value, End of Period | $115.02 | &nbsp;&nbsp; $128.40 | &nbsp;&nbsp; $116.15 | &nbsp;&nbsp; $89.04 | &nbsp;&nbsp; $74.35 | &nbsp;&nbsp; $108.88 |
| Total Return<sup>\*</sup> <br>| (3.19)% | &nbsp;&nbsp; 19.29% | &nbsp;&nbsp; 37.04% | &nbsp;&nbsp; 25.10% | &nbsp;&nbsp; (23.45)% | &nbsp;&nbsp; 27.55% |
| Net Assets, End of Period (in thousands) | $1442121 | &nbsp;&nbsp; $1565642 | &nbsp;&nbsp; $1398267 | &nbsp;&nbsp; $1072375 | &nbsp;&nbsp; $916960 | &nbsp;&nbsp; $1307732 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.00% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.87% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.97% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.98% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.96% |
| Ratio of Net Investment Income/(Loss) | 0.36% | &nbsp;&nbsp; 0.48% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.71% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.44% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 28% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 25% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.06 and 0.05%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.05 and 0.05%, respectively. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

18 \| March 31, 2026

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**Janus Henderson Global Research Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and Significant Accounting Policies**

Janus Henderson Global Research Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 34 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as

defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of

shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US

GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain

retirement platforms.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

Janus Investment Fund \| 19

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**Janus Henderson Global Research Fund**

**Notes to Financial Statements (unaudited)**

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement

with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an

agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended March 31, 2026. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

20 \| March 31, 2026

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**Janus Henderson Global Research Fund**

**Notes to Financial Statements (unaudited)**

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of

net assets represented by each class as a percentage of total net assets.

**Expenses**

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the

operations of such class.

**Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

**Indemnifications**

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material

loss from such claims is considered remote.

Janus Investment Fund \| 21

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**Janus Henderson Global Research Fund**

**Notes to Financial Statements (unaudited)**

**Foreign Currency Translations**

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge

could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change

in the next twelve months.

**Foreign Taxes**

The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the Fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. The Statement of Operations reflects $827,508 of tax reclaims received as well as $141,155 of professional fees due to the recovery of foreign withholding taxes after such amounts were previously passed through to Fund shareholders as foreign tax

credits.

**2. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and

22 \| March 31, 2026

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**Janus Henderson Global Research Fund**

**Notes to Financial Statements (unaudited)**

economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**Counterparties**

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have

greater exposure to the risks associated with one or more counterparties.

**Securities Lending**

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05%

Janus Investment Fund \| 23

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**Janus Henderson Global Research Fund**

**Notes to Financial Statements (unaudited)**

for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of March 31, 2026, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $25,051,406. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2026 is $26,480,000, resulting in the

net amount due to the counterparty of $1,428,594.

**Offsetting Assets and Liabilities**

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of

instrument, see the Fund's Schedule of Investments.

**3. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee rate that may adjust up or down based on the Fund's

performance relative to its benchmark index.

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund's average daily net assets during the previous month (the "Base Fee Rate"), plus or minus (2) a performance-fee adjustment (the "Performance Adjustment") calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund's average daily net assets based on the Fund's relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund's Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund's Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.60%, and the Fund's benchmark index used in the calculation is the MSCI World Index<sup>SM</sup>.

No Performance Adjustment is applied unless the difference between the Fund's investment performance and the cumulative investment record of the Fund's benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund's full performance rate of ±6.00%. Because the Performance Adjustment is tied to a Fund's relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser's fee even if the Fund's Shares lose value during the performance measurement period and could decrease the Adviser's fee even if the Fund's Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated

24 \| March 31, 2026

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**Janus Henderson Global Research Fund**

**Notes to Financial Statements (unaudited)**

net of expenses whereas the Fund's benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund's benchmark index.

The Fund's prospectus and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the period ended March 31, 2026, the performance adjusted investment advisory fee

rate before any waivers and/or reimbursements of expenses is 0.72%.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.86% for at least a one-year period commencing on January 28, 2026. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess

Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $215,106 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2026. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the

Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net

assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds* | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion — $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R

Shares, Class S Shares, and Class T Shares.

Janus Investment Fund \| 25

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**Janus Henderson Global Research Fund**

**Notes to Financial Statements (unaudited)**

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder

servicing fees" on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2026, the Distributor retained

upfront sales charges of $3,315.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class A Shares paid CDSCs of $14 to Janus Henderson

Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class C Shares

paid CDSCs of $72.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2026 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2026 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees

26 \| March 31, 2026

------

**Janus Henderson Global Research Fund**

**Notes to Financial Statements (unaudited)**

are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $37,088 were paid by the Trust to the Trustees under the

Deferred Plan during the period ended March 31, 2026.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2026 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

**4. Federal Income Tax**

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal

income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2026 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>|
| $2492626304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1773330772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(102913552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1670417220 |

---

Janus Investment Fund \| 27

------

**Janus Henderson Global Research Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended March 31, 2026* | *Period ended March 31, 2026* | *Year ended September 30, 2025* | *Year ended September 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 41440 | &nbsp;&nbsp; $5207507 | &nbsp;&nbsp; 78622 | &nbsp;&nbsp; $9176686 |
| Reinvested dividends and distributions | 16100 | &nbsp;&nbsp; 1982225 | &nbsp;&nbsp; 18748 | &nbsp;&nbsp; 2154370 |
| Shares repurchased | (19831) | &nbsp;&nbsp; (2493356) | &nbsp;&nbsp; (131208) | &nbsp;&nbsp; (15802116) |
| Net Increase/(Decrease) | 37709 | &nbsp;&nbsp; $4696376 | &nbsp;&nbsp; (33838) | &nbsp;&nbsp; $(4471060) |
| Class C Shares: |  |  |  |  |
| Shares sold | 5362 | &nbsp;&nbsp; $636392 | &nbsp;&nbsp; 13885 | &nbsp;&nbsp; $1568462 |
| Reinvested dividends and distributions | 2265 | &nbsp;&nbsp; 263561 | &nbsp;&nbsp; 1551 | &nbsp;&nbsp; 169891 |
| Shares repurchased | (3007) | &nbsp;&nbsp; (357936) | &nbsp;&nbsp; (8574) | &nbsp;&nbsp; (939101) |
| Net Increase/(Decrease) | 4620 | &nbsp;&nbsp; $542017 | &nbsp;&nbsp; 6862 | &nbsp;&nbsp; $799252 |
| Class D Shares: |  |  |  |  |
| Shares sold | 198771 | &nbsp;&nbsp; $24571348 | &nbsp;&nbsp; 450049 | &nbsp;&nbsp; $51972250 |
| Reinvested dividends and distributions | 1436038 | &nbsp;&nbsp; 173631320 | &nbsp;&nbsp; 1404160 | &nbsp;&nbsp; 158599851 |
| Shares repurchased | (889678) | &nbsp;&nbsp; (110655373) | &nbsp;&nbsp; (1558993) | &nbsp;&nbsp; (180442495) |
| Net Increase/(Decrease) | 745131 | &nbsp;&nbsp; $87547295 | &nbsp;&nbsp; 295216 | &nbsp;&nbsp; $30129606 |
| Class I Shares: |  |  |  |  |
| Shares sold | 324320 | &nbsp;&nbsp; $41410542 | &nbsp;&nbsp; 707110 | &nbsp;&nbsp; $83570921 |
| Reinvested dividends and distributions | 164642 | &nbsp;&nbsp; 20379360 | &nbsp;&nbsp; 116607 | &nbsp;&nbsp; 13458778 |
| Shares repurchased | (371622) | &nbsp;&nbsp; (45927986) | &nbsp;&nbsp; (332684) | &nbsp;&nbsp; (39335569) |
| Net Increase/(Decrease) | 117340 | &nbsp;&nbsp; $15861916 | &nbsp;&nbsp; 491033 | &nbsp;&nbsp; $57694130 |
| Class N Shares: |  |  |  |  |
| Shares sold | 83406 | &nbsp;&nbsp; $10264019 | &nbsp;&nbsp; 491590 | &nbsp;&nbsp; $55118529 |
| Reinvested dividends and distributions | 64088 | &nbsp;&nbsp; 7727676 | &nbsp;&nbsp; 29201 | &nbsp;&nbsp; 3288610 |
| Shares repurchased | (103035) | &nbsp;&nbsp; (12677258) | &nbsp;&nbsp; (78535) | &nbsp;&nbsp; (9095999) |
| Net Increase/(Decrease) | 44459 | &nbsp;&nbsp; $5314437 | &nbsp;&nbsp; 442256 | &nbsp;&nbsp; $49311140 |
| Class R Shares: |  |  |  |  |
| Shares sold | 10969 | &nbsp;&nbsp; $1365251 | &nbsp;&nbsp; 20956 | &nbsp;&nbsp; $2513162 |
| Reinvested dividends and distributions | 6047 | &nbsp;&nbsp; 730521 | &nbsp;&nbsp; 4627 | &nbsp;&nbsp; 523606 |
| Shares repurchased | (5328) | &nbsp;&nbsp; (663315) | &nbsp;&nbsp; (22948) | &nbsp;&nbsp; (2654609) |
| Net Increase/(Decrease) | 11688 | &nbsp;&nbsp; $1432457 | &nbsp;&nbsp; 2635 | &nbsp;&nbsp; $382159 |
| Class S Shares: |  |  |  |  |
| Shares sold | 19510 | &nbsp;&nbsp; $2510089 | &nbsp;&nbsp; 40021 | &nbsp;&nbsp; $4750652 |
| Reinvested dividends and distributions | 13631 | &nbsp;&nbsp; 1685295 | &nbsp;&nbsp; 13315 | &nbsp;&nbsp; 1537270 |
| Shares repurchased | (20478) | &nbsp;&nbsp; (2625581) | &nbsp;&nbsp; (57750) | &nbsp;&nbsp; (6750792) |
| Net Increase/(Decrease) | 12663 | &nbsp;&nbsp; $1569803 | &nbsp;&nbsp; (4414) | &nbsp;&nbsp; $(462870) |
| Class T Shares: |  |  |  |  |
| Shares sold | 473323 | &nbsp;&nbsp; $58892117 | &nbsp;&nbsp; 872311 | &nbsp;&nbsp; $101429863 |
| Reinvested dividends and distributions | 956844 | &nbsp;&nbsp; 115491093 | &nbsp;&nbsp; 922847 | &nbsp;&nbsp; 104106341 |
| Shares repurchased | (1085673) | &nbsp;&nbsp; (134248676) | &nbsp;&nbsp; (1639952) | &nbsp;&nbsp; (188598717) |
| Net Increase/(Decrease) | 344494 | &nbsp;&nbsp; $40134534 | &nbsp;&nbsp; 155206 | &nbsp;&nbsp; $16937487 |

---

**6. Purchases and Sales of Investment Securities**

For the period ended March 31, 2026, 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>|
| $876783647 | &nbsp;&nbsp;&nbsp;&nbsp; $1043303645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

28 \| March 31, 2026

------

**Janus Henderson Global Research Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, and client consents. The

shareholders of Janus Henderson Group, plc approved the acquisition on April 16, 2026.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2026 and through the date of issuance of the Fund's financial statements and determined that there were material events or transactions that would require recognition or disclosure in the Fund's financial statements other than the following:

At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

Janus Investment Fund \| 29

------

**Janus Henderson Global Research Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The 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

30 \| March 31, 2026

------

**Janus Henderson Global Research Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract and retain well-qualified personnel.

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 31

------

**Janus Henderson Global Research Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

32 \| March 31, 2026

------

**Janus Henderson Global Research Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 33

------

**Janus Henderson Global Research Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

34 \| March 31, 2026

------

**Janus Henderson Global Research Fund**

**Additional Information (unaudited)**

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as identified by Broadridge using Morningstar category schema. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance or service being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, recent fee reductions, investment structure changes, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 35

------

**Janus Henderson Global Research Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

36 \| March 31, 2026

------

**Janus Henderson Global Research Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 37

------

**Janus Henderson Global Research Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

38 \| March 31, 2026

------

**Janus Henderson Global Research Fund**

**Additional Information (unaudited)**

other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They

Janus Investment Fund \| 39

------

**Janus Henderson Global Research Fund**

**Additional Information (unaudited)**

concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

40 \| March 31, 2026

------

**Janus Henderson Global Research Fund**

**Notes**

Janus Investment Fund \| 41

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![](imga8cf8f9d2.gif)

*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93045 05-26

------

SEMIANNUAL FINANCIAL STATEMENTS

March 31, 2026

**Janus Henderson Global Select Fund**

Janus Investment Fund

![](img05c43d881.gif)

------

**Table of Contents**

**Janus Henderson Global Select Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_4a6d4e42-282e-4a3e-9f63-33a5a9f7309b_SOI-SOI-RunningFooter-44_1)<br> [Management Investment Companies](#xx_4a6d4e42-282e-4a3e-9f63-33a5a9f7309b_SOI-SOI-RunningFooter-44_1)<br>|  |
| [Schedule of Investments](#xx_4a6d4e42-282e-4a3e-9f63-33a5a9f7309b_SOI-SOI-RunningFooter-44_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_4a6d4e42-282e-4a3e-9f63-33a5a9f7309b_SOI-SOI-RunningFooter-44_4) | 4 |
| [Statement of Assets and Liabilities](#xx_4a6d4e42-282e-4a3e-9f63-33a5a9f7309b_SAL-SAL-RunningFooter-44_1) | 6 |
| [Statement of Operations](#xx_4a6d4e42-282e-4a3e-9f63-33a5a9f7309b_SOP-SOP-RunningFooter-44_1) | 8 |
| [Statements of Changes in Net Assets](#xx_4a6d4e42-282e-4a3e-9f63-33a5a9f7309b_SOC-SOC-RunningFooter-44_1) | 9 |
| [Financial Highlights](#xx_4a6d4e42-282e-4a3e-9f63-33a5a9f7309b_FIHI-FIHI-RunningFooter-44_1) | 10 |
| [Notes to Financial Statements](#xx_4a6d4e42-282e-4a3e-9f63-33a5a9f7309b_NTF-NTF-RunningFooter-44_1) | 18 |
| [Items 8-11 - Additional Information](#xx_4a6d4e42-282e-4a3e-9f63-33a5a9f7309b_AI-AI-RunningFooter-44_1) | 29 |

---

------

**Janus Henderson Global Select Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 97.7% |  |  |
| Aerospace & Defense – 4.8% |  |  |
| BAE Systems PLC | 4311387 | $125481018 |
| Rheinmetall AG | 11823 | 19714600 |
|  |  | 145195618 |
| Banks – 7.8% |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 3777753 | 82443399 |
| Erste Group Bank AG | 784239 | 84730184 |
| Japan Post Bank Co Ltd | 2847900 | 46858493 |
| Resona Holdings Inc | 2101900 | 23389983 |
|  |  | 237422059 |
| Beverages – 1.0% |  |  |
| Monster Beverage Corp<sup>\*</sup> <br>| 421134 | 30515370 |
| Biotechnology – 3.2% |  |  |
| Argenx SE (ADR)<sup>\*</sup> <br>| 52614 | 38421374 |
| Ascendis Pharma A/S (ADR)<sup>\*</sup> <br>| 130455 | 29838972 |
| Vaxcyte Inc<sup>\*</sup> <br>| 503822 | 29277096 |
|  |  | 97537442 |
| Capital Markets – 2.3% |  |  |
| St James's Place PLC | 4451952 | 70014314 |
| Commercial Services & Supplies – 1.4% |  |  |
| Rentokil Initial PLC | 6812621 | 42351936 |
| Electrical Equipment – 5.3% |  |  |
| Contemporary Amperex Technology Co Ltd - Class A | 949726 | 55834798 |
| Eaton Corp PLC | 131027 | 46864427 |
| GE Vernova Inc | 65333 | 57029176 |
|  |  | 159728401 |
| Entertainment – 4.4% |  |  |
| Liberty Media Corp-Liberty Formula One - Series C<sup>\*</sup> <br>| 405412 | 34468128 |
| Netflix Inc<sup>\*</sup> <br>| 483592 | 46497371 |
| Spotify Technology SA<sup>\*</sup> <br>| 109386 | 53042365 |
|  |  | 134007864 |
| Health Care Equipment & Supplies – 1.9% |  |  |
| Boston Scientific Corp<sup>\*</sup> <br>| 435781 | 27345258 |
| Glaukos Corp<sup>\*</sup> <br>| 290159 | 31238518 |
|  |  | 58583776 |
| Household Durables – 2.0% |  |  |
| Lennar Corp | 703449 | 61087511 |
| Independent Power and Renewable Electricity Producers – 1.4% |  |  |
| Vistra Corp | 275786 | 41458909 |
| Industrial Conglomerates – 0.9% |  |  |
| 3M Co | 195449 | 28385058 |
| Insurance – 7.2% |  |  |
| AIA Group Ltd | 3615000 | 40611400 |
| Arthur J Gallagher & Co | 287028 | 62164524 |
| Dai-ichi Life Holdings Inc<sup>#</sup> <br>| 4690100 | 42862543 |
| Progressive Corp/The | 363749 | 72109602 |
|  |  | 217748069 |
| Interactive Media & Services – 5.9% |  |  |
| Alphabet Inc - Class A | 483274 | 138970272 |
| Tencent Holdings Ltd | 658500 | 41573418 |
|  |  | 180543690 |
| Machinery – 2.0% |  |  |
| Deere & Co | 106027 | 59725009 |
| Metals & Mining – 2.9% |  |  |
| Freeport-McMoRan Inc | 775180 | 45565081 |
| Teck Resources Ltd | 851128 | 44119871 |
|  |  | 89684952 |
| Multiline Retail – 4.3% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 630841 | 131385255 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Global Select Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Oil, Gas & Consumable Fuels – 3.8% |  |  |
| ConocoPhillips | 886987 | $117082284 |
| Personal Products – 1.9% |  |  |
| Unilever PLC | 1042773 | 58455981 |
| Pharmaceuticals – 3.6% |  |  |
| AstraZeneca PLC | 258862 | 50552738 |
| Eli Lilly & Co | 62848 | 57805705 |
|  |  | 108358443 |
| Semiconductor & Semiconductor Equipment – 16.2% |  |  |
| ASML Holding NV | 71769 | 94983379 |
| NVIDIA Corp | 1113663 | 194222827 |
| Taiwan Semiconductor Manufacturing Co Ltd | 3597000 | 202814166 |
|  |  | 492020372 |
| Software – 3.5% |  |  |
| Microsoft Corp | 285221 | 105580258 |
| Specialty Retail – 2.2% |  |  |
| TJX Cos Inc | 415006 | 66276458 |
| Textiles, Apparel & Luxury Goods – 2.6% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE | 71694 | 39846855 |
| Samsonite International SA<sup>ž</sup> <br>| 21042000 | 39683649 |
|  |  | 79530504 |
| Trading Companies & Distributors – 3.2% |  |  |
| Ferguson Enterprises Inc | 413270 | 96399360 |
| Wireless Telecommunication Services – 2.0% |  |  |
| T-Mobile US Inc | 283498 | 59543085 |
| Total Common Stocks (cost $2,150,613,496) |  | 2968621978 |
| Private Placements – 0% |  |  |
| Software – 0% |  |  |
| Magic Leap Inc - Class A private equity common shares<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> (cost $9,254,547) | 19041 | 0 |
| Investment Companies – 1.6% |  |  |
| Money Markets – 1.6% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº,</sup><sup>£</sup> (cost $50,746,153) | 50740113 | 50740113 |
| Investments Purchased with Cash Collateral from Securities Lending – 1.1% |  |  |
| Investment Companies – 0.9% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº,</sup><sup>£</sup> <br>| 26439568 | 26439568 |
| Time Deposits – 0.2% |  |  |
| Royal Bank of Canada, 3.6500%, 4/1/26 | $6609892 | 6609892 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $33,049,460) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $33,049,460) | 33049460 |
| Total Investments (total cost $2,243,663,656) – 100.4% |  | 3052411551 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.4)% |  | (13103392) |
| Net Assets – 100% |  | $3039308159 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| March 31, 2026

------

**Janus Henderson Global Select Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $1724786115 | &nbsp;&nbsp;&nbsp;&nbsp; 56.5<br> %<br>|
| United Kingdom | 346855987 | &nbsp;&nbsp;&nbsp;&nbsp;11.4 |
| Taiwan | 202814166 | &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| Japan | 113111019 | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| China | 97408216 | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Netherlands | 94983379 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Austria | 84730184 | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Spain | 82443399 | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Hong Kong | 80295049 | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Sweden | 53042365 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Canada | 44119871 | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| France | 39846855 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Belgium | 38421374 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Denmark | 29838972 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Germany | 19714600 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Total | $3052411551 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*3/31/26*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% | Investment Companies - 1.6% |
| Money Markets - 1.6% | Money Markets - 1.6% | Money Markets - 1.6% | Money Markets - 1.6% | Money Markets - 1.6% | Money Markets - 1.6% | Money Markets - 1.6% | Money Markets - 1.6% | Money Markets - 1.6% |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  |
|  | $42218438 | $242804655 | $(234274952) | $(1988) | $(6040) | $50740113 | 50740113 | $662590 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.9% | Investments Purchased with Cash Collateral from Securities Lending - 0.9% | Investments Purchased with Cash Collateral from Securities Lending - 0.9% | Investments Purchased with Cash Collateral from Securities Lending - 0.9% | Investments Purchased with Cash Collateral from Securities Lending - 0.9% | Investments Purchased with Cash Collateral from Securities Lending - 0.9% | Investments Purchased with Cash Collateral from Securities Lending - 0.9% | Investments Purchased with Cash Collateral from Securities Lending - 0.9% | Investments Purchased with Cash Collateral from Securities Lending - 0.9% |
| Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% | Investment Companies - 0.9% |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  |
|  | - | 171045311 | (144605743) | - | - | 26439568 | 26439568 | 54865 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 2.5% | Total Affiliated Investments - 2.5% | Total Affiliated Investments - 2.5% | Total Affiliated Investments - 2.5% | Total Affiliated Investments - 2.5% | Total Affiliated Investments - 2.5% | Total Affiliated Investments - 2.5% | Total Affiliated Investments - 2.5% | Total Affiliated Investments - 2.5% |
|  | $42218438 | $413849966 | $(378880695) | $(1988) | $(6040) | $77179681 | 77179681 | $717455 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $32131599 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(32131599) | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the amount of assets or liabilities that could be offset with the same
 counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Collateral pledged is limited to the net outstanding amount due to/from an individual
 counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Global Select Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

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 period ended March 31, 2026 is <br> $39,683,649, which represents 1.3% of net assets.<br>|
| Non-income producing security. |
| Rate shown is the 7-day yield as of March 31, 2026. |
| Loaned security; a portion of the security is on loan at March 31, 2026. |
| &nbsp;&nbsp; Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended March 31, 2026 is $0, <br> which represents 0.0% of net assets.<br>|
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
| Schedule of Restricted Securities (as of March 31, 2026) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Acquisition* <br>*Date*<br>| *Cost* | *Value* | &nbsp;&nbsp; *Value as a* <br>*% of Net* <br>*Assets*<br>|
| Magic Leap Inc - Class A private equity common shares | 10/5/17 | &nbsp;&nbsp; $9254547 | $0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %<br>|

---

The Fund has registration rights for certain restricted securities held as of March 31, 2026. The issuer incurs all registration costs.

4 \| March 31, 2026

------

**Janus Henderson Global Select Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial

instruments as of March 31, 2026. 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 | $- | &nbsp;&nbsp; $145195618 | &nbsp;&nbsp; $- |
| Banks | - | &nbsp;&nbsp; 237422059 | &nbsp;&nbsp; - |
| Capital Markets | - | &nbsp;&nbsp; 70014314 | &nbsp;&nbsp; - |
| Commercial Services & Supplies | - | &nbsp;&nbsp; 42351936 | &nbsp;&nbsp; - |
| Electrical Equipment | 103893603 | &nbsp;&nbsp; 55834798 | &nbsp;&nbsp; - |
| Insurance | 134274126 | &nbsp;&nbsp; 83473943 | &nbsp;&nbsp; - |
| Interactive Media & Services | 138970272 | &nbsp;&nbsp; 41573418 | &nbsp;&nbsp; - |
| Metals & Mining | 45565081 | &nbsp;&nbsp; 44119871 | &nbsp;&nbsp; - |
| Personal Products | - | &nbsp;&nbsp; 58455981 | &nbsp;&nbsp; - |
| Pharmaceuticals | 57805705 | &nbsp;&nbsp; 50552738 | &nbsp;&nbsp; - |
| Semiconductor & Semiconductor Equipment | 194222827 | &nbsp;&nbsp; 297797545 | &nbsp;&nbsp; - |
| Textiles, Apparel & Luxury Goods | - | &nbsp;&nbsp; 79530504 | &nbsp;&nbsp; - |
| All Other | 1087567639 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Private Placements* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 0 |
| *Investment Companies* | - | &nbsp;&nbsp; 50740113 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 33049460 | &nbsp;&nbsp; - |
| **Total Assets** | $1762299253 | &nbsp;&nbsp; $1290112298 | &nbsp;&nbsp; $0 |

---

Janus Investment Fund \| 5

------

**Janus Henderson Global Select Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $2,166,477,935)<sup>(1)</sup> <br>| $2975231870 |
| Affiliated investments, at value (cost $77,185,721) | 77179681 |
| Cash denominated in foreign currency (cost $20) | 20 |
| Trustees' deferred compensation | 95951 |
| Receivables: |  |
| Investments sold | 22632698 |
| Dividends | 4399429 |
| Foreign tax reclaims | 1419666 |
| Fund shares sold | 450320 |
| Dividends from affiliates | 83271 |
| Other assets | 245802 |
| Total Assets | 3081738708 |
| Liabilities: |  |
| Due to custodian | 26 |
| Collateral for securities loaned (Note 2) | 33049460 |
| Payables: |  |
| Investments purchased | 5738338 |
| Advisory fees | 1690176 |
| Fund shares repurchased | 963212 |
| Transfer agent fees and expenses | 443278 |
| Foreign tax liability | 166024 |
| Trustees' deferred compensation fees | 95951 |
| Professional fees | 51853 |
| Custodian fees | 24102 |
| Trustees' fees and expenses | 16154 |
| Affiliated fund administration fees payable | 6603 |
| 12b-1 Distribution and shareholder servicing fees | 4554 |
| Accrued expenses and other payables | 180818 |
| Total Liabilities | 42430549 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $3039308159 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

6 \| March 31, 2026

------

**Janus Henderson Global Select Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $2018372529 |
| Total distributable earnings (loss) (includes $166,024 of foreign capital gains tax) | 1020935630 |
| Total Net Assets | $3039308159 |
| Net Assets - Class A Shares | $11246606 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 582546 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $19.31 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $20.49 |
| Net Assets - Class C Shares | $1590328 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 89363 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $17.80 |
| Net Assets - Class D Shares | $2167667825 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 113293519 |
| Net Asset Value Per Share | $19.13 |
| Net Assets - Class I Shares | $135070901 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 7031643 |
| Net Asset Value Per Share | $19.21 |
| Net Assets - Class N Shares | $40547123 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2116132 |
| Net Asset Value Per Share | $19.16 |
| Net Assets - Class R Shares | $1703518 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 91269 |
| Net Asset Value Per Share | $18.66 |
| Net Assets - Class S Shares | $250499 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 12957 |
| Net Asset Value Per Share | $19.33 |
| Net Assets - Class T Shares | $681231359 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 35502179 |
| Net Asset Value Per Share | $19.19 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $32,131,599 of securities on loan. See Note 2 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Global Select Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $20379013 |
| Dividends from affiliates | 662590 |
| Affiliated securities lending income, net | 54865 |
| Unaffiliated securities lending income, net | 13535 |
| Other income | 2061 |
| Foreign withholding tax income | 558557 |
| Total Investment Income | 21670621 |
| Expenses: |  |
| Advisory fees | 10038229 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 14640 |
| Class C Shares | 7051 |
| Class R Shares | 4237 |
| Class S Shares | 353 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 1205197 |
| Class R Shares | 2119 |
| Class S Shares | 352 |
| Class T Shares | 880422 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 3123 |
| Class C Shares | 692 |
| Class I Shares | 73748 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 388 |
| Class C Shares | 46 |
| Class D Shares | 171178 |
| Class I Shares | 2106 |
| Class N Shares | 1108 |
| Class R Shares | 22 |
| Class S Shares | 4 |
| Class T Shares | 3477 |
| Professional fees | 214589 |
| Shareholder reports expense | 146389 |
| Custodian fees | 86946 |
| Registration fees | 49110 |
| Affiliated fund administration fees | 39212 |
| Trustees' fees and expenses | 36499 |
| Other expenses | 131543 |
| Total Expenses | 13112780 |
| Less: Excess Expense Reimbursement and Waivers | (63654) |
| Net Expenses | 13049126 |
| Net Investment Income/(Loss) | 8621495 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions (net of foreign taxes of $4,775,655) | 206358547 |
| Investments in affiliates | (1988) |
| Total Net Realized Gain/(Loss) on Investments | 206356559 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation (net of decrease in deferred foreign taxes of <br> $4,968,649)<br>| (211241457) |
| Investments in affiliates | (6040) |
| Total Change in Unrealized Net Appreciation/Depreciation | (211247497) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $3730557 |

---

See Notes to Financial Statements.

8 \| March 31, 2026

------

**Janus Henderson Global Select Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*March 31, 2026* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $8621495 | &nbsp;&nbsp; $16820542 |
| Net realized gain/(loss) on investments | 206356559 | &nbsp;&nbsp; 358503122 |
| Change in unrealized net appreciation/depreciation | (211247497) | &nbsp;&nbsp; 47978055 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 3730557 | &nbsp;&nbsp; 423301719 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (1115012) | &nbsp;&nbsp; (1000489) |
| Class C Shares | (131407) | &nbsp;&nbsp; (82343) |
| Class D Shares | (217413735) | &nbsp;&nbsp; (191598506) |
| Class I Shares | (12942362) | &nbsp;&nbsp; (9065981) |
| Class N Shares | (3790240) | &nbsp;&nbsp; (5000839) |
| Class R Shares | (161044) | &nbsp;&nbsp; (36729) |
| Class S Shares | (26725) | &nbsp;&nbsp; (23353) |
| Class T Shares | (68127860) | &nbsp;&nbsp; (59901072) |
| Net Decrease from Dividends and Distributions to Shareholders | (303708385) | &nbsp;&nbsp; (266709312) |
| Capital Share Transactions: |  |  |
| Class A Shares | 615334 | &nbsp;&nbsp; (93152) |
| Class C Shares | 340489 | &nbsp;&nbsp; 407146 |
| Class D Shares | 130833326 | &nbsp;&nbsp; 49872178 |
| Class I Shares | 19929947 | &nbsp;&nbsp; 16162981 |
| Class N Shares | 8806909 | &nbsp;&nbsp; (23063485) |
| Class R Shares | 446026 | &nbsp;&nbsp; 983183 |
| Class S Shares | (10472) | &nbsp;&nbsp; 15691 |
| Class T Shares | 39448137 | &nbsp;&nbsp; 14790306 |
| Net Increase/(Decrease) from Capital Share Transactions | 200409696 | &nbsp;&nbsp; 59074848 |
| Net Increase/(Decrease) in Net Assets | (99568132) | &nbsp;&nbsp; 215667255 |
| Net Assets: |  |  |
| Beginning of period | 3138876291 | &nbsp;&nbsp; 2923209036 |
| End of period | $3039308159 | &nbsp;&nbsp; $3138876291 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Global Select Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $21.35 | &nbsp;&nbsp; $20.30 | &nbsp;&nbsp; $16.62 | &nbsp;&nbsp; $14.17 | &nbsp;&nbsp; $19.70 | &nbsp;&nbsp; $15.56 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp; 0.18 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain/(loss) | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp; (3.38) | &nbsp;&nbsp;&nbsp;&nbsp;4.91 |
| Total from Investment Operations | - | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp; (3.24) | &nbsp;&nbsp;&nbsp;&nbsp;5.01 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.07) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.12) |
| Distributions (from capital gains) | (1.97) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.75) |
| Total Dividends and Distributions | (2.04) | &nbsp;&nbsp; (1.84) | &nbsp;&nbsp; (1.43) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (2.29) | &nbsp;&nbsp; (0.87) |
| Net Asset Value, End of Period | $19.31 | &nbsp;&nbsp; $21.35 | &nbsp;&nbsp; $20.30 | &nbsp;&nbsp; $16.62 | &nbsp;&nbsp; $14.17 | &nbsp;&nbsp; $19.70 |
| Total Return<sup>\*</sup> <br>| (0.01)% | &nbsp;&nbsp; 15.25% | &nbsp;&nbsp; 32.99% | &nbsp;&nbsp; 20.26% | &nbsp;&nbsp; (18.45)% | &nbsp;&nbsp; 32.96% |
| Net Assets, End of Period (in thousands) | $11247 | &nbsp;&nbsp; $11748 | &nbsp;&nbsp; $11383 | &nbsp;&nbsp; $7207 | &nbsp;&nbsp; $5582 | &nbsp;&nbsp; $7039 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.02% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.03% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.03% |
| Ratio of Net Investment Income/(Loss) | 0.37% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.95% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.56% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 56% | &nbsp;&nbsp; 37% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in April and August 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.06%, respectively. 

(3) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in April and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

10 \| March 31, 2026

------

**Janus Henderson Global Select Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $19.85 | &nbsp;&nbsp; $19.03 | &nbsp;&nbsp; $15.65 | &nbsp;&nbsp; $13.42 | &nbsp;&nbsp; $18.82 | &nbsp;&nbsp; $14.92 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.05) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; 0.02 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; — <br><sup>(3)</sup><br>| &nbsp;&nbsp; (0.06) |
| Net realized and unrealized gain/(loss) | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp; (3.21) | &nbsp;&nbsp;&nbsp;&nbsp;4.71 |
| Total from Investment Operations | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp; (3.21) | &nbsp;&nbsp;&nbsp;&nbsp;4.65 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (1.97) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.75) |
| Total Dividends and Distributions | (1.97) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; (1.30) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.75) |
| Net Asset Value, End of Period | $17.80 | &nbsp;&nbsp; $19.85 | &nbsp;&nbsp; $19.03 | &nbsp;&nbsp; $15.65 | &nbsp;&nbsp; $13.42 | &nbsp;&nbsp; $18.82 |
| Total Return<sup>\*</sup> <br>| (0.47)% | &nbsp;&nbsp; 14.23% | &nbsp;&nbsp; 31.98% | &nbsp;&nbsp; 19.24% | &nbsp;&nbsp; (19.14)% | &nbsp;&nbsp; 31.84% |
| Net Assets, End of Period (in thousands) | $1590 | &nbsp;&nbsp; $1398 | &nbsp;&nbsp; $922 | &nbsp;&nbsp; $721 | &nbsp;&nbsp; $564 | &nbsp;&nbsp; $586 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.97% | &nbsp;&nbsp; 2.09% | &nbsp;&nbsp; 2.06% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 2.10% | &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 2.14% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.89% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 1.88% |
| Ratio of Net Investment Income/(Loss) | (0.48)% | &nbsp;&nbsp; (0.50)% | &nbsp;&nbsp; 0.10% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; (0.33)% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 56% | &nbsp;&nbsp; 37% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in April and August 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.06%, respectively. 

(3) Less than $0.005 on a per share basis. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in April and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Global Select Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $21.18 | &nbsp;&nbsp; $20.16 | &nbsp;&nbsp; $16.51 | &nbsp;&nbsp; $14.09 | &nbsp;&nbsp; $19.60 | &nbsp;&nbsp; $15.47 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp; 0.20 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain/(loss) | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp;&nbsp;4.88 |
| Total from Investment Operations | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp; (3.18) | &nbsp;&nbsp;&nbsp;&nbsp;5.02 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.10) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.14) |
| Distributions (from capital gains) | (1.97) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.75) |
| Total Dividends and Distributions | (2.07) | &nbsp;&nbsp; (1.88) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (2.33) | &nbsp;&nbsp; (0.89) |
| Net Asset Value, End of Period | $19.13 | &nbsp;&nbsp; $21.18 | &nbsp;&nbsp; $20.16 | &nbsp;&nbsp; $16.51 | &nbsp;&nbsp; $14.09 | &nbsp;&nbsp; $19.60 |
| Total Return<sup>\*</sup> <br>| 0.07% | &nbsp;&nbsp; 15.44% | &nbsp;&nbsp; 33.23% | &nbsp;&nbsp; 20.49% | &nbsp;&nbsp; (18.25)% | &nbsp;&nbsp; 33.28% |
| Net Assets, End of Period (in thousands) | $2167668 | &nbsp;&nbsp; $2251112 | &nbsp;&nbsp; $2087821 | &nbsp;&nbsp; $1673253 | &nbsp;&nbsp; $1459358 | &nbsp;&nbsp; $1876374 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.81% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.82% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.82% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.81% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.82% |
| Ratio of Net Investment Income/(Loss) | 0.57% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 1.10% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.77% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 56% | &nbsp;&nbsp; 37% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in April and August 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.06%, respectively. 

(3) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in April and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

12 \| March 31, 2026

------

**Janus Henderson Global Select Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $21.26 | &nbsp;&nbsp; $20.23 | &nbsp;&nbsp; $16.57 | &nbsp;&nbsp; $14.15 | &nbsp;&nbsp; $19.68 | &nbsp;&nbsp; $15.53 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp; 0.21 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain/(loss) | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp; (3.38) | &nbsp;&nbsp;&nbsp;&nbsp;4.89 |
| Total from Investment Operations | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp; (3.19) | &nbsp;&nbsp;&nbsp;&nbsp;5.05 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.11) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.15) |
| Distributions (from capital gains) | (1.97) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.75) |
| Total Dividends and Distributions | (2.08) | &nbsp;&nbsp; (1.89) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (2.34) | &nbsp;&nbsp; (0.90) |
| Net Asset Value, End of Period | $19.21 | &nbsp;&nbsp; $21.26 | &nbsp;&nbsp; $20.23 | &nbsp;&nbsp; $16.57 | &nbsp;&nbsp; $14.15 | &nbsp;&nbsp; $19.68 |
| Total Return<sup>\*</sup> <br>| 0.10% | &nbsp;&nbsp; 15.49% | &nbsp;&nbsp; 33.20% | &nbsp;&nbsp; 20.55% | &nbsp;&nbsp; (18.23)% | &nbsp;&nbsp; 33.31% |
| Net Assets, End of Period (in thousands) | $135071 | &nbsp;&nbsp; $128127 | &nbsp;&nbsp; $103842 | &nbsp;&nbsp; $53550 | &nbsp;&nbsp; $24004 | &nbsp;&nbsp; $22347 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% |
| Ratio of Net Investment Income/(Loss) | 0.60% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 1.12% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 0.83% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 56% | &nbsp;&nbsp; 37% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in April and August 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.06%, respectively. 

(3) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in April and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Global Select Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $21.22 | &nbsp;&nbsp; $20.20 | &nbsp;&nbsp; $16.53 | &nbsp;&nbsp; $14.11 | &nbsp;&nbsp; $19.64 | &nbsp;&nbsp; $15.50 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp; 0.24 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain/(loss) | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp; (3.37) | &nbsp;&nbsp;&nbsp;&nbsp;4.88 |
| Total from Investment Operations | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp; (3.17) | &nbsp;&nbsp;&nbsp;&nbsp;5.05 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.12) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.16) |
| Distributions (from capital gains) | (1.97) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.75) |
| Total Dividends and Distributions | (2.09) | &nbsp;&nbsp; (1.91) | &nbsp;&nbsp; (1.47) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (2.36) | &nbsp;&nbsp; (0.91) |
| Net Asset Value, End of Period | $19.16 | &nbsp;&nbsp; $21.22 | &nbsp;&nbsp; $20.20 | &nbsp;&nbsp; $16.53 | &nbsp;&nbsp; $14.11 | &nbsp;&nbsp; $19.64 |
| Total Return<sup>\*</sup> <br>| 0.12% | &nbsp;&nbsp; 15.60% | &nbsp;&nbsp; 33.47% | &nbsp;&nbsp; 20.69% | &nbsp;&nbsp; (18.21)% | &nbsp;&nbsp; 33.41% |
| Net Assets, End of Period (in thousands) | $40547 | &nbsp;&nbsp; $35479 | &nbsp;&nbsp; $58735 | &nbsp;&nbsp; $44845 | &nbsp;&nbsp; $21395 | &nbsp;&nbsp; $26130 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.68% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.68% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.68% |
| Ratio of Net Investment Income/(Loss) | 0.71% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 1.32% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 0.90% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 56% | &nbsp;&nbsp; 37% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in April and August 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.06%, respectively. 

(3) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in April and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

14 \| March 31, 2026

------

**Janus Henderson Global Select Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $20.75 | &nbsp;&nbsp; $19.83 | &nbsp;&nbsp; $16.28 | &nbsp;&nbsp; $13.88 | &nbsp;&nbsp; $19.36 | &nbsp;&nbsp; $15.29 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.02) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; 0.08 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; — <br><sup>(3)</sup><br>|
| Net realized and unrealized gain/(loss) | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp; (3.31) | &nbsp;&nbsp;&nbsp;&nbsp;4.82 |
| Total from Investment Operations | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp; (3.26) | &nbsp;&nbsp;&nbsp;&nbsp;4.82 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.07) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (1.97) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.75) |
| Total Dividends and Distributions | (2.04) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.35) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (2.22) | &nbsp;&nbsp; (0.75) |
| Net Asset Value, End of Period | $18.66 | &nbsp;&nbsp; $20.75 | &nbsp;&nbsp; $19.83 | &nbsp;&nbsp; $16.28 | &nbsp;&nbsp; $13.88 | &nbsp;&nbsp; $19.36 |
| Total Return<sup>\*</sup> <br>| (0.29)% | &nbsp;&nbsp; 14.63% | &nbsp;&nbsp; 32.22% | &nbsp;&nbsp; 19.62% | &nbsp;&nbsp; (18.89)% | &nbsp;&nbsp; 32.19% |
| Net Assets, End of Period (in thousands) | $1704 | &nbsp;&nbsp; $1428 | &nbsp;&nbsp; $376 | &nbsp;&nbsp; $147 | &nbsp;&nbsp; $120 | &nbsp;&nbsp; $123 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.61% | &nbsp;&nbsp; 1.95% | &nbsp;&nbsp; 2.98% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 3.49% | &nbsp;&nbsp; 3.67% | &nbsp;&nbsp; 3.94% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.55% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.62% | &nbsp;&nbsp; 1.60% |
| Ratio of Net Investment Income/(Loss) | (0.17)% | &nbsp;&nbsp; (0.10)% | &nbsp;&nbsp; 0.44% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.27% | &nbsp;&nbsp; (0.02)% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 56% | &nbsp;&nbsp; 37% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in April and August 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.06%, respectively. 

(3) Less than $0.005 on a per share basis. 

(4) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in April and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Global Select Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $21.37 | &nbsp;&nbsp; $20.33 | &nbsp;&nbsp; $16.63 | &nbsp;&nbsp; $14.21 | &nbsp;&nbsp; $19.71 | &nbsp;&nbsp; $15.57 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.12 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain/(loss) | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp; (3.39) | &nbsp;&nbsp;&nbsp;&nbsp;4.93 |
| Total from Investment Operations | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp; (3.31) | &nbsp;&nbsp;&nbsp;&nbsp;4.96 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.04) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) |
| Distributions (from capital gains) | (1.97) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.75) |
| Total Dividends and Distributions | (2.01) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.82) |
| Net Asset Value, End of Period | $19.33 | &nbsp;&nbsp; $21.37 | &nbsp;&nbsp; $20.33 | &nbsp;&nbsp; $16.63 | &nbsp;&nbsp; $14.21 | &nbsp;&nbsp; $19.71 |
| Total Return<sup>\*</sup> <br>| (0.16)% | &nbsp;&nbsp; 14.89% | &nbsp;&nbsp; 32.56% | &nbsp;&nbsp; 19.96% | &nbsp;&nbsp; (18.75)% | &nbsp;&nbsp; 32.57% |
| Net Assets, End of Period (in thousands) | $250 | &nbsp;&nbsp; $286 | &nbsp;&nbsp; $266 | &nbsp;&nbsp; $154 | &nbsp;&nbsp; $82 | &nbsp;&nbsp; $139 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 2.24% | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 2.75% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 2.88% | &nbsp;&nbsp; 3.97% | &nbsp;&nbsp; 2.76% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.29% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.36% |
| Ratio of Net Investment Income/(Loss) | 0.08% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.64% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.42% | &nbsp;&nbsp; 0.16% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 56% | &nbsp;&nbsp; 37% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in April and August 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.06%, respectively. 

(3) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in April and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

16 \| March 31, 2026

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**Janus Henderson Global Select Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $21.23 | &nbsp;&nbsp; $20.20 | &nbsp;&nbsp; $16.55 | &nbsp;&nbsp; $14.11 | &nbsp;&nbsp; $19.63 | &nbsp;&nbsp; $15.50 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; 0.19 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain/(loss) | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp; (3.37) | &nbsp;&nbsp;&nbsp;&nbsp;4.88 |
| Total from Investment Operations | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp; (3.20) | &nbsp;&nbsp;&nbsp;&nbsp;5.01 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.09) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.13) |
| Distributions (from capital gains) | (1.97) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (0.75) |
| Total Dividends and Distributions | (2.06) | &nbsp;&nbsp; (1.86) | &nbsp;&nbsp; (1.44) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (2.32) | &nbsp;&nbsp; (0.88) |
| Net Asset Value, End of Period | $19.19 | &nbsp;&nbsp; $21.23 | &nbsp;&nbsp; $20.20 | &nbsp;&nbsp; $16.55 | &nbsp;&nbsp; $14.11 | &nbsp;&nbsp; $19.63 |
| Total Return<sup>\*</sup> <br>| 0.06% | &nbsp;&nbsp; 15.34% | &nbsp;&nbsp; 33.06% | &nbsp;&nbsp; 20.46% | &nbsp;&nbsp; (18.36)% | &nbsp;&nbsp; 33.15% |
| Net Assets, End of Period (in thousands) | $681231 | &nbsp;&nbsp; $709299 | &nbsp;&nbsp; $659864 | &nbsp;&nbsp; $521890 | &nbsp;&nbsp; $450713 | &nbsp;&nbsp; $587159 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% |
| Ratio of Net Investment Income/(Loss) | 0.47% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp; 1.01% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.68% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp; 48% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 46% | &nbsp;&nbsp; 56% | &nbsp;&nbsp; 37% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received in April and August 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.01 and 0.06%, respectively. 

(3) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received in April and August 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 17

------

**Janus Henderson Global Select Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and Significant Accounting Policies**

Janus Henderson Global Select Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 34 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940

Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of

shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US

GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain

retirement platforms.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

18 \| March 31, 2026

------

**Janus Henderson Global Select Fund**

**Notes to Financial Statements (unaudited)**

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement

with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an

agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended March 31, 2026. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

Janus Investment Fund \| 19

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**Janus Henderson Global Select Fund**

**Notes to Financial Statements (unaudited)**

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

The Fund's management has determined the Fund did not hold a significant amount of Level 3 securities as of

March 31, 2026.

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of

net assets represented by each class as a percentage of total net assets.

**Expenses**

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the

operations of such class.

**Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

20 \| March 31, 2026

------

**Janus Henderson Global Select Fund**

**Notes to Financial Statements (unaudited)**

**Indemnifications**

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material

loss from such claims is considered remote.

**Foreign Currency Translations**

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge

could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change

in the next twelve months.

**Foreign Taxes**

The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the Fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. The Statement of Operations reflects $1,373,957 of tax reclaims received as well as $172,849 of professional fees due to the recovery of foreign withholding taxes after such amounts were previously passed through to Fund shareholders as foreign tax

credits.

**2. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's

Janus Investment Fund \| 21

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**Janus Henderson Global Select Fund**

**Notes to Financial Statements (unaudited)**

portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**Emerging Market Investing**

Within the parameters of its specific investment policies, the Fund may invest in securities of issuers or companies from or with exposure to one or more "developing countries" or "emerging market countries." Such countries include but are not limited to countries included in the MSCI Emerging Markets Index<sup>SM</sup>. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund's investments. In addition, the Fund's investments may be denominated in foreign currencies and therefore, changes in the value of a country's currency compared to the U.S. dollar may affect the value of the Fund's investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund's performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country's lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese

local market securities.

**Restricted Security Transactions**

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets

exist.

**Counterparties**

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition

22 \| March 31, 2026

------

**Janus Henderson Global Select Fund**

**Notes to Financial Statements (unaudited)**

(i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have

greater exposure to the risks associated with one or more counterparties.

**Securities Lending**

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is

Janus Investment Fund \| 23

------

**Janus Henderson Global Select Fund**

**Notes to Financial Statements (unaudited)**

delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of March 31, 2026, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $32,131,599. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2026 is $33,049,460, resulting in the

net amount due the counterparty of $917,861.

**Offsetting Assets and Liabilities**

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of

instrument, see the Fund's Schedule of Investments.

**3. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund's

contractual investment advisory fee rate (expressed as an annual rate) is 0.64% of its average daily net assets.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.81% for at least a one-year period commencing on January 28, 2026. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess

Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $215,106 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2026. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the

Statement of Operations.

24 \| March 31, 2026

------

**Janus Henderson Global Select Fund**

**Notes to Financial Statements (unaudited)**

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net

assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds* | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion — $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R

Shares, Class S Shares, and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder

servicing fees" on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2026, the Distributor retained

upfront sales charges of $1,601.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no

CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended March 31, 2026.

Janus Investment Fund \| 25

------

**Janus Henderson Global Select Fund**

**Notes to Financial Statements (unaudited)**

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class C Shares

paid CDSCs of $279.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2026 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2026 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $37,088 were paid by the Trust to the Trustees under the

Deferred Plan during the period ended March 31, 2026.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2026 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

**4. Federal Income Tax**

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal

income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2026 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>|
| $2244143453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $926009981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(117741883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $808268098 |

---

26 \| March 31, 2026

------

**Janus Henderson Global Select Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended March 31, 2026* | *Period ended March 31, 2026* | *Year ended September 30, 2025* | *Year ended September 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 34866 | &nbsp;&nbsp; $709597 | &nbsp;&nbsp; 114738 | &nbsp;&nbsp; $2244676 |
| Reinvested dividends and distributions | 53955 | &nbsp;&nbsp; 1045116 | &nbsp;&nbsp; 49206 | &nbsp;&nbsp; 941310 |
| Shares repurchased | (56579) | &nbsp;&nbsp; (1139379) | &nbsp;&nbsp; (174392) | &nbsp;&nbsp; (3279138) |
| Net Increase/(Decrease) | 32242 | &nbsp;&nbsp; $615334 | &nbsp;&nbsp; (10448) | &nbsp;&nbsp; $(93152) |
| Class C Shares: |  |  |  |  |
| Shares sold | 36129 | &nbsp;&nbsp; $686855 | &nbsp;&nbsp; 35091 | &nbsp;&nbsp; $644546 |
| Reinvested dividends and distributions | 7337 | &nbsp;&nbsp; 131407 | &nbsp;&nbsp; 4598 | &nbsp;&nbsp; 82343 |
| Shares repurchased | (24561) | &nbsp;&nbsp; (477773) | &nbsp;&nbsp; (17685) | &nbsp;&nbsp; (319743) |
| Net Increase/(Decrease) | 18905 | &nbsp;&nbsp; $340489 | &nbsp;&nbsp; 22004 | &nbsp;&nbsp; $407146 |
| Class D Shares: |  |  |  |  |
| Shares sold | 907531 | &nbsp;&nbsp; $18327471 | &nbsp;&nbsp; 1604578 | &nbsp;&nbsp; $30406848 |
| Reinvested dividends and distributions | 10931664 | &nbsp;&nbsp; 209778645 | &nbsp;&nbsp; 9786732 | &nbsp;&nbsp; 185458561 |
| Shares repurchased | (4822576) | &nbsp;&nbsp; (97272790) | &nbsp;&nbsp; (8678116) | &nbsp;&nbsp; (165993231) |
| Net Increase/(Decrease) | 7016619 | &nbsp;&nbsp; $130833326 | &nbsp;&nbsp; 2713194 | &nbsp;&nbsp; $49872178 |
| Class I Shares: |  |  |  |  |
| Shares sold | 982029 | &nbsp;&nbsp; $19946573 | &nbsp;&nbsp; 2869444 | &nbsp;&nbsp; $54484004 |
| Reinvested dividends and distributions | 666577 | &nbsp;&nbsp; 12838280 | &nbsp;&nbsp; 472060 | &nbsp;&nbsp; 8978587 |
| Shares repurchased | (643096) | &nbsp;&nbsp; (12854906) | &nbsp;&nbsp; (2447287) | &nbsp;&nbsp; (47299610) |
| Net Increase/(Decrease) | 1005510 | &nbsp;&nbsp; $19929947 | &nbsp;&nbsp; 894217 | &nbsp;&nbsp; $16162981 |
| Class N Shares: |  |  |  |  |
| Shares sold | 541662 | &nbsp;&nbsp; $11072352 | &nbsp;&nbsp; 387285 | &nbsp;&nbsp; $7457618 |
| Reinvested dividends and distributions | 197261 | &nbsp;&nbsp; 3789384 | &nbsp;&nbsp; 263716 | &nbsp;&nbsp; 5000059 |
| Shares repurchased | (295016) | &nbsp;&nbsp; (6054827) | &nbsp;&nbsp; (1886953) | &nbsp;&nbsp; (35521162) |
| Net Increase/(Decrease) | 443907 | &nbsp;&nbsp; $8806909 | &nbsp;&nbsp; (1235952) | &nbsp;&nbsp; $(23063485) |
| Class R Shares: |  |  |  |  |
| Shares sold | 17256 | &nbsp;&nbsp; $351056 | &nbsp;&nbsp; 50629 | &nbsp;&nbsp; $997163 |
| Reinvested dividends and distributions | 8583 | &nbsp;&nbsp; 161008 | &nbsp;&nbsp; 1955 | &nbsp;&nbsp; 36518 |
| Shares repurchased | (3354) | &nbsp;&nbsp; (66038) | &nbsp;&nbsp; (2768) | &nbsp;&nbsp; (50498) |
| Net Increase/(Decrease) | 22485 | &nbsp;&nbsp; $446026 | &nbsp;&nbsp; 49816 | &nbsp;&nbsp; $983183 |
| Class S Shares: |  |  |  |  |
| Shares sold | 377 | &nbsp;&nbsp; $7663 | &nbsp;&nbsp; 6892 | &nbsp;&nbsp; $142681 |
| Reinvested dividends and distributions | 1376 | &nbsp;&nbsp; 26725 | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 15743 |
| Shares repurchased | (2164) | &nbsp;&nbsp; (44860) | &nbsp;&nbsp; (7412) | &nbsp;&nbsp; (142733) |
| Net Increase/(Decrease) | (411) | &nbsp;&nbsp; $(10472) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; $15691 |
| Class T Shares: |  |  |  |  |
| Shares sold | 1604159 | &nbsp;&nbsp; $32393864 | &nbsp;&nbsp; 2598449 | &nbsp;&nbsp; $50340115 |
| Reinvested dividends and distributions | 3464190 | &nbsp;&nbsp; 66685665 | &nbsp;&nbsp; 3080109 | &nbsp;&nbsp; 58552881 |
| Shares repurchased | (2970269) | &nbsp;&nbsp; (59631392) | &nbsp;&nbsp; (4937736) | &nbsp;&nbsp; (94102690) |
| Net Increase/(Decrease) | 2098080 | &nbsp;&nbsp; $39448137 | &nbsp;&nbsp; 740822 | &nbsp;&nbsp; $14790306 |

---

**6. Purchases and Sales of Investment Securities**

For the period ended March 31, 2026, 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>|
| $747053174 | &nbsp;&nbsp;&nbsp;&nbsp; $872845324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

Janus Investment Fund \| 27

------

**Janus Henderson Global Select Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, and client consents. The

shareholders of Janus Henderson Group, plc approved the acquisition on April 16, 2026.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2026 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements other than the following:

At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

28 \| March 31, 2026

------

**Janus Henderson Global Select Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analyses provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

Janus Investment Fund \| 29

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**Janus Henderson Global Select Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract and retain well-qualified personnel.

