N-CSRS 1 ncsrs.htm

United States Securities and Exchange Commission
Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of Registered Management Investment Companies

Investment Company Act file number 811-01879

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

151 Detroit Street, Denver, Colorado 80206
(Address of principal executive offices) (Zip code)

Abigail J. Murray, 151 Detroit Street, Denver, Colorado 80206
(Name and address of agent for service)

Registrant's telephone number, including area code: 303-333-3863

Date of fiscal year end: 9/30

Date of reporting period: 3/31/21

Item 1 - Reports to Shareholders



	SEMIANNUAL REPORT March 31, 2021

Janus Henderson Asia Equity Fund

Janus Investment Fund

		HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Asia Equity Fund


Fund At A Glance and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	9
Statement of Assets and Liabilities	10
Statement of Operations	12
Statements of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	18
Additional Information	29
Useful Information About Your Fund Report	41

FUND SNAPSHOT

This is an all-cap, high-conviction Asia Pacific ex Japan fund focused on companies with strong franchises, high return on equity and management with a proven track record of execution. We believe that high-quality companies, if bought at the right price, should produce outperformance relative to the market over a three- to five-year time horizon.

Andrew Gillan

co-portfolio manager

Mervyn Koh

co-portfolio manager

Janus Henderson Asia Equity Fund (unaudited)

Fund At A Glance

March 31, 2021





5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Samsung Electronics Co Ltd	8.12%	1.89%	New Oriental Education & Technology Group Inc (ADR)	2.92%	-0.73%
SK Hynix Inc	2.12%	0.76%	Anhui Conch Cement Co Ltd	2.07%	-0.67%
Sany Heavy Industry Co Ltd	2.22%	0.70%	Largan Precision Co Ltd	2.09%	-0.50%
HDFC Bank Ltd	4.17%	0.69%	Zhejiang Supor Co Ltd - Class A	1.16%	-0.49%
Housing Development Finance Corp Ltd	3.74%	0.57%	Shanghai International Airport Co Ltd - Class A	0.53%	-0.43%


	5 Top Contributors - Sectors*
		Relative	Fund	MSCI All Country Asia ex-Japan Index
		Contribution	Average Weight	Average Weight
	Real Estate	0.86%	0.71%	3.98%
	Financials	0.82%	22.13%	17.77%
	Health Care	0.65%	0.78%	4.75%
	Information Technology	0.45%	26.25%	22.29%
	Communication Services	0.15%	8.22%	12.19%


	5 Top Detractors - Sectors*
		Relative	Fund	MSCI All Country Asia ex-Japan Index
		Contribution	Average Weight	Average Weight
	Materials	-1.39%	2.07%	4.18%
	Consumer Discretionary	-1.14%	23.05%	19.83%
	Other**	-0.83%	2.42%	0.00%
	Consumer Staples	-0.47%	6.68%	4.86%
	Industrials	-0.22%	5.80%	5.22%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.


Janus Investment Fund	1

Janus Henderson Asia Equity Fund (unaudited)

Fund At A Glance

March 31, 2021


5 Largest Equity Holdings - (% of Net Assets)
Samsung Electronics Co Ltd
Technology Hardware, Storage & Peripherals	8.8%
Taiwan Semiconductor Manufacturing Co Ltd
Semiconductor & Semiconductor Equipment	8.3%
Tencent Holdings Ltd
Interactive Media & Services	5.4%
AIA Group Ltd
Insurance	4.8%
HDFC Bank Ltd
Banks	4.6%
	31.9%


Asset Allocation - (% of Net Assets)
Common Stocks	90.5%
Preferred Stocks	8.8%
Investment Companies	0.9%
Other		(0.2)%
		100.0%

Emerging markets comprised 81.9% of total net assets.

Top Country Allocations - Long Positions - (% of Investment Securities)

As of March 31, 2021

As of September 30, 2020


2	MARCH 31, 2021

Janus Henderson Asia Equity Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended March 31, 2021					Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	18.42%	60.38%	14.12%	6.90%	2.44%	1.43%
Class A Shares at MOP	11.63%	51.17%	12.78%	6.25%
Class C Shares at NAV	18.07%	59.27%	13.35%	6.17%	3.51%	2.20%
Class C Shares at CDSC	17.07%	58.27%	13.35%	6.17%
Class D Shares	18.55%	60.66%	14.34%	7.09%	2.03%	1.26%
Class I Shares	18.60%	60.82%	14.48%	7.23%	2.07%	1.14%
Class N Shares	18.59%	60.90%	14.18%	6.75%	1.80%	1.10%
Class S Shares	18.75%	60.65%	14.20%	6.91%	2.89%	1.60%
Class T Shares	18.45%	60.47%	14.30%	7.05%	2.27%	1.35%
MSCI All Country Asia ex-Japan Index	21.80%	57.31%	13.79%	6.76%
MSCI All Country Asia-Pacific ex-Japan Index	22.39%	58.63%	13.11%	6.48%
Morningstar Quartile - Class I Shares	-	2nd	2nd	2nd
Morningstar Ranking - based on total returns for Pacific/Asia ex-Japan Stock Funds	-	29/59	24/57	26/46

Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 (or 800.525.3713 if you hold shares directly with Janus Henderson) or visit janushenderson.com/performance (or janushenderson.com/allfunds if you hold shares directly with Janus Henderson).

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 28, 2021.

This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance.


Janus Investment Fund	3

Janus Henderson Asia Equity Fund (unaudited)

Performance

Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

Returns include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.

Class N Shares commenced operations on January 26, 2018. Performance shown for periods prior to January 26, 2018, reflects the historical performance of the Fund's Class I Shares, calculated using the fees and expenses of Class N Shares, without the effect of any fee and expense limitations or waivers.

If Class N Shares of the Fund had been available during periods prior to January 26, 2018, the performance shown may have been different. The performance shown for periods following the Fund's commencement of Class N Shares reflects the fees and expenses of Class N Shares, net of any applicable fee and expense limitations or waivers. Please refer to the Fund's prospectuses for further details concerning historical performance.

Ranking is for the share class shown only; other classes may have different performance characteristics. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – July 29, 2011

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


4	MARCH 31, 2021

Janus Henderson Asia Equity Fund (unaudited)

Expense Examples

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, such as sales charges (loads) on purchase payments (applicable to Class A Shares only); and (2) ongoing costs, including management fees; 12b-1 distribution and shareholder servicing fees; transfer agent fees and expenses payable pursuant to the Transfer Agency Agreement; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The example is based upon an investment of $1,000 invested at the beginning of the period and held for the six-months indicated, unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate column for your share class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based upon the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Additionally, for an analysis of the fees associated with an investment in any share class or other similar funds, please visit www.finra.org/fundanalyzer.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund’s prospectuses. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/20)	Ending Account Value (3/31/21)	Expenses Paid During Period (10/1/20 - 3/31/21)†	Beginning Account Value (10/1/20)	Ending Account Value (3/31/21)	Expenses Paid During Period (10/1/20 - 3/31/21)†	Net Annualized Expense Ratio (10/1/20 - 3/31/21)
Class A Shares		$1,000.00	$1,184.20	$8.00	$1,000.00	$1,017.60	$7.39	1.47%
Class C Shares		$1,000.00	$1,180.70	$12.12	$1,000.00	$1,013.81	$11.20	2.23%
Class D Shares		$1,000.00	$1,185.50	$7.03	$1,000.00	$1,018.50	$6.49	1.29%
Class I Shares		$1,000.00	$1,186.00	$6.38	$1,000.00	$1,019.10	$5.89	1.17%
Class N Shares		$1,000.00	$1,185.90	$6.32	$1,000.00	$1,019.15	$5.84	1.16%
Class S Shares		$1,000.00	$1,187.50	$5.62	$1,000.00	$1,019.80	$5.19	1.03%
Class T Shares		$1,000.00	$1,184.50	$7.62	$1,000.00	$1,017.95	$7.04	1.40%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	5

Janus Henderson Asia Equity Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares			Value
Common Stocks– 90.5%
Banks – 12.1%
	Bank Central Asia Tbk PT	421,100	$901,218
	HDFC Bank Ltd*	110,180	2,251,046
	HSBC Holdings PLC	198,800	1,163,575
	Oversea-Chinese Banking Corp Ltd	90,500	790,672
	Ping An Bank Co Ltd - Class A	260,832	874,566
			5,981,077
Beverages – 0.9%
	Budweiser Brewing Co APAC Ltd (144A)	146,000	435,720
Construction Materials – 2.1%
	Anhui Conch Cement Co Ltd	159,000	1,033,915
Diversified Consumer Services – 2.4%
	New Oriental Education & Technology Group Inc (ADR)	83,560	1,169,840
Diversified Financial Services – 2.0%
	Bajaj Holdings & Investment Ltd*	21,453	966,316
Electronic Equipment, Instruments & Components – 3.6%
	Largan Precision Co Ltd	10,000	1,125,289
	Sinbon Electronics Co Ltd	72,000	666,339
			1,791,628
Entertainment – 1.2%
	Sea Ltd (ADR)*	2,644	590,220
Food Products – 2.0%
	Uni-President Enterprises Corp	382,000	977,564
Hotels, Restaurants & Leisure – 4.9%
	Sands China Ltd*	288,800	1,443,294
	Yum China Holdings Inc	16,847	997,511
			2,440,805
Household Durables – 3.6%
	Midea Group Co Ltd	41,521	520,127
	Techtronic Industries Co Ltd	73,000	1,248,939
			1,769,066
Industrial Conglomerates – 2.7%
	Ayala Corp	52,520	800,923
	LG Corp	6,373	509,119
			1,310,042
Information Technology Services – 2.3%
	Tata Consultancy Services Ltd	25,834	1,122,943
Insurance – 8.0%
	AIA Group Ltd	195,400	2,370,298
	Ping An Insurance Group Co of China Ltd	133,000	1,583,415
			3,953,713
Interactive Media & Services – 5.4%
	Tencent Holdings Ltd	34,200	2,683,630
Internet & Direct Marketing Retail – 8.2%
	Alibaba Group Holding Ltd*	8,300	234,892
	Alibaba Group Holding Ltd (ADR)*	9,072	2,056,895
	JD.Com Inc - Class A*	22,600	936,119
	Meituan Dianping (144A)*	20,900	801,716
			4,029,622
Life Sciences Tools & Services – 1.1%
	Wuxi Biologics Cayman Inc (144A)*	43,500	544,743
Machinery – 1.0%
	Sany Heavy Industry Co Ltd	92,284	480,097
Oil, Gas & Consumable Fuels – 2.1%
	Reliance Industries Ltd	38,466	1,053,931
Personal Products – 2.5%
	LG Household & Health Care Ltd	883	1,225,088
Real Estate Management & Development – 2.4%
	Swire Pacific Ltd	71,000	532,468


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

6	MARCH 31, 2021

Janus Henderson Asia Equity Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares			Value
Common Stocks– (continued)
Real Estate Management & Development– (continued)
	Swire Pacific Ltd - Class B	542,500	$640,633
			1,173,101
Semiconductor & Semiconductor Equipment – 11.4%
	MediaTek Inc	22,000	747,318
	SK Hynix Inc	6,626	775,844
	Taiwan Semiconductor Manufacturing Co Ltd	200,000	4,115,544
			5,638,706
Software – 1.1%
	Venustech Group Inc - Class A	112,000	569,358
Technology Hardware, Storage & Peripherals – 1.7%
	Advantech Co Ltd	67,068	832,296
Textiles, Apparel & Luxury Goods – 1.8%
	Shenzhou International Group Holdings Ltd	44,000	911,832
Thrifts & Mortgage Finance – 4.0%
	Housing Development Finance Corp Ltd	58,282	1,991,485
Total Common Stocks (cost $36,060,327)			44,676,738
Preferred Stocks– 8.8%
Technology Hardware, Storage & Peripherals – 8.8%
	Samsung Electronics Co Ltd((cost $3,000,367)	67,548	4,357,550
Investment Companies– 0.9%
Money Markets – 0.9%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº,£((cost $419,923)	419,881	419,923
Total Investments (total cost $39,480,617) – 100.2%			49,454,211
Liabilities, net of Cash, Receivables and Other Assets – (0.2)%			(89,592)
Net Assets – 100%			$49,364,619


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
China	$15,398,656	31.1	%
Taiwan	9,054,570	18.3
India	7,385,721	14.9
South Korea	6,867,601	13.9
Hong Kong	6,671,352	13.5
United Kingdom	1,163,575	2.4
Indonesia	901,218	1.8
Philippines	800,923	1.6
Singapore	790,672	1.6
United States	419,923	0.9



Total	$49,454,211	100.0	%


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

Janus Investment Fund	7

Janus Henderson Asia Equity Fund

Schedule of Investments (unaudited)

March 31, 2021

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 3/31/21
Investment Companies - 0.9%
Money Markets - 0.9%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº	$	613	$	-	$	-	$	419,923


		Value at 9/30/20		Purchases		Sales Proceeds		Value at 3/31/21
Investment Companies - 0.9%
Money Markets - 0.9%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº		426,145		15,282,560		(15,288,782)		419,923


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

8	MARCH 31, 2021

Janus Henderson Asia Equity Fund

Notes to Schedule of Investments and Other Information (unaudited)

MSCI All Country Asia

ex-Japan Index^SM

MSCI All Country Asia ex-Japan Index^SM reflects the equity market performance of Asia, excluding Japan.

MSCI All Country Asia-Pacific

ex-Japan Index^SM

The MSCI All Country Asia-Pacific ex-Japan Index^SM reflects the performance of large and mid-cap companies in developed and emerging markets in the Asia Pacific region, excluding Japan.


ADR	American Depositary Receipt
LLC	Limited Liability Company

144A

Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended March 31, 2021 is $1,782,179, which represents 3.6% of net assets.


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2021.


£	The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.


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, 2021. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Common Stocks	$	44,676,738	$	-	$	-
Preferred Stocks		-		4,357,550		-
Investment Companies		-		419,923		-
Total Assets	$	44,676,738	$	4,777,473	$	-


Janus Investment Fund	9

Janus Henderson Asia Equity Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2021

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	49,034,288
	Affiliated investments, at value⁽²⁾			419,923
	Non-interested Trustees' deferred compensation			1,208
	Receivables:
		Fund shares sold		148,397
		Dividends		135,390
		Dividends from affiliates		46
	Other assets			182
Total Assets				49,739,434
Liabilities:
	Due to custodian			3,150
	Payables:			—
		Foreign tax liability		162,848
		Fund shares repurchased		100,810
		Professional fees		34,907
		Advisory fees		28,227
		Non-affiliated fund administration fees payable		17,229
		Registration fees		9,720
		Transfer agent fees and expenses		5,326
		Non-interested Trustees' deferred compensation fees		1,208
		12b-1 Distribution and shareholder servicing fees		881
		Non-interested Trustees' fees and expenses		123
		Affiliated fund administration fees payable		109
		Custodian fees		87
		Accrued expenses and other payables		10,190
Total Liabilities				374,815
Net Assets			$	49,364,619


See Notes to Financial Statements.

10	MARCH 31, 2021

Janus Henderson Asia Equity Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2021




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	39,870,923
	Total distributable earnings (loss)⁽³⁾		9,493,696
Total Net Assets		$	49,364,619
Net Assets - Class A Shares		$	1,155,228
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		81,268
Net Asset Value Per Share⁽⁴⁾		$	14.22
Maximum Offering Price Per Share⁽⁵⁾		$	15.09
Net Assets - Class C Shares		$	552,696
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		39,711
Net Asset Value Per Share⁽⁴⁾		$	13.92
Net Assets - Class D Shares		$	23,635,347
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,639,156
Net Asset Value Per Share		$	14.42
Net Assets - Class I Shares		$	2,585,662
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		179,056
Net Asset Value Per Share		$	14.44
Net Assets - Class N Shares		$	17,952,865
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,245,695
Net Asset Value Per Share		$	14.41
Net Assets - Class S Shares		$	670,363
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		47,035
Net Asset Value Per Share		$	14.25
Net Assets - Class T Shares		$	2,812,458
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		197,315
Net Asset Value Per Share		$	14.25

(1) Includes cost of $39,060,694.

(2) Includes cost of $419,923.

(3) Includes $162,848 of foreign capital gains tax on investments.

(4) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(5) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Asia Equity Fund

Statement of Operations (unaudited)

For the period ended March 31, 2021



Investment Income:
	Dividends		$	190,691
	Dividends from affiliates			613
	Other income			55
	Foreign tax withheld			(33,898)
Total Investment Income				157,461
Expenses:
	Advisory fees			191,317
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		1,462
		Class C Shares		2,770
		Class S Shares		(752)
	Transfer agent administrative fees and expenses:
		Class D Shares		9,943
		Class S Shares		820
		Class T Shares		2,498
	Transfer agent networking and omnibus fees:
		Class A Shares		278
		Class C Shares		248
		Class I Shares		58
	Other transfer agent fees and expenses:
		Class A Shares		79
		Class C Shares		27
		Class D Shares		1,921
		Class I Shares		72
		Class N Shares		340
		Class S Shares		10
		Class T Shares		31
	Registration fees			51,462
	Non-affiliated fund administration fees			30,577
	Professional fees			29,143
	Custodian fees			4,790
	Shareholder reports expense			4,703
	Affiliated fund administration fees			495
	Non-interested Trustees’ fees and expenses			266
	Other expenses			5,200
Total Expenses				337,758
Less: Excess Expense Reimbursement and Waivers				(89,620)
Net Expenses				248,138
Net Investment Income/(Loss)				(90,677)
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽¹⁾			1,891,018
Total Net Realized Gain/(Loss) on Investments				1,891,018
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽²⁾			2,840,108
Total Change in Unrealized Net Appreciation/Depreciation				2,840,108
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	4,640,449

(1) Includes realized foreign capital gains tax on investments of $(53,331).

(2) Includes change in unrealized appreciation/depreciation of $(109,740) due to foreign capital gains tax on investments.


See Notes to Financial Statements.

12	MARCH 31, 2021

Janus Henderson Asia Equity Fund

Statements of Changes in Net Assets



			Period ended March 31, 2021 (unaudited)		Year ended September 30, 2020

Operations:
	Net investment income/(loss)		$	(90,677)	$	88,685
	Net realized gain/(loss) on investments			1,891,018		(1,102,034)
	Change in unrealized net appreciation/depreciation			2,840,108		4,325,763
Net Increase/(Decrease) in Net Assets Resulting from Operations				4,640,449		3,312,414
Dividends and Distributions to Shareholders:
		Class A Shares		—		(5,855)
		Class D Shares		(7,118)		(91,345)
		Class I Shares		(1,614)		(12,458)
		Class N Shares		(22,900)		(82,050)
		Class S Shares		—		(3,865)
		Class T Shares		—		(9,399)
Net Decrease from Dividends and Distributions to Shareholders				(31,632)		(204,972)
Capital Share Transactions:
		Class A Shares		13,358		17,388
		Class C Shares		(44,245)		(86,660)
		Class D Shares		11,218,898		(1,753,286)
		Class I Shares		1,773,070		(699,799)
		Class N Shares		2,865,314		2,584,115
		Class S Shares		(1,664)		10,004
		Class T Shares		973,906		138,167
Net Increase/(Decrease) from Capital Share Transactions				16,798,637		209,929
Net Increase/(Decrease) in Net Assets				21,407,454		3,317,371
Net Assets:
	Beginning of period			27,957,165		24,639,794
	End of period		$	49,364,619	$	27,957,165


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Asia Equity Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$12.00	$10.39	$11.42	$11.45	$9.42	$8.31
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.05)⁽²⁾	0.01	0.10	0.07	0.02	0.05
		Net realized and unrealized gain/(loss)	2.27	1.67	(0.27)	0.22	2.12	1.44
	Total from Investment Operations		2.22	1.68	(0.17)	0.29	2.14	1.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.07)	(0.02)	(0.05)	(0.11)	—
		Distributions (from capital gains)	—	—	(0.84)	(0.27)	—	(0.38)
	Total Dividends and Distributions		—	(0.07)	(0.86)	(0.32)	(0.11)	(0.38)
	Net Asset Value, End of Period		$14.22	$12.00	$10.39	$11.42	$11.45	$9.42
	Total Return*		18.50%	16.20%	(0.69)%	2.48%	23.10%	18.58%
	Net Assets, End of Period (in thousands)		$1,155	$951	$822	$816	$366	$253
	Average Net Assets for the Period (in thousands)		$1,160	$901	$822	$954	$293	$333
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.14%	2.44%	2.72%	2.08%	2.49%	3.51%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.47%	1.43%	1.49%	1.53%	1.63%	1.56%
		Ratio of Net Investment Income/(Loss)	(0.74)%⁽²⁾	0.14%	0.95%	0.60%	0.17%	0.64%
	Portfolio Turnover Rate		22%	53%	34%	41%	120%	59%


Class C Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$11.79	$10.23	$11.30	$11.36	$9.34	$8.29
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.10)⁽²⁾	(0.07)	(0.03)	(0.01)	(0.04)	0.01
		Net realized and unrealized gain/(loss)	2.23	1.63	(0.20)	0.22	2.10	1.42
	Total from Investment Operations		2.13	1.56	(0.23)	0.21	2.06	1.43
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	(0.04)	—
		Distributions (from capital gains)	—	—	(0.84)	(0.27)	—	(0.38)
	Total Dividends and Distributions		—	—	(0.84)	(0.27)	(0.04)	(0.38)
	Net Asset Value, End of Period		$13.92	$11.79	$10.23	$11.30	$11.36	$9.34
	Total Return*		18.07%	15.25%	(1.28)%	1.80%	22.17%	17.87%
	Net Assets, End of Period (in thousands)		$553	$506	$535	$1,244	$957	$413
	Average Net Assets for the Period (in thousands)		$570	$482	$746	$1,233	$519	$381
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	3.17%	3.50%	3.35%	2.78%	3.09%	4.23%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.23%	2.20%	2.07%	2.25%	2.33%	2.25%
		Ratio of Net Investment Income/(Loss)	(1.51)%⁽²⁾	(0.66)%	(0.28)%	(0.04)%	(0.42)%	0.10%
	Portfolio Turnover Rate		22%	53%	34%	41%	120%	59%

* Total return includes adjustments in accordance 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 Samsung Electronics Co Ltd in December 2020. 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 0.13%, respectively.


See Notes to Financial Statements.

14	MARCH 31, 2021

Janus Henderson Asia Equity Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$12.17	$10.53	$11.54	$11.56	$9.49	$8.35
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.03)⁽²⁾	0.03	0.09	0.07	0.07	0.08
		Net realized and unrealized gain/(loss)	2.29	1.70	(0.23)	0.23	2.11	1.45
	Total from Investment Operations		2.26	1.73	(0.14)	0.30	2.18	1.53
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	(0.09)	(0.03)	(0.05)	(0.11)	(0.01)
		Distributions (from capital gains)	—	—	(0.84)	(0.27)	—	(0.38)
	Total Dividends and Distributions		(0.01)	(0.09)	(0.87)	(0.32)	(0.11)	(0.39)
	Net Asset Value, End of Period		$14.42	$12.17	$10.53	$11.54	$11.56	$9.49
	Total Return*		18.55%	16.45%	(0.44)%	2.57%	23.30%	18.95%
	Net Assets, End of Period (in thousands)		$23,635	$10,793	$11,198	$13,089	$21,577	$5,314
	Average Net Assets for the Period (in thousands)		$17,475	$10,678	$11,599	$21,221	$11,542	$5,013
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.71%	2.03%	2.29%	1.72%	2.19%	3.38%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.29%	1.26%	1.33%	1.33%	1.44%	1.36%
		Ratio of Net Investment Income/(Loss)	(0.45)%⁽²⁾	0.27%	0.88%	0.55%	0.67%	0.89%
	Portfolio Turnover Rate		22%	53%	34%	41%	120%	59%


Class I Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$12.19	$10.54	$11.45	$11.56	$9.51	$8.37
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.02)⁽²⁾	—⁽³⁾	0.13	(0.03)	0.11	0.10
		Net realized and unrealized gain/(loss)	2.29	1.74	(0.17)	0.26	2.07	1.44
	Total from Investment Operations		2.27	1.74	(0.04)	0.23	2.18	1.54
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	(0.09)	(0.03)	(0.07)	(0.13)	(0.02)
		Distributions (from capital gains)	—	—	(0.84)	(0.27)	—	(0.38)
	Total Dividends and Distributions		(0.02)	(0.09)	(0.87)	(0.34)	(0.13)	(0.40)
	Net Asset Value, End of Period		$14.44	$12.19	$10.54	$11.45	$11.56	$9.51
	Total Return*		18.60%	16.62%	0.45%	1.90%	23.39%	19.09%
	Net Assets, End of Period (in thousands)		$2,586	$692	$1,406	$1,029	$12,675	$2,665
	Average Net Assets for the Period (in thousands)		$1,685	$1,061	$1,208	$5,848	$7,408	$2,528
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.70%	2.07%	2.32%	1.44%	2.00%	3.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.17%	1.15%	1.21%	1.26%	1.32%	1.21%
		Ratio of Net Investment Income/(Loss)	(0.30)%⁽²⁾	0.02%	1.28%	(0.25)%	1.01%	1.14%
	Portfolio Turnover Rate		22%	53%	34%	41%	120%	59%

* Total return includes adjustments in accordance 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.

