# EDGAR Filing Document

**Accession Number:** 0000906185
**File Stem:** 0001193125-25-301810
**Filing Date:** 2025-11
**Character Count:** 45836
**Document Hash:** 921c14472603388a6a1c35860c6858e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-301810.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001193125-25-301810

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07736
- **FILM NUMBER:** 251534213

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**Janus Henderson VIT Overseas Portfolio**

**Schedule of Investments (unaudited)**

**September 30, 2025**

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

---

| | | |
|:---|:---|:---|
|  | *Shares or* <br>*Principal Amounts*<br>| *Value* |
| Common Stocks – 97.5% |  |  |
| Aerospace & Defense – 6.7% |  |  |
| &nbsp;&nbsp;&nbsp; BAE Systems PLC | &nbsp;&nbsp; 1450152 | &nbsp;&nbsp; $40177536 |
| &nbsp;&nbsp;&nbsp; Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5635 | &nbsp;&nbsp;&nbsp;&nbsp; 13115829 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 53293365 |
| Airlines – 1.2% |  |  |
| &nbsp;&nbsp;&nbsp; Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp; 336784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9851268 |
| Banks – 15.7% |  |  |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 1456299 | &nbsp;&nbsp;&nbsp;&nbsp; 28013469 |
| &nbsp;&nbsp;&nbsp; Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 269519 | &nbsp;&nbsp;&nbsp;&nbsp; 26343636 |
| &nbsp;&nbsp;&nbsp; HDFC Bank Ltd | &nbsp;&nbsp; 2287362 | &nbsp;&nbsp;&nbsp;&nbsp; 24508062 |
| &nbsp;&nbsp;&nbsp; Natwest Group PLC | &nbsp;&nbsp; 1424048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9994036 |
| &nbsp;&nbsp;&nbsp; Resona Holdings Inc | &nbsp;&nbsp; 2726700 | &nbsp;&nbsp;&nbsp;&nbsp; 27760524 |
| &nbsp;&nbsp;&nbsp; UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp; 108657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8248598 |
|  |  | &nbsp;&nbsp; 124868325 |
| Beverages – 4.6% |  |  |
| &nbsp;&nbsp;&nbsp; Davide Campari-Milano NV<sup>#</sup> <br>| &nbsp;&nbsp; 2320092 | &nbsp;&nbsp;&nbsp;&nbsp; 14615529 |
| &nbsp;&nbsp;&nbsp; Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp; 284060 | &nbsp;&nbsp;&nbsp;&nbsp; 22182514 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36798043 |
| Biotechnology – 3.3% |  |  |
| &nbsp;&nbsp;&nbsp; Argenx SE (ADR)<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18864 | &nbsp;&nbsp;&nbsp;&nbsp; 13913332 |
| &nbsp;&nbsp;&nbsp; Ascendis Pharma A/S (ADR)<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9061760 |
| &nbsp;&nbsp;&nbsp; Zai Lab Ltd<sup>\*,#</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 701630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2395193 |
| &nbsp;&nbsp;&nbsp; Zai Lab Ltd (ADR)<sup>\*,#</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586161 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25956446 |
| Capital Markets – 0.9% |  |  |
| &nbsp;&nbsp;&nbsp; St James's Place PLC | &nbsp;&nbsp;&nbsp;&nbsp; 420795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7195566 |
| Chemicals – 2.5% |  |  |
| &nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 384800 | &nbsp;&nbsp;&nbsp;&nbsp; 12592951 |
| &nbsp;&nbsp;&nbsp; Taiyo Nippon Sanso Corp | &nbsp;&nbsp;&nbsp;&nbsp; 200400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7101901 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19694852 |
| Commercial Services & Supplies – 1.9% |  |  |
| &nbsp;&nbsp;&nbsp; Rentokil Initial PLC | &nbsp;&nbsp; 2937973 | &nbsp;&nbsp;&nbsp;&nbsp; 14844080 |
| Diversified Telecommunication Services – 3.0% |  |  |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp; 698205 | &nbsp;&nbsp;&nbsp;&nbsp; 23785213 |
| Electrical Equipment – 1.4% |  |  |
| &nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co Ltd - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 204641 | &nbsp;&nbsp;&nbsp;&nbsp; 11557741 |
| Electronic Equipment, Instruments & Components – 2.8% |  |  |
| &nbsp;&nbsp;&nbsp; Hexagon AB - Class B | &nbsp;&nbsp; 1888661 | &nbsp;&nbsp;&nbsp;&nbsp; 22666541 |
| Entertainment – 5.1% |  |  |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp-Liberty Formula One - Series C<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 205661 | &nbsp;&nbsp;&nbsp;&nbsp; 21481291 |
| &nbsp;&nbsp;&nbsp; Spotify Technology SA<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28055 | &nbsp;&nbsp;&nbsp;&nbsp; 19582390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 41063681 |
| Hotels, Restaurants & Leisure – 0.9% |  |  |
| &nbsp;&nbsp;&nbsp; Trip.com Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3641547 |
| &nbsp;&nbsp;&nbsp; Trip.com Group Ltd (ADR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3657277 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7298824 |
| Information Technology Services – 1.6% |  |  |
| &nbsp;&nbsp;&nbsp; Fujitsu Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 547100 | &nbsp;&nbsp;&nbsp;&nbsp; 12864907 |
| Insurance – 7.8% |  |  |
| &nbsp;&nbsp;&nbsp; AIA Group Ltd | &nbsp;&nbsp; 2547400 | &nbsp;&nbsp;&nbsp;&nbsp; 24418221 |
| &nbsp;&nbsp;&nbsp; Aon PLC - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41430 | &nbsp;&nbsp;&nbsp;&nbsp; 14773110 |
| &nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings Inc | &nbsp;&nbsp; 2872000 | &nbsp;&nbsp;&nbsp;&nbsp; 22595912 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 61787243 |
| Interactive Media & Services – 3.0% |  |  |
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 281200 | &nbsp;&nbsp;&nbsp;&nbsp; 23957826 |
| Machinery – 1.6% |  |  |
| &nbsp;&nbsp;&nbsp; Alstom SA<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 485698 | &nbsp;&nbsp;&nbsp;&nbsp; 12760964 |
| Metals & Mining – 3.1% |  |  |
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 562779 | &nbsp;&nbsp;&nbsp;&nbsp; 24691094 |
| Multiline Retail – 1.5% |  |  |
| &nbsp;&nbsp;&nbsp; MercadoLibre Inc<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5166 | &nbsp;&nbsp;&nbsp;&nbsp; 12072632 |
| Oil, Gas & Consumable Fuels – 3.6% |  |  |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 529251 | &nbsp;&nbsp;&nbsp;&nbsp; 16914862 |
| &nbsp;&nbsp;&nbsp; TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp; 187007 | &nbsp;&nbsp;&nbsp;&nbsp; 11409902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 28324764 |