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

30 \| March 31, 2026

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**Janus Henderson Global Select Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund \| 31

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**Janus Henderson Global Select Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

32 \| March 31, 2026

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**Janus Henderson Global Select Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

Janus Investment Fund \| 33

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**Janus Henderson Global Select Fund**

**Additional Information (unaudited)**

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as identified by Broadridge using Morningstar category schema. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance or service being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, recent fee reductions, investment structure changes, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

34 \| March 31, 2026

------

**Janus Henderson Global Select Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 35

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**Janus Henderson Global Select Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

36 \| March 31, 2026

------

**Janus Henderson Global Select Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 37

------

**Janus Henderson Global Select Fund**

**Additional Information (unaudited)**

other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They

38 \| March 31, 2026

------

**Janus Henderson Global Select Fund**

**Additional Information (unaudited)**

concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 39

------

**Janus Henderson Global Select Fund**

**Notes**

40 \| March 31, 2026

------

**Janus Henderson Global Select Fund**

**Notes**

Janus Investment Fund \| 41

------

![](img5a28a7c72.gif)

*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93046 05-26

------

SEMIANNUAL FINANCIAL STATEMENTS

March 31, 2026

**Janus Henderson Global Sustainable Equity Fund**

Janus Investment Fund

![](img0190930c1.gif)

------

**Table of Contents**

**Janus Henderson Global Sustainable Equity Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_c30e1eed-bec2-4828-bd06-1fce25b4caa6_SOI-SOI-RunningFooter-26_1)<br> [Management Investment Companies](#xx_c30e1eed-bec2-4828-bd06-1fce25b4caa6_SOI-SOI-RunningFooter-26_1)<br>|  |
| [Schedule of Investments](#xx_c30e1eed-bec2-4828-bd06-1fce25b4caa6_SOI-SOI-RunningFooter-26_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_c30e1eed-bec2-4828-bd06-1fce25b4caa6_SOI-SOI-RunningFooter-26_4) | 4 |
| [Statement of Assets and Liabilities](#xx_c30e1eed-bec2-4828-bd06-1fce25b4caa6_SAL-SAL-RunningFooter-26_1) | 5 |
| [Statement of Operations](#xx_c30e1eed-bec2-4828-bd06-1fce25b4caa6_SOP-SOP-RunningFooter-26_1) | 7 |
| [Statements of Changes in Net Assets](#xx_c30e1eed-bec2-4828-bd06-1fce25b4caa6_SOC-SOC-RunningFooter-26_1) | 8 |
| [Financial Highlights](#xx_c30e1eed-bec2-4828-bd06-1fce25b4caa6_FIHI-FIHI-RunningFooter-26_1) | 9 |
| [Notes to Financial Statements](#xx_c30e1eed-bec2-4828-bd06-1fce25b4caa6_NTF-NTF-RunningFooter-26_1) | 17 |
| [Items 8-11 - Additional Information](#xx_c30e1eed-bec2-4828-bd06-1fce25b4caa6_AI-AI-RunningFooter-26_1) | 27 |

---

------

**Janus Henderson Global Sustainable Equity Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 98.3% |  |  |
| Auto Components – 1.8% |  |  |
| Aptive PLC<sup>\*</sup> <br>| 20641 | $1433311 |
| Banks – 2.3% |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 46488 | 1014526 |
| Erste Group Bank AG | 6877 | 743000 |
|  |  | 1757526 |
| Biotechnology – 3.9% |  |  |
| Argenx SE (ADR)<sup>\*</sup> <br>| 3116 | 2275459 |
| Vertex Pharmaceuticals Inc<sup>\*</sup> <br>| 1743 | 778319 |
|  |  | 3053778 |
| Building Products – 3.9% |  |  |
| Advanced Drainage Systems Inc | 6858 | 940437 |
| Cie de Saint-Gobain | 14495 | 1192710 |
| Trane Technologies PLC | 2170 | 904326 |
|  |  | 3037473 |
| Capital Markets – 3.6% |  |  |
| Intercontinental Exchange Inc | 9510 | 1495733 |
| S&P Global Inc | 3162 | 1344925 |
|  |  | 2840658 |
| Commercial Services & Supplies – 0.5% |  |  |
| Tetra Tech Inc | 12488 | 376139 |
| Construction & Engineering – 2.7% |  |  |
| APi Group Corp<sup>\*</sup> <br>| 28089 | 1138166 |
| Stantec Inc | 11508 | 995005 |
|  |  | 2133171 |
| Diversified Financial Services – 2.3% |  |  |
| Mastercard Inc - Class A | 3507 | 1752308 |
| Electrical Equipment – 9.7% |  |  |
| Contemporary Amperex Technology Co Ltd | 15000 | 1185162 |
| Hubbell Inc | 2901 | 1423637 |
| Legrand SA | 7040 | 1087708 |
| NEXTracker Inc - Class A<sup>\*</sup> <br>| 6005 | 723903 |
| Prysmian SpA | 6919 | 808956 |
| Schneider Electric SE | 8541 | 2345643 |
|  |  | 7575009 |
| Electronic Equipment, Instruments & Components – 7.3% |  |  |
| Keyence Corp | 1800 | 637540 |
| Keysight Technologies Inc<sup>\*</sup> <br>| 9543 | 2694657 |
| TE Connectivity PLC | 11121 | 2324511 |
|  |  | 5656708 |
| Entertainment – 3.8% |  |  |
| Nintendo Co Ltd | 11200 | 639142 |
| Spotify Technology SA<sup>\*</sup> <br>| 4724 | 2290715 |
|  |  | 2929857 |
| Health Care Providers & Services – 5.4% |  |  |
| Cardinal Health Inc | 7472 | 1578908 |
| McKesson Corp | 3039 | 2629829 |
|  |  | 4208737 |
| Hotels, Restaurants & Leisure – 1.0% |  |  |
| Hilton Worldwide Holdings Inc | 2666 | 810677 |
| Independent Power and Renewable Electricity Producers – 1.7% |  |  |
| Boralex Inc - Class A | 49847 | 1313102 |
| Industrial Conglomerates – 1.0% |  |  |
| Hitachi Ltd | 26400 | 771629 |
| Insurance – 6.9% |  |  |
| AIA Group Ltd | 159800 | 1795215 |
| Arthur J Gallagher & Co | 9318 | 2018093 |
| Intact Financial Corp | 4020 | 728565 |
| Progressive Corp/The | 4017 | 796330 |
|  |  | 5338203 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

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**Janus Henderson Global Sustainable Equity Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Machinery – 5.5% |  |  |
| Sandvik AB | 53398 | $2041730 |
| Wabtec Corp | 3758 | 939162 |
| Xylem Inc/NY | 10859 | 1297650 |
|  |  | 4278542 |
| Multiline Retail – 0.5% |  |  |
| MercadoLibre Inc<sup>\*</sup> <br>| 233 | 402862 |
| Pharmaceuticals – 2.0% |  |  |
| Eli Lilly & Co | 1724 | 1585684 |
| Professional Services – 2.8% |  |  |
| Experian PLC | 35073 | 1218902 |
| Jacobs Solutions Inc | 7389 | 940472 |
|  |  | 2159374 |
| Real Estate Management & Development – 1.5% |  |  |
| CBRE Group Inc<sup>\*</sup> <br>| 8534 | 1156016 |
| Road & Rail – 3.0% |  |  |
| Uber Technologies Inc<sup>\*</sup> <br>| 32409 | 2331179 |
| Semiconductor & Semiconductor Equipment – 17.6% |  |  |
| ASML Holding NV | 739 | 978037 |
| Disco Corp | 600 | 240441 |
| KLA Corp | 600 | 883446 |
| Micron Technology Inc | 3121 | 1054399 |
| NVIDIA Corp | 33792 | 5893325 |
| ON Semiconductor Corp<sup>\*</sup> <br>| 17184 | 1064033 |
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 10591 | 3579228 |
|  |  | 13692909 |
| Software – 5.6% |  |  |
| Microsoft Corp | 10213 | 3780546 |
| SAP SE | 3293 | 557210 |
|  |  | 4337756 |
| Technology Hardware, Storage & Peripherals – 2.0% |  |  |
| Seagate Technology Holdings PLC | 4068 | 1593680 |
| Total Common Stocks (cost $69,106,803) |  | 76526288 |
| Investment Companies – 1.8% |  |  |
| Money Markets – 1.8% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº,</sup><sup>£</sup> (cost $1,371,399) | 1371178 | 1371178 |
| Total Investments (total cost $70,478,202) – 100.1% |  | 77897466 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.1)% |  | (85069) |
| Net Assets – 100% |  | $77812397 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| March 31, 2026

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**Janus Henderson Global Sustainable Equity Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $46730468 | &nbsp;&nbsp;&nbsp;&nbsp; 60.0<br> %<br>|
| France | 4626061 | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| Sweden | 4332445 | &nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Taiwan | 3579228 | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Canada | 3036672 | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Ireland | 2324511 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Japan | 2288752 | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Belgium | 2275459 | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Hong Kong | 1795215 | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| United Kingdom | 1218902 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| China | 1185162 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Spain | 1014526 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Netherlands | 978037 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Italy | 808956 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Austria | 743000 | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Germany | 557210 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Argentina | 402862 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Total | $77897466 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*3/31/26*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 1.8% | Investment Companies - 1.8% | Investment Companies - 1.8% | Investment Companies - 1.8% | Investment Companies - 1.8% | Investment Companies - 1.8% | Investment Companies - 1.8% | Investment Companies - 1.8% | Investment Companies - 1.8% |
| Money Markets - 1.8% | Money Markets - 1.8% | Money Markets - 1.8% | Money Markets - 1.8% | Money Markets - 1.8% | Money Markets - 1.8% | Money Markets - 1.8% | Money Markets - 1.8% | Money Markets - 1.8% |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  |
|  | $833846 | $30602841 | $(30064738) | $(550) | $(221) | $1371178 | 1371178 | $37665 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

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**Janus Henderson Global Sustainable Equity Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

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 March 31, 2026. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|

---

The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial

instruments as of March 31, 2026. 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* |  |  |  |
| Banks | $- | &nbsp;&nbsp; $1757526 | &nbsp;&nbsp; $- |
| Building Products | 1844763 | &nbsp;&nbsp; 1192710 | &nbsp;&nbsp; - |
| Construction & Engineering | 1138166 | &nbsp;&nbsp; 995005 | &nbsp;&nbsp; - |
| Electrical Equipment | 2147540 | &nbsp;&nbsp; 5427469 | &nbsp;&nbsp; - |
| Electronic Equipment, Instruments & Components | 5019168 | &nbsp;&nbsp; 637540 | &nbsp;&nbsp; - |
| Entertainment | 2290715 | &nbsp;&nbsp; 639142 | &nbsp;&nbsp; - |
| Independent Power and Renewable Electricity Producers | - | &nbsp;&nbsp; 1313102 | &nbsp;&nbsp; - |
| Industrial Conglomerates | - | &nbsp;&nbsp; 771629 | &nbsp;&nbsp; - |
| Insurance | 2814423 | &nbsp;&nbsp; 2523780 | &nbsp;&nbsp; - |
| Machinery | 2236812 | &nbsp;&nbsp; 2041730 | &nbsp;&nbsp; - |
| Professional Services | 940472 | &nbsp;&nbsp; 1218902 | &nbsp;&nbsp; - |
| Semiconductor & Semiconductor Equipment | 12474431 | &nbsp;&nbsp; 1218478 | &nbsp;&nbsp; - |
| Software | 3780546 | &nbsp;&nbsp; 557210 | &nbsp;&nbsp; - |
| All Other | 21545029 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 1371178 | &nbsp;&nbsp; - |
| **Total Assets** | $56232065 | &nbsp;&nbsp; $21665401 | &nbsp;&nbsp; $- |

---

4 \| March 31, 2026

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**Janus Henderson Global Sustainable Equity Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $69,106,803) | $76526288 |
| Affiliated investments, at value (cost $1,371,399) | 1371178 |
| Cash denominated in foreign currency (cost $3,612) | 3612 |
| Trustees' deferred compensation | 2456 |
| Receivables: |  |
| Fund shares sold | 34266 |
| Dividends | 31723 |
| Dividends from affiliates | 7733 |
| Foreign tax reclaims | 5195 |
| Other assets | 159 |
| Total Assets | 77982610 |
| Liabilities: |  |
| Due to custodian | 19 |
| Payables: |  |
| Professional fees | 47072 |
| Fund shares repurchased | 25312 |
| Advisory fees | 21290 |
| Transfer agent fees and expenses | 7810 |
| Trustees' deferred compensation fees | 2456 |
| Trustees' fees and expenses | 302 |
| 12b-1 Distribution and shareholder servicing fees | 178 |
| Affiliated fund administration fees payable | 167 |
| Custodian fees | 18 |
| Accrued expenses and other payables | 65589 |
| Total Liabilities | 170213 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $77812397 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Global Sustainable Equity Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $69226930 |
| Total distributable earnings (loss) | 8585467 |
| Total Net Assets | $77812397 |
| Net Assets - Class A Shares | $314443 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 18486 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $17.01 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $18.05 |
| Net Assets - Class C Shares | $57929 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3415 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $16.96 |
| Net Assets - Class D Shares | $28435348 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1662937 |
| Net Asset Value Per Share | $17.10 |
| Net Assets - Class I Shares | $46001058 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2697644 |
| Net Asset Value Per Share | $17.05 |
| Net Assets - Class N Shares | $2035411 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 118699 |
| Net Asset Value Per Share | $17.15 |
| Net Assets - Class R Shares | $87594 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 5129 |
| Net Asset Value Per Share | $17.08 |
| Net Assets - Class S Shares | $88284 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 5178 |
| Net Asset Value Per Share | $17.05 |
| Net Assets - Class T Shares | $792330 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 46398 |
| Net Asset Value Per Share | $17.08 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

6 \| March 31, 2026

------

**Janus Henderson Global Sustainable Equity Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $252744 |
| Dividends from affiliates | 37665 |
| Other income | 91 |
| Foreign tax withheld | (4062) |
| Total Investment Income | 286438 |
| Expenses: |  |
| Advisory fees | 244494 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 410 |
| Class C Shares | 328 |
| Class R Shares | 52 |
| Class S Shares | 1 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 16009 |
| Class R Shares | 114 |
| Class S Shares | 114 |
| Class T Shares | 994 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 194 |
| Class C Shares | 76 |
| Class I Shares | 22817 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 24 |
| Class C Shares | 18 |
| Class D Shares | 4200 |
| Class I Shares | 377 |
| Class N Shares | 135 |
| Class R Shares | 7 |
| Class S Shares | 3 |
| Class T Shares | 28 |
| Non-affiliated fund administration fees | 45313 |
| Registration fees | 44298 |
| Professional fees | 31671 |
| Shareholder reports expense | 5133 |
| Custodian fees | 4287 |
| Affiliated fund administration fees | 815 |
| Trustees' fees and expenses | 758 |
| Other expenses | 15577 |
| Total Expenses | 438247 |
| Less: Excess Expense Reimbursement and Waivers | (115621) |
| Net Expenses | 322626 |
| Net Investment Income/(Loss) | (36188) |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 1690086 |
| Investments in affiliates | (550) |
| Total Net Realized Gain/(Loss) on Investments | 1689536 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (5582035) |
| Investments in affiliates | (221) |
| Total Change in Unrealized Net Appreciation/Depreciation | (5582256) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $(3928908) |

---

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Global Sustainable Equity Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*March 31, 2026* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $(36188) | &nbsp;&nbsp; $47486 |
| Net realized gain/(loss) on investments | 1689536 | &nbsp;&nbsp; 1353503 |
| Change in unrealized net appreciation/depreciation | (5582256) | &nbsp;&nbsp; 3416957 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (3928908) | &nbsp;&nbsp; 4817946 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (4323) | &nbsp;&nbsp; — |
| Class C Shares | (2591) | &nbsp;&nbsp; — |
| Class D Shares | (410160) | &nbsp;&nbsp; (45744) |
| Class I Shares | (343415) | &nbsp;&nbsp; (4941) |
| Class N Shares | (34144) | &nbsp;&nbsp; (6324) |
| Class R Shares | (1196) | &nbsp;&nbsp;&nbsp;&nbsp;(53) |
| Class S Shares | (1283) | &nbsp;&nbsp;&nbsp;&nbsp;(133) |
| Class T Shares | (9022) | &nbsp;&nbsp;&nbsp;&nbsp;(423) |
| Net Decrease from Dividends and Distributions to Shareholders | (806134) | &nbsp;&nbsp; (57618) |
| Capital Share Transactions: |  |  |
| Class A Shares | (777) | &nbsp;&nbsp; (44681) |
| Class C Shares | (105941) | &nbsp;&nbsp; 13168 |
| Class D Shares | (344556) | &nbsp;&nbsp; (1102569) |
| Class I Shares | 25895071 | &nbsp;&nbsp; 17410932 |
| Class N Shares | (212691) | &nbsp;&nbsp; (70293) |
| Class R Shares | 1466 | &nbsp;&nbsp; 5236 |
| Class S Shares | 1283 | &nbsp;&nbsp; 133 |
| Class T Shares | 95846 | &nbsp;&nbsp; 37782 |
| Net Increase/(Decrease) from Capital Share Transactions | 25329701 | &nbsp;&nbsp; 16249708 |
| Net Increase/(Decrease) in Net Assets | 20594659 | &nbsp;&nbsp; 21010036 |
| Net Assets: |  |  |
| Beginning of period | 57217738 | &nbsp;&nbsp; 36207702 |
| End of period | $77812397 | &nbsp;&nbsp; $57217738 |

---

See Notes to Financial Statements.

8 \| March 31, 2026

------

**Janus Henderson Global Sustainable Equity Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $18.11 | &nbsp;&nbsp; $16.24 | &nbsp;&nbsp; $12.21 | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp; $14.16 | &nbsp;&nbsp; $11.18 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.03) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain/(loss) | (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp; (3.67) | &nbsp;&nbsp;&nbsp;&nbsp;3.00 |
| Total from Investment Operations | (0.87) | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp; (3.65) | &nbsp;&nbsp;&nbsp;&nbsp;3.02 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.03) |
| Distributions (from capital gains) | (0.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.01) |
| Total Dividends and Distributions | (0.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.04) |
| Net Asset Value, End of Period | $17.01 | &nbsp;&nbsp; $18.11 | &nbsp;&nbsp; $16.24 | &nbsp;&nbsp; $12.21 | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp; $14.16 |
| Total Return<sup>\*</sup> <br>| (4.82)% | &nbsp;&nbsp; 11.51% | &nbsp;&nbsp; 33.14% | &nbsp;&nbsp; 17.98% | &nbsp;&nbsp; (26.05)% | &nbsp;&nbsp; 27.05% |
| Net Assets, End of Period (in thousands) | $314 | &nbsp;&nbsp; $335 | &nbsp;&nbsp; $346 | &nbsp;&nbsp; $259 | &nbsp;&nbsp; $182 | &nbsp;&nbsp; $181 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 2.44% | &nbsp;&nbsp; 2.92% | &nbsp;&nbsp; 2.99% | &nbsp;&nbsp; 3.19% | &nbsp;&nbsp; 3.18% | &nbsp;&nbsp; 4.43% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.23% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.06% |
| Ratio of Net Investment Income/(Loss) | (0.35)% <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.15)% | &nbsp;&nbsp; (0.02)% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.12% |
| Portfolio Turnover Rate | 31% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Progressive Corp/The in January 2026. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.23%, respectively. 

(3) Less than $0.005 on a per share basis. 

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Global Sustainable Equity Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $18.08 | &nbsp;&nbsp; $16.23 | &nbsp;&nbsp; $12.20 | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $14.13 | &nbsp;&nbsp; $11.16 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.05) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.01) |
| Net realized and unrealized gain/(loss) | (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (3.68) | &nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| Total from Investment Operations | (0.89) | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp; (3.61) | &nbsp;&nbsp;&nbsp;&nbsp;3.00 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; — <br><sup>(3)</sup><br>| &nbsp;&nbsp; (0.02) |
| Distributions (from capital gains) | (0.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.01) |
| Total Dividends and Distributions | (0.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.03) |
| Net Asset Value, End of Period | $16.96 | &nbsp;&nbsp; $18.08 | &nbsp;&nbsp; $16.23 | &nbsp;&nbsp; $12.20 | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $14.13 |
| Total Return<sup>\*</sup> <br>| (4.94)% | &nbsp;&nbsp; 11.40% | &nbsp;&nbsp; 33.03% | &nbsp;&nbsp; 18.02% | &nbsp;&nbsp; (25.79)% | &nbsp;&nbsp; 26.91% |
| Net Assets, End of Period (in thousands) | $58 | &nbsp;&nbsp; $168 | &nbsp;&nbsp; $138 | &nbsp;&nbsp; $104 | &nbsp;&nbsp; $61 | &nbsp;&nbsp; $77 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 3.61% | &nbsp;&nbsp; 4.21% | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 5.48% | &nbsp;&nbsp; 5.34% | &nbsp;&nbsp; 6.64% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.40% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 1.19% |
| Ratio of Net Investment Income/(Loss) | (0.57)% <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.26)% | &nbsp;&nbsp; (0.10)% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; (0.04)% |
| Portfolio Turnover Rate | 31% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Progressive Corp/The in January 2026. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.23%, respectively. 

(3) Less than $0.005 on a per share basis. 

See Notes to Financial Statements.

10 \| March 31, 2026

------

**Janus Henderson Global Sustainable Equity Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $18.20 | &nbsp;&nbsp; $16.30 | &nbsp;&nbsp; $12.26 | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp; $14.20 | &nbsp;&nbsp; $11.18 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.01) <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain/(loss) | (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (3.68) | &nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| Total from Investment Operations | (0.85) | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp; (3.66) | &nbsp;&nbsp;&nbsp;&nbsp;3.03 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.02) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (0.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.01) |
| Total Dividends and Distributions | (0.25) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.01) |
| Net Asset Value, End of Period | $17.10 | &nbsp;&nbsp; $18.20 | &nbsp;&nbsp; $16.30 | &nbsp;&nbsp; $12.26 | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp; $14.20 |
| Total Return<sup>\*</sup> <br>| (4.71)% | &nbsp;&nbsp; 11.84% | &nbsp;&nbsp; 33.39% | &nbsp;&nbsp; 18.16% | &nbsp;&nbsp; (26.02)% | &nbsp;&nbsp; 27.15% |
| Net Assets, End of Period (in thousands) | $28435 | &nbsp;&nbsp; $30631 | &nbsp;&nbsp; $28676 | &nbsp;&nbsp; $22473 | &nbsp;&nbsp; $20664 | &nbsp;&nbsp; $23921 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.31% | &nbsp;&nbsp; 1.79% | &nbsp;&nbsp; 1.84% | &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.97% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.99% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.00% |
| Ratio of Net Investment Income/(Loss) | (0.11)% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.16% | &nbsp;&nbsp; 0.18% |
| Portfolio Turnover Rate | 31% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Progressive Corp/The in January 2026. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.23%, respectively. 

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Global Sustainable Equity Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $18.14 | &nbsp;&nbsp; $16.23 | &nbsp;&nbsp; $12.20 | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $14.19 | &nbsp;&nbsp; $11.19 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.01) <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain/(loss) | (0.85) | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (3.66) | &nbsp;&nbsp;&nbsp;&nbsp;3.00 |
| Total from Investment Operations | (0.86) | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp;&nbsp;&nbsp;3.04 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | — <br><sup>(3)</sup><br>| &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.03) |
| Distributions (from capital gains) | (0.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.01) |
| Total Dividends and Distributions | (0.23) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.04) |
| Net Asset Value, End of Period | $17.05 | &nbsp;&nbsp; $18.14 | &nbsp;&nbsp; $16.23 | &nbsp;&nbsp; $12.20 | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $14.19 |
| Total Return<sup>\*</sup> <br>| (4.73)% | &nbsp;&nbsp; 11.88% | &nbsp;&nbsp; 33.42% | &nbsp;&nbsp; 18.10% | &nbsp;&nbsp; (25.97)% | &nbsp;&nbsp; 27.25% |
| Net Assets, End of Period (in thousands) | $46001 | &nbsp;&nbsp; $22771 | &nbsp;&nbsp; $4049 | &nbsp;&nbsp; $2678 | &nbsp;&nbsp; $3991 | &nbsp;&nbsp; $11353 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.32% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp; 1.89% | &nbsp;&nbsp; 1.98% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp; 1.86% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.00% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.87% |
| Ratio of Net Investment Income/(Loss) | (0.11)% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; 0.29% |
| Portfolio Turnover Rate | 31% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Progressive Corp/The in January 2026. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.23%, respectively. 

(3) Less than $0.005 on a per share basis. 

See Notes to Financial Statements.

12 \| March 31, 2026

------

**Janus Henderson Global Sustainable Equity Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $18.25 | &nbsp;&nbsp; $16.35 | &nbsp;&nbsp; $12.29 | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp; $14.23 | &nbsp;&nbsp; $11.19 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| — <br><sup>(2)</sup><sup>,</sup><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain/(loss) | (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (3.69) | &nbsp;&nbsp;&nbsp;&nbsp;3.00 |
| Total from Investment Operations | (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp; (3.65) | &nbsp;&nbsp;&nbsp;&nbsp;3.05 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.03) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (0.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.01) |
| Total Dividends and Distributions | (0.26) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.01) |
| Net Asset Value, End of Period | $17.15 | &nbsp;&nbsp; $18.25 | &nbsp;&nbsp; $16.35 | &nbsp;&nbsp; $12.29 | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp; $14.23 |
| Total Return<sup>\*</sup> <br>| (4.62)% | &nbsp;&nbsp; 11.94% | &nbsp;&nbsp; 33.62% | &nbsp;&nbsp; 18.33% | &nbsp;&nbsp; (25.93)% | &nbsp;&nbsp; 27.30% |
| Net Assets, End of Period (in thousands) | $2035 | &nbsp;&nbsp; $2379 | &nbsp;&nbsp; $2210 | &nbsp;&nbsp; $1494 | &nbsp;&nbsp; $1250 | &nbsp;&nbsp; $1449 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.29% | &nbsp;&nbsp; 1.76% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 1.97% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 2.14% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.86% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.86% |
| Ratio of Net Investment Income/(Loss) | 0.01% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.33% |
| Portfolio Turnover Rate | 31% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Progressive Corp/The in January 2026. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.23%, respectively. 

(3) Less than $0.005 on a per share basis. 

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Global Sustainable Equity Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021<sup>(1)</sup> <br>|
| Net Asset Value, Beginning of Period | $18.17 | &nbsp;&nbsp; $16.29 | &nbsp;&nbsp; $12.22 | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp; $14.13 | &nbsp;&nbsp; $13.08 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(2)</sup> <br>| (0.02) <br><sup>(3)</sup><br>| &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp; (0.03) |
| Net realized and unrealized gain/(loss) | (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (3.68) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Total from Investment Operations | (0.86) | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp; (3.60) | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | — <br><sup>(4)</sup><br>| &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (0.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.23) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; — |
| Net Asset Value, End of Period | $17.08 | &nbsp;&nbsp; $18.17 | &nbsp;&nbsp; $16.29 | &nbsp;&nbsp; $12.22 | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp; $14.13 |
| Total Return<sup>\*</sup> <br>| (4.73)% | &nbsp;&nbsp; 11.62% | &nbsp;&nbsp; 33.31% | &nbsp;&nbsp; 18.21% | &nbsp;&nbsp; (25.72)% | &nbsp;&nbsp; 8.03% |
| Net Assets, End of Period (in thousands) | $88 | &nbsp;&nbsp; $92 | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $40 | &nbsp;&nbsp; $54 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 4.83% | &nbsp;&nbsp; 5.68% | &nbsp;&nbsp; 6.58% | &nbsp;&nbsp; 8.16% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.99% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.13% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 1.46% |
| Ratio of Net Investment Income/(Loss) | (0.25)% <br><sup>(3)</sup><br>| &nbsp;&nbsp; (0.03)% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; (0.27)% |
| Portfolio Turnover Rate | 31% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Period from January 28, 2021 (inception date) through September 30, 2021.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Progressive Corp/The in January 2026. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.23%, respectively. 

(4) Less than $0.005 on a per share basis. 

See Notes to Financial Statements.

14 \| March 31, 2026

------

**Janus Henderson Global Sustainable Equity Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $18.15 | &nbsp;&nbsp; $16.26 | &nbsp;&nbsp; $12.20 | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp; $14.15 | &nbsp;&nbsp; $11.17 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.01) <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; — <br><sup>(3)</sup><br>|
| Net realized and unrealized gain/(loss) | (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (3.68) | &nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| Total from Investment Operations | (0.85) | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.02) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.02) |
| Distributions (from capital gains) | (0.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.01) |
| Total Dividends and Distributions | (0.25) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.03) |
| Net Asset Value, End of Period | $17.05 | &nbsp;&nbsp; $18.15 | &nbsp;&nbsp; $16.26 | &nbsp;&nbsp; $12.20 | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp; $14.15 |
| Total Return<sup>\*</sup> <br>| (4.71)% | &nbsp;&nbsp; 11.80% | &nbsp;&nbsp; 33.38% | &nbsp;&nbsp; 18.29% | &nbsp;&nbsp; (25.98)% | &nbsp;&nbsp; 27.05% |
| Net Assets, End of Period (in thousands) | $88 | &nbsp;&nbsp; $93 | &nbsp;&nbsp; $83 | &nbsp;&nbsp; $62 | &nbsp;&nbsp; $53 | &nbsp;&nbsp; $71 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 4.68% | &nbsp;&nbsp; 5.44% | &nbsp;&nbsp; 5.96% | &nbsp;&nbsp; 6.82% | &nbsp;&nbsp; 6.24% | &nbsp;&nbsp; 6.65% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.98% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 1.11% |
| Ratio of Net Investment Income/(Loss) | (0.11)% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.03% |
| Portfolio Turnover Rate | 31% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Progressive Corp/The in January 2026. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.23%, respectively. 

(3) Less than $0.005 on a per share basis. 

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Global Sustainable Equity Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $18.17 | &nbsp;&nbsp; $16.28 | &nbsp;&nbsp; $12.24 | &nbsp;&nbsp; $10.38 | &nbsp;&nbsp; $14.18 | &nbsp;&nbsp; $11.18 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.02) <br><sup>(2)</sup><br>| &nbsp;&nbsp; (—) <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net realized and unrealized gain/(loss) | (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (3.68) | &nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| Total from Investment Operations | (0.86) | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp; (3.67) | &nbsp;&nbsp;&nbsp;&nbsp;3.02 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | — <br><sup>(3)</sup><br>| &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — <br><sup>(3)</sup><br>| &nbsp;&nbsp; (0.01) |
| Distributions (from capital gains) | (0.23) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.01) |
| Total Dividends and Distributions | (0.23) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.02) |
| Net Asset Value, End of Period | $17.08 | &nbsp;&nbsp; $18.17 | &nbsp;&nbsp; $16.28 | &nbsp;&nbsp; $12.24 | &nbsp;&nbsp; $10.38 | &nbsp;&nbsp; $14.18 |
| Total Return<sup>\*</sup> <br>| (4.74)% | &nbsp;&nbsp; 11.68% | &nbsp;&nbsp; 33.30% | &nbsp;&nbsp; 18.08% | &nbsp;&nbsp; (26.12)% | &nbsp;&nbsp; 27.02% |
| Net Assets, End of Period (in thousands) | $792 | &nbsp;&nbsp; $749 | &nbsp;&nbsp; $629 | &nbsp;&nbsp; $597 | &nbsp;&nbsp; $540 | &nbsp;&nbsp; $697 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.79% | &nbsp;&nbsp; 2.31% | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 2.44% | &nbsp;&nbsp; 2.25% | &nbsp;&nbsp; 2.82% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.09% |
| Ratio of Net Investment Income/(Loss) | (0.20)% <br><sup>(2)</sup><br>| &nbsp;&nbsp; (0.01)% | &nbsp;&nbsp; 0.10% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; 0.05% | &nbsp;&nbsp; 0.10% |
| Portfolio Turnover Rate | 31% | &nbsp;&nbsp; 37% | &nbsp;&nbsp; 25% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 12% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include a special dividend from Progressive Corp/The in January 2026. The impact of the special dividend to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.23%, respectively. 

(3) Less than $0.005 on a per share basis. 

See Notes to Financial Statements.

16 \| March 31, 2026

------

**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and Significant Accounting Policies**

Janus Henderson Global Sustainable Equity Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 34 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as

defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of

shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US

GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain

retirement platforms.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

Janus Investment Fund \| 17

------

**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements (unaudited)**

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement

with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an

agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended March 31, 2026. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

18 \| March 31, 2026

------

**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements (unaudited)**

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of

net assets represented by each class as a percentage of total net assets.

**Expenses**

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the

operations of such class.

**Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

**Indemnifications**

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material

loss from such claims is considered remote.

Janus Investment Fund \| 19

------

**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements (unaudited)**

**Foreign Currency Translations**

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge

could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change

in the next twelve months.

**2. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

20 \| March 31, 2026

------

**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements (unaudited)**

**Emerging Market Investing**

Within the parameters of its specific investment policies, the Fund may invest in securities of issuers or companies from or with exposure to one or more "developing countries" or "emerging market countries." Such countries include but are not limited to countries included in the MSCI Emerging Markets Index<sup>SM</sup>. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund's investments. In addition, the Fund's investments may be denominated in foreign currencies and therefore, changes in the value of a country's currency compared to the U.S. dollar may affect the value of the Fund's investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund's performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country's lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese

local market securities.

**3. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table

reflects the Fund's contractual investment advisory fee rate (expressed as an annual rate).

---

| | |
|:---|:---|
| &nbsp;&nbsp; *Average Daily Net* <br>*Assets of the Fund*<br>| *Contractual Investment* <br>*Advisory Fee (%)*<br>|
| First $2 Billion | 0.75 |
| Over $2 Billion | 0.70 |

---

The Fund's actual investment advisory fee rate for the reporting period was 0.75% of average annual net assets before

any applicable waivers.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.85% for at least a one-year period commencing on January 28, 2026. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess

Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may

Janus Investment Fund \| 21

------

**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements (unaudited)**

serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $215,106 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2026. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the

Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net

assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds* | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion — $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R

Shares, Class S Shares, and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

22 \| March 31, 2026

------

**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements (unaudited)**

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder

servicing fees" on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2026, the Distributor retained

upfront sales charges of $4.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no

CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended March 31, 2026.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. There were no CDSCs paid by redeeming shareholders of Class C Shares during the

period ended March 31, 2026.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2026 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2026 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $37,088 were paid by the Trust to the Trustees under the

Deferred Plan during the period ended March 31, 2026.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2026 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

Janus Investment Fund \| 23

------

**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements (unaudited)**

As of March 31, 2026, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the

Adviser, as indicated in the table below:

---

| | | |
|:---|:---|:---|
| *Class* | *% of Class Owned* | *% of Fund Owned* |
| Class A Shares | -<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -<br> %<br>|
| Class C Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class D Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class I Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class N Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class R Shares | 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - <br><sup>\*</sup><br>|
| Class S Shares | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - <br><sup>\*</sup><br>|
| Class T Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

\*Less than 0.50%<br>

**4. Federal Income Tax**

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal

income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2026 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>|
| $71069512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9696231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2868277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6827954 |

---

24 \| March 31, 2026

------

**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended March 31, 2026* | *Period ended March 31, 2026* | *Year ended September 30, 2025* | *Year ended September 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 32 | &nbsp;&nbsp; $566 | &nbsp;&nbsp; 1766 | &nbsp;&nbsp; $30874 |
| Reinvested dividends and distributions | 247 | &nbsp;&nbsp; 4323 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Shares repurchased | (315) | &nbsp;&nbsp; (5666) | &nbsp;&nbsp; (4522) | &nbsp;&nbsp; (75555) |
| Net Increase/(Decrease) | (36) | &nbsp;&nbsp; $(777) | &nbsp;&nbsp; (2756) | &nbsp;&nbsp; $(44681) |
| Class C Shares: |  |  |  |  |
| Shares sold | 1838 | &nbsp;&nbsp; $32900 | &nbsp;&nbsp; 770 | &nbsp;&nbsp; $13168 |
| Reinvested dividends and distributions | 149 | &nbsp;&nbsp; 2591 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Shares repurchased | (7866) | &nbsp;&nbsp; (141432) | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Net Increase/(Decrease) | (5879) | &nbsp;&nbsp; $(105941) | &nbsp;&nbsp; 770 | &nbsp;&nbsp; $13168 |
| Class D Shares: |  |  |  |  |
| Shares sold | 162743 | &nbsp;&nbsp; $2910637 | &nbsp;&nbsp; 343599 | &nbsp;&nbsp; $5675241 |
| Reinvested dividends and distributions | 22846 | &nbsp;&nbsp; 401177 | &nbsp;&nbsp; 2758 | &nbsp;&nbsp; 44837 |
| Shares repurchased | (205686) | &nbsp;&nbsp; (3656370) | &nbsp;&nbsp; (422296) | &nbsp;&nbsp; (6822647) |
| Net Increase/(Decrease) | (20097) | &nbsp;&nbsp; $(344556) | &nbsp;&nbsp; (75939) | &nbsp;&nbsp; $(1102569) |
| Class I Shares: |  |  |  |  |
| Shares sold | 1700406 | &nbsp;&nbsp; $30375552 | &nbsp;&nbsp; 1154656 | &nbsp;&nbsp; $19875216 |
| Reinvested dividends and distributions | 15863 | &nbsp;&nbsp; 277767 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 4941 |
| Shares repurchased | (273898) | &nbsp;&nbsp; (4758248) | &nbsp;&nbsp; (149103) | &nbsp;&nbsp; (2469225) |
| Net Increase/(Decrease) | 1442371 | &nbsp;&nbsp; $25895071 | &nbsp;&nbsp; 1005858 | &nbsp;&nbsp; $17410932 |
| Class N Shares: |  |  |  |  |
| Shares sold | 2105 | &nbsp;&nbsp; $37939 | &nbsp;&nbsp; 15568 | &nbsp;&nbsp; $264566 |
| Reinvested dividends and distributions | 1940 | &nbsp;&nbsp; 34144 | &nbsp;&nbsp; 388 | &nbsp;&nbsp; 6324 |
| Shares repurchased | (15666) | &nbsp;&nbsp; (284774) | &nbsp;&nbsp; (20798) | &nbsp;&nbsp; (341183) |
| Net Increase/(Decrease) | (11621) | &nbsp;&nbsp; $(212691) | &nbsp;&nbsp; (4842) | &nbsp;&nbsp; $(70293) |
| Class R Shares: |  |  |  |  |
| Shares sold | 17 | &nbsp;&nbsp; $323 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; $5236 |
| Reinvested dividends and distributions | 68 | &nbsp;&nbsp; 1196 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 53 |
| Shares repurchased | (3) | &nbsp;&nbsp;&nbsp;&nbsp;(53) | &nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;(53) |
| Net Increase/(Decrease) | 82 | &nbsp;&nbsp; $1466 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; $5236 |
| Class S Shares: |  |  |  |  |
| Shares sold | - | &nbsp;&nbsp; $- | &nbsp;&nbsp; - | &nbsp;&nbsp; $- |
| Reinvested dividends and distributions | 73 | &nbsp;&nbsp; 1283 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 133 |
| Shares repurchased | - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Net Increase/(Decrease) | 73 | &nbsp;&nbsp; $1283 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; $133 |
| Class T Shares: |  |  |  |  |
| Shares sold | 29319 | &nbsp;&nbsp; $510742 | &nbsp;&nbsp; 34659 | &nbsp;&nbsp; $556741 |
| Reinvested dividends and distributions | 514 | &nbsp;&nbsp; 9022 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 423 |
| Shares repurchased | (24648) | &nbsp;&nbsp; (423918) | &nbsp;&nbsp; (32103) | &nbsp;&nbsp; (519382) |
| Net Increase/(Decrease) | 5185 | &nbsp;&nbsp; $95846 | &nbsp;&nbsp; 2582 | &nbsp;&nbsp; $37782 |

---

**6. Purchases and Sales of Investment Securities**

For the period ended March 31, 2026, 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>|
| $43936726 | &nbsp;&nbsp;&nbsp;&nbsp; $19987611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

Janus Investment Fund \| 25

------

**Janus Henderson Global Sustainable Equity Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, and client consents. The

shareholders of Janus Henderson Group, plc approved the acquisition on April 16, 2026.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2026 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements other than the following:

At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

26 \| March 31, 2026

------

**Janus Henderson Global Sustainable Equity Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analyses provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

Janus Investment Fund \| 27

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**Janus Henderson Global Sustainable Equity Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract and retain well-qualified personnel.

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

28 \| March 31, 2026

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**Janus Henderson Global Sustainable Equity Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund \| 29

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**Janus Henderson Global Sustainable Equity Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

30 \| March 31, 2026

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**Janus Henderson Global Sustainable Equity Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

Janus Investment Fund \| 31

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**Janus Henderson Global Sustainable Equity Fund**

**Additional Information (unaudited)**

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as identified by Broadridge using Morningstar category schema. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance or service being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, recent fee reductions, investment structure changes, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

32 \| March 31, 2026

------

**Janus Henderson Global Sustainable Equity Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 33

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**Janus Henderson Global Sustainable Equity Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

34 \| March 31, 2026

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**Janus Henderson Global Sustainable Equity Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 35

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**Janus Henderson Global Sustainable Equity Fund**

**Additional Information (unaudited)**

other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They

36 \| March 31, 2026

------

**Janus Henderson Global Sustainable Equity Fund**

**Additional Information (unaudited)**

concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 37

------

![](img56951ed12.gif)

*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93086 05-26

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SEMIANNUAL FINANCIAL STATEMENTS

March 31, 2026

**Janus Henderson Global Technology and Innovation Fund**

Janus Investment Fund

![](img9f6dae691.gif)

------

**Table of Contents**

**Janus Henderson Global Technology and Innovation Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_43742864-44ee-494e-a645-c256f1c40543_SOI-SOI-RunningFooter-42_1)<br> [Management Investment Companies](#xx_43742864-44ee-494e-a645-c256f1c40543_SOI-SOI-RunningFooter-42_1)<br>|  |
| [Schedule of Investments](#xx_43742864-44ee-494e-a645-c256f1c40543_SOI-SOI-RunningFooter-42_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_43742864-44ee-494e-a645-c256f1c40543_SOI-SOI-RunningFooter-42_4) | 4 |
| [Statement of Assets and Liabilities](#xx_43742864-44ee-494e-a645-c256f1c40543_SAL-SAL-RunningFooter-42_1) | 5 |
| [Statement of Operations](#xx_43742864-44ee-494e-a645-c256f1c40543_SOP-SOP-RunningFooter-42_1) | 7 |
| [Statements of Changes in Net Assets](#xx_43742864-44ee-494e-a645-c256f1c40543_SOC-SOC-RunningFooter-42_1) | 8 |
| [Financial Highlights](#xx_43742864-44ee-494e-a645-c256f1c40543_FIHI-FIHI-RunningFooter-42_1) | 9 |
| [Notes to Financial Statements](#xx_43742864-44ee-494e-a645-c256f1c40543_NTF-NTF-RunningFooter-42_1) | 16 |
| [Items 8-11 - Additional Information](#xx_43742864-44ee-494e-a645-c256f1c40543_AI-AI-RunningFooter-42_1) | 27 |

---

------

**Janus Henderson Global Technology and Innovation Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 97.8% |  |  |
| Capital Markets – 0.2% |  |  |
| Coinbase Global Inc - Class A<sup>\*</sup> <br>| 111287 | $19431823 |
| Communications Equipment – 1.6% |  |  |
| Arista Networks Inc<sup>\*</sup> <br>| 413940 | 50823553 |
| Lumentum Holdings Inc<sup>\*</sup> <br>| 109474 | 76933948 |
|  |  | 127757501 |
| Electrical Equipment – 1.3% |  |  |
| Forgent Power Solutions Inc<sup>\*</sup> <br>| 1257952 | 36820255 |
| GE Vernova Inc | 70304 | 61368362 |
|  |  | 98188617 |
| Electronic Equipment, Instruments & Components – 1.8% |  |  |
| Amphenol Corp | 1103251 | 139395764 |
| Entertainment – 0.3% |  |  |
| Spotify Technology SA<sup>\*</sup> <br>| 42941 | 20822520 |
| Hotels, Restaurants & Leisure – 0.7% |  |  |
| DoorDash Inc - Class A<sup>\*</sup> <br>| 343750 | 51614062 |
| Information Technology Services – 2.2% |  |  |
| Cloudflare Inc - Class A<sup>\*</sup> <br>| 161896 | 33405621 |
| Shopify Inc<sup>\*</sup> <br>| 375649 | 44559484 |
| Snowflake Inc - Class A<sup>\*</sup> <br>| 621607 | 93750768 |
|  |  | 171715873 |
| Interactive Media & Services – 5.4% |  |  |
| Alphabet Inc - Class C | 808159 | 231828491 |
| Meta Platforms Inc - Class A | 243748 | 139455543 |
| Tencent Holdings Ltd (ADR) | 868767 | 54923450 |
|  |  | 426207484 |
| Multiline Retail – 3.9% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 989901 | 206166681 |
| MercadoLibre Inc<sup>\*</sup> <br>| 58783 | 101636983 |
|  |  | 307803664 |
| Semiconductor & Semiconductor Equipment – 54.0% |  |  |
| Analog Devices Inc | 432015 | 137441252 |
| ARM Holdings PLC (ADR)<sup>\*</sup> <br>| 603953 | 91366010 |
| ASML Holding NV | 133467 | 176638195 |
| Broadcom Inc | 1531272 | 473943997 |
| KLA Corp | 167888 | 247199970 |
| Lam Research Corp | 1360076 | 290593838 |
| Micron Technology Inc | 382883 | 129353193 |
| Nova Ltd<sup>\*</sup> <br>| 19309 | 8385512 |
| NVIDIA Corp | 7261095 | 1266334968 |
| SK Hynix Inc | 252763 | 137516342 |
| Taiwan Semiconductor Manufacturing Co Ltd | 22562000 | 1272141567 |
|  |  | 4230914844 |
| Software – 17.5% |  |  |
| AppLovin Corp - Class A<sup>\*</sup> <br>| 194189 | 77287222 |
| Cadence Design Systems Inc<sup>\*</sup> <br>| 569937 | 158368394 |
| Datadog Inc - Class A<sup>\*</sup> <br>| 479165 | 56565428 |
| Guidewire Software Inc<sup>\*</sup> <br>| 237821 | 35568509 |
| Intuit Inc | 248992 | 107659161 |
| Microsoft Corp | 1628981 | 602999897 |
| Nebius Group NV<sup>\*,#</sup> <br>| 869840 | 90254598 |
| Oracle Corp | 294232 | 43284470 |
| Palantir Technologies Inc - Class A<sup>\*</sup> <br>| 695456 | 101731304 |
| Samsara Inc - Class A<sup>\*</sup> <br>| 840619 | 26639216 |
| ServiceTitan Inc - Class A<sup>\*</sup> <br>| 595676 | 37801599 |
| Tyler Technologies Inc<sup>\*</sup> <br>| 65980 | 22590232 |
| Via Transportation Inc - Class A<sup>\*</sup> <br>| 754439 | 11316585 |
|  |  | 1372066615 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

\| 1

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**Janus Henderson Global Technology and Innovation Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Technology Hardware, Storage & Peripherals – 7.8% |  |  |
| Apple Inc | 1517670 | $385169469 |
| Samsung Electronics Co Ltd | 1987275 | 223296284 |
|  |  | 608465753 |
| Wireless Telecommunication Services – 1.1% |  |  |
| SoftBank Group Corp | 3590600 | 86305119 |
| Total Common Stocks (cost $4,105,841,946) |  | 7660689639 |
| Private Placements – 0.2% |  |  |
| Professional Services – 0.2% |  |  |
| Apartment List Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 3783673 | 16383304 |
| Software – 0% |  |  |
| Magic Leap Inc - Class A private equity common shares<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 18847 | 0 |
| Total Private Placements (cost $22,982,020) |  | 16383304 |
| Warrants – 0% |  |  |
| Road & Rail – 0% |  |  |
| Grab Holdings Ltd, expires 12/1/26<sup>\*</sup> (cost $986,182) | 333275 | 25396 |
| Investment Companies – 2.1% |  |  |
| Money Markets – 2.1% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº,</sup><sup>£</sup> (cost $162,813,981) | 162813981 | 162813981 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.7% |  |  |
| Investment Companies – 0.6% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº,</sup><sup>£</sup> <br>| 44270507 | 44270507 |
| Time Deposits – 0.1% |  |  |
| Royal Bank of Canada, 3.6500%, 4/1/26 | $11067627 | 11067627 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $55,338,134) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $55,338,134) | 55338134 |
| Total Investments (total cost $4,347,962,263) – 100.8% |  | 7895250454 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.8)% |  | (59685025) |
| Net Assets – 100% |  | $7835565429 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $5678745004 | &nbsp;&nbsp;&nbsp;&nbsp; 71.9<br> %<br>|
| Taiwan | 1272141567 | &nbsp;&nbsp;&nbsp;&nbsp;16.1 |
| South Korea | 360812626 | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Netherlands | 266892793 | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Argentina | 101636983 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Japan | 86305119 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| China | 54923450 | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Canada | 44559484 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Sweden | 20822520 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Israel | 8385512 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Singapore | 25396 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Total | $7895250454 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \|

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**Janus Henderson Global Technology and Innovation Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*3/31/26*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% | Investment Companies - 2.1% |
| Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% | Money Markets - 2.1% |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  |
|  | $73501454 | $961370438 | $(872051778) | $(6133) | $- | $162813981 | 162813981 | $750356 |
| 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, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  |
|  | - | 357540683 | (313270176) | - | - | 44270507 | 44270507 | 50002 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 2.7% | Total Affiliated Investments - 2.7% | Total Affiliated Investments - 2.7% | Total Affiliated Investments - 2.7% | Total Affiliated Investments - 2.7% | Total Affiliated Investments - 2.7% | Total Affiliated Investments - 2.7% | Total Affiliated Investments - 2.7% | Total Affiliated Investments - 2.7% |
|  | $73501454 | $1318911121 | $(1185321954) | $(6133) | $- | $207084488 | 207084488 | $800358 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $60921854 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(60921854) | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the amount of assets or liabilities that could be offset with the same
 counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Collateral pledged is limited to the net outstanding amount due to/from an individual
 counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

\| 3

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**Janus Henderson Global Technology and Innovation Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

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 March 31, 2026. |
| Loaned security; a portion of the security is on loan at March 31, 2026. |
| &nbsp;&nbsp; Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended March 31, 2026 is <br> $16,383,304, which represents 0.2% of net assets.<br>|
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
| Schedule of Restricted Securities (as of March 31, 2026) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Acquisition* <br>*Date*<br>| *Cost* | *Value* | &nbsp;&nbsp; *Value as a* <br>*% of Net* <br>*Assets*<br>|
| Apartment List Inc | 11/2/20 | &nbsp;&nbsp; $13821757 | $16383304 | &nbsp;&nbsp;&nbsp;&nbsp; 0.2<br> %<br>|
| Magic Leap Inc - Class A private equity common shares | 10/5/17 | &nbsp;&nbsp; 9160263 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Total |  | &nbsp;&nbsp; $22982020 | $16383304 | &nbsp;&nbsp; 0.2% |

---

The Fund has registration rights for certain restricted securities held as of March 31, 2026. The issuer incurs all registration costs.

The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial

instruments as of March 31, 2026. 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 | $2644618740 | &nbsp;&nbsp; $1586296104 | &nbsp;&nbsp; $- |
| Technology Hardware, Storage & Peripherals | 385169469 | &nbsp;&nbsp; 223296284 | &nbsp;&nbsp; - |
| Wireless Telecommunication Services | - | &nbsp;&nbsp; 86305119 | &nbsp;&nbsp; - |
| All Other | 2735003923 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Private Placements* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 16383304 |
| *Warrants* | 25396 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 162813981 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 55338134 | &nbsp;&nbsp; - |
| **Total Assets** | $5764817528 | &nbsp;&nbsp; $2114049622 | &nbsp;&nbsp; $16383304 |

---

4 \|

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**Janus Henderson Global Technology and Innovation Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $4,140,877,775)<sup>(1)</sup> <br>| $7688165966 |
| Affiliated investments, at value (cost $207,084,488) | 207084488 |
| Cash denominated in foreign currency (cost $18) | 18 |
| Trustees' deferred compensation | 247456 |
| Receivables: |  |
| Dividends | 5185673 |
| Fund shares sold | 2191046 |
| Dividends from affiliates | 142937 |
| Foreign tax reclaims | 112116 |
| Other assets | 41625 |
| Total Assets | 7903171325 |
| Liabilities: |  |
| Due to custodian | 4324 |
| Collateral for securities loaned (Note 2) | 55338134 |
| Payables: |  |
| Fund shares repurchased | 5403772 |
| Advisory fees | 4462285 |
| Transfer agent fees and expenses | 1082105 |
| Trustees' deferred compensation fees | 247456 |
| 12b-1 Distribution and shareholder servicing fees | 136834 |
| Professional fees | 54252 |
| Trustees' fees and expenses | 44904 |
| Custodian fees | 26157 |
| Affiliated fund administration fees payable | 17430 |
| Accrued expenses and other payables | 788243 |
| Total Liabilities | 67605896 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $7835565429 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Global Technology and Innovation Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $4155398015 |
| Total distributable earnings (loss) | 3680167414 |
| Total Net Assets | $7835565429 |
| Net Assets - Class A Shares | $312847626 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 5184821 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $60.34 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $64.02 |
| Net Assets - Class C Shares | $66514385 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1414850 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $47.01 |
| Net Assets - Class D Shares | $3841519867 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 60074224 |
| Net Asset Value Per Share | $63.95 |
| Net Assets - Class I Shares | $1259800302 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 19358777 |
| Net Asset Value Per Share | $65.08 |
| Net Assets - Class N Shares | $374885255 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 5833387 |
| Net Asset Value Per Share | $64.27 |
| Net Assets - Class S Shares | $33073754 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 575509 |
| Net Asset Value Per Share | $57.47 |
| Net Assets - Class T Shares | $1946924240 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 31067418 |
| Net Asset Value Per Share | $62.67 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $60,921,854 of securities on loan. See Note 2 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

6 \| March 31, 2026

------

**Janus Henderson Global Technology and Innovation Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $21449318 |
| Dividends from affiliates | 750356 |
| Affiliated securities lending income, net | 50002 |
| Unaffiliated securities lending income, net | 13613 |
| Other income | 4288 |
| Foreign tax withheld | (1935461) |
| Total Investment Income | 20332116 |
| Expenses: |  |
| Advisory fees | 27530047 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 430512 |
| Class C Shares | 331148 |
| Class S Shares | 44332 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 2251217 |
| Class S Shares | 44351 |
| Class T Shares | 2711701 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 108954 |
| Class C Shares | 26261 |
| Class I Shares | 671999 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 10701 |
| Class C Shares | 2077 |
| Class D Shares | 141114 |
| Class I Shares | 20368 |
| Class N Shares | 11200 |
| Class S Shares | 130 |
| Class T Shares | 7530 |
| Custodian fees | 265811 |
| Shareholder reports expense | 184268 |
| Affiliated fund administration fees | 107539 |
| Trustees' fees and expenses | 104725 |
| Registration fees | 77070 |
| Professional fees | 59297 |
| Other expenses | 254838 |
| Total Expenses | 35397190 |
| Less: Excess Expense Reimbursement and Waivers | (139733) |
| Net Expenses | 35257457 |
| Net Investment Income/(Loss) | (14925341) |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 222999629 |
| Investments in affiliates | (6133) |
| Total Net Realized Gain/(Loss) on Investments | 222993496 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (732789315) |
| Total Change in Unrealized Net Appreciation/Depreciation | (732789315) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $(524721160) |

---

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Global Technology and Innovation Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*March 31, 2026* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $(14925341) | &nbsp;&nbsp; $(21862927) |
| Net realized gain/(loss) on investments | 222993496 | &nbsp;&nbsp; 1111155662 |
| Change in unrealized net appreciation/depreciation | (732789315) | &nbsp;&nbsp; 822654616 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (524721160) | &nbsp;&nbsp; 1911947351 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (43990313) | &nbsp;&nbsp; (34925939) |
| Class C Shares | (12303367) | &nbsp;&nbsp; (9789485) |
| Class D Shares | (502273977) | &nbsp;&nbsp; (376389101) |
| Class I Shares | (163004757) | &nbsp;&nbsp; (115886597) |
| Class N Shares | (48686621) | &nbsp;&nbsp; (33629155) |
| Class S Shares | (4710851) | &nbsp;&nbsp; (3844547) |
| Class T Shares | (267723511) | &nbsp;&nbsp; (207497972) |
| Net Decrease from Dividends and Distributions to Shareholders | (1042693397) | &nbsp;&nbsp; (781962796) |
| Capital Share Transactions: |  |  |
| Class A Shares | 25765796 | &nbsp;&nbsp; (3658515) |
| Class C Shares | 1357937 | &nbsp;&nbsp; (1831690) |
| Class D Shares | 358955153 | &nbsp;&nbsp; 180585014 |
| Class I Shares | 115645809 | &nbsp;&nbsp; 126414497 |
| Class N Shares | 47014259 | &nbsp;&nbsp; 31095256 |
| Class S Shares | 2090265 | &nbsp;&nbsp; 168448 |
| Class T Shares | 107906828 | &nbsp;&nbsp; 51311560 |
| Net Increase/(Decrease) from Capital Share Transactions | 658736047 | &nbsp;&nbsp; 384084570 |
| Net Increase/(Decrease) in Net Assets | (908678510) | &nbsp;&nbsp; 1514069125 |
| Net Assets: |  |  |
| Beginning of period | 8744243939 | &nbsp;&nbsp; 7230174814 |
| End of period | $7835565429 | &nbsp;&nbsp; $8744243939 |

---

See Notes to Financial Statements.

8 \| March 31, 2026

------

**Janus Henderson Global Technology and Innovation Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $73.53 | &nbsp;&nbsp; $64.39 | &nbsp;&nbsp; $43.62 | &nbsp;&nbsp; $31.58 | &nbsp;&nbsp; $59.21 | &nbsp;&nbsp; $50.45 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.17) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.27) |
| Net realized and unrealized gain/(loss) | (3.79) | &nbsp;&nbsp;&nbsp;&nbsp;16.69 | &nbsp;&nbsp;&nbsp;&nbsp;21.37 | &nbsp;&nbsp;&nbsp;&nbsp;12.16 | &nbsp;&nbsp; (18.76) | &nbsp;&nbsp;&nbsp;&nbsp;13.83 |
| Total from Investment Operations | (3.96) | &nbsp;&nbsp;&nbsp;&nbsp;16.41 | &nbsp;&nbsp;&nbsp;&nbsp;21.17 | &nbsp;&nbsp;&nbsp;&nbsp;12.04 | &nbsp;&nbsp; (18.98) | &nbsp;&nbsp;&nbsp;&nbsp;13.56 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (9.23) | &nbsp;&nbsp; (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Total Dividends and Distributions | (9.23) | &nbsp;&nbsp; (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Net Asset Value, End of Period | $60.34 | &nbsp;&nbsp; $73.53 | &nbsp;&nbsp; $64.39 | &nbsp;&nbsp; $43.62 | &nbsp;&nbsp; $31.58 | &nbsp;&nbsp; $59.21 |
| Total Return<sup>\*</sup> <br>| (6.36)% | &nbsp;&nbsp; 27.59% | &nbsp;&nbsp; 48.85% | &nbsp;&nbsp; 38.13% | &nbsp;&nbsp; (37.50)% | &nbsp;&nbsp; 28.19% |
| Net Assets, End of Period (in thousands) | $312848 | &nbsp;&nbsp; $352222 | &nbsp;&nbsp; $313262 | &nbsp;&nbsp; $213742 | &nbsp;&nbsp; $182141 | &nbsp;&nbsp; $319194 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.98% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.98% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.98% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.98% |
| Ratio of Net Investment Income/(Loss) | (0.51)% | &nbsp;&nbsp; (0.45)% | &nbsp;&nbsp; (0.36)% | &nbsp;&nbsp; (0.31)% | &nbsp;&nbsp; (0.49)% | &nbsp;&nbsp; (0.47)% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 43% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Global Technology and Innovation Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $59.46 | &nbsp;&nbsp; $53.70 | &nbsp;&nbsp; $36.71 | &nbsp;&nbsp; $26.76 | &nbsp;&nbsp; $51.77 | &nbsp;&nbsp; $44.91 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.30) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.56) |
| Net realized and unrealized gain/(loss) | (2.92) | &nbsp;&nbsp;&nbsp;&nbsp;13.62 | &nbsp;&nbsp;&nbsp;&nbsp;17.91 | &nbsp;&nbsp;&nbsp;&nbsp;10.28 | &nbsp;&nbsp; (15.94) | &nbsp;&nbsp;&nbsp;&nbsp;12.22 |
| Total from Investment Operations | (3.22) | &nbsp;&nbsp;&nbsp;&nbsp;13.03 | &nbsp;&nbsp;&nbsp;&nbsp;17.39 | &nbsp;&nbsp;&nbsp;&nbsp;9.95 | &nbsp;&nbsp; (16.36) | &nbsp;&nbsp;&nbsp;&nbsp;11.66 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (9.23) | &nbsp;&nbsp; (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Total Dividends and Distributions | (9.23) | &nbsp;&nbsp; (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Net Asset Value, End of Period | $47.01 | &nbsp;&nbsp; $59.46 | &nbsp;&nbsp; $53.70 | &nbsp;&nbsp; $36.71 | &nbsp;&nbsp; $26.76 | &nbsp;&nbsp; $51.77 |
| Total Return<sup>\*</sup> <br>| (6.65)% | &nbsp;&nbsp; 26.69% | &nbsp;&nbsp; 47.75% | &nbsp;&nbsp; 37.18% | &nbsp;&nbsp; (37.88)% | &nbsp;&nbsp; 27.37% |
| Net Assets, End of Period (in thousands) | $66514 | &nbsp;&nbsp; $82124 | &nbsp;&nbsp; $75671 | &nbsp;&nbsp; $56246 | &nbsp;&nbsp; $50614 | &nbsp;&nbsp; $101860 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.60% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.64% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.60% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.64% |
| Ratio of Net Investment Income/(Loss) | (1.13)% | &nbsp;&nbsp; (1.14)% | &nbsp;&nbsp; (1.11)% | &nbsp;&nbsp; (0.99)% | &nbsp;&nbsp; (1.09)% | &nbsp;&nbsp; (1.13)% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 43% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

10 \| March 31, 2026

------

**Janus Henderson Global Technology and Innovation Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $77.31 | &nbsp;&nbsp; $67.23 | &nbsp;&nbsp; $45.44 | &nbsp;&nbsp; $32.83 | &nbsp;&nbsp; $61.11 | &nbsp;&nbsp; $51.89 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.11) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.16) |
| Net realized and unrealized gain/(loss) | (4.02) | &nbsp;&nbsp;&nbsp;&nbsp;17.52 | &nbsp;&nbsp;&nbsp;&nbsp;22.29 | &nbsp;&nbsp;&nbsp;&nbsp;12.66 | &nbsp;&nbsp; (19.49) | &nbsp;&nbsp;&nbsp;&nbsp;14.23 |
| Total from Investment Operations | (4.13) | &nbsp;&nbsp;&nbsp;&nbsp;17.35 | &nbsp;&nbsp;&nbsp;&nbsp;22.19 | &nbsp;&nbsp;&nbsp;&nbsp;12.61 | &nbsp;&nbsp; (19.63) | &nbsp;&nbsp;&nbsp;&nbsp;14.07 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05) |
| Distributions (from capital gains) | (9.23) | &nbsp;&nbsp; (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Total Dividends and Distributions | (9.23) | &nbsp;&nbsp; (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.85) |
| Net Asset Value, End of Period | $63.95 | &nbsp;&nbsp; $77.31 | &nbsp;&nbsp; $67.23 | &nbsp;&nbsp; $45.44 | &nbsp;&nbsp; $32.83 | &nbsp;&nbsp; $61.11 |
| Total Return<sup>\*</sup> <br>| (6.26)% | &nbsp;&nbsp; 27.84% | &nbsp;&nbsp; 49.14% | &nbsp;&nbsp; 38.41% | &nbsp;&nbsp; (37.39)% | &nbsp;&nbsp; 28.43% |
| Net Assets, End of Period (in thousands) | $3841520 | &nbsp;&nbsp; $4241507 | &nbsp;&nbsp; $3506928 | &nbsp;&nbsp; $2401660 | &nbsp;&nbsp; $1794752 | &nbsp;&nbsp; $3058182 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.78% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.78% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% |
| Ratio of Net Investment Income/(Loss) | (0.31)% | &nbsp;&nbsp; (0.25)% | &nbsp;&nbsp; (0.17)% | &nbsp;&nbsp; (0.11)% | &nbsp;&nbsp; (0.30)% | &nbsp;&nbsp; (0.29)% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 43% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Global Technology and Innovation Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $78.51 | &nbsp;&nbsp; $68.15 | &nbsp;&nbsp; $46.05 | &nbsp;&nbsp; $33.25 | &nbsp;&nbsp; $61.76 | &nbsp;&nbsp; $52.40 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.11) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.14) |
| Net realized and unrealized gain/(loss) | (4.09) | &nbsp;&nbsp;&nbsp;&nbsp;17.78 | &nbsp;&nbsp;&nbsp;&nbsp;22.58 | &nbsp;&nbsp;&nbsp;&nbsp;12.83 | &nbsp;&nbsp; (19.74) | &nbsp;&nbsp;&nbsp;&nbsp;14.38 |
| Total from Investment Operations | (4.20) | &nbsp;&nbsp;&nbsp;&nbsp;17.63 | &nbsp;&nbsp;&nbsp;&nbsp;22.50 | &nbsp;&nbsp;&nbsp;&nbsp;12.80 | &nbsp;&nbsp; (19.86) | &nbsp;&nbsp;&nbsp;&nbsp;14.24 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08) |
| Distributions (from capital gains) | (9.23) | &nbsp;&nbsp; (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Total Dividends and Distributions | (9.23) | &nbsp;&nbsp; (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.88) |
| Net Asset Value, End of Period | $65.08 | &nbsp;&nbsp; $78.51 | &nbsp;&nbsp; $68.15 | &nbsp;&nbsp; $46.05 | &nbsp;&nbsp; $33.25 | &nbsp;&nbsp; $61.76 |
| Total Return<sup>\*</sup> <br>| (6.25)% | &nbsp;&nbsp; 27.88% | &nbsp;&nbsp; 49.17% | &nbsp;&nbsp; 38.50% | &nbsp;&nbsp; (37.36)% | &nbsp;&nbsp; 28.48% |
| Net Assets, End of Period (in thousands) | $1259800 | &nbsp;&nbsp; $1391587 | &nbsp;&nbsp; $1081199 | &nbsp;&nbsp; $773769 | &nbsp;&nbsp; $644388 | &nbsp;&nbsp; $1189917 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.76% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.76% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Investment Income/(Loss) | (0.29)% | &nbsp;&nbsp; (0.22)% | &nbsp;&nbsp; (0.13)% | &nbsp;&nbsp; (0.07)% | &nbsp;&nbsp; (0.26)% | &nbsp;&nbsp; (0.24)% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 43% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

12 \| March 31, 2026

------

**Janus Henderson Global Technology and Innovation Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $77.61 | &nbsp;&nbsp; $67.39 | &nbsp;&nbsp; $45.50 | &nbsp;&nbsp; $32.83 | &nbsp;&nbsp; $61.03 | &nbsp;&nbsp; $51.81 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.07) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.09) |
| Net realized and unrealized gain/(loss) | (4.04) | &nbsp;&nbsp;&nbsp;&nbsp;17.58 | &nbsp;&nbsp;&nbsp;&nbsp;22.32 | &nbsp;&nbsp;&nbsp;&nbsp;12.66 | &nbsp;&nbsp; (19.47) | &nbsp;&nbsp;&nbsp;&nbsp;14.21 |
| Total from Investment Operations | (4.11) | &nbsp;&nbsp;&nbsp;&nbsp;17.49 | &nbsp;&nbsp;&nbsp;&nbsp;22.29 | &nbsp;&nbsp;&nbsp;&nbsp;12.67 | &nbsp;&nbsp; (19.55) | &nbsp;&nbsp;&nbsp;&nbsp;14.12 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10) |
| Distributions (from capital gains) | (9.23) | &nbsp;&nbsp; (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Total Dividends and Distributions | (9.23) | &nbsp;&nbsp; (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.90) |
| Net Asset Value, End of Period | $64.27 | &nbsp;&nbsp; $77.61 | &nbsp;&nbsp; $67.39 | &nbsp;&nbsp; $45.50 | &nbsp;&nbsp; $32.83 | &nbsp;&nbsp; $61.03 |
| Total Return<sup>\*</sup> <br>| (6.20)% | &nbsp;&nbsp; 27.99% | &nbsp;&nbsp; 49.30% | &nbsp;&nbsp; 38.59% | &nbsp;&nbsp; (37.29)% | &nbsp;&nbsp; 28.59% |
| Net Assets, End of Period (in thousands) | $374885 | &nbsp;&nbsp; $401343 | &nbsp;&nbsp; $317317 | &nbsp;&nbsp; $173761 | &nbsp;&nbsp; $115297 | &nbsp;&nbsp; $175740 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.67% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.67% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% |
| Ratio of Net Investment Income/(Loss) | (0.19)% | &nbsp;&nbsp; (0.13)% | &nbsp;&nbsp; (0.04)% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; (0.17)% | &nbsp;&nbsp; (0.16)% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 43% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Global Technology and Innovation Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $70.53 | &nbsp;&nbsp; $62.14 | &nbsp;&nbsp; $42.19 | &nbsp;&nbsp; $30.59 | &nbsp;&nbsp; $57.73 | &nbsp;&nbsp; $49.38 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.22) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.36) |
| Net realized and unrealized gain/(loss) | (3.61) | &nbsp;&nbsp;&nbsp;&nbsp;16.05 | &nbsp;&nbsp;&nbsp;&nbsp;20.65 | &nbsp;&nbsp;&nbsp;&nbsp;11.78 | &nbsp;&nbsp; (18.20) | &nbsp;&nbsp;&nbsp;&nbsp;13.51 |
| Total from Investment Operations | (3.83) | &nbsp;&nbsp;&nbsp;&nbsp;15.66 | &nbsp;&nbsp;&nbsp;&nbsp;20.35 | &nbsp;&nbsp;&nbsp;&nbsp;11.60 | &nbsp;&nbsp; (18.49) | &nbsp;&nbsp;&nbsp;&nbsp;13.15 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (9.23) | &nbsp;&nbsp; (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Total Dividends and Distributions | (9.23) | &nbsp;&nbsp; (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Net Asset Value, End of Period | $57.47 | &nbsp;&nbsp; $70.53 | &nbsp;&nbsp; $62.14 | &nbsp;&nbsp; $42.19 | &nbsp;&nbsp; $30.59 | &nbsp;&nbsp; $57.73 |
| Total Return<sup>\*</sup> <br>| (6.45)% | &nbsp;&nbsp; 27.36% | &nbsp;&nbsp; 48.57% | &nbsp;&nbsp; 37.92% | &nbsp;&nbsp; (37.63)% | &nbsp;&nbsp; 27.95% |
| Net Assets, End of Period (in thousands) | $33074 | &nbsp;&nbsp; $37954 | &nbsp;&nbsp; $33266 | &nbsp;&nbsp; $23734 | &nbsp;&nbsp; $17985 | &nbsp;&nbsp; $27069 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.17% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.17% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.17% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% |
| Ratio of Net Investment Income/(Loss) | (0.69)% | &nbsp;&nbsp; (0.64)% | &nbsp;&nbsp; (0.55)% | &nbsp;&nbsp; (0.48)% | &nbsp;&nbsp; (0.68)% | &nbsp;&nbsp; (0.66)% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 43% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

14 \| March 31, 2026

------

**Janus Henderson Global Technology and Innovation Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $75.99 | &nbsp;&nbsp; $66.27 | &nbsp;&nbsp; $44.85 | &nbsp;&nbsp; $32.43 | &nbsp;&nbsp; $60.53 | &nbsp;&nbsp; $51.47 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.15) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.23) |
| Net realized and unrealized gain/(loss) | (3.94) | &nbsp;&nbsp;&nbsp;&nbsp;17.23 | &nbsp;&nbsp;&nbsp;&nbsp;21.98 | &nbsp;&nbsp;&nbsp;&nbsp;12.51 | &nbsp;&nbsp; (19.26) | &nbsp;&nbsp;&nbsp;&nbsp;14.11 |
| Total from Investment Operations | (4.09) | &nbsp;&nbsp;&nbsp;&nbsp;16.99 | &nbsp;&nbsp;&nbsp;&nbsp;21.82 | &nbsp;&nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp; (19.45) | &nbsp;&nbsp;&nbsp;&nbsp;13.88 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) |
| Distributions (from capital gains) | (9.23) | &nbsp;&nbsp; (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.80) |
| Total Dividends and Distributions | (9.23) | &nbsp;&nbsp; (7.27) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (4.82) |
| Net Asset Value, End of Period | $62.67 | &nbsp;&nbsp; $75.99 | &nbsp;&nbsp; $66.27 | &nbsp;&nbsp; $44.85 | &nbsp;&nbsp; $32.43 | &nbsp;&nbsp; $60.53 |
| Total Return<sup>\*</sup> <br>| (6.32)% | &nbsp;&nbsp; 27.69% | &nbsp;&nbsp; 48.97% | &nbsp;&nbsp; 38.30% | &nbsp;&nbsp; (37.45)% | &nbsp;&nbsp; 28.26% |
| Net Assets, End of Period (in thousands) | $1946924 | &nbsp;&nbsp; $2237505 | &nbsp;&nbsp; $1902533 | &nbsp;&nbsp; $1290671 | &nbsp;&nbsp; $1045715 | &nbsp;&nbsp; $1958570 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.91% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.90% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.91% |
| Ratio of Net Investment Income/(Loss) | (0.43)% | &nbsp;&nbsp; (0.37)% | &nbsp;&nbsp; (0.28)% | &nbsp;&nbsp; (0.21)% | &nbsp;&nbsp; (0.41)% | &nbsp;&nbsp; (0.40)% |
| Portfolio Turnover Rate | 27% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 30% | &nbsp;&nbsp; 43% | &nbsp;&nbsp; 47% | &nbsp;&nbsp; 43% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and Significant Accounting Policies**

Janus Henderson Global Technology and Innovation Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 34 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as nondiversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser")

to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of

shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US

GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain

retirement platforms.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

16 \| March 31, 2026

------

**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements (unaudited)**

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement

with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an

agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended March 31, 2026. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

Janus Investment Fund \| 17

------

**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements (unaudited)**

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

The Fund's management has determined the Fund did not hold a significant amount of Level 3 securities as of

March 31, 2026.