(3) Less than $0.005 on a per share basis.


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Asia Equity Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year or period ended September 30			2021	2020	2019	2018⁽¹⁾
	Net Asset Value, Beginning of Period		$12.17	$10.52	$11.56	$12.73
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.03)⁽³⁾	0.06	0.11	0.16
		Net realized and unrealized gain/(loss)	2.29	1.69	(0.26)	(1.33)
	Total from Investment Operations		2.26	1.75	(0.15)	(1.17)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	(0.10)	(0.05)	—
		Distributions (from capital gains)	—	—	(0.84)	—
	Total Dividends and Distributions		(0.02)	(0.10)	(0.89)	—
	Net Asset Value, End of Period		$14.41	$12.17	$10.52	$11.56
	Total Return*		18.59%	16.69%	(0.51)%	(9.19)%
	Net Assets, End of Period (in thousands)		$17,953	$12,809	$8,886	$8,501
	Average Net Assets for the Period (in thousands)		$16,136	$11,337	$7,989	$7,978
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.57%	1.80%	2.05%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.16%	1.10%	1.17%	1.13%
		Ratio of Net Investment Income/(Loss)	(0.41)%⁽³⁾	0.51%	1.08%	1.96%
	Portfolio Turnover Rate		22%	53%	34%	41%


Class S Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$12.00	$10.41	$11.45	$11.48	$9.43	$8.32
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.02)⁽³⁾	0.01	0.09	0.06	0.01	0.07
		Net realized and unrealized gain/(loss)	2.27	1.66	(0.25)	0.22	2.14	1.42
	Total from Investment Operations		2.25	1.67	(0.16)	0.28	2.15	1.49
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.08)	(0.04)	(0.04)	(0.10)	—
		Distributions (from capital gains)	—	—	(0.84)	(0.27)	—	(0.38)
	Total Dividends and Distributions		—	(0.08)	(0.88)	(0.31)	(0.10)	(0.38)
	Net Asset Value, End of Period		$14.25	$12.00	$10.41	$11.45	$11.48	$9.43
	Total Return*		18.75%	16.13%	(0.55)%	2.37%	23.07%	18.56%
	Net Assets, End of Period (in thousands)		$670	$566	$481	$484	$472	$368
	Average Net Assets for the Period (in thousands)		$658	$502	$467	$501	$413	$329
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.05%	2.85%	2.98%	2.36%	2.64%	3.67%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.03%	1.47%	1.34%	1.58%	1.66%	1.56%
		Ratio of Net Investment Income/(Loss)	(0.29)%⁽³⁾	0.11%	0.91%	0.52%	0.15%	0.83%
	Portfolio Turnover Rate		22%	53%	34%	41%	120%	59%

* Total return includes adjustments in accordance 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 26, 2018 (inception date) through September 30, 2018.

(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 Samsung Electronics Co Ltd in December 2020. 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 0.13%, respectively.


See Notes to Financial Statements.

16	MARCH 31, 2021

Janus Henderson Asia Equity Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$12.03	$10.41	$11.37	$11.42	$9.36	$8.25
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.05)⁽²⁾	0.03	0.10	0.06	0.06	0.04
		Net realized and unrealized gain/(loss)	2.27	1.67	(0.21)	0.20	2.08	1.46
	Total from Investment Operations		2.22	1.70	(0.11)	0.26	2.14	1.50
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.08)	(0.01)	(0.04)	(0.08)	(0.01)
		Distributions (from capital gains)	—	—	(0.84)	(0.27)	—	(0.38)
	Total Dividends and Distributions		—	(0.08)	(0.85)	(0.31)	(0.08)	(0.39)
	Net Asset Value, End of Period		$14.25	$12.03	$10.41	$11.37	$11.42	$9.36
	Total Return*		18.45%	16.37%	(0.14)%	2.27%	23.18%	18.88%
	Net Assets, End of Period (in thousands)		$2,812	$1,641	$1,310	$1,032	$2,937	$230
	Average Net Assets for the Period (in thousands)		$2,004	$1,340	$1,210	$2,799	$756	$332
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.97%	2.27%	2.53%	1.81%	2.14%	3.41%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.40%	1.35%	1.40%	1.41%	1.55%	1.44%
		Ratio of Net Investment Income/(Loss)	(0.65)%⁽²⁾	0.26%	0.98%	0.54%	0.55%	0.47%
	Portfolio Turnover Rate		22%	53%	34%	41%	120%	59%

* Total return includes adjustments in accordance 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 Asia Equity Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Asia 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 45 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.

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.

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 Funds currently implement 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 Class C Shares with respect to which they were purchased. For Class C Shares held in omnibus accounts on intermediary platforms, the Fund will rely 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. Please contact your financial intermediary for additional information.

It is expected that the conversion of Class C Shares to Class A Shares will not result in a taxable event. Please consult your tax adviser for further information.

Effective July 6, 2020, Class D Shares are available to new investors, subject to any closed fund policies for a Fund, as applicable. Previously, Class D Shares were only available to investors who already had a direct account with the Janus Henderson funds; immediate family members or members of the same household of an eligible individual investor; and existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class 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, Janus Capital Management LLC (“Janus Capital”), or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Distributors LLC dba Janus Henderson Distributors (“Janus Henderson Distributors”) including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.


18	MARCH 31, 2021

Janus Henderson Asia 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 Janus Capital 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 Janus Capital or its affiliates to offer Class T Shares on their supermarket platforms.

The following accounting policies have been followed by the Fund and are in conformity with United States of America generally accepted accounting principles ("US GAAP").

Investment Valuation

Securities held by the Fund are valued in accordance with policies and procedures established by and under the supervision of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at the closing prices on the primary market or exchange on which they trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are 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. Securities that are traded on the over-the-counter (“OTC”) markets are generally valued at their closing or latest bid prices as available. Foreign securities and currencies are converted to U.S. dollars using the applicable exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Fund will determine the market value of individual securities held by it by using prices provided by one or more 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 under the Valuation Procedures. Circumstances in which fair value pricing 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 nonvalued 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 Fund uses systematic fair valuation models provided by independent third parties to value international equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE.

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	19

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

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

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

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of March 31, 2021 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. 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.

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


20	MARCH 31, 2021

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

of the financial statements, resulting from changes in the exchange rates and changes in market prices of securities held.

Currency gains and losses are also calculated on payables and receivables that are denominated in foreign currencies. The payables and receivables are generally related to foreign security transactions and income translations.

Foreign currency-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, counterparty risk, political and economic risk, regulatory risk and equity risk. Risks may arise from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

Dividends and Distributions

The Fund generally declares and distributes dividends of net investment income and realized capital gains (if any) annually. The Fund may treat a portion of the amount paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in the net asset value. This practice, commonly referred to as “equalization,” has no effect on the redeeming shareholder or a Fund’s total return, but may reduce the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. It is possible that the Internal Revenue Service (IRS) could challenge the Fund's equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the Fund.

The Fund may make certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon funds available from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. If the Fund distributes such amounts, such distributions could constitute a return of capital to shareholders for federal income tax purposes.

Federal Income Taxes

The Fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income in accordance with the requirements of Subchapter M of the Internal Revenue Code. Management has analyzed the Fund’s tax positions taken for all open federal income tax years, generally a three-year period, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2. Other Investments and Strategies

Additional Investment Risk

In response to the COVID-19 pandemic, the U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets, including reducing interest rates to record-low levels. Extremely low or negative interest rates may become more prevalent or may not work as intended. As there is little precedent for this situation, the impact on various markets that interest rate or other significant policy changes may have is unknown. The withdrawal of this support, a failure of measures put in place in response to such economic uncertainty, or investor perception that such efforts were not sufficient could each negatively affect financial markets generally, and the value and liquidity of specific securities. In addition, policy and legislative changes in the United States and in other countries continue to impact many aspects of financial regulation.

Widespread disease, including pandemics and epidemics, and natural or environmental disasters, including those which may be attributable to global climate change, such as earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund’s investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund’s ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund’s service providers, including Janus Capital or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform


Janus Investment Fund	21

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

A number of countries in the European Union (the “EU”) have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit. As a result, financial markets in the EU have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen, or spread further within the EU. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom voted to exit the EU, commonly known as “Brexit,” which immediately led to significant market volatility around the world, as well as political, economic and legal uncertainty. The United Kingdom formally left the EU on January 31, 2020 and entered into an eleven-month transition period, which expired on December 31, 2020. The negative impact on not only the United Kingdom and European economies could be significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on the United Kingdom and/or Europe for their business activities and revenues. Any further exits from the EU, or an increase in the belief that such exits are likely or possible, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties.

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^SM. 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 may 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.

Real Estate Investing


22	MARCH 31, 2021

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

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.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital 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 Janus Capital 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 0.92%, and the Fund’s benchmark index used in the calculation is the MSCI All Country Asia ex-Japan 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 Janus Capital’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease Janus Capital’s fee even if the Fund’s Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of the Fund is calculated net of expenses whereas the Fund’s benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund’s benchmark index.

The Fund’s prospectuses and statement(s) of additional information contain additional information about performance-based fees. The amount shown as advisory fees on the Statement of Operations reflects the Base Fee Rate plus/minus any Performance Adjustment. For the period ended March 31, 2021, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.97%.

Janus Capital 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 Janus Capital. In this capacity, such employees of HGIL are subject to the oversight and supervision of Janus Capital and may provide portfolio management, research, and related services to the Fund on behalf of Janus Capital.

Janus Capital has contractually agreed to waive the investment advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fees (if applicable), the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 1.11% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waiver for at least a one-year period commencing January 28, 2021. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.


Janus Investment Fund	23

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

Janus Services LLC (“Janus Services”), a wholly-owned subsidiary of Janus Capital, is the Fund’s transfer agent. In addition, Janus Services provides or arranges for the provision of certain other administrative services including, but not limited to, recordkeeping, accounting, order processing, and other shareholder services for the Fund. Janus Services is not compensated for its services related to the shares, except for out-of-pocket costs. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Certain, but not all, intermediaries may charge administrative fees (such as networking and omnibus) 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 Janus Services, which uses such fees to reimburse intermediaries. Consistent with the Transfer Agency Agreement between Janus Services and the Fund, Janus Services may negotiate the level, structure, and/or terms of the administrative fees with intermediaries requiring such fees on behalf of the Fund. Janus Capital and its affiliates benefit from an increase in assets that may result from such relationships. The Funds’ Trustees have set limits on fees that the Funds may incur with respect to administrative fees paid for omnibus or networked accounts. 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 Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, 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%

The Fund’s actual Class D administrative fee rate was 0.11% for the reporting period.

Janus Services provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, accounting, answering inquiries regarding accounts, transaction processing, transaction confirmations, and the mailing of prospectuses and shareholder reports. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Janus Services 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. Janus Services 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. Janus Services or its affiliates may also pay fees for services provided by intermediaries to the extent the fees charged by intermediaries exceed the 0.25% of net assets charged to Class S Shares and Class T Shares of the Fund. Janus Services may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class S Shares and Class T Shares. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

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 Janus Capital. For all share classes, Janus Services also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.


24	MARCH 31, 2021

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

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. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.

Janus Capital serves as administrator to the Fund pursuant to an administration agreement between Janus Capital and the Trust. Under the administration agreement, Janus Capital is obligated to provide or arrange for the provision of 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 Janus Capital seeks reimbursement and such costs are not otherwise waived). In addition, employees of Janus Capital 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 Janus Capital 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 Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital (or any subadvisor, as applicable) 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 Janus Capital and/or its affiliates, are shared with the Fund. Total compensation of $153,033 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2021. The Fund's portion is reported as part of “Other 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 March 31, 2021 on the Statement of Assets and Liabilities in the asset, “Non-interested Trustees’ deferred compensation,” and liability, “Non-interested 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, 2021 are included in “Non-interested 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 $283,063 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2021.

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”). As adviser, Janus Capital 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 primarily in highly-rated short-term fixed-income 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). The Sweep Vehicle is permitted to impose a liquidity fee (of up to 2%) on redemptions from the Sweep Vehicle or a redemption gate that temporarily suspends redemptions from the Sweep Vehicle for up to 10 business days during a 90 day period. 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 Asia Equity 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, 2021 can be found in the “Schedules of Affiliated Investments” located in the Schedule of Investments.

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. During the period ended March 31, 2021, Janus Henderson Distributors retained upfront sales charges of $396.

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 Janus Henderson Distributors during the period ended March 31, 2021.

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, 2021.

As of March 31, 2021, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	95		34
Class S Shares	95		1
Class T Shares	-		-

In addition, other 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 US GAAP).

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, 2020, 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
For the year ended September 30, 2020
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(1,043,446)	$(1,057,353)	$ (2,100,799)


26	MARCH 31, 2021

Janus Henderson Asia Equity 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, 2021 are noted below. The primary difference between book and tax appreciation or depreciation of investments is wash sale loss deferrals.


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 39,537,718	$ 10,563,378	$ (646,885)	$ 9,916,493

5. Capital Share Transactions



	Period ended March 31, 2021		Year ended September 30, 2020
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	14,424	$ 196,388	28,257	$ 317,136
Reinvested dividends and distributions	-	-	523	5,801
Shares repurchased	(12,406)	(183,030)	(28,714)	(305,549)
Net Increase/(Decrease)	2,018	$ 13,358	66	$ 17,388
Class C Shares:
Shares sold	1,945	$ 25,852	9,573	$ 101,995
Reinvested dividends and distributions	-	-	-	-
Shares repurchased	(5,119)	(70,097)	(19,056)	(188,655)
Net Increase/(Decrease)	(3,174)	$ (44,245)	(9,483)	$ (86,660)
Class D Shares:
Shares sold	1,040,507	$15,469,460	313,305	$ 3,347,247
Reinvested dividends and distributions	496	6,982	8,053	90,510
Shares repurchased	(289,073)	(4,257,544)	(497,727)	(5,191,043)
Net Increase/(Decrease)	751,930	$11,218,898	(176,369)	$(1,753,286)
Class I Shares:
Shares sold	129,911	$ 1,875,504	105,407	$ 1,183,755
Reinvested dividends and distributions	43	601	898	10,101
Shares repurchased	(7,655)	(103,035)	(182,914)	(1,893,655)
Net Increase/(Decrease)	122,299	$ 1,773,070	(76,609)	$ (699,799)
Class N Shares:
Shares sold	241,661	$ 3,558,613	421,761	$ 4,808,151
Reinvested dividends and distributions	1,628	22,900	7,306	82,050
Shares repurchased	(50,529)	(716,199)	(220,570)	(2,306,086)
Net Increase/(Decrease)	192,760	$ 2,865,314	208,497	$ 2,584,115
Class S Shares:
Shares sold	225	$ 3,336	578	$ 6,150
Reinvested dividends and distributions	-	-	348	3,865
Shares repurchased	(331)	(5,000)	(1)	(11)
Net Increase/(Decrease)	(106)	$ (1,664)	925	$ 10,004
Class T Shares:
Shares sold	101,376	$ 1,511,145	82,817	$ 859,403
Reinvested dividends and distributions	-	-	808	8,981
Shares repurchased	(40,479)	(537,239)	(73,041)	(730,217)
Net Increase/(Decrease)	60,897	$ 973,906	10,584	$ 138,167


Janus Investment Fund	27

Janus Henderson Asia Equity Fund

Notes to Financial Statements (unaudited)

6. Purchases and Sales of Investment Securities

For the period ended March 31, 2021, 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 Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$25,195,822	$ 8,415,898	$ -	$ -

7. Subsequent Event

Management has evaluated whether any events or transactions occurred subsequent to March 31, 2021 and through the date of issuance of the Fund’s financial statements and determined that there were no material events or transactions that would require recognition or disclosure in the Fund’s financial statements.


28	MARCH 31, 2021

Janus Henderson Asia Equity Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities is available without charge: (i) upon request, by calling 1-800-525-1093; (ii) on the Fund’s website at janushenderson.com/proxyvoting; and (iii) on the SEC’s website at http://www.sec.gov. Additionally, information regarding the Fund’s proxy voting record for the most recent twelve-month period ended June 30 is also available, free of charge, through janushenderson.com/proxyvoting and from the SEC’s website at http://www.sec.gov.

Full Holdings

The Fund files its complete portfolio holdings (schedule of investments) with the SEC as an exhibit to Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to shareholders. The Fund’s Form N-PORT filings and annual and semiannual reports: (i) are available on the SEC’s website at http://www.sec.gov; (ii) may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (information on the Public Reference Room may be obtained by calling 1-800-SEC-0330); and (iii) are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free) (or 1-800-525-3713 if you hold Class D Shares). Portfolio holdings consisting of at least the names of the holdings are generally available on a monthly basis with a 30-day lag under Full Holdings for the Fund at janushenderson.com/info (or janushenderson.com/reports if you hold Class D Shares).

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

The Trustees of Janus Aspen Series, each of whom serves as an “independent” Trustee (the “Trustees”), oversee the management of each Portfolio of Janus Aspen Series (each, a “VIT Portfolio,” and collectively, the “VIT Portfolios”), as well as each Fund of Janus Investment Fund (together with the VIT 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 and the subadvisory agreements for the Janus Henderson Funds that utilize subadvisers.

In connection with their most recent consideration of those agreements for each Janus Henderson Fund, the Trustees received and reviewed information provided by Janus Capital and the respective subadvisers in response to requests of the Trustees and their independent legal counsel. They also received and reviewed information and analysis 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 a meeting held on December 9, 2020, based on the Trustees’ evaluation of the information provided by Janus Capital, the subadvisers, and the independent fee consultant, as well as other information, the Trustees determined that the overall arrangements between each Janus Henderson Fund and Janus Capital and each subadviser, as applicable, were fair and reasonable in light of the nature, extent and quality of the services provided by Janus Capital, its affiliates and the subadvisers, the fees charged for those services, and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees unanimously approved the continuation of the investment advisory agreement for each Janus Henderson Fund, and the subadvisory agreement for each subadvised Janus Henderson Fund, for the period from February 1, 2021 through February 1, 2022, subject to earlier termination as provided for in each agreement.

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

Nature, Extent and Quality of Services

The Trustees reviewed the nature, extent and quality of the services provided by Janus Capital and the subadvisers to the Janus Henderson Funds, taking into account the investment objective, strategies and policies of each Janus


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

Henderson Fund, and the knowledge the Trustees gained from their regular meetings with management on at least a quarterly basis and their ongoing review of information related to the Janus Henderson Funds. In addition, the Trustees reviewed the resources and key personnel of Janus Capital and each subadviser, particularly noting those employees who provide investment and risk management services to the Janus Henderson Funds. The Trustees also considered other services provided to the Janus Henderson Funds by Janus Capital or the subadvisers, such as managing the execution of portfolio transactions and the selection of broker-dealers for those transactions. The Trustees considered Janus Capital’s role as administrator to the Janus Henderson Funds, noting that Janus Capital generally does not receive a fee for its services but is reimbursed for its out-of-pocket costs. The Trustees considered the role of Janus Capital in monitoring adherence to the Janus Henderson Funds’ investment restrictions, providing support services for the Trustees and Trustee committees, and overseeing communications with 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 Janus Capital provides a number of different services for the Janus Henderson Funds and fund shareholders, ranging from investment management services to various other servicing functions, and that, in its view, Janus Capital is a capable provider of those services. The independent fee consultant also provided its belief that Janus Capital 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 Janus Capital or the subadviser to each Janus Henderson Fund were appropriate and consistent with the terms of the respective advisory and subadvisory 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 Janus Capital and each subadviser had sufficient personnel, with the appropriate education and experience, to serve the Janus Henderson Funds effectively and had demonstrated its ability to attract well-qualified personnel.

Performance of the Funds

The Trustees considered the performance results of each Janus Henderson Fund over various time periods. They noted that they considered Janus Henderson Fund performance data throughout the year, including 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 funds and peer groups identified by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent data provider, and with the Janus Henderson Fund’s benchmark index. In this regard, the independent fee consultant found that the overall Janus Henderson Funds’ performance has been reasonable: for the 36 months ended September 30, 2020, approximately 75% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers, and for the 12 months ended September 30, 2020, approximately 62% of the Janus Henderson Funds were in the top two quartiles of performance versus Broadridge peers.

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Asset Allocation Funds

· 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 May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Allocation Fund – Growth, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance.


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

· 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 May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital had taken or was taking to improve performance.

Fixed-Income Funds

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the first Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

· For Janus Developed World Bond Fund, the Trustees noted the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2020 and the first Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2020 and the first Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Global Bond Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2020 and the first Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson High-Yield Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020.

· 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 May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Short-Term Bond Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the second Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.

Global and International Equity Funds

· For Janus Henderson Asia Equity Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the second Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· 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 May 31, 2020 and the first Broadridge quartile for the 12 months ended May 31, 2020.

· 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 May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· 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 May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020.


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

· For Janus Henderson Global Real Estate Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2020 and the first Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Global Select Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2020 and the second Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Global Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Janus Henderson International Opportunities Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson International Value Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020.

· 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 May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that the Fund’s performance was in bottom Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the second Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance, and that the performance trend was improving.


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and Perkins had taken or were taking to improve performance.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Balanced Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2020 and the first Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Contrarian Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2020 and the first Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Enterprise Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Forty Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2020 and the second Broadridge quartile for the 12 months ended May 31, 2020.

· 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 May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s performance was in the bottom Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Triton Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, and the steps Janus Capital had taken or was taking to improve performance.

· For Janus Henderson Venture Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, and the steps Janus Capital had taken or was taking to improve performance.

Quantitative Equity Funds

· For Janus Henderson Emerging Markets Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the first Broadridge quartile for the 36 months ended May 31, 2020 and the second Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson International Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, the steps Janus Capital and Intech had taken or were taking to improve performance.


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s performance was in the second Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· 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 May 31, 2020 and the third Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance and the steps Janus Capital and Perkins had taken or were taking to improve performance.

· For Janus Henderson Small-Mid Cap Value Fund, the Trustees noted that the Fund’s performance was in the third Broadridge quartile for the 36 months ended May 31, 2020 and the bottom Broadridge quartile for the 12 months ended May 31, 2020. The Trustees noted the reasons for the Fund’s underperformance, while also noting that the Fund has a performance fee structure that results in lower management fees during periods of underperformance, and the steps Janus Capital and Perkins had taken or were taking to improve performance.

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, the Janus Henderson Fund’s performance warranted continuation of such Janus Henderson Fund’s investment advisory and subadvisory agreement(s).

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 provided by Broadridge, an independent data provider. They also reviewed an analysis of that information provided by their independent fee consultant and noted that the rate of management fees (investment advisory fees and any administration fees but excluding out-of-pocket costs) for many of the Janus Henderson Funds, after applicable waivers, was below the average management fee rate of the respective peer group of funds selected by an independent data provider. The Trustees also examined information regarding the subadvisory fees charged for subadvisory services, as applicable, noting that all such fees were paid by Janus Capital out of its management fees collected from such Janus Henderson Fund.

The independent fee consultant provided its belief that the management fees charged by Janus Capital to each of the Janus Henderson Funds under the current investment advisory and administration agreements are reasonable in relation to the services provided by Janus Capital. The independent fee consultant found: (1) the total expenses and management fees of the Janus Henderson Funds to be reasonable relative to other comparable mutual funds; (2) the total expenses, on average, were 10% under the average total expenses of the respective Broadridge Expense Group peers; and (3) and the management fees for the Janus Henderson Funds, on average, were 9% under the average management fees for the respective Broadridge Expense 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 certain Janus Henderson Funds, the independent fee consultant also performed a systematic “focus list” analysis of expenses which assessed fund fees in the context of fund performance 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 in light of performance trends, performance histories, and existence of performance fees, breakpoints, and/or expense waivers on such Janus Henderson Funds.


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

The Trustees considered the methodology used by Janus Capital and each subadviser 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 Janus Capital and each subadviser to comparable separate account clients and to comparable non-affiliated funds subadvised by Janus Capital or by a subadviser (for which Janus Capital or the subadviser provides only or primarily portfolio management services). Although in most instances subadvisory and 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 that Janus Capital noted that, under the terms of the management agreements with the Janus Henderson Funds, Janus Capital 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, Janus Capital assumes many legal risks and other costs that it does not assume in servicing its other clients. Moreover, they noted that the independent fee consultant found that: (1) the management fees Janus Capital charges to the Janus Henderson Funds are reasonable in relation to the management fees Janus Capital charges to funds subadvised by Janus Capital and to the fees Janus Capital charges to its institutional separate account clients; (2) these subadvised and institutional separate accounts have different service and infrastructure needs and operate in markets very distinct relative to retail funds; and (3) Janus Henderson mutual fund investors enjoy reasonable fees relative to the fees charged to Janus Henderson subadvised fund and separate account investors; (4) 9 of 10 Janus Henderson Funds have lower management fees than similar funds subadvised by Janus Capital; and (5) 5 of 8 Janus Henderson Funds have lower management fees than similar separate accounts managed by Janus Capital.