---

------

---

| | | |
|:---|:---|:---|
|  | *Shares or*<br> *Principal Amounts*<br>| *Value* |
| Common Stocks – (continued) |  |  |
| Personal Products – 2.4% |  |  |
| &nbsp;&nbsp;&nbsp; Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp; 326238 | &nbsp;&nbsp; $19281774 |
| Pharmaceuticals – 4.9% |  |  |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp; 132966 | &nbsp;&nbsp;&nbsp;&nbsp; 20307990 |
| &nbsp;&nbsp;&nbsp; Sanofi | &nbsp;&nbsp;&nbsp;&nbsp; 199213 | &nbsp;&nbsp;&nbsp;&nbsp; 18828076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 39136066 |
| Professional Services – 0.9% |  |  |
| &nbsp;&nbsp;&nbsp; Recruit Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 128300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6884519 |
| Semiconductor & Semiconductor Equipment – 10.6% |  |  |
| &nbsp;&nbsp;&nbsp; ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27828 | &nbsp;&nbsp;&nbsp;&nbsp; 27127813 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co Ltd | &nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 57662187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 84790000 |
| Software – 1.7% |  |  |
| &nbsp;&nbsp;&nbsp; SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51343 | &nbsp;&nbsp;&nbsp;&nbsp; 13762884 |
| Specialty Retail – 1.2% |  |  |
| &nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp; 170810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9435405 |
| Textiles, Apparel & Luxury Goods – 3.6% |  |  |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22956 | &nbsp;&nbsp;&nbsp;&nbsp; 14044631 |
| &nbsp;&nbsp;&nbsp; Samsonite International SA<sup>ž</sup> <br>| &nbsp;&nbsp; 6779577 | &nbsp;&nbsp;&nbsp;&nbsp; 14535639 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 28580270 |
| Total Common Stocks (cost $525,440,338) |  | &nbsp;&nbsp; 777204293 |
| Investment Companies – 2.9% |  |  |
| Money Markets – 2.9% |  |  |
| &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº,</sup><sup>£</sup> (cost $22,898,126) | 22893547 | &nbsp;&nbsp;&nbsp;&nbsp; 22898126 |
| Investments Purchased with Cash Collateral from Securities Lending – 1.3% |  |  |
| Investment Companies – 1.0% |  |  |
| &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº,</sup><sup>£</sup> <br>| &nbsp;&nbsp; 8280761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8280761 |
| Time Deposits – 0.3% |  |  |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, 4.0800%, 10/1/25 | $2070190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2070190 |
| Total Investments Purchased with Cash Collateral from Securities Lending (cost $10,350,951) | Total Investments Purchased with Cash Collateral from Securities Lending (cost $10,350,951) | &nbsp;&nbsp;&nbsp;&nbsp; 10350951 |
| Total Investments (total cost $558,689,415) – 101.7% |  | &nbsp;&nbsp; 810453370 |
| Liabilities, net of Cash, Receivables and Other Assets – (1.7)% |  | &nbsp;&nbsp; (13930069) |
| Net Assets – 100% |  | $796523301 |