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of

net assets represented by each class as a percentage of total net assets.

**Expenses**

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the

operations of such class.

**Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

18 \| March 31, 2026

------

**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements (unaudited)**

**Indemnifications**

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material

loss from such claims is considered remote.

**Foreign Currency Translations**

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge

could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change

in the next twelve months.

**2. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

Janus Investment Fund \| 19

------

**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**Emerging Market Investing**

Within the parameters of its specific investment policies, the Fund may invest in securities of issuers or companies from or with exposure to one or more "developing countries" or "emerging market countries." Such countries include but are not limited to countries included in the MSCI Emerging Markets Index<sup>SM</sup>. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund's investments. In addition, the Fund's investments may be denominated in foreign currencies and therefore, changes in the value of a country's currency compared to the U.S. dollar may affect the value of the Fund's investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund's performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country's lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese

local market securities.

**Restricted Security Transactions**

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets

exist.

**Counterparties**

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt

20 \| March 31, 2026

------

**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements (unaudited)**

securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have

greater exposure to the risks associated with one or more counterparties.

**Securities Lending**

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of March 31, 2026, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $60,921,854. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2026 is $55,338,134, resulting in the

net amount due to the counterparty of $5,583,720.

Janus Investment Fund \| 21

------

**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements (unaudited)**

**Offsetting Assets and Liabilities**

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of

instrument, see the Fund's Schedule of Investments.

**3. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund's

contractual investment advisory fee rate (expressed as an annual rate) is 0.64% of its average daily net assets.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.71% for at least a one-year period commencing on January 28, 2026. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess

Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $215,106 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2026. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the

Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net

assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds* | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion — $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee

22 \| March 31, 2026

------

**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements (unaudited)**

to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for

reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the

Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2026, the Distributor retained

upfront sales charges of $17,156.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class A Shares paid CDSCs of $142 to Janus Henderson

Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class C Shares

paid CDSCs of $3,497.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2026 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability,

Janus Investment Fund \| 23

------

**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements (unaudited)**

"Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2026 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $37,088 were paid by the Trust to the Trustees under the

Deferred Plan during the period ended March 31, 2026.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2026 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

**4. Federal Income Tax**

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal

income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2026 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships, and

investments in passive foreign investment companies.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $4353271771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3774879219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(232900536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3541978683 |

---

24 \| March 31, 2026

------

**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended March 31, 2026* | *Period ended March 31, 2026* | *Year ended September 30, 2025* | *Year ended September 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 384920 | &nbsp;&nbsp; $26299697 | &nbsp;&nbsp; 601424 | &nbsp;&nbsp; $38071634 |
| Reinvested dividends and distributions | 595008 | &nbsp;&nbsp; 38907555 | &nbsp;&nbsp; 483652 | &nbsp;&nbsp; 29991241 |
| Shares repurchased | (585187) | &nbsp;&nbsp; (39441456) | &nbsp;&nbsp; (1160163) | &nbsp;&nbsp; (71721390) |
| Net Increase/(Decrease) | 394741 | &nbsp;&nbsp; $25765796 | &nbsp;&nbsp; (75087) | &nbsp;&nbsp; $(3658515) |
| Class C Shares: |  |  |  |  |
| Shares sold | 97357 | &nbsp;&nbsp; $5193155 | &nbsp;&nbsp; 250562 | &nbsp;&nbsp; $12552406 |
| Reinvested dividends and distributions | 232784 | &nbsp;&nbsp; 11883599 | &nbsp;&nbsp; 185989 | &nbsp;&nbsp; 9379444 |
| Shares repurchased | (296365) | &nbsp;&nbsp; (15718817) | &nbsp;&nbsp; (464643) | &nbsp;&nbsp; (23763540) |
| Net Increase/(Decrease) | 33776 | &nbsp;&nbsp; $1357937 | &nbsp;&nbsp; (28092) | &nbsp;&nbsp; $(1831690) |
| Class D Shares: |  |  |  |  |
| Shares sold | 1607757 | &nbsp;&nbsp; $116122484 | &nbsp;&nbsp; 3738942 | &nbsp;&nbsp; $245022221 |
| Reinvested dividends and distributions | 6954235 | &nbsp;&nbsp; 481580812 | &nbsp;&nbsp; 5580015 | &nbsp;&nbsp; 363258985 |
| Shares repurchased | (3349905) | &nbsp;&nbsp; (238748143) | &nbsp;&nbsp; (6619102) | &nbsp;&nbsp; (427696192) |
| Net Increase/(Decrease) | 5212087 | &nbsp;&nbsp; $358955153 | &nbsp;&nbsp; 2699855 | &nbsp;&nbsp; $180585014 |
| Class I Shares: |  |  |  |  |
| Shares sold | 2134531 | &nbsp;&nbsp; $154782299 | &nbsp;&nbsp; 4644643 | &nbsp;&nbsp; $309377725 |
| Reinvested dividends and distributions | 2123434 | &nbsp;&nbsp; 149638371 | &nbsp;&nbsp; 1617521 | &nbsp;&nbsp; 106901939 |
| Shares repurchased | (2623853) | &nbsp;&nbsp; (188774861) | &nbsp;&nbsp; (4402105) | &nbsp;&nbsp; (289865167) |
| Net Increase/(Decrease) | 1634112 | &nbsp;&nbsp; $115645809 | &nbsp;&nbsp; 1860059 | &nbsp;&nbsp; $126414497 |
| Class N Shares: |  |  |  |  |
| Shares sold | 817328 | &nbsp;&nbsp; $59955910 | &nbsp;&nbsp; 1522984 | &nbsp;&nbsp; $101450470 |
| Reinvested dividends and distributions | 678721 | &nbsp;&nbsp; 47218652 | &nbsp;&nbsp; 504414 | &nbsp;&nbsp; 32933209 |
| Shares repurchased | (833774) | &nbsp;&nbsp; (60160303) | &nbsp;&nbsp; (1564875) | &nbsp;&nbsp; (103288423) |
| Net Increase/(Decrease) | 662275 | &nbsp;&nbsp; $47014259 | &nbsp;&nbsp; 462523 | &nbsp;&nbsp; $31095256 |
| Class S Shares: |  |  |  |  |
| Shares sold | 100528 | &nbsp;&nbsp; $6395498 | &nbsp;&nbsp; 124013 | &nbsp;&nbsp; $7676568 |
| Reinvested dividends and distributions | 75603 | &nbsp;&nbsp; 4710851 | &nbsp;&nbsp; 64538 | &nbsp;&nbsp; 3844547 |
| Shares repurchased | (138777) | &nbsp;&nbsp; (9016084) | &nbsp;&nbsp; (185717) | &nbsp;&nbsp; (11352667) |
| Net Increase/(Decrease) | 37354 | &nbsp;&nbsp; $2090265 | &nbsp;&nbsp; 2834 | &nbsp;&nbsp; $168448 |
| Class T Shares: |  |  |  |  |
| Shares sold | 1927139 | &nbsp;&nbsp; $136920057 | &nbsp;&nbsp; 4057633 | &nbsp;&nbsp; $266267045 |
| Reinvested dividends and distributions | 3864353 | &nbsp;&nbsp; 262350892 | &nbsp;&nbsp; 3175799 | &nbsp;&nbsp; 203378187 |
| Shares repurchased | (4168693) | &nbsp;&nbsp; (291364121) | &nbsp;&nbsp; (6498480) | &nbsp;&nbsp; (418333672) |
| Net Increase/(Decrease) | 1622799 | &nbsp;&nbsp; $107906828 | &nbsp;&nbsp; 734952 | &nbsp;&nbsp; $51311560 |

---

**6. Purchases and Sales of Investment Securities**

For the period ended March 31, 2026, 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>|
| $2283772716 | &nbsp;&nbsp;&nbsp;&nbsp; $2764199397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, and client consents. The

shareholders of Janus Henderson Group, plc approved the acquisition on April 16, 2026.

Janus Investment Fund \| 25

------

**Janus Henderson Global Technology and Innovation Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2026 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements other than the following:

At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

26 \| March 31, 2026

------

**Janus Henderson Global Technology and Innovation Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analyses provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

Janus Investment Fund \| 27

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**Janus Henderson Global Technology and Innovation Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract and retain well-qualified personnel.

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

28 \| March 31, 2026

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**Janus Henderson Global Technology and Innovation Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund \| 29

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**Janus Henderson Global Technology and Innovation Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

30 \| March 31, 2026

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**Janus Henderson Global Technology and Innovation Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

Janus Investment Fund \| 31

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**Janus Henderson Global Technology and Innovation Fund**

**Additional Information (unaudited)**

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as identified by Broadridge using Morningstar category schema. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance or service being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, recent fee reductions, investment structure changes, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

32 \| March 31, 2026

------

**Janus Henderson Global Technology and Innovation Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 33

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**Janus Henderson Global Technology and Innovation Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

34 \| March 31, 2026

------

**Janus Henderson Global Technology and Innovation Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 35

------

**Janus Henderson Global Technology and Innovation Fund**

**Additional Information (unaudited)**

other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They

36 \| March 31, 2026

------

**Janus Henderson Global Technology and Innovation Fund**

**Additional Information (unaudited)**

concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 37

------

![](img2e19fb5d2.gif)

*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93047 05-26

------

SEMIANNUAL FINANCIAL STATEMENTS

March 31, 2026

**Janus Henderson Growth and Income Fund**

Janus Investment Fund

![](img944b84381.gif)

------

**Table of Contents**

**Janus Henderson Growth and Income Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_e8e86903-066f-40d3-8929-21bb42c96f10_SOI-SOI-RunningFooter-39_1)<br> [Management Investment Companies](#xx_e8e86903-066f-40d3-8929-21bb42c96f10_SOI-SOI-RunningFooter-39_1)<br>|  |
| [Schedule of Investments](#xx_e8e86903-066f-40d3-8929-21bb42c96f10_SOI-SOI-RunningFooter-39_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_e8e86903-066f-40d3-8929-21bb42c96f10_SOI-SOI-RunningFooter-39_4) | 4 |
| [Statement of Assets and Liabilities](#xx_e8e86903-066f-40d3-8929-21bb42c96f10_SAL-SAL-RunningFooter-39_1) | 5 |
| [Statement of Operations](#xx_e8e86903-066f-40d3-8929-21bb42c96f10_SOP-SOP-RunningFooter-39_1) | 7 |
| [Statements of Changes in Net Assets](#xx_e8e86903-066f-40d3-8929-21bb42c96f10_SOC-SOC-RunningFooter-39_1) | 8 |
| [Financial Highlights](#xx_e8e86903-066f-40d3-8929-21bb42c96f10_FIHI-FIHI-RunningFooter-39_1) | 9 |
| [Notes to Financial Statements](#xx_e8e86903-066f-40d3-8929-21bb42c96f10_NTF-NTF-RunningFooter-39_1) | 17 |
| [Items 8-11 - Additional Information](#xx_e8e86903-066f-40d3-8929-21bb42c96f10_AI-AI-RunningFooter-39_1) | 27 |

---

------

**Janus Henderson Growth and Income Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 99.9% |  |  |
| Aerospace & Defense – 3.2% |  |  |
| General Electric Co | 318591 | $90406568 |
| Lockheed Martin Corp | 106671 | 64470886 |
| Raytheon Technologies Corp | 461814 | 89083920 |
|  |  | 243961374 |
| Airlines – 0.8% |  |  |
| Delta Air Lines Inc | 865233 | 57520690 |
| Banks – 3.4% |  |  |
| JPMorgan Chase & Co | 636213 | 187148416 |
| PNC Financial Services Group Inc/The | 352595 | 73371494 |
|  |  | 260519910 |
| Beverages – 1.5% |  |  |
| Coca-Cola Co | 1527997 | 116204172 |
| Biotechnology – 1.3% |  |  |
| AbbVie Inc | 472808 | 102831012 |
| Building Products – 1.2% |  |  |
| Trane Technologies PLC | 225037 | 93781919 |
| Capital Markets – 4.8% |  |  |
| CME Group Inc | 250917 | 74108336 |
| Goldman Sachs Group Inc | 130913 | 110751089 |
| Intercontinental Exchange Inc | 470027 | 73925847 |
| Morgan Stanley | 645467 | 106224504 |
|  |  | 365009776 |
| Chemicals – 0.7% |  |  |
| Ecolab Inc | 211274 | 56203109 |
| Communications Equipment – 2.3% |  |  |
| Cisco Systems Inc | 1378380 | 106948504 |
| Motorola Solutions Inc | 153704 | 66702925 |
|  |  | 173651429 |
| Consumer Finance – 1.5% |  |  |
| American Express Co | 372514 | 112678035 |
| Diversified Financial Services – 3.5% |  |  |
| Mastercard Inc - Class A | 190763 | 95316641 |
| Visa Inc | 577126 | 174430562 |
|  |  | 269747203 |
| Diversified Telecommunication Services – 1.4% |  |  |
| Verizon Communications Inc | 2110745 | 105959399 |
| Electric Utilities – 0.8% |  |  |
| American Electric Power Co Inc | 442091 | 57949288 |
| Electrical Equipment – 2.1% |  |  |
| Eaton Corp PLC | 293870 | 105108483 |
| Emerson Electric Co | 440895 | 57766063 |
|  |  | 162874546 |
| Electronic Equipment, Instruments & Components – 1.8% |  |  |
| Amphenol Corp | 1118902 | 141373268 |
| Entertainment – 1.3% |  |  |
| Walt Disney Co/The | 1006232 | 96980640 |
| Food & Staples Retailing – 0.8% |  |  |
| Costco Wholesale Corp | 64692 | 64461050 |
| Health Care Equipment & Supplies – 3.5% |  |  |
| Abbott Laboratories | 947764 | 97306930 |
| Medtronic PLC | 900105 | 77994098 |
| Stryker Corp | 272104 | 89410653 |
|  |  | 264711681 |
| Health Care Providers & Services – 0.6% |  |  |
| HCA Healthcare Inc | 95865 | 45367153 |
| Hotels, Restaurants & Leisure – 3.4% |  |  |
| Booking Holdings Inc | 18185 | 76564669 |
| Marriott International Inc/MD - Class A | 217450 | 71121371 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

\| 1

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**Janus Henderson Growth and Income Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Hotels, Restaurants & Leisure – (continued) |  |  |
| McDonald's Corp | 124835 | $38797470 |
| Royal Caribbean Cruises Ltd | 257409 | 70833809 |
|  |  | 257317319 |
| Household Durables – 1.0% |  |  |
| Garmin Ltd | 346230 | 80328822 |
| Insurance – 1.7% |  |  |
| Progressive Corp/The | 419891 | 83239192 |
| Travelers Cos Inc | 163881 | 47800810 |
|  |  | 131040002 |
| Interactive Media & Services – 9.3% |  |  |
| Alphabet Inc - Class C | 1697380 | 486910427 |
| Meta Platforms Inc - Class A | 390416 | 223368706 |
|  |  | 710279133 |
| Life Sciences Tools & Services – 1.1% |  |  |
| Danaher Corp | 441152 | 83642419 |
| Machinery – 0.9% |  |  |
| Deere & Co | 118400 | 66694720 |
| Metals & Mining – 0.8% |  |  |
| Freeport-McMoRan Inc | 1014164 | 59612560 |
| Multiline Retail – 0.9% |  |  |
| eBay Inc | 754665 | 68689608 |
| Multi-Utilities – 1.3% |  |  |
| Ameren Corp | 481035 | 52875367 |
| WEC Energy Group Inc | 379448 | 43928695 |
|  |  | 96804062 |
| Oil, Gas & Consumable Fuels – 2.5% |  |  |
| Chevron Corp | 621036 | 128492348 |
| EOG Resources Inc | 453572 | 65572904 |
|  |  | 194065252 |
| Pharmaceuticals – 4.9% |  |  |
| Eli Lilly & Co | 183822 | 169073961 |
| Johnson & Johnson | 546233 | 133521194 |
| Zoetis Inc | 624967 | 73877349 |
|  |  | 376472504 |
| Road & Rail – 0.9% |  |  |
| Union Pacific Corp | 277610 | 67353738 |
| Semiconductor & Semiconductor Equipment – 14.3% |  |  |
| Broadcom Inc | 1022261 | 316400002 |
| KLA Corp | 110781 | 163115052 |
| Lam Research Corp | 737525 | 157579592 |
| NVIDIA Corp | 1132230 | 197460912 |
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 426172 | 144024827 |
| Texas Instruments Inc | 583933 | 113364753 |
|  |  | 1091945138 |
| Software – 7.9% |  |  |
| Intuit Inc | 166247 | 71881878 |
| Microsoft Corp | 1242894 | 460082072 |
| Oracle Corp | 485847 | 71472952 |
|  |  | 603436902 |
| Specialty Retail – 2.5% |  |  |
| Home Depot Inc | 328422 | 108014712 |
| TJX Cos Inc | 522533 | 83448520 |
|  |  | 191463232 |
| Technology Hardware, Storage & Peripherals – 6.8% |  |  |
| Apple Inc | 1515900 | 384720261 |
| Dell Technologies Inc | 377889 | 62022922 |
| Seagate Technology Holdings PLC | 178102 | 69773239 |
|  |  | 516516422 |
| Textiles, Apparel & Luxury Goods – 0.8% |  |  |
| NIKE Inc - Class B | 1134595 | 59929308 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \|

------

**Janus Henderson Growth and Income Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Tobacco – 1.9% |  |  |
| Philip Morris International Inc | 878926 | $145321625 |
| Trading Companies & Distributors – 0.5% |  |  |
| Ferguson Enterprises Inc | 172842 | 40317125 |
| Total Common Stocks (cost $4,756,697,148) |  | 7633015545 |
| Investment Companies – 0.1% |  |  |
| Money Markets – 0.1% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº,</sup><sup>£</sup> (cost $6,544,288) | 6544288 | 6544288 |
| Total Investments (total cost $4,763,241,436) – 100.0% |  | 7639559833 |
| Cash, Receivables and Other Assets, net of Liabilities – 0% |  | 1279011 |
| Net Assets – 100% |  | $7640838844 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $7495535006 | &nbsp;&nbsp;&nbsp;&nbsp; 98.1<br> %<br>|
| Taiwan | 144024827 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Total | $7639559833 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*3/31/26*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% | Investment Companies - 0.1% |
| Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% | Money Markets - 0.1% |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  |
|  | $8299033 | $165474284 | $(167228187) | $(842) | $- | $6544288 | 6544288 | $73925 |
| 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, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  |
|  | - | 117920 | (117920) | - | - | - | - | - |
| 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% |
|  | $8299033 | $165592204 | $(167346107) | $(842) | $- | $6544288 | 6544288 | $73925 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

\| 3

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**Janus Henderson Growth and Income Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

ADR American Depositary Receipt <br> LLC Limited Liability Company <br> PLC Public Limited Company

---

| |
|:---|
| Rate shown is the 7-day yield as of March 31, 2026. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|

---

The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial

instruments as of March 31, 2026. 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* | $7633015545 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| *Investment Companies* | - | &nbsp;&nbsp; 6544288 | &nbsp;&nbsp; - |
| **Total Assets** | $7633015545 | &nbsp;&nbsp; $6544288 | &nbsp;&nbsp; $- |

---

4 \|

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**Janus Henderson Growth and Income Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $4,756,697,148) | $7633015545 |
| Affiliated investments, at value (cost $6,544,288) | 6544288 |
| Trustees' deferred compensation | 240704 |
| Receivables: |  |
| Dividends | 5772733 |
| Investments sold | 4253231 |
| Fund shares sold | 3006101 |
| Foreign tax reclaims | 74523 |
| Dividends from affiliates | 10470 |
| Other assets | 20836 |
| Total Assets | 7652938431 |
| Liabilities: |  |
| Due to custodian | 4494 |
| Payables: |  |
| Fund shares repurchased | 5656883 |
| Advisory fees | 3953928 |
| Transfer agent fees and expenses | 1074807 |
| Dividends | 727959 |
| Trustees' deferred compensation fees | 240704 |
| 12b-1 Distribution and shareholder servicing fees | 57883 |
| Professional fees | 51080 |
| Trustees' fees and expenses | 42454 |
| Affiliated fund administration fees payable | 16669 |
| Custodian fees | 904 |
| Accrued expenses and other payables | 271822 |
| Total Liabilities | 12099587 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $7640838844 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Growth and Income Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $4283495905 |
| Total distributable earnings (loss) | 3357342939 |
| Total Net Assets | $7640838844 |
| Net Assets - Class A Shares | $115178945 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1682528 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $68.46 |
| Maximum Offering Price Per Share<sup>(2)</sup> <br>| $72.64 |
| Net Assets - Class C Shares | $32068194 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 481493 |
| Net Asset Value Per Share<sup>(1)</sup> <br>| $66.60 |
| Net Assets - Class D Shares | $4886085809 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 71163360 |
| Net Asset Value Per Share | $68.66 |
| Net Assets - Class I Shares | $371268606 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 5402745 |
| Net Asset Value Per Share | $68.72 |
| Net Assets - Class N Shares | $131427081 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1917479 |
| Net Asset Value Per Share | $68.54 |
| Net Assets - Class R Shares | $4332317 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 63970 |
| Net Asset Value Per Share | $67.72 |
| Net Assets - Class S Shares | $12867799 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 188026 |
| Net Asset Value Per Share | $68.44 |
| Net Assets - Class T Shares | $2087610093 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 30453451 |
| Net Asset Value Per Share | $68.55 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

6 \| March 31, 2026

------

**Janus Henderson Growth and Income Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $63027912 |
| Dividends from affiliates | 73925 |
| Other income | 3853 |
| Foreign tax withheld | (163719) |
| Total Investment Income | 62941971 |
| Expenses: |  |
| Advisory fees | 24347601 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 151614 |
| Class C Shares | 159915 |
| Class R Shares | 11494 |
| Class S Shares | 17189 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 2779853 |
| Class R Shares | 5747 |
| Class S Shares | 17181 |
| Class T Shares | 2792698 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 55477 |
| Class C Shares | 11271 |
| Class I Shares | 181856 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 3692 |
| Class C Shares | 953 |
| Class D Shares | 193714 |
| Class I Shares | 5624 |
| Class N Shares | 3560 |
| Class R Shares | 59 |
| Class S Shares | 99 |
| Class T Shares | 7484 |
| Shareholder reports expense | 213961 |
| Registration fees | 124035 |
| Affiliated fund administration fees | 101448 |
| Trustees' fees and expenses | 96461 |
| Custodian fees | 65956 |
| Professional fees | 51515 |
| Other expenses | 254413 |
| Total Expenses | 31654870 |
| Less: Excess Expense Reimbursement and Waivers | (296659) |
| Net Expenses | 31358211 |
| Net Investment Income/(Loss) | 31583760 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 667173474 |
| Investments in affiliates | (842) |
| Total Net Realized Gain/(Loss) on Investments | 667172632 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments and Trustees' deferred compensation | (860046475) |
| Total Change in Unrealized Net Appreciation/Depreciation | (860046475) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $(161290083) |

---

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Growth and Income Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*March 31, 2026* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $31583760 | &nbsp;&nbsp; $50305916 |
| Net realized gain/(loss) on investments | 667172632 | &nbsp;&nbsp; 1095888234 |
| Change in unrealized net appreciation/depreciation | (860046475) | &nbsp;&nbsp; 81347522 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (161290083) | &nbsp;&nbsp; 1227541672 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (16108333) | &nbsp;&nbsp; (13133253) |
| Class C Shares | (4951992) | &nbsp;&nbsp; (5415787) |
| Class D Shares | (680809639) | &nbsp;&nbsp; (620148453) |
| Class I Shares | (51862816) | &nbsp;&nbsp; (52349167) |
| Class N Shares | (17824206) | &nbsp;&nbsp; (12231981) |
| Class R Shares | (597662) | &nbsp;&nbsp; (523626) |
| Class S Shares | (1795053) | &nbsp;&nbsp; (1755167) |
| Class T Shares | (296155235) | &nbsp;&nbsp; (278171059) |
| Net Decrease from Dividends and Distributions to Shareholders | (1070104936) | &nbsp;&nbsp; (983728493) |
| Capital Share Transactions: |  |  |
| Class A Shares | 12320284 | &nbsp;&nbsp; 13043563 |
| Class C Shares | (330798) | &nbsp;&nbsp; (6055394) |
| Class D Shares | 469820300 | &nbsp;&nbsp; 278218461 |
| Class I Shares | 24306255 | &nbsp;&nbsp; (3682568) |
| Class N Shares | 32688077 | &nbsp;&nbsp; 21346773 |
| Class R Shares | 544229 | &nbsp;&nbsp; (1091001) |
| Class S Shares | 1108441 | &nbsp;&nbsp; (433508) |
| Class T Shares | 153831476 | &nbsp;&nbsp; 57147283 |
| Net Increase/(Decrease) from Capital Share Transactions | 694288264 | &nbsp;&nbsp; 358493609 |
| Net Increase/(Decrease) in Net Assets | (537106755) | &nbsp;&nbsp; 602306788 |
| Net Assets: |  |  |
| Beginning of period | 8177945599 | &nbsp;&nbsp; 7575638811 |
| End of period | $7640838844 | &nbsp;&nbsp; $8177945599 |

---

See Notes to Financial Statements.

8 \| March 31, 2026

------

**Janus Henderson Growth and Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $80.39 | &nbsp;&nbsp; $78.55 | &nbsp;&nbsp; $66.68 | &nbsp;&nbsp; $59.86 | &nbsp;&nbsp; $73.95 | &nbsp;&nbsp; $59.77 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net realized and unrealized gain/(loss) | (1.56) | &nbsp;&nbsp;&nbsp;&nbsp;11.70 | &nbsp;&nbsp;&nbsp;&nbsp;16.53 | &nbsp;&nbsp;&nbsp;&nbsp;10.25 | &nbsp;&nbsp; (10.31) | &nbsp;&nbsp;&nbsp;&nbsp;16.06 |
| Total from Investment Operations | (1.34) | &nbsp;&nbsp;&nbsp;&nbsp;12.04 | &nbsp;&nbsp;&nbsp;&nbsp;17.07 | &nbsp;&nbsp;&nbsp;&nbsp;10.90 | &nbsp;&nbsp; (9.76) | &nbsp;&nbsp;&nbsp;&nbsp;16.55 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.23) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (0.51) |
| Distributions (from capital gains) | (10.36) | &nbsp;&nbsp; (9.86) | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.76) | &nbsp;&nbsp; (1.86) |
| Total Dividends and Distributions | (10.59) | &nbsp;&nbsp; (10.20) | &nbsp;&nbsp; (5.20) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (2.37) |
| Net Asset Value, End of Period | $68.46 | &nbsp;&nbsp; $80.39 | &nbsp;&nbsp; $78.55 | &nbsp;&nbsp; $66.68 | &nbsp;&nbsp; $59.86 | &nbsp;&nbsp; $73.95 |
| Total Return<sup>\*</sup> <br>| (2.25)% | &nbsp;&nbsp; 17.19% | &nbsp;&nbsp; 26.90% | &nbsp;&nbsp; 18.62% | &nbsp;&nbsp; (14.38)% | &nbsp;&nbsp; 28.28% |
| Net Assets, End of Period (in thousands) | $115179 | &nbsp;&nbsp; $121531 | &nbsp;&nbsp; $104059 | &nbsp;&nbsp; $81967 | &nbsp;&nbsp; $71633 | &nbsp;&nbsp; $91735 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.97% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.97% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% |
| Ratio of Net Investment Income/(Loss) | 0.58% | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.71% |
| Portfolio Turnover Rate | 21% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 11% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Growth and Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $78.52 | &nbsp;&nbsp; $77.06 | &nbsp;&nbsp; $65.52 | &nbsp;&nbsp; $58.87 | &nbsp;&nbsp; $72.81 | &nbsp;&nbsp; $58.90 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.01) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain/(loss) | (1.50) | &nbsp;&nbsp;&nbsp;&nbsp;11.43 | &nbsp;&nbsp;&nbsp;&nbsp;16.19 | &nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp; (10.13) | &nbsp;&nbsp;&nbsp;&nbsp;15.82 |
| Total from Investment Operations | (1.51) | &nbsp;&nbsp;&nbsp;&nbsp;11.33 | &nbsp;&nbsp;&nbsp;&nbsp;16.29 | &nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp; (10.03) | &nbsp;&nbsp;&nbsp;&nbsp;15.87 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.05) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.10) |
| Distributions (from capital gains) | (10.36) | &nbsp;&nbsp; (9.86) | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.76) | &nbsp;&nbsp; (1.86) |
| Total Dividends and Distributions | (10.41) | &nbsp;&nbsp; (9.87) | &nbsp;&nbsp; (4.75) | &nbsp;&nbsp; (3.67) | &nbsp;&nbsp; (3.91) | &nbsp;&nbsp; (1.96) |
| Net Asset Value, End of Period | $66.60 | &nbsp;&nbsp; $78.52 | &nbsp;&nbsp; $77.06 | &nbsp;&nbsp; $65.52 | &nbsp;&nbsp; $58.87 | &nbsp;&nbsp; $72.81 |
| Total Return<sup>\*</sup> <br>| (2.54)% | &nbsp;&nbsp; 16.46% | &nbsp;&nbsp; 26.08% | &nbsp;&nbsp; 17.91% | &nbsp;&nbsp; (14.93)% | &nbsp;&nbsp; 27.48% |
| Net Assets, End of Period (in thousands) | $32068 | &nbsp;&nbsp; $38040 | &nbsp;&nbsp; $43871 | &nbsp;&nbsp; $41905 | &nbsp;&nbsp; $40161 | &nbsp;&nbsp; $53156 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.57% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.65% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.57% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.63% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; 1.65% |
| Ratio of Net Investment Income/(Loss) | (0.02)% | &nbsp;&nbsp; (0.14)% | &nbsp;&nbsp; 0.14% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.08% |
| Portfolio Turnover Rate | 21% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 11% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

10 \| March 31, 2026

------

**Janus Henderson Growth and Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $80.60 | &nbsp;&nbsp; $78.72 | &nbsp;&nbsp; $66.82 | &nbsp;&nbsp; $59.97 | &nbsp;&nbsp; $74.09 | &nbsp;&nbsp; $59.87 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net realized and unrealized gain/(loss) | (1.57) | &nbsp;&nbsp;&nbsp;&nbsp;11.74 | &nbsp;&nbsp;&nbsp;&nbsp;16.56 | &nbsp;&nbsp;&nbsp;&nbsp;10.28 | &nbsp;&nbsp; (10.34) | &nbsp;&nbsp;&nbsp;&nbsp;16.11 |
| Total from Investment Operations | (1.26) | &nbsp;&nbsp;&nbsp;&nbsp;12.26 | &nbsp;&nbsp;&nbsp;&nbsp;17.29 | &nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp; (9.60) | &nbsp;&nbsp;&nbsp;&nbsp;16.78 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.32) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp; (0.70) |
| Distributions (from capital gains) | (10.36) | &nbsp;&nbsp; (9.86) | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.76) | &nbsp;&nbsp; (1.86) |
| Total Dividends and Distributions | (10.68) | &nbsp;&nbsp; (10.38) | &nbsp;&nbsp; (5.39) | &nbsp;&nbsp; (4.26) | &nbsp;&nbsp; (4.52) | &nbsp;&nbsp; (2.56) |
| Net Asset Value, End of Period | $68.66 | &nbsp;&nbsp; $80.60 | &nbsp;&nbsp; $78.72 | &nbsp;&nbsp; $66.82 | &nbsp;&nbsp; $59.97 | &nbsp;&nbsp; $74.09 |
| Total Return<sup>\*</sup> <br>| (2.14)% | &nbsp;&nbsp; 17.48% | &nbsp;&nbsp; 27.20% | &nbsp;&nbsp; 18.94% | &nbsp;&nbsp; (14.17)% | &nbsp;&nbsp; 28.63% |
| Net Assets, End of Period (in thousands) | $4886086 | &nbsp;&nbsp; $5199883 | &nbsp;&nbsp; $4758701 | &nbsp;&nbsp; $3980874 | &nbsp;&nbsp; $3529397 | &nbsp;&nbsp; $4284567 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.73% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Investment Income/(Loss) | 0.82% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.97% |
| Portfolio Turnover Rate | 21% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 11% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Growth and Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $80.66 | &nbsp;&nbsp; $78.78 | &nbsp;&nbsp; $66.86 | &nbsp;&nbsp; $60.00 | &nbsp;&nbsp; $74.12 | &nbsp;&nbsp; $59.90 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Net realized and unrealized gain/(loss) | (1.57) | &nbsp;&nbsp;&nbsp;&nbsp;11.74 | &nbsp;&nbsp;&nbsp;&nbsp;16.58 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp; (10.35) | &nbsp;&nbsp;&nbsp;&nbsp;16.10 |
| Total from Investment Operations | (1.26) | &nbsp;&nbsp;&nbsp;&nbsp;12.28 | &nbsp;&nbsp;&nbsp;&nbsp;17.34 | &nbsp;&nbsp;&nbsp;&nbsp;11.15 | &nbsp;&nbsp; (9.57) | &nbsp;&nbsp;&nbsp;&nbsp;16.81 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.32) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.73) |
| Distributions (from capital gains) | (10.36) | &nbsp;&nbsp; (9.86) | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.76) | &nbsp;&nbsp; (1.86) |
| Total Dividends and Distributions | (10.68) | &nbsp;&nbsp; (10.40) | &nbsp;&nbsp; (5.42) | &nbsp;&nbsp; (4.29) | &nbsp;&nbsp; (4.55) | &nbsp;&nbsp; (2.59) |
| Net Asset Value, End of Period | $68.72 | &nbsp;&nbsp; $80.66 | &nbsp;&nbsp; $78.78 | &nbsp;&nbsp; $66.86 | &nbsp;&nbsp; $60.00 | &nbsp;&nbsp; $74.12 |
| Total Return<sup>\*</sup> <br>| (2.13)% | &nbsp;&nbsp; 17.49% | &nbsp;&nbsp; 27.27% | &nbsp;&nbsp; 19.01% | &nbsp;&nbsp; (14.12)% | &nbsp;&nbsp; 28.68% |
| Net Assets, End of Period (in thousands) | $371269 | &nbsp;&nbsp; $406831 | &nbsp;&nbsp; $402270 | &nbsp;&nbsp; $374459 | &nbsp;&nbsp; $344524 | &nbsp;&nbsp; $458387 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.72% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.72% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% |
| Ratio of Net Investment Income/(Loss) | 0.83% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.03% |
| Portfolio Turnover Rate | 21% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 11% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

12 \| March 31, 2026

------

**Janus Henderson Growth and Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $80.48 | &nbsp;&nbsp; $78.63 | &nbsp;&nbsp; $66.74 | &nbsp;&nbsp; $59.90 | &nbsp;&nbsp; $74.01 | &nbsp;&nbsp; $59.80 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net realized and unrealized gain/(loss) | (1.57) | &nbsp;&nbsp;&nbsp;&nbsp;11.71 | &nbsp;&nbsp;&nbsp;&nbsp;16.55 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp; (10.35) | &nbsp;&nbsp;&nbsp;&nbsp;16.09 |
| Total from Investment Operations | (1.22) | &nbsp;&nbsp;&nbsp;&nbsp;12.31 | &nbsp;&nbsp;&nbsp;&nbsp;17.37 | &nbsp;&nbsp;&nbsp;&nbsp;11.18 | &nbsp;&nbsp; (9.51) | &nbsp;&nbsp;&nbsp;&nbsp;16.85 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.36) | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.78) |
| Distributions (from capital gains) | (10.36) | &nbsp;&nbsp; (9.86) | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.76) | &nbsp;&nbsp; (1.86) |
| Total Dividends and Distributions | (10.72) | &nbsp;&nbsp; (10.46) | &nbsp;&nbsp; (5.48) | &nbsp;&nbsp; (4.34) | &nbsp;&nbsp; (4.60) | &nbsp;&nbsp; (2.64) |
| Net Asset Value, End of Period | $68.54 | &nbsp;&nbsp; $80.48 | &nbsp;&nbsp; $78.63 | &nbsp;&nbsp; $66.74 | &nbsp;&nbsp; $59.90 | &nbsp;&nbsp; $74.01 |
| Total Return<sup>\*</sup> <br>| (2.09)% | &nbsp;&nbsp; 17.59% | &nbsp;&nbsp; 27.37% | &nbsp;&nbsp; 19.10% | &nbsp;&nbsp; (14.06)% | &nbsp;&nbsp; 28.81% |
| Net Assets, End of Period (in thousands) | $131427 | &nbsp;&nbsp; $119576 | &nbsp;&nbsp; $93813 | &nbsp;&nbsp; $79133 | &nbsp;&nbsp; $47906 | &nbsp;&nbsp; $73167 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.62% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.63% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.62% |
| Ratio of Net Investment Income/(Loss) | 0.93% | &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.09% |
| Portfolio Turnover Rate | 21% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 11% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 13

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**Janus Henderson Growth and Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $79.63 | &nbsp;&nbsp; $77.91 | &nbsp;&nbsp; $66.18 | &nbsp;&nbsp; $59.42 | &nbsp;&nbsp; $73.44 | &nbsp;&nbsp; $59.35 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain/(loss) | (1.55) | &nbsp;&nbsp;&nbsp;&nbsp;11.58 | &nbsp;&nbsp;&nbsp;&nbsp;16.38 | &nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp; (10.23) | &nbsp;&nbsp;&nbsp;&nbsp;15.95 |
| Total from Investment Operations | (1.48) | &nbsp;&nbsp;&nbsp;&nbsp;11.64 | &nbsp;&nbsp;&nbsp;&nbsp;16.65 | &nbsp;&nbsp;&nbsp;&nbsp;10.56 | &nbsp;&nbsp; (9.96) | &nbsp;&nbsp;&nbsp;&nbsp;16.18 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.07) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.23) |
| Distributions (from capital gains) | (10.36) | &nbsp;&nbsp; (9.86) | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.76) | &nbsp;&nbsp; (1.86) |
| Total Dividends and Distributions | (10.43) | &nbsp;&nbsp; (9.92) | &nbsp;&nbsp; (4.92) | &nbsp;&nbsp; (3.80) | &nbsp;&nbsp; (4.06) | &nbsp;&nbsp; (2.09) |
| Net Asset Value, End of Period | $67.72 | &nbsp;&nbsp; $79.63 | &nbsp;&nbsp; $77.91 | &nbsp;&nbsp; $66.18 | &nbsp;&nbsp; $59.42 | &nbsp;&nbsp; $73.44 |
| Total Return<sup>\*</sup> <br>| (2.45)% | &nbsp;&nbsp; 16.72% | &nbsp;&nbsp; 26.40% | &nbsp;&nbsp; 18.15% | &nbsp;&nbsp; (14.72)% | &nbsp;&nbsp; 27.82% |
| Net Assets, End of Period (in thousands) | $4332 | &nbsp;&nbsp; $4494 | &nbsp;&nbsp; $5407 | &nbsp;&nbsp; $5231 | &nbsp;&nbsp; $5477 | &nbsp;&nbsp; $7329 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.44% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.39% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.37% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.39% |
| Ratio of Net Investment Income/(Loss) | 0.18% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.34% |
| Portfolio Turnover Rate | 21% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 11% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

14 \| March 31, 2026

------

**Janus Henderson Growth and Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $80.36 | &nbsp;&nbsp; $78.52 | &nbsp;&nbsp; $66.66 | &nbsp;&nbsp; $59.83 | &nbsp;&nbsp; $73.92 | &nbsp;&nbsp; $59.74 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Net realized and unrealized gain/(loss) | (1.56) | &nbsp;&nbsp;&nbsp;&nbsp;11.69 | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp;&nbsp;&nbsp;10.25 | &nbsp;&nbsp; (10.31) | &nbsp;&nbsp;&nbsp;&nbsp;16.05 |
| Total from Investment Operations | (1.39) | &nbsp;&nbsp;&nbsp;&nbsp;11.94 | &nbsp;&nbsp;&nbsp;&nbsp;16.97 | &nbsp;&nbsp;&nbsp;&nbsp;10.83 | &nbsp;&nbsp; (9.85) | &nbsp;&nbsp;&nbsp;&nbsp;16.47 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.17) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.58) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.43) |
| Distributions (from capital gains) | (10.36) | &nbsp;&nbsp; (9.86) | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.76) | &nbsp;&nbsp; (1.86) |
| Total Dividends and Distributions | (10.53) | &nbsp;&nbsp; (10.10) | &nbsp;&nbsp; (5.11) | &nbsp;&nbsp; (4.00) | &nbsp;&nbsp; (4.24) | &nbsp;&nbsp; (2.29) |
| Net Asset Value, End of Period | $68.44 | &nbsp;&nbsp; $80.36 | &nbsp;&nbsp; $78.52 | &nbsp;&nbsp; $66.66 | &nbsp;&nbsp; $59.83 | &nbsp;&nbsp; $73.92 |
| Total Return<sup>\*</sup> <br>| (2.31)% | &nbsp;&nbsp; 17.03% | &nbsp;&nbsp; 26.74% | &nbsp;&nbsp; 18.51% | &nbsp;&nbsp; (14.49)% | &nbsp;&nbsp; 28.15% |
| Net Assets, End of Period (in thousands) | $12868 | &nbsp;&nbsp; $13841 | &nbsp;&nbsp; $13861 | &nbsp;&nbsp; $12791 | &nbsp;&nbsp; $12049 | &nbsp;&nbsp; $23935 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.13% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.11% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% |
| Ratio of Net Investment Income/(Loss) | 0.44% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 0.61% |
| Portfolio Turnover Rate | 21% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 11% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Growth and Income Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $80.49 | &nbsp;&nbsp; $78.63 | &nbsp;&nbsp; $66.75 | &nbsp;&nbsp; $59.90 | &nbsp;&nbsp; $74.01 | &nbsp;&nbsp; $59.81 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net realized and unrealized gain/(loss) | (1.57) | &nbsp;&nbsp;&nbsp;&nbsp;11.71 | &nbsp;&nbsp;&nbsp;&nbsp;16.54 | &nbsp;&nbsp;&nbsp;&nbsp;10.28 | &nbsp;&nbsp; (10.34) | &nbsp;&nbsp;&nbsp;&nbsp;16.08 |
| Total from Investment Operations | (1.31) | &nbsp;&nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;&nbsp;&nbsp;17.19 | &nbsp;&nbsp;&nbsp;&nbsp;11.04 | &nbsp;&nbsp; (9.67) | &nbsp;&nbsp;&nbsp;&nbsp;16.68 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.27) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (0.62) |
| Distributions (from capital gains) | (10.36) | &nbsp;&nbsp; (9.86) | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.76) | &nbsp;&nbsp; (1.86) |
| Total Dividends and Distributions | (10.63) | &nbsp;&nbsp; (10.29) | &nbsp;&nbsp; (5.31) | &nbsp;&nbsp; (4.19) | &nbsp;&nbsp; (4.44) | &nbsp;&nbsp; (2.48) |
| Net Asset Value, End of Period | $68.55 | &nbsp;&nbsp; $80.49 | &nbsp;&nbsp; $78.63 | &nbsp;&nbsp; $66.75 | &nbsp;&nbsp; $59.90 | &nbsp;&nbsp; $74.01 |
| Total Return<sup>\*</sup> <br>| (2.20)% | &nbsp;&nbsp; 17.34% | &nbsp;&nbsp; 27.06% | &nbsp;&nbsp; 18.84% | &nbsp;&nbsp; (14.26)% | &nbsp;&nbsp; 28.49% |
| Net Assets, End of Period (in thousands) | $2087610 | &nbsp;&nbsp; $2273749 | &nbsp;&nbsp; $2153656 | &nbsp;&nbsp; $1855322 | &nbsp;&nbsp; $1683707 | &nbsp;&nbsp; $2108286 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.86% |
| Ratio of Net Investment Income/(Loss) | 0.70% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.87% |
| Portfolio Turnover Rate | 21% | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 22% | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 11% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

16 \| March 31, 2026

------

**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and Significant Accounting Policies**

Janus Henderson Growth and Income Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 34 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term capital growth and current income. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser")

to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of

shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US

GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain

retirement platforms.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

Janus Investment Fund \| 17

------

**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements (unaudited)**

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement

with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an

agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended March 31, 2026. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

18 \| March 31, 2026

------

**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements (unaudited)**

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of

net assets represented by each class as a percentage of total net assets.

**Expenses**

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the

operations of such class.

**Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

**Indemnifications**

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material

loss from such claims is considered remote.

Janus Investment Fund \| 19

------

**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements (unaudited)**

**Dividends and Distributions**

Dividends of net investment income are generally declared and distributed quarterly, and realized capital gains (if any) are distributed annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations,

and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change

in the next twelve months.

**2. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**Securities Lending**

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other

20 \| March 31, 2026

------

**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements (unaudited)**

money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations.

There were no securities on loan as of March 31, 2026.

**3. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund's

contractual investment advisory fee rate (expressed as an annual rate) is 0.60% of its average daily net assets.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.62% for at least a one-year period commencing on January 28, 2026. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess

Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the

Janus Investment Fund \| 21

------

**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements (unaudited)**

Adviser provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $215,106 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2026. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the

Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net

assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds* | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion — $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R

Shares, Class S Shares, and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor

22 \| March 31, 2026

------

**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements (unaudited)**

for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder

servicing fees" on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2026, the Distributor retained

upfront sales charges of $4,608.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between Janus Henderson Distributors and financial intermediaries. There were no upfront sales charges retained by

Janus Henderson Distributors during the period ended March 31, 2026.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class C Shares

paid CDSCs of $688.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2026 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2026 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $37,088 were paid by the Trust to the Trustees under the

Deferred Plan during the period ended March 31, 2026.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2026 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

Janus Investment Fund \| 23

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**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements (unaudited)**

As of March 31, 2026, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the

Adviser, as indicated in the table below:

---

| | | |
|:---|:---|:---|
| *Class* | *% of Class Owned* | *% of Fund Owned* |
| Class A Shares | -<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -<br> %<br>|
| Class C Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class D Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class I Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class N Shares | 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Class R Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class S Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class T Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

The Fund is permitted to purchase or sell securities ("cross-trade") between itself and other funds or accounts managed by the Adviser in accordance with Rule 17a-7 under the Investment Company Act of 1940 ("Rule 17a-7"), when the transaction is consistent with the investment objectives and policies of the Fund and in accordance with the Internal Cross Trade Procedures adopted by the Trust's Board of Trustees. These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to another fund or account that is or could be considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7. Under these procedures, each cross-trade is effected at the current market price to save costs where allowed. During the period ended March 31, 2026, the Fund engaged in cross trades amounting to $20,486,084 in purchases and $21,198,514 in sales, resulting in a net realized gain of $5,488,782. The net realized gain is included within the "Net Realized Gain/(Loss) on Investments" section of

the Fund's Statement of Operations.

**4. Federal Income Tax**

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal

income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2026 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>|
| $4774801414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2995703407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(130944988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2864758419 |

---

24 \| March 31, 2026

------

**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended March 31, 2026* | *Period ended March 31, 2026* | *Year ended September 30, 2025* | *Year ended September 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 240004 | &nbsp;&nbsp; $17867941 | &nbsp;&nbsp; 465772 | &nbsp;&nbsp; $33603572 |
| Reinvested dividends and distributions | 195579 | &nbsp;&nbsp; 14028772 | &nbsp;&nbsp; 158440 | &nbsp;&nbsp; 11173370 |
| Shares repurchased | (264865) | &nbsp;&nbsp; (19576429) | &nbsp;&nbsp; (437147) | &nbsp;&nbsp; (31733379) |
| Net Increase/(Decrease) | 170718 | &nbsp;&nbsp; $12320284 | &nbsp;&nbsp; 187065 | &nbsp;&nbsp; $13043563 |
| Class C Shares: |  |  |  |  |
| Shares sold | 31965 | &nbsp;&nbsp; $2309729 | &nbsp;&nbsp; 42158 | &nbsp;&nbsp; $2971674 |
| Reinvested dividends and distributions | 66437 | &nbsp;&nbsp; 4640987 | &nbsp;&nbsp; 73729 | &nbsp;&nbsp; 5088008 |
| Shares repurchased | (101347) | &nbsp;&nbsp; (7281514) | &nbsp;&nbsp; (200739) | &nbsp;&nbsp; (14115076) |
| Net Increase/(Decrease) | (2945) | &nbsp;&nbsp; $(330798) | &nbsp;&nbsp; (84852) | &nbsp;&nbsp; $(6055394) |
| Class D Shares: |  |  |  |  |
| Shares sold | 1281939 | &nbsp;&nbsp; $95939409 | &nbsp;&nbsp; 2588513 | &nbsp;&nbsp; $186777716 |
| Reinvested dividends and distributions | 9062726 | &nbsp;&nbsp; 651746186 | &nbsp;&nbsp; 8417462 | &nbsp;&nbsp; 595229107 |
| Shares repurchased | (3697381) | &nbsp;&nbsp; (277865295) | &nbsp;&nbsp; (6937440) | &nbsp;&nbsp; (503788362) |
| Net Increase/(Decrease) | 6647284 | &nbsp;&nbsp; $469820300 | &nbsp;&nbsp; 4068535 | &nbsp;&nbsp; $278218461 |
| Class I Shares: |  |  |  |  |
| Shares sold | 600074 | &nbsp;&nbsp; $44843642 | &nbsp;&nbsp; 975022 | &nbsp;&nbsp; $71288368 |
| Reinvested dividends and distributions | 674159 | &nbsp;&nbsp; 48522021 | &nbsp;&nbsp; 693754 | &nbsp;&nbsp; 49095330 |
| Shares repurchased | (915374) | &nbsp;&nbsp; (69059408) | &nbsp;&nbsp; (1731402) | &nbsp;&nbsp; (124066266) |
| Net Increase/(Decrease) | 358859 | &nbsp;&nbsp; $24306255 | &nbsp;&nbsp; (62626) | &nbsp;&nbsp; $(3682568) |
| Class N Shares: |  |  |  |  |
| Shares sold | 452245 | &nbsp;&nbsp; $34605845 | &nbsp;&nbsp; 510583 | &nbsp;&nbsp; $37007437 |
| Reinvested dividends and distributions | 247733 | &nbsp;&nbsp; 17781409 | &nbsp;&nbsp; 172280 | &nbsp;&nbsp; 12170422 |
| Shares repurchased | (268251) | &nbsp;&nbsp; (19699177) | &nbsp;&nbsp; (390269) | &nbsp;&nbsp; (27831086) |
| Net Increase/(Decrease) | 431727 | &nbsp;&nbsp; $32688077 | &nbsp;&nbsp; 292594 | &nbsp;&nbsp; $21346773 |
| Class R Shares: |  |  |  |  |
| Shares sold | 2254 | &nbsp;&nbsp; $172882 | &nbsp;&nbsp; 6514 | &nbsp;&nbsp; $462656 |
| Reinvested dividends and distributions | 8417 | &nbsp;&nbsp; 597657 | &nbsp;&nbsp; 7453 | &nbsp;&nbsp; 520853 |
| Shares repurchased | (3137) | &nbsp;&nbsp; (226310) | &nbsp;&nbsp; (26929) | &nbsp;&nbsp; (2074510) |
| Net Increase/(Decrease) | 7534 | &nbsp;&nbsp; $544229 | &nbsp;&nbsp; (12962) | &nbsp;&nbsp; $(1091001) |
| Class S Shares: |  |  |  |  |
| Shares sold | 8445 | &nbsp;&nbsp; $624206 | &nbsp;&nbsp; 14348 | &nbsp;&nbsp; $1035412 |
| Reinvested dividends and distributions | 25017 | &nbsp;&nbsp; 1794123 | &nbsp;&nbsp; 24888 | &nbsp;&nbsp; 1753740 |
| Shares repurchased | (17670) | &nbsp;&nbsp; (1309888) | &nbsp;&nbsp; (43521) | &nbsp;&nbsp; (3222660) |
| Net Increase/(Decrease) | 15792 | &nbsp;&nbsp; $1108441 | &nbsp;&nbsp; (4285) | &nbsp;&nbsp; $(433508) |
| Class T Shares: |  |  |  |  |
| Shares sold | 1138830 | &nbsp;&nbsp; $85467277 | &nbsp;&nbsp; 1904255 | &nbsp;&nbsp; $138671237 |
| Reinvested dividends and distributions | 4039152 | &nbsp;&nbsp; 290062743 | &nbsp;&nbsp; 3858588 | &nbsp;&nbsp; 272421580 |
| Shares repurchased | (2975094) | &nbsp;&nbsp; (221698544) | &nbsp;&nbsp; (4901981) | &nbsp;&nbsp; (353945534) |
| Net Increase/(Decrease) | 2202888 | &nbsp;&nbsp; $153831476 | &nbsp;&nbsp; 860862 | &nbsp;&nbsp; $57147283 |

---

**6. Purchases and Sales of Investment Securities**

For the period ended March 31, 2026, 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>|
| $1733775278 | &nbsp;&nbsp;&nbsp;&nbsp; $2080384810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

Janus Investment Fund \| 25

------

**Janus Henderson Growth and Income Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, and client consents. The

shareholders of Janus Henderson Group, plc approved the acquisition on April 16, 2026.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2026 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements other than the following:

At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

26 \| March 31, 2026

------

**Janus Henderson Growth and Income Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analyses provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

Janus Investment Fund \| 27

------

**Janus Henderson Growth and Income Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract and retain well-qualified personnel.