The Trustees considered the fees for each Fund for its fiscal year ended in 2019, and noted the following with regard to each Fund’s total expenses, net of applicable fee waivers (the Fund’s “total expenses”):

Asset Allocation Funds

· 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 Janus Capital has contractually agreed to limit the Fund’s expenses.

· 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 Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Allocation Fund – Moderate, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

Fixed-Income Funds

· For Janus Henderson Absolute Return Income Opportunities Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Developed World Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Flexible Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Global 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 Janus Capital has contractually agreed to limit the Fund’s expenses.


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Janus Henderson Asia Equity Fund

Additional Information (unaudited)

· For Janus Henderson High-Yield Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Multi-Sector Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Short-Term Bond Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

Global and International Equity Funds

· For Janus Henderson Asia Equity Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Emerging Markets Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· 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 total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Real Estate Fund, the Trustees noted although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Select Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global 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 Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson International 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 Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson International Value Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for one share class, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


36	MARCH 31, 2021

Janus Henderson Asia Equity Fund

Additional Information (unaudited)

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

· For Janus Henderson Money Market Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for both share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Dividend & Income Builder Fund, the Trustees noted that although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· 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 Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Contrarian Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group average for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital had contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Enterprise Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Forty Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Growth and Income Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Venture Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

Quantitative Equity Funds

· For Janus Henderson Emerging Markets Managed Volatility Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


Janus Investment Fund	37

Janus Henderson Asia Equity Fund

Additional Information (unaudited)

· For Janus Henderson International Managed Volatility Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses.

· For Janus Henderson U.S. Managed Volatility Fund, the Trustees noted that, although the Fund’s total expenses exceeded the peer group for certain share classes, overall the Fund’s total expenses were reasonable. The Trustees also noted that Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Small 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 Janus Capital has contractually agreed to limit the Fund’s expenses, although this limit did not apply because the Fund’s total expenses were already below the applicable fee limit.

· For Janus Henderson Small-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 Janus Capital has contractually agreed to limit the Fund’s expenses.

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

Additionally, the Trustees considered the estimated profitability to Janus Capital from the investment management services it provided to each Janus Henderson Fund. In their review, the Trustees considered whether Janus Capital and each subadviser receive 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 Janus Capital to allocate its expenses as part of the estimated profitability calculation. In this regard, the Trustees noted that the independent fee consultant found that (1) the expense allocation methodology and rationales utilized by Janus Capital were reasonable and (2) no clear correlation exists between expense allocations and operating margins. 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 Janus Capital’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 fees payable by each Janus Henderson Fund to Janus Capital and its affiliates, as well as the fees paid by Janus Capital to the subadvisers of subadvised Janus Henderson Funds, were reasonable in relation to the nature, extent, and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies, the fees Janus Capital and the subadvisers charge 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 Janus Capital


38	MARCH 31, 2021

Janus Henderson Asia Equity Fund

Additional Information (unaudited)

and any subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

The Trustees considered information about the potential for Janus Capital 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 November 2019 which provided its research and analysis into economies of scale. They also noted that, although many Janus Henderson Funds pay advisory fees at a fixed base rate as a percentage of net assets, without any breakpoints or performance fees, their independent fee consultant concluded that 73% of these Janus Henderson Funds’ have contractual management fees (gross of waivers) below their Broadridge Expense Group averages. They also noted the following: (1) that for those Janus Henderson Funds whose expenses are being reduced by the contractual expense limitations of Janus Capital, Janus Capital is subsidizing certain of these Janus Henderson Funds because they have not reached adequate scale; (2) as the assets of some of the Janus Henderson Funds have declined in the past few years, certain of those Janus Henderson Funds have benefited from having advisory fee rates that have remained constant rather than increasing as assets declined; (3) performance fee structures have been implemented for various Janus Henderson Funds that have caused the effective rate of advisory fees payable by such Janus Henderson Fund to vary depending on the investment performance of the Janus Henderson Fund relative to its benchmark index over the measurement period; and (4) a few Janus Henderson Funds have fee schedules with breakpoints and reduced fee rates above certain asset levels. The Trustees also noted that the Janus Henderson Funds share directly in economies of scale through the significant investments made by Janus Capital and its affiliates related to services provided to the 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.

The Trustees also considered the independent fee consultant’s conclusion that, given the limitations of various analytical approaches to economies of scale and their conflicting results, it is difficult to analytically confirm or deny the existence of economies of scale in the Janus Henderson complex. In this regard, the independent consultant concluded that (1) to the extent there were economies of scale at Janus Capital, Janus Capital’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 (2) by setting lower fixed fees from the start on these Janus Henderson Funds, Janus Capital 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. Further, the independent fee consultant provided its belief that Janus Henderson Fund investors are well-served by the fee levels and performance fee structures in place on the Janus Henderson Funds in light of any economies of scale that may be present at Janus Capital.

Based on all of the information reviewed, including the recent and past research and analysis conducted by the Trustees’ independent fee consultant, the Trustees concluded that the current fee structure of each Janus Henderson Fund was reasonable and that the current rates of fees do reflect a sharing between Janus Capital 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 Janus Capital

The Trustees also considered benefits that accrue to Janus Capital and its affiliates and subadvisers to the Janus Henderson Funds from their relationships with the Janus Henderson Funds. They recognized that two affiliates of Janus Capital separately serve the Janus Henderson Funds as transfer agent and distributor, respectively, and the transfer agent receives compensation directly from the non-money market funds for services provided, and that such compensation contributes to the overall profitability of Janus Capital and its affiliates that results from their relationship with the Janus Henderson Funds. The Trustees also considered Janus Capital’s past and proposed use of commissions paid by the 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 Janus Capital and/or Janus Capital, and/or a subadviser to a Janus Henderson Fund. The Trustees concluded that Janus Capital’s and the subadvisers’ 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 each Janus Henderson Fund. The Trustees also concluded that, other than the services provided by Janus Capital and its affiliates and subadvisers pursuant to the agreements and the fees to be paid by each Janus Henderson Fund therefor, the Janus Henderson Funds and Janus Capital and the subadvisers may potentially benefit from their


Janus Investment Fund	39

Janus Henderson Asia Equity Fund

Additional Information (unaudited)

relationship with each other in other ways. They concluded that Janus Capital 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 Janus Capital and its affiliates. They also concluded that Janus Capital and the subadvisers benefit 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 Janus Capital’s and/or the subadvisers’ receipt of those products and services as well as research products and services acquired through commissions paid by other clients of Janus Capital and/or other clients of the subadvisers. They further concluded that the success of any Janus Henderson Fund could attract other business to Janus Capital, the subadvisers or other Janus Henderson funds, and that the success of Janus Capital and the subadvisers could enhance Janus Capital’s and the subadvisers’ ability to serve the Janus Henderson Funds.

LIQUIDITY RISK MANAGEMENT PROGRAM

The Janus Henderson Funds (other than the money market funds) have adopted and implemented a written liquidity risk management program (the “LRMP”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). Rule 22e-4, requires open-end funds to adopt and implement a written liquidity risk management program that is reasonably designed to assess and manage liquidity risk, which is the risk that a fund could not meet redemption requests without significant dilution of remaining investors’ interest in the fund. The LRMP incorporates the following elements: (i) assessment, management, and periodic review of liquidity risk; (ii) classification of portfolio investments; (iii) the establishment and monitoring of a highly liquid investment minimum, as applicable; (iv) a 15% limitation on a Fund’s illiquid investments; (v) redemptions in-kind; and (vi) board oversight.

The Trustees of the Fund (the “Trustees”) have designated Janus Capital Management LLC, the Fund’s investment adviser (“Janus Capital”), as the Program Administrator for the LRMP responsible for administering the LRMP and carrying out the specific responsibilities of the LRMP. A working group comprised of various groups within Janus Capital’s business is responsible for administering the LRMP and carrying out the specific responsibilities of different aspects of the LRMP (the “Liquidity Risk Working Group”).

The Liquidity Rule requires the Trustees to review at least annually a written report provided by the Program Administrator that addresses the operation of the LRMP and assesses its adequacy and the effectiveness of its implementation, including, if applicable, the operation of the highly liquid investment minimum, and any material changes to the LRMP (the “Program Administrator Report”). During the semi-annual period ended March 31, 2021, the Program Administrator provided the Program Administrator Report to the Trustees which covered the operation of the LRMP from January 1, 2020 through December 31, 2020 (the “Reporting Period”).

The Program Administrator Report discussed the operation and effectiveness of the LRMP during the Reporting Period. It noted that the Fund was able to meet redemptions during the normal course of business during the Reporting Period, and discussed the additional actions that the Liquidity Risk Working Group took during the period of market volatility in the spring of 2020 to monitor the Fund’s liquidity. The Program Administrator Report also stated that the Fund did not exceed the 15% limit on illiquid assets during the Reporting Period, with the exception of extended market closures due to planned holidays, that the Fund held primarily highly liquid assets, and was considered to be a primarily highly liquid fund during the Reporting Period. In addition, the Program Administrator expressed its belief in the Program Administrator Report that the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, taking into account the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule.

There can be no assurance that the LRMP will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the risks to which an investment in the Fund may be subject.


40	MARCH 31, 2021

Janus Henderson Asia Equity Fund

Useful Information About Your Fund Report (unaudited)

Performance Overviews

Performance overview graphs compare the performance of a hypothetical $10,000 investment in the Fund with one or more widely used market indices. When comparing the performance of the Fund with an index, keep in mind that market indices are not available for investment and do not reflect deduction of expenses.

Average annual total returns are quoted for a Fund with more than one year of performance history. Average annual total return is calculated by taking the growth or decline in value of an investment over a period of time, including reinvestment of dividends and distributions, then calculating the annual compounded percentage rate that would have produced the same result had the rate of growth been constant throughout the period. Average annual total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Cumulative total returns are quoted for a Fund with less than one year of performance history. Cumulative total return is the growth or decline in value of an investment over time, independent of the period of time involved. Cumulative total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Pursuant to federal securities rules, expense ratios shown in the performance chart reflect subsidized (if applicable) and unsubsidized ratios. The total annual fund operating expenses ratio is gross of any fee waivers, reflecting the Fund’s unsubsidized expense ratio. The net annual fund operating expenses ratio (if applicable) includes contractual waivers of Janus Capital and reflects the Fund’s subsidized expense ratio. Ratios may be higher or lower than those shown in the “Financial Highlights” in this report.

Schedule of Investments

Following the performance overview section is the Fund’s Schedule of Investments. This schedule reports the types of securities held in the Fund on the last day of the reporting period. Securities are usually listed by type (common stock, corporate bonds, U.S. Government obligations, etc.) and by industry classification (banking, communications, insurance, etc.). Holdings are subject to change without notice.

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

If the Fund invests in foreign securities, it will also provide a summary of investments by country. This summary reports the Fund exposure to different countries by providing the percentage of securities invested in each country. The country of each security represents the country of risk. A company may be allocated to a country based on other factors such as location of the company’s principal office, the location of the principal trading market for the company’s securities, or the country where a majority of the company’s revenues are derived. The Fund’s Schedule of Investments relies upon the industry group and country classifications published by Barclays and/or MSCI Inc.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.

The Fund’s assets are calculated by adding the value of the securities owned, the receivable for securities sold but not yet settled, the receivable for dividends declared but not yet received on securities owned, and the receivable for Fund shares sold to investors but not yet settled. The Fund’s liabilities include payables for securities purchased but not yet settled, Fund shares redeemed but not yet paid, and expenses owed but not yet paid. Additionally, there may be other assets and liabilities such as unrealized gain or loss on forward currency contracts.

The section entitled “Net Assets Consist of” breaks down the components of the Fund’s net assets. Because the Fund must distribute substantially all earnings, you will notice that a significant portion of net assets is shareholder capital.

The last section of this statement reports the net asset value (“NAV”) per share on the last day of the reporting period. The NAV is calculated by dividing the Fund’s net assets for each share class (assets minus liabilities) by the number of shares outstanding.


Janus Investment Fund	41

Janus Henderson Asia Equity Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

The next section reports the expenses incurred by the Fund, including the advisory fee paid to the investment adviser, transfer agent fees and expenses, and printing and postage for mailing statements, financial reports and prospectuses. Expense offsets and expense reimbursements, if any, are also shown.

The last section lists the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign currency-denominated assets and liabilities. The Fund will realize a gain (or loss) when it sells its position in a particular security. A change in unrealized gain (or loss) refers to the change in net appreciation or depreciation of the Fund during the reporting period. “Net Realized and Unrealized Gain/(Loss) on Investments” is affected both by changes in the market value of Fund holdings and by gains (or losses) realized during the reporting period.

Statements of Changes in Net Assets

These statements report the increase or decrease in the Fund’s net assets during the reporting period. Changes in the Fund’s net assets are attributable to investment operations, dividends and distributions to investors, and capital share transactions. This is important to investors because it shows exactly what caused the Fund’s net asset size to change during the period.

The first section summarizes the information from the Statement of Operations regarding changes in net assets due to the Fund’s investment operations. The Fund’s net assets may also change as a result of dividend and capital gains distributions to investors. If investors receive their dividends and/or distributions in cash, money is taken out of the Fund to pay the dividend and/or distribution. If investors reinvest their dividends and/or distributions, the Fund’s net assets will not be affected. If you compare the Fund’s “Net Decrease from Dividends and Distributions” to “Reinvested Dividends and Distributions,” you will notice that dividends and distributions have little effect on the Fund’s net assets. This is because the majority of the Fund’s investors reinvest their dividends and/or distributions.

The reinvestment of dividends and distributions is included under “Capital Share Transactions.” “Capital Shares” refers to the money investors contribute to the Fund through purchases or withdrawals via redemptions. The Fund’s net assets will increase and decrease in value as investors purchase and redeem shares from the Fund.

Financial Highlights

This schedule provides a per-share breakdown of the components that affect the Fund’s NAV for current and past reporting periods as well as total return, asset size, ratios, and portfolio turnover rate.

The first line in the table reflects the NAV per share at the beginning of the reporting period. The next line reports the net investment income/(loss) per share. Following is the per share total of net gains/(losses), realized and unrealized. Per share dividends and distributions to investors are then subtracted to arrive at the NAV per share at the end of the period. The next line reflects the total return for the period. The total return may include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. As a result, the total return may differ from the total return reflected for individual shareholder transactions. Also included are ratios of expenses and net investment income to average net assets.

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.

The ratio of net investment income/(loss) summarizes the income earned less expenses, divided by the average net assets of the Fund during the reporting period. Do not confuse this ratio with the Fund’s yield. The net investment income ratio is not a true measure of the Fund’s yield because it does not take into account the dividends distributed to the Fund’s investors.

The next figure is the portfolio turnover rate, which measures the buying and selling activity in the Fund. Portfolio turnover is affected by market conditions, changes in the asset size of the Fund, fluctuating volume of shareholder purchase and redemption orders, the nature of the Fund’s investments, and the investment style and/or outlook of the


42	MARCH 31, 2021

Janus Henderson Asia Equity Fund

Useful Information About Your Fund Report (unaudited)

portfolio manager(s) and/or investment personnel. A 100% rate implies that an amount equal to the value of the entire portfolio was replaced once during the fiscal year; a 50% rate means that an amount equal to the value of half the portfolio is traded in a year; and a 200% rate means that an amount equal to the value of the entire portfolio is traded every six months.


Janus Investment Fund	43

Janus Henderson Asia Equity Fund

Notes

NotesPage1


44	MARCH 31, 2021

Janus Henderson Asia Equity Fund

Notes

NotesPage2


Janus Investment Fund	45




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, Janus, Henderson, Perkins and Intech are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-24-93036 05-21



	SEMIANNUAL REPORT March 31, 2021

Janus Henderson Balanced Fund

Janus Investment Fund

		HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Balanced Fund


Fund At A Glance and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	21
Statement of Assets and Liabilities	23
Statement of Operations	25
Statements of Changes in Net Assets	27
Financial Highlights	28
Notes to Financial Statements	32
Additional Information	44
Useful Information About Your Fund Report	56

FUND SNAPSHOT

Balanced Fund’s dynamic asset allocation strategy has the flexibility to defensively position ahead of market volatility while seeking strong risk-adjusted returns. Unlike many competitor products, where asset allocations are constrained by static targets, the Fund’s asset allocations may vary between 35% to 65% equities depending on market conditions.

Marc Pinto

co-portfolio manager

Jeremiah Buckley

co-portfolio manager

Michael Keough

co-portfolio manager

Greg Wilensky

co-portfolio manager

Janus Henderson Balanced Fund (unaudited)

Fund At A Glance

March 31, 2021





5 Top Contributors - Equity Sleeve Holdings			5 Top Detractors - Equity Sleeve Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Lam Research Corp	2.43%	1.06%	Adobe Inc	3.06%	-0.57%
Deere & Co	1.54%	0.54%	Mastercard Inc	3.85%	-0.43%
Alphabet Inc - Class C	4.45%	0.51%	Merck & Co Inc	2.11%	-0.41%
Morgan Stanley	1.68%	0.43%	Intel Corp	0.34%	-0.32%
CBRE Group Inc	0.70%	0.25%	Dollar General Corp	1.48%	-0.30%


	5 Top Contributors - Equity Sleeve Sectors*
		Relative	Equity Sleeve	S&P 500 Index
		Contribution	Average Weight	Average Weight
	Communication Services	0.64%	9.14%	10.91%
	Utilities	0.31%	0.16%	2.82%
	Industrials	0.27%	7.54%	8.47%
	Real Estate	0.19%	1.22%	2.49%
	Consumer Staples	0.01%	6.58%	6.49%


	5 Top Detractors - Equity Sleeve Sectors*
		Relative	Equity Sleeve	S&P 500 Index
		Contribution	Average Weight	Average Weight
	Information Technology	-1.25%	32.26%	27.48%
	Financials	-1.25%	9.62%	10.55%
	Consumer Discretionary	-1.02%	16.77%	12.12%
	Energy	-0.96%	0.00%	2.44%
	Materials	-0.25%	0.72%	2.66%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.


Janus Investment Fund	1

Janus Henderson Balanced Fund (unaudited)

Fund At A Glance

March 31, 2021


5 Largest Equity Holdings - (% of Net Assets)
Microsoft Corp
Software	4.9%
Apple Inc
Technology Hardware, Storage & Peripherals	3.3%
Alphabet Inc - Class C
Interactive Media & Services	3.1%
Amazon.com Inc
Internet & Direct Marketing Retail	2.9%
Mastercard Inc
Information Technology Services	2.5%
	16.7%


Asset Allocation - (% of Net Assets)
Common Stocks	64.6%
Corporate Bonds	14.1%
United States Treasury Notes/Bonds	6.8%
Asset-Backed/Commercial Mortgage-Backed Securities	6.0%
Mortgage-Backed Securities	5.2%
Investment Companies	3.9%
Inflation-Indexed Bonds	1.5%
Preferred Stocks	0.2%
Bank Loans and Mezzanine Loans	0.2%
Other		(2.5)%
		100.0%

Top Country Allocations - Long Positions - (% of Investment Securities)

As of March 31, 2021

As of September 30, 2020


2	MARCH 31, 2021

Janus Henderson Balanced Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended March 31, 2021						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡
Class A Shares at NAV	8.80%	31.11%	12.13%	9.60%	9.92%	0.90%
Class A Shares at MOP	2.53%	23.56%	10.81%	8.95%	9.70%
Class C Shares at NAV	8.39%	30.18%	11.36%	8.82%	9.24%	1.64%
Class C Shares at CDSC	7.39%	29.18%	11.36%	8.82%	9.24%
Class D Shares	8.87%	31.33%	12.36%	9.83%	10.03%	0.71%
Class I Shares	8.92%	31.42%	12.44%	9.91%	10.06%	0.65%
Class N Shares	8.94%	31.51%	12.52%	9.95%	10.06%	0.57%
Class R Shares	8.55%	30.57%	11.69%	9.17%	9.53%	1.32%
Class S Shares	8.67%	30.88%	11.96%	9.44%	9.77%	1.07%
Class T Shares	8.82%	31.22%	12.25%	9.72%	9.98%	0.82%
S&P 500 Index	19.07%	56.35%	16.29%	13.91%	10.39%
Bloomberg Barclays U.S. Aggregate Bond Index	-2.73%	0.71%	3.10%	3.44%	5.27%
Balanced Index	8.92%	28.86%	10.49%	9.35%	8.37%
Morningstar Quartile - Class T Shares	-	4th	1st	1st	1st
Morningstar Ranking - based on total returns for Allocation - 50% to 70% Equity Funds	-	530/683	41/643	64/521	15/187

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk


Janus Investment Fund	3

Janus Henderson Balanced Fund (unaudited)

Performance

securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

Class A Shares, Class C Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009. Performance shown for each class for periods prior to July 6, 2009, reflects the performance of the Fund’s Class J Shares, the initial share class (renamed Class T Shares effective February 16, 2010), calculated using the fees and expenses of each respective class, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on February 16, 2010. Performance shown for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Class I Shares commenced operations on July 6, 2009. Performance shown for periods prior to July 6, 2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.

Class N Shares commenced operations on May 31, 2012. Performance shown for periods prior to May 31, 2012, reflects the performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

If each share class of the Fund had been available during periods prior to its commencement, the performance shown may have been different. The performance shown for periods following the Fund’s commencement of each share class reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers. Please refer to the Fund’s prospectuses for further details concerning historical performance.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

Portfolio Manager Marc Pinto has announced his retirement effective April 2, 2021.