---

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

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United Kingdom | $111800982 | &nbsp;&nbsp;&nbsp;&nbsp; 13.8<br> %<br>|
| Japan | 89800714 | &nbsp;&nbsp;&nbsp;&nbsp;11.1 |
| United States | 69503478 | &nbsp;&nbsp;&nbsp;&nbsp;8.6 |
| Taiwan | 57662187 | &nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| France | 57043573 | &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| Germany | 50663926 | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| Netherlands | 49310327 | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| China | 45795745 | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Sweden | 42248931 | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| Canada | 41605956 | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| Hong Kong | 38953860 | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Spain | 37448874 | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Austria | 26343636 | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| India | 24508062 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Italy | 22864127 | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Belgium | 13913332 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Argentina | 12072632 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Ireland | 9851268 | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Denmark | 9061760 | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Total | $810453370 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** | ***Schedule of Affiliated Investments - (% of Net Assets)*** |
| *Affiliate* | *Affiliated* <br>*Investments,* <br>*at Value at* <br>*12/31/24*<br>| *Purchases* | *Sales* <br>*Proceeds*<br>| *Realized* <br>*Gain/(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation/* <br>*Depreciation*<br>| *Affiliated* <br>*Investments,* <br>*at Value at* <br>*9/30/25*<br>| *Ending* <br>*Shares*<br>| *Dividend* <br>*Income*<br>|
| Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% | Investment Companies - 2.9% |
| Money Markets - 2.9% | Money Markets - 2.9% | Money Markets - 2.9% | Money Markets - 2.9% | Money Markets - 2.9% | Money Markets - 2.9% | Money Markets - 2.9% | Money Markets - 2.9% | Money Markets - 2.9% |
| &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Liquidity Fund LLC, 4.0538%<sup>ºº</sup>  |
|  | &nbsp;&nbsp; $10762207 | &nbsp;&nbsp; $161710231 | &nbsp;&nbsp; $(149574362) | &nbsp;&nbsp; $50 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $22898126 | &nbsp;&nbsp; 22893547 | &nbsp;&nbsp; $522336 |
| Investments Purchased with Cash Collateral from Securities Lending - 1.0% | Investments Purchased with Cash Collateral from Securities Lending - 1.0% | Investments Purchased with Cash Collateral from Securities Lending - 1.0% | Investments Purchased with Cash Collateral from Securities Lending - 1.0% | Investments Purchased with Cash Collateral from Securities Lending - 1.0% | Investments Purchased with Cash Collateral from Securities Lending - 1.0% | Investments Purchased with Cash Collateral from Securities Lending - 1.0% | Investments Purchased with Cash Collateral from Securities Lending - 1.0% | Investments Purchased with Cash Collateral from Securities Lending - 1.0% |
| Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% | Investment Companies - 1.0% |
| &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  | &nbsp;&nbsp;&nbsp; Janus Henderson Cash Collateral Fund LLC, 4.0644%<sup>ºº</sup>  |
|  | &nbsp;&nbsp; 1025996 | &nbsp;&nbsp; 74984835 | &nbsp;&nbsp; (67730070) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 8280761 | &nbsp;&nbsp; 8280761 | &nbsp;&nbsp; 14356 <br><sup>∆</sup><br>|
| Total Affiliated Investments - 3.9% | Total Affiliated Investments - 3.9% | Total Affiliated Investments - 3.9% | Total Affiliated Investments - 3.9% | Total Affiliated Investments - 3.9% | Total Affiliated Investments - 3.9% | Total Affiliated Investments - 3.9% | Total Affiliated Investments - 3.9% | Total Affiliated Investments - 3.9% |
|  | &nbsp;&nbsp; $11788203 | &nbsp;&nbsp; $236695066 | &nbsp;&nbsp; $(217304432) | &nbsp;&nbsp; $50 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $31178887 | &nbsp;&nbsp; 31174308 | &nbsp;&nbsp; $536692 |