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

28 \| March 31, 2026

------

**Janus Henderson Growth and Income Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund \| 29

------

**Janus Henderson Growth and Income Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

30 \| March 31, 2026

------

**Janus Henderson Growth and Income Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

Janus Investment Fund \| 31

------

**Janus Henderson Growth and Income Fund**

**Additional Information (unaudited)**

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as identified by Broadridge using Morningstar category schema. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance or service being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, recent fee reductions, investment structure changes, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

32 \| March 31, 2026

------

**Janus Henderson Growth and Income Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 33

------

**Janus Henderson Growth and Income Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

34 \| March 31, 2026

------

**Janus Henderson Growth and Income Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 35

------

**Janus Henderson Growth and Income Fund**

**Additional Information (unaudited)**

other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They

36 \| March 31, 2026

------

**Janus Henderson Growth and Income Fund**

**Additional Information (unaudited)**

concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 37

------

![](img9f3241b02.gif)

*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93048 05-26

------

SEMIANNUAL FINANCIAL STATEMENTS

March 31, 2026

**Janus Henderson Overseas Fund**

Janus Investment Fund

![](img228ca2f41.gif)

------

**Table of Contents**

**Janus Henderson Overseas Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_ce307341-cfdd-4013-ad72-206d1f8ec456_SOI-SOI-RunningFooter-19_1)<br> [Management Investment Companies](#xx_ce307341-cfdd-4013-ad72-206d1f8ec456_SOI-SOI-RunningFooter-19_1)<br>|  |
| [Schedule of Investments](#xx_ce307341-cfdd-4013-ad72-206d1f8ec456_SOI-SOI-RunningFooter-19_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_ce307341-cfdd-4013-ad72-206d1f8ec456_SOI-SOI-RunningFooter-19_4) | 4 |
| [Statement of Assets and Liabilities](#xx_ce307341-cfdd-4013-ad72-206d1f8ec456_SAL-SAL-RunningFooter-19_1) | 5 |
| [Statement of Operations](#xx_ce307341-cfdd-4013-ad72-206d1f8ec456_SOP-SOP-RunningFooter-19_1) | 7 |
| [Statements of Changes in Net Assets](#xx_ce307341-cfdd-4013-ad72-206d1f8ec456_SOC-SOC-RunningFooter-19_1) | 8 |
| [Financial Highlights](#xx_ce307341-cfdd-4013-ad72-206d1f8ec456_FIHI-FIHI-RunningFooter-19_1) | 9 |
| [Notes to Financial Statements](#xx_ce307341-cfdd-4013-ad72-206d1f8ec456_NTF-NTF-RunningFooter-19_1) | 17 |
| [Items 8-11 - Additional Information](#xx_ce307341-cfdd-4013-ad72-206d1f8ec456_AI-AI-RunningFooter-19_1) | 29 |

---

------

**Janus Henderson Overseas Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 98.1% |  |  |
| Aerospace & Defense – 5.3% |  |  |
| BAE Systems PLC | 5622111 | $163629062 |
| Rheinmetall AG | 29901 | 49859279 |
|  |  | 213488341 |
| Automobiles – 1.6% |  |  |
| Ferrari NV | 191479 | 64533263 |
| Banks – 15.3% |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 7196001 | 157041179 |
| BNP Paribas SA | 759830 | 72372469 |
| Erste Group Bank AG | 1192690 | 128859753 |
| Japan Post Bank Co Ltd | 3112500 | 51212142 |
| Natwest Group PLC | 6826447 | 50644903 |
| Resona Holdings Inc<sup>#</sup> <br>| 10830200 | 120518667 |
| UniCredit SpA | 538417 | 38791757 |
|  |  | 619440870 |
| Beverages – 4.3% |  |  |
| Davide Campari-Milano NV | 10309542 | 73416690 |
| Heineken NV | 1316946 | 101329818 |
|  |  | 174746508 |
| Biotechnology – 2.5% |  |  |
| Argenx SE (ADR)<sup>\*</sup> <br>| 91261 | 66643345 |
| Ascendis Pharma A/S (ADR)<sup>\*</sup> <br>| 156468 | 35788926 |
|  |  | 102432271 |
| Capital Markets – 2.3% |  |  |
| St James's Place PLC | 5867791 | 92280725 |
| Chemicals – 2.3% |  |  |
| Shin-Etsu Chemical Co Ltd | 1468900 | 59771638 |
| Taiyo Nippon Sanso Corp | 981500 | 35045951 |
|  |  | 94817589 |
| Commercial Services & Supplies – 2.1% |  |  |
| Rentokil Initial PLC | 13782474 | 85681335 |
| Diversified Telecommunication Services – 3.6% |  |  |
| Deutsche Telekom AG | 3930788 | 144924671 |
| Electrical Equipment – 6.5% |  |  |
| Contemporary Amperex Technology Co Ltd - Class A | 1590935 | 93531750 |
| Prysmian SpA | 629675 | 73620424 |
| Schneider Electric SE | 355064 | 97512382 |
|  |  | 264664556 |
| Entertainment – 3.4% |  |  |
| Liberty Media Corp-Liberty Formula One - Series C<sup>\*</sup> <br>| 690863 | 58737172 |
| Spotify Technology SA<sup>\*</sup> <br>| 167144 | 81049797 |
|  |  | 139786969 |
| Information Technology Services – 1.3% |  |  |
| Fujitsu Ltd | 2623400 | 53319258 |
| Insurance – 5.4% |  |  |
| AIA Group Ltd | 10852400 | 121917334 |
| Dai-ichi Life Holdings Inc<sup>#</sup> <br>| 10803500 | 98732538 |
|  |  | 220649872 |
| Interactive Media & Services – 2.6% |  |  |
| Tencent Holdings Ltd | 1676400 | 105837021 |
| Machinery – 1.8% |  |  |
| Alstom SA<sup>\*</sup> <br>| 2532063 | 72139244 |
| Metals & Mining – 2.8% |  |  |
| Freeport-McMoRan Inc | 1941026 | 114093508 |
| Oil, Gas & Consumable Fuels – 6.3% |  |  |
| Canadian Natural Resources Ltd | 2317488 | 112931190 |
| Gaztransport Et Technigaz SA | 256933 | 59870193 |
| TotalEnergies SE | 887514 | 81936077 |
|  |  | 254737460 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Overseas Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Personal Products – 1.9% |  |  |
| Unilever PLC | 1342133 | $75237565 |
| Pharmaceuticals – 5.7% |  |  |
| AstraZeneca PLC | 651146 | 127161241 |
| Roche Holding AG | 263744 | 104169554 |
|  |  | 231330795 |
| Professional Services – 0.7% |  |  |
| Recruit Holdings Co Ltd | 618200 | 27586078 |
| Semiconductor & Semiconductor Equipment – 15.4% |  |  |
| ASM International NV | 78891 | 60085385 |
| ASML Holding NV | 130633 | 172887510 |
| SK Hynix Inc | 218215 | 118720416 |
| Taiwan Semiconductor Manufacturing Co Ltd | 4814000 | 271433805 |
|  |  | 623127116 |
| Specialty Retail – 2.0% |  |  |
| Industria de Diseno Textil SA | 1396468 | 80280576 |
| Textiles, Apparel & Luxury Goods – 3.0% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE | 113238 | 62936621 |
| Samsonite International SA<sup>ž</sup> <br>| 30479729 | 57482506 |
|  |  | 120419127 |
| Total Common Stocks (cost $2,931,907,436) |  | 3975554718 |
| Investment Companies – 1.2% |  |  |
| Money Markets – 1.2% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº,</sup><sup>£</sup> (cost $50,295,132) | 50284795 | 50284795 |
| Investments Purchased with Cash Collateral from Securities Lending – 2.4% |  |  |
| Investment Companies – 1.9% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº,</sup><sup>£</sup> <br>| 76575148 | 76575148 |
| Time Deposits – 0.5% |  |  |
| Royal Bank of Canada, 3.6500%, 4/1/26 | $19143787 | 19143787 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $95,718,935) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $95,718,935) | 95718935 |
| Total Investments (total cost $3,077,921,503) – 101.7% |  | 4121558448 |
| Liabilities, net of Cash, Receivables and Other Assets – (1.7)% |  | (69846524) |
| Net Assets – 100% |  | $4051711924 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| March 31, 2026

------

**Janus Henderson Overseas Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United Kingdom | $594634831 | &nbsp;&nbsp;&nbsp;&nbsp; 14.4<br> %<br>|
| France | 446766986 | &nbsp;&nbsp;&nbsp;&nbsp;10.8 |
| Japan | 446186272 | &nbsp;&nbsp;&nbsp;&nbsp;10.8 |
| Netherlands | 334302713 | &nbsp;&nbsp;&nbsp;&nbsp;8.1 |
| United States | 318834410 | &nbsp;&nbsp;&nbsp;&nbsp;7.7 |
| Taiwan | 271433805 | &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| Italy | 250362134 | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Spain | 237321755 | &nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| China | 199368771 | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Germany | 194783950 | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Hong Kong | 179399840 | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Austria | 128859753 | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| South Korea | 118720416 | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Canada | 112931190 | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Switzerland | 104169554 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Sweden | 81049797 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Belgium | 66643345 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Denmark | 35788926 | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Total | $4121558448 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*3/31/26*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 1.2% | Investment Companies - 1.2% | Investment Companies - 1.2% | Investment Companies - 1.2% | Investment Companies - 1.2% | Investment Companies - 1.2% | Investment Companies - 1.2% | Investment Companies - 1.2% | Investment Companies - 1.2% |
| Money Markets - 1.2% | Money Markets - 1.2% | Money Markets - 1.2% | Money Markets - 1.2% | Money Markets - 1.2% | Money Markets - 1.2% | Money Markets - 1.2% | Money Markets - 1.2% | Money Markets - 1.2% |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  |
|  | $100959628 | $441467067 | $(492126162) | $(5401) | $(10337) | $50284795 | 50284795 | $1386580 |
| Investments Purchased with Cash Collateral from Securities Lending - 1.9% | Investments Purchased with Cash Collateral from Securities Lending - 1.9% | Investments Purchased with Cash Collateral from Securities Lending - 1.9% | Investments Purchased with Cash Collateral from Securities Lending - 1.9% | Investments Purchased with Cash Collateral from Securities Lending - 1.9% | Investments Purchased with Cash Collateral from Securities Lending - 1.9% | Investments Purchased with Cash Collateral from Securities Lending - 1.9% | Investments Purchased with Cash Collateral from Securities Lending - 1.9% | Investments Purchased with Cash Collateral from Securities Lending - 1.9% |
| Investment Companies - 1.9% | Investment Companies - 1.9% | Investment Companies - 1.9% | Investment Companies - 1.9% | Investment Companies - 1.9% | Investment Companies - 1.9% | Investment Companies - 1.9% | Investment Companies - 1.9% | Investment Companies - 1.9% |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  |
|  | 30124401 | 285365700 | (238914953) | - | - | 76575148 | 76575148 | 64764 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 3.1% | Total Affiliated Investments - 3.1% | Total Affiliated Investments - 3.1% | Total Affiliated Investments - 3.1% | Total Affiliated Investments - 3.1% | Total Affiliated Investments - 3.1% | Total Affiliated Investments - 3.1% | Total Affiliated Investments - 3.1% | Total Affiliated Investments - 3.1% |
|  | $131084029 | $726832767 | $(731041115) | $(5401) | $(10337) | $126859943 | 126859943 | $1451344 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $93327592 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(93327592) | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the amount of assets or liabilities that could be offset with the same
 counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Collateral pledged is limited to the net outstanding amount due to/from an individual
 counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

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**Janus Henderson Overseas Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

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 period ended March 31, 2026 is <br> $57,482,506, which represents 1.4% of net assets.<br>|
| Non-income producing security. |
| Rate shown is the 7-day yield as of March 31, 2026. |
| Loaned security; a portion of the security is on loan at March 31, 2026. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial

instruments as of March 31, 2026. 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 | $102432271 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Entertainment | 139786969 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Metals & Mining | 114093508 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Oil, Gas & Consumable Fuels | 112931190 | &nbsp;&nbsp; 141806270 | &nbsp;&nbsp; - |
| All Other | - | &nbsp;&nbsp; 3364504510 | &nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp; 50284795 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 95718935 | &nbsp;&nbsp; - |
| **Total Assets** | $469243938 | &nbsp;&nbsp; $3652314510 | &nbsp;&nbsp; $- |

---

4 \| March 31, 2026

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**Janus Henderson Overseas Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $2,951,051,223)<sup>(1)</sup> <br>| $3994698505 |
| Affiliated investments, at value (cost $126,870,280) | 126859943 |
| Cash denominated in foreign currency (cost $16,872,072) | 16872072 |
| Trustees' deferred compensation | 127915 |
| Receivables: |  |
| Dividends | 11199554 |
| Foreign tax reclaims | 8361681 |
| Fund shares sold | 1917927 |
| Dividends from affiliates | 209620 |
| Other assets | 1047395 |
| Total Assets | 4161294612 |
| Liabilities: |  |
| Due to custodian | 49 |
| Collateral for securities loaned (Note 2) | 95718935 |
| Payables: |  |
| Foreign withholding tax reclaim fee (Note 1) | 5385431 |
| Foreign tax liability | 3419444 |
| Fund shares repurchased | 2113519 |
| Advisory fees | 1829717 |
| Transfer agent fees and expenses | 558797 |
| Trustees' deferred compensation fees | 127915 |
| 12b-1 Distribution and shareholder servicing fees | 98947 |
| Professional fees | 63447 |
| Custodian fees | 45303 |
| Trustees' fees and expenses | 20459 |
| Affiliated fund administration fees payable | 8788 |
| Accrued expenses and other payables | 191937 |
| Total Liabilities | 109582688 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $4051711924 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Overseas Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $4119000747 |
| Total distributable earnings (loss) (includes $3,419,444 of foreign capital gains tax) | (67288823) |
| Total Net Assets | $4051711924 |
| Net Assets - Class A Shares | $217190994 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3757858 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $57.80 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $61.33 |
| Net Assets - Class C Shares | $8514221 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 150076 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $56.73 |
| Net Assets - Class D Shares | $809000701 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 14105352 |
| Net Asset Value Per Share | $57.35 |
| Net Assets - Class I Shares | $1616689644 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 28113819 |
| Net Asset Value Per Share | $57.51 |
| Net Assets - Class N Shares | $653106950 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 11416600 |
| Net Asset Value Per Share | $57.21 |
| Net Assets - Class R Shares | $23296679 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 408495 |
| Net Asset Value Per Share | $57.03 |
| Net Assets - Class S Shares | $158099481 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2753133 |
| Net Asset Value Per Share | $57.43 |
| Net Assets - Class T Shares | $565813254 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 9850659 |
| Net Asset Value Per Share | $57.44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $93,327,592 of securities on loan. See Note 2 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

6 \| March 31, 2026

------

**Janus Henderson Overseas Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $29937891 |
| Dividends from affiliates | 1386580 |
| Affiliated securities lending income, net | 64764 |
| Unaffiliated securities lending income, net | 16541 |
| Other income | 15161 |
| Foreign tax withheld (net of foreign withholding tax reclaim fee of $182,116 (Note 1)) | (1018417) |
| Total Investment Income | 30402520 |
| Expenses: |  |
| Advisory fees | 10722870 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 276948 |
| Class C Shares | 44881 |
| Class R Shares | 59276 |
| Class S Shares | 199077 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 437676 |
| Class R Shares | 30144 |
| Class S Shares | 199045 |
| Class T Shares | 719542 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 253397 |
| Class C Shares | 4913 |
| Class I Shares | 753040 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 7184 |
| Class C Shares | 268 |
| Class D Shares | 55811 |
| Class I Shares | 25504 |
| Class N Shares | 18327 |
| Class R Shares | 222 |
| Class S Shares | 1061 |
| Class T Shares | 2920 |
| Professional fees | 413886 |
| Custodian fees | 195525 |
| Shareholder reports expense | 134899 |
| Registration fees | 129918 |
| Affiliated fund administration fees | 50907 |
| Trustees' fees and expenses | 46673 |
| Other expenses | 154652 |
| Total Expenses | 14938566 |
| Less: Excess Expense Reimbursement and Waivers | (70780) |
| Net Expenses | 14867786 |
| Net Investment Income/(Loss) | 15534734 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions (net of foreign taxes of $10,431,979) | 181281183 |
| Investments in affiliates | (5401) |
| Total Net Realized Gain/(Loss) on Investments | 181275782 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation (net of decrease in deferred foreign taxes of <br> $12,303,974)<br>| (11257151) |
| Investments in affiliates | (10337) |
| Total Change in Unrealized Net Appreciation/Depreciation | (11267488) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $185543028 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Overseas Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*March 31, 2026* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $15534734 | &nbsp;&nbsp; $45782676 |
| Net realized gain/(loss) on investments | 181275782 | &nbsp;&nbsp; 62085245 |
| Change in unrealized net appreciation/depreciation | (11267488) | &nbsp;&nbsp; 416240227 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 185543028 | &nbsp;&nbsp; 524108148 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (2125016) | &nbsp;&nbsp; (2662264) |
| Class C Shares | (23430) | &nbsp;&nbsp; (47335) |
| Class D Shares | (10281347) | &nbsp;&nbsp; (10386392) |
| Class I Shares | (20642949) | &nbsp;&nbsp; (24533623) |
| Class N Shares | (9038783) | &nbsp;&nbsp; (5408618) |
| Class R Shares | (166322) | &nbsp;&nbsp; (208777) |
| Class S Shares | (1498863) | &nbsp;&nbsp; (1670004) |
| Class T Shares | (6775115) | &nbsp;&nbsp; (7481430) |
| Net Decrease from Dividends and Distributions to Shareholders | (50551825) | &nbsp;&nbsp; (52398443) |
| Capital Share Transactions: |  |  |
| Class A Shares | (7914000) | &nbsp;&nbsp; (21031246) |
| Class C Shares | (1508586) | &nbsp;&nbsp; (3199533) |
| Class D Shares | (4162002) | &nbsp;&nbsp; (2111581) |
| Class I Shares | 2845789 | &nbsp;&nbsp; (254838055) |
| Class N Shares | 48661491 | &nbsp;&nbsp; 196117359 |
| Class R Shares | (2078397) | &nbsp;&nbsp; (1881926) |
| Class S Shares | 76581 | &nbsp;&nbsp; (3251688) |
| Class T Shares | (11115360) | &nbsp;&nbsp; (32157451) |
| Net Increase/(Decrease) from Capital Share Transactions | 24805516 | &nbsp;&nbsp; (122354121) |
| Net Increase/(Decrease) in Net Assets | 159796719 | &nbsp;&nbsp; 349355584 |
| Net Assets: |  |  |
| Beginning of period | 3891915205 | &nbsp;&nbsp; 3542559621 |
| End of period | $4051711924 | &nbsp;&nbsp; $3891915205 |

---

See Notes to Financial Statements.

8 \| March 31, 2026

------

**Janus Henderson Overseas Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $55.80 | &nbsp;&nbsp; $49.00 | &nbsp;&nbsp; $40.98 | &nbsp;&nbsp; $34.10 | &nbsp;&nbsp; $43.91 | &nbsp;&nbsp; $33.08 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.13 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net realized and unrealized gain/(loss) | 2.43 | &nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp;&nbsp;&nbsp;8.04 | &nbsp;&nbsp;&nbsp;&nbsp;7.14 | &nbsp;&nbsp; (10.09) | &nbsp;&nbsp;&nbsp;&nbsp;10.64 |
| Total from Investment Operations | 2.56 | &nbsp;&nbsp;&nbsp;&nbsp;7.42 | &nbsp;&nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp;7.42 | &nbsp;&nbsp; (9.46) | &nbsp;&nbsp;&nbsp;&nbsp;11.07 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.56) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.24) |
| Total Dividends and Distributions | (0.56) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.24) |
| Net Asset Value, End of Period | $57.80 | &nbsp;&nbsp; $55.80 | &nbsp;&nbsp; $49.00 | &nbsp;&nbsp; $40.98 | &nbsp;&nbsp; $34.10 | &nbsp;&nbsp; $43.91 |
| Total Return<sup>\*</sup> <br>| 4.61% | &nbsp;&nbsp; 15.37% | &nbsp;&nbsp; 21.33% | &nbsp;&nbsp; 21.80% | &nbsp;&nbsp; (21.71)% | &nbsp;&nbsp; 33.54% |
| Net Assets, End of Period (in thousands) | $217191 | &nbsp;&nbsp; $217330 | &nbsp;&nbsp; $212180 | &nbsp;&nbsp; $209483 | &nbsp;&nbsp; $19008 | &nbsp;&nbsp; $21130 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.07% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.16% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 1.18% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.22% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.03% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.22% |
| Ratio of Net Investment Income/(Loss) | 0.45% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.01% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.31% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 1.53% | &nbsp;&nbsp; 1.03% |
| Portfolio Turnover Rate | 28% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the period ended March 31, 2026. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.08%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.03 and 0.06%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.09%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the period ended March 31, 2026. The impact of the additional professional fees to Ratio of Gross Expenses is 0.02%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Overseas Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $54.55 | &nbsp;&nbsp; $47.82 | &nbsp;&nbsp; $40.11 | &nbsp;&nbsp; $33.48 | &nbsp;&nbsp; $43.14 | &nbsp;&nbsp; $32.58 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.07) <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp; (0.02) |
| Net realized and unrealized gain/(loss) | 2.39 | &nbsp;&nbsp;&nbsp;&nbsp;6.79 | &nbsp;&nbsp;&nbsp;&nbsp;7.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.94 | &nbsp;&nbsp; (10.02) | &nbsp;&nbsp;&nbsp;&nbsp;10.58 |
| Total from Investment Operations | 2.32 | &nbsp;&nbsp;&nbsp;&nbsp;6.94 | &nbsp;&nbsp;&nbsp;&nbsp;8.16 | &nbsp;&nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp; (9.66) | &nbsp;&nbsp;&nbsp;&nbsp;10.56 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.14) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.14) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Asset Value, End of Period | $56.73 | &nbsp;&nbsp; $54.55 | &nbsp;&nbsp; $47.82 | &nbsp;&nbsp; $40.11 | &nbsp;&nbsp; $33.48 | &nbsp;&nbsp; $43.14 |
| Total Return<sup>\*</sup> <br>| 4.25% | &nbsp;&nbsp; 14.59% | &nbsp;&nbsp; 20.56% | &nbsp;&nbsp; 20.98% | &nbsp;&nbsp; (22.39)% | &nbsp;&nbsp; 32.41% |
| Net Assets, End of Period (in thousands) | $8514 | &nbsp;&nbsp; $9643 | &nbsp;&nbsp; $11625 | &nbsp;&nbsp; $14765 | &nbsp;&nbsp; $1941 | &nbsp;&nbsp; $1295 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.70% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.83% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 1.83% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 2.13% | &nbsp;&nbsp; 2.06% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.70% | &nbsp;&nbsp; 1.83% | &nbsp;&nbsp; 1.83% | &nbsp;&nbsp; 1.82% | &nbsp;&nbsp; 2.09% | &nbsp;&nbsp; 2.06% |
| Ratio of Net Investment Income/(Loss) | (0.23)% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.31% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.58% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; (0.04)% |
| Portfolio Turnover Rate | 28% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the period ended March 31, 2026. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.08%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.03 and 0.06%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.09%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the period ended March 31, 2026. The impact of the additional professional fees to Ratio of Gross Expenses is 0.02%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

10 \| March 31, 2026

------

**Janus Henderson Overseas Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $55.46 | &nbsp;&nbsp; $48.68 | &nbsp;&nbsp; $40.61 | &nbsp;&nbsp; $33.78 | &nbsp;&nbsp; $43.49 | &nbsp;&nbsp; $32.77 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.23 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net realized and unrealized gain/(loss) | 2.40 | &nbsp;&nbsp;&nbsp;&nbsp;6.87 | &nbsp;&nbsp;&nbsp;&nbsp;7.96 | &nbsp;&nbsp;&nbsp;&nbsp;6.78 | &nbsp;&nbsp; (9.98) | &nbsp;&nbsp;&nbsp;&nbsp;10.54 |
| Total from Investment Operations | 2.63 | &nbsp;&nbsp;&nbsp;&nbsp;7.53 | &nbsp;&nbsp;&nbsp;&nbsp;8.67 | &nbsp;&nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp; (9.25) | &nbsp;&nbsp;&nbsp;&nbsp;11.07 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.74) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.35) |
| Total Dividends and Distributions | (0.74) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.35) |
| Net Asset Value, End of Period | $57.35 | &nbsp;&nbsp; $55.46 | &nbsp;&nbsp; $48.68 | &nbsp;&nbsp; $40.61 | &nbsp;&nbsp; $33.78 | &nbsp;&nbsp; $43.49 |
| Total Return<sup>\*</sup> <br>| 4.76% | &nbsp;&nbsp; 15.74% | &nbsp;&nbsp; 21.63% | &nbsp;&nbsp; 22.13% | &nbsp;&nbsp; (21.48)% | &nbsp;&nbsp; 33.89% |
| Net Assets, End of Period (in thousands) | $809001 | &nbsp;&nbsp; $786729 | &nbsp;&nbsp; $693569 | &nbsp;&nbsp; $614116 | &nbsp;&nbsp; $528221 | &nbsp;&nbsp; $726916 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.71% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 0.83% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 0.94% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.71% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% |
| Ratio of Net Investment Income/(Loss) | 0.78% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.35% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.58% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.77% | &nbsp;&nbsp; 1.28% |
| Portfolio Turnover Rate | 28% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the period ended March 31, 2026. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.08%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.03 and 0.06%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.09%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the period ended March 31, 2026. The impact of the additional professional fees to Ratio of Gross Expenses is 0.02%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Overseas Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $55.60 | &nbsp;&nbsp; $48.82 | &nbsp;&nbsp; $40.73 | &nbsp;&nbsp; $33.89 | &nbsp;&nbsp; $43.68 | &nbsp;&nbsp; $32.91 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.24 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net realized and unrealized gain/(loss) | 2.41 | &nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;&nbsp;7.96 | &nbsp;&nbsp;&nbsp;&nbsp;6.79 | &nbsp;&nbsp; (10.11) | &nbsp;&nbsp;&nbsp;&nbsp;10.41 |
| Total from Investment Operations | 2.65 | &nbsp;&nbsp;&nbsp;&nbsp;7.55 | &nbsp;&nbsp;&nbsp;&nbsp;8.71 | &nbsp;&nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp; (9.28) | &nbsp;&nbsp;&nbsp;&nbsp;11.13 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.74) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.36) |
| Total Dividends and Distributions | (0.74) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.36) |
| Net Asset Value, End of Period | $57.51 | &nbsp;&nbsp; $55.60 | &nbsp;&nbsp; $48.82 | &nbsp;&nbsp; $40.73 | &nbsp;&nbsp; $33.89 | &nbsp;&nbsp; $43.68 |
| Total Return<sup>\*</sup> <br>| 4.80% | &nbsp;&nbsp; 15.76% | &nbsp;&nbsp; 21.68% | &nbsp;&nbsp; 22.21% | &nbsp;&nbsp; (21.46)% | &nbsp;&nbsp; 33.96% |
| Net Assets, End of Period (in thousands) | $1616690 | &nbsp;&nbsp; $1561066 | &nbsp;&nbsp; $1622258 | &nbsp;&nbsp; $1261147 | &nbsp;&nbsp; $532808 | &nbsp;&nbsp; $312685 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.68% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 0.81% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 0.90% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.68% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Investment Income/(Loss) | 0.82% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.36% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.65% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 2.05% | &nbsp;&nbsp; 1.72% |
| Portfolio Turnover Rate | 28% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the period ended March 31, 2026. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.08%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.03 and 0.06%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.09%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the period ended March 31, 2026. The impact of the additional professional fees to Ratio of Gross Expenses is 0.02%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

12 \| March 31, 2026

------

**Janus Henderson Overseas Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $55.35 | &nbsp;&nbsp; $48.60 | &nbsp;&nbsp; $40.54 | &nbsp;&nbsp; $33.73 | &nbsp;&nbsp; $43.43 | &nbsp;&nbsp; $32.72 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.26 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net realized and unrealized gain/(loss) | 2.41 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;&nbsp;7.97 | &nbsp;&nbsp;&nbsp;&nbsp;6.73 | &nbsp;&nbsp; (10.02) | &nbsp;&nbsp;&nbsp;&nbsp;10.46 |
| Total from Investment Operations | 2.67 | &nbsp;&nbsp;&nbsp;&nbsp;7.56 | &nbsp;&nbsp;&nbsp;&nbsp;8.72 | &nbsp;&nbsp;&nbsp;&nbsp;7.50 | &nbsp;&nbsp; (9.18) | &nbsp;&nbsp;&nbsp;&nbsp;11.10 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.81) | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.39) |
| Total Dividends and Distributions | (0.81) | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.39) |
| Net Asset Value, End of Period | $57.21 | &nbsp;&nbsp; $55.35 | &nbsp;&nbsp; $48.60 | &nbsp;&nbsp; $40.54 | &nbsp;&nbsp; $33.73 | &nbsp;&nbsp; $43.43 |
| Total Return<sup>\*</sup> <br>| 4.85% | &nbsp;&nbsp; 15.88% | &nbsp;&nbsp; 21.83% | &nbsp;&nbsp; 22.31% | &nbsp;&nbsp; (21.37)% | &nbsp;&nbsp; 34.06% |
| Net Assets, End of Period (in thousands) | $653107 | &nbsp;&nbsp; $582931 | &nbsp;&nbsp; $321875 | &nbsp;&nbsp; $171597 | &nbsp;&nbsp; $70342 | &nbsp;&nbsp; $61263 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.59% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 0.69% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 0.80% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.81% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.59% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.81% |
| Ratio of Net Investment Income/(Loss) | 0.91% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.42% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.67% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 1.54% |
| Portfolio Turnover Rate | 28% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the period ended March 31, 2026. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.08%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.03 and 0.06%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.09%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the period ended March 31, 2026. The impact of the additional professional fees to Ratio of Gross Expenses is 0.02%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Overseas Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $54.99 | &nbsp;&nbsp; $48.26 | &nbsp;&nbsp; $40.26 | &nbsp;&nbsp; $33.48 | &nbsp;&nbsp; $43.10 | &nbsp;&nbsp; $32.48 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.04 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain/(loss) | 2.40 | &nbsp;&nbsp;&nbsp;&nbsp;6.81 | &nbsp;&nbsp;&nbsp;&nbsp;7.92 | &nbsp;&nbsp;&nbsp;&nbsp;6.73 | &nbsp;&nbsp; (9.90) | &nbsp;&nbsp;&nbsp;&nbsp;10.48 |
| Total from Investment Operations | 2.44 | &nbsp;&nbsp;&nbsp;&nbsp;7.17 | &nbsp;&nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp; (9.43) | &nbsp;&nbsp;&nbsp;&nbsp;10.75 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.40) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.13) |
| Total Dividends and Distributions | (0.40) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.13) |
| Net Asset Value, End of Period | $57.03 | &nbsp;&nbsp; $54.99 | &nbsp;&nbsp; $48.26 | &nbsp;&nbsp; $40.26 | &nbsp;&nbsp; $33.48 | &nbsp;&nbsp; $43.10 |
| Total Return<sup>\*</sup> <br>| 4.44% | &nbsp;&nbsp; 15.03% | &nbsp;&nbsp; 20.91% | &nbsp;&nbsp; 21.39% | &nbsp;&nbsp; (21.97)% | &nbsp;&nbsp; 33.12% |
| Net Assets, End of Period (in thousands) | $23297 | &nbsp;&nbsp; $24479 | &nbsp;&nbsp; $23356 | &nbsp;&nbsp; $22305 | &nbsp;&nbsp; $18008 | &nbsp;&nbsp; $24155 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.33% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.45% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 1.55% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.56% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.33% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.56% |
| Ratio of Net Investment Income/(Loss) | 0.14% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 0.73% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.95% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 0.66% |
| Portfolio Turnover Rate | 28% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the period ended March 31, 2026. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.08%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.03 and 0.06%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.09%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the period ended March 31, 2026. The impact of the additional professional fees to Ratio of Gross Expenses is 0.02%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

14 \| March 31, 2026

------

**Janus Henderson Overseas Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $55.45 | &nbsp;&nbsp; $48.68 | &nbsp;&nbsp; $40.61 | &nbsp;&nbsp; $33.77 | &nbsp;&nbsp; $43.48 | &nbsp;&nbsp; $32.77 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.12 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net realized and unrealized gain/(loss) | 2.41 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;&nbsp;7.98 | &nbsp;&nbsp;&nbsp;&nbsp;6.80 | &nbsp;&nbsp; (10.00) | &nbsp;&nbsp;&nbsp;&nbsp;10.55 |
| Total from Investment Operations | 2.53 | &nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp;&nbsp;8.53 | &nbsp;&nbsp;&nbsp;&nbsp;7.32 | &nbsp;&nbsp; (9.41) | &nbsp;&nbsp;&nbsp;&nbsp;10.93 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.55) | &nbsp;&nbsp; (0.58) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.22) |
| Total Dividends and Distributions | (0.55) | &nbsp;&nbsp; (0.58) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.22) |
| Net Asset Value, End of Period | $57.43 | &nbsp;&nbsp; $55.45 | &nbsp;&nbsp; $48.68 | &nbsp;&nbsp; $40.61 | &nbsp;&nbsp; $33.77 | &nbsp;&nbsp; $43.48 |
| Total Return<sup>\*</sup> <br>| 4.58% | &nbsp;&nbsp; 15.33% | &nbsp;&nbsp; 21.21% | &nbsp;&nbsp; 21.72% | &nbsp;&nbsp; (21.77)% | &nbsp;&nbsp; 33.43% |
| Net Assets, End of Period (in thousands) | $158099 | &nbsp;&nbsp; $152676 | &nbsp;&nbsp; $136644 | &nbsp;&nbsp; $121809 | &nbsp;&nbsp; $101257 | &nbsp;&nbsp; $130076 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.08% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 1.19% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 1.29% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.31% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.08% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.31% |
| Ratio of Net Investment Income/(Loss) | 0.41% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.00% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.23% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.28% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 0.92% |
| Portfolio Turnover Rate | 28% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the period ended March 31, 2026. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.08%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.03 and 0.06%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.09%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the period ended March 31, 2026. The impact of the additional professional fees to Ratio of Gross Expenses is 0.02%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Overseas Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $55.52 | &nbsp;&nbsp; $48.73 | &nbsp;&nbsp; $40.66 | &nbsp;&nbsp; $33.81 | &nbsp;&nbsp; $43.53 | &nbsp;&nbsp; $32.80 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| 0.19 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net realized and unrealized gain/(loss) | 2.41 | &nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;&nbsp;7.97 | &nbsp;&nbsp;&nbsp;&nbsp;6.79 | &nbsp;&nbsp; (9.99) | &nbsp;&nbsp;&nbsp;&nbsp;10.56 |
| Total from Investment Operations | 2.60 | &nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp; (9.30) | &nbsp;&nbsp;&nbsp;&nbsp;11.05 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) | (0.68) | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.32) |
| Total Dividends and Distributions | (0.68) | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.32) |
| Net Asset Value, End of Period | $57.44 | &nbsp;&nbsp; $55.52 | &nbsp;&nbsp; $48.73 | &nbsp;&nbsp; $40.66 | &nbsp;&nbsp; $33.81 | &nbsp;&nbsp; $43.53 |
| Total Return<sup>\*</sup> <br>| 4.71% | &nbsp;&nbsp; 15.64% | &nbsp;&nbsp; 21.49% | &nbsp;&nbsp; 22.05% | &nbsp;&nbsp; (21.56)% | &nbsp;&nbsp; 33.78% |
| Net Assets, End of Period (in thousands) | $565813 | &nbsp;&nbsp; $557060 | &nbsp;&nbsp; $521052 | &nbsp;&nbsp; $484446 | &nbsp;&nbsp; $399703 | &nbsp;&nbsp; $534168 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.83% <br><sup>(5)</sup><br>| &nbsp;&nbsp; 0.94% <br><sup>(6)</sup><br>| &nbsp;&nbsp; 1.04% <br><sup>(7)</sup><br>| &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.05% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.82% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.05% |
| Ratio of Net Investment Income/(Loss) | 0.67% <br><sup>(2)</sup><br>| &nbsp;&nbsp; 1.24% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 1.46% <br><sup>(4)</sup><br>| &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.19% |
| Portfolio Turnover Rate | 28% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 45% | &nbsp;&nbsp; 42% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 27% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the period ended March 31, 2026. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.02 and 0.08%, respectively. 

(3) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.03 and 0.06%, respectively. 

(4) Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets include foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the foreign withholding tax reclaims received, net of the related professional fees, to Net investment income/(loss) per share and Ratio of Net Investment Income/(Loss) to Average Net Assets is $0.04 and 0.09%, respectively. 

(5) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the period ended March 31, 2026. The impact of the additional professional fees to Ratio of Gross Expenses is 0.02%. 

(6) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2025. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

(7) Ratio of Gross Expenses includes additional professional fees related to foreign withholding tax reclaims received during the fiscal year ended 2024. The impact of the additional professional fees to Ratio of Gross Expenses is 0.01%. 

See Notes to Financial Statements.

16 \| March 31, 2026

------

**Janus Henderson Overseas Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and Significant Accounting Policies**

Janus Henderson Overseas Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 34 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act.

Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of

shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US

GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain

retirement platforms.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

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**Janus Henderson Overseas Fund**

**Notes to Financial Statements (unaudited)**

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement

with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an

agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended March 31, 2026. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

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**Janus Henderson Overseas Fund**

**Notes to Financial Statements (unaudited)**

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of

net assets represented by each class as a percentage of total net assets.

**Expenses**

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the

operations of such class.

**Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

**Indemnifications**

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material

loss from such claims is considered remote.

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**Janus Henderson Overseas Fund**

**Notes to Financial Statements (unaudited)**

**Foreign Currency Translations**

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge

could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change

in the next twelve months.

**Foreign Taxes**

The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the Fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. The Statement of Operations reflects $2,212,787 of tax reclaims received as well as $359,732 of professional fees and $182,116 of certain fees assessed by the Internal Revenue Service due to the recovery of foreign withholding taxes after such

amounts were previously passed through to Fund shareholders as foreign tax credits.

**2. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and

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**Janus Henderson Overseas Fund**

**Notes to Financial Statements (unaudited)**

economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**Emerging Market Investing**

Within the parameters of its specific investment policies, the Fund may invest in securities of issuers or companies from or with exposure to one or more "developing countries" or "emerging market countries." Such countries include but are not limited to countries included in the MSCI Emerging Markets Index<sup>SM</sup>. Emerging market countries in which the Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. To the extent that the Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. Similarly, issuers in such markets may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which U.S. companies are subject. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund's investments. In addition, the Fund's investments may be denominated in foreign currencies and therefore, changes in the value of a country's currency compared to the U.S. dollar may affect the value of the Fund's investments. To the extent that the Fund invests a significant portion of its assets in the securities of issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund's performance. Developing countries may also experience a higher level of exposure and vulnerability to the adverse effects of climate change. This can be attributed to both the geographic location of emerging market countries and/or a country's lack of access to technology or resources to adjust and adapt to its effects. An increased occurrence and severity of natural disasters and extreme weather events such as droughts and decreased crop yields, heat waves, flooding and rising sea levels, and increased spread of disease, could cause harmful effects to the performance of affected economies. Additionally, foreign and emerging market risks, including, but not limited to, price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese

local market securities.

**Counterparties**

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is

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**Janus Henderson Overseas Fund**

**Notes to Financial Statements (unaudited)**

always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have

greater exposure to the risks associated with one or more counterparties.

**Securities Lending**

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of March 31, 2026, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $93,327,592. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2026 is $95,718,935, resulting in the

net amount due to the counterparty of $2,391,343.

**Offsetting Assets and Liabilities**

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

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**Janus Henderson Overseas Fund**

**Notes to Financial Statements (unaudited)**

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of

instrument, see the Fund's Schedule of Investments.

**3. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee rate that may adjust up or down based on the Fund's

performance relative to its benchmark index.

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund's average daily net assets during the previous month (the "Base Fee Rate"), plus or minus (2) a performance-fee adjustment (the "Performance Adjustment") calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund's average daily net assets based on the Fund's relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund's Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund's Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Fund's benchmark index used in the calculation is the MSCI All Country World ex-USA Index<sup>SM</sup>.

No Performance Adjustment is applied unless the difference between the Fund's investment performance and the cumulative investment record of the Fund's benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund's full performance rate of ±7.00%. Because the Performance Adjustment is tied to a Fund's relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser's fee even if the Fund's Shares lose value during the performance measurement period and could decrease the Adviser's fee even if the Fund's Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses whereas the Fund's benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund's benchmark index.

The Fund's prospectus and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the period ended March 31, 2026, the performance adjusted investment advisory fee

rate before any waivers and/or reimbursements of expenses is 0.53%.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.82% for at least a one-year period commencing on January 28, 2026. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess

Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are

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**Janus Henderson Overseas Fund**

**Notes to Financial Statements (unaudited)**

separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $215,106 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2026. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the

Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net

assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds* | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion — $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R

Shares, Class S Shares, and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up

24 \| March 31, 2026

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**Janus Henderson Overseas Fund**

**Notes to Financial Statements (unaudited)**

to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder

servicing fees" on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2026, the Distributor retained

upfront sales charges of $4,766.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. There were no

CDSCs paid by redeeming shareholders of Class A Shares to the Distributor during the period ended March 31, 2026.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class C Shares

paid CDSCs of $50.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2026 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2026 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $37,088 were paid by the Trust to the Trustees under the

Deferred Plan during the period ended March 31, 2026.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2026 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

**4. Federal Income Tax**

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

Janus Investment Fund \| 25

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**Janus Henderson Overseas Fund**

**Notes to Financial Statements (unaudited)**

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal

income tax purposes pursuant to Section 988 of the Internal Revenue Code.

Accumulated capital losses noted below represent net capital loss carryovers, as of September 30, 2025, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The following table

shows these capital loss carryovers.

---

| | | |
|:---|:---|:---|
| *Capital Loss Carryover Schedule* | *Capital Loss Carryover Schedule* |  |
| *For the year ended September 30, 2025* | *For the year ended September 30, 2025* |  |
| *No Expiration* | *No Expiration* |  |
| *Short-Term* | *Long-Term* | &nbsp;&nbsp; Accumulated <br>Capital Losses<br>|
| $(240486191) | &nbsp;&nbsp; $(1058845726) | &nbsp;&nbsp; $(1299331917) |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2026 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>|
| $3080885152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1210322660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(169649364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1040673296 |

---

26 \| March 31, 2026

------

**Janus Henderson Overseas Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended March 31, 2026* | *Period ended March 31, 2026* | *Year ended September 30, 2025* | *Year ended September 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 158154 | &nbsp;&nbsp; $9251997 | &nbsp;&nbsp; 477917 | &nbsp;&nbsp; $23355593 |
| Reinvested dividends and distributions | 31474 | &nbsp;&nbsp; 1782034 | &nbsp;&nbsp; 47513 | &nbsp;&nbsp; 2241672 |
| Shares repurchased | (326550) | &nbsp;&nbsp; (18948031) | &nbsp;&nbsp; (960755) | &nbsp;&nbsp; (46628511) |
| Net Increase/(Decrease) | (136922) | &nbsp;&nbsp; $(7914000) | &nbsp;&nbsp; (435325) | &nbsp;&nbsp; $(21031246) |
| Class C Shares: |  |  |  |  |
| Shares sold | 12032 | &nbsp;&nbsp; $717200 | &nbsp;&nbsp; 23800 | &nbsp;&nbsp; $1124578 |
| Reinvested dividends and distributions | 413 | &nbsp;&nbsp; 23019 | &nbsp;&nbsp; 996 | &nbsp;&nbsp; 46184 |
| Shares repurchased | (39143) | &nbsp;&nbsp; (2248805) | &nbsp;&nbsp; (91131) | &nbsp;&nbsp; (4370295) |
| Net Increase/(Decrease) | (26698) | &nbsp;&nbsp; $(1508586) | &nbsp;&nbsp; (66335) | &nbsp;&nbsp; $(3199533) |
| Class D Shares: |  |  |  |  |
| Shares sold | 631109 | &nbsp;&nbsp; $36995093 | &nbsp;&nbsp; 1275767 | &nbsp;&nbsp; $63078180 |
| Reinvested dividends and distributions | 170183 | &nbsp;&nbsp; 9554048 | &nbsp;&nbsp; 207233 | &nbsp;&nbsp; 9692290 |
| Shares repurchased | (881338) | &nbsp;&nbsp; (50711143) | &nbsp;&nbsp; (1544419) | &nbsp;&nbsp; (74882051) |
| Net Increase/(Decrease) | (80046) | &nbsp;&nbsp; $(4162002) | &nbsp;&nbsp; (61419) | &nbsp;&nbsp; $(2111581) |
| Class I Shares: |  |  |  |  |
| Shares sold | 3846010 | &nbsp;&nbsp; $225003445 | &nbsp;&nbsp; 11009169 | &nbsp;&nbsp; $535347385 |
| Reinvested dividends and distributions | 337448 | &nbsp;&nbsp; 18991560 | &nbsp;&nbsp; 496286 | &nbsp;&nbsp; 23265897 |
| Shares repurchased | (4146000) | &nbsp;&nbsp; (241149216) | &nbsp;&nbsp; (16661037) | &nbsp;&nbsp; (813451337) |
| Net Increase/(Decrease) | 37458 | &nbsp;&nbsp; $2845789 | &nbsp;&nbsp; (5155582) | &nbsp;&nbsp; $(254838055) |
| Class N Shares: |  |  |  |  |
| Shares sold | 2345883 | &nbsp;&nbsp; $134208072 | &nbsp;&nbsp; 6564697 | &nbsp;&nbsp; $326824673 |
| Reinvested dividends and distributions | 157311 | &nbsp;&nbsp; 8804724 | &nbsp;&nbsp; 114770 | &nbsp;&nbsp; 5351717 |
| Shares repurchased | (1617636) | &nbsp;&nbsp; (94351305) | &nbsp;&nbsp; (2771804) | &nbsp;&nbsp; (136059031) |
| Net Increase/(Decrease) | 885558 | &nbsp;&nbsp; $48661491 | &nbsp;&nbsp; 3907663 | &nbsp;&nbsp; $196117359 |
| Class R Shares: |  |  |  |  |
| Shares sold | 32253 | &nbsp;&nbsp; $1865356 | &nbsp;&nbsp; 79216 | &nbsp;&nbsp; $3833915 |
| Reinvested dividends and distributions | 2922 | &nbsp;&nbsp; 163456 | &nbsp;&nbsp; 4413 | &nbsp;&nbsp; 205712 |
| Shares repurchased | (71829) | &nbsp;&nbsp; (4107209) | &nbsp;&nbsp; (122459) | &nbsp;&nbsp; (5921553) |
| Net Increase/(Decrease) | (36654) | &nbsp;&nbsp; $(2078397) | &nbsp;&nbsp; (38830) | &nbsp;&nbsp; $(1881926) |
| Class S Shares: |  |  |  |  |
| Shares sold | 233707 | &nbsp;&nbsp; $13655101 | &nbsp;&nbsp; 548926 | &nbsp;&nbsp; $26287730 |
| Reinvested dividends and distributions | 26625 | &nbsp;&nbsp; 1498214 | &nbsp;&nbsp; 35591 | &nbsp;&nbsp; 1669220 |
| Shares repurchased | (260702) | &nbsp;&nbsp; (15076734) | &nbsp;&nbsp; (638024) | &nbsp;&nbsp; (31208638) |
| Net Increase/(Decrease) | (370) | &nbsp;&nbsp; $76581 | &nbsp;&nbsp; (53507) | &nbsp;&nbsp; $(3251688) |
| Class T Shares: |  |  |  |  |
| Shares sold | 395372 | &nbsp;&nbsp; $22917719 | &nbsp;&nbsp; 808104 | &nbsp;&nbsp; $39383889 |
| Reinvested dividends and distributions | 117443 | &nbsp;&nbsp; 6605010 | &nbsp;&nbsp; 156101 | &nbsp;&nbsp; 7314880 |
| Shares repurchased | (695859) | &nbsp;&nbsp; (40638089) | &nbsp;&nbsp; (1622031) | &nbsp;&nbsp; (78856220) |
| Net Increase/(Decrease) | (183044) | &nbsp;&nbsp; $(11115360) | &nbsp;&nbsp; (657826) | &nbsp;&nbsp; $(32157451) |

---

**6. Purchases and Sales of Investment Securities**

For the period ended March 31, 2026, 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>|
| $1133820218 | &nbsp;&nbsp;&nbsp;&nbsp; $1137326347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

Janus Investment Fund \| 27

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**Janus Henderson Overseas Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, and client consents. The

shareholders of Janus Henderson Group, plc approved the acquisition on April 16, 2026.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2026 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements other than the following:

At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

28 \| March 31, 2026

------

**Janus Henderson Overseas Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analyses provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

Janus Investment Fund \| 29

------

**Janus Henderson Overseas Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract and retain well-qualified personnel.

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

30 \| March 31, 2026

------

**Janus Henderson Overseas Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund \| 31

------

**Janus Henderson Overseas Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

32 \| March 31, 2026

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**Janus Henderson Overseas Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

Janus Investment Fund \| 33

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**Janus Henderson Overseas Fund**

**Additional Information (unaudited)**

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as identified by Broadridge using Morningstar category schema. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance or service being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, recent fee reductions, investment structure changes, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

34 \| March 31, 2026

------

**Janus Henderson Overseas Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 35

------

**Janus Henderson Overseas Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

36 \| March 31, 2026

------

**Janus Henderson Overseas Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 37

------

**Janus Henderson Overseas Fund**

**Additional Information (unaudited)**

other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They

38 \| March 31, 2026

------

**Janus Henderson Overseas Fund**

**Additional Information (unaudited)**

concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 39

------

**Janus Henderson Overseas Fund**

**Notes**

40 \| March 31, 2026

------

**Janus Henderson Overseas Fund**

**Notes**

Janus Investment Fund \| 41

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![](img8acb40ea2.gif)

*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93050 05-26

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SEMIANNUAL FINANCIAL STATEMENTS

March 31, 2026

**Janus Henderson Research Fund**

Janus Investment Fund

![](img0ca52f631.gif)

------

**Table of Contents**

**Janus Henderson Research Fund** 

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| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_221a80c5-c806-412f-ac6d-27f66ca323d0_SOI-SOI-RunningFooter-11_1)<br> [Management Investment Companies](#xx_221a80c5-c806-412f-ac6d-27f66ca323d0_SOI-SOI-RunningFooter-11_1)<br>|  |
| [Schedule of Investments](#xx_221a80c5-c806-412f-ac6d-27f66ca323d0_SOI-SOI-RunningFooter-11_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_221a80c5-c806-412f-ac6d-27f66ca323d0_SOI-SOI-RunningFooter-11_5) | 5 |
| [Statement of Assets and Liabilities](#xx_221a80c5-c806-412f-ac6d-27f66ca323d0_SAL-SAL-RunningFooter-11_1) | 6 |
| [Statement of Operations](#xx_221a80c5-c806-412f-ac6d-27f66ca323d0_SOP-SOP-RunningFooter-11_1) | 8 |
| [Statements of Changes in Net Assets](#xx_221a80c5-c806-412f-ac6d-27f66ca323d0_SOC-SOC-RunningFooter-11_1) | 9 |
| [Financial Highlights](#xx_221a80c5-c806-412f-ac6d-27f66ca323d0_FIHI-FIHI-RunningFooter-11_1) | 10 |
| [Notes to Financial Statements](#xx_221a80c5-c806-412f-ac6d-27f66ca323d0_NTF-NTF-RunningFooter-11_1) | 18 |
| [Items 8-11 - Additional Information](#xx_221a80c5-c806-412f-ac6d-27f66ca323d0_AI-AI-RunningFooter-11_1) | 29 |

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**Janus Henderson Research Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 100.0% |  |  |
| Aerospace & Defense – 3.0% |  |  |
| Boeing Co<sup>\*</sup> <br>| 805814 | $160381160 |
| General Electric Co | 1095793 | 310953180 |
| Howmet Aerospace Inc | 1143461 | 263522022 |
|  |  | 734856362 |
| Automobiles – 0.6% |  |  |
| Tesla Inc<sup>\*</sup> <br>| 430567 | 160063282 |
| Beverages – 0.7% |  |  |
| Constellation Brands Inc - Class A | 416343 | 62451450 |
| Monster Beverage Corp<sup>\*</sup> <br>| 1350122 | 97829840 |
|  |  | 160281290 |
| Biotechnology – 3.4% |  |  |
| AbbVie Inc | 1753262 | 381316952 |
| Amgen Inc | 128924 | 45361909 |
| Argenx SE (ADR)<sup>\*</sup> <br>| 84376 | 61615574 |
| Bridgebio Pharma Inc<sup>\*</sup> <br>| 396241 | 29424857 |
| Mirum Pharmaceuticals Inc<sup>\*</sup> <br>| 380468 | 35147634 |
| Revolution Medicines Inc<sup>\*</sup> <br>| 498216 | 48451506 |
| United Therapeutics Corp<sup>\*</sup> <br>| 76022 | 45079526 |
| Vaxcyte Inc<sup>\*</sup> <br>| 866400 | 50346504 |
| Vertex Pharmaceuticals Inc<sup>\*</sup> <br>| 344757 | 153947791 |
|  |  | 850692253 |
| Building Products – 0.8% |  |  |
| Trane Technologies PLC | 484183 | 201778423 |
| Capital Markets – 1.4% |  |  |
| Ares Management Corp - Class A | 881131 | 96131392 |
| Blackstone Group Inc | 1261577 | 145068739 |
| LPL Financial Holdings Inc | 320278 | 96349231 |
|  |  | 337549362 |
| Chemicals – 0.5% |  |  |
| Ecolab Inc | 486226 | 129345841 |
| Communications Equipment – 1.2% |  |  |
| Arista Networks Inc<sup>\*</sup> <br>| 1736297 | 213182546 |
| Lumentum Holdings Inc<sup>\*</sup> <br>| 128791 | 90509163 |
|  |  | 303691709 |
| Consumer Finance – 0.3% |  |  |
| Capital One Financial Corp | 421091 | 76819631 |
| Diversified Financial Services – 4.4% |  |  |
| Apollo Global Management Inc | 796370 | 88731545 |
| Mastercard Inc - Class A | 927429 | 463399174 |
| Visa Inc | 1799028 | 543738223 |
|  |  | 1095868942 |
| Electrical Equipment – 1.3% |  |  |
| Eaton Corp PLC | 454371 | 162514876 |
| GE Vernova Inc | 181088 | 158071715 |
|  |  | 320586591 |
| Electronic Equipment, Instruments & Components – 1.0% |  |  |
| Amphenol Corp | 1857078 | 234641805 |
| Energy Equipment & Services – 0.1% |  |  |
| Atlas Energy Solutions Inc | 2397418 | 31454124 |
| Entertainment – 3.7% |  |  |
| Liberty Media Corp-Liberty Formula One - Series C<sup>\*</sup> <br>| 2034644 | 172985433 |
| Netflix Inc<sup>\*</sup> <br>| 5355216 | 514904018 |
| Spotify Technology SA<sup>\*</sup> <br>| 420513 | 203910959 |
| Walt Disney Co/The | 370703 | 35728355 |
|  |  | 927528765 |
| Health Care Equipment & Supplies – 1.3% |  |  |
| Boston Scientific Corp<sup>\*</sup> <br>| 1502584 | 94287146 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Research Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Health Care Equipment & Supplies – (continued) |  |  |
| DexCom Inc<sup>\*</sup> <br>| 981699 | $61650697 |
| Intuitive Surgical Inc<sup>\*</sup> <br>| 335289 | 154564876 |
|  |  | 310502719 |
| Health Care Providers & Services – 0.5% |  |  |
| McKesson Corp | 137330 | 118839889 |
| Hotels, Restaurants & Leisure – 2.9% |  |  |
| Booking Holdings Inc | 56388 | 237411524 |
| DoorDash Inc - Class A<sup>\*</sup> <br>| 705583 | 105943288 |
| Flutter Entertainment PLC<sup>\*</sup> <br>| 428538 | 43689449 |
| Hilton Worldwide Holdings Inc | 650240 | 197724979 |
| Royal Caribbean Cruises Ltd | 454355 | 125029409 |
| Wingstop Inc | 65592 | 10164792 |
|  |  | 719963441 |
| Household Durables – 0.4% |  |  |
| Lennar Corp | 1161685 | 100880725 |
| Household Products – 0.8% |  |  |
| Procter & Gamble Co | 1422833 | 205513999 |
| Independent Power and Renewable Electricity Producers – 0.4% |  |  |
| Vistra Corp | 711487 | 106957841 |
| Industrial Conglomerates – 0.8% |  |  |
| 3M Co | 1411769 | 205031212 |
| Information Technology Services – 0.8% |  |  |
| Snowflake Inc - Class A<sup>\*</sup> <br>| 1230582 | 185596377 |
| Insurance – 0.6% |  |  |
| Arthur J Gallagher & Co | 378528 | 81981594 |
| Progressive Corp/The | 376738 | 74684541 |
|  |  | 156666135 |
| Interactive Media & Services – 10.4% |  |  |
| Alphabet Inc - Class C | 5853266 | 1679067885 |
| Meta Platforms Inc - Class A | 1554430 | 889336036 |
|  |  | 2568403921 |
| Machinery – 0.6% |  |  |
| Deere & Co | 240623 | 135542936 |
| Multiline Retail – 5.0% |  |  |
| Amazon.com Inc<sup>\*</sup> <br>| 5913968 | 1231702115 |
| Pharmaceuticals – 3.4% |  |  |
| Eli Lilly & Co | 769022 | 707323365 |
| Johnson & Johnson | 366198 | 89513439 |
| Merck & Co Inc | 436635 | 52522824 |
|  |  | 849359628 |
| Road & Rail – 0.5% |  |  |
| TFI International Inc | 1031575 | 112059992 |
| Semiconductor & Semiconductor Equipment – 25.9% |  |  |
| Analog Devices Inc | 382154 | 121578474 |
| Applied Materials Inc | 392551 | 134170006 |
| Broadcom Inc | 4654791 | 1440704363 |
| KLA Corp | 231110 | 340288675 |
| Lam Research Corp | 2129705 | 455032770 |
| Micron Technology Inc | 503770 | 170193657 |
| NVIDIA Corp | 20633568 | 3598494259 |
| Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 462140 | 156180213 |
|  |  | 6416642417 |
| Software – 13.7% |  |  |
| AppLovin Corp - Class A<sup>\*</sup> <br>| 454597 | 180929606 |
| Aurora Innovation Inc<sup>\*,#</sup> <br>| 10254057 | 42246715 |
| Cadence Design Systems Inc<sup>\*</sup> <br>| 634821 | 176397711 |
| Datadog Inc - Class A<sup>\*</sup> <br>| 1726047 | 203759849 |
| Intuit Inc | 707600 | 305952088 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| March 31, 2026

------

**Janus Henderson Research Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Software – (continued) |  |  |
| Microsoft Corp | 6346546 | $2349300933 |
| Oracle Corp | 901902 | 132678803 |
|  |  | 3391265705 |
| Specialty Retail – 1.9% |  |  |
| O'Reilly Automotive Inc<sup>\*</sup> <br>| 1526619 | 140922200 |
| TJX Cos Inc | 1742148 | 278221036 |
| Wayfair Inc - Class A<sup>\*</sup> <br>| 641640 | 48257744 |
|  |  | 467400980 |
| Technology Hardware, Storage & Peripherals – 7.1% |  |  |
| Apple Inc | 6440559 | 1634549469 |
| Seagate Technology Holdings PLC | 330483 | 129470020 |
|  |  | 1764019489 |
| Textiles, Apparel & Luxury Goods – 0.2% |  |  |
| NIKE Inc - Class B | 759596 | 40121861 |
| Trading Companies & Distributors – 0.4% |  |  |
| Ferguson Enterprises Inc | 453951 | 105888610 |
| Total Common Stocks (cost $11,798,724,902) |  | 24757518372 |
| Investments Purchased with Cash Collateral from Securities Lending – 0% |  |  |
| Investment Companies – 0% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº,</sup><sup>£</sup> <br>| 1761280 | 1761280 |
| Time Deposits – 0% |  |  |
| Royal Bank of Canada, 3.6500%, 4/1/26 | $401520 | 401520 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $2,162,800) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $2,162,800) | 2162800 |
| Total Investments (total cost $11,800,887,702) – 100.0% |  | 24759681172 |
| Liabilities, net of Cash, Receivables and Other Assets – (0)% |  | (5990867) |
| Net Assets – 100% |  | $24753690305 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $24225914434 | &nbsp;&nbsp;&nbsp;&nbsp; 97.8<br> %<br>|
| Sweden | 203910959 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Taiwan | 156180213 | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Canada | 112059992 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Belgium | 61615574 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Total | $24759681172 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*3/31/26*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A |
| Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  |
|  | $71465851 | $559150599 | $(630616914) | $464 | $- | $- | - | $231459 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Research Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliate* | *Affiliated*<br> *Investments,*<br> *at Value at*<br> *9/30/25*<br>| *Purchases* | *Sales*<br> *Proceeds*<br>| *Realized*<br> *Gain/(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation/*<br> *Depreciation*<br>| *Affiliated*<br> *Investments,*<br> *at Value at*<br> *3/31/26*<br>| *Ending*<br> *Shares*<br>| *Dividend*<br> *Income*<br>|
| Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% | Investments Purchased with Cash Collateral from Securities Lending - 0% |
| Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% | Investment Companies - 0% |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  |
|  | $16099603 | $129896346 | $(144234669) | $- | $- | $1761280 | 1761280 | $154887 <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% |
|  | $87565454 | $689046945 | $(774851583) | $464 | $- | $1761280 | 1761280 | $386346 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $2227684 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2227684) | &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 \| March 31, 2026

------

**Janus Henderson Research Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

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 March 31, 2026. |
| Loaned security; a portion of the security is on loan at March 31, 2026. |
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial

instruments as of March 31, 2026. 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* | $24757518372 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 2162800 | &nbsp;&nbsp; - |
| **Total Assets** | $24757518372 | &nbsp;&nbsp; $2162800 | &nbsp;&nbsp; $- |

---

Janus Investment Fund \| 5

------

**Janus Henderson Research Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $11,799,126,422)<sup>(1)</sup> <br>| $24757919892 |
| Affiliated investments, at value (cost $1,761,280) | 1761280 |
| Trustees' deferred compensation | 781615 |
| Receivables: |  |
| Investments sold | 16845415 |
| Fund shares sold | 6127218 |
| Dividends | 5818288 |
| Foreign tax reclaims | 541966 |
| Dividends from affiliates | 32502 |
| Other assets | 86028 |
| Total Assets | 24789914204 |
| Liabilities: |  |
| Due to custodian | 1953174 |
| Collateral for securities loaned (Note 2) | 2162800 |
| Payables: |  |
| Advisory fees | 15076603 |
| Fund shares repurchased | 11740469 |
| Transfer agent fees and expenses | 3259041 |
| Trustees' deferred compensation fees | 781615 |
| Trustees' fees and expenses | 147639 |
| Affiliated fund administration fees payable | 54496 |
| Professional fees | 51004 |
| 12b-1 Distribution and shareholder servicing fees | 33727 |
| Custodian fees | 216 |
| Accrued expenses and other payables | 963115 |
| Total Liabilities | 36223899 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $24753690305 |

---

See Notes to Financial Statements.