*The Fund’s inception date – September 1, 1992

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


4	MARCH 31, 2021

Janus Henderson Balanced Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/20)	Ending Account Value (3/31/21)	Expenses Paid During Period (10/1/20 - 3/31/21)†	Beginning Account Value (10/1/20)	Ending Account Value (3/31/21)	Expenses Paid During Period (10/1/20 - 3/31/21)†	Net Annualized Expense Ratio (10/1/20 - 3/31/21)
Class A Shares		$1,000.00	$1,088.00	$4.63	$1,000.00	$1,020.49	$4.48	0.89%
Class C Shares		$1,000.00	$1,083.90	$8.26	$1,000.00	$1,017.00	$8.00	1.59%
Class D Shares		$1,000.00	$1,088.70	$3.65	$1,000.00	$1,021.44	$3.53	0.70%
Class I Shares		$1,000.00	$1,089.20	$3.39	$1,000.00	$1,021.69	$3.28	0.65%
Class N Shares		$1,000.00	$1,089.40	$2.97	$1,000.00	$1,022.09	$2.87	0.57%
Class R Shares		$1,000.00	$1,085.50	$6.81	$1,000.00	$1,018.40	$6.59	1.31%
Class S Shares		$1,000.00	$1,086.70	$5.57	$1,000.00	$1,019.60	$5.39	1.07%
Class T Shares		$1,000.00	$1,088.20	$4.22	$1,000.00	$1,020.89	$4.08	0.81%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	5

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 6.0%
	208 Park Avenue Mortgage Trust 2017-280P,
	ICE LIBOR USD 1 Month + 0.8800%, 0.9860%, 9/15/34 (144A)^‡	$11,417,538	$11,420,700
	Angel Oak Mortgage Trust I LLC 2018-2,
	ICE LIBOR USD 12 Month + 0.7600%, 3.6740%, 7/27/48 (144A)^‡	1,154,612	1,161,257
	Angel Oak Mortgage Trust I LLC 2019-5, 2.5930%, 10/25/49 (144A)^‡	6,712,661	6,762,470
	Angel Oak Mortgage Trust I LLC 2019-6,
	ICE LIBOR USD 12 Month + 0.9500%, 2.6200%, 11/25/59 (144A)^‡	6,480,856	6,536,506
	Angel Oak Mortgage Trust I LLC 2020-3,
	ICE LIBOR USD 12 Month + 1.0000%, 2.4100%, 4/25/65 (144A)^‡	10,136,628	10,238,926
	Arbys Funding LLC 2020-1A, 3.2370%, 7/30/50 (144A)	22,131,785	22,083,843
	Arroyo Mortgage Trust 2018-1,
	ICE LIBOR USD 12 Month + 0.8500%, 3.7630%, 4/25/48 (144A)^‡	1,859,692	1,863,085
	Bank 2018-BN12 A4, 4.2550%, 5/15/61^‡	4,125,378	4,680,779
	Bank 2019-BN17, 3.7140%, 4/15/52	9,215,976	10,147,351
	Bank 2019-BN18, 3.5840%, 5/15/62	15,686,824	17,154,197
	Bank 2019-BN20, 3.0110%, 9/15/62	7,541,395	7,911,370
	Bank 2019-BN23, 2.9200%, 12/15/52	13,566,507	14,169,058
	Bank 2019-BNK24, 2.9600%, 11/15/62	3,184,800	3,334,509
	Barclays Comercial Mortgage Securities LLC 2015-SRCH,
	4.1970%, 8/10/35 (144A)	8,386,000	9,361,844
	Barclays Comercial Mortgage Securities LLC 2017-DELC,
	ICE LIBOR USD 1 Month + 0.8500%, 0.9560%, 8/15/36 (144A)^‡	7,553,000	7,548,453
	Benchmark Mortgage Trust 2020-B16, 2.7320%, 2/15/53	8,236,000	8,480,540
	BVRT Financing Trust, 1.8560%, 7/10/32^‡	9,890,214	9,890,214
	BVRT Financing Trust 2021-1F M1, 1.6100%, 7/1/33^‡	9,464,000	9,464,000
	BVRT Financing Trust 2021-CRT1 M2, 2.3560%, 1/10/33^‡	12,645,000	12,645,000
	BVRT Financing Trust 2021-CRT2 M1, 1.8560%, 11/10/32^‡	20,130,305	20,130,305
	BX Commercial Mortgage Trust 2018-IND,
	ICE LIBOR USD 1 Month + 0.7500%, 0.8560%, 11/15/35 (144A)^‡	6,743,497	6,742,789
	BX Commercial Mortgage Trust 2019-XL,
	ICE LIBOR USD 1 Month + 0.9200%, 1.0260%, 10/15/36 (144A)^‡	15,706,537	15,720,830
	BX Commercial Mortgage Trust 2019-XL,
	ICE LIBOR USD 1 Month + 1.0800%, 1.1860%, 10/15/36 (144A)^‡	2,445,329	2,446,220
	BX Commercial Mortgage Trust 2020-FOX A,
	ICE LIBOR USD 1 Month + 1.0000%, 1.1060%, 11/15/32 (144A)^‡	26,382,000	26,422,369
	BX Commercial Mortgage Trust 2020-FOX B,
	ICE LIBOR USD 1 Month + 1.3500%, 1.4560%, 11/15/32 (144A)^‡	4,673,000	4,681,400
	BX Commercial Mortgage Trust 2020-FOX C,
	ICE LIBOR USD 1 Month + 1.5500%, 1.6560%, 11/15/32 (144A)^‡	4,161,000	4,169,964
	BX Commercial Mortgage Trust 2021-LBA AJV,
	ICE LIBOR USD 1 Month + 0.8000%, 0.9060%, 2/15/36 (144A)^‡	16,583,000	16,579,009
	BX Commercial Mortgage Trust 2021-LBA AV,
	ICE LIBOR USD 1 Month + 0.8000%, 0.9060%, 2/15/36 (144A)^‡	18,857,000	18,843,718
	BX Trust 2019-OC11, 3.2020%, 12/9/41 (144A)	8,223,000	8,620,117
	BX Trust 2019-OC11, 3.6050%, 12/9/41 (144A)	4,134,000	4,412,647
	BX Trust 2019-OC11, 3.8560%, 12/9/41 (144A)	8,218,000	8,669,263
	BX Trust 2019-OC11, 4.0755%, 12/9/41 (144A)^‡	12,325,000	12,672,444
	BXP Trust 2017-GM, 3.3790%, 6/13/39 (144A)	4,190,000	4,509,413
	CarMax Auto Owner Trust 2017-3, 2.7200%, 5/15/23	9,785,000	9,869,607
	CF Hippolyta Issuer LLC 2021-1A A1, 1.5300%, 3/15/61 (144A)	16,837,000	16,775,526
	CF Hippolyta Issuer LLC 2021-1A B1, 1.9800%, 3/15/61 (144A)	6,358,000	6,338,895
	Chase Auto Credit Linked Notes 2021-1 B, 0.8750%, 9/25/28 (144A)	8,674,000	8,664,644
	CIM Trust 2021-NR1 A1, 2.5690%, 7/25/55 (144A)^Ç	16,961,165	16,955,185
	Cold Storage Trust 2020-ICE5 A,
	ICE LIBOR USD 1 Month + 0.9000%, 1.0060%, 11/15/37 (144A)^‡	24,568,865	24,588,333
	Cold Storage Trust 2020-ICE5 B,
	ICE LIBOR USD 1 Month + 1.3000%, 1.4060%, 11/15/37 (144A)^‡	10,924,957	10,937,384
	Cold Storage Trust 2020-ICE5 C,
	ICE LIBOR USD 1 Month + 1.6500%, 1.7560%, 11/15/37 (144A)^‡	10,966,242	10,976,328


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

6	MARCH 31, 2021

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	COLT Funding LLC 2020-2,
	ICE LIBOR USD 12 Month + 1.5000%, 1.8530%, 3/25/65 (144A)^‡	$5,584,052	$5,645,338
	COLT Funding LLC 2020-3,
	ICE LIBOR USD 12 Month + 1.2000%, 1.5060%, 4/27/65 (144A)^‡	5,918,048	5,922,990
	Connecticut Avenue Securities Trust 2014-C04,
	ICE LIBOR USD 1 Month + 4.9000%, 5.0086%, 11/25/24^‡	1,400,093	1,416,244
	Connecticut Avenue Securities Trust 2016-C03,
	ICE LIBOR USD 1 Month + 5.9000%, 6.0086%, 10/25/28^‡	2,357,942	2,490,870
	Connecticut Avenue Securities Trust 2016-C04,
	ICE LIBOR USD 1 Month + 4.2500%, 4.3586%, 1/25/29^‡	5,835,423	6,071,774
	Connecticut Avenue Securities Trust 2016-C06 1M2,
	ICE LIBOR USD 1 Month + 4.2500%, 4.3586%, 4/25/29^‡	7,275,777	7,541,369
	Connecticut Avenue Securities Trust 2017-C01,
	ICE LIBOR USD 1 Month + 3.5500%, 3.6586%, 7/25/29^‡	8,041,828	8,251,878
	Connecticut Avenue Securities Trust 2017-C04 2M2C,
	ICE LIBOR USD 1 Month + 2.8500%, 2.9586%, 11/25/29^‡	15,051,000	15,130,802
	Connecticut Avenue Securities Trust 2017-C06 1M2,
	ICE LIBOR USD 1 Month + 2.6500%, 2.7586%, 2/25/30^‡	6,067,336	6,116,376
	Connecticut Avenue Securities Trust 2018-C01 1M2C,
	ICE LIBOR USD 1 Month + 2.2500%, 2.3586%, 7/25/30^‡	9,694,592	9,601,090
	Connecticut Avenue Securities Trust 2018-C05,
	ICE LIBOR USD 1 Month + 2.3500%, 2.4586%, 1/25/31^‡	9,819,640	9,811,357
	Connecticut Avenue Securities Trust 2018-R07,
	ICE LIBOR USD 1 Month + 2.4000%, 2.5086%, 4/25/31 (144A)^‡	10,335,930	10,350,161
	Connecticut Avenue Securities Trust 2019-R02,
	ICE LIBOR USD 1 Month + 2.3000%, 2.4086%, 8/25/31 (144A)^‡	22,685,626	22,711,969
	Connecticut Avenue Securities Trust 2019-R03,
	ICE LIBOR USD 1 Month + 2.1500%, 2.2586%, 9/25/31 (144A)^‡	8,228,593	8,247,379
	Connecticut Avenue Securities Trust 2019-R04,
	ICE LIBOR USD 1 Month + 2.1000%, 2.2086%, 6/25/39 (144A)^‡	10,217,327	10,237,435
	Connecticut Avenue Securities Trust 2019-R05,
	ICE LIBOR USD 1 Month + 2.0000%, 2.1086%, 7/25/39 (144A)^‡	8,778,775	8,794,546
	Connecticut Avenue Securities Trust 2019-R06,
	ICE LIBOR USD 1 Month + 2.1000%, 2.2086%, 9/25/39 (144A)^‡	10,347,691	10,357,493
	Connecticut Avenue Securities Trust 2019-R07,
	ICE LIBOR USD 1 Month + 2.1000%, 2.2086%, 10/25/39 (144A)^‡	12,373,119	12,379,414
	Connecticut Avenue Securities Trust 2020-R01,
	ICE LIBOR USD 1 Month + 0.8000%, 0.9086%, 1/25/40 (144A)^‡	338,094	338,094
	Connecticut Avenue Securities Trust 2020-R01 1M2,
	ICE LIBOR USD 1 Month + 2.0500%, 2.1586%, 1/25/40 (144A)^‡	13,163,477	13,142,716
	Connecticut Avenue Securities Trust 2020-R02,
	ICE LIBOR USD 1 Month + 2.0000%, 2.1086%, 1/25/40 (144A)^‡	19,912,922	19,854,329
	Cosmopolitan Hotel Trust 2017,
	ICE LIBOR USD 1 Month + 0.9300%, 1.0360%, 11/15/36 (144A)^‡	9,655,820	9,662,803
	Credit Acceptance Auto Loan Trust 2018-2, 3.9400%, 7/15/27 (144A)	3,798,000	3,831,683
	Credit Suisse Commercial Mortgage Trust 2019-ICE4,
	ICE LIBOR USD 1 Month + 0.9800%, 1.0860%, 5/15/36 (144A)^‡	28,757,000	28,770,415
	Credit Suisse Commercial Mortgage Trust 2019-ICE4 C,
	ICE LIBOR USD 1 Month + 1.4300%, 1.5360%, 5/15/36 (144A)^‡	5,508,000	5,510,318
	Credit Suisse Commercial Mortgage Trust 2020-UNFI, 4.1682%, 12/6/22^‡	8,316,000	8,305,985
	DB Master Finance LLC 2019-1A A23, 4.3520%, 5/20/49 (144A)	5,358,400	5,744,281
	DB Master Finance LLC 2019-1A A2I, 3.7870%, 5/20/49 (144A)	6,708,835	6,818,151
	DB Master Finance LLC 2019-1A A2II, 4.0210%, 5/20/49 (144A)	3,759,745	3,951,755
	Domino's Pizza Master Issuer LLC, 3.0820%, 7/25/47 (144A)	2,444,400	2,444,400
	Domino's Pizza Master Issuer LLC, 4.1180%, 7/25/47 (144A)	3,149,590	3,355,085
	Domino's Pizza Master Issuer LLC, 4.1160%, 7/25/48 (144A)	11,811,133	12,386,297
	Domino's Pizza Master Issuer LLC, 4.3280%, 7/25/48 (144A)	7,345,913	7,872,867
	Domino's Pizza Master Issuer LLC, 3.6680%, 10/25/49 (144A)	22,897,710	23,918,037
	Drive Auto Receivables Trust 2017-1, 5.1700%, 9/16/24	11,239,000	11,537,089
	Drive Auto Receivables Trust 2017-2, 5.2700%, 11/15/24	9,811,000	10,144,811


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, 2021


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Drive Auto Receivables Trust 2017-3, 3.5300%, 12/15/23 (144A)	$1,243,946	$1,258,681
	Drive Auto Receivables Trust 2017-A, 4.1600%, 5/15/24 (144A)	2,149,351	2,162,695
	Drive Auto Receivables Trust 2018-4, 3.6600%, 11/15/24	1,041,222	1,045,822
	Exeter Automobile Receivables Trust 2021-1A C, 0.7400%, 1/15/26	3,548,000	3,529,950
	Exeter Automobile Receivables Trust 2021-1A D, 1.0800%, 11/16/26	11,355,000	11,253,497
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 5.0000%, 5.1086%, 7/25/25^‡	7,837,967	8,017,876
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 5.7000%, 5.8086%, 4/25/28^‡	4,865,313	5,147,994
	Fannie Mae Connecticut Avenue Securities,
	ICE LIBOR USD 1 Month + 2.0000%, 2.1086%, 3/25/31^‡	12,514,248	12,458,149
	Fannie Mae REMICS, 3.0000%, 5/25/48	12,699,674	13,493,696
	Fannie Mae REMICS, 3.0000%, 11/25/49	19,881,762	21,038,743
	Freddie Mac Structured Agency Credit Risk Debt Notes 2016-DNA1 M3,
	ICE LIBOR USD 1 Month + 5.5500%, 5.6586%, 7/25/28^‡	6,615,429	6,944,058
	Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA3 M2,
	ICE LIBOR USD 1 Month + 1.3500%, 1.4586%, 3/25/29^‡	110,434	110,445
	Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M1,
	ICE LIBOR USD 1 Month + 0.7500%, 0.8676%, 3/25/30^‡	56,479	56,514
	Freddie Mac Structured Agency Credit Risk Debt Notes 2018-DNA2 M2,
	ICE LIBOR USD 1 Month + 2.1500%, 2.2586%, 12/25/30 (144A)^‡	10,764,000	10,736,978
	Freddie Mac Structured Agency Credit Risk Debt Notes 2019-DNA4 M2,
	ICE LIBOR USD 1 Month + 1.9500%, 2.0586%, 10/25/49 (144A)^‡	3,606,334	3,600,507
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-DNA1 M2,
	ICE LIBOR USD 1 Month + 1.7000%, 1.8086%, 1/25/50 (144A)^‡	14,549,611	14,489,494
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-DNA6 M2,
	US 30 Day Average SOFR + 2.0000%, 2.0167%, 12/25/50 (144A)^‡	17,081,000	17,006,382
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA4 M2,
	ICE LIBOR USD 1 Month + 3.1500%, 3.2586%, 9/25/50 (144A)^‡	8,992,000	9,057,790
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA5 M2,
	US 30 Day Average SOFR + 2.6000%, 2.6167%, 11/25/50 (144A)^‡	27,605,000	27,725,743
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2,
	US 30 Day Average SOFR + 2.3000%, 2.3167%, 8/25/33 (144A)^‡	11,087,000	11,091,441
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA1 M2,
	US 30 Day Average SOFR + 2.2500%, 2.2667%, 8/25/33 (144A)^‡	13,980,000	13,839,923
	Great Wolf Trust,
	ICE LIBOR USD 1 Month + 1.0340%, 1.1400%, 12/15/36 (144A)^‡	3,938,000	3,936,774
	Great Wolf Trust,
	ICE LIBOR USD 1 Month + 1.3340%, 1.4400%, 12/15/36 (144A)^‡	4,405,000	4,381,435
	Great Wolf Trust,
	ICE LIBOR USD 1 Month + 1.6330%, 1.7390%, 12/15/36 (144A)^‡	4,900,000	4,852,607
	GS Mortgage Securities Trust 2018-GS10, 4.1550%, 7/10/51^‡	5,798,165	6,541,482
	GS Mortgage Securities Trust 2018-GS9, 3.9920%, 3/10/51^‡	9,673,931	10,820,458
	GS Mortgage Securities Trust 2020-GC45, 2.9106%, 2/13/53	8,130,000	8,494,464
	GS Mortgage Securities Trust 2020-GC47, 2.3772%, 5/12/53	11,479,000	11,502,905
	Jack in the Box Funding LLC 2019-1A A23, 4.9700%, 8/25/49 (144A)	10,797,609	11,544,738
	Jack in the Box Funding LLC 2019-1A A2I, 3.9820%, 8/25/49 (144A)	11,899,508	12,193,730
	Jack in the Box Funding LLC 2019-1A A2II, 4.4760%, 8/25/49 (144A)	22,393,778	23,375,585
	Life Financial Services Trust 2021-BMR A,
	ICE LIBOR USD 1 Month + 0.7000%, 0.8060%, 3/15/38 (144A)^‡	31,098,000	31,109,906
	Life Financial Services Trust 2021-BMR C,
	ICE LIBOR USD 1 Month + 1.1000%, 1.2060%, 3/15/38 (144A)^‡	15,381,000	15,389,001
	Mercury Financial Credit Card Master Trust 2021-1A A,
	1.5400%, 3/20/26 (144A)	14,022,000	14,009,372
	Morgan Stanley Capital I Trust 2016-UB11, 2.7820%, 8/15/49	10,052,000	10,558,209
	Morgan Stanley Capital I Trust 2019-H6, 3.4170%, 6/15/52	5,254,084	5,662,760
	Morgan Stanley Capital I Trust 2015-UBS8, 3.8090%, 12/15/48	8,173,000	8,944,348
	Morgan Stanley Capital I Trust 2018-H3, 4.1770%, 7/15/51	8,398,928	9,487,298
	Morgan Stanley Capital I Trust 2018-H4, 4.3100%, 12/15/51	12,532,337	14,246,597


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

8	MARCH 31, 2021

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	New Residential Mortgage Loan Trust 2018-2,
	ICE LIBOR USD 6 Month + 0.6800%, 4.5000%, 2/25/58 (144A)^‡	$2,555,470	$2,741,917
	Newday Funding Master Issuer PLC 2021-1A A2,
	SOFR + 1.1000%, 1.1500%, 3/15/29 (144A)^‡	13,345,000	13,396,071
	NRZ Excess Spread Collateralized Notes 2020-PLS1 A,
	3.8440%, 12/25/25 (144A)	7,162,696	7,236,250
	Oak Street Investment Grade Net Lease Fund 2020-1A A1,
	1.8500%, 11/20/50 (144A)	13,501,059	13,565,909
	Oak Street Investment Grade Net Lease Fund 2020-1A A5,
	3.3900%, 11/20/50 (144A)	19,792,000	20,201,504
	OneMain Direct Auto Receivables Trust 2018-1, 3.8500%, 10/14/25 (144A)	1,805,000	1,836,804
	OneMain Direct Auto Receivables Trust 2018-1, 4.4000%, 1/14/28 (144A)	1,842,000	1,876,407
	Planet Fitness Master Issuer LLC 2018-1A, 4.2620%, 9/5/48 (144A)	9,660,300	9,835,823
	Planet Fitness Master Issuer LLC 2019-1A, 3.8580%, 12/5/49 (144A)	11,974,425	11,296,259
	Preston Ridge Partners Mortgage Trust 2020-1A, 2.9810%, 2/25/25 (144A)^Ç	3,490,593	3,524,474
	Preston Ridge Partners Mortgage Trust 2020-3, 2.8570%, 9/25/25 (144A)^Ç	20,953,055	21,138,221
	Preston Ridge Partners Mortgage Trust 2020-4 A1, 2.9510%, 10/25/25 (144A)^Ç	13,204,212	13,264,747
	Preston Ridge Partners Mortgage Trust 2020-5 A1, 3.1040%, 11/25/25 (144A)^Ç	6,842,672	6,861,924
	Santander Drive Auto Receivables Trust 2020-1 A2A, 2.0700%, 1/17/23	2,026,520	2,031,140
	Santander Drive Auto Receivables Trust 2020-3 D, 1.6400%, 11/16/26	27,434,000	27,780,395
	Sequoia Mortgage Trust 2013-5, 2.5000%, 5/25/43 (144A)^‡	4,136,499	4,197,478
	Sequoia Mortgage Trust 2020-2, 3.5000%, 3/25/50 (144A)^‡	2,261,642	2,315,290
	Spruce Hill Mortgage Loan Trust 2020-SH1 A1,
	ICE LIBOR USD 12 Month + 0.9500%, 2.5210%, 1/28/50 (144A)^‡	1,904,088	1,925,701
	Spruce Hill Mortgage Loan Trust 2020-SH1 A2,
	ICE LIBOR USD 12 Month + 1.0500%, 2.6240%, 1/28/50 (144A)^‡	4,754,823	4,790,734
	Spruce Hill Mortgage Loan Trust 2020-SH2, 3.4070%, 6/25/55 (144A)^‡	15,316,900	15,467,612
	Taco Bell Funding LLC 2016-1A A23, 4.9700%, 5/25/46 (144A)	8,230,338	8,879,358
	Taco Bell Funding LLC 2018-1A A2I, 4.3180%, 11/25/48 (144A)	10,915,743	10,965,500
	Taco Bell Funding LLC 2018-1A A2II, 4.9400%, 11/25/48 (144A)	7,875,718	8,522,727
	United Auto Credit Securitization Trust 2019-1 C, 3.1600%, 8/12/24 (144A)	2,345,889	2,349,728
	Vantage Data Centers LLC 2020-1A A2, 1.6450%, 9/15/45 (144A)	26,390,000	26,365,992
	Vantage Data Centers LLC 2020-2A A2, 1.9920%, 9/15/45 (144A)	11,511,000	11,119,356
	VCAT Asset Securitization LLC 2020-NPL1, 3.6710%, 8/25/50 (144A)^Ç	7,086,222	7,202,758
	VCAT Asset Securitization LLC 2021-NPL1 A1, 2.2891%, 12/26/50 (144A)	6,671,584	6,667,719
	Wells Fargo Commercial Mortgage Trust 2021-SAVE A,
	ICE LIBOR USD 1 Month + 1.1500%, 1.2560%, 2/15/40 (144A)^‡	9,214,000	9,237,171
	Wendy's Funding LLC, 3.5730%, 3/15/48 (144A)	3,871,935	4,015,565
	Wendy's Funding LLC, 3.8840%, 3/15/48 (144A)	1,202,603	1,262,327
	Wendy's Funding LLC, 3.7830%, 6/15/49 (144A)	7,253,063	7,671,873
	Westlake Automobile Receivable Trust 2020-1A D, 2.8000%, 6/16/25 (144A)	12,457,000	12,900,798
	Wingstop Funding LLC 2020-1A A2, 2.8410%, 12/5/50 (144A)	13,333,000	13,465,973
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $1,475,572,632)			1,490,277,645
Bank Loans and Mezzanine Loans– 0.2%
Basic Industry – 0.1%
	Alpha 3 BV, ICE LIBOR USD 1 Month + 2.5000%, 3.0000%, 3/18/28^ƒ,‡	16,196,000	16,135,265
Consumer Non-Cyclical – 0.1%
	Elanco Animal Health Inc, ICE LIBOR USD 1 Month + 1.7500%, 1.8651%, 8/1/27^‡	34,320,373	33,842,291
Total Bank Loans and Mezzanine Loans (cost $50,435,762)			49,977,556
Corporate Bonds– 14.1%
Banking – 2.9%
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.5120%, 3.7050%, 4/24/28^‡	26,627,000	29,124,481
	Bank of America Corp, ICE LIBOR USD 3 Month + 1.0700%, 3.9700%, 3/5/29^‡	12,090,000	13,321,554
	Bank of America Corp, SOFR + 2.1500%, 2.5920%, 4/29/31^‡	51,846,000	51,737,759
	Bank of America Corp, ICE LIBOR USD 3 Month + 3.1350%, 5.2000%^‡,µ	7,339,000	7,669,255
	Bank of America Corp, ICE LIBOR USD 3 Month + 3.7050%, 6.2500%^‡,µ	21,966,000	24,311,969
	Bank of New York Mellon Corp,
	US Treasury Yield Curve Rate 5 Year + 4.3580%, 4.7000%^‡,µ	31,680,000	34,323,696
	BNP Paribas SA, ICE LIBOR USD 3 Month + 2.2350%, 4.7050%, 1/10/25 (144A)^‡	11,259,000	12,378,482