---

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

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Period Ended September 30, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended September 30, 2025** |
| Total return swaps: |  |
| Average notional amount | $2956151 |

---

------

**Notes to Schedule of Investments (unaudited)** 

ADR American Depositary Receipt <br> LLC Limited Liability Company <br> PLC Public Limited Company

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

---

| |
|:---|
| &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 September 30, <br> 2025 is $14,535,639, which represents 1.8% of net assets.<br>|
| Non-income producing security. |
| Rate shown is the 7-day yield as of September 30, 2025. |
| Loaned security; a portion of the security is on loan at September 30, 2025. |
| £&nbsp;&nbsp; The Portfolio may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, <br> as amended, an affiliated company is one in which the Portfolio owns 5% or more of the outstanding voting securities, or a company which <br> is under common ownership or control.<br>|
| Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties. |

---

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

financial instruments as of September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **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 | $23561253 | &nbsp;&nbsp;&nbsp; $2395193 | &nbsp;&nbsp;&nbsp; $- |
| Entertainment | 41063681 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Hotels, Restaurants & Leisure | 3657277 | &nbsp;&nbsp;&nbsp; 3641547 | &nbsp;&nbsp;&nbsp; - |
| Insurance | 14773110 | &nbsp;&nbsp;&nbsp; 47014133 | &nbsp;&nbsp;&nbsp; - |
| Metals & Mining | 24691094 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Multiline Retail | 12072632 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Oil, Gas & Consumable Fuels | 16914862 | &nbsp;&nbsp;&nbsp; 11409902 | &nbsp;&nbsp;&nbsp; - |
| All Other | - | &nbsp;&nbsp;&nbsp; 576009609 | &nbsp;&nbsp;&nbsp; - |
| *Investment Companies* | - | &nbsp;&nbsp;&nbsp; 22898126 | &nbsp;&nbsp;&nbsp; - |
| *Investments Purchased with Cash Collateral from Securities Lending* | - | &nbsp;&nbsp;&nbsp; 10350951 | &nbsp;&nbsp;&nbsp; - |
| **Total Assets** | $136733909 | &nbsp;&nbsp;&nbsp; $673719461 | &nbsp;&nbsp;&nbsp; $- |

---

------

**Investment Valuation**

Portfolio holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Portfolio, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Portfolio, if any, will be calculated using the NAV of

such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Portfolio has the ability to access for identical assets or liabilities.

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Portfolio's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Portfolio's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Portfolio since the beginning of the fiscal 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 September 30, 2025 to fair value the Portfolio's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of Investments.

------

For additional information on the Portfolio, please refer to the Portfolio's most recent semiannual or annual financial

statements.

109-35-70315 11-25

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** JANUS ASPEN SERIES

- **b. Investment Company Act file number:** 811-07736

- **c. CIK number of Registrant:** 0000906185

- **d. LEI of Registrant:** 5C1H794C69TI10A0XC04

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 151 DETROIT STREET

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80206

  - **Telephone number:** 303-333-3863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Janus Henderson Overseas Portfolio

- **b. EDGAR series identifier (if any):** S000010410

- **c. LEI of Series:** UWHDLVSO4XBMC40THX93

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $803024568.11

**Total Liabilities:** $6501267.58

**Net Assets:** $796523300.53

**Cash Not Reported:** $44782.71

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000028745 | -1.31%               | 3.87%                | 3.56%                |
| Class ID C000028747 | -1.31%               | 3.92%                | 3.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1770640.00              | $-11613507.00                              |
| Month 2  | $7369804.00              | $21103545.00                               |
| Month 3  | $3821831.00              | $22657269.00                               |