6 \| March 31, 2026

------

**Janus Henderson Research Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $11375750390 |
| Total distributable earnings (loss) | 13377939915 |
| Total Net Assets | $24753690305 |
| Net Assets - Class A Shares | $81240974 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1034799 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $78.51 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $83.30 |
| Net Assets - Class C Shares | $8346363 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 126327 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $66.07 |
| Net Assets - Class D Shares | $17234139239 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 214848812 |
| Net Asset Value Per Share | $80.22 |
| Net Assets - Class I Shares | $1454998345 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 18174217 |
| Net Asset Value Per Share | $80.06 |
| Net Assets - Class N Shares | $485216603 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 6040771 |
| Net Asset Value Per Share | $80.32 |
| Net Assets - Class R Shares | $4687641 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 61875 |
| Net Asset Value Per Share | $75.76 |
| Net Assets - Class S Shares | $28831619 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 381722 |
| Net Asset Value Per Share | $75.53 |
| Net Assets - Class T Shares | $5456229521 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 68265634 |
| Net Asset Value Per Share | $79.93 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $2,227,684 of securities on loan. See Note 2 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Research Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $82510209 |
| Dividends from affiliates | 231459 |
| Affiliated securities lending income, net | 154887 |
| Unaffiliated securities lending income, net | 29889 |
| Other income | 13483 |
| Foreign tax withheld | (338155) |
| Total Investment Income | 82601772 |
| Expenses: |  |
| Advisory fees | 99072708 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 112903 |
| Class C Shares | 40890 |
| Class R Shares | 12290 |
| Class S Shares | 39527 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 10342029 |
| Class R Shares | 6537 |
| Class S Shares | 39517 |
| Class T Shares | 7626983 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 25510 |
| Class C Shares | 3408 |
| Class I Shares | 1082469 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 2743 |
| Class C Shares | 255 |
| Class D Shares | 492834 |
| Class I Shares | 22462 |
| Class N Shares | 14382 |
| Class R Shares | 35 |
| Class S Shares | 1323 |
| Class T Shares | 17699 |
| Shareholder reports expense | 439543 |
| Affiliated fund administration fees | 345234 |
| Trustees' fees and expenses | 341227 |
| Custodian fees | 202417 |
| Registration fees | 132386 |
| Professional fees | 123592 |
| Other expenses | 725394 |
| Total Expenses | 121266297 |
| Less: Excess Expense Reimbursement and Waivers | (655830) |
| Net Expenses | 120610467 |
| Net Investment Income/(Loss) | (38008695) |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 940920777 |
| Investments in affiliates | 464 |
| Total Net Realized Gain/(Loss) on Investments | 940921241 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (3617285466) |
| Total Change in Unrealized Net Appreciation/Depreciation | (3617285466) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $(2714372920) |

---

See Notes to Financial Statements.

8 \| March 31, 2026

------

**Janus Henderson Research Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*March 31, 2026* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $(38008695) | &nbsp;&nbsp; $(72348145) |
| Net realized gain/(loss) on investments | 940921241 | &nbsp;&nbsp; 2746825583 |
| Change in unrealized net appreciation/depreciation | (3617285466) | &nbsp;&nbsp; 2798562977 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (2714372920) | &nbsp;&nbsp; 5473040415 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (10196134) | &nbsp;&nbsp; (3927963) |
| Class C Shares | (1209008) | &nbsp;&nbsp; (553494) |
| Class D Shares | (2122503297) | &nbsp;&nbsp; (874536639) |
| Class I Shares | (171099222) | &nbsp;&nbsp; (33921124) |
| Class N Shares | (60500279) | &nbsp;&nbsp; (22517223) |
| Class R Shares | (604243) | &nbsp;&nbsp; (225524) |
| Class S Shares | (3657517) | &nbsp;&nbsp; (1488097) |
| Class T Shares | (680688883) | &nbsp;&nbsp; (276600416) |
| Net Decrease from Dividends and Distributions to Shareholders | (3050458583) | &nbsp;&nbsp; (1213770480) |
| Capital Share Transactions: |  |  |
| Class A Shares | 7348574 | &nbsp;&nbsp; 3725770 |
| Class C Shares | 585299 | &nbsp;&nbsp; 1763154 |
| Class D Shares | 1290167957 | &nbsp;&nbsp; (300579391) |
| Class I Shares | 192514737 | &nbsp;&nbsp; 787607389 |
| Class N Shares | 45652954 | &nbsp;&nbsp; 27389326 |
| Class R Shares | 373574 | &nbsp;&nbsp; 523630 |
| Class S Shares | 3475554 | &nbsp;&nbsp; (343637) |
| Class T Shares | 386407866 | &nbsp;&nbsp; (1661894) |
| Net Increase/(Decrease) from Capital Share Transactions | 1926526515 | &nbsp;&nbsp; 518424347 |
| Net Increase/(Decrease) in Net Assets | (3838304988) | &nbsp;&nbsp; 4777694282 |
| Net Assets: |  |  |
| Beginning of period | 28591995293 | &nbsp;&nbsp; 23814301011 |
| End of period | $24753690305 | &nbsp;&nbsp; $28591995293 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 9

------

**Janus Henderson Research Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $97.72 | &nbsp;&nbsp; $83.05 | &nbsp;&nbsp; $58.80 | &nbsp;&nbsp; $44.68 | &nbsp;&nbsp; $70.69 | &nbsp;&nbsp; $59.31 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.20) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.15) |
| Net realized and unrealized gain/(loss) | (8.29) | &nbsp;&nbsp;&nbsp;&nbsp;19.40 | &nbsp;&nbsp;&nbsp;&nbsp;26.31 | &nbsp;&nbsp;&nbsp;&nbsp;14.22 | &nbsp;&nbsp; (17.06) | &nbsp;&nbsp;&nbsp;&nbsp;13.37 |
| Total from Investment Operations | (8.49) | &nbsp;&nbsp;&nbsp;&nbsp;19.00 | &nbsp;&nbsp;&nbsp;&nbsp;26.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.23 | &nbsp;&nbsp; (17.16) | &nbsp;&nbsp;&nbsp;&nbsp;13.22 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (10.72) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Total Dividends and Distributions | (10.72) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Net Asset Value, End of Period | $78.51 | &nbsp;&nbsp; $97.72 | &nbsp;&nbsp; $83.05 | &nbsp;&nbsp; $58.80 | &nbsp;&nbsp; $44.68 | &nbsp;&nbsp; $70.69 |
| Total Return<sup>\*</sup> <br>| (9.94)% | &nbsp;&nbsp; 23.59% | &nbsp;&nbsp; 45.53% | &nbsp;&nbsp; 31.92% | &nbsp;&nbsp; (28.11)% | &nbsp;&nbsp; 22.66% |
| Net Assets, End of Period (in thousands) | $81241 | &nbsp;&nbsp; $93157 | &nbsp;&nbsp; $75719 | &nbsp;&nbsp; $47978 | &nbsp;&nbsp; $36486 | &nbsp;&nbsp; $53589 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.05% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.86% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.05% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 0.86% |
| Ratio of Net Investment Income/(Loss) | (0.45)% | &nbsp;&nbsp; (0.46)% | &nbsp;&nbsp; (0.22)% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; (0.16)% | &nbsp;&nbsp; (0.22)% |
| Portfolio Turnover Rate | 13% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 31% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

10 \| March 31, 2026

------

**Janus Henderson Research Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $84.16 | &nbsp;&nbsp; $72.61 | &nbsp;&nbsp; $51.90 | &nbsp;&nbsp; $39.79 | &nbsp;&nbsp; $64.28 | &nbsp;&nbsp; $54.45 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.42) | &nbsp;&nbsp; (0.90) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.53) |
| Net realized and unrealized gain/(loss) | (6.95) | &nbsp;&nbsp;&nbsp;&nbsp;16.78 | &nbsp;&nbsp;&nbsp;&nbsp;23.09 | &nbsp;&nbsp;&nbsp;&nbsp;12.62 | &nbsp;&nbsp; (15.19) | &nbsp;&nbsp;&nbsp;&nbsp;12.20 |
| Total from Investment Operations | (7.37) | &nbsp;&nbsp;&nbsp;&nbsp;15.88 | &nbsp;&nbsp;&nbsp;&nbsp;22.61 | &nbsp;&nbsp;&nbsp;&nbsp;12.22 | &nbsp;&nbsp; (15.64) | &nbsp;&nbsp;&nbsp;&nbsp;11.67 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (10.72) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Total Dividends and Distributions | (10.72) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Net Asset Value, End of Period | $66.07 | &nbsp;&nbsp; $84.16 | &nbsp;&nbsp; $72.61 | &nbsp;&nbsp; $51.90 | &nbsp;&nbsp; $39.79 | &nbsp;&nbsp; $64.28 |
| Total Return<sup>\*</sup> <br>| (10.23)% | &nbsp;&nbsp; 22.65% | &nbsp;&nbsp; 44.73% | &nbsp;&nbsp; 30.79% | &nbsp;&nbsp; (28.60)% | &nbsp;&nbsp; 21.81% |
| Net Assets, End of Period (in thousands) | $8346 | &nbsp;&nbsp; $9907 | &nbsp;&nbsp; $7159 | &nbsp;&nbsp; $6441 | &nbsp;&nbsp; $8523 | &nbsp;&nbsp; $15910 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.71% | &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.54% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.71% | &nbsp;&nbsp; 1.79% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.54% |
| Ratio of Net Investment Income/(Loss) | (1.11)% | &nbsp;&nbsp; (1.22)% | &nbsp;&nbsp; (0.77)% | &nbsp;&nbsp; (0.85)% | &nbsp;&nbsp; (0.85)% | &nbsp;&nbsp; (0.88)% |
| Portfolio Turnover Rate | 13% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 31% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Research Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period <br> ended March 31, 2026 (unaudited) and <br> the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $99.52 | &nbsp;&nbsp; $84.35 | &nbsp;&nbsp; $59.62 | &nbsp;&nbsp; $45.30 | &nbsp;&nbsp; $71.42 | &nbsp;&nbsp; $59.86 |
| Income/(Loss) from Investment <br> Operations:<br>|  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.11) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp; (0.01) |
| Net realized and unrealized gain/(loss) | (8.47) | &nbsp;&nbsp;&nbsp;&nbsp;19.73 | &nbsp;&nbsp;&nbsp;&nbsp;26.68 | &nbsp;&nbsp;&nbsp;&nbsp;14.41 | &nbsp;&nbsp; (17.29) | &nbsp;&nbsp;&nbsp;&nbsp;13.48 |
| Total from Investment Operations | (8.58) | &nbsp;&nbsp;&nbsp;&nbsp;19.50 | &nbsp;&nbsp;&nbsp;&nbsp;26.66 | &nbsp;&nbsp;&nbsp;&nbsp;14.52 | &nbsp;&nbsp; (17.27) | &nbsp;&nbsp;&nbsp;&nbsp;13.47 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) |
| Distributions (from capital gains) | (10.72) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Total Dividends and Distributions | (10.72) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (1.93) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.91) |
| Net Asset Value, End of Period | $80.22 | &nbsp;&nbsp; $99.52 | &nbsp;&nbsp; $84.35 | &nbsp;&nbsp; $59.62 | &nbsp;&nbsp; $45.30 | &nbsp;&nbsp; $71.42 |
| Total Return<sup>\*</sup> <br>| (9.84)% | &nbsp;&nbsp; 23.83% | &nbsp;&nbsp; 45.78% | &nbsp;&nbsp; 32.18% | &nbsp;&nbsp; (27.96)% | &nbsp;&nbsp; 22.89% |
| Net Assets, End of Period (in thousands) | $17234139 | &nbsp;&nbsp; $19957376 | &nbsp;&nbsp; $17212845 | &nbsp;&nbsp; $12534833 | &nbsp;&nbsp; $10017030 | &nbsp;&nbsp; $14715777 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.85% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.66% |
| Ratio of Net Expenses (After Waivers <br> and Expense Offsets)<br>| 0.85% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.66% |
| Ratio of Net Investment Income/(Loss) | (0.25)% | &nbsp;&nbsp; (0.27)% | &nbsp;&nbsp; (0.03)% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; (0.02)% |
| Portfolio Turnover Rate | 13% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 31% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

12 \| March 31, 2026

------

**Janus Henderson Research Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $99.36 | &nbsp;&nbsp; $84.19 | &nbsp;&nbsp; $59.51 | &nbsp;&nbsp; $45.23 | &nbsp;&nbsp; $71.28 | &nbsp;&nbsp; $59.74 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.12) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain/(loss) | (8.46) | &nbsp;&nbsp;&nbsp;&nbsp;19.71 | &nbsp;&nbsp;&nbsp;&nbsp;26.63 | &nbsp;&nbsp;&nbsp;&nbsp;14.39 | &nbsp;&nbsp; (17.25) | &nbsp;&nbsp;&nbsp;&nbsp;13.46 |
| Total from Investment Operations | (8.58) | &nbsp;&nbsp;&nbsp;&nbsp;19.50 | &nbsp;&nbsp;&nbsp;&nbsp;26.63 | &nbsp;&nbsp;&nbsp;&nbsp;14.52 | &nbsp;&nbsp; (17.20) | &nbsp;&nbsp;&nbsp;&nbsp;13.48 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10) |
| Distributions (from capital gains) | (10.72) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Total Dividends and Distributions | (10.72) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (1.95) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.94) |
| Net Asset Value, End of Period | $80.06 | &nbsp;&nbsp; $99.36 | &nbsp;&nbsp; $84.19 | &nbsp;&nbsp; $59.51 | &nbsp;&nbsp; $45.23 | &nbsp;&nbsp; $71.28 |
| Total Return<sup>\*</sup> <br>| (9.86)% | &nbsp;&nbsp; 23.88% | &nbsp;&nbsp; 45.83% | &nbsp;&nbsp; 32.24% | &nbsp;&nbsp; (27.91)% | &nbsp;&nbsp; 22.95% |
| Net Assets, End of Period (in thousands) | $1454998 | &nbsp;&nbsp; $1591972 | &nbsp;&nbsp; $645827 | &nbsp;&nbsp; $394958 | &nbsp;&nbsp; $298319 | &nbsp;&nbsp; $448508 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.87% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.61% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.87% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.64% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.61% |
| Ratio of Net Investment Income/(Loss) | (0.27)% | &nbsp;&nbsp; (0.24)% | &nbsp;&nbsp; 0.00% <br><sup>(3)</sup><br>| &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.03% |
| Portfolio Turnover Rate | 13% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 31% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than $0.005 on a per share basis. 

(3) Less than 0.005%.

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Research Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $99.59 | &nbsp;&nbsp; $84.31 | &nbsp;&nbsp; $59.57 | &nbsp;&nbsp; $45.29 | &nbsp;&nbsp; $71.32 | &nbsp;&nbsp; $59.75 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.06) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain/(loss) | (8.49) | &nbsp;&nbsp;&nbsp;&nbsp;19.74 | &nbsp;&nbsp;&nbsp;&nbsp;26.66 | &nbsp;&nbsp;&nbsp;&nbsp;14.39 | &nbsp;&nbsp; (17.27) | &nbsp;&nbsp;&nbsp;&nbsp;13.47 |
| Total from Investment Operations | (8.55) | &nbsp;&nbsp;&nbsp;&nbsp;19.61 | &nbsp;&nbsp;&nbsp;&nbsp;26.72 | &nbsp;&nbsp;&nbsp;&nbsp;14.57 | &nbsp;&nbsp; (17.18) | &nbsp;&nbsp;&nbsp;&nbsp;13.54 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) |
| Distributions (from capital gains) | (10.72) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Total Dividends and Distributions | (10.72) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (1.98) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.97) |
| Net Asset Value, End of Period | $80.32 | &nbsp;&nbsp; $99.59 | &nbsp;&nbsp; $84.31 | &nbsp;&nbsp; $59.57 | &nbsp;&nbsp; $45.29 | &nbsp;&nbsp; $71.32 |
| Total Return<sup>\*</sup> <br>| (9.80)% | &nbsp;&nbsp; 23.98% | &nbsp;&nbsp; 45.95% | &nbsp;&nbsp; 32.35% | &nbsp;&nbsp; (27.86)% | &nbsp;&nbsp; 23.05% |
| Net Assets, End of Period (in thousands) | $485217 | &nbsp;&nbsp; $553439 | &nbsp;&nbsp; $440567 | &nbsp;&nbsp; $361772 | &nbsp;&nbsp; $286346 | &nbsp;&nbsp; $432553 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.74% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.54% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.74% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.54% |
| Ratio of Net Investment Income/(Loss) | (0.14)% | &nbsp;&nbsp; (0.15)% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.33% | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.11% |
| Portfolio Turnover Rate | 13% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 31% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

14 \| March 31, 2026

------

**Janus Henderson Research Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $94.85 | &nbsp;&nbsp; $81.05 | &nbsp;&nbsp; $57.67 | &nbsp;&nbsp; $44.02 | &nbsp;&nbsp; $70.04 | &nbsp;&nbsp; $59.04 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.38) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.42) |
| Net realized and unrealized gain/(loss) | (7.99) | &nbsp;&nbsp;&nbsp;&nbsp;18.86 | &nbsp;&nbsp;&nbsp;&nbsp;25.74 | &nbsp;&nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp; (16.82) | &nbsp;&nbsp;&nbsp;&nbsp;13.26 |
| Total from Investment Operations | (8.37) | &nbsp;&nbsp;&nbsp;&nbsp;18.13 | &nbsp;&nbsp;&nbsp;&nbsp;25.28 | &nbsp;&nbsp;&nbsp;&nbsp;13.76 | &nbsp;&nbsp; (17.17) | &nbsp;&nbsp;&nbsp;&nbsp;12.84 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (10.72) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Total Dividends and Distributions | (10.72) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Net Asset Value, End of Period | $75.76 | &nbsp;&nbsp; $94.85 | &nbsp;&nbsp; $81.05 | &nbsp;&nbsp; $57.67 | &nbsp;&nbsp; $44.02 | &nbsp;&nbsp; $70.04 |
| Total Return<sup>\*</sup> <br>| (10.13)% | &nbsp;&nbsp; 23.08% | &nbsp;&nbsp; 44.89% | &nbsp;&nbsp; 31.33% | &nbsp;&nbsp; (28.41)% | &nbsp;&nbsp; 22.10% |
| Net Assets, End of Period (in thousands) | $4688 | &nbsp;&nbsp; $5439 | &nbsp;&nbsp; $4159 | &nbsp;&nbsp; $3151 | &nbsp;&nbsp; $2903 | &nbsp;&nbsp; $4226 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.51% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.34% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.47% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.30% |
| Ratio of Net Investment Income/(Loss) | (0.87)% | &nbsp;&nbsp; (0.88)% | &nbsp;&nbsp; (0.65)% | &nbsp;&nbsp; (0.43)% | &nbsp;&nbsp; (0.60)% | &nbsp;&nbsp; (0.64)% |
| Portfolio Turnover Rate | 13% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 31% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Research Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $94.50 | &nbsp;&nbsp; $80.59 | &nbsp;&nbsp; $57.23 | &nbsp;&nbsp; $43.57 | &nbsp;&nbsp; $69.26 | &nbsp;&nbsp; $58.25 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.28) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.26) |
| Net realized and unrealized gain/(loss) | (7.97) | &nbsp;&nbsp;&nbsp;&nbsp;18.78 | &nbsp;&nbsp;&nbsp;&nbsp;25.55 | &nbsp;&nbsp;&nbsp;&nbsp;13.86 | &nbsp;&nbsp; (16.64) | &nbsp;&nbsp;&nbsp;&nbsp;13.11 |
| Total from Investment Operations | (8.25) | &nbsp;&nbsp;&nbsp;&nbsp;18.24 | &nbsp;&nbsp;&nbsp;&nbsp;25.26 | &nbsp;&nbsp;&nbsp;&nbsp;13.77 | &nbsp;&nbsp; (16.84) | &nbsp;&nbsp;&nbsp;&nbsp;12.85 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (10.72) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Total Dividends and Distributions | (10.72) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Net Asset Value, End of Period | $75.53 | &nbsp;&nbsp; $94.50 | &nbsp;&nbsp; $80.59 | &nbsp;&nbsp; $57.23 | &nbsp;&nbsp; $43.57 | &nbsp;&nbsp; $69.26 |
| Total Return<sup>\*</sup> <br>| (10.03)% | &nbsp;&nbsp; 23.36% | &nbsp;&nbsp; 45.21% | &nbsp;&nbsp; 31.68% | &nbsp;&nbsp; (28.24)% | &nbsp;&nbsp; 22.43% |
| Net Assets, End of Period (in thousands) | $28832 | &nbsp;&nbsp; $32235 | &nbsp;&nbsp; $28065 | &nbsp;&nbsp; $20642 | &nbsp;&nbsp; $19124 | &nbsp;&nbsp; $30909 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.25% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.05% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.25% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.04% |
| Ratio of Net Investment Income/(Loss) | (0.65)% | &nbsp;&nbsp; (0.65)% | &nbsp;&nbsp; (0.42)% | &nbsp;&nbsp; (0.17)% | &nbsp;&nbsp; (0.35)% | &nbsp;&nbsp; (0.39)% |
| Portfolio Turnover Rate | 13% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 31% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

16 \| March 31, 2026

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**Janus Henderson Research Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $99.25 | &nbsp;&nbsp; $84.22 | &nbsp;&nbsp; $59.56 | &nbsp;&nbsp; $45.23 | &nbsp;&nbsp; $71.39 | &nbsp;&nbsp; $59.86 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.17) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.08) |
| Net realized and unrealized gain/(loss) | (8.43) | &nbsp;&nbsp;&nbsp;&nbsp;19.69 | &nbsp;&nbsp;&nbsp;&nbsp;26.66 | &nbsp;&nbsp;&nbsp;&nbsp;14.40 | &nbsp;&nbsp; (17.27) | &nbsp;&nbsp;&nbsp;&nbsp;13.48 |
| Total from Investment Operations | (8.60) | &nbsp;&nbsp;&nbsp;&nbsp;19.36 | &nbsp;&nbsp;&nbsp;&nbsp;26.56 | &nbsp;&nbsp;&nbsp;&nbsp;14.46 | &nbsp;&nbsp; (17.31) | &nbsp;&nbsp;&nbsp;&nbsp;13.40 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) |
| Distributions (from capital gains) | (10.72) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.84) |
| Total Dividends and Distributions | (10.72) | &nbsp;&nbsp; (4.33) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (8.85) | &nbsp;&nbsp; (1.87) |
| Net Asset Value, End of Period | $79.93 | &nbsp;&nbsp; $99.25 | &nbsp;&nbsp; $84.22 | &nbsp;&nbsp; $59.56 | &nbsp;&nbsp; $45.23 | &nbsp;&nbsp; $71.39 |
| Total Return<sup>\*</sup> <br>| (9.89)% | &nbsp;&nbsp; 23.70% | &nbsp;&nbsp; 45.64% | &nbsp;&nbsp; 32.05% | &nbsp;&nbsp; (28.04)% | &nbsp;&nbsp; 22.76% |
| Net Assets, End of Period (in thousands) | $5456230 | &nbsp;&nbsp; $6348471 | &nbsp;&nbsp; $5399960 | &nbsp;&nbsp; $3834145 | &nbsp;&nbsp; $3051003 | &nbsp;&nbsp; $4577362 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.98% | &nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.79% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.96% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 0.77% |
| Ratio of Net Investment Income/(Loss) | (0.36)% | &nbsp;&nbsp; (0.38)% | &nbsp;&nbsp; (0.14)% | &nbsp;&nbsp; 0.11% | &nbsp;&nbsp; (0.07)% | &nbsp;&nbsp; (0.13)% |
| Portfolio Turnover Rate | 13% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 31% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 17

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**Janus Henderson Research Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and Significant Accounting Policies**

Janus Henderson Research Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 34 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as nondiversified, as defined in the 1940

Act. Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of

shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US

GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain

retirement platforms.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

18 \| March 31, 2026

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**Janus Henderson Research Fund**

**Notes to Financial Statements (unaudited)**

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement

with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an

agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended March 31, 2026. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

Janus Investment Fund \| 19

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**Janus Henderson Research Fund**

**Notes to Financial Statements (unaudited)**

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of

net assets represented by each class as a percentage of total net assets.

**Expenses**

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the

operations of such class.

**Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

**Indemnifications**

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material

loss from such claims is considered remote.

20 \| March 31, 2026

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**Janus Henderson Research Fund**

**Notes to Financial Statements (unaudited)**

**Foreign Currency Translations**

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge

could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change

in the next twelve months.

**2. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

Janus Investment Fund \| 21

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**Janus Henderson Research Fund**

**Notes to Financial Statements (unaudited)**

**Counterparties**

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have

greater exposure to the risks associated with one or more counterparties.

**Securities Lending**

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then

22 \| March 31, 2026

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**Janus Henderson Research Fund**

**Notes to Financial Statements (unaudited)**

adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of March 31, 2026, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $2,227,684. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2026 is $2,162,800, resulting in the net

amount due from the counterparty of $64,884.

**Offsetting Assets and Liabilities**

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

The Offsetting Assets and Liabilities table located in the Schedule of Investments presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of

instrument, see the Fund's Schedule of Investments.

**3. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee rate that may adjust up or down based on the Fund's

performance relative to its benchmark index.

The investment advisory fee rate paid to the Adviser by the Fund consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund's average daily net assets during the previous month (the "Base Fee Rate"), plus or minus (2) a performance-fee adjustment (the "Performance Adjustment") calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund's average daily net assets based on the Fund's relative performance compared to the cumulative investment record of its benchmark index over a 36-month performance measurement period or shorter time period, as applicable. The investment advisory fee rate is calculated daily and paid monthly.

The investment performance of the Fund's Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. The Fund's Base Fee Rate prior to any performance adjustment (expressed as an annual rate) is 0.64%, and the Fund's benchmark index used in the calculation is the Russell 1000<sup>®</sup> Growth Index.

No Performance Adjustment is applied unless the difference between the Fund's investment performance and the cumulative investment record of the Fund's benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index, up to the Fund's full performance rate of ±5.00%. Because the Performance Adjustment is tied to a Fund's relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase the Adviser's fee even if the Fund's Shares lose value during the performance measurement period and could decrease the Adviser's fee even if the Fund's Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses whereas the Fund's benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund's benchmark index.

The Fund's prospectus and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the period ended March 31, 2026, the performance adjusted investment advisory fee

rate before any waivers and/or reimbursements of expenses is 0.72%.

Janus Investment Fund \| 23

------

**Janus Henderson Research Fund**

**Notes to Financial Statements (unaudited)**

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.68% for at least a one-year period commencing on January 28, 2026. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess

Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $215,106 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2026. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the

Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net

assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds* | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion — $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R

Shares, Class S Shares, and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the

24 \| March 31, 2026

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**Janus Henderson Research Fund**

**Notes to Financial Statements (unaudited)**

Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder

servicing fees" on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2026, the Distributor retained

upfront sales charges of $2,973.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class A Shares paid CDSCs of $3 to Janus Henderson

Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class C Shares

paid CDSCs of $307.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2026 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2026 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $37,088 were paid by the Trust to the Trustees under the

Deferred Plan during the period ended March 31, 2026.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash

Janus Investment Fund \| 25

------

**Janus Henderson Research Fund**

**Notes to Financial Statements (unaudited)**

management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2026 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

**4. Federal Income Tax**

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal

income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2026 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, straddles, and investments in

partnerships.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $11863406289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13582439388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(686164505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12896274883 |

---

26 \| March 31, 2026

------

**Janus Henderson Research Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended March 31, 2026* | *Period ended March 31, 2026* | *Year ended September 30, 2025* | *Year ended September 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 154521 | &nbsp;&nbsp; $13773907 | &nbsp;&nbsp; 261786 | &nbsp;&nbsp; $22469499 |
| Reinvested dividends and distributions | 104376 | &nbsp;&nbsp; 9248713 | &nbsp;&nbsp; 40816 | &nbsp;&nbsp; 3511005 |
| Shares repurchased | (177426) | &nbsp;&nbsp; (15674046) | &nbsp;&nbsp; (261037) | &nbsp;&nbsp; (22254734) |
| Net Increase/(Decrease) | 81471 | &nbsp;&nbsp; $7348574 | &nbsp;&nbsp; 41565 | &nbsp;&nbsp; $3725770 |
| Class C Shares: |  |  |  |  |
| Shares sold | 12978 | &nbsp;&nbsp; $957693 | &nbsp;&nbsp; 60917 | &nbsp;&nbsp; $4612829 |
| Reinvested dividends and distributions | 16009 | &nbsp;&nbsp; 1196167 | &nbsp;&nbsp; 7323 | &nbsp;&nbsp; 545898 |
| Shares repurchased | (20380) | &nbsp;&nbsp; (1568561) | &nbsp;&nbsp; (49117) | &nbsp;&nbsp; (3395573) |
| Net Increase/(Decrease) | 8607 | &nbsp;&nbsp; $585299 | &nbsp;&nbsp; 19123 | &nbsp;&nbsp; $1763154 |
| Class D Shares: |  |  |  |  |
| Shares sold | 1525087 | &nbsp;&nbsp; $139905167 | &nbsp;&nbsp; 3477511 | &nbsp;&nbsp; $300102326 |
| Reinvested dividends and distributions | 22194871 | &nbsp;&nbsp; 2008191931 | &nbsp;&nbsp; 9520037 | &nbsp;&nbsp; 832622472 |
| Shares repurchased | (9410167) | &nbsp;&nbsp; (857929141) | &nbsp;&nbsp; (16533811) | &nbsp;&nbsp; (1433304189) |
| Net Increase/(Decrease) | 14309791 | &nbsp;&nbsp; $1290167957 | &nbsp;&nbsp; (3536263) | &nbsp;&nbsp; $(300579391) |
| Class I Shares: |  |  |  |  |
| Shares sold | 2676828 | &nbsp;&nbsp; $243039073 | &nbsp;&nbsp; 9573336 | &nbsp;&nbsp; $894801438 |
| Reinvested dividends and distributions | 1832817 | &nbsp;&nbsp; 165521667 | &nbsp;&nbsp; 364976 | &nbsp;&nbsp; 31862376 |
| Shares repurchased | (2358270) | &nbsp;&nbsp; (216046003) | &nbsp;&nbsp; (1586825) | &nbsp;&nbsp; (139056425) |
| Net Increase/(Decrease) | 2151375 | &nbsp;&nbsp; $192514737 | &nbsp;&nbsp; 8351487 | &nbsp;&nbsp; $787607389 |
| Class N Shares: |  |  |  |  |
| Shares sold | 455991 | &nbsp;&nbsp; $42341603 | &nbsp;&nbsp; 1113044 | &nbsp;&nbsp; $93547480 |
| Reinvested dividends and distributions | 666669 | &nbsp;&nbsp; 60380198 | &nbsp;&nbsp; 257204 | &nbsp;&nbsp; 22489955 |
| Shares repurchased | (639180) | &nbsp;&nbsp; (57068847) | &nbsp;&nbsp; (1038685) | &nbsp;&nbsp; (88648109) |
| Net Increase/(Decrease) | 483480 | &nbsp;&nbsp; $45652954 | &nbsp;&nbsp; 331563 | &nbsp;&nbsp; $27389326 |
| Class R Shares: |  |  |  |  |
| Shares sold | 4116 | &nbsp;&nbsp; $342515 | &nbsp;&nbsp; 8692 | &nbsp;&nbsp; $731631 |
| Reinvested dividends and distributions | 6634 | &nbsp;&nbsp; 568008 | &nbsp;&nbsp; 2532 | &nbsp;&nbsp; 212141 |
| Shares repurchased | (6221) | &nbsp;&nbsp; (536949) | &nbsp;&nbsp; (5196) | &nbsp;&nbsp; (420142) |
| Net Increase/(Decrease) | 4529 | &nbsp;&nbsp; $373574 | &nbsp;&nbsp; 6028 | &nbsp;&nbsp; $523630 |
| Class S Shares: |  |  |  |  |
| Shares sold | 26885 | &nbsp;&nbsp; $2315869 | &nbsp;&nbsp; 39290 | &nbsp;&nbsp; $3332866 |
| Reinvested dividends and distributions | 42826 | &nbsp;&nbsp; 3653021 | &nbsp;&nbsp; 17830 | &nbsp;&nbsp; 1485420 |
| Shares repurchased | (29109) | &nbsp;&nbsp; (2493336) | &nbsp;&nbsp; (64240) | &nbsp;&nbsp; (5161923) |
| Net Increase/(Decrease) | 40602 | &nbsp;&nbsp; $3475554 | &nbsp;&nbsp; (7120) | &nbsp;&nbsp; $(343637) |
| Class T Shares: |  |  |  |  |
| Shares sold | 3408202 | &nbsp;&nbsp; $309048351 | &nbsp;&nbsp; 5666800 | &nbsp;&nbsp; $494972876 |
| Reinvested dividends and distributions | 7389035 | &nbsp;&nbsp; 666417056 | &nbsp;&nbsp; 3101538 | &nbsp;&nbsp; 270795324 |
| Shares repurchased | (6495730) | &nbsp;&nbsp; (589057541) | &nbsp;&nbsp; (8922503) | &nbsp;&nbsp; (767430094) |
| Net Increase/(Decrease) | 4301507 | &nbsp;&nbsp; $386407866 | &nbsp;&nbsp; (154165) | &nbsp;&nbsp; $(1661894) |

---

**6. Purchases and Sales of Investment Securities**

For the period ended March 31, 2026, 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>|
| $3499926463 | &nbsp;&nbsp;&nbsp;&nbsp; $4617399629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

Janus Investment Fund \| 27

------

**Janus Henderson Research Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, and client consents. The

shareholders of Janus Henderson Group, plc approved the acquisition on April 16, 2026.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2026 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements other than the following:

At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

28 \| March 31, 2026

------

**Janus Henderson Research Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analyses provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

Janus Investment Fund \| 29

------

**Janus Henderson Research Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract and retain well-qualified personnel.

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

30 \| March 31, 2026

------

**Janus Henderson Research Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

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**Janus Henderson Research Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

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**Janus Henderson Research Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

Janus Investment Fund \| 33

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**Janus Henderson Research Fund**

**Additional Information (unaudited)**

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as identified by Broadridge using Morningstar category schema. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance or service being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, recent fee reductions, investment structure changes, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

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**Janus Henderson Research Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 35

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**Janus Henderson Research Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

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**Janus Henderson Research Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 37

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**Janus Henderson Research Fund**

**Additional Information (unaudited)**

other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They

38 \| March 31, 2026

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**Janus Henderson Research Fund**

**Additional Information (unaudited)**

concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 39

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**Janus Henderson Research Fund**

**Notes**

40 \| March 31, 2026

------

**Janus Henderson Research Fund**

**Notes**

Janus Investment Fund \| 41

------

![](imgd420fcce2.gif)

*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93053 05-26

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SEMIANNUAL FINANCIAL STATEMENTS

March 31, 2026

**Janus Henderson Triton Fund**

Janus Investment Fund

![](img909975931.gif)

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**Table of Contents**

**Janus Henderson Triton Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_6a9833b6-e216-4a61-a6c4-74472ee4a857_SOI-SOI-RunningFooter-7_1)<br> [Management Investment Companies](#xx_6a9833b6-e216-4a61-a6c4-74472ee4a857_SOI-SOI-RunningFooter-7_1)<br>|  |
| [Schedule of Investments](#xx_6a9833b6-e216-4a61-a6c4-74472ee4a857_SOI-SOI-RunningFooter-7_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_6a9833b6-e216-4a61-a6c4-74472ee4a857_SOI-SOI-RunningFooter-7_8) | 8 |
| [Statement of Assets and Liabilities](#xx_6a9833b6-e216-4a61-a6c4-74472ee4a857_SAL-SAL-RunningFooter-7_1) | 10 |
| [Statement of Operations](#xx_6a9833b6-e216-4a61-a6c4-74472ee4a857_SOP-SOP-RunningFooter-7_1) | 12 |
| [Statements of Changes in Net Assets](#xx_6a9833b6-e216-4a61-a6c4-74472ee4a857_SOC-SOC-RunningFooter-7_1) | 14 |
| [Financial Highlights](#xx_6a9833b6-e216-4a61-a6c4-74472ee4a857_FIHI-FIHI-RunningFooter-7_1) | 15 |
| [Notes to Financial Statements](#xx_6a9833b6-e216-4a61-a6c4-74472ee4a857_NTF-NTF-RunningFooter-7_1) | 23 |
| [Items 8-11 - Additional Information](#xx_6a9833b6-e216-4a61-a6c4-74472ee4a857_AI-AI-RunningFooter-7_1) | 37 |

---

------

**Janus Henderson Triton Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 98.5% |  |  |
| Aerospace & Defense – 1.1% |  |  |
| Standardaero Inc<sup>\*</sup> <br>| 1696430 | $43818787 |
| Voyager Technologies Inc - Class A<sup>\*</sup> <br>| 547159 | 12798049 |
|  |  | 56616836 |
| Biotechnology – 14.8% |  |  |
| Ascendis Pharma A/S (ADR)<sup>\*</sup> <br>| 277314 | 63430031 |
| Biohaven Ltd<sup>\*</sup> <br>| 1765050 | 14932323 |
| Bridgebio Pharma Inc<sup>\*</sup> <br>| 801169 | 59494810 |
| Centessa Pharmacuticals PLC (ADR)<sup>\*,#</sup> <br>| 853852 | 33915001 |
| Cogent Biosciences Inc<sup>\*</sup> <br>| 573728 | 22082791 |
| Crinetics Pharmaceuticals Inc<sup>\*</sup> <br>| 479012 | 17397716 |
| IDEAYA Biosciences Inc<sup>\*</sup> <br>| 845786 | 28181590 |
| Insmed Inc<sup>\*</sup> <br>| 228190 | 37313629 |
| Madrigal Pharmaceuticals Inc<sup>\*</sup> <br>| 80301 | 42035164 |
| Mirum Pharmaceuticals Inc<sup>\*</sup> <br>| 778947 | 71959124 |
| Nuvalent Inc - Class A<sup>\*</sup> <br>| 190114 | 19477179 |
| Praxis Precision Medicines Inc<sup>\*</sup> <br>| 243708 | 78520281 |
| Protagonist Therapeutics Inc<sup>\*</sup> <br>| 508648 | 53611499 |
| PTC Therapeutics Inc<sup>\*</sup> <br>| 531915 | 36239369 |
| Revolution Medicines Inc<sup>\*</sup> <br>| 554682 | 53942825 |
| Soleno Therapeutics Inc<sup>\*</sup> <br>| 614556 | 20575335 |
| Travere Therapeutics Inc<sup>\*</sup> <br>| 1100064 | 32682901 |
| Tyra Biosciences Inc<sup>\*</sup> <br>| 351278 | 13453947 |
| Vaxcyte Inc<sup>\*</sup> <br>| 665340 | 38662907 |
| Xenon Pharmaceuticals Inc<sup>\*</sup> <br>| 461139 | 26815233 |
|  |  | 764723655 |
| Building Products – 2.7% |  |  |
| Carlisle Cos Inc | 109926 | 36673512 |
| Modine Manufacturing Co<sup>\*</sup> <br>| 224455 | 48641643 |
| Zurn Water Solutions Corp | 1268361 | 56873307 |
|  |  | 142188462 |
| Capital Markets – 3.5% |  |  |
| Cboe Global Markets Inc | 264686 | 74395294 |
| Hamilton Lane Inc | 220599 | 21927541 |
| LPL Financial Holdings Inc | 279673 | 84134028 |
|  |  | 180456863 |
| Chemicals – 2.1% |  |  |
| Perimeter Solutions Inc<sup>\*</sup> <br>| 1010006 | 24664347 |
| Sensient Technologies Corp | 950400 | 82152576 |
|  |  | 106816923 |
| Commercial Services & Supplies – 3.9% |  |  |
| Clean Harbors Inc<sup>\*</sup> <br>| 253520 | 72691790 |
| Driven Brands Holdings Inc<sup>\*</sup> <br>| 1672812 | 21094159 |
| Rentokil Initial PLC (ADR) | 3402359 | 107106261 |
|  |  | 200892210 |
| Construction & Engineering – 4.1% |  |  |
| APi Group Corp<sup>\*</sup> <br>| 1686671 | 68343909 |
| Legence Corp - Class A<sup>\*</sup> <br>| 1355466 | 76529610 |
| Sterling Construction Co Inc<sup>\*</sup> <br>| 162744 | 66280749 |
|  |  | 211154268 |
| Containers & Packaging – 2.3% |  |  |
| Crown Holdings Inc | 857875 | 86001969 |
| Silgan Holdings Inc | 885056 | 34340173 |
|  |  | 120342142 |
| Diversified Consumer Services – 1.8% |  |  |
| Bright Horizons Family Solutions Inc<sup>\*</sup> <br>| 316557 | 25998826 |
| Stride Inc<sup>\*</sup> <br>| 763429 | 67311535 |
|  |  | 93310361 |
| Diversified Financial Services – 3.8% |  |  |
| Euronet Worldwide Inc<sup>\*</sup> <br>| 717036 | 47589679 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Triton Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Diversified Financial Services – (continued) |  |  |
| Jack Henry & Associates Inc | 197226 | $31169597 |
| Shift4 Payments Inc - Class A<sup>\*</sup> <br>| 899381 | 39329931 |
| Toast Inc - Class A<sup>\*</sup> <br>| 468684 | 12424813 |
| Walker & Dunlop Inc | 626826 | 27818538 |
| WEX Inc<sup>\*</sup> <br>| 236394 | 36177738 |
|  |  | 194510296 |
| Diversified Telecommunication Services – 2.5% |  |  |
| AST SpaceMobile Inc<sup>\*</sup> <br>| 1570509 | 130148081 |
| Electric Utilities – 1.3% |  |  |
| NRG Energy Inc | 461807 | 67488475 |
| Electrical Equipment – 0.5% |  |  |
| Forgent Power Solutions Inc<sup>\*</sup> <br>| 900176 | 26348152 |
| Electronic Equipment, Instruments & Components – 8.4% |  |  |
| Flex Ltd<sup>\*</sup> <br>| 1757383 | 115038291 |
| Itron Inc<sup>\*</sup> <br>| 331933 | 29751155 |
| Mirion Technologies Inc<sup>\*</sup> <br>| 2755798 | 51230285 |
| OSI Systems Inc<sup>\*</sup> <br>| 352034 | 93468547 |
| Teledyne Technologies Inc<sup>\*</sup> <br>| 237000 | 143387370 |
|  |  | 432875648 |
| Food & Staples Retailing – 1.8% |  |  |
| Casey's General Stores Inc | 128029 | 93187188 |
| Food Products – 0.7% |  |  |
| Premium Brands Holdings Corp<sup>#</sup> <br>| 595436 | 35159363 |
| Health Care Equipment & Supplies – 6.8% |  |  |
| Glaukos Corp<sup>\*</sup> <br>| 1040751 | 112047253 |
| Globus Medical Inc<sup>\*</sup> <br>| 1093205 | 94190543 |
| ICU Medical Inc<sup>\*</sup> <br>| 368869 | 47639431 |
| Lantheus Holdings Inc<sup>\*</sup> <br>| 897403 | 68068017 |
| STERIS PLC | 128591 | 28435328 |
|  |  | 350380572 |
| Health Care Providers & Services – 0.8% |  |  |
| HealthEquity Inc<sup>\*</sup> <br>| 411911 | 34423402 |
| Lumexa Imaging Holdings Inc<sup>\*</sup> <br>| 1008629 | 8674210 |
|  |  | 43097612 |
| Health Care Technology – 0.3% |  |  |
| Waystar Holding Corp<sup>\*</sup> <br>| 687260 | 16569839 |
| Hotels, Restaurants & Leisure – 3.2% |  |  |
| Aramark | 2043540 | 82845112 |
| Churchill Downs Inc | 377970 | 33953045 |
| Sportradar Group AG - Class A<sup>\*</sup> <br>| 1348218 | 22569169 |
| Wingstop Inc | 163722 | 25371998 |
|  |  | 164739324 |
| Household Durables – 0.7% |  |  |
| Cavco Industries Inc<sup>\*</sup> <br>| 47939 | 23216378 |
| Dream Finders Homes Inc - Class A<sup>\*</sup> <br>| 850439 | 11838111 |
|  |  | 35054489 |
| Insurance – 1.8% |  |  |
| Axis Capital Holdings Ltd | 711152 | 72117924 |
| Palomar Holdings Inc<sup>\*</sup> <br>| 194695 | 23266053 |
|  |  | 95383977 |
| Interactive Media & Services – 0.4% |  |  |
| Ziff Davis Inc<sup>\*</sup> <br>| 514117 | 21572349 |
| Life Sciences Tools & Services – 0.5% |  |  |
| OmniAb Inc - 12.5 Earnout<sup>\*</sup> <br>| 340494 | 284483 |
| OmniAb Inc - 15 Earnout<sup>\*</sup> <br>| 340494 | 258060 |
| PerkinElmer Inc | 304252 | 26655518 |
|  |  | 27198061 |
| Machinery – 4.3% |  |  |
| Crane Co | 234887 | 40165677 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Machinery – (continued) |  |  |
| Donaldson Co Inc | 283188 | $24034165 |
| Gates Industrial Corp PLC<sup>\*</sup> <br>| 2661052 | 60166386 |
| ITT Inc | 283422 | 54000394 |
| SPX Technologies Inc<sup>\*</sup> <br>| 213939 | 42774964 |
|  |  | 221141586 |
| Multiline Retail – 0.6% |  |  |
| Global-E Online Ltd<sup>\*</sup> <br>| 1065861 | 32881812 |
| Oil, Gas & Consumable Fuels – 1.6% |  |  |
| Magnolia Oil & Gas Corp | 2566519 | 81025005 |
| Personal Products – 0.2% |  |  |
| Oddity Tech Ltd - Class A<sup>\*</sup> <br>| 930266 | 12446959 |
| Pharmaceuticals – 3.0% |  |  |
| Edgewise Therapeutics Inc<sup>\*</sup> <br>| 463699 | 14606519 |
| Ligand Pharmaceuticals Inc<sup>\*</sup> <br>| 486184 | 97066636 |
| Structure Therapeutics Inc (ADR)<sup>\*</sup> <br>| 459487 | 22147273 |
| Tarsus Pharmaceuticals Inc<sup>\*</sup> <br>| 279029 | 19573884 |
|  |  | 153394312 |
| Professional Services – 5.5% |  |  |
| Broadridge Financial Solutions Inc | 343735 | 55850063 |
| CACI International Inc - Class A<sup>\*</sup> <br>| 105268 | 57252107 |
| SS&C Technologies Holdings Inc | 1599529 | 108080175 |
| TransUnion | 360422 | 24937598 |
| UL Solutions Inc - Class A | 449606 | 38535730 |
|  |  | 284655673 |
| Real Estate Management & Development – 0.5% |  |  |
| Colliers International Group Inc - Subordinate Voting Shares | 236642 | 25294663 |
| Road & Rail – 1.2% |  |  |
| Saia Inc<sup>\*</sup> <br>| 184078 | 64662920 |
| Semiconductor & Semiconductor Equipment – 5.2% |  |  |
| Credo Technology Group Holding Ltd<sup>\*</sup> <br>| 389953 | 36604888 |
| Entegris Inc | 314198 | 36836573 |
| MACOM Technology Solutions Holdings Inc<sup>\*</sup> <br>| 228623 | 50770310 |
| ON Semiconductor Corp<sup>\*</sup> <br>| 1015955 | 62907934 |
| Tower Semiconductor Ltd<sup>\*</sup> <br>| 484473 | 85015322 |
|  |  | 272135027 |
| Software – 3.3% |  |  |
| Alkami Technology Inc<sup>\*,#</sup> <br>| 1842213 | 28867478 |
| Blackbaud Inc<sup>\*</sup> <br>| 761871 | 29415839 |
| Consensus Cloud Solutions Inc<sup>\*,</sup><sup>£</sup> <br>| 1227947 | 29151462 |
| Dynatrace Inc<sup>\*</sup> <br>| 1106629 | 40923140 |
| Klaviyo Inc - Class A<sup>\*</sup> <br>| 704769 | 13714805 |
| Procore Technologies Inc<sup>\*</sup> <br>| 483437 | 27555909 |
|  |  | 169628633 |
| Specialized Real Estate Investment Trusts (REITs) – 0.9% |  |  |
| Lamar Advertising Co | 386542 | 48959410 |
| Technology Hardware, Storage & Peripherals – 0.3% |  |  |
| CompoSecure Inc - Class A | 981662 | 16786420 |
| Textiles, Apparel & Luxury Goods – 1.6% |  |  |
| Gildan Activewear Inc | 1166141 | 64895746 |
| On Holding AG - Class A<sup>\*</sup> <br>| 495139 | 16844629 |
|  |  | 81740375 |
| Trading Companies & Distributors – 0.5% |  |  |
| SiteOne Landscape Supply Inc<sup>\*</sup> <br>| 202283 | 26925890 |
| Total Common Stocks (cost $3,019,715,407) |  | 5101893831 |
| Private Placements – 1.0% |  |  |
| Aerospace & Defense – 0.3% |  |  |
| CesiumAstro Inc - Series C<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 524386 | 15600956 |
| Health Care Technology – 0.3% |  |  |
| Kardium Inc - Series 8 Class D Preferred shares<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 16649170 | 15394322 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Triton Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Private Placements – (continued) |  |  |
| Professional Services – 0% |  |  |
| IntelyCare Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 1023958 | $1341385 |
| Software – 0.4% |  |  |
| Loadsmart Inc - Series A<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 377303 | 5195462 |
| Loadsmart Inc - Series D<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 1075313 | 14807060 |
|  |  | 20002522 |
| Total Private Placements (cost $80,133,935) |  | 52339185 |
| Rights – 0.1% |  |  |
| Biotechnology – 0.1% |  |  |
| 89bio Inc (CVR)<sup>\*,</sup><sup>¢</sup> <br>| 2270649 | 772021 |
| Akero Therapeutics Inc (CVR)<sup>\*,</sup><sup>¢</sup> <br>| 358647 | 233120 |
| Metsera Inc (CVR)<sup>\*,#,</sup><sup>¢</sup> <br>| 566907 | 2777844 |
| Total Rights (cost $233,121) |  | 3782985 |
| Investment Companies – 0.6% |  |  |
| Money Markets – 0.6% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº,</sup><sup>£</sup> (cost $32,822,101) | 32821501 | 32821501 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.7% |  |  |
| Investment Companies – 0.6% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº,</sup><sup>£</sup> <br>| 28343946 | 28343946 |
| Time Deposits – 0.1% |  |  |
| Royal Bank of Canada, 3.6500%, 4/1/26 | $7085987 | 7085987 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $35,429,932) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $35,429,932) | 35429933 |
| Total Investments (total cost $3,168,334,496) – 100.9% |  | 5226267435 |
| Liabilities, net of Cash, Receivables and Other Assets – (0.9)% |  | (46718374) |
| Net Assets – 100% |  | $5179549061 |

---

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $4744457137 | &nbsp;&nbsp;&nbsp;&nbsp; 90.8<br> %<br>|
| Canada | 140744094 | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Israel | 130344093 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| United Kingdom | 107106261 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Denmark | 63430031 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Switzerland | 40185819 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Total | $5226267435 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*3/31/26*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Common Stocks - 0.6% | Common Stocks - 0.6% | Common Stocks - 0.6% | Common Stocks - 0.6% | Common Stocks - 0.6% | Common Stocks - 0.6% | Common Stocks - 0.6% | Common Stocks - 0.6% | Common Stocks - 0.6% |
| Software - 0.6% | Software - 0.6% | Software - 0.6% | Software - 0.6% | Software - 0.6% | Software - 0.6% | Software - 0.6% | Software - 0.6% | Software - 0.6% |
| Consensus Cloud Solutions Inc<sup>\*</sup>  | Consensus Cloud Solutions Inc<sup>\*</sup>  | Consensus Cloud Solutions Inc<sup>\*</sup>  | Consensus Cloud Solutions Inc<sup>\*</sup>  | Consensus Cloud Solutions Inc<sup>\*</sup>  | Consensus Cloud Solutions Inc<sup>\*</sup>  | Consensus Cloud Solutions Inc<sup>\*</sup>  | Consensus Cloud Solutions Inc<sup>\*</sup>  | Consensus Cloud Solutions Inc<sup>\*</sup>  |
|  | $39222313 | $- | $(2629116) | $(2131538) | $(5310197) | $29151462 | 1227947 | $- |
| Investment Companies - 0.6% | Investment Companies - 0.6% | Investment Companies - 0.6% | Investment Companies - 0.6% | Investment Companies - 0.6% | Investment Companies - 0.6% | Investment Companies - 0.6% | Investment Companies - 0.6% | Investment Companies - 0.6% |
| Money Markets - 0.6% | Money Markets - 0.6% | Money Markets - 0.6% | Money Markets - 0.6% | Money Markets - 0.6% | Money Markets - 0.6% | Money Markets - 0.6% | Money Markets - 0.6% | Money Markets - 0.6% |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  |
|  | 11453320 | 766210423 | (744836374) | (5268) | (600) | 32821501 | 32821501 | 882211 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliate* | *Affiliated*<br> *Investments,*<br> *at Value at*<br> *9/30/25*<br>| *Purchases* | *Sales*<br> *Proceeds*<br>| *Realized*<br> *Gain/(Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation/*<br> *Depreciation*<br>| *Affiliated*<br> *Investments,*<br> *at Value at*<br> *3/31/26*<br>| *Ending*<br> *Shares*<br>| *Dividend*<br> *Income*<br>|
| 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, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  |
|  | $60259474 | $477140993 | $(509056521) | $- | $- | $28343946 | 28343946 | $229301 <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% |
|  | $110935107 | $1243351416 | $(1256522011) | $(2136806) | $(5310797) | $90316909 | 62393394 | $1111512 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** |
| *Counterparty/* <br>*Foreign Currency*<br>| *Settlement* <br>*Date*<br>| &nbsp;&nbsp; *Foreign Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *USD Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *Market Value and* <br>*Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| Bank of America, National Association: | Bank of America, National Association: | Bank of America, National Association: | Bank of America, National Association: | Bank of America, National Association: |
| British Pound | 5/27/26 | &nbsp;&nbsp; 67734000 | &nbsp;&nbsp; $(91701489) | &nbsp;&nbsp; $(2074130) |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; 5223000 | &nbsp;&nbsp; (3817113) | &nbsp;&nbsp; (52756) |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; (13308000) | &nbsp;&nbsp; 9766838 | &nbsp;&nbsp; 175403 |
|  |  |  |  | &nbsp;&nbsp; (1951483) |
| Barclays Capital, Inc: | Barclays Capital, Inc: | Barclays Capital, Inc: | Barclays Capital, Inc: | Barclays Capital, Inc: |
| British Pound | 5/27/26 | &nbsp;&nbsp; 5658000 | &nbsp;&nbsp; (7618390) | &nbsp;&nbsp; (131580) |
| British Pound | 5/27/26 | &nbsp;&nbsp; (27001000) | &nbsp;&nbsp; 36528913 | &nbsp;&nbsp; 800500 |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; 3543000 | &nbsp;&nbsp; (2593150) | &nbsp;&nbsp; (39614) |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; (32915000) | &nbsp;&nbsp; 24152021 | &nbsp;&nbsp; 429293 |
|  |  |  |  | &nbsp;&nbsp; 1058599 |
| BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; (1542000) | &nbsp;&nbsp; 1131785 | &nbsp;&nbsp; 20424 |
| Citibank, National Association: | Citibank, National Association: | Citibank, National Association: | Citibank, National Association: | Citibank, National Association: |
| British Pound | 5/27/26 | &nbsp;&nbsp; (36539000) | &nbsp;&nbsp; 49527226 | &nbsp;&nbsp; 1177888 |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; 59218000 | &nbsp;&nbsp; (43448775) | &nbsp;&nbsp; (768767) |
|  |  |  |  | &nbsp;&nbsp; 409121 |
| Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: |
| British Pound | 5/27/26 | &nbsp;&nbsp; 4097000 | &nbsp;&nbsp; (5495581) | &nbsp;&nbsp; (74326) |
| British Pound | 5/27/26 | &nbsp;&nbsp; (29905000) | &nbsp;&nbsp; 40410223 | &nbsp;&nbsp; 839164 |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; 9170000 | &nbsp;&nbsp; (6728127) | &nbsp;&nbsp; (119061) |
|  |  |  |  | &nbsp;&nbsp; 645777 |
| HSBC Securities (USA), Inc: | HSBC Securities (USA), Inc: | HSBC Securities (USA), Inc: | HSBC Securities (USA), Inc: | HSBC Securities (USA), Inc: |
| British Pound | 5/27/26 | &nbsp;&nbsp; (2095000) | &nbsp;&nbsp; 2839818 | &nbsp;&nbsp; 67660 |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; (45721000) | &nbsp;&nbsp; 33544316 | &nbsp;&nbsp; 591959 |
|  |  |  |  | &nbsp;&nbsp; 659619 |
| JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: |
| British Pound | 5/27/26 | &nbsp;&nbsp; 11155000 | &nbsp;&nbsp; (15123446) | &nbsp;&nbsp; (362865) |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; 2622000 | &nbsp;&nbsp; (1925250) | &nbsp;&nbsp; (35503) |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; (21143000) | &nbsp;&nbsp; 15514669 | &nbsp;&nbsp; 276339 |
|  |  |  |  | &nbsp;&nbsp; (122029) |
| Morgan Stanley & Co International PLC: | Morgan Stanley & Co International PLC: | Morgan Stanley & Co International PLC: | Morgan Stanley & Co International PLC: | Morgan Stanley & Co International PLC: |
| British Pound | 5/27/26 | &nbsp;&nbsp; 6432000 | &nbsp;&nbsp; (8718717) | &nbsp;&nbsp; (207731) |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; (37328000) | &nbsp;&nbsp; 27386587 | &nbsp;&nbsp; 483291 |
|  |  |  |  | &nbsp;&nbsp; 275560 |
| State Street Bank and Trust Company: | State Street Bank and Trust Company: | State Street Bank and Trust Company: | State Street Bank and Trust Company: | State Street Bank and Trust Company: |
| British Pound | 5/27/26 | &nbsp;&nbsp; (74039666) | &nbsp;&nbsp; 100293559 | &nbsp;&nbsp; 2322382 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Triton Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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>|
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; 10255000 | &nbsp;&nbsp; $(7538205) | &nbsp;&nbsp; $(147151) |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; 2063000 | &nbsp;&nbsp; (1484953) | &nbsp;&nbsp; 1907 |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; (2071000) | &nbsp;&nbsp; 1515686 | &nbsp;&nbsp; 23061 |
|  |  |  |  | &nbsp;&nbsp; 2200199 |
| Total |  |  |  | &nbsp;&nbsp; $3195787 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** |
| *Counterparty/* <br>*Reference Asset*<br>| *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Exercise* <br>*Price*<br>|  | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount*<br>| &nbsp;&nbsp; *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>| &nbsp;&nbsp; *Options* <br>*Written,* <br>*at Value*<br>|
| *Written Call Options:* | *Written Call Options:* | *Written Call Options:* | *Written Call Options:* |  |  |  |  |  |
| *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* |  |  |  |  |  |
| Ast Spacemobile Inc | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;60.00 | USD | &nbsp;&nbsp; 6/18/26 | &nbsp;&nbsp; $(26518400) | &nbsp;&nbsp; $2457690 | &nbsp;&nbsp; $(6702582) | &nbsp;&nbsp; $(9160272) |
| *Morgan Stanley & Co International PLC:* | *Morgan Stanley & Co International PLC:* | *Morgan Stanley & Co International PLC:* | *Morgan Stanley & Co International PLC:* |  |  |  |  |  |
| Ast Spacemobile Inc | 6100 | &nbsp;&nbsp;&nbsp;&nbsp;57.70 | USD | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; (50550700) | &nbsp;&nbsp; 38369000 | &nbsp;&nbsp; 21249345 | &nbsp;&nbsp; (17119655) |
| Ast Spacemobile Inc | 3462 | &nbsp;&nbsp;&nbsp;&nbsp;160.00 | USD | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; (28689594) | &nbsp;&nbsp; 12662033 | &nbsp;&nbsp; 7202078 | &nbsp;&nbsp; (5459955) |
|  |  |  |  |  |  | &nbsp;&nbsp; 51031033 | &nbsp;&nbsp; 28451423 | &nbsp;&nbsp; (22579610) |
| Total OTC Written Options | Total OTC Written Options |  |  |  |  | &nbsp;&nbsp; $53488723 | &nbsp;&nbsp; $21748841 | &nbsp;&nbsp; $(31739882) |

---

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 March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2026** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2026** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2026** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2026** |
|  | *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 | $7209271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7209271 |
| *Liability Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $4013484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4013484 |
| OTC options written, at value | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31739882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31739882 |
| Total Liability Derivatives | $4013484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31739882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35753366 |

---

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement

of Operations for the period ended March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** |
| *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 | $18259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18259 |
| Written options contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34923720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(34923720) |
| Total | $18259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(34923720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(34905461) |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

6 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |
| *Derivative* | *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Equity* <br>*Contracts*<br>| *Total* |
| Purchased options contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(547237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(547237) |
| Forward foreign currency exchange contracts | 1965278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1965278 |
| Written options contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24618273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24618273 |
| Total | $1965278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24071036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26036314 |

---

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation"

sections of the Fund's Statement of Operations.