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, 2021


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Banking– (continued)
	BNP Paribas SA, ICE LIBOR USD 3 Month + 1.1110%, 2.8190%, 11/19/25 (144A)^‡	$7,378,000	$7,766,499
	BNP Paribas SA,
	US Treasury Yield Curve Rate 5 Year + 2.0500%, 2.5880%, 8/12/35 (144A)^‡	28,189,000	26,511,782
	Citigroup Inc, ICE LIBOR USD 3 Month + 1.5630%, 3.8870%, 1/10/28^‡	36,557,000	40,182,837
	Citigroup Inc, SOFR + 3.9140%, 4.4120%, 3/31/31^‡	25,206,000	28,765,391
	Citigroup Inc, ICE LIBOR USD 3 Month + 4.0680%, 5.9500%^‡,µ	12,901,000	13,534,834
	Citigroup Inc, ICE LIBOR USD 3 Month + 3.4660%, 5.3500%^‡,µ	8,932,000	9,188,795
	Citigroup Inc, ICE LIBOR USD 3 Month + 3.4230%, 6.3000%^‡,µ	2,037,000	2,163,925
	Citigroup Inc, ICE LIBOR USD 3 Month + 3.9050%, 5.9500%^‡,µ	8,463,000	9,118,883
	Citigroup Inc, SOFR + 3.8130%, 5.0000%^‡,µ	14,469,000	14,907,411
	Citizens Financial Group Inc, 2.6380%, 9/30/32 (144A)	13,535,000	12,959,767
	Credit Agricole SA/London, SOFR + 1.6760%, 1.9070%, 6/16/26 (144A)^‡	6,479,000	6,568,839
	Credit Suisse Group AG,
	US Treasury Yield Curve Rate 5 Year + 3.5540%, 4.5000% (144A)^‡,µ	24,090,000	22,584,375
	First Republic Bank/CA, 4.6250%, 2/13/47	5,838,000	6,950,791
	Goldman Sachs Group Inc, 3.5000%, 4/1/25	39,645,000	42,951,893
	Goldman Sachs Group Inc,
	US Treasury Yield Curve Rate 5 Year + 3.2240%, 4.9500%^‡,µ	6,110,000	6,463,158
	HSBC Holdings PLC, SOFR + 1.5380%, 1.6450%, 4/18/26^‡	13,653,000	13,661,376
	HSBC Holdings PLC, SOFR + 1.2900%, 1.5890%, 5/24/27^‡	27,142,000	26,710,988
	JPMorgan Chase & Co, SOFR + 1.8500%, 2.0830%, 4/22/26^‡	9,496,000	9,753,005
	JPMorgan Chase & Co, ICE LIBOR USD 3 Month + 1.2450%, 3.9600%, 1/29/27^‡	24,092,000	26,644,716
	JPMorgan Chase & Co, SOFR + 2.5150%, 2.9560%, 5/13/31^‡	47,726,000	48,608,517
	JPMorgan Chase & Co, SOFR + 3.3800%, 5.0000%, 7/31/69^‡	7,332,000	7,579,455
	JPMorgan Chase & Co, SOFR + 3.1250%, 4.6000%, 1/23/70^‡	7,739,000	7,826,064
	Morgan Stanley, SOFR + 1.9900%, 2.1880%, 4/28/26^‡	25,140,000	25,975,458
	Morgan Stanley, 4.3500%, 9/8/26	14,797,000	16,718,468
	Morgan Stanley, 3.9500%, 4/23/27	22,519,000	24,918,966
	Morgan Stanley, SOFR + 1.0340%, 1.7940%, 2/13/32^‡	20,255,000	18,905,182
	Natwest Group PLC,
	US Treasury Yield Curve Rate 5 Year + 2.3500%, 3.0320%, 11/28/35^‡	20,151,000	19,225,666
	SVB Financial Group, 1.8000%, 2/2/31	10,420,000	9,607,422
	SVB Financial Group,
	US Treasury Yield Curve Rate 10 Year + 3.0640%, 4.1000%^‡,µ	23,261,000	23,319,153
	Westpac Banking Corp,
	US Treasury Yield Curve Rate 5 Year + 1.7500%, 2.6680%, 11/15/35^‡	20,113,000	19,085,226
			722,026,038
Basic Industry – 0.4%
	Allegheny Technologies Inc, 5.8750%, 12/1/27	14,587,000	15,097,545
	Axalta Coating Systems Ltd, 3.3750%, 2/15/29 (144A)	28,076,000	27,379,715
	Constellium NV, 5.7500%, 5/15/24 (144A)	14,882,000	15,068,025
	Element Solutions Inc, 3.8750%, 9/1/28 (144A)	21,099,000	20,819,436
	Georgia-Pacific LLC, 3.1630%, 11/15/21 (144A)	13,437,000	13,605,637
	Reliance Steel & Aluminum Co, 4.5000%, 4/15/23	8,029,000	8,562,798
			100,533,156
Brokerage – 0.3%
	Charles Schwab Corp,
	US Treasury Yield Curve Rate 5 Year + 4.9710%, 5.3750%^‡,µ	56,315,000	62,209,491
	Charles Schwab Corp,
	US Treasury Yield Curve Rate 10 Year + 3.0790%, 4.0000%^‡,µ	16,349,000	16,071,067
	Raymond James Financial Inc, 5.6250%, 4/1/24	5,212,000	5,954,847
			84,235,405
Capital Goods – 0.8%
	Boeing Co, 4.5080%, 5/1/23	21,980,000	23,527,037
	Boeing Co, 4.8750%, 5/1/25	7,041,000	7,839,787
	Boeing Co, 2.1960%, 2/4/26	7,283,000	7,260,415
	Boeing Co, 3.2500%, 2/1/28	7,770,000	8,036,980
	Boeing Co, 3.6250%, 2/1/31	16,508,000	17,270,741


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

10	MARCH 31, 2021

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Capital Goods– (continued)
	Boeing Co, 3.6000%, 5/1/34	$18,925,000	$18,925,999
	Boeing Co, 3.9500%, 8/1/59	10,100,000	9,709,237
	General Dynamics Corp, 3.5000%, 4/1/27	7,463,000	8,235,763
	General Electric Co, 6.7500%, 3/15/32	7,335,000	9,824,247
	TransDigm Inc, 4.6250%, 1/15/29 (144A)	34,887,000	34,400,326
	Wabtec Corp, 4.4000%, 3/15/24	12,922,000	14,049,522
	Wabtec Corp, 3.4500%, 11/15/26	4,084,000	4,401,534
	Wabtec Corp, 4.9500%, 9/15/28	10,979,000	12,509,052
	Westinghouse Air Brake Technologies Corp, 3.2000%, 6/15/25	17,589,000	18,607,834
			194,598,474
Communications – 1.9%
	AT&T Inc, 3.5000%, 9/15/53 (144A)	6,184,000	5,842,678
	AT&T Inc, 3.5500%, 9/15/55 (144A)	8,861,000	8,108,758
	AT&T Inc, 3.8000%, 12/1/57 (144A)	13,286,000	12,640,123
	AT&T Inc, 3.6500%, 9/15/59 (144A)	2,198,000	2,009,123
	CCO Holdings LLC / CCO Holdings Capital Corp, 4.2500%, 2/1/31 (144A)	24,016,000	24,069,316
	CCO Holdings LLC / CCO Holdings Capital Corp, 4.5000%, 5/1/32 (144A)	36,397,000	36,851,962
	CenturyLink Inc, 6.4500%, 6/15/21	9,816,000	9,887,166
	CenturyLink Inc, 5.8000%, 3/15/22	5,560,000	5,755,156
	Charter Communications Operating LLC / Charter Communications Operating
	Capital, 2.8000%, 4/1/31	16,587,000	16,369,516
	Charter Communications Operating LLC / Charter Communications Operating
	Capital, 6.4840%, 10/23/45	3,628,000	4,723,697
	Charter Communications Operating LLC / Charter Communications Operating
	Capital, 5.3750%, 5/1/47	6,433,000	7,467,439
	Charter Communications Operating LLC / Charter Communications Operating
	Capital, 4.8000%, 3/1/50	9,356,000	10,036,324
	Charter Communications Operating LLC / Charter Communications Operating
	Capital, 3.7000%, 4/1/51	8,596,000	8,039,877
	Comcast Corp, 3.7500%, 4/1/40	6,879,000	7,547,669
	Crown Castle International Corp, 3.6500%, 9/1/27	7,302,000	7,957,248
	Crown Castle International Corp, 4.3000%, 2/15/29	4,359,000	4,886,057
	Crown Castle International Corp, 3.1000%, 11/15/29	11,820,000	12,200,589
	CSC Holdings LLC, 4.1250%, 12/1/30 (144A)	20,825,000	20,685,056
	CSC Holdings LLC, 4.6250%, 12/1/30 (144A)	24,432,000	24,031,682
	CSC Holdings LLC, 3.3750%, 2/15/31 (144A)	14,590,000	13,751,075
	Fox Corp, 4.0300%, 1/25/24	8,796,000	9,554,422
	GCI LLC, 4.7500%, 10/15/28 (144A)	35,297,000	36,135,304
	Level 3 Financing Inc, 3.8750%, 11/15/29 (144A)	15,934,000	16,790,453
	SBA Communications Corp, 3.1250%, 2/1/29 (144A)	20,777,000	19,969,814
	Sirius XM Radio Inc, 4.1250%, 7/1/30 (144A)	25,164,000	25,192,939
	T-Mobile USA Inc, 3.5000%, 4/15/25 (144A)	11,676,000	12,597,003
	T-Mobile USA Inc, 2.2500%, 2/15/26	10,901,000	10,979,378
	T-Mobile USA Inc, 3.7500%, 4/15/27 (144A)	16,215,000	17,725,589
	T-Mobile USA Inc, 2.6250%, 2/15/29	27,379,000	26,586,104
	T-Mobile USA Inc, 3.0000%, 2/15/41 (144A)	11,103,000	10,305,249
	Verizon Communications Inc, 3.0000%, 3/22/27	8,066,000	8,630,802
	Verizon Communications Inc, 2.1000%, 3/22/28	6,496,000	6,523,220
	Verizon Communications Inc, 3.4000%, 3/22/41	7,789,000	7,907,279
	Verizon Communications Inc, 4.8620%, 8/21/46	4,946,000	5,933,447
	Verizon Communications Inc, 3.5500%, 3/22/51	10,972,000	10,956,604
			468,648,118
Consumer Cyclical – 1.5%
	1011778 BC ULC / New Red Finance Inc, 4.0000%, 10/15/30 (144A)	38,657,000	37,304,005
	Booking Holdings Inc, 4.1000%, 4/13/25	41,906,000	46,694,846
	Choice Hotels International Inc, 3.7000%, 12/1/29	15,629,000	16,378,567
	Choice Hotels International Inc, 3.7000%, 1/15/31	4,609,000	4,846,087
	Dollar General Corp, 4.1250%, 4/3/50	11,417,000	12,646,626
	Experian Finance PLC, 2.7500%, 3/8/30 (144A)	21,342,000	21,674,526


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, 2021


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Consumer Cyclical– (continued)
	Ford Motor Credit Co LLC, 3.3750%, 11/13/25	$28,909,000	$29,400,453
	Ford Motor Credit Co LLC, 4.0000%, 11/13/30	11,767,000	11,672,746
	General Motors Co, 4.2000%, 10/1/27	5,480,000	6,014,057
	General Motors Co, 5.0000%, 10/1/28	15,994,000	18,329,255
	General Motors Co, 5.4000%, 4/1/48	5,345,000	6,336,132
	General Motors Financial Co Inc, 4.3500%, 4/9/25	9,753,000	10,697,282
	General Motors Financial Co Inc, 4.3000%, 7/13/25	2,714,000	2,984,348
	General Motors Financial Co Inc, 4.3500%, 1/17/27	8,249,000	9,160,588
	GLP Capital LP / GLP Financing II Inc, 5.2500%, 6/1/25	4,357,000	4,884,546
	GLP Capital LP / GLP Financing II Inc, 5.3750%, 4/15/26	9,535,000	10,706,375
	GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29	1,241,000	1,391,099
	GLP Capital LP / GLP Financing II Inc, 4.0000%, 1/15/30	17,445,000	18,147,161
	GoDaddy Operating Co LLC / GD Finance Co Inc, 3.5000%, 3/1/29 (144A)	27,787,000	27,300,728
	IHS Markit Ltd, 5.0000%, 11/1/22 (144A)	5,592,000	5,890,482
	IHS Markit Ltd, 4.7500%, 2/15/25 (144A)	9,018,000	10,097,455
	MDC Holdings Inc, 5.5000%, 1/15/24	8,070,000	8,897,175
	MGM Resorts International, 7.7500%, 3/15/22	1,830,000	1,927,722
	Nordstrom Inc, 4.3750%, 4/1/30	14,786,000	15,136,963
	Service Corp International/US, 3.3750%, 8/15/30	7,406,000	7,228,626
	Yum! Brands Inc, 4.6250%, 1/31/32	20,038,000	20,438,860
			366,186,710
Consumer Non-Cyclical – 2.0%
	Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc,
	4.9000%, 2/1/46	16,920,000	20,211,682
	Anheuser-Busch InBev Worldwide Inc, 4.3500%, 6/1/40	12,774,000	14,442,207
	Aramark Services Inc, 6.3750%, 5/1/25 (144A)	25,915,000	27,469,900
	Avantor Funding Inc, 4.6250%, 7/15/28 (144A)	14,496,000	15,139,043
	Catalent Pharma Solutions Inc, 3.1250%, 2/15/29 (144A)	4,813,000	4,620,480
	Coca-Cola Femsa SAB de CV, 2.7500%, 1/22/30	9,373,000	9,411,992
	CVS Health Corp, 5.0500%, 3/25/48	9,329,000	11,452,652
	CVS Health Corp, 4.2500%, 4/1/50	4,382,000	4,918,812
	DaVita Inc, 4.6250%, 6/1/30 (144A)	16,265,000	16,571,758
	DaVita Inc, 3.7500%, 2/15/31 (144A)	25,216,000	24,049,256
	Diageo Capital PLC, 1.3750%, 9/29/25	11,501,000	11,607,789
	Diageo Capital PLC, 2.0000%, 4/29/30	10,834,000	10,592,861
	Diageo Capital PLC, 2.1250%, 4/29/32	8,690,000	8,391,248
	Elanco Animal Health Inc, 5.2720%, 8/28/23	20,115,000	21,648,769
	Hasbro Inc, 3.9000%, 11/19/29	31,591,000	33,974,871
	Hasbro Inc, 6.3500%, 3/15/40	3,376,000	4,314,209
	Hasbro Inc, 5.1000%, 5/15/44	7,315,000	8,136,846
	HCA Inc, 4.7500%, 5/1/23	14,561,000	15,694,462
	HCA Inc, 5.3750%, 2/1/25	7,973,000	8,894,001
	HCA Inc, 5.8750%, 2/15/26	4,196,000	4,809,665
	HCA Inc, 5.3750%, 9/1/26	3,219,000	3,629,423
	HCA Inc, 5.6250%, 9/1/28	9,321,000	10,719,150
	HCA Inc, 5.8750%, 2/1/29	7,026,000	8,185,290
	HCA Inc, 3.5000%, 9/1/30	36,693,000	37,003,782
	HCA Inc, 5.5000%, 6/15/47	3,795,000	4,720,199
	HCA Inc, 5.2500%, 6/15/49	5,692,000	6,965,123
	JBS USA LUX SA / JBS USA Finance Inc, 6.7500%, 2/15/28 (144A)	9,459,000	10,357,605
	JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc,
	6.5000%, 4/15/29 (144A)	19,868,000	22,440,906
	JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc,
	5.5000%, 1/15/30 (144A)	19,451,000	21,527,297
	Kraft Heinz Foods Co, 5.0000%, 6/4/42	10,504,000	11,821,217
	Kraft Heinz Foods Co, 4.3750%, 6/1/46	3,024,000	3,161,196
	Kraft Heinz Foods Co, 4.8750%, 10/1/49	7,068,000	7,927,558
	Mondelez International Inc, 2.7500%, 4/13/30	2,605,000	2,659,541
	Pilgrim's Pride Corp, 4.2500%, 4/15/31 (144A)	31,708,000	31,588,461


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

12	MARCH 31, 2021

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Consumer Non-Cyclical– (continued)
	Royalty Pharma PLC, 1.7500%, 9/2/27 (144A)	$7,452,000	$7,236,564
	Royalty Pharma PLC, 3.5500%, 9/2/50 (144A)	14,384,000	13,707,231
	Sysco Corp, 2.5000%, 7/15/21	2,064,000	2,072,385
	Sysco Corp, 6.6000%, 4/1/40	12,137,000	16,931,493
	Sysco Corp, 6.6000%, 4/1/50	5,778,000	8,345,574
			507,352,498
Electric – 0.5%
	Ameren Corp, 3.5000%, 1/15/31	15,881,000	16,853,733
	Dominion Energy Inc, 3.3750%, 4/1/30	21,499,000	22,890,406
	East Ohio Gas Co/The, 2.0000%, 6/15/30 (144A)	2,346,000	2,257,274
	NextEra Energy Capital Holdings Inc, 2.7500%, 5/1/25	9,422,000	9,956,643
	NRG Energy Inc, 7.2500%, 5/15/26	16,049,000	16,690,960
	NRG Energy Inc, 6.6250%, 1/15/27	18,319,000	19,051,760
	NRG Energy Inc, 3.3750%, 2/15/29 (144A)	17,639,000	17,220,074
	NRG Energy Inc, 3.6250%, 2/15/31 (144A)	19,913,000	19,415,175
			124,336,025
Energy – 0.7%
	Cheniere Corpus Christi Holdings LLC, 3.7000%, 11/15/29	17,171,000	18,097,524
	Cheniere Energy Inc, 4.6250%, 10/15/28 (144A)	39,338,000	40,854,087
	Cheniere Energy Partners LP, 4.0000%, 3/1/31 (144A)	12,878,000	13,103,365
	Continental Resources Inc, 5.7500%, 1/15/31 (144A)	20,285,000	22,919,210
	Energy Transfer Operating LP, 5.8750%, 1/15/24	5,489,000	6,110,214
	Energy Transfer Operating LP, 5.5000%, 6/1/27	4,369,000	5,038,448
	Energy Transfer Operating LP, 4.9500%, 6/15/28	634,000	709,484
	Hess Midstream Operations LP, 5.1250%, 6/15/28 (144A)	23,684,000	23,944,524
	Kinder Morgan Inc/DE, 4.3000%, 3/1/28	5,039,000	5,633,985
	NGPL PipeCo LLC, 4.3750%, 8/15/22 (144A)	11,182,000	11,606,945
	ONEOK Inc, 5.8500%, 1/15/26	5,769,000	6,753,566
	ONEOK Inc, 6.3500%, 1/15/31	12,332,000	15,484,106
	ONEOK Inc, 7.1500%, 1/15/51	3,220,000	4,341,524
			174,596,982
Finance Companies – 0.2%
	Quicken Loans LLC, 3.6250%, 3/1/29 (144A)	16,308,000	15,696,450
	Quicken Loans LLC, 3.8750%, 3/1/31 (144A)	23,835,000	22,941,188
			38,637,638
Financial Institutions – 0%
	Jones Lang LaSalle Inc, 4.4000%, 11/15/22	10,657,000	11,159,598
Industrial Conglomerates – 0.1%
	General Electric Co, ICE LIBOR USD 3 Month + 3.3300%, 3.5139%^‡,µ	19,681,000	18,598,545
Information Technology Services – 0.1%
	Booz Allen Hamilton Inc, 3.8750%, 9/1/28 (144A)	19,799,000	19,902,945
Insurance – 0.7%
	Brown & Brown Inc, 4.5000%, 3/15/29	9,158,000	10,287,854
	Brown & Brown Inc, 2.3750%, 3/15/31	3,524,000	3,388,042
	Centene Corp, 5.3750%, 6/1/26 (144A)	24,677,000	25,804,739
	Centene Corp, 4.2500%, 12/15/27	19,784,000	20,810,321
	Centene Corp, 4.6250%, 12/15/29	29,912,000	32,373,907
	Centene Corp, 3.3750%, 2/15/30	4,268,000	4,307,991
	Centene Corp, 3.0000%, 10/15/30	8,700,000	8,685,558
	Molina Healthcare Inc, 4.3750%, 6/15/28 (144A)	49,115,000	50,537,370
	Prudential Financial Inc,
	US Treasury Yield Curve Rate 5 Year + 3.0350%, 3.7000%, 10/1/50^‡	28,287,000	28,603,814
			184,799,596
Real Estate Investment Trusts (REITs) – 0.1%
	Agree LP, 2.9000%, 10/1/30	7,528,000	7,582,044
	MPT Operating Partnership LP/MPT Finance Corp, 3.5000%, 3/15/31	24,536,000	24,077,668
			31,659,712
Technology – 1.9%
	Analog Devices Inc, 2.9500%, 4/1/25	10,197,000	10,836,816


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, 2021


Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Technology– (continued)
	Broadcom Inc, 4.1500%, 11/15/30	$19,589,000	$21,143,585
	Broadcom Inc, 4.3000%, 11/15/32	15,030,000	16,363,709
	Broadcom Inc, 3.5000%, 2/15/41 (144A)	20,844,000	19,963,202
	Broadcom Inc, 3.7500%, 2/15/51 (144A)	17,369,000	16,608,514
	CoStar Group Inc, 2.8000%, 7/15/30 (144A)	25,453,000	24,885,347
	CrowdStrike Holdings Inc, 3.0000%, 2/15/29	20,458,000	20,001,787
	Dell International LLC / EMC Corp, 5.8750%, 6/15/21 (144A)	8,641,000	8,651,801
	Equifax Inc, 2.6000%, 12/15/25	17,078,000	17,902,822
	Equinix Inc, 2.1500%, 7/15/30	9,669,000	9,192,715
	Gartner Inc, 3.7500%, 10/1/30 (144A)	3,821,000	3,789,400
	Global Payments Inc, 3.2000%, 8/15/29	4,013,000	4,226,537
	Marvell Technology Group Ltd, 4.2000%, 6/22/23	5,055,000	5,408,780
	Marvell Technology Group Ltd, 4.8750%, 6/22/28	14,717,000	16,870,114
	Microchip Technology Inc, 2.6700%, 9/1/23 (144A)	23,358,000	24,325,773
	Microchip Technology Inc, 4.2500%, 9/1/25 (144A)	18,300,000	19,118,880
	MSCI Inc, 4.0000%, 11/15/29 (144A)	1,551,000	1,595,141
	MSCI Inc, 3.6250%, 9/1/30 (144A)	25,943,000	26,380,140
	MSCI Inc, 3.8750%, 2/15/31 (144A)	21,835,000	22,298,994
	PayPal Holdings Inc, 1.6500%, 6/1/25	8,117,000	8,266,380
	Qorvo Inc, 3.3750%, 4/1/31 (144A)	21,845,000	21,405,697
	Sensata Technologies Inc, 3.7500%, 2/15/31 (144A)	21,480,000	21,177,991
	SK Hynix Inc, 1.5000%, 1/19/26 (144A)	17,690,000	17,408,375
	SK Hynix Inc, 2.3750%, 1/19/31 (144A)	11,254,000	10,641,737
	Total System Services Inc, 4.8000%, 4/1/26	11,829,000	13,526,697
	Trimble Inc, 4.7500%, 12/1/24	19,155,000	21,437,255
	Trimble Inc, 4.9000%, 6/15/28	22,980,000	26,509,021
	Twilio Inc, 3.6250%, 3/15/29	7,808,000	7,904,273
	Twilio Inc, 3.8750%, 3/15/31	7,808,000	7,974,779
	VMware Inc, 4.5000%, 5/15/25	17,836,000	19,893,233
	VMware Inc, 4.6500%, 5/15/27	20,668,000	23,427,481
			489,136,976
Total Corporate Bonds (cost $3,438,204,014)			3,536,408,416
Inflation-Indexed Bonds– 1.5%
	United States Treasury Inflation Indexed Bonds, 0.6250%, 4/15/23^ÇÇ	293,486,333	312,241,944
	United States Treasury Inflation Indexed Bonds, 0.1250%, 1/15/31^ÇÇ	60,207,192	64,806,614
Total Inflation-Indexed Bonds (cost $377,240,251)			377,048,558
Mortgage-Backed Securities– 5.2%
Fannie Mae:
	1.5000%, TBA, 15 Year Maturity	4,361,241	4,379,645
	2.0000%, TBA, 15 Year Maturity	33,789,159	34,673,083
	2.0000%, TBA, 30 Year Maturity	237,614,133	237,128,925
	2.5000%, TBA, 15 Year Maturity	28,461,400	29,617,787
	3.5000%, TBA, 30 Year Maturity	37,046,300	39,137,193
	2.5000%, TBA, 30 Year Maturity	20,692,097	21,232,161
			366,168,794
Fannie Mae Pool:
	7.5000%, 7/1/28	60,552	68,841
	3.0000%, 10/1/34	2,415,878	2,571,547
	2.5000%, 11/1/34	1,593,454	1,669,544
	3.0000%, 11/1/34	946,311	1,013,823
	3.0000%, 12/1/34	966,334	1,033,721
	6.0000%, 2/1/37	311,915	363,648
	4.5000%, 11/1/42	1,835,890	2,056,674
	3.0000%, 1/1/43	962,664	1,020,602
	3.0000%, 2/1/43	272,154	290,319
	3.0000%, 5/1/43	10,052,166	10,612,070
	3.0000%, 5/1/43	2,179,281	2,330,326
	5.0000%, 7/1/44	225,836	256,332