**Designated Index Information**

- **Index Name:** MSCI ACWI ex USA - Daily

- **Index Identifier:** MSCI.MC.MXWDU

### Schedule of Portfolio Investments

| Name                                         | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SAP SE                                       | SAP SE ORD NPV                                     | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     51343 | NS      | $13762884.28  | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                                    | Sanofi SA EUR2                                     | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    199213 | NS      | $18828076.14  | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsonite Group SA                           | Samsonite Group SA USD0.01                         | CUSIP: L80308106<br>LEI: 549300UULS5HYFJSEL12 | Long             | EC               | CORP              | HK        |   6779577 | NS      | $14535638.59  | 1.82%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Ryanair Holdings PLC                         | Ryanair Holdings PLC ORD EUR0.006                  | CUSIP: G7727C186<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |    336784 | NS      | $9851268.13   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| St James's Place PLC                         | St James's Place PLC ORD GBP0.15                   | CUSIP: G5005D124<br>LEI: 213800M993ICXOMBCP87 | Long             | EC               | CORP              | GB        |    420795 | NS      | $7195565.86   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Teck Resources Limited                       | Teck Resources Limited CLASS'B'SUB-VTG COM NPV     | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |    562779 | NS      | $24691094.47  | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE          | LVMH Moet Hennessy Louis Vuitton SE EUR0.30        | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |     22956 | NS      | $14044631.15  | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Liberty Media Corp Del                       | Liberty Media Corp Del COM LBTY ONE S C            | CUSIP: 531229755<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |    212340 | NS      | $22178913.00  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Rheinmetall AG                               | Rheinmetall AG NPV                                 | CUSIP: D65111102<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |      5635 | NS      | $13115829.26  | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                             | Mercadolibre Inc COM USD0.001                      | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      5166 | NS      | $12072632.04  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Fujitsu Ltd.                                 | Fujitsu Ltd. NPV                                   | CUSIP: J15708159<br>LEI: 3538000246DHJLRTUZ24 | Long             | EC               | CORP              | JP        |    547100 | NS      | $12864906.78  | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Resona Holdings Inc.                         | Resona Holdings Inc. NPV                           | CUSIP: J6448E106<br>LEI: 52990067JE75XZCYYT81 | Long             | EC               | CORP              | JP        |   2726700 | NS      | $27760523.90  | 3.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Sanso Holdings Corp.                  | Nippon Sanso Holdings Corp. NPV                    | CUSIP: J5545N100<br>LEI: 353800F1K6653B4VPY57 | Long             | EC               | CORP              | JP        |    200400 | NS      | $7101901.26   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd.                   | Shin-Etsu Chemical Co Ltd. NPV                     | CUSIP: J72810120<br>LEI: 353800PX8Q64N86H5W41 | Long             | EC               | CORP              | JP        |    384800 | NS      | $12592951.12  | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10 | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   1325000 | NS      | $57662187.19  | 7.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken N.V.                                | Heineken N.V. EUR1.60                              | CUSIP: N39427211<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |    284060 | NS      | $22182513.86  | 2.78%             |  |  |  | No            |                  2 | On Loan: No      |
| JANUS CAPITAL GROUP INC                      | Janus Henderson Cash Liquidity Fund LLC            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |  22893547 | NS      | $22898125.71  | 2.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd.                          | Trip.com Group Ltd. ADS                            | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             |  | CORP              | US        |     48634 | NS      | $3657276.80   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Zai Lab Ltd.                                 | Zai Lab Ltd. ADS EACH REP 1 ORD SHS                | CUSIP: 98887Q104<br>LEI: 549300P2UYQ9U5LY1T58 | Long             |  | CORP              | US        |     17296 | NS      | $586161.44    | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Rentokil Initial PLC                         | Rentokil Initial PLC ORD GBP0.01                   | CUSIP: G7494G105<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |   2937973 | NS      | $14844079.67  | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                 | Unilever PLC ORD GBP0.031111                       | CUSIP: G92087165<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    326238 | NS      | $19281773.94  | 2.42%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                             | TotalEnergies SE EUR2.5                            | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    187007 | NS      | $11409902.10  | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd.                               | HDFC Bank Ltd. INR1                                | CUSIP: Y3119P190<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |   2287362 | NS      | $24508062.22  | 3.08%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group PLC                            | NatWest Group PLC ORD GBP1.0769                    | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |   1424048 | NS      | $9994035.98   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                        | Tencent Holdings Ltd. HKD0.00002                   | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | HK        |    281200 | NS      | $23957826.31  | 3.