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2026** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2026** |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased - in USD | $258469336 |
| Average amounts sold - in USD | 419138518 |
| Options: |  |
| Average value of option contracts purchased | 3469276 |
| Average value of option contracts written | 27938335 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $175403 | &nbsp;&nbsp; $(175403) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Capital, Inc | 1229793 | &nbsp;&nbsp; (171194) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1058599 |
| BNP Paribas | 20424 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20424 |
| Citibank, National Association | 1177888 | &nbsp;&nbsp; (768767) | &nbsp;&nbsp; — | &nbsp;&nbsp; 409121 |
| Goldman Sachs & Co LLC | 839164 | &nbsp;&nbsp; (839164) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Securities (USA), Inc | 659619 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 659619 |
| JPMorgan Chase Bank, National Association | 33261850 | &nbsp;&nbsp; (276339) | &nbsp;&nbsp; (32985511) | &nbsp;&nbsp; — |
| Morgan Stanley & Co International PLC | 483291 | &nbsp;&nbsp; (483291) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank and Trust Company | 2347350 | &nbsp;&nbsp; (147151) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2200199 |
| Total | $40194782 | &nbsp;&nbsp; $(2861309) | &nbsp;&nbsp; $(32985511) | &nbsp;&nbsp; $4347962 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Liabilities*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| Bank of America, National Association | $2126886 | &nbsp;&nbsp; $(175403) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1951483 |
| Barclays Capital, Inc | 171194 | &nbsp;&nbsp; (171194) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank, National Association | 768767 | &nbsp;&nbsp; (768767) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co LLC | 9353659 | &nbsp;&nbsp; (839164) | &nbsp;&nbsp; (7000000) | &nbsp;&nbsp; 1514495 |
| JPMorgan Chase Bank, National Association | 398368 | &nbsp;&nbsp; (276339) | &nbsp;&nbsp; — | &nbsp;&nbsp; 122029 |
| Morgan Stanley & Co International PLC | 22787341 | &nbsp;&nbsp; (483291) | &nbsp;&nbsp; (17048794) | &nbsp;&nbsp; 5255256 |
| State Street Bank and Trust Company | 147151 | &nbsp;&nbsp; (147151) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | $35753366 | &nbsp;&nbsp; $(2861309) | &nbsp;&nbsp; $(24048794) | &nbsp;&nbsp; $8843263 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the amount of assets or liabilities that could be offset with the same
 counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Collateral pledged is limited to the net outstanding amount due to/from an individual
 counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Triton Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CVR | Contingent Value Right |
| 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 March 31, 2026. |
| Loaned security; a portion of the security is on loan at March 31, 2026. |
| &nbsp;&nbsp; Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended March 31, 2026 is <br> $56,122,170, which represents 1.1% of net assets.<br>|
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
| Schedule of Restricted Securities (as of March 31, 2026) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Acquisition* <br>*Date*<br>| *Cost* | *Value* | &nbsp;&nbsp; *Value as a* <br>*% of Net* <br>*Assets*<br>|
| CesiumAstro Inc - Series C | 1/30/26 | &nbsp;&nbsp; $15600955 | $15600956 | &nbsp;&nbsp;&nbsp;&nbsp; 0.3<br> %<br>|
| IntelyCare Inc | 3/29/22 | &nbsp;&nbsp; 25081954 | 1341385 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Kardium Inc - Series 8 Class D Preferred shares | 6/6/25 | &nbsp;&nbsp; 10776009 | 15394322 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Loadsmart Inc - Series A | 1/4/22 | &nbsp;&nbsp; 7168757 | 5195462 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Loadsmart Inc - Series D | 1/4/22 | &nbsp;&nbsp; 21506260 | 14807060 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Total |  | &nbsp;&nbsp; $80133935 | $52339185 | &nbsp;&nbsp; 1.0% |

---

The Fund has registration rights for certain restricted securities held as of March 31, 2026. The issuer incurs all registration costs.

8 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial

instruments as of March 31, 2026. 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* |  |  |  |
| Food Products | $- | &nbsp;&nbsp; $35159363 | &nbsp;&nbsp; $- |
| Life Sciences Tools & Services | 26655518 | &nbsp;&nbsp; 542543 | &nbsp;&nbsp; - |
| All Other | 5039536407 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Private Placements* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 52339185 |
| *Rights* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3782985 |
| *Investment Companies* | - | &nbsp;&nbsp; 32821501 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 35429933 | &nbsp;&nbsp; - |
| Total Investments in Securities | $5066191925 | &nbsp;&nbsp; $103953340 | &nbsp;&nbsp; $56122170 |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | - | &nbsp;&nbsp; 7209271 | &nbsp;&nbsp; - |
| **Total Assets** | $5066191925 | &nbsp;&nbsp; $111162611 | &nbsp;&nbsp; $56122170 |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | $- | &nbsp;&nbsp; $4013484 | &nbsp;&nbsp; $- |
| *OTC Options Written, at Value* | - | &nbsp;&nbsp; 31739882 | &nbsp;&nbsp; - |
| **Total Liabilities** | $- | &nbsp;&nbsp; $35753366 | &nbsp;&nbsp; $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Other financial instruments may include forward foreign currency exchange contracts,
 futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and centrally
 cleared swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the
 contract's value from trade date. Written options, written swaptions, and OTC swaps are reported at their market value at measurement date.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Level 3 Valuation Reconciliation of Assets (for the period ended March 31, 2026)** | **Level 3 Valuation Reconciliation of Assets (for the period ended March 31, 2026)** | **Level 3 Valuation Reconciliation of Assets (for the period ended March 31, 2026)** | **Level 3 Valuation Reconciliation of Assets (for the period ended March 31, 2026)** | **Level 3 Valuation Reconciliation of Assets (for the period ended March 31, 2026)** | **Level 3 Valuation Reconciliation of Assets (for the period ended March 31, 2026)** | **Level 3 Valuation Reconciliation of Assets (for the period ended March 31, 2026)** | **Level 3 Valuation Reconciliation of Assets (for the period ended March 31, 2026)** |
|  | **Balance** <br>**as of** <br>**September 30,** <br>**2025**<br>| **Realized** <br>**Gain/(Loss)**<br>| **Change In** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation**<sup>(a)</sup> <br>| **Gross** <br>**Purchases**<br>| **Gross** <br>**Sales**<br>| **Transfers In** <br>**and/or** <br>**Out of Level 3**<br>| **Balance** <br>**as of** <br>**March 31, 2026**<sup>(b)</sup> <br>|
| **Investment in Securities:** |  |  |  |  |  |  |  |
| *Private Placements* |  |  |  |  |  |  |  |
|  | $35484200 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1254030 | &nbsp;&nbsp; $15600955 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $52339185 |
| *Rights* |  |  |  |  |  |  |  |
|  | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3549864 | &nbsp;&nbsp; 233121 <br><sup>(c)</sup><br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3782985 |
| Total | $35484200 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4803894 | &nbsp;&nbsp; $15834076 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $56122170 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Included in "Change in unrealized net appreciation/depreciation of investments, foreign
 currency translations and non-interested Trustees' deferred compensation" on the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The change in unrealized appreciation/depreciation for Level 3 securities held at
 March 31, 2026 is $4,803,894.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion is the result of a corporate action.

Janus Investment Fund \| 9

------

**Janus Henderson Triton Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $3,071,493,597)<sup>(1)</sup> <br>| $5135950526 |
| Affiliated investments, at value (cost $96,840,899) | 90316909 |
| Deposits with brokers for OTC derivatives | 24048794 |
| Forward foreign currency exchange contracts | 7209271 |
| Trustees' deferred compensation | 163653 |
| Receivables: |  |
| Fund shares sold | 1919361 |
| Dividends | 1453595 |
| Foreign tax reclaims | 201263 |
| Dividends from affiliates | 78327 |
| Other assets | 106940 |
| Total Assets | 5261448639 |
| Liabilities: |  |
| Due to custodian | 1755 |
| Collateral for securities loaned (Note 3) | 35429933 |
| Forward foreign currency exchange contracts | 4013484 |
| OTC options written, at value (premiums received $53,488,723) | 31739882 |
| Payables: |  |
| Fund shares repurchased | 6565726 |
| Advisory fees | 2879599 |
| Transfer agent fees and expenses | 619444 |
| Trustees' deferred compensation fees | 163653 |
| 12b-1 Distribution and shareholder servicing fees | 160161 |
| Professional fees | 49294 |
| Trustees' fees and expenses | 29084 |
| Affiliated fund administration fees payable | 11248 |
| Custodian fees | 4361 |
| Accrued expenses and other payables | 231954 |
| Total Liabilities | 81899578 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $5179549061 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

10 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $2761566412 |
| Total distributable earnings (loss) | 2417982649 |
| Total Net Assets | $5179549061 |
| Net Assets - Class A Shares | $212128484 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 8832852 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $24.02 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $25.49 |
| Net Assets - Class C Shares | $7391420 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 383808 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $19.26 |
| Net Assets - Class D Shares | $837750434 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 32199727 |
| Net Asset Value Per Share | $26.02 |
| Net Assets - Class I Shares | $573356140 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 21698008 |
| Net Asset Value Per Share | $26.42 |
| Net Assets - Class N Shares | $2129471076 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 79120192 |
| Net Asset Value Per Share | $26.91 |
| Net Assets - Class R Shares | $160323575 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 7320647 |
| Net Asset Value Per Share | $21.90 |
| Net Assets - Class S Shares | $172721271 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 7359284 |
| Net Asset Value Per Share | $23.47 |
| Net Assets - Class T Shares | $1086406661 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 42885499 |
| Net Asset Value Per Share | $25.33 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $32,985,511 of securities on loan. See Note 3 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Triton Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $12900102 |
| Dividends from affiliates | 882211 |
| Affiliated securities lending income, net | 229301 |
| Unaffiliated securities lending income, net | 61791 |
| Other income | 2731 |
| Foreign tax withheld | (201791) |
| Total Investment Income | 13874345 |
| Expenses: |  |
| Advisory fees | 17752068 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 284602 |
| Class C Shares | 37126 |
| Class R Shares | 427393 |
| Class S Shares | 234533 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 472381 |
| Class R Shares | 214931 |
| Class S Shares | 234879 |
| Class T Shares | 1463875 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 448651 |
| Class C Shares | 2453 |
| Class I Shares | 348493 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 7170 |
| Class C Shares | 239 |
| Class D Shares | 43904 |
| Class I Shares | 10361 |
| Class N Shares | 64086 |
| Class R Shares | 1103 |
| Class S Shares | 1135 |
| Class T Shares | 4925 |
| Shareholder reports expense | 100998 |
| Registration fees | 88101 |
| Custodian fees | 82002 |
| Affiliated fund administration fees | 69344 |
| Trustees' fees and expenses | 63326 |
| Professional fees | 47103 |
| Other expenses | 196683 |
| Total Expenses | 22701865 |
| Less: Excess Expense Reimbursement and Waivers | (261992) |
| Net Expenses | 22439873 |
| Net Investment Income/(Loss) | (8565528) |

---

See Notes to Financial Statements.

12 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | $519850586 |
| Investments in affiliates | (2136806) |
| Forward foreign currency exchange contracts | 18259 |
| Written options contracts | (34923720) |
| Total Net Realized Gain/(Loss) on Investments | 482808319 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (299422810) |
| Investments in affiliates | (5310797) |
| Purchased options contracts | (547237) |
| Forward foreign currency exchange contracts | 1965278 |
| Written options contracts | 24618273 |
| Total Change in Unrealized Net Appreciation/Depreciation | (278697293) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $195545498 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Triton Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*March 31, 2026* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $(8565528) | &nbsp;&nbsp; $(11026806) |
| Net realized gain/(loss) on investments | 482808319 | &nbsp;&nbsp; 517361872 |
| Change in unrealized net appreciation/depreciation | (278697293) | &nbsp;&nbsp; (333883047) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 195545498 | &nbsp;&nbsp; 172452019 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (25136818) | &nbsp;&nbsp; (18936256) |
| Class C Shares | (1130609) | &nbsp;&nbsp; (941162) |
| Class D Shares | (89927085) | &nbsp;&nbsp; (65672106) |
| Class I Shares | (64399934) | &nbsp;&nbsp; (62330231) |
| Class N Shares | (226097685) | &nbsp;&nbsp; (168090876) |
| Class R Shares | (20650604) | &nbsp;&nbsp; (14987575) |
| Class S Shares | (21289702) | &nbsp;&nbsp; (16264522) |
| Class T Shares | (124475013) | &nbsp;&nbsp; (104456341) |
| Net Decrease from Dividends and Distributions to Shareholders | (573107450) | &nbsp;&nbsp; (451679069) |
| Capital Share Transactions: |  |  |
| Class A Shares | 1194776 | &nbsp;&nbsp; (21697914) |
| Class C Shares | (90257) | &nbsp;&nbsp; (1845178) |
| Class D Shares | 23024224 | &nbsp;&nbsp; (43192909) |
| Class I Shares | (53769322) | &nbsp;&nbsp; (237907816) |
| Class N Shares | 5117907 | &nbsp;&nbsp; (165422595) |
| Class R Shares | 2580534 | &nbsp;&nbsp; (17828436) |
| Class S Shares | (1748137) | &nbsp;&nbsp; (22981171) |
| Class T Shares | (31771983) | &nbsp;&nbsp; (258234026) |
| Net Increase/(Decrease) from Capital Share Transactions | (55462258) | &nbsp;&nbsp; (769110045) |
| Net Increase/(Decrease) in Net Assets | (433024210) | &nbsp;&nbsp; (1048337095) |
| Net Assets: |  |  |
| Beginning of period | 5612573271 | &nbsp;&nbsp; 6660910366 |
| End of period | $5179549061 | &nbsp;&nbsp; $5612573271 |

---

See Notes to Financial Statements.

14 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $26.09 | &nbsp;&nbsp; $27.25 | &nbsp;&nbsp; $23.95 | &nbsp;&nbsp; $23.01 | &nbsp;&nbsp; $38.38 | &nbsp;&nbsp; $30.01 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.08) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.26) |
| Net realized and unrealized gain/(loss) | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp; (8.25) | &nbsp;&nbsp;&nbsp;&nbsp;10.22 |
| Total from Investment Operations | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp; (8.44) | &nbsp;&nbsp;&nbsp;&nbsp;9.96 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.96) | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Total Dividends and Distributions | (2.96) | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Net Asset Value, End of Period | $24.02 | &nbsp;&nbsp; $26.09 | &nbsp;&nbsp; $27.25 | &nbsp;&nbsp; $23.95 | &nbsp;&nbsp; $23.01 | &nbsp;&nbsp; $38.38 |
| Total Return<sup>\*</sup> <br>| 3.16% | &nbsp;&nbsp; 3.04% | &nbsp;&nbsp; 23.06% | &nbsp;&nbsp; 11.02% | &nbsp;&nbsp; (26.63)% | &nbsp;&nbsp; 33.41% |
| Net Assets, End of Period (in thousands) | $212128 | &nbsp;&nbsp; $228373 | &nbsp;&nbsp; $262815 | &nbsp;&nbsp; $265744 | &nbsp;&nbsp; $277727 | &nbsp;&nbsp; $467269 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.31% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.33% | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.29% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.12% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.10% |
| Ratio of Net Investment Income/(Loss) | (0.62)% | &nbsp;&nbsp; (0.49)% | &nbsp;&nbsp; (0.44)% | &nbsp;&nbsp; (0.38)% | &nbsp;&nbsp; (0.65)% | &nbsp;&nbsp; (0.69)% |
| Portfolio Turnover Rate | 18% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 24% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Triton Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $21.53 | &nbsp;&nbsp; $22.95 | &nbsp;&nbsp; $20.56 | &nbsp;&nbsp; $20.05 | &nbsp;&nbsp; $34.49 | &nbsp;&nbsp; $27.23 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.12) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.42) |
| Net realized and unrealized gain/(loss) | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp; (7.20) | &nbsp;&nbsp;&nbsp;&nbsp;9.27 |
| Total from Investment Operations | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp; (7.51) | &nbsp;&nbsp;&nbsp;&nbsp;8.85 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.96) | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Total Dividends and Distributions | (2.96) | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Net Asset Value, End of Period | $19.26 | &nbsp;&nbsp; $21.53 | &nbsp;&nbsp; $22.95 | &nbsp;&nbsp; $20.56 | &nbsp;&nbsp; $20.05 | &nbsp;&nbsp; $34.49 |
| Total Return<sup>\*</sup> <br>| 2.87% | &nbsp;&nbsp; 2.44% | &nbsp;&nbsp; 22.39% | &nbsp;&nbsp; 10.47% | &nbsp;&nbsp; (26.99)% | &nbsp;&nbsp; 32.72% |
| Net Assets, End of Period (in thousands) | $7391 | &nbsp;&nbsp; $8338 | &nbsp;&nbsp; $10995 | &nbsp;&nbsp; $11573 | &nbsp;&nbsp; $18940 | &nbsp;&nbsp; $49738 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.67% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.65% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.67% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.68% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 1.65% |
| Ratio of Net Investment Income/(Loss) | (1.17)% | &nbsp;&nbsp; (1.06)% | &nbsp;&nbsp; (1.02)% | &nbsp;&nbsp; (0.86)% | &nbsp;&nbsp; (1.15)% | &nbsp;&nbsp; (1.25)% |
| Portfolio Turnover Rate | 18% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 24% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

16 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $27.99 | &nbsp;&nbsp; $29.00 | &nbsp;&nbsp; $25.30 | &nbsp;&nbsp; $24.15 | &nbsp;&nbsp; $39.82 | &nbsp;&nbsp; $30.99 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.04) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.14) |
| Net realized and unrealized gain/(loss) | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp; (8.64) | &nbsp;&nbsp;&nbsp;&nbsp;10.56 |
| Total from Investment Operations | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp; (8.74) | &nbsp;&nbsp;&nbsp;&nbsp;10.42 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.96) | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Total Dividends and Distributions | (2.96) | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Net Asset Value, End of Period | $26.02 | &nbsp;&nbsp; $27.99 | &nbsp;&nbsp; $29.00 | &nbsp;&nbsp; $25.30 | &nbsp;&nbsp; $24.15 | &nbsp;&nbsp; $39.82 |
| Total Return<sup>\*</sup> <br>| 3.31% | &nbsp;&nbsp; 3.39% | &nbsp;&nbsp; 23.44% | &nbsp;&nbsp; 11.39% | &nbsp;&nbsp; (26.39)% | &nbsp;&nbsp; 33.85% |
| Net Assets, End of Period (in thousands) | $837750 | &nbsp;&nbsp; $874789 | &nbsp;&nbsp; $956214 | &nbsp;&nbsp; $890168 | &nbsp;&nbsp; $864531 | &nbsp;&nbsp; $1289904 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% |
| Ratio of Net Investment Income/(Loss) | (0.29)% | &nbsp;&nbsp; (0.16)% | &nbsp;&nbsp; (0.13)% | &nbsp;&nbsp; (0.06)% | &nbsp;&nbsp; (0.32)% | &nbsp;&nbsp; (0.37)% |
| Portfolio Turnover Rate | 18% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 24% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 17

------

**Janus Henderson Triton Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $28.38 | &nbsp;&nbsp; $29.38 | &nbsp;&nbsp; $25.60 | &nbsp;&nbsp; $24.41 | &nbsp;&nbsp; $40.17 | &nbsp;&nbsp; $31.24 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.04) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.13) |
| Net realized and unrealized gain/(loss) | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp; (8.74) | &nbsp;&nbsp;&nbsp;&nbsp;10.65 |
| Total from Investment Operations | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp; (8.83) | &nbsp;&nbsp;&nbsp;&nbsp;10.52 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.96) | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Total Dividends and Distributions | (2.96) | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Net Asset Value, End of Period | $26.42 | &nbsp;&nbsp; $28.38 | &nbsp;&nbsp; $29.38 | &nbsp;&nbsp; $25.60 | &nbsp;&nbsp; $24.41 | &nbsp;&nbsp; $40.17 |
| Total Return<sup>\*</sup> <br>| 3.30% | &nbsp;&nbsp; 3.38% | &nbsp;&nbsp; 23.48% | &nbsp;&nbsp; 11.43% | &nbsp;&nbsp; (26.38)% | &nbsp;&nbsp; 33.90% |
| Net Assets, End of Period (in thousands) | $573356 | &nbsp;&nbsp; $667899 | &nbsp;&nbsp; $945249 | &nbsp;&nbsp; $957122 | &nbsp;&nbsp; $1154792 | &nbsp;&nbsp; $2082427 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.78% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.78% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Investment Income/(Loss) | (0.28)% | &nbsp;&nbsp; (0.15)% | &nbsp;&nbsp; (0.11)% | &nbsp;&nbsp; (0.04)% | &nbsp;&nbsp; (0.30)% | &nbsp;&nbsp; (0.34)% |
| Portfolio Turnover Rate | 18% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 24% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

18 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $28.84 | &nbsp;&nbsp; $29.79 | &nbsp;&nbsp; $25.90 | &nbsp;&nbsp; $24.66 | &nbsp;&nbsp; $40.48 | &nbsp;&nbsp; $31.44 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.02) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.10) |
| Net realized and unrealized gain/(loss) | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp; (8.83) | &nbsp;&nbsp;&nbsp;&nbsp;10.73 |
| Total from Investment Operations | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp; (8.89) | &nbsp;&nbsp;&nbsp;&nbsp;10.63 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.96) | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Total Dividends and Distributions | (2.96) | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Net Asset Value, End of Period | $26.91 | &nbsp;&nbsp; $28.84 | &nbsp;&nbsp; $29.79 | &nbsp;&nbsp; $25.90 | &nbsp;&nbsp; $24.66 | &nbsp;&nbsp; $40.48 |
| Total Return<sup>\*</sup> <br>| 3.36% | &nbsp;&nbsp; 3.51% | &nbsp;&nbsp; 23.63% | &nbsp;&nbsp; 11.52% | &nbsp;&nbsp; (26.32)% | &nbsp;&nbsp; 34.04% |
| Net Assets, End of Period (in thousands) | $2129471 | &nbsp;&nbsp; $2270151 | &nbsp;&nbsp; $2532656 | &nbsp;&nbsp; $2408276 | &nbsp;&nbsp; $2485743 | &nbsp;&nbsp; $4412467 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 0.66% |
| Ratio of Net Investment Income/(Loss) | (0.17)% | &nbsp;&nbsp; (0.04)% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; (0.20)% | &nbsp;&nbsp; (0.25)% |
| Portfolio Turnover Rate | 18% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 24% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

(2) Less than 0.005%.

See Notes to Financial Statements.

Janus Investment Fund \| 19

------

**Janus Henderson Triton Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class R Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $24.07 | &nbsp;&nbsp; $25.36 | &nbsp;&nbsp; $22.48 | &nbsp;&nbsp; $21.74 | &nbsp;&nbsp; $36.75 | &nbsp;&nbsp; $28.86 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.11) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.35) |
| Net realized and unrealized gain/(loss) | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp; (7.82) | &nbsp;&nbsp;&nbsp;&nbsp;9.83 |
| Total from Investment Operations | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp; (8.08) | &nbsp;&nbsp;&nbsp;&nbsp;9.48 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.96) | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Total Dividends and Distributions | (2.96) | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Net Asset Value, End of Period | $21.90 | &nbsp;&nbsp; $24.07 | &nbsp;&nbsp; $25.36 | &nbsp;&nbsp; $22.48 | &nbsp;&nbsp; $21.74 | &nbsp;&nbsp; $36.75 |
| Total Return<sup>\*</sup> <br>| 2.99% | &nbsp;&nbsp; 2.73% | &nbsp;&nbsp; 22.68% | &nbsp;&nbsp; 10.73% | &nbsp;&nbsp; (26.87)% | &nbsp;&nbsp; 33.06% |
| Net Assets, End of Period (in thousands) | $160324 | &nbsp;&nbsp; $172817 | &nbsp;&nbsp; $200900 | &nbsp;&nbsp; $188079 | &nbsp;&nbsp; $188832 | &nbsp;&nbsp; $293567 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.40% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.40% |
| Ratio of Net Investment Income/(Loss) | (0.91)% | &nbsp;&nbsp; (0.78)% | &nbsp;&nbsp; (0.74)% | &nbsp;&nbsp; (0.67)% | &nbsp;&nbsp; (0.94)% | &nbsp;&nbsp; (0.99)% |
| Portfolio Turnover Rate | 18% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 24% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

20 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $25.57 | &nbsp;&nbsp; $26.75 | &nbsp;&nbsp; $23.56 | &nbsp;&nbsp; $22.67 | &nbsp;&nbsp; $37.93 | &nbsp;&nbsp; $29.68 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.08) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.28) |
| Net realized and unrealized gain/(loss) | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp; (8.12) | &nbsp;&nbsp;&nbsp;&nbsp;10.12 |
| Total from Investment Operations | 0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp; (8.33) | &nbsp;&nbsp;&nbsp;&nbsp;9.84 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.96) | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Total Dividends and Distributions | (2.96) | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Net Asset Value, End of Period | $23.47 | &nbsp;&nbsp; $25.57 | &nbsp;&nbsp; $26.75 | &nbsp;&nbsp; $23.56 | &nbsp;&nbsp; $22.67 | &nbsp;&nbsp; $37.93 |
| Total Return<sup>\*</sup> <br>| 3.10% | &nbsp;&nbsp; 3.02% | &nbsp;&nbsp; 22.97% | &nbsp;&nbsp; 10.97% | &nbsp;&nbsp; (26.66)% | &nbsp;&nbsp; 33.37% |
| Net Assets, End of Period (in thousands) | $172721 | &nbsp;&nbsp; $189269 | &nbsp;&nbsp; $223164 | &nbsp;&nbsp; $225745 | &nbsp;&nbsp; $234961 | &nbsp;&nbsp; $452832 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% |
| Ratio of Net Investment Income/(Loss) | (0.66)% | &nbsp;&nbsp; (0.54)% | &nbsp;&nbsp; (0.50)% | &nbsp;&nbsp; (0.42)% | &nbsp;&nbsp; (0.69)% | &nbsp;&nbsp; (0.75)% |
| Portfolio Turnover Rate | 18% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 24% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 21

------

**Janus Henderson Triton Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $27.34 | &nbsp;&nbsp; $28.41 | &nbsp;&nbsp; $24.84 | &nbsp;&nbsp; $23.76 | &nbsp;&nbsp; $39.34 | &nbsp;&nbsp; $30.67 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.05) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.19) |
| Net realized and unrealized gain/(loss) | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp; (8.52) | &nbsp;&nbsp;&nbsp;&nbsp;10.45 |
| Total from Investment Operations | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;5.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp;&nbsp;&nbsp;10.26 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (2.96) | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Total Dividends and Distributions | (2.96) | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (6.93) | &nbsp;&nbsp; (1.59) |
| Net Asset Value, End of Period | $25.33 | &nbsp;&nbsp; $27.34 | &nbsp;&nbsp; $28.41 | &nbsp;&nbsp; $24.84 | &nbsp;&nbsp; $23.76 | &nbsp;&nbsp; $39.34 |
| Total Return<sup>\*</sup> <br>| 3.24% | &nbsp;&nbsp; 3.24% | &nbsp;&nbsp; 23.34% | &nbsp;&nbsp; 11.27% | &nbsp;&nbsp; (26.50)% | &nbsp;&nbsp; 33.67% |
| Net Assets, End of Period (in thousands) | $1086407 | &nbsp;&nbsp; $1200938 | &nbsp;&nbsp; $1528917 | &nbsp;&nbsp; $1494589 | &nbsp;&nbsp; $1592889 | &nbsp;&nbsp; $2670126 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Investment Income/(Loss) | (0.41)% | &nbsp;&nbsp; (0.28)% | &nbsp;&nbsp; (0.24)% | &nbsp;&nbsp; (0.16)% | &nbsp;&nbsp; (0.44)% | &nbsp;&nbsp; (0.49)% |
| Portfolio Turnover Rate | 18% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 8% | &nbsp;&nbsp; 24% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

22 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and Significant Accounting Policies**

Janus Henderson Triton Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 34 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks long-term growth of capital. The Fund is classified as diversified, as defined in the 1940 Act.

Janus Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of

shares. Effective July 18, 2022, the Fund reopened to all new investors.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US

GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, employer-sponsored retirement plans, and bank trust platforms.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain

retirement platforms.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement

Janus Investment Fund \| 23

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements (unaudited)**

with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an

agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended March 31, 2026. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

24 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements (unaudited)**

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available. For private placements where observable inputs are limited, assumptions about market activity and risk are used in employing valuation techniques such as the market approach, the income approach, or the cost approach, as defined under ASC 820. These are categorized as Level 3 in the hierarchy.

For significant fair value measurements categorized within Level 3 of the fair value hierarchy, the table below summarizes the valuation techniques and provides quantitative information about the significant unobservable inputs. In addition, the table provides a narrative description of the uncertainty of the fair value measurement based on the use of significant unobservable inputs that have been different, or that reasonable could have been different, at the reporting

date.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Asset* | *Fair Value at* <br>*March 31*, <br>*2026*<br>| *Valuation Technique* | *Unobservable Input* | &nbsp;&nbsp; *Input Amount or* <br>*Range*<br>| &nbsp;&nbsp; *Weighted* <br>*Average*<sup>(1)</sup> <br>| &nbsp;&nbsp; *Impact to Valuation* <br>*from an Increase in* <br>*Input*<br>|
| *Private Placements* |  |  |  |  |  |  |
|  | $15600955 | Recent Transaction | Purchase Price | $100 | $100 | Increase |
|  | $21343908 | Market Approach | Discount Rate | 0.24-4.0 | 3.76 | Decrease |
|  | $15394322 | Income Approach | Discount Rate | 12% | 12% | Decrease |
| *Rights* |  |  |  |  |  |  |
|  | $3782985 | Market Approach | Discount Rate | 0.34-4.9 | 3.71 | Increase |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Unobservable inputs were weighted by the relative fair value of securities.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

The Fund's management has determined the Fund did not hold a significant amount of Level 3 securities as of

March 31, 2026.

Janus Investment Fund \| 25

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**Janus Henderson Triton Fund**

**Notes to Financial Statements (unaudited)**

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon

the ratio of net assets represented by each class as a percentage of total net assets.

**Expenses**

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the

operations of such class.

**Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

**Indemnifications**

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material

loss from such claims is considered remote.

**Foreign Currency Translations**

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge

could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

26 \| March 31, 2026

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**Janus Henderson Triton Fund**

**Notes to Financial Statements (unaudited)**

income tax purposes.

**Income Taxes**

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change

in the next twelve months.

**2. Derivative Instruments**

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended March 31, 2026 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund's ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise

would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Commodity Risk** – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk** – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk** – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Currency Risk** – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Risk** – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Index Risk** – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

Janus Investment Fund \| 27

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**Janus Henderson Triton Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk** – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund's NAV to likewise decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Leverage Risk** – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk** – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser's needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are

dependent on the Adviser's ability to establish and maintain appropriate systems and trading.

**Forward Foreign Currency Exchange Contracts**

A forward foreign currency exchange contract ("forward currency contract") is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon

closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency

denominated securities held by the Fund.

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency

denominated securities held by the Fund.

**Options Contracts** 

An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price on or before a specified date. The purchaser pays a premium to the seller for this right. The seller has the corresponding obligation to sell or buy a financial instrument if the purchaser (owner) "exercises" the option. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of

28 \| March 31, 2026

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**Janus Henderson Triton Fund**

**Notes to Financial Statements (unaudited)**

premium received or paid. Upon expiration, or closing of the option transaction, a realized gain or loss is reported on the Statement of Operations (if applicable). The difference between the premium paid/received and the market value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported on the Statement of Operations (if applicable). Option contracts are typically valued using an approved vendor's option valuation model. To the extent reliable market quotations are available, option contracts are valued using market quotations. In cases when an approved vendor cannot provide coverage for an option and there is no reliable market quotation, a broker quotation or an internal valuation using the Black-Scholes model, the Cox-Rubinstein Binomial Option Pricing Model, or other appropriate option pricing model is used. Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as "Variation margin receivable" or "Variation margin payable" (if applicable).

The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected adverse price movements, could render the Fund's hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of

pursuing its investment objective through its investments in options contracts.

Options traded on an exchange are regulated and the terms of the options are standardized. Options traded OTC expose the Fund to counterparty risk in the event that the counterparty does not perform. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to

cover the Fund's exposure to the counterparty.

The Fund may purchase put options to hedge against a decline in the value of its portfolio. By using put options in this way, the Fund will reduce any profit it might otherwise have realized in the underlying security by the amount of the premium paid for the put option and by transaction costs. The Fund may purchase call options to hedge against an increase in the price of securities that it may buy in the future. The premium paid for the call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises sufficiently, the option may expire worthless to the Fund. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Options purchased are reported in the Schedule of

Investments (if applicable).

During the period, the Fund purchased call options on various equity securities for the purpose of increasing exposure

to individual equity risk.

There were no purchased options held at March 31, 2026.

In writing an option, the Fund bears the risk of an unfavorable change in the price of the security underlying the written option. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options written are reported as a liability on the Statement of Assets and Liabilities as "Options written, at value" (if applicable). The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the options are exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the security decreases and the options are exercised. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Exercise of an option written by the Fund could result in the Fund buying or selling a security at a price

different from the current market value.

During the period, the Fund wrote call options on various equity securities for the purpose of decreasing exposure to

individual equity risk and/or generating income.

**3. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market

Janus Investment Fund \| 29

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**Janus Henderson Triton Fund**

**Notes to Financial Statements (unaudited)**

favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**Restricted Security Transactions**

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets

exist.

**Counterparties**

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have

greater exposure to the risks associated with one or more counterparties.

**Securities Lending**

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in

30 \| March 31, 2026

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**Janus Henderson Triton Fund**

**Notes to Financial Statements (unaudited)**

the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of March 31, 2026, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $32,985,511. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2026 is $35,429,933, resulting in the

net amount due to the counterparty of $2,444,422.

**Offsetting Assets and Liabilities**

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment.

The Offsetting Assets and Liabilities tables located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the "Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31,

2026" table located in the Fund's Schedule of Investments.

The Fund may require the counterparty to pledge securities as collateral daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized gain on OTC derivative contracts with a particular counterparty. The Fund may deposit cash as collateral with the counterparty and/or custodian daily (based on the daily

Janus Investment Fund \| 31

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**Janus Henderson Triton Fund**

**Notes to Financial Statements (unaudited)**

valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. The collateral amounts are subject to minimum exposure requirements and initial margin requirements. Collateral amounts are monitored and subsequently adjusted up or down as valuations fluctuate by at

least the minimum exposure requirement. Collateral may reduce the risk of loss.

The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to these contracts. Certain securities may be segregated at the Fund's custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund's corresponding forward foreign currency

exchange contract's obligation value.

**4. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund's

contractual investment advisory fee rate (expressed as an annual rate) is 0.64% of its average daily net assets.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.86% for at least a one-year period commencing on January 28, 2026. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess

Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $215,106 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2026. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the

Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net

assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds* | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion — $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.11%.

32 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements (unaudited)**

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class R Shares, Class S Shares, and Class T Shares for providing or procuring administrative services to investors in Class R Shares, Class S Shares, and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R

Shares, Class S Shares, and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, up to 0.50% for Class R Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder

servicing fees" on the Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2026, the Distributor retained

upfront sales charges of $642.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class A Shares paid CDSCs of $363 to Janus Henderson

Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class C Shares

paid CDSCs of $19.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus

Janus Investment Fund \| 33

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements (unaudited)**

Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2026 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2026 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $37,088 were paid by the Trust to the Trustees under the

Deferred Plan during the period ended March 31, 2026.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2026 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

**5. Federal Income Tax**

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal

income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2026 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>|
| $3169323154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2347326275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(290381994) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2056944281 |

---

Information on the tax components of derivatives as of March 31, 2026 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>|
| $(53488723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35660694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(10716066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24944628 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

constitute adjustments to tax basis.

34 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended March 31, 2026* | *Period ended March 31, 2026* | *Year ended September 30, 2025* | *Year ended September 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 1041073 | &nbsp;&nbsp; $26064927 | &nbsp;&nbsp; 1492895 | &nbsp;&nbsp; $37804289 |
| Reinvested dividends and distributions | 646010 | &nbsp;&nbsp; 15885381 | &nbsp;&nbsp; 463622 | &nbsp;&nbsp; 12299884 |
| Shares repurchased | (1607030) | &nbsp;&nbsp; (40755532) | &nbsp;&nbsp; (2848458) | &nbsp;&nbsp; (71802087) |
| Net Increase/(Decrease) | 80053 | &nbsp;&nbsp; $1194776 | &nbsp;&nbsp; (891941) | &nbsp;&nbsp; $(21697914) |
| Class C Shares: |  |  |  |  |
| Shares sold | 13794 | &nbsp;&nbsp; $290387 | &nbsp;&nbsp; 40438 | &nbsp;&nbsp; $851160 |
| Reinvested dividends and distributions | 55517 | &nbsp;&nbsp; 1097017 | &nbsp;&nbsp; 41174 | &nbsp;&nbsp; 905819 |
| Shares repurchased | (72723) | &nbsp;&nbsp; (1477661) | &nbsp;&nbsp; (173565) | &nbsp;&nbsp; (3602157) |
| Net Increase/(Decrease) | (3412) | &nbsp;&nbsp; $(90257) | &nbsp;&nbsp; (91953) | &nbsp;&nbsp; $(1845178) |
| Class D Shares: |  |  |  |  |
| Shares sold | 407543 | &nbsp;&nbsp; $11180245 | &nbsp;&nbsp; 846999 | &nbsp;&nbsp; $22797924 |
| Reinvested dividends and distributions | 3227352 | &nbsp;&nbsp; 85912109 | &nbsp;&nbsp; 2225516 | &nbsp;&nbsp; 63182404 |
| Shares repurchased | (2691021) | &nbsp;&nbsp; (74068130) | &nbsp;&nbsp; (4789579) | &nbsp;&nbsp; (129173237) |
| Net Increase/(Decrease) | 943874 | &nbsp;&nbsp; $23024224 | &nbsp;&nbsp; (1717064) | &nbsp;&nbsp; $(43192909) |
| Class I Shares: |  |  |  |  |
| Shares sold | 1332832 | &nbsp;&nbsp; $36839485 | &nbsp;&nbsp; 3290285 | &nbsp;&nbsp; $91290786 |
| Reinvested dividends and distributions | 2120650 | &nbsp;&nbsp; 57321171 | &nbsp;&nbsp; 1982360 | &nbsp;&nbsp; 57052318 |
| Shares repurchased | (5288400) | &nbsp;&nbsp; (147929978) | &nbsp;&nbsp; (13916425) | &nbsp;&nbsp; (386250920) |
| Net Increase/(Decrease) | (1834918) | &nbsp;&nbsp; $(53769322) | &nbsp;&nbsp; (8643780) | &nbsp;&nbsp; $(237907816) |
| Class N Shares: |  |  |  |  |
| Shares sold | 5626157 | &nbsp;&nbsp; $160136982 | &nbsp;&nbsp; 11882943 | &nbsp;&nbsp; $331634662 |
| Reinvested dividends and distributions | 7825409 | &nbsp;&nbsp; 215355266 | &nbsp;&nbsp; 5446938 | &nbsp;&nbsp; 159159535 |
| Shares repurchased | (13043159) | &nbsp;&nbsp; (370374341) | &nbsp;&nbsp; (23634246) | &nbsp;&nbsp; (656216792) |
| Net Increase/(Decrease) | 408407 | &nbsp;&nbsp; $5117907 | &nbsp;&nbsp; (6304365) | &nbsp;&nbsp; $(165422595) |
| Class R Shares: |  |  |  |  |
| Shares sold | 259061 | &nbsp;&nbsp; $6026735 | &nbsp;&nbsp; 633773 | &nbsp;&nbsp; $14945414 |
| Reinvested dividends and distributions | 904703 | &nbsp;&nbsp; 20310592 | &nbsp;&nbsp; 606752 | &nbsp;&nbsp; 14889683 |
| Shares repurchased | (1022139) | &nbsp;&nbsp; (23756793) | &nbsp;&nbsp; (1983500) | &nbsp;&nbsp; (47663533) |
| Net Increase/(Decrease) | 141625 | &nbsp;&nbsp; $2580534 | &nbsp;&nbsp; (742975) | &nbsp;&nbsp; $(17828436) |
| Class S Shares: |  |  |  |  |
| Shares sold | 291860 | &nbsp;&nbsp; $7246548 | &nbsp;&nbsp; 779005 | &nbsp;&nbsp; $19391256 |
| Reinvested dividends and distributions | 884397 | &nbsp;&nbsp; 21260898 | &nbsp;&nbsp; 613516 | &nbsp;&nbsp; 15957546 |
| Shares repurchased | (1219727) | &nbsp;&nbsp; (30255583) | &nbsp;&nbsp; (2331607) | &nbsp;&nbsp; (58329973) |
| Net Increase/(Decrease) | (43470) | &nbsp;&nbsp; $(1748137) | &nbsp;&nbsp; (939086) | &nbsp;&nbsp; $(22981171) |
| Class T Shares: |  |  |  |  |
| Shares sold | 1428811 | &nbsp;&nbsp; $37990976 | &nbsp;&nbsp; 3239951 | &nbsp;&nbsp; $85678536 |
| Reinvested dividends and distributions | 4708384 | &nbsp;&nbsp; 122088409 | &nbsp;&nbsp; 3702948 | &nbsp;&nbsp; 102793847 |
| Shares repurchased | (7176167) | &nbsp;&nbsp; (191851368) | &nbsp;&nbsp; (16843881) | &nbsp;&nbsp; (446706409) |
| Net Increase/(Decrease) | (1038972) | &nbsp;&nbsp; $(31771983) | &nbsp;&nbsp; (9900982) | &nbsp;&nbsp; $(258234026) |

---

**7. Purchases and Sales of Investment Securities**

For the period ended March 31, 2026, 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>|
| $995444873 | &nbsp;&nbsp;&nbsp;&nbsp; $1672069997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

Janus Investment Fund \| 35

------

**Janus Henderson Triton Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, and client consents. The

shareholders of Janus Henderson Group, plc approved the acquisition on April 16, 2026.

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2026 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements.

36 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analyses provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

Janus Investment Fund \| 37

------

**Janus Henderson Triton Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract and retain well-qualified personnel.

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

38 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund \| 39

------

**Janus Henderson Triton Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

40 \| March 31, 2026

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**Janus Henderson Triton Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

Janus Investment Fund \| 41

------

**Janus Henderson Triton Fund**

**Additional Information (unaudited)**

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as identified by Broadridge using Morningstar category schema. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance or service being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, recent fee reductions, investment structure changes, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

42 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 43

------

**Janus Henderson Triton Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

44 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 45

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**Janus Henderson Triton Fund**

**Additional Information (unaudited)**

other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They

46 \| March 31, 2026

------

**Janus Henderson Triton Fund**

**Additional Information (unaudited)**

concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 47

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**Janus Henderson Triton Fund**

**Notes**

48 \| March 31, 2026

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**Janus Henderson Triton Fund**

**Notes**

Janus Investment Fund \| 49

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*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93054 05-26

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SEMIANNUAL FINANCIAL STATEMENTS

March 31, 2026

**Janus Henderson U.S. Dividend Income Fund**

Janus Investment Fund

![](imga02bc4ca1.gif)

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**Table of Contents**

**Janus Henderson U.S. Dividend Income Fund** 

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| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_301da37a-e79b-4fa2-ad03-cd3e17568350_SOI-SOI-RunningFooter-30_1)<br> [Management Investment Companies](#xx_301da37a-e79b-4fa2-ad03-cd3e17568350_SOI-SOI-RunningFooter-30_1)<br>|  |
| [Schedule of Investments](#xx_301da37a-e79b-4fa2-ad03-cd3e17568350_SOI-SOI-RunningFooter-30_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_301da37a-e79b-4fa2-ad03-cd3e17568350_SOI-SOI-RunningFooter-30_4) | 4 |
| [Statement of Assets and Liabilities](#xx_301da37a-e79b-4fa2-ad03-cd3e17568350_SAL-SAL-RunningFooter-30_1) | 5 |
| [Statement of Operations](#xx_301da37a-e79b-4fa2-ad03-cd3e17568350_SOP-SOP-RunningFooter-30_1) | 6 |
| [Statements of Changes in Net Assets](#xx_301da37a-e79b-4fa2-ad03-cd3e17568350_SOC-SOC-RunningFooter-30_1) | 7 |
| [Financial Highlights](#xx_301da37a-e79b-4fa2-ad03-cd3e17568350_FIHI-FIHI-RunningFooter-30_1) | 8 |
| [Notes to Financial Statements](#xx_301da37a-e79b-4fa2-ad03-cd3e17568350_NTF-NTF-RunningFooter-30_1) | 11 |
| [Items 8-11 - Additional Information](#xx_301da37a-e79b-4fa2-ad03-cd3e17568350_AI-AI-RunningFooter-30_1) | 19 |

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**Janus Henderson U.S. Dividend Income Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

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| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – 99.9% |  |  |
| Aerospace & Defense – 3.6% |  |  |
| Lockheed Martin Corp | 1234 | $745818 |
| Raytheon Technologies Corp | 7218 | 1392352 |
|  |  | 2138170 |
| Airlines – 1.3% |  |  |
| Delta Air Lines Inc | 11603 | 771367 |
| Banks – 6.3% |  |  |
| JPMorgan Chase & Co | 8847 | 2602433 |
| PNC Financial Services Group Inc/The | 5731 | 1192564 |
|  |  | 3794997 |
| Beverages – 2.2% |  |  |
| Coca-Cola Co | 17212 | 1308973 |
| Biotechnology – 2.5% |  |  |
| AbbVie Inc | 3759 | 817545 |
| Amgen Inc | 1928 | 678367 |
|  |  | 1495912 |
| Building Products – 1.3% |  |  |
| Trane Technologies PLC | 1804 | 751799 |
| Capital Markets – 8.4% |  |  |
| CME Group Inc | 3934 | 1161907 |
| Goldman Sachs Group Inc | 1626 | 1375580 |
| Intercontinental Exchange Inc | 7120 | 1119833 |
| Morgan Stanley | 8338 | 1372185 |
|  |  | 5029505 |
| Chemicals – 1.1% |  |  |
| Ecolab Inc | 2498 | 664518 |
| Communications Equipment – 2.4% |  |  |
| Cisco Systems Inc | 18460 | 1432311 |
| Consumer Finance – 1.9% |  |  |
| American Express Co | 3805 | 1150936 |
| Diversified Financial Services – 1.0% |  |  |
| Visa Inc | 2060 | 622614 |
| Diversified Telecommunication Services – 2.7% |  |  |
| Verizon Communications Inc | 32001 | 1606450 |
| Electric Utilities – 2.5% |  |  |
| American Electric Power Co Inc | 4905 | 642947 |
| Duke Energy Corp | 6452 | 844825 |
|  |  | 1487772 |
| Electrical Equipment – 3.5% |  |  |
| Eaton Corp PLC | 3190 | 1140967 |
| Emerson Electric Co | 7520 | 985271 |
|  |  | 2126238 |
| Electronic Equipment, Instruments & Components – 1.3% |  |  |
| Amphenol Corp | 6312 | 797521 |
| Entertainment – 2.2% |  |  |
| Walt Disney Co/The | 13503 | 1301419 |
| Health Care Equipment & Supplies – 3.2% |  |  |
| Abbott Laboratories | 10139 | 1040971 |
| Medtronic PLC | 10157 | 880104 |
|  |  | 1921075 |
| Health Care Providers & Services – 1.9% |  |  |
| CVS Health Corp | 8116 | 582891 |
| HCA Healthcare Inc | 1124 | 531922 |
|  |  | 1114813 |
| Hotels, Restaurants & Leisure – 3.6% |  |  |
| Marriott International Inc/MD - Class A | 2204 | 720862 |
| McDonald's Corp | 2309 | 717614 |
| Royal Caribbean Cruises Ltd | 2535 | 697582 |
|  |  | 2136058 |
| Household Durables – 1.2% |  |  |
| Garmin Ltd | 3188 | 739648 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

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**Janus Henderson U.S. Dividend Income Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

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| | | |
|:---|:---|:---|
|  | *Shares* | *Value* |
| Common Stocks – (continued) |  |  |
| Industrial Conglomerates – 1.4% |  |  |
| 3M Co | 5883 | $854388 |
| Insurance – 2.8% |  |  |
| Progressive Corp/The | 3951 | 783246 |
| Travelers Cos Inc | 3128 | 912375 |
|  |  | 1695621 |
| Interactive Media & Services – 4.5% |  |  |
| Alphabet Inc - Class C | 6596 | 1892129 |
| Meta Platforms Inc - Class A | 1463 | 837026 |
|  |  | 2729155 |
| Life Sciences Tools & Services – 1.4% |  |  |
| Danaher Corp | 4330 | 820968 |
| Machinery – 1.7% |  |  |
| Cummins Inc | 1904 | 1024390 |
| Metals & Mining – 1.4% |  |  |
| Freeport-McMoRan Inc | 14534 | 854309 |
| Multiline Retail – 1.1% |  |  |
| eBay Inc | 7581 | 690023 |
| Multi-Utilities – 2.5% |  |  |
| Ameren Corp | 6024 | 662158 |
| WEC Energy Group Inc | 7342 | 849983 |
|  |  | 1512141 |
| Oil, Gas & Consumable Fuels – 6.7% |  |  |
| Chevron Corp | 9878 | 2043758 |
| ConocoPhillips | 12154 | 1604328 |
| EOG Resources Inc | 2487 | 359546 |
|  |  | 4007632 |
| Pharmaceuticals – 4.6% |  |  |
| Johnson & Johnson | 8275 | 2022741 |
| Zoetis Inc | 6341 | 749570 |
|  |  | 2772311 |
| Road & Rail – 1.8% |  |  |
| Union Pacific Corp | 4547 | 1103193 |
| Semiconductor & Semiconductor Equipment – 6.3% |  |  |
| Applied Materials Inc | 4919 | 1681265 |
| Broadcom Inc | 3298 | 1020764 |
| Texas Instruments Inc | 5586 | 1084466 |
|  |  | 3786495 |
| Software – 1.4% |  |  |
| Intuit Inc | 1008 | 435839 |
| Microsoft Corp | 1084 | 401264 |
|  |  | 837103 |
| Specialty Retail – 1.3% |  |  |
| Home Depot Inc | 2443 | 803478 |
| Technology Hardware, Storage & Peripherals – 2.0% |  |  |
| Dell Technologies Inc | 3701 | 607445 |
| Seagate Technology Holdings PLC | 1517 | 594300 |
|  |  | 1201745 |
| Textiles, Apparel & Luxury Goods – 1.4% |  |  |
| NIKE Inc - Class B | 15379 | 812319 |
| Tobacco – 2.8% |  |  |
| Philip Morris International Inc | 10171 | 1681673 |
| Trading Companies & Distributors – 0.7% |  |  |
| Ferguson Enterprises Inc | 1899 | 442961 |
| Total Investments (total cost $52,234,975) – 99.9% |  | 60022001 |
| Cash, Receivables and Other Assets, net of Liabilities – 0.1% |  | 59554 |
| Net Assets – 100% |  | $60081555 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| March 31, 2026

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**Janus Henderson U.S. Dividend Income Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*3/31/26*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A | Investment Companies - N/A |
| Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A | Money Markets - N/A |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  |
|  | $250053 | $11418768 | $(11668827) | $6 | $- | $- | - | $3954 |
| 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, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  |
|  | - | 469700 | (469700) | - | - | - | - | - |
| Total Affiliated Investments - N/A | Total Affiliated Investments - N/A | Total Affiliated Investments - N/A | Total Affiliated Investments - N/A | Total Affiliated Investments - N/A | Total Affiliated Investments - N/A | Total Affiliated Investments - N/A | Total Affiliated Investments - N/A | Total Affiliated Investments - N/A |
|  | $250053 | $11888468 | $(12138527) | $6 | $- | $- | - | $3954 |

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See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

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**Janus Henderson U.S. Dividend Income Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

LLC Limited Liability Company <br> PLC Public Limited Company

ºº Rate shown is the 7-day yield as of March 31, 2026.

The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial

instruments as of March 31, 2026. 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* | $60022001 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |

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4 \| March 31, 2026

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**Janus Henderson U.S. Dividend Income Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Assets: |  |
| Investments, at value (cost $52,234,975) | $60022001 |
| Trustees' deferred compensation | 1887 |
| Receivables: |  |
| Investments sold | 235781 |
| Fund shares sold | 50590 |
| Dividends | 49472 |
| Dividends from affiliates | 1279 |
| Foreign tax reclaims | 784 |
| Other assets | 134 |
| Total Assets | 60361928 |
| Liabilities: |  |
| Due to custodian | 144670 |
| Payables: |  |
| Professional fees | 38947 |
| Advisory fees | 14155 |
| Fund shares repurchased | 12822 |
| Dividends | 10600 |
| Transfer agent fees and expenses | 5875 |
| Trustees' deferred compensation fees | 1887 |
| Custodian fees | 446 |
| Trustees' fees and expenses | 298 |
| Affiliated fund administration fees payable | 131 |
| Accrued expenses and other payables | 50542 |
| Total Liabilities | 280373 |
| Commitments and contingent liabilities (Note 3) |  |
| Net Assets | $60081555 |
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $51579125 |
| Total distributable earnings (loss) | 8502430 |
| Total Net Assets | $60081555 |
| Net Assets - Class D Shares | $44260430 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 3372448 |
| Net Asset Value Per Share | $13.12 |
| Net Assets - Class I Shares | $881112 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 67167 |
| Net Asset Value Per Share | $13.12 |
| Net Assets - Class N Shares | $14940013 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 1140084 |
| Net Asset Value Per Share | $13.10 |

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See Notes to Financial Statements.

Janus Investment Fund \| 5

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**Janus Henderson U.S. Dividend Income Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $705902 |
| Dividends from affiliates | 3954 |
| Other income | 27 |
| Foreign withholding tax income | 784 |
| Total Investment Income | 710667 |
| Expenses: |  |
| Advisory fees | 180410 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 21674 |
| Transfer agent networking and omnibus fees: |  |
| Class I Shares | 112 |
| Other transfer agent fees and expenses: |  |
| Class D Shares | 4583 |
| Class I Shares | 19 |
| Class N Shares | 706 |
| Registration fees | 51161 |
| Non-affiliated fund administration fees | 42761 |
| Professional fees | 27488 |
| Custodian fees | 8346 |
| Shareholder reports expense | 6489 |
| Affiliated fund administration fees | 752 |
| Trustees' fees and expenses | 731 |
| Other expenses | 6976 |
| Total Expenses | 352208 |
| Less: Excess Expense Reimbursement and Waivers | (120650) |
| Net Expenses | 231558 |
| Net Investment Income/(Loss) | 479109 |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments | 1307040 |
| Investments in affiliates | 6 |
| Total Net Realized Gain/(Loss) on Investments | 1307046 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments and Trustees' deferred compensation | (248198) |
| Total Change in Unrealized Net Appreciation/Depreciation | (248198) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $1537957 |

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See Notes to Financial Statements.

6 \| March 31, 2026

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**Janus Henderson U.S. Dividend Income Fund**

**Statements of Changes in Net Assets**

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| | | |
|:---|:---|:---|
|  | *Period ended* <br>*March 31, 2026* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $479109 | &nbsp;&nbsp; $542961 |
| Net realized gain/(loss) on investments | 1307046 | &nbsp;&nbsp; 1049850 |
| Change in unrealized net appreciation/depreciation | (248198) | &nbsp;&nbsp; 4614646 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 1537957 | &nbsp;&nbsp; 6207457 |
| Dividends and Distributions to Shareholders: |  |  |
| Class D Shares | (1097870) | &nbsp;&nbsp; (811206) |
| Class I Shares | (15054) | &nbsp;&nbsp; (18150) |
| Class N Shares | (542624) | &nbsp;&nbsp; (413343) |
| Net Decrease from Dividends and Distributions to Shareholders | (1655548) | &nbsp;&nbsp; (1242699) |
| Capital Share Transactions: |  |  |
| Class D Shares | 9722329 | &nbsp;&nbsp; 17978378 |
| Class I Shares | 438896 | &nbsp;&nbsp; 20510 |
| Class N Shares | (4801531) | &nbsp;&nbsp; 10079079 |
| Net Increase/(Decrease) from Capital Share Transactions | 5359694 | &nbsp;&nbsp; 28077967 |
| Net Increase/(Decrease) in Net Assets | 5242103 | &nbsp;&nbsp; 33042725 |
| Net Assets: |  |  |
| Beginning of period | 54839452 | &nbsp;&nbsp; 21796727 |
| End of period | $60081555 | &nbsp;&nbsp; $54839452 |

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See Notes to Financial Statements.

Janus Investment Fund \| 7

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**Janus Henderson U.S. Dividend Income Fund**

**Financial Highlights**

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| | | | | |
|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |
| For a share outstanding during the period ended March 31, 2026 (unaudited) and the year or <br> period ended September 30<br>| 2026 | 2025 | 2024 | 2023<sup>(1)</sup> <br>|
| Net Asset Value, Beginning of Period | $13.16 | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $10.00 |
| Income/(Loss) from Investment Operations: |  |  |  |  |
| Net investment income/(loss)<sup>(2)</sup> <br>| 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain/(loss) | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp; (0.19) |
| Total from Investment Operations | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp; (0.02) |
| Less Dividends and Distributions: |  |  |  |  |
| Dividends (from net investment income) | (0.10) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.09) |
| Distributions (from capital gains) | (0.27) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.37) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.09) |
| Net Asset Value, End of Period | $13.12 | &nbsp;&nbsp; $13.16 | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $9.89 |
| Total Return<sup>\*</sup> <br>| 2.53% | &nbsp;&nbsp; 14.60% | &nbsp;&nbsp; 23.89% | &nbsp;&nbsp; (0.25)% |
| Net Assets, End of Period (in thousands) | $44260 | &nbsp;&nbsp; $34837 | &nbsp;&nbsp; $13817 | &nbsp;&nbsp; $2363 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |
| Ratio of Gross Expenses | 1.21% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 10.39% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.81% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.92% |
| Ratio of Net Investment Income/(Loss) | 1.56% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 2.11% |
| Portfolio Turnover Rate | 44% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 85% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Period from December 20, 2022 (inception date) through September 30, 2023.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

8 \| March 31, 2026

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**Janus Henderson U.S. Dividend Income Fund**

**Financial Highlights**

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| | | | | |
|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |
| For a share outstanding during the period ended March 31, 2026 (unaudited) and the year or <br> period ended September 30<br>| 2026 | 2025 | 2024 | 2023<sup>(1)</sup> <br>|
| Net Asset Value, Beginning of Period | $13.16 | &nbsp;&nbsp; $11.97 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $10.00 |
| Income/(Loss) from Investment Operations: |  |  |  |  |
| Net investment income/(loss)<sup>(2)</sup> <br>| 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain/(loss) | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp; (0.20) |
| Total from Investment Operations | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp; (0.02) |
| Less Dividends and Distributions: |  |  |  |  |
| Dividends (from net investment income) | (0.11) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.09) |
| Distributions (from capital gains) | (0.27) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.38) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.09) |
| Net Asset Value, End of Period | $13.12 | &nbsp;&nbsp; $13.16 | &nbsp;&nbsp; $11.97 | &nbsp;&nbsp; $9.89 |
| Total Return<sup>\*</sup> <br>| 2.59% | &nbsp;&nbsp; 14.79% | &nbsp;&nbsp; 23.94% | &nbsp;&nbsp; (0.19)% |
| Net Assets, End of Period (in thousands) | $881 | &nbsp;&nbsp; $450 | &nbsp;&nbsp; $396 | &nbsp;&nbsp; $200 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |
| Ratio of Gross Expenses | 1.52% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp; 2.33% | &nbsp;&nbsp; 16.44% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.72% | &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% |
| Ratio of Net Investment Income/(Loss) | 1.71% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 2.30% |
| Portfolio Turnover Rate | 44% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 85% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Period from December 20, 2022 (inception date) through September 30, 2023.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 9

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**Janus Henderson U.S. Dividend Income Fund**

**Financial Highlights**

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| | | | | |
|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |
| For a share outstanding during the period ended March 31, 2026 (unaudited) and the year or <br> period ended September 30<br>| 2026 | 2025 | 2024 | 2023<sup>(1)</sup> <br>|
| Net Asset Value, Beginning of Period | $13.14 | &nbsp;&nbsp; $11.96 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $10.00 |
| Income/(Loss) from Investment Operations: |  |  |  |  |
| Net investment income/(loss)<sup>(2)</sup> <br>| 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain/(loss) | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp; (0.20) |
| Total from Investment Operations | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp; (0.02) |
| Less Dividends and Distributions: |  |  |  |  |
| Dividends (from net investment income) | (0.11) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.09) |
| Distributions (from capital gains) | (0.27) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Total Dividends and Distributions | (0.38) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.09) |
| Net Asset Value, End of Period | $13.10 | &nbsp;&nbsp; $13.14 | &nbsp;&nbsp; $11.96 | &nbsp;&nbsp; $9.89 |
| Total Return<sup>\*</sup> <br>| 2.60% | &nbsp;&nbsp; 14.72% | &nbsp;&nbsp; 23.95% | &nbsp;&nbsp; (0.18)% |
| Net Assets, End of Period (in thousands) | $14940 | &nbsp;&nbsp; $19552 | &nbsp;&nbsp; $7584 | &nbsp;&nbsp; $16870 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |
| Ratio of Gross Expenses | 1.08% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 2.00% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 0.69% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% |
| Ratio of Net Investment Income/(Loss) | 1.67% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 2.23% |
| Portfolio Turnover Rate | 44% | &nbsp;&nbsp; 59% | &nbsp;&nbsp; 81% | &nbsp;&nbsp; 85% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Period from December 20, 2022 (inception date) through September 30, 2023.