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

14	MARCH 31, 2021

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool– (continued)
	4.5000%, 10/1/44	$4,531,015	$5,064,730
	4.5000%, 3/1/45	7,011,416	7,837,301
	4.5000%, 6/1/45	4,056,507	4,535,016
	3.5000%, 12/1/45	2,495,491	2,671,938
	3.0000%, 1/1/46	350,831	370,373
	4.5000%, 2/1/46	8,451,749	9,468,158
	3.5000%, 7/1/46	4,533,688	4,887,556
	3.0000%, 9/1/46	23,233,043	24,614,643
	3.0000%, 2/1/47	68,923,046	73,021,695
	3.0000%, 3/1/47	8,010,593	8,478,258
	3.5000%, 3/1/47	2,146,176	2,297,924
	3.5000%, 7/1/47	1,812,520	1,940,676
	3.5000%, 8/1/47	1,822,419	1,932,394
	3.5000%, 8/1/47	1,346,783	1,463,655
	3.5000%, 12/1/47	642,776	698,555
	3.5000%, 12/1/47	383,623	416,913
	3.5000%, 1/1/48	4,716,678	5,020,678
	4.0000%, 1/1/48	15,446,654	16,696,688
	4.0000%, 1/1/48	6,268,772	6,773,414
	3.0000%, 2/1/48	4,957,659	5,246,268
	3.5000%, 3/1/48	607,680	660,760
	4.0000%, 3/1/48	5,529,821	5,972,283
	4.5000%, 3/1/48	219,988	239,591
	3.0000%, 5/1/48	2,275,483	2,396,323
	5.0000%, 5/1/48	5,156,113	5,707,247
	3.5000%, 7/1/48	51,943,374	55,405,428
	4.5000%, 8/1/48	124,032	135,084
	3.0000%, 11/1/48	9,075,486	9,542,080
	4.0000%, 2/1/49	3,080,502	3,307,288
	3.0000%, 8/1/49	5,087,629	5,378,781
	3.0000%, 8/1/49	3,094,453	3,271,540
	3.0000%, 9/1/49	930,922	977,115
	2.5000%, 1/1/50	2,425,500	2,499,023
	2.5000%, 3/1/50	3,950,716	4,059,234
	2.5000%, 10/1/50	3,931,140	4,037,802
	2.5000%, 1/1/51	5,160,334	5,295,587
	3.5000%, 8/1/56	15,089,662	16,439,519
	3.0000%, 2/1/57	14,616,479	15,711,921
	3.0000%, 6/1/57	277,748	298,445
			348,059,331
Freddie Mac Gold Pool:
	3.5000%, 1/1/47	1,516,757	1,646,261
Freddie Mac Pool:
	3.0000%, 5/1/31	19,001,709	20,215,303
	3.0000%, 9/1/32	4,559,076	4,861,550
	3.0000%, 10/1/32	2,222,056	2,351,951
	3.0000%, 12/1/32	1,788,714	1,904,092
	3.0000%, 1/1/33	2,614,464	2,787,922
	2.5000%, 12/1/33	20,789,970	21,715,913
	3.0000%, 10/1/34	4,653,437	4,966,984
	3.0000%, 10/1/34	1,934,676	2,059,316
	2.5000%, 11/1/34	6,516,553	6,828,175
	2.5000%, 11/1/34	1,335,513	1,399,378
	6.0000%, 4/1/40	5,070,384	5,923,184
	3.5000%, 7/1/42	883,237	958,684
	3.5000%, 8/1/42	1,210,906	1,314,343
	3.5000%, 8/1/42	937,709	1,017,809
	3.5000%, 2/1/43	3,065,196	3,337,504
	3.0000%, 3/1/43	10,818,296	11,465,759


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, 2021


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Freddie Mac Pool– (continued)
	3.0000%, 6/1/43	$652,487	$675,321
	3.5000%, 2/1/44	2,985,759	3,251,009
	4.5000%, 5/1/44	1,687,751	1,886,647
	3.5000%, 12/1/44	18,091,311	19,562,105
	3.0000%, 1/1/45	4,721,547	4,994,574
	4.0000%, 4/1/45	40,617	44,858
	3.0000%, 1/1/46	685,486	731,006
	3.5000%, 7/1/46	22,164,232	23,954,392
	3.5000%, 7/1/46	4,040,448	4,306,125
	3.0000%, 8/1/46	1,278,825	1,344,468
	3.0000%, 10/1/46	9,161,244	9,654,252
	4.0000%, 3/1/47	1,890,526	2,067,417
	3.0000%, 4/1/47	1,758,023	1,848,265
	3.5000%, 4/1/47	723,122	779,995
	3.5000%, 9/1/47	6,782,788	7,193,003
	3.5000%, 11/1/47	5,751,252	6,128,512
	3.5000%, 12/1/47	10,239,132	11,030,233
	3.5000%, 12/1/47	4,572,281	4,872,206
	3.5000%, 2/1/48	4,867,318	5,183,236
	3.5000%, 2/1/48	3,836,518	4,078,292
	4.0000%, 3/1/48	4,599,556	4,968,189
	4.5000%, 3/1/48	227,167	247,409
	4.0000%, 4/1/48	6,847,283	7,333,634
	4.0000%, 4/1/48	4,047,047	4,378,129
	4.0000%, 5/1/48	7,951,060	8,537,378
	4.5000%, 7/1/48	1,705,406	1,857,368
	5.0000%, 9/1/48	547,325	607,787
	4.5000%, 12/1/48	3,591,459	3,945,067
	3.0000%, 8/1/49	4,115,993	4,334,576
	3.0000%, 8/1/49	1,514,598	1,601,251
	3.0000%, 12/1/49	2,701,142	2,810,251
	3.0000%, 12/1/49	2,336,131	2,430,496
	2.5000%, 1/1/50	996,195	1,026,392
	3.0000%, 3/1/50	3,144,374	3,289,770
	3.5000%, 3/1/50	1,542,699	1,643,905
			255,705,385
Ginnie Mae:
	2.0000%, TBA, 30 Year Maturity	162,715,450	164,238,467
	2.5000%, TBA, 30 Year Maturity	69,778,200	71,988,773
			236,227,240
Ginnie Mae I Pool:
	6.0000%, 1/15/34	86,871	100,298
	4.0000%, 1/15/45	16,092,257	17,839,128
	4.5000%, 8/15/46	19,028,407	21,604,310
	4.0000%, 7/15/47	4,987,312	5,427,285
	4.0000%, 8/15/47	978,032	1,064,312
	4.0000%, 11/15/47	1,755,324	1,910,176
	4.0000%, 12/15/47	2,295,509	2,498,015
			50,443,524
Ginnie Mae II Pool:
	4.0000%, 8/20/47	1,890,884	2,061,939
	4.0000%, 8/20/47	525,017	578,323
	4.0000%, 8/20/47	327,136	356,730
	4.5000%, 2/20/48	3,114,776	3,392,252
	4.5000%, 5/20/48	7,447,228	8,199,245
	4.5000%, 5/20/48	855,423	941,803
	4.0000%, 6/20/48	23,796,471	25,582,575


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

16	MARCH 31, 2021

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Ginnie Mae II Pool– (continued)
	5.0000%, 8/20/48	$10,069,111	$10,994,380
			52,107,247
Total Mortgage-Backed Securities (cost $1,286,698,965)			1,310,357,782
United States Treasury Notes/Bonds– 6.8%
	0.1250%, 2/28/23	5,448,000	5,444,595
	0.3750%, 1/31/26	170,339,600	166,121,034
	0.5000%, 2/28/26	427,354,000	419,007,242
	1.1250%, 2/29/28	33,613,900	33,025,657
	0.8750%, 11/15/30	242,422,600	224,203,026
	1.1250%, 2/15/31	321,246,200	303,527,464
	1.1250%, 5/15/40	14,092,000	11,498,191
	1.3750%, 11/15/40	45,337,000	38,564,786
	1.8750%, 2/15/41	65,603,000	61,082,543
	2.7500%, 8/15/42	109,881,600	117,865,185
	1.3750%, 8/15/50	152,363,200	118,890,909
	1.6250%, 11/15/50	234,543,500	195,440,701
Total United States Treasury Notes/Bonds (cost $1,767,702,558)			1,694,671,333
Common Stocks– 64.6%
Aerospace & Defense – 1.1%
	General Dynamics Corp	944,007	171,393,911
	L3Harris Technologies Inc	489,102	99,131,193
			270,525,104
Air Freight & Logistics – 0.7%
	United Parcel Service Inc	1,110,352	188,748,736
Airlines – 0.5%
	Southwest Airlines Co*	2,039,049	124,504,332
Auto Components – 0.3%
	Aptiv PLC*	607,775	83,812,172
Banks – 1.5%
	Bank of America Corp	9,632,433	372,678,833
Beverages – 0.7%
	Monster Beverage Corp*	2,047,487	186,505,591
Biotechnology – 0.9%
	AbbVie Inc	2,135,691	231,124,480
Capital Markets – 2.4%
	CME Group Inc	1,049,590	214,357,766
	Morgan Stanley	4,291,521	333,279,521
	S&P Global Inc	189,619	66,910,857
			614,548,144
Chemicals – 0.4%
	Sherwin-Williams Co	151,930	112,125,859
Communications Equipment – 0.5%
	Motorola Solutions Inc	605,606	113,884,208
Consumer Finance – 1.0%
	American Express Co	1,784,905	252,456,963
Electrical Equipment – 0.3%
	Rockwell Automation Inc	256,003	67,953,436
Electronic Equipment, Instruments & Components – 0.4%
	Corning Inc	2,382,794	103,675,367
Entertainment – 1.8%
	Activision Blizzard Inc	1,509,167	140,352,531
	Netflix Inc*	140,794	73,446,598
	Walt Disney Co*	1,238,200	228,472,664
			442,271,793
Food & Staples Retailing – 1.6%
	Costco Wholesale Corp	823,888	290,404,042
	Sysco Corp	1,286,727	101,316,884
			391,720,926


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, 2021


Shares or Principal Amounts			Value
Common Stocks– (continued)
Food Products – 0.5%
	Hershey Co	759,756	$120,163,009
Health Care Equipment & Supplies – 2.7%
	Abbott Laboratories	2,161,160	258,993,414
	Edwards Lifesciences Corp*	1,227,325	102,653,463
	Intuitive Surgical Inc*	110,024	81,301,135
	Medtronic PLC	1,241,143	146,616,223
	Stryker Corp	409,715	99,798,380
			689,362,615
Health Care Providers & Services – 2.1%
	UnitedHealth Group Inc	1,431,437	532,594,765
Hotels, Restaurants & Leisure – 2.8%
	Hilton Worldwide Holdings Inc*	1,394,244	168,591,984
	McDonald's Corp	1,583,789	354,990,466
	Starbucks Corp	1,641,092	179,322,123
			702,904,573
Household Products – 1.1%
	Clorox Co	255,172	49,217,575
	Procter & Gamble Co	1,708,632	231,400,032
			280,617,607
Industrial Conglomerates – 1.2%
	Honeywell International Inc	1,381,824	299,952,536
Information Technology Services – 3.6%
	Accenture PLC	625,851	172,891,339
	Fidelity National Information Services Inc	768,571	108,068,768
	Mastercard Inc	1,755,625	625,090,281
			906,050,388
Insurance – 1.2%
	Progressive Corp	3,066,799	293,216,652
Interactive Media & Services – 3.1%
	Alphabet Inc - Class C*	376,718	779,290,156
Internet & Direct Marketing Retail – 3.6%
	Amazon.com Inc*	231,908	717,541,905
	Booking Holdings Inc*	74,854	174,397,843
			891,939,748
Leisure Products – 0.5%
	Hasbro Inc	1,372,951	131,968,050
Life Sciences Tools & Services – 1.2%
	Illumina Inc*	236,633	90,881,270
	Thermo Fisher Scientific Inc	451,035	205,843,353
			296,724,623
Machinery – 1.4%
	Deere & Co	821,621	307,401,281
	Trane Technologies PLC	196,007	32,450,919
			339,852,200
Media – 1.5%
	Comcast Corp	6,798,593	367,871,867
Multiline Retail – 1.0%
	Dollar General Corp	1,189,056	240,926,527
Personal Products – 0.3%
	Estee Lauder Cos Inc	235,333	68,446,603
Pharmaceuticals – 2.9%
	Bristol-Myers Squibb Co	1,738,816	109,771,454
	Eli Lilly & Co	1,619,838	302,618,135
	Merck & Co Inc	4,045,617	311,876,615
			724,266,204
Real Estate Management & Development – 0.4%
	CBRE Group Inc*	1,240,089	98,103,441


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

18	MARCH 31, 2021

Janus Henderson Balanced Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares or Principal Amounts			Value
Common Stocks– (continued)
Road & Rail – 0.7%
	CSX Corp	1,751,134	$168,844,340
Semiconductor & Semiconductor Equipment – 4.6%
	Advanced Micro Devices Inc*	878,549	68,966,096
	Lam Research Corp	737,319	438,881,762
	NVIDIA Corp	531,125	283,583,571
	QUALCOMM Inc	852,734	113,064,001
	Texas Instruments Inc	1,358,161	256,678,847
			1,161,174,277
Software – 8.0%
	Adobe Inc*	970,061	461,137,898
	Autodesk Inc*	218,788	60,637,094
	Cadence Design Systems Inc*	504,724	69,142,141
	Microsoft Corp	5,222,280	1,231,256,956
	salesforce.com Inc*	833,283	176,547,669
			1,998,721,758
Specialty Retail – 1.9%
	Home Depot Inc	1,535,076	468,581,949
Technology Hardware, Storage & Peripherals – 3.3%
	Apple Inc	6,785,504	828,849,314
Textiles, Apparel & Luxury Goods – 0.9%
	NIKE Inc	1,787,879	237,591,240
Total Common Stocks (cost $9,305,620,597)			16,184,550,386
Preferred Stocks– 0.2%
Banks – 0.2%
	First Republic Bank/CA, 4.1250%^µ	1,065,400	26,635,000
	Truist Financial Corp, 4.7500%^µ	1,211,925	31,207,069
Total Preferred Stocks (cost $56,933,125)			57,842,069
Investment Companies– 3.9%
Money Markets – 3.9%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº,£((cost $968,383,202)	968,306,917	968,403,748
Total Investments (total cost $18,726,791,106) – 102.5%			25,669,537,493
Liabilities, net of Cash, Receivables and Other Assets – (2.5)%			(617,995,016)
Net Assets – 100%			$25,051,542,477


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
United States	$25,323,826,502	98.7	%
United Kingdom	141,395,790	0.6
France	53,225,602	0.2
Canada	37,304,005	0.1
Belgium	34,653,889	0.1
South Korea	28,050,112	0.1
Switzerland	22,584,375	0.1
Australia	19,085,226	0.1
Mexico	9,411,992	0.0



Total	$25,669,537,493	100.0	%


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, 2021

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 3/31/21
Investment Companies - 3.9%
Money Markets - 3.9%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº	$	266,912	$	(15,342)	$	-	$	968,403,748


		Value at 9/30/20		Purchases		Sales Proceeds		Value at 3/31/21
Investment Companies - 3.9%
Money Markets - 3.9%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº		589,071,414		2,594,041,963		(2,214,694,287)		968,403,748


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

20	MARCH 31, 2021

Janus Henderson Balanced Fund

Notes to Schedule of Investments and Other Information (unaudited)


Balanced Index	Balanced Index is an internally-calculated, hypothetical combination of total returns from the S&P 500^{^®} Index (55%) and the Bloomberg Barclays U.S. Aggregate Bond Index (45%).
Bloomberg Barclays U.S. Aggregate Bond Index	Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based measure of the investment grade, US dollar-denominated, fixed-rate taxable bond market.
S&P 500^{^®} Index	S&P 500^{^®} Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance.


ICE	Intercontinental Exchange
LIBOR	London 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 principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when specific mortgage pools are assigned.
ULC	Unlimited Liability Company

144A


*	Non-income producing security.


ƒ	All or a portion of this position is not funded, or has been purchased on a delayed delivery or when-issued basis. If applicable, interest rates will be determined and interest will begin to accrue at a future date. See Notes to Financial Statements.


‡	Variable or floating rate security. Rate shown is the current rate as of March 31, 2021. Certain variable rate securities are not based on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.


ÇÇ	Security is a U.S. Treasury Inflation-Protected Security (TIPS).


ºº	Rate shown is the 7-day yield as of March 31, 2021.


µ	Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date.


Ç	Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate.


£	The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.


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, 2021. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Asset-Backed/Commercial Mortgage-Backed Securities	$	-	$	1,490,277,645	$	-
Bank Loans and Mezzanine Loans		-		49,977,556		-
Corporate Bonds		-		3,536,408,416		-
Inflation-Indexed Bonds		-		377,048,558		-
Mortgage-Backed Securities		-		1,310,357,782		-
United States Treasury Notes/Bonds		-		1,694,671,333		-
Common Stocks		16,184,550,386		-		-
Preferred Stocks		-		57,842,069		-
Investment Companies		-		968,403,748		-
Total Assets	$	16,184,550,386	$	9,484,987,107	$	-


22	MARCH 31, 2021

Janus Henderson Balanced Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2021

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	24,701,133,745
	Affiliated investments, at value⁽²⁾			968,403,748
	Non-interested Trustees' deferred compensation			612,376
	Receivables:
		Investments sold		53,038,053
		Interest		46,332,390
		Fund shares sold		42,184,397
		Dividends		8,397,697
		Dividends from affiliates		43,783
	Other assets			233,858
Total Assets				25,820,380,047
Liabilities:
	Due to custodian			9,700
	Payables:			—
		Investments purchased		701,038,890
		Fund shares repurchased		43,460,177
		Advisory fees		11,555,249
		Dividends		5,144,454
		Transfer agent fees and expenses		3,394,309
		12b-1 Distribution and shareholder servicing fees		2,862,684
		Non-interested Trustees' deferred compensation fees		612,376
		Non-interested Trustees' fees and expenses		93,311
		Affiliated fund administration fees payable		52,524
		Custodian fees		13,368
		Professional fees		8,820
		Accrued expenses and other payables		591,708
Total Liabilities				768,837,570
Net Assets			$	25,051,542,477


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Balanced Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2021




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	17,564,128,306
	Total distributable earnings (loss)		7,487,414,171
Total Net Assets		$	25,051,542,477
Net Assets - Class A Shares		$	1,785,591,149
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		43,060,374
Net Asset Value Per Share⁽³⁾		$	41.47
Maximum Offering Price Per Share⁽⁴⁾		$	44.00
Net Assets - Class C Shares		$	2,601,864,853
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		63,469,149
Net Asset Value Per Share⁽³⁾		$	40.99
Net Assets - Class D Shares		$	2,200,404,494
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		52,902,531
Net Asset Value Per Share		$	41.59
Net Assets - Class I Shares		$	8,865,734,387
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		213,073,022
Net Asset Value Per Share		$	41.61
Net Assets - Class N Shares		$	1,582,760,736
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		38,080,332
Net Asset Value Per Share		$	41.56
Net Assets - Class R Shares		$	441,470,330
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		10,719,090
Net Asset Value Per Share		$	41.19
Net Assets - Class S Shares		$	561,835,995
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		13,554,576
Net Asset Value Per Share		$	41.45
Net Assets - Class T Shares		$	7,011,880,533
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		168,848,232
Net Asset Value Per Share		$	41.53

(1) Includes cost of $17,758,407,904.

(2) Includes cost of $968,383,202.

(3) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(4) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

24	MARCH 31, 2021

Janus Henderson Balanced Fund

Statement of Operations (unaudited)

For the period ended March 31, 2021



Investment Income:
	Dividends		$	116,490,657
	Interest			113,638,710
	Dividends from affiliates			266,912
	Other income			150,671
	Foreign tax withheld			20,346
Total Investment Income				230,567,296
Expenses:
	Advisory fees			65,865,838
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		2,058,358
		Class C Shares		12,173,383
		Class R Shares		1,046,165
		Class S Shares		695,700
	Transfer agent administrative fees and expenses:
		Class D Shares		1,215,340
		Class R Shares		529,204
		Class S Shares		695,753
		Class T Shares		8,498,896
	Transfer agent networking and omnibus fees:
		Class A Shares		560,313
		Class C Shares		791,172
		Class I Shares		3,339,340
	Other transfer agent fees and expenses:
		Class A Shares		53,920
		Class C Shares		66,936
		Class D Shares		99,195
		Class I Shares		188,882
		Class N Shares		21,162
		Class R Shares		1,815
		Class S Shares		2,262
		Class T Shares		23,682
	Shareholder reports expense			524,454
	Registration fees			335,561
	Affiliated fund administration fees			299,391
	Non-interested Trustees’ fees and expenses			195,735
	Professional fees			93,814
	Custodian fees			53,237
	Other expenses			612,222
Total Expenses				100,041,730
Less: Excess Expense Reimbursement and Waivers				(266,236)
Net Expenses				99,775,494
Net Investment Income/(Loss)				130,791,802


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson Balanced Fund

Statement of Operations (unaudited)

For the period ended March 31, 2021



Net Realized Gain/(Loss) on Investments:
	Investments	$	656,736,377
	Investments in affiliates		(15,342)
Total Net Realized Gain/(Loss) on Investments			656,721,035
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		1,231,411,677
Total Change in Unrealized Net Appreciation/Depreciation			1,231,411,677
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	2,018,924,514


See Notes to Financial Statements.

26	MARCH 31, 2021

Janus Henderson Balanced Fund

Statements of Changes in Net Assets



			Period ended March 31, 2021 (unaudited)		Year ended September 30, 2020

Operations:
	Net investment income/(loss)		$	130,791,802	$	276,302,403
	Net realized gain/(loss) on investments			656,721,035		255,834,906
	Change in unrealized net appreciation/depreciation			1,231,411,677		1,761,960,211
Net Increase/(Decrease) in Net Assets Resulting from Operations				2,018,924,514		2,294,097,520
Dividends and Distributions to Shareholders:
		Class A Shares		(29,002,011)		(30,595,604)
		Class C Shares		(37,648,652)		(41,344,777)
		Class D Shares		(39,899,729)		(50,514,257)
		Class I Shares		(160,175,145)		(166,535,785)
		Class N Shares		(28,720,309)		(31,004,255)
		Class R Shares		(6,752,912)		(8,077,022)
		Class S Shares		(9,534,232)		(12,650,843)
		Class T Shares		(123,954,430)		(155,032,772)
Net Decrease from Dividends and Distributions to Shareholders				(435,687,420)		(495,755,315)
Capital Share Transactions:
		Class A Shares		158,928,250		320,167,776
		Class C Shares		16,975,034		227,497,651
		Class D Shares		36,546,828		(7,545,879)
		Class I Shares		624,722,074		1,856,086,642
		Class N Shares		200,938,976		230,896,781
		Class R Shares		9,024,854		5,408,116
		Class S Shares		(27,220,104)		(48,105,963)
		Class T Shares		87,078,143		138,902,610
Net Increase/(Decrease) from Capital Share Transactions				1,106,994,055		2,723,307,734
Net Increase/(Decrease) in Net Assets				2,690,231,149		4,521,649,939
Net Assets:
	Beginning of period			22,361,311,328		17,839,661,389
	End of period		$	25,051,542,477	$	22,361,311,328


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 March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$38.77	$35.45	$35.22	$32.46	$29.00	$29.12
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.21	0.49	0.60	0.50	0.52	0.47
		Net realized and unrealized gain/(loss)	3.21	3.75	1.82	3.87	3.88	1.22
	Total from Investment Operations		3.42	4.24	2.42	4.37	4.40	1.69
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.26)	(0.53)	(0.60)	(0.50)	(0.59)	(0.48)
		Distributions (from capital gains)	(0.46)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)
	Total Dividends and Distributions		(0.72)	(0.92)	(2.19)	(1.61)	(0.94)	(1.81)
	Net Asset Value, End of Period		$41.47	$38.77	$35.45	$35.22	$32.46	$29.00
	Total Return*		8.88%	12.14%	7.73%	13.81%	15.44%	5.86%
	Net Assets, End of Period (in thousands)		$1,785,591	$1,519,093	$1,082,508	$768,529	$625,454	$1,008,842
	Average Net Assets for the Period (in thousands)		$1,651,210	$1,249,156	$905,165	$666,296	$781,785	$1,037,006
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.89%	0.90%	0.93%	0.95%	0.94%	0.94%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.89%	0.90%	0.93%	0.95%	0.94%	0.94%
		Ratio of Net Investment Income/(Loss)	1.03%	1.34%	1.78%	1.48%	1.68%	1.63%
	Portfolio Turnover Rate		36%⁽²⁾	90%⁽²⁾	81%⁽²⁾	88%	60%	83%


Class C Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$38.34	$35.09	$34.90	$32.19	$28.78	$28.95
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.07	0.23	0.37	0.27	0.31	0.26
		Net realized and unrealized gain/(loss)	3.16	3.71	1.79	3.84	3.85	1.20
	Total from Investment Operations		3.23	3.94	2.16	4.11	4.16	1.46
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.30)	(0.38)	(0.29)	(0.40)	(0.30)
		Distributions (from capital gains)	(0.46)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)
	Total Dividends and Distributions		(0.58)	(0.69)	(1.97)	(1.40)	(0.75)	(1.63)
	Net Asset Value, End of Period		$40.99	$38.34	$35.09	$34.90	$32.19	$28.78
	Total Return*		8.48%	11.37%	6.98%	13.06%	14.67%	5.09%
	Net Assets, End of Period (in thousands)		$2,601,865	$2,415,890	$1,992,062	$1,594,610	$1,290,994	$1,408,455
	Average Net Assets for the Period (in thousands)		$2,549,380	$2,207,746	$1,743,474	$1,403,777	$1,322,392	$1,401,426
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.59%	1.61%	1.62%	1.62%	1.61%	1.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.59%	1.61%	1.62%	1.62%	1.61%	1.65%
		Ratio of Net Investment Income/(Loss)	0.34%	0.64%	1.10%	0.81%	1.03%	0.92%
	Portfolio Turnover Rate		36%⁽²⁾	90%⁽²⁾	81%⁽²⁾	88%	60%	83%

* Total return includes adjustments in accordance 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.