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd.                          | Trip.com Group Ltd. USD0.00125                     | CUSIP: G9066F101<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | HK        |     48034 | NS      | $3641547.41   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Hexagon AB                                   | Hexagon AB SER'B'NPV                               | CUSIP: W4R431112<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |   1888661 | NS      | $22666541.06  | 2.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Zai Lab Ltd.                                 | Zai Lab Ltd. USD0.000006                           | CUSIP: G9887T116<br>LEI: 549300P2UYQ9U5LY1T58 | Long             | EC               | CORP              | HK        |    701630 | NS      | $2395193.39   | 0.30%             |  |  |  | No            |                  2 | On Loan: —       |
| Industria De Diseno Textil SA                | Industria De Diseno Textil SA EUR0.03 (POST SUBD)  | CUSIP: E6282J125<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |    119140 | NS      | $6581196.07   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd.                     | Recruit Holdings Co Ltd. NPV                       | CUSIP: J6433A101<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |    128300 | NS      | $6884518.65   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit S.p.A.                             | UniCredit S.p.A. NPV                               | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |    108657 | NS      | $8248597.80   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology S.A.                      | Spotify Technology S.A. COM EUR0.000625            | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | US        |     28069 | NS      | $19592162.00  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                              | BAE Systems PLC ORD GBP0.025                       | CUSIP: G06940103<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |   1450152 | NS      | $40177535.37  | 5.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                    | Argenx SE SPON ADR EACH REP 1 ORD SHS              | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             |  | CORP              | US        |     18864 | NS      | $13913331.84  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                          | Ascendis Pharma A/S SPON ADR EACH REP 1 ORD SHS    | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             |  | CORP              | US        |     45580 | NS      | $9061759.80   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                              | AstraZeneca PLC ORD USD0.25                        | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    132966 | NS      | $20307990.08  | 2.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Limited           | Canadian Natural Resources Limited COM NPV         | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | US        |    529251 | NS      | $16914861.96  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Erste Group Bank AG                          | Erste Group Bank AG NPV                            | CUSIP: A19494102<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |    269519 | NS      | $26343636.63  | 3.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA           | Banco Bilbao Vizcaya Argentaria SA EUR0.49         | CUSIP: E11805103<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |   1456299 | NS      | $28013468.97  | 3.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                          | Deutsche Telekom AG NPV(REGD)                      | CUSIP: D2035M136<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |    714163 | NS      | $24328842.39  | 3.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Alstom SA                                    | Alstom SA EUR7.00                                  | CUSIP: F0259M475<br>LEI: 96950032TUYMW11FB530 | Long             | EC               | CORP              | FR        |    485698 | NS      | $12760963.52  | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd, Hong Kong                     | AIA Group Ltd, Hong Kong NPV                       | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   2547400 | NS      | $24418221.30  | 3.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai-ichi Life Holdings Inc.                  | Dai-ichi Life Holdings Inc. NPV                    | CUSIP: J09748112<br>LEI: 549300ZUFXI7JXZVTZ25 | Long             | EC               | CORP              | JP        |   2872000 | NS      | $22595911.90  | 2.84%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding N.V.                            | ASML Holding N.V. EUR0.09                          | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     27828 | NS      | $27127812.59  | 3.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd.      | Contemporary Amperex Technology Co Ltd. 'A' CNY1   | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    204641 | NS      | $11557740.86  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Davide Campari-Milano N.V.                   | Davide Campari-Milano N.V. EUR0.01                 | CUSIP: N24565108<br>LEI: 213800ED5AN2J56N6Z02 | Long             | EC               | CORP              | IT        |   2320092 | NS      | $14615529.10  | 1.83%             |  |  |  | No            |                  2 | On Loan: —       |
| Aon PLC                                      | Aon PLC SHS CL A                                   | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | US        |     41430 | NS      | $14773109.40  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | Royal Bank of Canada                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   2070190 | PA      | $2070190.00   | 0.26%             | 2025-10-01      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| Janus Henderson Cash Collateral Fund         | Janus Henderson Cash Collateral Fund               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | PF                | US        |   8280761 | NS      | $8280761.00   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-14

**Name of Applicant:** JANUS ASPEN SERIES

**Signature:** JESPER NERGAARD

**Name of Signer:** JESPER NERGAARD

**Title:** VP, CFO, TREASURER, AND PRINCIPAL ACCOUNTING OFFICER