(2) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

10 \| March 31, 2026

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and Significant Accounting Policies**

Janus Henderson U.S. Dividend Income Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 34 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks to provide current income and aims to provide a growing stream of income per share over time. The Fund's secondary objective is to seek to provide long-term capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus Henderson Investors US LLC is the investment

adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of

shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US

GAAP")).

The Fund currently offers Class D Shares. Class D Shares are available to new investors, subject to any closed fund

policies for a Fund, as applicable.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain

retirement platforms.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended March 31, 2026. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market

Janus Investment Fund \| 11

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes to Financial Statements (unaudited)**

quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of

Investments and Other Information.

12 \| March 31, 2026

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes to Financial Statements (unaudited)**

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of

net assets represented by each class as a percentage of total net assets.

**Expenses**

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the

operations of such class.

**Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

**Indemnifications**

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material

loss from such claims is considered remote.

**Dividends and Distributions**

Dividends of net investment income are generally declared and distributed quarterly, and realized capital gains (if any) are distributed annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations,

and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change

in the next twelve months.

**2. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also

Janus Investment Fund \| 13

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes to Financial Statements (unaudited)**

decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

**Counterparties**

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have

greater exposure to the risks associated with one or more counterparties.

**Securities Lending**

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser

14 \| March 31, 2026

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes to Financial Statements (unaudited)**

serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05% for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations.

There were no securities on loan as of March 31, 2026.

**3. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The following table

reflects the Fund's contractual investment advisory fee rate (expressed as an annual rate).

---

| | |
|:---|:---|
| &nbsp;&nbsp; *Average Daily Net* <br>*Assets of the Fund*<br>| *Contractual Investment* <br>*Advisory Fee (%)*<br>|
| First $2 Billion | 0.60 |
| Over $2 Billion | 0.55 |

---

The Fund's actual investment advisory fee rate for the reporting period was 0.60% of average annual net assets before

any applicable waivers.

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.68% for at least a one-year period commencing on January 28, 2026. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess

Expense Reimbursement and Waivers" on the Statement of Operations.

For the period of three years subsequent to the Fund's commencement of operations, or until the Fund's assets exceed the first breakpoint in the investment advisory fee schedule, whichever occurs first, the Adviser may recover from the Fund fees and expenses previously waived or reimbursed, which could then be considered a deferral, if the Fund's expense ratio including recovered expenses, falls below the expense limit. If applicable, this amount is disclosed as "Recoupment expense" on the Statement of Operations. During the period ended March 31, 2026, the Adviser reimbursed the Fund $67,850 of fees and expense that are eligible for recoupment. As of March 31, 2026, the aggregate amount of recoupment that may potentially be made to the Adviser is $665,370. The recoupment of such

reimbursements expired on December 20, 2025.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain

Janus Investment Fund \| 15

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes to Financial Statements (unaudited)**

administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $215,106 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2026. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the

Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net

assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds* | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion — $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.11%.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class I Shares of the Fund to the Transfer Agent, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.15% for Class I Shares on an annual basis based on the daily net assets of the share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking and omnibus fees" on

the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of

16 \| March 31, 2026

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes to Financial Statements (unaudited)**

March 31, 2026 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2026 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $37,088 were paid by the Trust to the Trustees under the

Deferred Plan during the period ended March 31, 2026.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the "Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2026 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

As of March 31, 2026, shares of the Fund were owned by affiliates of the Adviser, and/or other funds advised by the

Adviser, as indicated in the table below:

---

| | | |
|:---|:---|:---|
| *Class* | *% of Class Owned* | *% of Fund Owned* |
| Class D Shares | -<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -<br> %<br>|
| Class I Shares | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Class N Shares | 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |

---

**4. Federal Income Tax**

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal

income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2026 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>|
| $52788661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8772099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1538759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7233340 |

---

Janus Investment Fund \| 17

------

**Janus Henderson U.S. Dividend Income Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended March 31, 2026* | *Period ended March 31, 2026* | *Year ended September 30, 2025* | *Year ended September 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class D Shares: |  |  |  |  |
| Shares sold | 1103502 | &nbsp;&nbsp; $14772191 | &nbsp;&nbsp; 2041474 | &nbsp;&nbsp; $24581890 |
| Reinvested dividends and distributions | 79506 | &nbsp;&nbsp; 1038612 | &nbsp;&nbsp; 61239 | &nbsp;&nbsp; 736878 |
| Shares repurchased | (457411) | &nbsp;&nbsp; (6088474) | &nbsp;&nbsp; (609370) | &nbsp;&nbsp; (7340390) |
| Net Increase/(Decrease) | 725597 | &nbsp;&nbsp; $9722329 | &nbsp;&nbsp; 1493343 | &nbsp;&nbsp; $17978378 |
| Class I Shares: |  |  |  |  |
| Shares sold | 58348 | &nbsp;&nbsp; $791044 | &nbsp;&nbsp; 21245 | &nbsp;&nbsp; $259697 |
| Reinvested dividends and distributions | 1152 | &nbsp;&nbsp; 15054 | &nbsp;&nbsp; 1518 | &nbsp;&nbsp; 18150 |
| Shares repurchased | (26557) | &nbsp;&nbsp; (367202) | &nbsp;&nbsp; (21609) | &nbsp;&nbsp; (257337) |
| Net Increase/(Decrease) | 32943 | &nbsp;&nbsp; $438896 | &nbsp;&nbsp; 1154 | &nbsp;&nbsp; $20510 |
| Class N Shares: |  |  |  |  |
| Shares sold | 68287 | &nbsp;&nbsp; $908370 | &nbsp;&nbsp; 933922 | &nbsp;&nbsp; $11045791 |
| Reinvested dividends and distributions | 41614 | &nbsp;&nbsp; 542624 | &nbsp;&nbsp; 34299 | &nbsp;&nbsp; 413343 |
| Shares repurchased | (457268) | &nbsp;&nbsp; (6252525) | &nbsp;&nbsp; (114894) | &nbsp;&nbsp; (1380055) |
| Net Increase/(Decrease) | (347367) | &nbsp;&nbsp; $(4801531) | &nbsp;&nbsp; 853327 | &nbsp;&nbsp; $10079079 |

---

**6. Purchases and Sales of Investment Securities**

For the period ended March 31, 2026, 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>|
| $31116178 | &nbsp;&nbsp;&nbsp;&nbsp; $26816347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**7. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, and client consents. The

shareholders of Janus Henderson Group, plc approved the acquisition on April 16, 2026.

**8. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2026 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements other than the following:

At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

18 \| March 31, 2026

------

**Janus Henderson U.S. Dividend Income Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The members of the Board of Trustees (the "Board") of Janus Aspen Series and Janus Investment Fund, each of whom serves as an "independent" Trustee (collectively, the "Trustees"), oversee the management of each portfolio of Janus Aspen Series (each, a "Portfolio," and collectively, the "Portfolios"), as well as each fund of Janus Investment Fund (each, a "Fund," and collectively, the "Funds" and together with the Portfolios, the "Janus Henderson Funds," and each, a "Janus Henderson Fund"). As required by law, the Trustees determine annually whether to continue the investment advisory agreement for each Janus Henderson Fund.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Henderson Investors US LLC (the "Adviser") in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analyses provided by, and in response to requests of, their independent fee consultant. Throughout their consideration of the agreements, the Trustees were advised by their independent legal counsel. The Trustees met with management to consider the agreements, and also met separately in executive session with their independent legal counsel and their independent fee consultant.

At meetings held on November 5, 2025 and December 9-10, 2025, the Trustees evaluated the information provided by the Adviser and the independent fee consultant, as well as other information provided by the Adviser and the independent fee consultant over the course of the year. In this regard, the Trustees noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Following the Board's evaluation, the Trustees determined that the overall arrangements between each Janus Henderson Fund and the Adviser were fair and reasonable in light of the nature, extent, and quality of the services provided by the Adviser and its affiliates, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment, and unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund for the period from February 1, 2026 through February 1, 2027, subject to earlier termination as provided for in each agreement. Although the Board considered the continuation of the investment advisory agreements as part of its multi-faceted review process across the Janus Henderson Funds, the Board's approvals were made on a Fund-by-Fund basis.

In considering the continuation of those agreements, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors described below, none of which by itself was considered dispositive. Individual Trustees may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. However, the material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the agreements are discussed separately below. Also included is a summary of the independent fee consultant's conclusions and opinions that arose during, and were included as part of, the Trustees' consideration of the agreements. "Management fees," as used herein, reflect actual annual advisory fees and, for the purpose of peer comparisons any administration fees (excluding out of pocket costs), net of any waivers, paid by a fund as a percentage of average net assets.

***Nature, Extent and Quality of Services***

The Trustees reviewed the nature, extent, and quality of the services provided by the Adviser to the Janus Henderson Funds, taking into account the investment objective, strategies, and policies of each Janus Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and

Janus Investment Fund \| 19

------

**Janus Henderson U.S. Dividend Income Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract and retain well-qualified personnel.

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

20 \| March 31, 2026

------

**Janus Henderson U.S. Dividend Income Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

Janus Investment Fund \| 21

------

**Janus Henderson U.S. Dividend Income Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

22 \| March 31, 2026

------

**Janus Henderson U.S. Dividend Income Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

Janus Investment Fund \| 23

------

**Janus Henderson U.S. Dividend Income Fund**

**Additional Information (unaudited)**

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as identified by Broadridge using Morningstar category schema. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance or service being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, recent fee reductions, investment structure changes, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

24 \| March 31, 2026

------

**Janus Henderson U.S. Dividend Income Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 25

------

**Janus Henderson U.S. Dividend Income Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

26 \| March 31, 2026

------

**Janus Henderson U.S. Dividend Income Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

Janus Investment Fund \| 27

------

**Janus Henderson U.S. Dividend Income Fund**

**Additional Information (unaudited)**

other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They

28 \| March 31, 2026

------

**Janus Henderson U.S. Dividend Income Fund**

**Additional Information (unaudited)**

concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

Janus Investment Fund \| 29

------

![](imgb4ecefa42.gif)

*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93097 05-26

------

SEMIANNUAL FINANCIAL STATEMENTS

March 31, 2026

**Janus Henderson Venture Fund**

Janus Investment Fund

![](img5a91bbd91.gif)

------

**Table of Contents**

**Janus Henderson Venture Fund** 

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights for Open-End](#xx_a6549a1e-fa76-4cb3-957b-685b4ddecc02_SOI-SOI-RunningFooter-35_1)<br> [Management Investment Companies](#xx_a6549a1e-fa76-4cb3-957b-685b4ddecc02_SOI-SOI-RunningFooter-35_1)<br>|  |
| [Schedule of Investments](#xx_a6549a1e-fa76-4cb3-957b-685b4ddecc02_SOI-SOI-RunningFooter-35_1) | 1 |
| [Notes to Schedule of Investments and Other Information](#xx_a6549a1e-fa76-4cb3-957b-685b4ddecc02_SOI-SOI-RunningFooter-35_9) | 9 |
| [Statement of Assets and Liabilities](#xx_a6549a1e-fa76-4cb3-957b-685b4ddecc02_SAL-SAL-RunningFooter-35_1) | 11 |
| [Statement of Operations](#xx_a6549a1e-fa76-4cb3-957b-685b4ddecc02_SOP-SOP-RunningFooter-35_1) | 13 |
| [Statements of Changes in Net Assets](#xx_a6549a1e-fa76-4cb3-957b-685b4ddecc02_SOC-SOC-RunningFooter-35_1) | 14 |
| [Financial Highlights](#xx_a6549a1e-fa76-4cb3-957b-685b4ddecc02_FIHI-FIHI-RunningFooter-35_1) | 15 |
| [Notes to Financial Statements](#xx_a6549a1e-fa76-4cb3-957b-685b4ddecc02_NTF-NTF-RunningFooter-35_1) | 22 |
| [Items 8-11 - Additional Information](#xx_a6549a1e-fa76-4cb3-957b-685b4ddecc02_AI-AI-RunningFooter-35_1) | 36 |

---

------

**Janus Henderson Venture Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 97.5% |  |  |
| Aerospace & Defense – 1.6% |  |  |
| Loar Holdings Inc<sup>\*</sup> <br>| 328054 | $18794214 |
| Standardaero Inc<sup>\*</sup> <br>| 846479 | 21864552 |
| Voyager Technologies Inc - Class A<sup>\*,#</sup> <br>| 295951 | 6922294 |
|  |  | 47581060 |
| Banks – 1.3% |  |  |
| Bancorp Inc/The<sup>\*</sup> <br>| 723277 | 38861673 |
| Biotechnology – 16.1% |  |  |
| Ascendis Pharma A/S (ADR)<sup>\*</sup> <br>| 144316 | 33009399 |
| Biohaven Ltd<sup>\*</sup> <br>| 1030292 | 8716270 |
| Bridgebio Pharma Inc<sup>\*</sup> <br>| 615777 | 45727600 |
| Centessa Pharmacuticals PLC (ADR)<sup>\*,#</sup> <br>| 464092 | 18433734 |
| Cogent Biosciences Inc<sup>\*</sup> <br>| 336155 | 12938606 |
| Crinetics Pharmaceuticals Inc<sup>\*</sup> <br>| 303947 | 11039355 |
| Halozyme Therapeutics Inc<sup>\*</sup> <br>| 321070 | 20750754 |
| IDEAYA Biosciences Inc<sup>\*</sup> <br>| 519128 | 17297345 |
| Insmed Inc<sup>\*</sup> <br>| 115023 | 18808561 |
| Madrigal Pharmaceuticals Inc<sup>\*</sup> <br>| 54399 | 28476244 |
| Mirum Pharmaceuticals Inc<sup>\*</sup> <br>| 453555 | 41899411 |
| Nuvalent Inc - Class A<sup>\*</sup> <br>| 143080 | 14658546 |
| Olema Pharmaceuticals Inc<sup>\*</sup> <br>| 297315 | 4432967 |
| Praxis Precision Medicines Inc<sup>\*</sup> <br>| 141046 | 45443611 |
| Protagonist Therapeutics Inc<sup>\*</sup> <br>| 325402 | 34297371 |
| PTC Therapeutics Inc<sup>\*</sup> <br>| 352911 | 24043826 |
| Revolution Medicines Inc<sup>\*</sup> <br>| 371147 | 36094046 |
| Soleno Therapeutics Inc<sup>\*</sup> <br>| 320855 | 10742225 |
| Travere Therapeutics Inc<sup>\*</sup> <br>| 602435 | 17898344 |
| Tyra Biosciences Inc<sup>\*</sup> <br>| 204289 | 7824269 |
| Vaxcyte Inc<sup>\*</sup> <br>| 460764 | 26774996 |
| Xenon Pharmaceuticals Inc<sup>\*</sup> <br>| 246945 | 14359852 |
|  |  | 493667332 |
| Building Products – 2.7% |  |  |
| CSW Industrials Inc | 75545 | 19685516 |
| Modine Manufacturing Co<sup>\*</sup> <br>| 131396 | 28474827 |
| Zurn Water Solutions Corp | 750075 | 33633363 |
|  |  | 81793706 |
| Capital Markets – 2.0% |  |  |
| Hamilton Lane Inc | 147481 | 14659612 |
| LPL Financial Holdings Inc | 149510 | 44977093 |
|  |  | 59636705 |
| Chemicals – 3.1% |  |  |
| Perimeter Solutions Inc<sup>\*</sup> <br>| 2146758 | 52423830 |
| Sensient Technologies Corp | 488899 | 42260430 |
|  |  | 94684260 |
| Commercial Services & Supplies – 4.5% |  |  |
| CECO Environmental Corp<sup>\*</sup> <br>| 720259 | 42913031 |
| Cimpress PLC<sup>\*</sup> <br>| 380734 | 27793582 |
| Montrose Environmental Group Inc<sup>\*</sup> <br>| 701247 | 15350297 |
| Rentokil Initial PLC (ADR) | 1632185 | 51381184 |
|  |  | 137438094 |
| Construction & Engineering – 2.9% |  |  |
| Legence Corp - Class A<sup>\*</sup> <br>| 813528 | 45931791 |
| Sterling Construction Co Inc<sup>\*</sup> <br>| 108080 | 44017741 |
|  |  | 89949532 |
| Diversified Consumer Services – 2.0% |  |  |
| Bright Horizons Family Solutions Inc<sup>\*</sup> <br>| 185612 | 15244314 |
| Stride Inc<sup>\*</sup> <br>| 520724 | 45912235 |
|  |  | 61156549 |
| Diversified Financial Services – 3.0% |  |  |
| Euronet Worldwide Inc<sup>\*</sup> <br>| 334328 | 22189349 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 1

------

**Janus Henderson Venture Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Diversified Financial Services – (continued) |  |  |
| Jack Henry & Associates Inc | 102192 | $16150424 |
| Shift4 Payments Inc - Class A<sup>\*,#</sup> <br>| 478753 | 20935869 |
| Walker & Dunlop Inc | 250021 | 11095932 |
| WEX Inc<sup>\*</sup> <br>| 143103 | 21900483 |
|  |  | 92272057 |
| Diversified Telecommunication Services – 1.8% |  |  |
| AST SpaceMobile Inc<sup>\*,#</sup> <br>| 655608 | 54330235 |
| Electrical Equipment – 0.5% |  |  |
| Forgent Power Solutions Inc<sup>\*</sup> <br>| 523015 | 15308649 |
| Electronic Equipment, Instruments & Components – 5.4% |  |  |
| Arlo Technologies Inc<sup>\*</sup> <br>| 1294178 | 18416153 |
| Bel Fuse Inc - Class B | 234730 | 46471845 |
| Napco Security Technologies Inc | 424235 | 16710617 |
| Novanta Inc<sup>\*</sup> <br>| 214257 | 25305894 |
| OSI Systems Inc<sup>\*</sup> <br>| 222448 | 59062169 |
|  |  | 165966678 |
| Entertainment – 1.2% |  |  |
| Atlanta Braves Holdings Inc - Class C<sup>\*</sup> <br>| 664750 | 28384825 |
| Manchester United PLC<sup>\*,#</sup> <br>| 529296 | 8902759 |
|  |  | 37287584 |
| Food & Staples Retailing – 1.9% |  |  |
| Casey's General Stores Inc | 78849 | 57391033 |
| Food Products – 0.7% |  |  |
| Mama's Creations Inc<sup>\*</sup> <br>| 1066670 | 16362718 |
| Once Upon a Farm PBC<sup>\*</sup> <br>| 375312 | 6136351 |
|  |  | 22499069 |
| Health Care Equipment & Supplies – 6.9% |  |  |
| Carlsmed Inc<sup>\*,#</sup> <br>| 588027 | 5321644 |
| Glaukos Corp<sup>\*</sup> <br>| 648591 | 69827307 |
| Globus Medical Inc<sup>\*</sup> <br>| 585839 | 50475888 |
| ICU Medical Inc<sup>\*</sup> <br>| 213362 | 27555702 |
| Lantheus Holdings Inc<sup>\*</sup> <br>| 456070 | 34592910 |
| PROCEPT BioRobotics Corp<sup>\*</sup> <br>| 295038 | 7378900 |
| STERIS PLC | 71096 | 15721459 |
|  |  | 210873810 |
| Health Care Providers & Services – 0.7% |  |  |
| HealthEquity Inc<sup>\*</sup> <br>| 208468 | 17421671 |
| Lumexa Imaging Holdings Inc<sup>\*,#</sup> <br>| 591618 | 5087915 |
|  |  | 22509586 |
| Health Care Technology – 1.3% |  |  |
| HeartFlow Inc<sup>\*,#</sup> <br>| 754491 | 18356766 |
| Waystar Holding Corp<sup>\*</sup> <br>| 826268 | 19921321 |
|  |  | 38278087 |
| Hotels, Restaurants & Leisure – 1.4% |  |  |
| Aramark | 871314 | 35323070 |
| Inspired Entertainment Inc<sup>\*</sup> <br>| 1186831 | 8462105 |
|  |  | 43785175 |
| Household Durables – 0.2% |  |  |
| Dream Finders Homes Inc - Class A<sup>\*</sup> <br>| 543490 | 7565381 |
| Insurance – 2.0% |  |  |
| BRP Group Inc - Class A<sup>\*,#</sup> <br>| 585492 | 12845694 |
| Exzeo Group Inc<sup>\*,#</sup> <br>| 578622 | 8488385 |
| Goosehead Insurance Inc<sup>\*</sup> <br>| 309504 | 13203441 |
| Palomar Holdings Inc<sup>\*</sup> <br>| 114660 | 13701870 |
| RLI Corp | 230087 | 13124162 |
|  |  | 61363552 |
| Interactive Media & Services – 0.7% |  |  |
| Ziff Davis Inc<sup>\*</sup> <br>| 474088 | 19892732 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

2 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Life Sciences Tools & Services – 0% |  |  |
| OmniAb Inc - 12.5 Earnout<sup>\*</sup> <br>| 104942 | $87679 |
| OmniAb Inc - 15 Earnout<sup>\*</sup> <br>| 104942 | 79536 |
|  |  | 167215 |
| Machinery – 6.9% |  |  |
| Alamo Group Inc | 138094 | 22781367 |
| ATS Corp<sup>\*</sup> <br>| 809668 | 22824849 |
| EnPro Industries Inc | 137064 | 34355092 |
| Gates Industrial Corp PLC<sup>\*</sup> <br>| 1292733 | 29228693 |
| ITT Inc | 164368 | 31317035 |
| Kornit Digital Ltd<sup>\*</sup> <br>| 650740 | 9539848 |
| SPX Technologies Inc<sup>\*</sup> <br>| 302717 | 60525237 |
|  |  | 210572121 |
| Multiline Retail – 0.6% |  |  |
| Global-E Online Ltd<sup>\*</sup> <br>| 627813 | 19368031 |
| Oil, Gas & Consumable Fuels – 1.9% |  |  |
| California Resources Corp | 287571 | 19905665 |
| Magnolia Oil & Gas Corp | 1200976 | 37914812 |
|  |  | 57820477 |
| Personal Products – 0.3% |  |  |
| Oddity Tech Ltd - Class A<sup>\*</sup> <br>| 630311 | 8433561 |
| Pharmaceuticals – 2.8% |  |  |
| Edgewise Therapeutics Inc<sup>\*</sup> <br>| 301061 | 9483422 |
| Ligand Pharmaceuticals Inc<sup>\*</sup> <br>| 266062 | 53119278 |
| Structure Therapeutics Inc (ADR)<sup>\*</sup> <br>| 243999 | 11760752 |
| Tarsus Pharmaceuticals Inc<sup>\*</sup> <br>| 164015 | 11505652 |
|  |  | 85869104 |
| Professional Services – 6.6% |  |  |
| Asure Software Inc<sup>\*,</sup><sup>£</sup> <br>| 1499742 | 12897781 |
| Broadridge Financial Solutions Inc | 176865 | 28737025 |
| CACI International Inc - Class A<sup>\*</sup> <br>| 58550 | 31843589 |
| CRA International Inc | 111599 | 18065646 |
| Innodata Inc<sup>\*,#</sup> <br>| 431814 | 16676657 |
| Paylocity Holding Corp<sup>\*</sup> <br>| 197096 | 21294252 |
| SS&C Technologies Holdings Inc | 777885 | 52561689 |
| UL Solutions Inc - Class A | 227900 | 19533309 |
|  |  | 201609948 |
| Real Estate Management & Development – 0.9% |  |  |
| Colliers International Group Inc - Subordinate Voting Shares | 124851 | 13345323 |
| FirstService Corp<sup>#</sup> <br>| 95381 | 13252236 |
|  |  | 26597559 |
| Semiconductor & Semiconductor Equipment – 5.9% |  |  |
| Credo Technology Group Holding Ltd<sup>\*</sup> <br>| 334479 | 31397544 |
| MACOM Technology Solutions Holdings Inc<sup>\*</sup> <br>| 136329 | 30274581 |
| Nova Ltd<sup>\*</sup> <br>| 43726 | 18989327 |
| ON Semiconductor Corp<sup>\*</sup> <br>| 353789 | 21906615 |
| PDF Solutions Inc<sup>\*</sup> <br>| 840214 | 27483400 |
| Tower Semiconductor Ltd<sup>\*</sup> <br>| 282087 | 49500627 |
|  |  | 179552094 |
| Software – 3.9% |  |  |
| Alkami Technology Inc<sup>\*,#</sup> <br>| 1076212 | 16864242 |
| Blackbaud Inc<sup>\*</sup> <br>| 420264 | 16226393 |
| Consensus Cloud Solutions Inc<sup>\*</sup> <br>| 692492 | 16439760 |
| Descartes Systems Group Inc/The<sup>\*</sup> <br>| 544772 | 39025870 |
| Procore Technologies Inc<sup>\*</sup> <br>| 192964 | 10998948 |
| Tyler Technologies Inc<sup>\*</sup> <br>| 61546 | 21072119 |
|  |  | 120627332 |
| Specialty Retail – 0.9% |  |  |
| Valvoline Inc<sup>\*</sup> <br>| 829218 | 27928062 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 3

------

**Janus Henderson Venture Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Technology Hardware, Storage & Peripherals – 0.3% |  |  |
| CompoSecure Inc - Class A | 573490 | $9806679 |
| Textiles, Apparel & Luxury Goods – 1.1% |  |  |
| Gildan Activewear Inc | 627812 | 34937738 |
| Trading Companies & Distributors – 1.5% |  |  |
| Core & Main Inc - Class A<sup>\*</sup> <br>| 682138 | 33697617 |
| SiteOne Landscape Supply Inc<sup>\*</sup> <br>| 91658 | 12200597 |
|  |  | 45898214 |
| Total Common Stocks (cost $1,830,314,702) |  | 2983280674 |
| Private Placements – 1.6% |  |  |
| Aerospace & Defense – 0.3% |  |  |
| CesiumAstro Inc - Series C<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 307536 | 9149473 |
| Biotechnology – 0.4% |  |  |
| Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>£</sup><sup>,</sup><sup>§</sup> <br>| 5023916 | 3053034 |
| Claris Biotherapeutics Inc - Series B-1<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>£</sup><sup>,</sup><sup>§</sup> <br>| 670416 | 293307 |
| Claris Biotherapeutics Inc - Series B-2<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>£</sup><sup>,</sup><sup>§</sup> <br>| 5994888 | 2622763 |
| Galvanize Therapeutics Inc - Series C<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 13743992 | 7281567 |
|  |  | 13250671 |
| Health Care Technology – 0.3% |  |  |
| Kardium Inc - Series 8 Class D Preferred shares<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 8991217 | 8313549 |
| Professional Services – 0.4% |  |  |
| Apartment List Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 2431401 | 10527966 |
| IntelyCare Inc<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 384276 | 503402 |
|  |  | 11031368 |
| Software – 0.2% |  |  |
| Loadsmart Inc - Series A<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 140312 | 1932096 |
| Loadsmart Inc - Series D<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup> <br>| 399891 | 5506499 |
|  |  | 7438595 |
| Total Private Placements (cost $58,878,152) |  | 49183656 |
| Rights – 0.1% |  |  |
| Biotechnology – 0.1% |  |  |
| 89bio Inc (CVR)<sup>\*,</sup><sup>¢</sup> <br>| 1117836 | 380064 |
| Akero Therapeutics Inc (CVR)<sup>\*,</sup><sup>¢</sup> <br>| 190961 | 124125 |
| Metsera Inc (CVR)<sup>\*,#,</sup><sup>¢</sup> <br>| 301216 | 1475958 |
| Total Rights (cost $124,125) |  | 1980147 |
| Investment Companies – 1.0% |  |  |
| Money Markets – 1.0% |  |  |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº,</sup><sup>£</sup> (cost $32,160,619) | 32153727 | 32153727 |
| Investments Purchased with Cash Collateral from Securities Lending – 0.9% |  |  |
| Investment Companies – 0.7% |  |  |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº,</sup><sup>£</sup> <br>| 22189710 | 22189710 |
| Time Deposits – 0.2% |  |  |
| Royal Bank of Canada, 3.6500%, 4/1/26 | $5547428 | 5547428 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $27,737,138) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $27,737,138) | 27737138 |
| Total Investments (total cost $1,949,214,736) – 101.1% |  | 3094335342 |
| Liabilities, net of Cash, Receivables and Other Assets – (1.1)% |  | (33545992) |
| Net Assets – 100% |  | $3060789350 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

4 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $2763130977 | &nbsp;&nbsp;&nbsp;&nbsp; 89.3<br> %<br>|
| Canada | 131699565 | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Israel | 105831394 | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| United Kingdom | 60283943 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Denmark | 33009399 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Switzerland | 380064 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Total | $3094335342 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*3/31/26*<br>| *Ending* <br>*Shares/* <br>*Principal*<br>| *Dividend/* <br>*Interest* <br>*Income*<br>|
| Convertible Corporate Bonds - N/A | Convertible Corporate Bonds - N/A | Convertible Corporate Bonds - N/A | Convertible Corporate Bonds - N/A | Convertible Corporate Bonds - N/A | Convertible Corporate Bonds - N/A | Convertible Corporate Bonds - N/A | Convertible Corporate Bonds - N/A | Convertible Corporate Bonds - N/A |
| Biotechnology - N/A | Biotechnology - N/A | Biotechnology - N/A | Biotechnology - N/A | Biotechnology - N/A | Biotechnology - N/A | Biotechnology - N/A | Biotechnology - N/A | Biotechnology - N/A |
| Claris Biotherapeutics Inc, 8.0000%, 7/31/26 | Claris Biotherapeutics Inc, 8.0000%, 7/31/26 | Claris Biotherapeutics Inc, 8.0000%, 7/31/26 | Claris Biotherapeutics Inc, 8.0000%, 7/31/26 | Claris Biotherapeutics Inc, 8.0000%, 7/31/26 | Claris Biotherapeutics Inc, 8.0000%, 7/31/26 | Claris Biotherapeutics Inc, 8.0000%, 7/31/26 | Claris Biotherapeutics Inc, 8.0000%, 7/31/26 | Claris Biotherapeutics Inc, 8.0000%, 7/31/26 |
|  | $221444 | $- | $(234646) <br><sup>Ð</sup><br>| $13202 | $- | $- | $- | $- |
| Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26 | Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26 | Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26 | Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26 | Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26 | Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26 | Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26 | Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26 | Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26 |
|  | 154340 | - | (156843) <br><sup>Ð</sup><br>| 2503 | - | - | - | - |
| Total Convertible Corporate Bonds - N/A | Total Convertible Corporate Bonds - N/A | Total Convertible Corporate Bonds - N/A | Total Convertible Corporate Bonds - N/A | Total Convertible Corporate Bonds - N/A | Total Convertible Corporate Bonds - N/A | Total Convertible Corporate Bonds - N/A | Total Convertible Corporate Bonds - N/A | Total Convertible Corporate Bonds - N/A |
|  | $375784 | $- | $(391489) | $15705 | $- | $- | $- | $- |
| Common Stocks - 0.4% | Common Stocks - 0.4% | Common Stocks - 0.4% | Common Stocks - 0.4% | Common Stocks - 0.4% | Common Stocks - 0.4% | Common Stocks - 0.4% | Common Stocks - 0.4% | Common Stocks - 0.4% |
| Professional Services - 0.4% | Professional Services - 0.4% | Professional Services - 0.4% | Professional Services - 0.4% | Professional Services - 0.4% | Professional Services - 0.4% | Professional Services - 0.4% | Professional Services - 0.4% | Professional Services - 0.4% |
| Asure Software Inc<sup>\*</sup>  | Asure Software Inc<sup>\*</sup>  | Asure Software Inc<sup>\*</sup>  | Asure Software Inc<sup>\*</sup>  | Asure Software Inc<sup>\*</sup>  | Asure Software Inc<sup>\*</sup>  | Asure Software Inc<sup>\*</sup>  | Asure Software Inc<sup>\*</sup>  | Asure Software Inc<sup>\*</sup>  |
|  | 12869818 | - | (596677) | (240299) | 864939 | 12897781 | 1499742 | - |
| Private Placements - 0.2% | Private Placements - 0.2% | Private Placements - 0.2% | Private Placements - 0.2% | Private Placements - 0.2% | Private Placements - 0.2% | Private Placements - 0.2% | Private Placements - 0.2% | Private Placements - 0.2% |
| Biotechnology - 0.2% | Biotechnology - 0.2% | Biotechnology - 0.2% | Biotechnology - 0.2% | Biotechnology - 0.2% | Biotechnology - 0.2% | Biotechnology - 0.2% | Biotechnology - 0.2% | Biotechnology - 0.2% |
| Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series A-3<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  |
|  | 2197963 | - | - | - | 855071 | 3053034 | 5023916 | - |
| Claris Biotherapeutics Inc - Series B-1<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B-1<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B-1<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B-1<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B-1<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B-1<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B-1<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B-1<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B-1<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  |
|  | - | 234646 <br><sup>Ð</sup><br>| - | - | 58661 | 293307 | 670416 | - |
| Claris Biotherapeutics Inc - Series B-2<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B-2<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B-2<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B-2<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B-2<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B-2<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B-2<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B-2<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  | Claris Biotherapeutics Inc - Series B-2<sup>\*,</sup><sup>¢</sup><sup>,</sup><sup>§</sup>  |
|  | - | 2622763 <br><sup>Ð</sup><br>| - | - | - | 2622763 | 5994888 | - |
| Total Private Placements - 0.2% | Total Private Placements - 0.2% | Total Private Placements - 0.2% | Total Private Placements - 0.2% | Total Private Placements - 0.2% | Total Private Placements - 0.2% | Total Private Placements - 0.2% | Total Private Placements - 0.2% | Total Private Placements - 0.2% |
|  | $2197963 | $2857409 | $- | $- | $913732 | $5969104 | 11689220 | $- |
| Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% |
| Money Markets - 1.0% | Money Markets - 1.0% | Money Markets - 1.0% | Money Markets - 1.0% | Money Markets - 1.0% | Money Markets - 1.0% | Money Markets - 1.0% | Money Markets - 1.0% | Money Markets - 1.0% |
| Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  | Janus Henderson Cash Liquidity Fund LLC, 3.6408%<sup>ºº</sup>  |
|  | 37026630 | 395918582 | (400775291) | (9302) | (6892) | 32153727 | 32153727 | 750806 |
| Investments Purchased with Cash Collateral from Securities Lending - 0.7% | Investments Purchased with Cash Collateral from Securities Lending - 0.7% | Investments Purchased with Cash Collateral from Securities Lending - 0.7% | Investments Purchased with Cash Collateral from Securities Lending - 0.7% | Investments Purchased with Cash Collateral from Securities Lending - 0.7% | Investments Purchased with Cash Collateral from Securities Lending - 0.7% | Investments Purchased with Cash Collateral from Securities Lending - 0.7% | Investments Purchased with Cash Collateral from Securities Lending - 0.7% | Investments Purchased with Cash Collateral from Securities Lending - 0.7% |
| Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% | Investment Companies - 0.7% |
| Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  | Janus Henderson Cash Collateral Fund LLC, 3.5801%<sup>ºº</sup>  |
|  | 33281722 | 395087647 | (406179659) | - | - | 22189710 | 22189710 | 182061 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 2.3% | Total Affiliated Investments - 2.3% | Total Affiliated Investments - 2.3% | Total Affiliated Investments - 2.3% | Total Affiliated Investments - 2.3% | Total Affiliated Investments - 2.3% | Total Affiliated Investments - 2.3% | Total Affiliated Investments - 2.3% | Total Affiliated Investments - 2.3% |
|  | $85751917 | $793863638 | $(807943116) | $(233896) | $1771779 | $73210322 | 67532399 | $932867 |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 5

------

**Janus Henderson Venture Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** |
| *Counterparty/* <br>*Foreign Currency*<br>| *Settlement* <br>*Date*<br>| &nbsp;&nbsp; *Foreign Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *USD Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *Market Value and* <br>*Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| Bank of America, National Association: | Bank of America, National Association: | Bank of America, National Association: | Bank of America, National Association: | Bank of America, National Association: |
| British Pound | 5/27/26 | &nbsp;&nbsp; 25597000 | &nbsp;&nbsp; $(34656007) | &nbsp;&nbsp; $(785403) |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; 1104000 | &nbsp;&nbsp; (810234) | &nbsp;&nbsp; (14551) |
|  |  |  |  | &nbsp;&nbsp; (799954) |
| Barclays Capital Inc: | Barclays Capital Inc: | Barclays Capital Inc: | Barclays Capital Inc: | Barclays Capital Inc: |
| British Pound | 5/27/26 | &nbsp;&nbsp; 4990100 | &nbsp;&nbsp; (6737129) | &nbsp;&nbsp; (134101) |
| British Pound | 5/27/26 | &nbsp;&nbsp; (1239000) | &nbsp;&nbsp; 1660088 | &nbsp;&nbsp; 20611 |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; (4084900) | &nbsp;&nbsp; 2997971 | &nbsp;&nbsp; 53873 |
|  |  |  |  | &nbsp;&nbsp; (59617) |
| Citibank, National Association: | Citibank, National Association: | Citibank, National Association: | Citibank, National Association: | Citibank, National Association: |
| British Pound | 5/27/26 | &nbsp;&nbsp; (11660800) | &nbsp;&nbsp; 15805771 | &nbsp;&nbsp; 375903 |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; (9008900) | &nbsp;&nbsp; 6609911 | &nbsp;&nbsp; 116953 |
|  |  |  |  | &nbsp;&nbsp; 492856 |
| Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: | Goldman Sachs & Co LLC: |
| British Pound | 5/27/26 | &nbsp;&nbsp; 2296000 | &nbsp;&nbsp; (3079779) | &nbsp;&nbsp; (41653) |
| British Pound | 5/27/26 | &nbsp;&nbsp; (21950000) | &nbsp;&nbsp; 29694420 | &nbsp;&nbsp; 649619 |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; 2132000 | &nbsp;&nbsp; (1564271) | &nbsp;&nbsp; (27681) |
|  |  |  |  | &nbsp;&nbsp; 580285 |
| HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: | HSBC Securities (USA) Inc: |
| British Pound | 5/27/26 | &nbsp;&nbsp; (13354400) | &nbsp;&nbsp; 18102179 | &nbsp;&nbsp; 431296 |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; (66035700) | &nbsp;&nbsp; 48448686 | &nbsp;&nbsp; 854977 |
|  |  |  |  | &nbsp;&nbsp; 1286273 |
| JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: |
| British Pound | 5/27/26 | &nbsp;&nbsp; (15549800) | &nbsp;&nbsp; 21081718 | &nbsp;&nbsp; 505825 |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; (52588500) | &nbsp;&nbsp; 38589281 | &nbsp;&nbsp; 687332 |
|  |  |  |  | &nbsp;&nbsp; 1193157 |
| Morgan Stanley & Co International PLC: | Morgan Stanley & Co International PLC: | Morgan Stanley & Co International PLC: | Morgan Stanley & Co International PLC: | Morgan Stanley & Co International PLC: |
| British Pound | 5/27/26 | &nbsp;&nbsp; 5685000 | &nbsp;&nbsp; (7706142) | &nbsp;&nbsp; (183605) |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; 25033000 | &nbsp;&nbsp; (18366064) | &nbsp;&nbsp; (324106) |
|  |  |  |  | &nbsp;&nbsp; (507711) |
| State Street Bank and Trust Company: | State Street Bank and Trust Company: | State Street Bank and Trust Company: | State Street Bank and Trust Company: | State Street Bank and Trust Company: |
| British Pound | 5/27/26 | &nbsp;&nbsp; (16650831) | &nbsp;&nbsp; 22516583 | &nbsp;&nbsp; 483778 |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; 11766000 | &nbsp;&nbsp; (8645387) | &nbsp;&nbsp; (165313) |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; 2571000 | &nbsp;&nbsp; (1850612) | &nbsp;&nbsp; 2377 |
| Canadian Dollar | 5/27/26 | &nbsp;&nbsp; (794500) | &nbsp;&nbsp; 582980 | &nbsp;&nbsp; 10363 |
|  |  |  |  | &nbsp;&nbsp; 331205 |
| Total |  |  |  | &nbsp;&nbsp; $2516494 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** | ***Schedule of OTC Written Options*** |
| *Counterparty/* <br>*Reference Asset*<br>| *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Exercise* <br>*Price*<br>|  | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount*<br>| &nbsp;&nbsp; *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>| &nbsp;&nbsp; *Options* <br>*Written,* <br>*at Value*<br>|
| *Written Call Options:* | *Written Call Options:* | *Written Call Options:* | *Written Call Options:* |  |  |  |  |  |
| *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* |  |  |  |  |  |
| Ast Spacemobile Inc | 1524 | &nbsp;&nbsp;&nbsp;&nbsp;60.00 | USD | &nbsp;&nbsp; 6/18/26 | &nbsp;&nbsp; $(12629388) | &nbsp;&nbsp; $1170610 | &nbsp;&nbsp; $(3191970) | &nbsp;&nbsp; $(4362580) |

---

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

6 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty/*<br> *Reference Asset*<br>| *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Exercise*<br> *Price*<br>|  | &nbsp;&nbsp; *Expiration*<br> *Date*<br>| &nbsp;&nbsp; *Notional*<br> *Amount*<br>| &nbsp;&nbsp; *Premiums*<br> *Received*<br>| &nbsp;&nbsp; *Unrealized*<br> *Appreciation/*<br> *(Depreciation)*<br>| &nbsp;&nbsp; *Options*<br> *Written,*<br> *at Value*<br>|
| *Morgan Stanley & Co International PLC:* | *Morgan Stanley & Co International PLC:* | *Morgan Stanley & Co International PLC:* | *Morgan Stanley & Co International PLC:* |  |  |  |  |  |
| Ast Spacemobile Inc | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;57.70 | USD | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; $(16574000) | &nbsp;&nbsp; $12580000 | &nbsp;&nbsp; $6966998 | &nbsp;&nbsp; $(5613001) |
| Ast Spacemobile Inc | 1516 | &nbsp;&nbsp;&nbsp;&nbsp;160.00 | USD | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; (12563092) | &nbsp;&nbsp; 5544775 | &nbsp;&nbsp; 3153877 | &nbsp;&nbsp; (2390899) |
|  |  |  |  |  |  | &nbsp;&nbsp; 18124775 | &nbsp;&nbsp; 10120875 | &nbsp;&nbsp; (8003900) |
| Total OTC Written Options | Total OTC Written Options |  |  |  |  | &nbsp;&nbsp; $19295385 | &nbsp;&nbsp; $6928905 | &nbsp;&nbsp; $(12366480) |

---

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 March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2026** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2026** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2026** | **Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2026** |
|  | *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 | $4192907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4192907 |
| *Liability Derivatives:* |  |  |  |
| Forward foreign currency exchange contracts | $1676413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1676413 |
| OTC options written, at value | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12366480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12366480 |
| Total Liability Derivatives | $1676413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12366480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14042893 |

---

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement

of Operations for the period ended March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** | **The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of** <br> **Operations for the period ended March 31, 2026** |
| *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 | $(13647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(13647) |
| Written options contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6100674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(6100674) |
| Total | $(13647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(6100674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(6114321) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* | *Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives* |
| *Derivative* | *Currency* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Equity* <br>*Contracts*<br>| *Total* |
| Purchased options contracts | $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(266177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(266177) |
| Forward foreign currency exchange contracts | 1319040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1319040 |
| Written options contracts | - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8076896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8076896 |
| Total | $1319040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7810719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9129759 |

---

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation"

sections of the Fund's Statement of Operations.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

Janus Investment Fund \| 7

------

**Janus Henderson Venture Fund**

**Schedule of Investments (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2026** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2026** |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased - in USD | $122089781 |
| Average amounts sold - in USD | 265873645 |
| Options: |  |
| Average value of option contracts purchased | 1687464 |
| Average value of option contracts written | 11537292 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Assets*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| Barclays Capital Inc | $74484 | &nbsp;&nbsp; $(74484) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Citibank, National Association | 492856 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 492856 |
| Goldman Sachs & Co LLC | 649619 | &nbsp;&nbsp; (649619) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Securities (USA) Inc | 1286273 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1286273 |
| JPMorgan Chase Bank, National Association | 31066513 | &nbsp;&nbsp; — | &nbsp;&nbsp; (29873356) | &nbsp;&nbsp; 1193157 |
| State Street Bank and Trust Company | 496518 | &nbsp;&nbsp; (165313) | &nbsp;&nbsp; — | &nbsp;&nbsp; 331205 |
| Total | $34066263 | &nbsp;&nbsp; $(889416) | &nbsp;&nbsp; $(29873356) | &nbsp;&nbsp; $3303491 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** |
| *Counterparty* | *Gross Amounts* <br>*of Recognized* <br>*Liabilities*<br>| &nbsp;&nbsp; *Offsetting Asset* <br>*or Liability*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* |
| Bank of America, National Association | $799954 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $799954 |
| Barclays Capital Inc | 134101 | &nbsp;&nbsp; (74484) | &nbsp;&nbsp; — | &nbsp;&nbsp; 59617 |
| Goldman Sachs & Co LLC | 4431914 | &nbsp;&nbsp; (649619) | &nbsp;&nbsp; (3340000) | &nbsp;&nbsp; 442295 |
| Morgan Stanley & Co International PLC | 8511611 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6076306) | &nbsp;&nbsp; 2435305 |
| State Street Bank and Trust Company | 165313 | &nbsp;&nbsp; (165313) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total | $14042893 | &nbsp;&nbsp; $(889416) | &nbsp;&nbsp; $(9416306) | &nbsp;&nbsp; $3737171 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the amount of assets or liabilities that could be offset with the same
 counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Collateral pledged is limited to the net outstanding amount due to/from an individual
 counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

See Notes to Schedule of Investments and Other Information and Notes to Financial Statements.

8 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CVR | Contingent Value Right |
| 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 March 31, 2026. |
| Loaned security; a portion of the security is on loan at March 31, 2026. |
| &nbsp;&nbsp; Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended March 31, 2026 is <br> $51,163,803, which represents 1.7% of net assets.<br>|
| £&nbsp;&nbsp; The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as <br> amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is <br> under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |
| All or a portion is the result of a corporate action. |
| Schedule of Restricted Securities (as of March 31, 2026) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Acquisition* <br>*Date*<br>| *Cost* | *Value* | &nbsp;&nbsp; *Value as a* <br>*% of Net* <br>*Assets*<br>|
| Apartment List Inc | 11/2/20 | &nbsp;&nbsp; $8881908 | $10527966 | &nbsp;&nbsp;&nbsp;&nbsp; 0.4<br> %<br>|
| CesiumAstro Inc - Series C | 1/30/26 | &nbsp;&nbsp; 9149473 | 9149473 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Claris Biotherapeutics Inc - Series A-3 | 12/28/23 | &nbsp;&nbsp; 4811555 | 3053034 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Claris Biotherapeutics Inc - Series B-1 | 11/25/25 | &nbsp;&nbsp; 234646 | 293307 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Claris Biotherapeutics Inc - Series B-2 | 11/25/25 | &nbsp;&nbsp; 2622764 | 2622763 | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Galvanize Therapeutics Inc - Series C | 7/7/25-3/20/26 | &nbsp;&nbsp; 7281704 | 7281567 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| IntelyCare Inc | 3/29/22 | &nbsp;&nbsp; 9412879 | 503402 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Kardium Inc - Series 8 Class D Preferred shares | 6/6/25 | &nbsp;&nbsp; 5819475 | 8313549 | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Loadsmart Inc - Series A | 1/4/22 | &nbsp;&nbsp; 2665928 | 1932096 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Loadsmart Inc - Series D | 4/1/22 | &nbsp;&nbsp; 7997820 | 5506499 | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Total |  | &nbsp;&nbsp; $58878152 | $49183656 | &nbsp;&nbsp; 1.6% |

---

The Fund has registration rights for certain restricted securities held as of March 31, 2026. The issuer incurs all registration costs.

Janus Investment Fund \| 9

------

**Janus Henderson Venture Fund**

**Notes to Schedule of Investments and Other Information (unaudited)**

The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial

instruments as of March 31, 2026. See Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Common Stocks* |  |  |  |
| Life Sciences Tools & Services | $- | &nbsp;&nbsp; $167215 | &nbsp;&nbsp; $- |
| Machinery | 187747272 | &nbsp;&nbsp; 22824849 | &nbsp;&nbsp; - |
| Software | 81601462 | &nbsp;&nbsp; 39025870 | &nbsp;&nbsp; - |
| All Other | 2651914006 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| *Private Placements* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 49183656 |
| *Rights* | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1980147 |
| *Investment Companies* | - | &nbsp;&nbsp; 32153727 | &nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp; 27737138 | &nbsp;&nbsp; - |
| Total Investments in Securities | $2921262740 | &nbsp;&nbsp; $121908799 | &nbsp;&nbsp; $51163803 |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | - | &nbsp;&nbsp; 4192907 | &nbsp;&nbsp; - |
| **Total Assets** | $2921262740 | &nbsp;&nbsp; $126101706 | &nbsp;&nbsp; $51163803 |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | $- | &nbsp;&nbsp; $1676413 | &nbsp;&nbsp; $- |
| *OTC Options Written, at Value* | - | &nbsp;&nbsp; 12366480 | &nbsp;&nbsp; - |
| **Total Liabilities** | $- | &nbsp;&nbsp; $14042893 | &nbsp;&nbsp; $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Other financial instruments may include forward foreign currency exchange contracts,
 futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and centrally
 cleared swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the
 contract's value from trade date. Written options, written swaptions, and OTC swaps are reported at their market value at measurement date.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Level 3 Valuation Reconciliation of Assets (for the period ended March 31, 2026)** | **Level 3 Valuation Reconciliation of Assets (for the period ended March 31, 2026)** | **Level 3 Valuation Reconciliation of Assets (for the period ended March 31, 2026)** | **Level 3 Valuation Reconciliation of Assets (for the period ended March 31, 2026)** | **Level 3 Valuation Reconciliation of Assets (for the period ended March 31, 2026)** | **Level 3 Valuation Reconciliation of Assets (for the period ended March 31, 2026)** | **Level 3 Valuation Reconciliation of Assets (for the period ended March 31, 2026)** | **Level 3 Valuation Reconciliation of Assets (for the period ended March 31, 2026)** |
|  | **Balance** <br>**as of** <br>**September 30,** <br>**2025**<br>| **Realized** <br>**Gain/(Loss)**<br>| **Change In** <br>**Unrealized** <br>**Appreciation/** <br>**Depreciation**<sup>(a)</sup> <br>| **Gross** <br>**Purchases**<br>| **Gross** <br>**Sales**<br>| **Transfers In** <br>**and/or** <br>**Out of Level 3**<br>| **Balance** <br>**as of** <br>**March 31, 2026**<sup>(b)</sup> <br>|
| **Investment in** <br> **Securities:**<br>|  |  |  |  |  |  |  |
| Convertible <br> Corporate Bonds<br>| $375784 | &nbsp;&nbsp; $15705 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(391489) <br><sup>(c)</sup><br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $0 |
| Private Placements | 32887408 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1376684 | &nbsp;&nbsp; 14919564 <br><sup>(c)</sup><br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 49183656 |
| Rights | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1856022 | &nbsp;&nbsp; 124125 <br><sup>(c)</sup><br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1980147 |
| Total | $33263192 | &nbsp;&nbsp; $15705 | &nbsp;&nbsp; $3232706 | &nbsp;&nbsp; $15043689 | &nbsp;&nbsp; $(391489) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $51163803 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Included in "Change in unrealized net appreciation/depreciation of investments, foreign
 currency translations and non-interested Trustees' deferred compensation" on the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The change in unrealized appreciation/depreciation for Level 3 securities held at
 March 31, 2026 is $3,232,706.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion is the result of a corporate action.

10 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Assets: |  |
| Unaffiliated investments, at value (cost $1,871,489,912)<sup>(1)</sup> <br>| $3021125020 |
| Affiliated investments, at value (cost $77,724,824) | 73210322 |
| Deposits with brokers for OTC derivatives | 9416306 |
| Forward foreign currency exchange contracts | 4192907 |
| Cash denominated in foreign currency (cost $13) | 13 |
| Trustees' deferred compensation | 96749 |
| Receivables: |  |
| Fund shares sold | 571946 |
| Dividends | 558133 |
| Investments sold | 193936 |
| Dividends from affiliates | 161287 |
| Other assets | 62991 |
| Total Assets | 3109589610 |
| Liabilities: |  |
| Due to custodian | 910 |
| Collateral for securities loaned (Note 3) | 27737138 |
| Forward foreign currency exchange contracts | 1676413 |
| OTC options written, at value (premiums received $19,295,385) | 12366480 |
| Payables: |  |
| Fund shares repurchased | 4645485 |
| Advisory fees | 1685689 |
| Transfer agent fees and expenses | 374447 |
| Trustees' deferred compensation fees | 96749 |
| Professional fees | 42111 |
| Trustees' fees and expenses | 16708 |
| 12b-1 Distribution and shareholder servicing fees | 9409 |
| Affiliated fund administration fees payable | 6586 |
| Custodian fees | 4256 |
| Accrued expenses and other payables | 137879 |
| Total Liabilities | 48800260 |
| Commitments and contingent liabilities (Note 4) |  |
| Net Assets | $3060789350 |

---

See footnotes at the end of the Statement.

See Notes to Financial Statements.

Janus Investment Fund \| 11

------

**Janus Henderson Venture Fund**

**Statement of Assets and Liabilities (unaudited)**

**March 31, 2026**

---

| | |
|:---|:---|
| Net Assets Consist of: |  |
| Capital (par value and paid-in surplus) | $1776169419 |
| Total distributable earnings (loss) | 1284619931 |
| Total Net Assets | $3060789350 |
| Net Assets - Class A Shares | $23996194 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 305706 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $78.49 |
| Maximum Offering Price Per Share<sup>(3)</sup> <br>| $83.28 |
| Net Assets - Class C Shares | $1135900 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 17716 |
| Net Asset Value Per Share<sup>(2)</sup> <br>| $64.12 |
| Net Assets - Class D Shares | $1694773824 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 20192076 |
| Net Asset Value Per Share | $83.93 |
| Net Assets - Class I Shares | $208105926 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 2454441 |
| Net Asset Value Per Share | $84.79 |
| Net Assets - Class N Shares | $434074195 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 5024948 |
| Net Asset Value Per Share | $86.38 |
| Net Assets - Class S Shares | $15794013 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 207604 |
| Net Asset Value Per Share | $76.08 |
| Net Assets - Class T Shares | $682909298 |
| Shares Outstanding, $0.01 Par Value (unlimited shares authorized) | 8400089 |
| Net Asset Value Per Share | $81.30 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $29,873,356 of securities on loan. See Note 3 in Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Redemption price per share may be reduced for any applicable contingent deferred sales
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Maximum offering price is computed at 100/94.25 of net asset value.

See Notes to Financial Statements.

12 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Statement of Operations (unaudited)**

**For the period ended March 31, 2026**

---

| | |
|:---|:---|
| Investment Income: |  |
| Dividends | $4676934 |
| Dividends from affiliates | 750806 |
| Affiliated securities lending income, net | 182061 |
| Unaffiliated securities lending income, net | 46946 |
| Other income | 1513 |
| Foreign tax withheld | (56451) |
| Total Investment Income | 5601809 |
| Expenses: |  |
| Advisory fees | 10270473 |
| 12b-1 Distribution and shareholder servicing fees: |  |
| Class A Shares | 29578 |
| Class C Shares | 5467 |
| Class S Shares | 21768 |
| Transfer agent administrative fees and expenses: |  |
| Class D Shares | 953608 |
| Class S Shares | 21802 |
| Class T Shares | 899633 |
| Transfer agent networking and omnibus fees: |  |
| Class A Shares | 11206 |
| Class C Shares | 484 |
| Class I Shares | 114907 |
| Other transfer agent fees and expenses: |  |
| Class A Shares | 1240 |
| Class C Shares | 40 |
| Class D Shares | 63598 |
| Class I Shares | 3463 |
| Class N Shares | 12776 |
| Class S Shares | 120 |
| Class T Shares | 2967 |
| Shareholder reports expense | 93481 |
| Registration fees | 87272 |
| Professional fees | 60695 |
| Affiliated fund administration fees | 40119 |
| Custodian fees | 37946 |
| Trustees' fees and expenses | 37706 |
| Other expenses | 136544 |
| Total Expenses | 12906893 |
| Less: Excess Expense Reimbursement and Waivers | (56957) |
| Net Expenses | 12849936 |
| Net Investment Income/(Loss) | (7248127) |
| Net Realized Gain/(Loss) on Investments: |  |
| Investments and foreign currency transactions | 200490401 |
| Investments in affiliates | (233896) |
| Forward foreign currency exchange contracts | (13647) |
| Written options contracts | (6100674) |
| Total Net Realized Gain/(Loss) on Investments | 194142184 |
| Change in Unrealized Net Appreciation/Depreciation: |  |
| Investments, foreign currency translations and Trustees' deferred compensation | (178466858) |
| Investments in affiliates | 1771779 |
| Purchased options contracts | (266177) |
| Forward foreign currency exchange contracts | 1319040 |
| Written options contracts | 8076896 |
| Total Change in Unrealized Net Appreciation/Depreciation | (167565320) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | $19328737 |

---

See Notes to Financial Statements.

Janus Investment Fund \| 13

------

**Janus Henderson Venture Fund**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | *Period ended* <br>*March 31, 2026* <br>*(unaudited)*<br>| &nbsp;&nbsp; *Year ended* <br>*September 30, 2025*<br>|
| Operations: |  |  |
| Net investment income/(loss) | $(7248127) | &nbsp;&nbsp; $(11021784) |
| Net realized gain/(loss) on investments | 194142184 | &nbsp;&nbsp; 124983334 |
| Change in unrealized net appreciation/depreciation | (167565320) | &nbsp;&nbsp; 57512610 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 19328737 | &nbsp;&nbsp; 171474160 |
| Dividends and Distributions to Shareholders: |  |  |
| Class A Shares | (1364081) | &nbsp;&nbsp; (1472041) |
| Class C Shares | (78818) | &nbsp;&nbsp; (95036) |
| Class D Shares | (93704122) | &nbsp;&nbsp; (119844298) |
| Class I Shares | (11695551) | &nbsp;&nbsp; (16088539) |
| Class N Shares | (22705294) | &nbsp;&nbsp; (22314590) |
| Class S Shares | (1027461) | &nbsp;&nbsp; (1589452) |
| Class T Shares | (39397773) | &nbsp;&nbsp; (51871524) |
| Net Decrease from Dividends and Distributions to Shareholders | (169973100) | &nbsp;&nbsp; (213275480) |
| Capital Share Transactions: |  |  |
| Class A Shares | 5432418 | &nbsp;&nbsp; (772451) |
| Class C Shares | 212086 | &nbsp;&nbsp; 19456 |
| Class D Shares | 5770684 | &nbsp;&nbsp; (31192834) |
| Class I Shares | (15493287) | &nbsp;&nbsp; (7293926) |
| Class N Shares | 19107595 | &nbsp;&nbsp; 81166583 |
| Class S Shares | (1749051) | &nbsp;&nbsp; (4138313) |
| Class T Shares | (8768869) | &nbsp;&nbsp; (30636381) |
| Net Increase/(Decrease) from Capital Share Transactions | 4511576 | &nbsp;&nbsp; 7152134 |
| Net Increase/(Decrease) in Net Assets | (146132787) | &nbsp;&nbsp; (34649186) |
| Net Assets: |  |  |
| Beginning of period | 3206922137 | &nbsp;&nbsp; 3241571323 |
| End of period | $3060789350 | &nbsp;&nbsp; $3206922137 |

---

See Notes to Financial Statements.