28	MARCH 31, 2021

Janus Henderson Balanced Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$38.89	$35.54	$35.30	$32.52	$29.06	$29.17
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.25	0.56	0.68	0.58	0.59	0.53
		Net realized and unrealized gain/(loss)	3.21	3.77	1.82	3.89	3.88	1.22
	Total from Investment Operations		3.46	4.33	2.50	4.47	4.47	1.75
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.30)	(0.59)	(0.67)	(0.58)	(0.66)	(0.53)
		Distributions (from capital gains)	(0.46)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)
	Total Dividends and Distributions		(0.76)	(0.98)	(2.26)	(1.69)	(1.01)	(1.86)
	Net Asset Value, End of Period		$41.59	$38.89	$35.54	$35.30	$32.52	$29.06
	Total Return*		8.95%	12.39%	7.95%	14.10%	15.68%	6.07%
	Net Assets, End of Period (in thousands)		$2,200,404	$2,022,689	$1,860,900	$1,761,817	$1,562,693	$1,411,125
	Average Net Assets for the Period (in thousands)		$2,130,144	$1,895,563	$1,759,287	$1,667,210	$1,477,105	$1,415,240
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.70%	0.71%	0.72%	0.71%	0.72%	0.73%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.70%	0.71%	0.72%	0.71%	0.72%	0.73%
		Ratio of Net Investment Income/(Loss)	1.23%	1.54%	2.00%	1.71%	1.92%	1.83%
	Portfolio Turnover Rate		36%⁽²⁾	90%⁽²⁾	81%⁽²⁾	88%	60%	83%


Class I Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$38.90	$35.55	$35.31	$32.53	$29.06	$29.18
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.26	0.58	0.70	0.61	0.61	0.55
		Net realized and unrealized gain/(loss)	3.22	3.77	1.83	3.88	3.89	1.21
	Total from Investment Operations		3.48	4.35	2.53	4.49	4.50	1.76
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.31)	(0.61)	(0.70)	(0.60)	(0.68)	(0.55)
		Distributions (from capital gains)	(0.46)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)
	Total Dividends and Distributions		(0.77)	(1.00)	(2.29)	(1.71)	(1.03)	(1.88)
	Net Asset Value, End of Period		$41.61	$38.90	$35.55	$35.31	$32.53	$29.06
	Total Return*		9.00%	12.45%	8.02%	14.18%	15.79%	6.10%
	Net Assets, End of Period (in thousands)		$8,865,734	$7,688,726	$5,225,684	$3,197,893	$2,096,893	$1,636,459
	Average Net Assets for the Period (in thousands)		$8,413,355	$6,311,815	$4,116,708	$2,460,247	$1,795,486	$1,651,399
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.65%	0.65%	0.65%	0.64%	0.65%	0.67%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.65%	0.65%	0.65%	0.64%	0.65%	0.67%
		Ratio of Net Investment Income/(Loss)	1.27%	1.59%	2.07%	1.80%	2.00%	1.90%
	Portfolio Turnover Rate		36%⁽²⁾	90%⁽²⁾	81%⁽²⁾	88%	60%	83%

* Total return includes adjustments in accordance 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	29

Janus Henderson Balanced Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$38.86	$35.51	$35.28	$32.50	$29.04	$29.15
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.27	0.61	0.73	0.63	0.64	0.57
		Net realized and unrealized gain/(loss)	3.22	3.76	1.81	3.88	3.87	1.22
	Total from Investment Operations		3.49	4.37	2.54	4.51	4.51	1.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.33)	(0.63)	(0.72)	(0.62)	(0.70)	(0.57)
		Distributions (from capital gains)	(0.46)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)
	Total Dividends and Distributions		(0.79)	(1.02)	(2.31)	(1.73)	(1.05)	(1.90)
	Net Asset Value, End of Period		$41.56	$38.86	$35.51	$35.28	$32.50	$29.04
	Total Return*		9.03%	12.53%	8.07%	14.26%	15.84%	6.23%
	Net Assets, End of Period (in thousands)		$1,582,761	$1,285,159	$946,741	$2,480,945	$2,054,731	$1,834,036
	Average Net Assets for the Period (in thousands)		$1,472,470	$1,142,389	$1,651,136	$2,273,486	$1,952,775	$1,801,032
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.57%	0.57%	0.58%	0.57%	0.58%	0.59%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.57%	0.57%	0.58%	0.57%	0.58%	0.59%
		Ratio of Net Investment Income/(Loss)	1.36%	1.67%	2.19%	1.86%	2.07%	1.98%
	Portfolio Turnover Rate		36%⁽²⁾	90%⁽²⁾	81%⁽²⁾	88%	60%	83%


Class R Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$38.52	$35.23	$35.02	$32.29	$28.87	$29.02
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.12	0.34	0.47	0.37	0.40	0.35
		Net realized and unrealized gain/(loss)	3.19	3.73	1.80	3.85	3.87	1.21
	Total from Investment Operations		3.31	4.07	2.27	4.22	4.27	1.56
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.18)	(0.39)	(0.47)	(0.38)	(0.50)	(0.38)
		Distributions (from capital gains)	(0.46)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)
	Total Dividends and Distributions		(0.64)	(0.78)	(2.06)	(1.49)	(0.85)	(1.71)
	Net Asset Value, End of Period		$41.19	$38.52	$35.23	$35.02	$32.29	$28.87
	Total Return*		8.64%	11.71%	7.29%	13.38%	15.02%	5.40%
	Net Assets, End of Period (in thousands)		$441,470	$404,420	$366,621	$345,667	$341,389	$283,729
	Average Net Assets for the Period (in thousands)		$424,527	$375,839	$347,861	$339,637	$327,651	$288,241
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.31%	1.32%	1.32%	1.32%	1.32%	1.34%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.31%	1.32%	1.32%	1.32%	1.32%	1.34%
		Ratio of Net Investment Income/(Loss)	0.61%	0.93%	1.39%	1.11%	1.33%	1.23%
	Portfolio Turnover Rate		36%⁽²⁾	90%⁽²⁾	81%⁽²⁾	88%	60%	83%

* Total return includes adjustments in accordance 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, 2021

Janus Henderson Balanced Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$38.76	$35.43	$35.20	$32.44	$28.99	$29.12
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.17	0.43	0.55	0.46	0.48	0.43
		Net realized and unrealized gain/(loss)	3.21	3.76	1.82	3.87	3.88	1.21
	Total from Investment Operations		3.38	4.19	2.37	4.33	4.36	1.64
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.23)	(0.47)	(0.55)	(0.46)	(0.56)	(0.44)
		Distributions (from capital gains)	(0.46)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)
	Total Dividends and Distributions		(0.69)	(0.86)	(2.14)	(1.57)	(0.91)	(1.77)
	Net Asset Value, End of Period		$41.45	$38.76	$35.43	$35.20	$32.44	$28.99
	Total Return*		8.76%	11.99%	7.56%	13.67%	15.30%	5.68%
	Net Assets, End of Period (in thousands)		$561,836	$551,605	$551,985	$589,812	$622,279	$657,563
	Average Net Assets for the Period (in thousands)		$558,132	$532,958	$549,514	$610,278	$637,727	$706,818
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.07%	1.07%	1.08%	1.07%	1.07%	1.09%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.07%	1.07%	1.07%	1.07%	1.07%	1.08%
		Ratio of Net Investment Income/(Loss)	0.86%	1.18%	1.64%	1.36%	1.57%	1.48%
	Portfolio Turnover Rate		36%⁽²⁾	90%⁽²⁾	81%⁽²⁾	88%	60%	83%


Class T Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$38.83	$35.49	$35.26	$32.49	$29.02	$29.15
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.23	0.52	0.64	0.54	0.56	0.50
		Net realized and unrealized gain/(loss)	3.21	3.76	1.82	3.88	3.89	1.20
	Total from Investment Operations		3.44	4.28	2.46	4.42	4.45	1.70
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.28)	(0.55)	(0.64)	(0.54)	(0.63)	(0.50)
		Distributions (from capital gains)	(0.46)	(0.39)	(1.59)	(1.11)	(0.35)	(1.33)
	Total Dividends and Distributions		(0.74)	(0.94)	(2.23)	(1.65)	(0.98)	(1.83)
	Net Asset Value, End of Period		$41.53	$38.83	$35.49	$35.26	$32.49	$29.02
	Total Return*		8.91%	12.26%	7.82%	13.97%	15.62%	5.92%
	Net Assets, End of Period (in thousands)		$7,011,881	$6,473,729	$5,813,161	$5,422,276	$4,736,612	$4,664,334
	Average Net Assets for the Period (in thousands)		$6,817,796	$6,067,333	$5,475,178	$5,098,558	$4,654,904	$4,856,359
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.82%	0.82%	0.83%	0.82%	0.83%	0.84%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.81%	0.82%	0.82%	0.82%	0.82%	0.83%
		Ratio of Net Investment Income/(Loss)	1.12%	1.43%	1.90%	1.61%	1.83%	1.74%
	Portfolio Turnover Rate		36%⁽²⁾	90%⁽²⁾	81%⁽²⁾	88%	60%	83%

* Total return includes adjustments in accordance 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

Notes to Financial Statements (unaudited)

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 45 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.

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 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.

It is expected that the conversion of Class C Shares to Class A Shares will not result in a taxable event. Please consult your tax adviser for further information.


32	MARCH 31, 2021

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

intermediary, and where the financial intermediary requires no payment or reimbursement from the Fund, Janus Capital Management LLC (“Janus Capital”), or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Distributors LLC dba Janus Henderson Distributors (“Janus Henderson Distributors”) 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.

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

Investment Valuation

Valuation Inputs Summary

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


Janus Investment Fund	33

Janus Henderson Balanced 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.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications


34	MARCH 31, 2021

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

Foreign Currency Translations

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.

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	35

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund’s ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund’s service providers, including Janus Capital or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

Inflation-Linked Securities

The Fund may invest in inflation-indexed bonds, including municipal inflation-indexed bonds and corporate inflation-indexed bonds, or in derivatives that are linked to these securities. Inflation-linked bonds are fixed-income securities that have a principal value that is periodically adjusted according to the rate of inflation. If an index measuring inflation falls, the principal value of inflation-indexed bonds will typically be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Because of their inflation adjustment feature, inflation-linked bonds typically have lower yields than conventional fixed-rate bonds. In addition, inflation-linked bonds also normally decline in price when real interest rates rise. In the event of deflation, when prices decline over time, the principal and income of inflation-linked bonds would likely decline, resulting in losses to the Fund.

In the case of Treasury Inflation-Protected Securities, also known as TIPS, repayment of original bond principal upon maturity (as adjusted for inflation) is guaranteed by the U.S. Treasury. For inflation-linked bonds that do not provide a similar guarantee, the adjusted principal value of the inflation-linked bond repaid at maturity may be less than the original principal. Other non-U.S. sovereign governments also issue inflation-linked securities (sometimes referred to as “linkers”) that are tied to their own local consumer price indices. In certain of these non-U.S. jurisdictions, the repayment of the original bond principal upon the maturity of an inflation-linked bond is not guaranteed, allowing for the amount of the bond repaid at maturity to be less than par. Inflation-linked bonds may also be issued by, or related to, sovereign governments of other developed countries, emerging market countries, or companies or other entities not affiliated with governments.

Loans

The Fund may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis. Commercial loans will comprise no more than 20% of the Fund’s total assets. Below are descriptions of the types of loans held by the Fund as of March 31, 2021.

· 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


36	MARCH 31, 2021

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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.

· 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 London Interbank Offered Rate (“LIBOR”). 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.

· Mezzanine Loans - Mezzanine loans are secured by the stock of the company that owns the assets. Mezzanine loans are a hybrid of debt and equity financing that is typically used to fund the expansion of existing companies. A mezzanine loan is composed of debt capital that gives the lender the right to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. Mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure.

Mortgage- and Asset-Backed Securities

Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer and commercial loans or receivables. The Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or other governmental or government-related entities. Ginnie Mae’s guarantees are backed as to the timely payment of principal and interest by the full faith and credit of the U.S. Government. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government. In September 2008, the Federal Housing Finance Agency (“FHFA”), an agency of the U.S. Government, placed Fannie Mae and Freddie Mac under conservatorship. Since that time, Fannie Mae and Freddie Mac have received capital support through U.S. Treasury preferred stock purchases and Treasury and Federal Reserve purchases of their mortgage-backed securities. The FHFA and the U.S. Treasury have imposed strict limits on the size of these entities’ mortgage portfolios. The FHFA has the power to cancel any contract entered into by Fannie Mae and Freddie Mac prior to FHFA’s appointment as conservator or receiver, including the guarantee obligations of Fannie Mae and Freddie Mac.

The Fund may also purchase other mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized debt obligations, structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities’ issuer could be forced to sell the assets and recognize losses on such assets, which could impact your return. Unlike traditional debt instruments, payments on these securities include both interest and a partial payment of principal. Mortgage- and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund’s returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, extension risk (if interest rates rise), and liquidity risk than various other types of fixed-income securities.


Janus Investment Fund	37

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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.

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.

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 the particular 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 purchase and sale of identical securities, the characteristics of the security delivered to the Fund may be less favorable than the security delivered to the dealer. If the counterparty to a transaction fails to deliver the security, the Fund could suffer a loss.

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.

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


38	MARCH 31, 2021

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

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.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pay Janus Capital 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 Capital has contractually agreed to waive the investment advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.68% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing January 28, 2021. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, 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%

The Fund’s actual Class D administrative fee rate was 0.11% for the reporting period.

Janus Services 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. Janus Services 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. Janus Services or its affiliates may also pay fees for services provided by intermediaries to the extent the fees charged by intermediaries exceed the 0.25% of net assets charged to Class R Shares, Class S Shares, and Class T Shares of the Fund. Janus Services may keep certain amounts retained for reimbursement of out-of-pocket costs incurred for servicing clients of Class R


Janus Investment Fund	39

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

Shares, Class S Shares, and Class T Shares. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors, a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets, of up to 0.50% of the Class R Shares' average daily net assets, and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors 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. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.


40	MARCH 31, 2021

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

time to time. Amounts will be deferred until distributed in accordance with the Deferred Plan. Deferred fees of $283,063 were paid by the Trust to the Trustees under the Deferred Plan during the period ended March 31, 2021.

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, 2021, redeeming shareholders of Class A Shares paid CDSCs of $552 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, 2021, redeeming shareholders of Class C Shares paid CDSCs of $154,930.

The Fund is permitted to purchase or sell securities (“cross-trade”) between itself and other funds or accounts managed by Janus Capital 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, 2021, the Fund engaged in cross trades amounting to $9,918,221 in purchases and $98,763,507 in sales, resulting in a net realized gain of $4,744,429. 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


Janus Investment Fund	41

Janus Henderson Balanced 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, 2021 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	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 18,794,559,270	$ 7,025,170,680	$ (150,192,457)	$ 6,874,978,223

5. Capital Share Transactions



	Period ended March 31, 2021		Year ended September 30, 2020
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	8,878,873	$ 361,450,899	17,021,435	$ 620,573,385
Reinvested dividends and distributions	562,380	22,892,227	682,188	24,712,477
Shares repurchased	(5,560,555)	(225,414,876)	(9,064,403)	(325,118,086)
Net Increase/(Decrease)	3,880,698	$ 158,928,250	8,639,220	$ 320,167,776
Class C Shares:
Shares sold	8,286,133	$ 332,065,995	20,401,790	$ 733,742,650
Reinvested dividends and distributions	853,604	34,300,634	1,006,302	36,111,216
Shares repurchased	(8,681,337)	(349,391,595)	(15,165,095)	(542,356,215)
Net Increase/(Decrease)	458,400	$ 16,975,034	6,242,997	$ 227,497,651
Class D Shares:
Shares sold	2,774,152	$ 112,977,089	5,211,825	$ 188,741,781
Reinvested dividends and distributions	947,512	38,685,292	1,349,812	48,966,189
Shares repurchased	(2,834,949)	(115,115,553)	(6,906,028)	(245,253,849)
Net Increase/(Decrease)	886,715	$ 36,546,828	(344,391)	$ (7,545,879)
Class I Shares:
Shares sold	37,877,879	$1,539,545,326	90,955,904	$3,282,340,783
Reinvested dividends and distributions	3,426,797	139,975,482	3,948,313	143,398,457
Shares repurchased	(25,881,709)	(1,054,798,734)	(44,243,589)	(1,569,652,598)
Net Increase/(Decrease)	15,422,967	$ 624,722,074	50,660,628	$1,856,086,642
Class N Shares:
Shares sold	9,376,616	$ 378,678,375	13,451,737	$ 487,376,260
Reinvested dividends and distributions	625,415	25,525,763	768,946	27,848,035
Shares repurchased	(4,995,251)	(203,265,162)	(7,807,738)	(284,327,514)
Net Increase/(Decrease)	5,006,780	$ 200,938,976	6,412,945	$ 230,896,781
Class R Shares:
Shares sold	1,072,977	$ 43,205,345	2,409,679	$ 87,368,215
Reinvested dividends and distributions	165,552	6,687,823	219,000	7,891,751
Shares repurchased	(1,019,692)	(40,868,314)	(2,534,445)	(89,851,850)
Net Increase/(Decrease)	218,837	$ 9,024,854	94,234	$ 5,408,116
Class S Shares:
Shares sold	1,302,401	$ 52,924,836	2,781,741	$ 100,313,506
Reinvested dividends and distributions	231,506	9,414,326	346,973	12,566,350
Shares repurchased	(2,212,172)	(89,559,266)	(4,473,471)	(160,985,819)
Net Increase/(Decrease)	(678,265)	$ (27,220,104)	(1,344,757)	$ (48,105,963)
Class T Shares:
Shares sold	16,155,888	$ 656,045,666	38,173,381	$1,387,459,486
Reinvested dividends and distributions	3,011,672	122,756,963	4,239,903	153,592,721
Shares repurchased	(17,052,789)	(691,724,486)	(39,474,752)	(1,402,149,597)
Net Increase/(Decrease)	2,114,771	$ 87,078,143	2,938,532	$ 138,902,610


42	MARCH 31, 2021

Janus Henderson Balanced Fund

Notes to Financial Statements (unaudited)

6. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$7,145,683,248	$7,459,106,228	$1,484,931,580	$894,383,738

7. Subsequent Event


Janus Investment Fund	43

Janus Henderson Balanced Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


44	MARCH 31, 2021

Janus Henderson Balanced Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Asset Allocation Funds


Janus Investment Fund	45

Janus Henderson Balanced Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


46	MARCH 31, 2021

Janus Henderson Balanced Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds


Janus Investment Fund	47

Janus Henderson Balanced Fund

Additional Information (unaudited)

Multi-Asset U.S. Equity Funds

Quantitative Equity Funds


48	MARCH 31, 2021

Janus Henderson Balanced Fund

Additional Information (unaudited)

U.S. Equity Funds

Costs of Services Provided


Janus Investment Fund	49

Janus Henderson Balanced Fund

Additional Information (unaudited)

Asset Allocation Funds

Fixed-Income Funds


50	MARCH 31, 2021

Janus Henderson Balanced Fund

Additional Information (unaudited)

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


Janus Investment Fund	51

Janus Henderson Balanced Fund

Additional Information (unaudited)

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Venture Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


52	MARCH 31, 2021

Janus Henderson Balanced Fund

Additional Information (unaudited)

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	53

Janus Henderson Balanced Fund

Additional Information (unaudited)

and any subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

Other Benefits to Janus Capital


54	MARCH 31, 2021

Janus Henderson Balanced Fund

Additional Information (unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

The Program Administrator Report discussed the operation and effectiveness of the LRMP during the Reporting Period. It noted that the Fund was able to meet redemptions during the normal course of business during the Reporting Period, and discussed the additional actions that the Liquidity Risk Working Group took during the period of market volatility in the spring of 2020 to monitor the Fund’s liquidity. The Program Administrator Report also stated that the Fund did not exceed the 15% limit on illiquid assets during the Reporting Period, that the Fund held primarily highly liquid assets, and was considered to be a primarily highly liquid fund during the Reporting Period. In addition, the Program Administrator expressed its belief in the Program Administrator Report that the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, taking into account the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule.


Janus Investment Fund	55

Janus Henderson Balanced Fund

Useful Information About Your Fund Report (unaudited)

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


56	MARCH 31, 2021

Janus Henderson Balanced Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


Janus Investment Fund	57

Janus Henderson Balanced Fund

Useful Information About Your Fund Report (unaudited)


58	MARCH 31, 2021

Janus Henderson Balanced Fund

Notes

NotesPage1


Janus Investment Fund	59

Janus Henderson Balanced Fund

Notes

NotesPage2


60	MARCH 31, 2021

Janus Henderson Balanced Fund

Notes

NotesPage3


Janus Investment Fund	61




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, Janus, Henderson, Perkins and Intech are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-24-93037 05-21



	SEMIANNUAL REPORT March 31, 2021

Janus Henderson Contrarian Fund

Janus Investment Fund

		HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Contrarian Fund


Fund At A Glance and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	10
Statement of Assets and Liabilities	11
Statement of Operations	13
Statements of Changes in Net Assets	15
Financial Highlights	16
Notes to Financial Statements	20
Additional Information	35
Useful Information About Your Fund Report	47

FUND SNAPSHOT

This Fund seeks to generate capital appreciation by investing in companies with durable business models whose stocks are trading at a significant discount to what we believe is their fair value and whose value is expected to grow over time. We seek to accomplish this by selecting stocks from a broad opportunity set to construct an all-cap portfolio that is intended to be uncorrelated to the broad economy or market.

Nick Schommer

portfolio manager

Janus Henderson Contrarian Fund (unaudited)

Fund At A Glance

March 31, 2021





5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Freeport-McMoRan Inc	3.17%	2.17%	Boston Scientific Corp	4.00%	-0.60%
Snap Inc	2.59%	1.39%	American Electric Power Co Inc	3.27%	-0.54%
Constellium SE	2.56%	1.31%	Neurocrine Biosciences Inc	1.72%	-0.33%
Morgan Stanley	3.91%	1.29%	Elanco Animal Health Inc	2.14%	-0.31%
Caesars Entertainment Inc	3.22%	1.14%	Apollo Global Management Inc	2.35%	-0.28%


	5 Top Contributors - Sectors*
		Relative	Fund	S&P 500 Index
		Contribution	Average Weight	Average Weight
	Materials	4.54%	14.08%	2.66%
	Information Technology	3.51%	11.86%	27.48%
	Consumer Discretionary	3.34%	15.95%	12.12%
	Communication Services	0.66%	10.32%	10.91%
	Consumer Staples	0.63%	0.70%	6.49%


	5 Top Detractors - Sectors*
		Relative	Fund	S&P 500 Index
		Contribution	Average Weight	Average Weight
	Energy	-1.05%	0.00%	2.44%
	Health Care	-0.56%	17.41%	13.57%
	Industrials	-0.52%	6.13%	8.47%
	Other**	-0.50%	2.65%	0.00%
	Utilities	-0.31%	5.51%	2.82%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.


Janus Investment Fund	1

Janus Henderson Contrarian Fund (unaudited)

Fund At A Glance

March 31, 2021


5 Largest Equity Holdings - (% of Net Assets)
Crown Holdings Inc
Containers & Packaging	6.5%
Morgan Stanley
Capital Markets	5.0%
VICI Properties Inc
Equity Real Estate Investment Trusts (REITs)	5.0%
Boston Scientific Corp
Health Care Equipment & Supplies	4.9%
Horizon Therapeutics PLC
Pharmaceuticals	4.9%
	26.3%


Asset Allocation - (% of Net Assets)
Common Stocks	99.1%
Investment Companies	1.2%
Other		(0.3)%
		100.0%

Top Country Allocations - Long Positions - (% of Investment Securities)

As of March 31, 2021

As of September 30, 2020


2	MARCH 31, 2021

Janus Henderson Contrarian Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended March 31, 2021						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	28.53%	79.97%	16.88%	11.73%	8.63%	0.97%	0.97%
Class A Shares at MOP	21.14%	69.61%	15.51%	11.08%	8.32%
Class C Shares at NAV	28.19%	78.84%	16.12%	10.92%	7.82%	1.69%	1.69%
Class C Shares at CDSC	27.19%	77.84%	16.12%	10.92%	7.82%
Class D Shares	28.70%	80.45%	17.15%	11.96%	8.82%	0.72%	0.72%
Class I Shares	28.71%	80.51%	17.23%	12.04%	8.86%	0.67%	0.67%
Class N Shares	28.73%	80.68%	17.25%	11.96%	8.81%	0.58%	0.58%
Class R Shares	28.17%	79.09%	16.32%	11.24%	8.14%	1.70%	1.42%
Class S Shares	28.40%	79.61%	16.65%	11.54%	8.42%	1.46%	1.16%
Class T Shares	28.59%	80.25%	17.05%	11.87%	8.77%	0.82%	0.82%
S&P 500 Index	19.07%	56.35%	16.29%	13.91%	7.25%
Morningstar Quartile - Class T Shares	-	2nd	1st	1st	2nd
Morningstar Ranking - based on total returns for Mid-Cap Blend Funds	-	145/412	30/352	64/290	69/151

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 28, 2021.

This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance.