14 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class A Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $82.77 | &nbsp;&nbsp; $84.08 | &nbsp;&nbsp; $69.91 | &nbsp;&nbsp; $66.65 | &nbsp;&nbsp; $106.21 | &nbsp;&nbsp; $82.08 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.28) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.67) |
| Net realized and unrealized gain/(loss) | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;18.68 | &nbsp;&nbsp;&nbsp;&nbsp;6.69 | &nbsp;&nbsp; (26.74) | &nbsp;&nbsp;&nbsp;&nbsp;30.42 |
| Total from Investment Operations | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;18.25 | &nbsp;&nbsp;&nbsp;&nbsp;6.40 | &nbsp;&nbsp; (27.23) | &nbsp;&nbsp;&nbsp;&nbsp;29.75 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (4.73) | &nbsp;&nbsp; (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Total Dividends and Distributions | (4.73) | &nbsp;&nbsp; (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Net Asset Value, End of Period | $78.49 | &nbsp;&nbsp; $82.77 | &nbsp;&nbsp; $84.08 | &nbsp;&nbsp; $69.91 | &nbsp;&nbsp; $66.65 | &nbsp;&nbsp; $106.21 |
| Total Return<sup>\*</sup> <br>| 0.35% | &nbsp;&nbsp; 5.38% | &nbsp;&nbsp; 27.43% | &nbsp;&nbsp; 9.83% | &nbsp;&nbsp; (28.58)% | &nbsp;&nbsp; 36.78% |
| Net Assets, End of Period (in thousands) | $23996 | &nbsp;&nbsp; $19895 | &nbsp;&nbsp; $21149 | &nbsp;&nbsp; $17572 | &nbsp;&nbsp; $15149 | &nbsp;&nbsp; $24644 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.00% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.00% |
| Ratio of Net Investment Income/(Loss) | (0.68)% | &nbsp;&nbsp; (0.59)% | &nbsp;&nbsp; (0.57)% | &nbsp;&nbsp; (0.40)% | &nbsp;&nbsp; (0.59)% | &nbsp;&nbsp; (0.66)% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 21% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 15

------

**Janus Henderson Venture Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class C Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $68.72 | &nbsp;&nbsp; $71.30 | &nbsp;&nbsp; $60.20 | &nbsp;&nbsp; $58.35 | &nbsp;&nbsp; $95.22 | &nbsp;&nbsp; $74.59 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.52) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp; (0.99) | &nbsp;&nbsp; (1.29) |
| Net realized and unrealized gain/(loss) | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;15.96 | &nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp; (23.55) | &nbsp;&nbsp;&nbsp;&nbsp;27.54 |
| Total from Investment Operations | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;15.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp; (24.54) | &nbsp;&nbsp;&nbsp;&nbsp;26.25 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (4.73) | &nbsp;&nbsp; (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Total Dividends and Distributions | (4.73) | &nbsp;&nbsp; (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Net Asset Value, End of Period | $64.12 | &nbsp;&nbsp; $68.72 | &nbsp;&nbsp; $71.30 | &nbsp;&nbsp; $60.20 | &nbsp;&nbsp; $58.35 | &nbsp;&nbsp; $95.22 |
| Total Return<sup>\*</sup> <br>| (0.06)% | &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; 26.70% | &nbsp;&nbsp; 8.77% | &nbsp;&nbsp; (29.11)% | &nbsp;&nbsp; 35.74% |
| Net Assets, End of Period (in thousands) | $1136 | &nbsp;&nbsp; $1002 | &nbsp;&nbsp; $1053 | &nbsp;&nbsp; $734 | &nbsp;&nbsp; $1642 | &nbsp;&nbsp; $3747 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.96% | &nbsp;&nbsp; 1.95% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.76% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.89% | &nbsp;&nbsp; 1.87% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.76% |
| Ratio of Net Investment Income/(Loss) | (1.54)% | &nbsp;&nbsp; (1.41)% | &nbsp;&nbsp; (1.21)% | &nbsp;&nbsp; (1.35)% | &nbsp;&nbsp; (1.31)% | &nbsp;&nbsp; (1.42)% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 21% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. Returns shown exclude any applicable sales charges. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

16 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class D Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended <br> March 31, 2026 (unaudited) and the year ended <br> September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $88.08 | &nbsp;&nbsp; $88.91 | &nbsp;&nbsp; $73.54 | &nbsp;&nbsp; $69.81 | &nbsp;&nbsp; $110.41 | &nbsp;&nbsp; $84.98 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.19) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.47) |
| Net realized and unrealized gain/(loss) | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;19.73 | &nbsp;&nbsp;&nbsp;&nbsp;7.00 | &nbsp;&nbsp; (27.95) | &nbsp;&nbsp;&nbsp;&nbsp;31.52 |
| Total from Investment Operations | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp;&nbsp;19.45 | &nbsp;&nbsp;&nbsp;&nbsp;6.87 | &nbsp;&nbsp; (28.27) | &nbsp;&nbsp;&nbsp;&nbsp;31.05 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (4.73) | &nbsp;&nbsp; (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Total Dividends and Distributions | (4.73) | &nbsp;&nbsp; (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Net Asset Value, End of Period | $83.93 | &nbsp;&nbsp; $88.08 | &nbsp;&nbsp; $88.91 | &nbsp;&nbsp; $73.54 | &nbsp;&nbsp; $69.81 | &nbsp;&nbsp; $110.41 |
| Total Return<sup>\*</sup> <br>| 0.48% | &nbsp;&nbsp; 5.64% | &nbsp;&nbsp; 27.72% | &nbsp;&nbsp; 10.06% | &nbsp;&nbsp; (28.42)% | &nbsp;&nbsp; 37.07% |
| Net Assets, End of Period (in thousands) | $1694774 | &nbsp;&nbsp; $1771778 | &nbsp;&nbsp; $1828330 | &nbsp;&nbsp; $1557240 | &nbsp;&nbsp; $1500311 | &nbsp;&nbsp; $2228324 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% |
| Ratio of Net Expenses (After Waivers and <br> Expense Offsets)<br>| 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% |
| Ratio of Net Investment Income/(Loss) | (0.44)% | &nbsp;&nbsp; (0.34)% | &nbsp;&nbsp; (0.35)% | &nbsp;&nbsp; (0.18)% | &nbsp;&nbsp; (0.37)% | &nbsp;&nbsp; (0.45)% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 21% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 17

------

**Janus Henderson Venture Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $88.93 | &nbsp;&nbsp; $89.69 | &nbsp;&nbsp; $74.13 | &nbsp;&nbsp; $70.32 | &nbsp;&nbsp; $111.10 | &nbsp;&nbsp; $85.45 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.19) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.44) |
| Net realized and unrealized gain/(loss) | 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;5.40 | &nbsp;&nbsp;&nbsp;&nbsp;19.90 | &nbsp;&nbsp;&nbsp;&nbsp;7.06 | &nbsp;&nbsp; (28.15) | &nbsp;&nbsp;&nbsp;&nbsp;31.71 |
| Total from Investment Operations | 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp;19.64 | &nbsp;&nbsp;&nbsp;&nbsp;6.95 | &nbsp;&nbsp; (28.45) | &nbsp;&nbsp;&nbsp;&nbsp;31.27 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (4.73) | &nbsp;&nbsp; (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Total Dividends and Distributions | (4.73) | &nbsp;&nbsp; (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Net Asset Value, End of Period | $84.79 | &nbsp;&nbsp; $88.93 | &nbsp;&nbsp; $89.69 | &nbsp;&nbsp; $74.13 | &nbsp;&nbsp; $70.32 | &nbsp;&nbsp; $111.10 |
| Total Return<sup>\*</sup> <br>| 0.49% | &nbsp;&nbsp; 5.67% | &nbsp;&nbsp; 27.76% | &nbsp;&nbsp; 10.11% | &nbsp;&nbsp; (28.40)% | &nbsp;&nbsp; 37.13% |
| Net Assets, End of Period (in thousands) | $208106 | &nbsp;&nbsp; $234087 | &nbsp;&nbsp; $244689 | &nbsp;&nbsp; $210384 | &nbsp;&nbsp; $220157 | &nbsp;&nbsp; $363007 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.77% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; 0.75% |
| Ratio of Net Investment Income/(Loss) | (0.43)% | &nbsp;&nbsp; (0.32)% | &nbsp;&nbsp; (0.32)% | &nbsp;&nbsp; (0.14)% | &nbsp;&nbsp; (0.34)% | &nbsp;&nbsp; (0.42)% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 21% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

18 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class N Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $90.47 | &nbsp;&nbsp; $91.07 | &nbsp;&nbsp; $75.15 | &nbsp;&nbsp; $71.17 | &nbsp;&nbsp; $112.20 | &nbsp;&nbsp; $86.18 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.15) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.35) |
| Net realized and unrealized gain/(loss) | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;&nbsp;20.19 | &nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp; (28.48) | &nbsp;&nbsp;&nbsp;&nbsp;31.99 |
| Total from Investment Operations | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp;20.00 | &nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp; (28.70) | &nbsp;&nbsp;&nbsp;&nbsp;31.64 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (4.73) | &nbsp;&nbsp; (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Total Dividends and Distributions | (4.73) | &nbsp;&nbsp; (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Net Asset Value, End of Period | $86.38 | &nbsp;&nbsp; $90.47 | &nbsp;&nbsp; $91.07 | &nbsp;&nbsp; $75.15 | &nbsp;&nbsp; $71.17 | &nbsp;&nbsp; $112.20 |
| Total Return<sup>\*</sup> <br>| 0.54% | &nbsp;&nbsp; 5.76% | &nbsp;&nbsp; 27.87% | &nbsp;&nbsp; 10.23% | &nbsp;&nbsp; (28.34)% | &nbsp;&nbsp; 37.25% |
| Net Assets, End of Period (in thousands) | $434074 | &nbsp;&nbsp; $435130 | &nbsp;&nbsp; $351470 | &nbsp;&nbsp; $322200 | &nbsp;&nbsp; $335608 | &nbsp;&nbsp; $565040 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.66% |
| Ratio of Net Investment Income/(Loss) | (0.32)% | &nbsp;&nbsp; (0.21)% | &nbsp;&nbsp; (0.23)% | &nbsp;&nbsp; (0.04)% | &nbsp;&nbsp; (0.25)% | &nbsp;&nbsp; (0.33)% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 21% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 19

------

**Janus Henderson Venture Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $80.42 | &nbsp;&nbsp; $81.96 | &nbsp;&nbsp; $68.35 | &nbsp;&nbsp; $65.32 | &nbsp;&nbsp; $104.51 | &nbsp;&nbsp; $80.97 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.33) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.83) |
| Net realized and unrealized gain/(loss) | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp;&nbsp;18.23 | &nbsp;&nbsp;&nbsp;&nbsp;6.56 | &nbsp;&nbsp; (26.24) | &nbsp;&nbsp;&nbsp;&nbsp;29.99 |
| Total from Investment Operations | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp;&nbsp;17.69 | &nbsp;&nbsp;&nbsp;&nbsp;6.17 | &nbsp;&nbsp; (26.86) | &nbsp;&nbsp;&nbsp;&nbsp;29.16 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (4.73) | &nbsp;&nbsp; (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Total Dividends and Distributions | (4.73) | &nbsp;&nbsp; (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Net Asset Value, End of Period | $76.08 | &nbsp;&nbsp; $80.42 | &nbsp;&nbsp; $81.96 | &nbsp;&nbsp; $68.35 | &nbsp;&nbsp; $65.32 | &nbsp;&nbsp; $104.51 |
| Total Return<sup>\*</sup> <br>| 0.28% | &nbsp;&nbsp; 5.23% | &nbsp;&nbsp; 27.23% | &nbsp;&nbsp; 9.67% | &nbsp;&nbsp; (28.70)% | &nbsp;&nbsp; 36.55% |
| Net Assets, End of Period (in thousands) | $15794 | &nbsp;&nbsp; $18419 | &nbsp;&nbsp; $23199 | &nbsp;&nbsp; $28124 | &nbsp;&nbsp; $29213 | &nbsp;&nbsp; $54537 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.16% |
| Ratio of Net Expenses (After Waivers and Expense Offsets) | 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.16% |
| Ratio of Net Investment Income/(Loss) | (0.84)% | &nbsp;&nbsp; (0.73)% | &nbsp;&nbsp; (0.73)% | &nbsp;&nbsp; (0.55)% | &nbsp;&nbsp; (0.75)% | &nbsp;&nbsp; (0.83)% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 21% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

20 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class T Shares |  |  |  |  |  |  |
| For a share outstanding during the period ended March 31, <br> 2026 (unaudited) and the year ended September 30<br>| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Net Asset Value, Beginning of Period | $85.51 | &nbsp;&nbsp; $86.56 | &nbsp;&nbsp; $71.78 | &nbsp;&nbsp; $68.27 | &nbsp;&nbsp; $108.38 | &nbsp;&nbsp; $83.59 |
| Income/(Loss) from Investment Operations: |  |  |  |  |  |  |
| Net investment income/(loss)<sup>(1)</sup> <br>| (0.24) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.58) |
| Net realized and unrealized gain/(loss) | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;19.22 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp; (27.37) | &nbsp;&nbsp;&nbsp;&nbsp;30.99 |
| Total from Investment Operations | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;18.86 | &nbsp;&nbsp;&nbsp;&nbsp;6.65 | &nbsp;&nbsp; (27.78) | &nbsp;&nbsp;&nbsp;&nbsp;30.41 |
| Less Dividends and Distributions: |  |  |  |  |  |  |
| Dividends (from net investment income) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions (from capital gains) | (4.73) | &nbsp;&nbsp; (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Total Dividends and Distributions | (4.73) | &nbsp;&nbsp; (5.89) | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (12.33) | &nbsp;&nbsp; (5.62) |
| Net Asset Value, End of Period | $81.30 | &nbsp;&nbsp; $85.51 | &nbsp;&nbsp; $86.56 | &nbsp;&nbsp; $71.78 | &nbsp;&nbsp; $68.27 | &nbsp;&nbsp; $108.38 |
| Total Return<sup>\*</sup> <br>| 0.42% | &nbsp;&nbsp; 5.53% | &nbsp;&nbsp; 27.57% | &nbsp;&nbsp; 9.96% | &nbsp;&nbsp; (28.51)% | &nbsp;&nbsp; 36.91% |
| Net Assets, End of Period (in thousands) | $682909 | &nbsp;&nbsp; $726611 | &nbsp;&nbsp; $771682 | &nbsp;&nbsp; $669111 | &nbsp;&nbsp; $665815 | &nbsp;&nbsp; $1051872 |
| Ratios to Average Net Assets<sup>\*\*</sup>: |  |  |  |  |  |  |
| Ratio of Gross Expenses | 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.91% |
| Ratio of Net Expenses (After Waivers and Expense <br> Offsets)<br>| 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% |
| Ratio of Net Investment Income/(Loss) | (0.55)% | &nbsp;&nbsp; (0.45)% | &nbsp;&nbsp; (0.46)% | &nbsp;&nbsp; (0.28)% | &nbsp;&nbsp; (0.47)% | &nbsp;&nbsp; (0.57)% |
| Portfolio Turnover Rate | 20% | &nbsp;&nbsp; 24% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 23% | &nbsp;&nbsp; 14% | &nbsp;&nbsp; 21% |

---

\* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year. 

\*\* Annualized for periods of less than one full year.

(1) Per share amounts are calculated based on average shares outstanding during the year or period.

See Notes to Financial Statements.

Janus Investment Fund \| 21

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and Significant Accounting Policies**

Janus Henderson Venture Fund (the "Fund") is a series of Janus Investment Fund (the "Trust"), which is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and therefore has applied the specialized accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946. The Trust offers 34 funds, each of which offers multiple share classes, with differing investment objectives and policies. The Fund seeks capital appreciation. The Fund is classified as diversified, as defined in the 1940 Act. Janus

Henderson Investors US LLC is the investment adviser (the "Adviser") to the Fund.

The Fund offers multiple classes of shares in order to meet the needs of various types of investors. Each class represents an interest in the same portfolio of investments. Certain financial intermediaries may not offer all classes of

shares.

Shareholders, including other funds, individuals, accounts, as well as the Fund's portfolio manager(s) and/or investment personnel, may from time to time own (beneficially or of record) a significant percentage of the Fund's shares and can be considered to "control" the Fund when that ownership exceeds 25% of the Fund's assets (and which may differ from control as determined in accordance with United States of America generally accepted accounting principles ("US

GAAP")).

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, employer-sponsored retirement plans, and bank trust platforms.

The Fund currently implements an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the original Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund relies on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares.

Effective July 6, 2020, Class D Shares are available to new investors. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share

accounts before August 4, 2017.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans and certain welfare benefit plans, such as health savings accounts, and nonqualified deferred compensation plans; and 2) retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, the Adviser, or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Henderson Distributors US LLC (the "Distributor") including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment

requirements.

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement

22 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements (unaudited)**

with the Adviser or its affiliates to offer Class S Shares on their supermarket platforms.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an

agreement with the Adviser or its affiliates to offer Class T Shares on their supermarket platforms.

The Chief Financial Officer of the Fund is designated as the Chief Operating Decision Maker ("CODM") as it relates to ASC Topic 280, *Segment Reporting*. The CODM has concluded that the Fund operated as a single segment entity for the period ended March 31, 2026. The key indicator of performance of the Fund is net investment income as reported on the Statement of Operations.

The following accounting policies have been followed by the Fund and are in conformity with US GAAP.

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Janus Investment Fund \| 23

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements (unaudited)**

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available. For private placements where observable inputs are limited, assumptions about market activity and risk are used in employing valuation techniques such as the market approach, the income approach, or the cost approach, as defined under ASC 820. These are categorized as Level 3 in the hierarchy.

For significant fair value measurements categorized within Level 3 of the fair value hierarchy, the table below summarizes the valuation techniques and provides quantitative information about the significant unobservable inputs. In addition, the table provides a narrative description of the uncertainty of the fair value measurement based on the use of significant unobservable inputs that have been different, or that reasonable could have been different, at the reporting

date.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Asset* | *Fair Value at* <br>*March 31*, <br>*2026*<br>| *Valuation Technique* | *Unobservable Input* | &nbsp;&nbsp; *Input Amount or* <br>*Range*<br>| &nbsp;&nbsp; *Weighted* <br>*Average*<sup>(1)</sup> <br>| &nbsp;&nbsp; *Impact to Valuation* <br>*from an Increase in* <br>*Input*<br>|
| *Private Placements* |  |  |  |  |  |  |
|  | $22400144 | Recent Transaction | Purchase Price | $100 | $100 | Increase |
|  | $8313549 | Income Approach | Discount Rate | 12% | 12% | Decrease |
|  | $18469963 | Market Approach | Discount Rate | 0.24-6.37 | 5.25 | Decrease |
| *Rights* |  |  |  |  |  |  |
|  | $1980147 | Market Approach | Discount Rate | 0.34-4.90 | 3.76 | Increase |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Unobservable inputs were weighted by the relative fair value of securities.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2026 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" "Level 3 Valuation

Reconciliation of Assets"in the Notes to Schedule of Investments and Other Information.

**Investment Transactions and Investment Income**

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income is recorded daily on an accrual basis and includes amortization of premiums and accretion of discounts. The Fund classifies gains and losses on prepayments received as an adjustment to interest income. Debt securities may be placed in non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivables when collection of all or a portion of interest has become doubtful. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares based upon the ratio of

net assets represented by each class as a percentage of total net assets.

24 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements (unaudited)**

**Expenses**

The Fund bears expenses incurred specifically on its behalf. Each class of shares bears a portion of general expenses, which are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of total net assets. Expenses directly attributable to a specific class of shares are charged against the

operations of such class.

**Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

**Indemnifications**

In the normal course of business, the Fund may enter into contracts that contain provisions for indemnification of other parties against certain potential liabilities. The Fund's maximum exposure under these arrangements is unknown, and would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material

loss from such claims is considered remote.

**Foreign Currency Translations**

The Fund does not isolate that portion of the results of operations resulting from the effect of changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the date of the financial statements. Net unrealized appreciation or depreciation of investments and foreign currency translations arise from changes in the value of assets and liabilities, including investments in securities held at the date of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks

may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

**Dividends and Distributions**

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as "equalization," has no effect on the redeeming shareholder or a Fund's total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge

could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts ("REITs") which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs' taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal

income tax purposes.

**Income Taxes**

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund's tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund's financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change

in the next twelve months.

**2. Derivative Instruments**

The Fund may invest in various types of derivatives, which may at times result in significant derivative exposure. A derivative is a financial instrument whose performance is derived from the performance of another asset. The Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures

Janus Investment Fund \| 25

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements (unaudited)**

contracts, options on foreign currencies, options on recovery locks, options on security and commodity indices, swaps, forward contracts, structured investments, and other equity-linked derivatives. Each derivative instrument that was held by the Fund during the period ended March 31, 2026 is discussed in further detail below. A summary of derivative activity by the Fund is reflected in the tables at the end of the Schedule of Investments.

The Fund may use derivative instruments for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions), to adjust currency exposure relative to a benchmark index, or for speculative purposes (to earn income and seek to enhance returns). When the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. The Fund may not use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. The Fund's ability to use derivative instruments may also be limited by tax considerations.

Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may result in larger losses or smaller gains than otherwise

would be the case. Derivatives can be volatile and may involve significant risks.

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Commodity Risk** – the risk related to the change in value of commodities or commodity-linked investments due to changes in the overall market movements, volatility of the underlying benchmark, changes in interest rates, or other factors affecting a particular industry or commodity such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk** – the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its financial obligation to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk** – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Currency Risk** – the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Risk** – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Index Risk** – if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk** – the risk that the value of fixed-income securities will generally decline as prevailing interest rates rise, which may cause the Fund's NAV to likewise decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Leverage Risk** – the risk associated with certain types of leveraged investments or trading strategies pursuant to which relatively small market movements may result in large changes in the value of an investment. The Fund creates leverage by investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies, such as short sales, that involve leverage can result in losses that greatly exceed the amount originally invested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk** – the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.

Derivatives may generally be traded OTC or on an exchange. Derivatives traded OTC are agreements that are individually negotiated between parties and can be tailored to meet a purchaser's needs. OTC derivatives are not guaranteed by a clearing agency and may be subject to increased credit risk.

26 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements (unaudited)**

In an effort to mitigate credit risk associated with derivatives traded OTC, the Fund may enter into collateral agreements with certain counterparties whereby, subject to certain minimum exposure requirements, the Fund may require the counterparty to post collateral if the Fund has a net aggregate unrealized gain on all OTC derivative contracts with a particular counterparty. Additionally, the Fund may deposit cash and/or treasuries as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are

dependent on the Adviser's ability to establish and maintain appropriate systems and trading.

**Forward Foreign Currency Exchange Contracts**

A forward foreign currency exchange contract ("forward currency contract") is an obligation to buy or sell a specified currency at a future date at a negotiated rate (which may be U.S. dollars or a foreign currency). The Fund may enter into forward currency contracts for hedging purposes, including, but not limited to, reducing exposure to changes in foreign currency exchange rates on foreign portfolio holdings and locking in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in or exposed to foreign currencies. The Fund may also invest in forward currency contracts for non-hedging purposes such as seeking to enhance returns. The Fund is subject to currency risk and counterparty risk in the normal course of pursuing its investment objective through its investments in forward currency contracts.

Forward currency contracts are valued by converting the foreign value to U.S. dollars by using the current spot U.S. dollar exchange rate and/or forward rate for that currency. Exchange and forward rates as of the close of the NYSE are used to value the forward currency contracts. The unrealized appreciation/(depreciation) for forward currency contracts is reported in the Statement of Assets and Liabilities as a receivable or payable and in the Statement of Operations for the change in unrealized net appreciation/depreciation (if applicable). The realized gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon

closing a forward currency contract is reported on the Statement of Operations (if applicable).

During the period, the Fund entered into forward currency contracts with the obligation to purchase foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency

denominated securities held by the Fund.

During the period, the Fund entered into forward currency contracts with the obligation to sell foreign currencies in the future at an agreed upon rate in order to decrease exposure to currency risk associated with foreign currency

denominated securities held by the Fund.

**Options Contracts** 

An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price on or before a specified date. The purchaser pays a premium to the seller for this right. The seller has the corresponding obligation to sell or buy a financial instrument if the purchaser (owner) "exercises" the option. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of the security for a purchased put or call option are adjusted by the amount of premium received or paid. Upon expiration, or closing of the option transaction, a realized gain or loss is reported on the Statement of Operations (if applicable). The difference between the premium paid/received and the market value of the option is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported on the Statement of Operations (if applicable). Option contracts are typically valued using an approved vendor's option valuation model. To the extent reliable market quotations are available, option contracts are valued using market quotations. In cases when an approved vendor cannot provide coverage for an option and there is no reliable market quotation, a broker quotation or an internal valuation using the Black-Scholes model, the Cox-Rubinstein Binomial Option Pricing Model, or other appropriate option pricing model is used. Certain options contracts are marked-to-market daily, and the daily variation margin is recorded as a receivable or payable on the Statement of Assets and Liabilities as "Variation margin receivable" or "Variation margin payable" (if applicable).

The Fund may use options contracts to hedge against changes in interest rates, the values of equities, or foreign currencies. The Fund generally invests in options to hedge against adverse movements in the value of portfolio holdings. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. A lack of correlation between the value of an instrument underlying an option and the asset being hedged, or unexpected

Janus Investment Fund \| 27

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements (unaudited)**

adverse price movements, could render the Fund's hedging strategy unsuccessful. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. The Fund may be subject to counterparty risk, interest rate risk, liquidity risk, equity risk, commodity risk, and currency risk in the normal course of

pursuing its investment objective through its investments in options contracts.

Options traded on an exchange are regulated and the terms of the options are standardized. Options traded OTC expose the Fund to counterparty risk in the event that the counterparty does not perform. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to

cover the Fund's exposure to the counterparty.

The Fund may purchase put options to hedge against a decline in the value of its portfolio. By using put options in this way, the Fund will reduce any profit it might otherwise have realized in the underlying security by the amount of the premium paid for the put option and by transaction costs. The Fund may purchase call options to hedge against an increase in the price of securities that it may buy in the future. The premium paid for the call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises sufficiently, the option may expire worthless to the Fund. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Options purchased are reported in the Schedule of

Investments (if applicable).

During the period, the Fund purchased call options on various for the purpose of increasing exposure to individual equity

risk.

There were no purchased options held at March 31, 2026.

In writing an option, the Fund bears the risk of an unfavorable change in the price of the security underlying the written option. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option. Options written are reported as a liability on the Statement of Assets and Liabilities as "Options written, at value" (if applicable). The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the options are exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the security decreases and the options are exercised. The risk in buying options is that the Fund pays a premium whether or not the options are exercised. Exercise of an option written by the Fund could result in the Fund buying or selling a security at a price

different from the current market value.

During the period, the Fund wrote call options on various equity securities for the purpose of decreasing exposure to

individual equity risk and/or generating income.

**3. Other Investments and Strategies**

**Market Risk**

The value of the Fund's portfolio may decrease if the value of one or more issuers in the Fund's portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of the Fund's portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund's portfolio decreases, the Fund's NAV will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, social unrest, tariffs, financial institution failures, and economic recessions could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

• *Armed Conflict.* Armed conflicts between countries or in a geographic region, such as the ongoing armed conflicts in Europe and the Middle East, have the potential to adversely impact a Fund. The extent and duration of each conflict, resulting sanctions and resulting future market disruptions in each region are impossible to predict, but could be significant and have a severe adverse effect, including significant negative impacts on the U.S. and broader global

economic environment and the markets for certain securities and commodities.

28 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements (unaudited)**

**Restricted Security Transactions**

Restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in the securities of widely held, publicly traded companies. Lack of a secondary market and resale restrictions may result in the inability of the Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, these securities may exhibit greater price volatility than securities for which secondary markets

exist.

**Counterparties**

Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to the Fund ("counterparty risk"). Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The extent of the Fund's exposure to counterparty risk with respect to financial assets and liabilities approximates its carrying value. See the "Offsetting Assets and Liabilities" section of this Note for further details.

The Fund may be exposed to counterparty risk through participation in various programs, including, but not limited to, lending its securities to third parties, cash sweep arrangements whereby the Fund's cash balance is invested in one or more types of cash management vehicles, as well as investments in, but not limited to, repurchase agreements, debt securities, and derivatives, including various types of swaps, futures and options. The Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser's analysis of a counterparty's creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will have

greater exposure to the risks associated with one or more counterparties.

**Securities Lending**

Under procedures adopted by the Trustees, the Fund may seek to earn additional income by lending securities to certain qualified broker-dealers and institutions. JPMorgan Chase Bank, National Association acts as securities lending agent and a limited purpose custodian or subcustodian to receive and disburse cash balances and cash collateral, hold short-term investments, hold collateral, and perform other custodial functions in accordance with the Non-Custodial Securities Lending Agreement. For financial reporting purposes, the Fund does not offset financial instruments' payables and receivables and related collateral on the Statement of Assets and Liabilities. The Fund may lend fund securities in an amount equal to up to 1/3 of its total assets as determined at the time of the loan origination. There is the risk of delay in recovering a loaned security or the risk of loss in collateral rights if the borrower fails financially. In addition, the Adviser makes efforts to balance the benefits and risks from granting such loans. All loans will be continuously secured by collateral which may consist of cash, U.S. Government securities, domestic and foreign short-term debt instruments, letters of credit, time deposits, repurchase agreements, money market mutual funds or other money market accounts, or such other collateral as permitted by the Securities and Exchange Commission (the "SEC"). If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund. In certain circumstances individual loan transactions could yield negative returns.

Upon receipt of cash collateral, the Adviser may invest it in affiliated or non-affiliated cash management vehicles, whether registered or unregistered entities, as permitted by the 1940 Act and rules promulgated thereunder. The Adviser currently intends to primarily invest the cash collateral in a cash management vehicle for which the Adviser serves as investment adviser, Janus Henderson Cash Collateral Fund LLC, or in time deposits. An investment in Janus Henderson Cash Collateral Fund LLC is generally subject to the same risks that shareholders experience when investing in similarly structured vehicles, such as the potential for significant fluctuations in assets as a result of the purchase and redemption activity of the securities lending program, a decline in the value of the collateral, and possible liquidity issues. Such risks may delay the return of the cash collateral and cause the Fund to violate its agreement to return the cash collateral to a borrower in a timely manner. As adviser to the Fund and Janus Henderson Cash Collateral Fund LLC, the Adviser has an inherent conflict of interest as a result of its fiduciary duties to both the Fund and Janus Henderson Cash Collateral Fund LLC. Additionally, the Adviser receives an investment advisory fee of 0.05%

Janus Investment Fund \| 29

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements (unaudited)**

for managing Janus Henderson Cash Collateral Fund LLC, but it may not receive a fee for managing certain other affiliated cash management vehicles in which the Fund may invest, and therefore may have an incentive to allocate preferred investment opportunities to investment vehicles for which it is receiving a fee.

The value of the collateral must be at least 102% of the market value of the loaned securities that are denominated in U.S. dollars and 105% of the market value of the loaned securities that are not denominated in U.S. dollars. Loaned securities and related collateral are marked-to-market each business day based upon the market value of the loaned securities at the close of business, employing the most recent available pricing information. Collateral levels are then adjusted based on this mark-to-market evaluation. Additional required collateral, or excess collateral returned, is delivered on the next business day. Therefore, the value of the collateral held may be temporarily less than 102% or 105% value of the securities on loan. The cash collateral invested by the Adviser is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as "Affiliated securities lending income, net" and "Unaffiliated securities lending income, net" on the Statement of Operations. As of March 31, 2026, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $29,873,356. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2026 is $27,737,138, resulting in the

net amount due from the counterparty of $2,136,218.

**Offsetting Assets and Liabilities**

The Fund presents gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment.

The Offsetting Assets and Liabilities tables located in the Schedule of Investments present gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the "Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31,

2026" table located in the Fund's Schedule of Investments.

The Fund may require the counterparty to pledge securities as collateral daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized gain on OTC derivative contracts with a particular counterparty. The Fund may deposit cash as collateral with the counterparty and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. The collateral amounts are subject to minimum exposure requirements and initial margin requirements. Collateral amounts are monitored and subsequently adjusted up or down as valuations fluctuate by at

least the minimum exposure requirement. Collateral may reduce the risk of loss.

The Fund generally does not exchange collateral on its forward foreign currency contracts with its counterparties; however, all liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund's commitment with respect to these contracts. Certain securities may be segregated at the Fund's custodian. These segregated securities are denoted on the accompanying Schedule of Investments and are evaluated daily to ensure their cover and/or market value equals or exceeds the Fund's corresponding forward foreign currency

exchange contract's obligation value.

**4. Investment Advisory Agreements and Other Transactions with Affiliates**

The Fund pays the Adviser an investment advisory fee which is calculated daily and paid monthly. The Fund's

contractual investment advisory fee rate (expressed as an annual rate) is 0.64% of its average daily net assets.

30 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements (unaudited)**

The Adviser has contractually agreed to waive the advisory fee and/or reimburse operating expenses to the extent that the Fund's total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fee, if applicable, the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, out-of-pocket transfer agency/shareholder servicing costs, including networking/omnibus/shareholder servicing fees payable by any share class, acquired fund fees and expenses, interest, dividends, taxes, brokerage commissions, and extraordinary expenses, exceed the annual rate of 0.86% for at least a one-year period commencing on January 28, 2026. If applicable, amounts waived and/or reimbursed to the Fund by the Adviser are disclosed as "Excess

Expense Reimbursement and Waivers" on the Statement of Operations.

The Adviser serves as administrator to the Fund pursuant to an administration agreement between the Adviser and the Trust. Under the administration agreement, the Adviser is authorized to perform, or cause others to perform certain administration, compliance, and accounting services to the Fund, including providing office space for the Fund, and is reimbursed by the Fund for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). In addition, employees of the Adviser and/or its affiliates may serve as officers of the Trust. The Fund pays for some or all of the salaries, fees, and expenses of the Adviser employees and Fund officers, with respect to certain specified administration functions they perform on behalf of the Fund. The Fund pays these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Fund. These amounts are disclosed as "Affiliated fund administration fees" on the Statement of Operations. In addition, some expenses related to compensation payable to the Fund's Chief Compliance Officer and certain compliance staff, all of whom are employees of the Adviser and/or its affiliates, are shared with the Fund. Total compensation of $215,106 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2026. The Fund's portion is reported as part of "Other expenses" on the Statement of

Operations.

Janus Henderson Services US LLC (the "Transfer Agent"), a wholly-owned subsidiary of the Adviser, is the Fund's transfer agent. The Transfer Agent provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, subaccounting, answering inquiries regarding accounts, order processing, transaction confirmations, the mailing of prospectuses and shareholder reports, and other shareholder services provided to or on behalf of shareholders. These amounts are disclosed as "Transfer agent administrative fees and expenses" on the

Statement of Operations.

Class D Shares of the Fund pay the Transfer Agent an annual administrative services fee based on the average daily net

assets of Class D Shares as detailed below.

---

| | |
|:---|:---|
| *Average Daily Net Assets of Class D Shares of the Janus Henderson funds* | *Administrative Services Fee* |
| Under $40 billion | 0.12% |
| $40 billion — $49.9 billion | 0.10% |
| Over $49.9 billion | 0.08% |

---

During the reporting period, the administrative services fee rate was 0.11%.

The Transfer Agent receives an administrative services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund's Class S Shares and Class T Shares for providing or procuring administrative services to investors in Class S Shares and Class T Shares of the Fund. The Transfer Agent expects to use all or a significant portion of this fee to compensate retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries for providing these services. The Transfer Agent may keep certain amounts retained for

reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares.

Shareholder Services provided by these financial intermediaries may include, but are not limited to, recordkeeping, subaccounting, order processing, providing order confirmations, periodic statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, answering inquiries regarding accounts, and other administrative services. Order processing includes the submission of transactions through the National Securities Clearing Corporation ("NSCC") or similar systems, or those processed on a manual basis with the Adviser. For all share

classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Certain, but not all, intermediaries may charge administrative fees to investors in Class A Shares, Class C Shares, and Class I Shares for administrative services provided on behalf of such investors. These administrative fees are paid by the Class A Shares, Class C Shares, and Class I Shares of the Fund to the Transfer Agent, which uses such fees to

Janus Investment Fund \| 31

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**Janus Henderson Venture Fund**

**Notes to Financial Statements (unaudited)**

reimburse intermediaries. Consistent with the Transfer Agency Agreement between the Transfer Agent and the Fund, the Transfer Agent may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. The Adviser and its affiliates benefit from an increase in assets that may result from such relationships. The Adviser has agreed to limit these fees up to 0.20% for Class A Shares and Class C Shares, and up to 0.15% for Class I Shares on an annual basis based on the daily net assets of each share class. Such limits are subject to change by the Trustees in the future. These amounts are disclosed as "Transfer agent networking

and omnibus fees" on the Statement of Operations.

The Transfer Agent is not compensated for its services related to the shares, except for out-of-pocket costs, although the Transfer Agent is compensated for its services related to Fund's Class D Shares. These amounts are disclosed as

"Other transfer agent fees and expenses" on the Statement of Operations.

Under distribution and shareholder servicing plans (the "Plans") adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust's distributor, the Distributor, a wholly-owned subsidiary of the Adviser, a fee for the sale and distribution and/or shareholder servicing of the shares based on the average daily net assets for each share class at an annual rate of up to 0.25% for Class A Shares, up to 1.00% for Class C Shares, and up to 0.25% for Class S Shares. Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund. These amounts are disclosed as "12b-1 Distribution and shareholder servicing fees" on the

Statement of Operations.

Class A Shares include a 5.75% upfront sales charge of the offering price of the Fund. The sales charge is allocated between the Distributor and financial intermediaries. During the period ended March 31, 2026, the Distributor retained

upfront sales charges of $37.

A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A Shares purchased without a sales load and redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class A Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class A Shares paid CDSCs of $931 to Janus Henderson

Distributors.

A CDSC of 1.00% will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless waived. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the value of the redemption of the Class C Shares redeemed. During the period ended March 31, 2026, redeeming shareholders of Class C Shares

paid CDSCs of $26.

The Board of Trustees has adopted a deferred compensation plan (the "Deferred Plan") for independent Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. All deferred fees are credited to an account established in the name of the Trustees. The amounts credited to the account then increase or decrease, as the case may be, in accordance with the performance of one or more of the Janus Henderson funds that are selected by the Trustees. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts are credited to the account. The fluctuation of the account balance is recorded by the Fund as unrealized appreciation/(depreciation) and is included as of March 31, 2026 on the Statement of Assets and Liabilities in the asset, "Trustees' deferred compensation," and liability, "Trustees' deferred compensation fees." Additionally, the recorded unrealized appreciation/(depreciation) is included in "Total distributable earnings (loss)" on the Statement of Assets and Liabilities. Deferred compensation expenses for the period ended March 31, 2026 are included in "Trustees' fees and expenses" on the Statement of Operations. Trustees are allowed to change their designation of mutual funds from time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $37,088 were paid by the Trust to the Trustees under the

Deferred Plan during the period ended March 31, 2026.

Pursuant to the provisions of the 1940 Act and related rules, the Fund may participate in an affiliated or non-affiliated cash sweep program. In the cash sweep program, uninvested cash balances of the Fund may be used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate as money market funds. The Fund is eligible to participate in the cash sweep program (the "Investing Funds"). The Adviser has an inherent conflict of interest because of its fiduciary duties to the affiliated money market funds or cash management pooled investment vehicles and the Investing Funds. Janus Henderson Cash Liquidity Fund LLC (the

32 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements (unaudited)**

"Sweep Vehicle") is an affiliated unregistered cash management pooled investment vehicle that invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Government securities and repurchase agreements that are collateralized by U.S. Government securities. The Sweep Vehicle operates pursuant to the provisions of the 1940 Act that govern the operation of money market funds and prices its shares at NAV reflecting market-based values of its portfolio securities (i.e., a "floating" NAV) rounded to the fourth decimal place (e.g., $1.0000). There are no restrictions on the Fund's ability to withdraw investments from the Sweep Vehicle at will, and there are no unfunded capital commitments due from the Fund to the Sweep Vehicle. The Sweep Vehicle does not charge any management fee, sales charge or service fee.

Any purchases and sales, realized gains/losses and recorded dividends from affiliated investments during the period ended March 31, 2026 can be found in the "Schedules of Affiliated Investments" located in the Schedule of

Investments.

**5. Federal Income Tax**

Income and capital gains distributions are determined in accordance with income tax regulations that may differ from US GAAP. These differences are due to differing treatments for items such as net short-term gains, deferral of wash sale losses, foreign currency transactions, net investment losses, and capital loss carryovers.

The Fund has elected to treat gains and losses on forward foreign currency contracts as capital gains and losses, if applicable. Other foreign currency gains and losses on debt instruments are treated as ordinary income for federal

income tax purposes pursuant to Section 988 of the Internal Revenue Code.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2026 are noted below. The primary differences between book and tax appreciation or depreciation of investments are wash sale loss deferrals, investments in partnerships, and

investments in passive foreign investment companies.

---

| | | | |
|:---|:---|:---|:---|
| *Federal Tax Cost* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Net Tax Appreciation/* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| $1953166333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1313309744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(172140735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1141169009 |

---

Information on the tax components of derivatives as of March 31, 2026 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>|
| $(19295385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14313782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4868383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9445399 |

---

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not

constitute adjustments to tax basis.

Janus Investment Fund \| 33

------

**Janus Henderson Venture Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Capital Share Transactions** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Period ended March 31, 2026* | *Period ended March 31, 2026* | *Year ended September 30, 2025* | *Year ended September 30, 2025* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
| Class A Shares: |  |  |  |  |
| Shares sold | 86762 | &nbsp;&nbsp; $7234129 | &nbsp;&nbsp; 43935 | &nbsp;&nbsp; $3408107 |
| Reinvested dividends and distributions | 16679 | &nbsp;&nbsp; 1355691 | &nbsp;&nbsp; 17584 | &nbsp;&nbsp; 1469829 |
| Shares repurchased | (38101) | &nbsp;&nbsp; (3157402) | &nbsp;&nbsp; (72701) | &nbsp;&nbsp; (5650387) |
| Net Increase/(Decrease) | 65340 | &nbsp;&nbsp; $5432418 | &nbsp;&nbsp; (11182) | &nbsp;&nbsp; $(772451) |
| Class C Shares: |  |  |  |  |
| Shares sold | 4090 | &nbsp;&nbsp; $279998 | &nbsp;&nbsp; 4088 | &nbsp;&nbsp; $283961 |
| Reinvested dividends and distributions | 1179 | &nbsp;&nbsp; 78504 | &nbsp;&nbsp; 1247 | &nbsp;&nbsp; 87124 |
| Shares repurchased | (2138) | &nbsp;&nbsp; (146416) | &nbsp;&nbsp; (5524) | &nbsp;&nbsp; (351629) |
| Net Increase/(Decrease) | 3131 | &nbsp;&nbsp; $212086 | &nbsp;&nbsp;&nbsp;&nbsp;(189) | &nbsp;&nbsp; $19456 |
| Class D Shares: |  |  |  |  |
| Shares sold | 149921 | &nbsp;&nbsp; $13147551 | &nbsp;&nbsp; 420893 | &nbsp;&nbsp; $35514950 |
| Reinvested dividends and distributions | 979446 | &nbsp;&nbsp; 85055084 | &nbsp;&nbsp; 1240449 | &nbsp;&nbsp; 110127053 |
| Shares repurchased | (1051976) | &nbsp;&nbsp; (92431951) | &nbsp;&nbsp; (2110804) | &nbsp;&nbsp; (176834837) |
| Net Increase/(Decrease) | 77391 | &nbsp;&nbsp; $5770684 | &nbsp;&nbsp; (449462) | &nbsp;&nbsp; $(31192834) |
| Class I Shares: |  |  |  |  |
| Shares sold | 317070 | &nbsp;&nbsp; $28097949 | &nbsp;&nbsp; 677933 | &nbsp;&nbsp; $58290909 |
| Reinvested dividends and distributions | 131519 | &nbsp;&nbsp; 11536819 | &nbsp;&nbsp; 177089 | &nbsp;&nbsp; 15868937 |
| Shares repurchased | (626433) | &nbsp;&nbsp; (55128055) | &nbsp;&nbsp; (950864) | &nbsp;&nbsp; (81453772) |
| Net Increase/(Decrease) | (177844) | &nbsp;&nbsp; $(15493287) | &nbsp;&nbsp; (95842) | &nbsp;&nbsp; $(7293926) |
| Class N Shares: |  |  |  |  |
| Shares sold | 529371 | &nbsp;&nbsp; $47651806 | &nbsp;&nbsp; 1808090 | &nbsp;&nbsp; $154335497 |
| Reinvested dividends and distributions | 252652 | &nbsp;&nbsp; 22574441 | &nbsp;&nbsp; 243495 | &nbsp;&nbsp; 22182369 |
| Shares repurchased | (566565) | &nbsp;&nbsp; (51118652) | &nbsp;&nbsp; (1101538) | &nbsp;&nbsp; (95351283) |
| Net Increase/(Decrease) | 215458 | &nbsp;&nbsp; $19107595 | &nbsp;&nbsp; 950047 | &nbsp;&nbsp; $81166583 |
| Class S Shares: |  |  |  |  |
| Shares sold | 22021 | &nbsp;&nbsp; $1767041 | &nbsp;&nbsp; 44912 | &nbsp;&nbsp; $3462894 |
| Reinvested dividends and distributions | 13037 | &nbsp;&nbsp; 1027461 | &nbsp;&nbsp; 19548 | &nbsp;&nbsp; 1589452 |
| Shares repurchased | (56487) | &nbsp;&nbsp; (4543553) | &nbsp;&nbsp; (118483) | &nbsp;&nbsp; (9190659) |
| Net Increase/(Decrease) | (21429) | &nbsp;&nbsp; $(1749051) | &nbsp;&nbsp; (54023) | &nbsp;&nbsp; $(4138313) |
| Class T Shares: |  |  |  |  |
| Shares sold | 344559 | &nbsp;&nbsp; $29276648 | &nbsp;&nbsp; 697918 | &nbsp;&nbsp; $57277006 |
| Reinvested dividends and distributions | 460030 | &nbsp;&nbsp; 38711496 | &nbsp;&nbsp; 589258 | &nbsp;&nbsp; 50829377 |
| Shares repurchased | (901992) | &nbsp;&nbsp; (76757013) | &nbsp;&nbsp; (1704426) | &nbsp;&nbsp; (138742764) |
| Net Increase/(Decrease) | (97403) | &nbsp;&nbsp; $(8768869) | &nbsp;&nbsp; (417250) | &nbsp;&nbsp; $(30636381) |

---

**7. Purchases and Sales of Investment Securities**

For the period ended March 31, 2026, 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>|
| $639573128 | &nbsp;&nbsp;&nbsp;&nbsp; $806727862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |

---

**8. Acquisition Note**

On December 22, 2025, Janus Henderson Group plc, the parent company of the Fund's investment adviser, announced a definitive agreement to be acquired by Trian Fund Management and General Catalyst. The Transaction is expected to close in 2026, subject to customary closing conditions, including requisite regulatory approvals, and client consents. The

shareholders of Janus Henderson Group, plc approved the acquisition on April 16, 2026.

34 \| March 31, 2026

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**Janus Henderson Venture Fund**

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. Subsequent Event**

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2026 and through the date of issuance of the Fund's financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund's financial statements other than the following:

At a May 18, 2026 meeting of Fund shareholders, shareholders approved a new investment advisory agreement between the Fund and the Adviser, to take effect in connection with the closing of the Transaction.

Janus Investment Fund \| 35

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**Janus Henderson Venture Fund**

**Additional Information (unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Each board member also serves as a board member of other funds in the Janus Investment Fund. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7.

Statement of Operations as Trustees' fees and expenses.

**Item 11. APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD**

The 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

36 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Additional Information (unaudited)**

their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources, capabilities, and key personnel of the Adviser, particularly noting those employees who provide investment and investment risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by the Adviser, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered the Adviser's role as administrator to the Janus Henderson Funds, noting that the Adviser generally does not receive a fee for its services as administrator, but is reimbursed for its out-of-pocket costs. Additionally, the Trustees considered the role of the Adviser in monitoring adherence to the Janus Henderson Funds' investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with Janus Henderson Fund shareholders and the activities of other service providers, including monitoring compliance with various policies and procedures of the Janus Henderson Funds and with applicable securities laws and regulations.

In this regard, the independent fee consultant noted that the Adviser provides a number of different services for the Janus Henderson Funds and their shareholders, ranging from investment management services to various other servicing functions, and that, in its view, the Adviser is a capable provider of those services. The independent fee consultant also provided its belief that the Adviser has developed a number of institutional competitive advantages that should enable it to provide superior investment and service performance over the long term.

The Trustees concluded that the nature, extent, and quality of the services provided by the Adviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory agreements, and that, taking into account steps taken to address those Janus Henderson Funds whose performance lagged that of their peers for certain periods, the Janus Henderson Funds were likely to benefit from the continued provision of those services. They also concluded that the Adviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract and retain well-qualified personnel.

***Performance of the Funds***

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including at periodic meetings with each Janus Henderson Fund's portfolio manager(s), and also reviewed information comparing each Janus Henderson Fund's performance with the performance of comparable fund peer groups identified by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent data provider, using Morningstar category schema and with the Janus Henderson Fund's performance benchmark index. In this regard, as reported by Broadridge: (i) for the 12 months ended June 30, 2025, approximately 57% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups; and (ii) for the 36 months ended June 30, 2025, approximately 52% of the Janus Henderson Funds were in the top two quartiles of their Broadridge peer groups. In addition, the independent fee consultant found that the Janus Henderson Funds' average 2025 performance has been strong, noting that: (i) for the 1- and 3-year periods ended September 30, 2025, approximately 45% and 58% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively; and (ii) for the 5- and 10-year periods ended September 30, 2025, approximately 53% and 54% of the Janus Henderson Funds were in the top two quartiles of performance of their Morningstar categories, respectively.

The Trustees considered the performance of each Janus Henderson Fund, noting that performance may vary by share class, and noted the following with respect to the Funds:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 37

------

**Janus Henderson Venture Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Developed World Bond Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps the Adviser had taken or was taking to improve performance.

38 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the additional resources added by the Adviser to support the Fund's portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted certain changes to the Fund's principal investment strategies and related repositioning recently implemented by the Adviser and the Adviser's assessment of the potential impact of such changes on performance going forward.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser had taken or was taking to improve performance.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that the Fund's performance was in the bottom Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, as well as changes to the Fund's portfolio management implemented in June 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025.

Janus Investment Fund \| 39

------

**Janus Henderson Venture Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser has taken or was taking to improve performance, and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time and the steps the Adviser has taken or was taking to improve performance, including the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 36 months ended June 30, 2025 and the bottom Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the recently-implemented changes to the composition of the Fund's portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that the Fund's performance was in the third Broadridge quartile for the 36 months ended June 30, 2025 and the second Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted the reasons for the Fund's underperformance over various periods of time, the steps the Adviser had taken or was taking to improve performance and that the performance trend was improving.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's performance was in the first Broadridge quartile for the 12 months ended June 30, 2025. The Trustees noted that the 36-month end performance was not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that the Fund's performance was in the second Broadridge quartile for the 36 months ended June 30, 2025 and the third Broadridge quartile for the 12 months ended June 30, 2025.

In consideration of each Janus Henderson Fund's performance, the Trustees concluded that, taking into account the factors relevant to performance, as well as other considerations, including steps taken to improve performance, as applicable, the Janus Henderson Fund's performance warranted continuation of such Janus Henderson Fund's investment advisory agreement.

40 \| March 31, 2026

------

**Janus Henderson Venture Fund**

**Additional Information (unaudited)**

***Costs of Services Provided***

The Trustees examined information regarding the fees and expenses of each Janus Henderson Fund in comparison to similar information for other comparable funds as identified by Broadridge using Morningstar category schema. They also reviewed an analysis of that information provided by their independent fee consultant. The independent fee consultant provided its belief that the management fees charged by the Adviser to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by the Adviser. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 8% under the average total expenses of the respective Broadridge peer group; and (3) the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge peer group. The Trustees also considered the total expenses for each share class of each Janus Henderson Fund compared to the average total expenses for its Broadridge Expense Group and to average total expenses for its Broadridge Expense Universe.

For Janus Henderson Funds with three or more years of performance history, the independent fee consultant also performed a systematic "focus list" analysis of expenses which assessed fund fees in the context of fund performance or service being delivered. Based on this analysis, the independent fee consultant found that the combination of service quality/performance and expenses on these individual Janus Henderson Funds was reasonable considering performance trends, performance histories, recent fee reductions, investment structure changes, relative average net asset levels, and the existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.

The Trustees considered the methodology used by the Adviser in determining compensation payable to portfolio managers, the competitive environment for investment management talent, and the competitive market for mutual funds in different distribution channels.

The Trustees also reviewed management fees charged by the Adviser to comparable institutional/separate account clients and to comparable non-affiliated funds subadvised by the Adviser (for which the Adviser provides only or primarily portfolio management services). Although in most instances subadvisory and institutional/separate account fee rates for various investment strategies were lower than management fee rates for Janus Henderson Funds having a similar strategy, the Trustees considered the Adviser's explanation that, under the terms of the management agreements with the Janus Henderson Funds, the Adviser performs significant additional services for the Janus Henderson Funds that it does not provide to those other clients, including administration services, oversight of the Janus Henderson Funds' other service providers, Trustee support, regulatory compliance, and numerous other services, and that, in serving the Janus Henderson Funds, the Adviser assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, the Trustees noted the independent fee consultant's 2024 report found that: (1) the management fees the Adviser charges to the Janus Henderson Funds are reasonable in relation to the management fees the Adviser charges to similar funds subadvised by the Adviser and to the fees the Adviser charges to its comparable institutional/separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very different from the retail fund market; (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged in these other markets; and (4) Janus Henderson Funds had management fees (after waivers or performance fees) that were under or within 2 bps of the net management fees for similar funds subadvised by the Adviser in all but two cases. The Trustees noted that for the two Janus Henderson Funds that did not have a lower or in line management fee (after waivers or performance fees) than similar funds subadvised by the Adviser, the net management fee was reasonable.

The Trustees considered the fees for each Janus Henderson Fund for its fiscal year ended in 2024 and noted the following with regard to each Fund's total expenses, net of applicable fee waivers (the Fund's "total expenses") as reflected in the comparative information provided by Broadridge:

***<u>Asset Allocation Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Conservative, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 41

------

**Janus Henderson Venture Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that although the Fund's total expenses exceeded the peer group average for all share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Fixed-Income Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Developed World Bond Fund, the Trustees noted that although the Funds' total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson High-Yield Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Multi-Sector Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses. The Trustees further noted that the Adviser has contractually agreed to reduce the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Short Duration Flexible Bond Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Global and International Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson European Focus Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Equity Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Real Estate Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

42 \| March 31, 2026

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**Janus Henderson Venture Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Select Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Sustainable Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Overseas Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson International Dividend Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>Money Market Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Government Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Money Market Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for both share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to reduce certain share class expenses.

***<u>Multi-Asset Fund</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Balanced Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

***<u>U.S. Equity Funds</u>***

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Adaptive Risk Managed U.S. Equity Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Contrarian Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser had contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Enterprise Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Forty Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Growth and Income Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

Janus Investment Fund \| 43

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**Janus Henderson Venture Fund**

**Additional Information (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Research Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Triton Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for certain share classes, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson U.S. Dividend Income Fund, the Trustees noted that the Fund's total expenses were below the peer group average for all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• For Janus Henderson Venture Fund, the Trustees noted that although the Fund's total expenses exceeded the peer group average for one share class, overall the Fund's total expenses were reasonable. The Trustees also noted that the Adviser has contractually agreed to limit the Fund's expenses.

The Trustees reviewed information on the overall profitability to the Adviser and its affiliates from their relationships with the Janus Henderson Funds as of December 31, 2024, and considered profitability data of other publicly traded mutual fund advisers. The Trustees recognized that profitability comparisons among fund managers are difficult because of the variation in the type of comparative information that is publicly available, and the profitability of any fund manager is affected by numerous factors, including the organizational structure of the particular fund manager, differences in complex size, difference in product mix, difference in types of business (mutual fund, institutional and other), differences in the types of funds and other accounts it manages, possible other lines of business, the methodology for allocating expenses and the fund manager's capital structure and cost of capital.

Additionally, the Trustees considered the estimated profitability to the Adviser from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether the Adviser receives adequate incentives and resources to manage the Janus Henderson Funds effectively. In reviewing profitability, the Trustees noted that the estimated profitability for an individual Janus Henderson Fund is necessarily a product of the allocation methodology utilized by the Adviser to allocate its expenses as part of the estimated profitability calculation and that there is no recognized standard or uniform methodology for determining profitability for this purpose. In this regard, the Trustees noted that the independent fee consultant found as part of its 2022 review, which assessed 2021 fund-level profitability, that (1) the expense allocation methodology and rationales utilized by the Adviser were reasonable and (2) no clear correlation exists between expense allocations and operating margins. As part of their overall review of fund profitability, the Trustees also considered that the estimated profitability for an individual Janus Henderson Fund was influenced by a number of factors, including not only the allocation methodology selected, but also the presence of fee waivers and expense caps, and whether the Janus Henderson Fund's investment management agreement contained breakpoints or a performance fee component. The Trustees determined, after taking into account these factors, among others, that the Adviser's estimated profitability with respect to each Janus Henderson Fund was not unreasonable in relation to the services provided, and that the variation in the range of such estimated profitability among the Janus Henderson Funds was not a material factor in the Board's approval of the reasonableness of any Janus Henderson Fund's investment management fees.

The Trustees concluded that the management fee payable by each Janus Henderson Fund to the Adviser was reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by

44 \| March 31, 2026

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**Janus Henderson Venture Fund**

**Additional Information (unaudited)**

other advisers for managing comparable mutual funds with similar strategies, the fees the Adviser charges to other clients, and, as applicable, the impact of fund performance on management fees payable by the Janus Henderson Funds. The Trustees also concluded that each Janus Henderson Fund's total expenses were reasonable, taking into account the size of the Janus Henderson Fund, the quality of services provided by the Adviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by the Adviser.

***Economies of Scale***

The Trustees considered information about the potential for the Adviser to realize economies of scale as the assets of the Janus Henderson Funds increase. They noted that their independent fee consultant published a report to the Trustees in 2025, which provided its research and analysis into economies of scale. The Trustees also considered the following from the independent fee consultant's 2025 report: (1) analyses completed by it cannot confirm or deny the existence of economies of scale in the Janus Henderson Fund complex, but the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels, management fee breakpoints, and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at the Adviser; (2) that 27% of Janus Henderson Funds had management fee breakpoints in place whereby investors pay lower management fees as fund AUM increases; (3) that 32% of Janus Henderson Funds have performance fees where the Adviser is incentivized to invest in resources which drive Janus Henderson Fund performance; and (4) that 41% of Janus Henderson Funds have flat-rate fees (the "Flat-Rate Fee Funds") versus peers where investors pay low fixed fees when the fund is small/midsized and potentially higher fees when the fund grows in assets.

With respect to the Flat-Rate Fee Funds, the independent fee consultant concluded in its 2025 report that (1) 67% of such funds have contractual management fees (gross of waivers) below their respective Broadridge peer group averages; (2) to the extent there were economies of scale at the Adviser, the Adviser's general strategy of setting fixed management fees below peers appeared to share any such economies with investors even on smaller Janus Henderson Funds, which have not yet achieved those economies; and (3) by setting lower fixed fees from the start on the Flat-Rate Fee Funds, the Adviser appeared to be investing to increase the likelihood that these Janus Henderson Funds will grow to a level to achieve any economies of scale that may exist.

The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by the Adviser and its affiliates related to services provided to the Janus Henderson Funds and the lower charges of third-party service providers that are based in part on the combined scale of all of the Janus Henderson Funds.

Based on all of the information reviewed, including the recent and past research and analyses conducted by the Trustees' independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between the Adviser and the Janus Henderson Fund of any economies of scale that may be present at the current asset level of the Janus Henderson Fund.

***Other Benefits to the Adviser***

The Trustees also considered other benefits that accrue to the Adviser and its affiliates from their relationships with the Janus Henderson Funds. They recognized that two affiliates of the Adviser separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market Janus Henderson Funds for services provided, and that such compensation contributes to the overall profitability of the Adviser and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered the Adviser's past and proposed use of commissions paid by Janus Henderson Funds on portfolio brokerage transactions to obtain proprietary and third-party research products and services benefiting the Janus Henderson Fund and/or other clients of the Adviser and/or the Adviser. The Trustees concluded that the Adviser's use of these types of client commission arrangements to obtain proprietary and third-party research products and services was consistent with regulatory requirements and guidelines and was likely to benefit such Janus Henderson Funds. The Trustees also concluded that, other than the services provided by the Adviser and its affiliates pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and the Adviser may potentially benefit from their relationship with each other in other ways. They

Janus Investment Fund \| 45

------

**Janus Henderson Venture Fund**

**Additional Information (unaudited)**

concluded that the Adviser and its affiliates share directly in economies of scale through the lower charges of third-party service providers that are based in part on the combined scale of the Janus Henderson Funds and other clients serviced by the Adviser and its affiliates. They also concluded that the Adviser benefits from the receipt of research products and services acquired through commissions paid on portfolio transactions of the Janus Henderson Funds and that the Janus Henderson Funds benefit from the Adviser's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of the Adviser. They further concluded that the success of any Janus Henderson Fund could attract other business to the Adviser or other Janus Henderson Funds, and that the success of the Adviser could enhance the Adviser's ability to serve the Janus Henderson Funds.

46 \| March 31, 2026

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**Janus Henderson Venture Fund**

**Notes**

Janus Investment Fund \| 47

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**Janus Henderson Venture Fund**

**Notes**

48 \| March 31, 2026

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**Janus Henderson Venture Fund**

**Notes**

Janus Investment Fund \| 49

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![](img8e08a7442.gif)

*This report is submitted for the general information of shareholders of the Fund. It is not an offer or solicitation for the Fund and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.*

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries.© Janus Henderson Group plc

Mutual funds distributed by Janus Henderson Distributors US LLC

125-24-93056 05-26

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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](JIF9-30_N-CSR_EX-99_3.26.v2.htm).

(b) A certification for the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached as [Ex99.906CERT](JIF9-30_N-CSR_EX-99.906_3.26.htm).

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## Ex-99.Cert

Section 302 Certifications

I, Michelle Rosenberg, certify that:

1. I have reviewed this report on Form N-CSR of Janus Investment Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 28, 2026

/s/ Michelle Rosenberg

Michelle Rosenberg, President and Chief Executive Officer of Janus Investment Fund

(Principal Executive Officer)

------

Section 302 Certifications

I, Jesper Nergaard, certify that:

1. I have reviewed this report on Form N-CSR of Janus Investment Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 28, 2026

/s/ Jesper Nergaard

Jesper Nergaard, Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of Janus Investment Fund

(Principal Accounting Officer and Principal Financial Officer)

Classification : Confidential

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## Exhibit 99.906

Section 906 Certification

The following certification is provided by the undersigned Principal Executive Officer and Principal Financial Officer of the Registrant on the basis of such officers' knowledge and belief for the sole purpose of complying with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940.

Certification

In connection with the Semi-Annual Report of Janus Investment Fund (the "Registrant") on Form N-CSR for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on May 28, 2026 (the "Report"), we, Michelle Rosenberg, Principal Executive Officer of the Registrant, and Jesper Nergaard, Principal Accounting Officer and Principal Financial Officer of the Registrant, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940, that:

(1) The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ Michelle Rosenberg

Michelle Rosenberg, President and Chief Executive Officer of Janus Investment Fund Series

(Principal Executive Officer)

May 28, 2026

/s/ Jesper Nergaard

Jesper Nergaard, Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer of Janus Investment Fund

(Principal Accounting Officer and Principal Financial Officer)

May 28, 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

------