Performance may be affected by risks that include those associated with foreign and emerging markets, fixed income securities, high-yield and high-risk


Janus Investment Fund	3

Janus Henderson Contrarian Fund (unaudited)

Performance

High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

Class N Shares commenced operations on August 4, 2017. Performance shown for periods prior to August 4, 2017, reflects the performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – February 29, 2000

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


4	MARCH 31, 2021

Janus Henderson Contrarian Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/20)	Ending Account Value (3/31/21)	Expenses Paid During Period (10/1/20 - 3/31/21)†	Beginning Account Value (10/1/20)	Ending Account Value (3/31/21)	Expenses Paid During Period (10/1/20 - 3/31/21)†	Net Annualized Expense Ratio (10/1/20 - 3/31/21)
Class A Shares		$1,000.00	$1,285.30	$6.50	$1,000.00	$1,019.25	$5.74	1.14%
Class C Shares		$1,000.00	$1,281.90	$9.90	$1,000.00	$1,016.26	$8.75	1.74%
Class D Shares		$1,000.00	$1,287.00	$5.19	$1,000.00	$1,020.39	$4.58	0.91%
Class I Shares		$1,000.00	$1,287.10	$4.90	$1,000.00	$1,020.64	$4.33	0.86%
Class N Shares		$1,000.00	$1,287.30	$4.45	$1,000.00	$1,021.04	$3.93	0.78%
Class R Shares		$1,000.00	$1,281.70	$9.33	$1,000.00	$1,016.75	$8.25	1.64%
Class S Shares		$1,000.00	$1,284.00	$7.74	$1,000.00	$1,018.15	$6.84	1.36%
Class T Shares		$1,000.00	$1,285.90	$5.76	$1,000.00	$1,019.90	$5.09	1.01%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	5

Janus Henderson Contrarian Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares			Value
Common Stocks– 99.1%
Aerospace & Defense – 5.2%
	Howmet Aerospace Inc*	3,030,550	$97,371,571
	L3Harris Technologies Inc	586,369	118,845,269
			216,216,840
Banks – 3.2%
	Citigroup Inc	1,859,684	135,292,011
Biotechnology – 4.1%
	AbbVie Inc	544,005	58,872,221
	Insmed Inc*	912,594	31,082,952
	Neurocrine Biosciences Inc*	851,316	82,790,481
			172,745,654
Capital Markets – 7.4%
	Apollo Global Management Inc	1,716,427	80,689,233
	Morgan Stanley	2,702,133	209,847,649
	Patria Investments Ltd - Class A*	1,155,637	20,131,197
			310,668,079
Chemicals – 1.3%
	Atotech Ltd*	2,623,018	53,116,114
Construction Materials – 1.4%
	Summit Materials Inc*	2,054,672	57,571,909
Consumer Finance – 3.3%
	Capital One Financial Corp	905,288	115,179,792
	OneMain Holdings Inc	386,269	20,750,371
			135,930,163
Containers & Packaging – 6.5%
	Crown Holdings Inc	2,809,919	272,674,540
Diversified Consumer Services – 2.5%
	Terminix Global Holdings Inc*	2,202,487	104,992,555
Diversified Financial Services – 0.5%
	Vesper Healthcare Acquisition Corp - Class A*	2,000,000	21,600,000
Electric Utilities – 2.9%
	American Electric Power Co Inc	1,448,254	122,667,114
Entertainment – 3.5%
	Liberty Media Corp-Liberty Formula One*	2,211,015	95,714,839
	Warner Music Group Corp - Class A	1,489,837	51,146,104
			146,860,943
Equity Real Estate Investment Trusts (REITs) – 5.0%
	VICI Properties Inc	7,420,787	209,563,025
Health Care Equipment & Supplies – 5.8%
	Boston Scientific Corp*	5,316,703	205,490,571
	Globus Medical Inc*	607,665	37,474,701
			242,965,272
Hotels, Restaurants & Leisure – 4.8%
	Caesars Entertainment Inc*	1,889,975	165,278,314
	Monarch Casino & Resort Inc*	549,026	33,281,956
			198,560,270
Interactive Media & Services – 2.5%
	Snap Inc*	1,978,430	103,452,105
Internet & Direct Marketing Retail – 2.8%
	Amazon.com Inc*	38,288	118,466,135
Leisure Products – 2.6%
	Hasbro Inc	1,144,987	110,056,150
Metals & Mining – 5.9%
	Constellium SE*^,£	7,523,036	110,588,629
	Freeport-McMoRan Inc*	4,140,560	136,348,641
			246,937,270
Multi-Utilities – 2.2%
	Sempra Energy	683,060	90,560,095


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

6	MARCH 31, 2021

Janus Henderson Contrarian Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares			Value
Common Stocks– (continued)
Pharmaceuticals – 7.6%
	Collegium Pharmaceutical Inc*^,£	1,563,572	$37,056,656
	Elanco Animal Health Inc*	2,573,743	75,796,731
	Horizon Therapeutics PLC*	2,210,736	203,476,141
			316,329,528
Semiconductor & Semiconductor Equipment – 8.6%
	Lam Research Corp	182,336	108,533,681
	Marvell Technology Group Ltd	3,660,284	179,280,710
	Microchip Technology Inc	329,613	51,162,530
	Teradyne Inc	170,660	20,765,909
			359,742,830
Software – 2.6%
	Ceridian HCM Holding Inc*	477,465	40,235,976
	Zendesk Inc*	526,125	69,774,697
			110,010,673
Textiles, Apparel & Luxury Goods – 2.5%
	Under Armour Inc*	5,751,632	106,175,127
Trading Companies & Distributors – 1.8%
	Ferguson PLC	613,361	73,284,076
Wireless Telecommunication Services – 2.6%
	T-Mobile US Inc*	873,819	109,480,783
Total Common Stocks (cost $2,775,146,242)			4,145,919,261
Investment Companies– 1.2%
Money Markets – 1.2%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº,£((cost $49,042,353)	49,038,473	49,043,377
Total Investments (total cost $2,824,188,595) – 100.3%			4,194,962,638
Liabilities, net of Cash, Receivables and Other Assets – (0.3)%			(12,515,184)
Net Assets – 100%			$4,182,447,454


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
United States	$4,011,126,698	95.6	%
Netherlands	110,588,629	2.6
China	53,116,114	1.3
Cayman Islands	20,131,197	0.5



Total	$4,194,962,638	100.0	%


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

Janus Investment Fund	7

Janus Henderson Contrarian Fund

Schedule of Investments (unaudited)

March 31, 2021

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 3/31/21
Common Stocks - 2.6%
Metals & Mining - 2.6%
	Constellium SE^*	$	-	$	-	$	51,532,796	$	110,588,629
Pharmaceuticals - N/A
	Collegium Pharmaceutical Inc^*,š		-		3,653,589		4,145,346		N/A
Total Common Stocks		$	-	$	3,653,589	$	55,678,142	$	110,588,629
Investment Companies - 1.2%
Money Markets - 1.2%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº		37,826		(29)		684		49,043,377
Investments Purchased with Cash Collateral from Securities Lending - N/A
Investment Companies - N/A
	Janus Henderson Cash Collateral Fund LLC, 0.0011%^ºº		23,288^∆		-		-		-
Total Affiliated Investments - 3.8%		$	61,114	$	3,653,560	$	55,678,826	$	159,632,006

(1) For securities that were affiliated for a portion of the period ended March 31, 2021, this column reflects amounts for the entire period ended March 31, 2021 and not just the period in which the security was affiliated.


		Value at 9/30/20		Purchases		Sales Proceeds		Value at 3/31/21
Common Stocks - 2.6%
Metals & Mining - 2.6%
	Constellium SE^*		59,055,833		-		-		110,588,629
Pharmaceuticals - N/A
	Collegium Pharmaceutical Inc^*,š		47,146,411		-		(17,888,690)		37,056,656
Investment Companies - 1.2%
Money Markets - 1.2%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº		32,263,094		516,365,519		(499,585,891)		49,043,377
Investments Purchased with Cash Collateral from Securities Lending - N/A
Investment Companies - N/A
	Janus Henderson Cash Collateral Fund LLC, 0.0011%^ºº		27,849,600		56,407,965		(84,257,565)		-


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

8	MARCH 31, 2021

Janus Henderson Contrarian Fund

Schedule of Investments (unaudited)

March 31, 2021

Schedule of OTC Written Options

Counterparty/

Reference Asset

Number of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Options

Written,

at Value

Written Call Options:

Citigroup:


Morgan Stanley	5,000	95.00	USD		4/16/21	$	(38,830,000)	$	321,350	$	302,250	$	(19,100)

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, 2021.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2021

					Equity Contracts

Liability Derivatives:
Options written, at value					$ 19,100

The following table provides information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the period ended March 31, 2021.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended March 31, 2021

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Equity Contracts
Written options contracts				$ 2,579,676



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Equity Contracts
Written options contracts				$ (6,793)

Please see the "Net Realized Gain/(Loss) on Investments" and "Change in Unrealized Net Appreciation/Depreciation" section of the Fund’s Statement of Operations.


Average Ending Monthly Market Value of Derivative Instruments During the Period Ended March 31, 2021

	Market Value
Written options contracts, call	$ 206,338


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

Janus Investment Fund	9

Janus Henderson Contrarian Fund

Notes to Schedule of Investments and Other Information (unaudited)


S&P 500^{^®} Index	S&P 500^{^®} Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance.


LLC	Limited Liability Company
OTC	Over-the-Counter
PLC	Public Limited Company


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2021.


£	The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.


š	Company was no longer an affiliate as of March 31, 2021.


∆	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, 2021. See Notes to Financial Statements for more information.

Valuation Inputs Summary

					Level 2 -		Level 3 -
			Level 1 -		Other Significant		Significant
			Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Common Stocks		$	4,145,919,261	$	-	$	-
Investment Companies			-		49,043,377		-
Total Assets		$	4,145,919,261	$	49,043,377	$	-
Liabilities
Other Financial Instruments^(a):
Options Written, at Value		$	-	$	19,100	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


10	MARCH 31, 2021

Janus Henderson Contrarian Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2021



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	4,035,330,632
	Affiliated investments, at value⁽²⁾			159,632,006
	Deposits with brokers for OTC derivatives			40,000
	Non-interested Trustees' deferred compensation			102,244
	Receivables:
		Fund shares sold		13,372,090
		Dividends		4,988,453
		Dividends from affiliates		4,041
		Investments sold		124
	Other assets			34,105
Total Assets				4,213,503,695
Liabilities:
	Due to custodian			1,560
	Options written, at value⁽³⁾			19,100
	Payables:			—
		Investments purchased		23,523,564
		Fund shares repurchased		3,960,897
		Advisory fees		2,608,904
		Transfer agent fees and expenses		588,377
		Non-interested Trustees' deferred compensation fees		102,244
		Professional fees		32,301
		12b-1 Distribution and shareholder servicing fees		18,509
		Non-interested Trustees' fees and expenses		13,599
		Affiliated fund administration fees payable		8,799
		Custodian fees		2,475
		Accrued expenses and other payables		175,912
Total Liabilities				31,056,241
Net Assets			$	4,182,447,454


See Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Contrarian Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2021




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	2,666,290,053
	Total distributable earnings (loss)		1,516,157,401
Total Net Assets		$	4,182,447,454
Net Assets - Class A Shares		$	42,960,017
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,511,045
Net Asset Value Per Share⁽⁴⁾		$	28.43
Maximum Offering Price Per Share⁽⁵⁾		$	30.16
Net Assets - Class C Shares		$	11,124,503
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		427,778
Net Asset Value Per Share⁽⁴⁾		$	26.01
Net Assets - Class D Shares		$	2,733,738,733
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		95,749,588
Net Asset Value Per Share		$	28.55
Net Assets - Class I Shares		$	274,526,500
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		9,611,980
Net Asset Value Per Share		$	28.56
Net Assets - Class N Shares		$	54,121,094
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,898,857
Net Asset Value Per Share		$	28.50
Net Assets - Class R Shares		$	815,803
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		29,791
Net Asset Value Per Share		$	27.38
Net Assets - Class S Shares		$	628,400
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		22,099
Net Asset Value Per Share		$	28.44
Net Assets - Class T Shares		$	1,064,532,404
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		37,323,873
Net Asset Value Per Share		$	28.52

(1) Includes cost of $2,697,857,539.

(2) Includes cost of $126,331,056.

(3) Premiums received $321,350.

(4) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(5) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

12	MARCH 31, 2021

Janus Henderson Contrarian Fund

Statement of Operations (unaudited)

For the period ended March 31, 2021



Investment Income:
	Dividends		$	17,368,767
	Interest			412,405
	Dividends from affiliates			37,826
	Affiliated securities lending income, net			23,288
	Unaffiliated securities lending income, net			984
Total Investment Income				17,843,270
Expenses:
	Advisory fees			13,958,898
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		45,764
		Class C Shares		37,811
		Class R Shares		1,463
		Class S Shares		661
	Transfer agent administrative fees and expenses:
		Class D Shares		1,442,127
		Class R Shares		740
		Class S Shares		667
		Class T Shares		1,182,973
	Transfer agent networking and omnibus fees:
		Class A Shares		19,360
		Class C Shares		3,805
		Class I Shares		61,269
	Other transfer agent fees and expenses:
		Class A Shares		1,213
		Class C Shares		243
		Class D Shares		160,561
		Class I Shares		3,338
		Class N Shares		794
		Class R Shares		24
		Class S Shares		13
		Class T Shares		4,584
	Shareholder reports expense			180,631
	Registration fees			138,142
	Affiliated fund administration fees			46,589
	Professional fees			33,233
	Non-interested Trustees’ fees and expenses			29,665
	Custodian fees			8,116
	Other expenses			126,711
Total Expenses				17,489,395
Less: Excess Expense Reimbursement and Waivers				(66,322)
Net Expenses				17,423,073
Net Investment Income/(Loss)				420,197


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Contrarian Fund

Statement of Operations (unaudited)

For the period ended March 31, 2021



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	163,003,036
	Investments in affiliates		3,653,560
	Written options contracts		2,579,676
Total Net Realized Gain/(Loss) on Investments			169,236,272
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		669,447,804
	Investments in affiliates		55,678,826
	Written options contracts		(6,793)
Total Change in Unrealized Net Appreciation/Depreciation			725,119,837
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	894,776,306


See Notes to Financial Statements.

14	MARCH 31, 2021

Janus Henderson Contrarian Fund

Statements of Changes in Net Assets



			Period ended March 31, 2021 (unaudited)		Year ended September 30, 2020

Operations:
	Net investment income/(loss)		$	420,197	$	23,162,268
	Net realized gain/(loss) on investments			169,236,272		41,358,939
	Change in unrealized net appreciation/depreciation			725,119,837		346,205,062
Net Increase/(Decrease) in Net Assets Resulting from Operations				894,776,306		410,726,269
Dividends and Distributions to Shareholders:
		Class A Shares		(551,331)		(2,947,626)
		Class C Shares		(111,698)		(1,204,403)
		Class D Shares		(42,701,012)		(227,011,394)
		Class I Shares		(2,551,582)		(14,114,955)
		Class N Shares		(1,040,096)		(4,513,968)
		Class R Shares		(5,233)		(83,817)
		Class S Shares		(5,653)		(109,054)
		Class T Shares		(15,470,567)		(88,977,616)
Net Decrease from Dividends and Distributions to Shareholders				(62,437,172)		(338,962,833)
Capital Share Transactions:
		Class A Shares		6,864,410		6,918,688
		Class C Shares		1,986,525		(3,324,105)
		Class D Shares		11,902,842		84,225,461
		Class I Shares		164,530,527		1,037,470
		Class N Shares		(6,076,401)		7,734,864
		Class R Shares		291,327		(405,392)
		Class S Shares		59,587		(492,405)
		Class T Shares		80,722,661		40,954,651
Net Increase/(Decrease) from Capital Share Transactions				260,281,478		136,649,232
Net Increase/(Decrease) in Net Assets				1,092,620,612		208,412,668
Net Assets:
	Beginning of period			3,089,826,842		2,881,414,174
	End of period		$	4,182,447,454	$	3,089,826,842


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Contrarian Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$22.46	$21.63	$21.61	$19.92	$18.53	$18.56
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.02)	0.12	0.12	0.06	0.05	0.07
		Net realized and unrealized gain/(loss)	6.40	3.17	1.36	3.10	2.02	0.43
	Total from Investment Operations		6.38	3.29	1.48	3.16	2.07	0.50
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.14)	(0.04)	—	—⁽²⁾	(0.03)
		Distributions (from capital gains)	(0.31)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)
	Total Dividends and Distributions		(0.41)	(2.46)	(1.46)	(1.47)	(0.68)	(0.53)
	Net Asset Value, End of Period		$28.43	$22.46	$21.63	$21.61	$19.92	$18.53
	Total Return*		28.53%	16.01%	8.76%	16.89%	11.24%	2.77%
	Net Assets, End of Period (in thousands)		$42,960	$28,123	$20,126	$14,940	$14,557	$53,928
	Average Net Assets for the Period (in thousands)		$36,711	$23,713	$17,754	$13,854	$30,749	$73,939
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.14%	0.97%	0.94%	0.87%	0.82%	0.90%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.14%	0.97%	0.94%	0.87%	0.82%	0.90%
		Ratio of Net Investment Income/(Loss)	(0.18)%	0.60%	0.58%	0.31%	0.25%	0.37%
	Portfolio Turnover Rate		21%	68%	76%	59%	116%	51%


Class C Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$20.55	$19.98	$20.16	$18.80	$17.64	$17.79
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.09)	(0.03)	(0.02)	(0.07)	(0.10)	(0.06)
		Net realized and unrealized gain/(loss)	5.86	2.92	1.26	2.90	1.94	0.41
	Total from Investment Operations		5.77	2.89	1.24	2.83	1.84	0.35
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(0.31)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)
	Total Dividends and Distributions		(0.31)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)
	Net Asset Value, End of Period		$26.01	$20.55	$19.98	$20.16	$18.80	$17.64
	Total Return*		28.19%	15.20%	8.08%	16.10%	10.46%	2.02%
	Net Assets, End of Period (in thousands)		$11,125	$7,178	$10,556	$19,126	$27,507	$47,112
	Average Net Assets for the Period (in thousands)		$8,998	$9,451	$12,089	$21,999	$35,731	$58,609
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.74%	1.63%	1.58%	1.56%	1.53%	1.62%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.74%	1.63%	1.58%	1.56%	1.53%	1.62%
		Ratio of Net Investment Income/(Loss)	(0.77)%	(0.15)%	(0.10)%	(0.38)%	(0.54)%	(0.36)%
	Portfolio Turnover Rate		21%	68%	76%	59%	116%	51%

* Total return includes adjustments in accordance 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.

16	MARCH 31, 2021

Janus Henderson Contrarian Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$22.56	$21.70	$21.65	$19.97	$18.60	$18.64
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.01	0.17	0.16	0.11	0.06	0.10
		Net realized and unrealized gain/(loss)	6.43	3.19	1.37	3.11	2.06	0.44
	Total from Investment Operations		6.44	3.36	1.53	3.22	2.12	0.54
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.14)	(0.18)	(0.06)	(0.07)	(0.07)	(0.08)
		Distributions (from capital gains)	(0.31)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)
	Total Dividends and Distributions		(0.45)	(2.50)	(1.48)	(1.54)	(0.75)	(0.58)
	Net Asset Value, End of Period		$28.55	$22.56	$21.70	$21.65	$19.97	$18.60
	Total Return*		28.70%	16.29%	8.99%	17.20%	11.43%	2.98%
	Net Assets, End of Period (in thousands)		$2,733,739	$2,152,848	$1,988,711	$1,925,749	$1,824,343	$1,830,310
	Average Net Assets for the Period (in thousands)		$2,528,773	$1,994,412	$1,855,826	$1,841,765	$1,882,932	$1,856,945
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.91%	0.72%	0.71%	0.65%	0.64%	0.70%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.91%	0.72%	0.71%	0.65%	0.64%	0.70%
		Ratio of Net Investment Income/(Loss)	0.04%	0.83%	0.80%	0.53%	0.33%	0.56%
	Portfolio Turnover Rate		21%	68%	76%	59%	116%	51%


Class I Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$22.58	$21.73	$21.68	$19.99	$18.61	$18.64
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.02	0.18	0.17	0.12	0.07	0.11
		Net realized and unrealized gain/(loss)	6.43	3.20	1.37	3.12	2.07	0.44
	Total from Investment Operations		6.45	3.38	1.54	3.24	2.14	0.55
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.16)	(0.21)	(0.07)	(0.08)	(0.08)	(0.08)
		Distributions (from capital gains)	(0.31)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)
	Total Dividends and Distributions		(0.47)	(2.53)	(1.49)	(1.55)	(0.76)	(0.58)
	Net Asset Value, End of Period		$28.56	$22.58	$21.73	$21.68	$19.99	$18.61
	Total Return*		28.71%	16.37%	9.05%	17.29%	11.54%	3.05%
	Net Assets, End of Period (in thousands)		$274,527	$79,528	$90,754	$54,348	$75,603	$93,875
	Average Net Assets for the Period (in thousands)		$159,891	$86,316	$59,058	$58,166	$104,290	$144,380
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.86%	0.66%	0.65%	0.57%	0.56%	0.63%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.86%	0.66%	0.65%	0.57%	0.56%	0.63%
		Ratio of Net Investment Income/(Loss)	0.19%	0.84%	0.85%	0.60%	0.37%	0.61%
	Portfolio Turnover Rate		21%	68%	76%	59%	116%	51%

* Total return includes adjustments in accordance 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

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year or period ended September 30			2021	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$22.54	$21.68	$21.63	$19.96	$19.49
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.20	0.19	0.14	0.01
		Net realized and unrealized gain/(loss)	6.42	3.20	1.36	3.10	0.46
	Total from Investment Operations		6.44	3.40	1.55	3.24	0.47
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.22)	(0.08)	(0.10)	—
		Distributions (from capital gains)	(0.31)	(2.32)	(1.42)	(1.47)	—
	Total Dividends and Distributions		(0.48)	(2.54)	(1.50)	(1.57)	—
	Net Asset Value, End of Period		$28.50	$22.54	$21.68	$21.63	$19.96
	Total Return*		28.73%	16.50%	9.16%	17.37%	2.41%
	Net Assets, End of Period (in thousands)		$54,121	$48,111	$39,056	$26,808	$19,528
	Average Net Assets for the Period (in thousands)		$52,914	$39,349	$28,593	$24,664	$12,254
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.78%	0.58%	0.58%	0.50%	0.51%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.78%	0.58%	0.58%	0.50%	0.51%
		Ratio of Net Investment Income/(Loss)	0.17%	0.97%	0.92%	0.69%	0.44%
	Portfolio Turnover Rate		21%	68%	76%	59%	116%


Class R Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$21.62	$20.88	$20.97	$19.47	$18.19	$18.27
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.09)	0.01	0.01	(0.05)	(0.04)	—⁽³⁾
		Net realized and unrealized gain/(loss)	6.16	3.05	1.32	3.02	2.00	0.42
	Total from Investment Operations		6.07	3.06	1.33	2.97	1.96	0.42
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(0.31)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)
	Total Dividends and Distributions		(0.31)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)
	Net Asset Value, End of Period		$27.38	$21.62	$20.88	$20.97	$19.47	$18.19
	Total Return*		28.18%	15.37%	8.21%	16.26%	10.81%	2.36%
	Net Assets, End of Period (in thousands)		$816	$410	$780	$676	$740	$1,058
	Average Net Assets for the Period (in thousands)		$593	$804	$695	$667	$974	$1,191
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.03%	1.70%	1.74%	1.47%	1.23%	1.27%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.64%	1.50%	1.48%	1.41%	1.23%	1.27%
		Ratio of Net Investment Income/(Loss)	(0.69)%	0.07%	0.04%	(0.24)%	(0.21)%	0.00%⁽⁴⁾
	Portfolio Turnover Rate		21%	68%	76%	59%	116%	51%

* Total return includes adjustments in accordance 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 August 4, 2017 (inception date) through September 30, 2017.

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

(3) Less than $0.005 on a per share basis.

(4) Less than 0.005%.


See Notes to Financial Statements.

18	MARCH 31, 2021

Janus Henderson Contrarian Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$22.41	$21.55	$21.53	$19.89	$18.53	$18.55
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.05)	0.05	0.07	0.02	—⁽²⁾	0.04
		Net realized and unrealized gain/(loss)	6.39	3.18	1.37	3.09	2.04	0.44
	Total from Investment Operations		6.34	3.23	1.44	3.11	2.04	0.48
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.05)	—	—	—	—
		Distributions (from capital gains)	(0.31)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)
	Total Dividends and Distributions		(0.31)	(2.37)	(1.42)	(1.47)	(0.68)	(0.50)
	Net Asset Value, End of Period		$28.44	$22.41	$21.55	$21.53	$19.89	$18.53
	Total Return*		28.40%	15.71%	8.52%	16.65%	11.05%	2.65%
	Net Assets, End of Period (in thousands)		$628	$451	$1,032	$1,033	$3,842	$4,052
	Average Net Assets for the Period (in thousands)		$535	$756	$996	$3,068	$3,920	$4,208
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.83%	1.46%	1.35%	1.04%	0.98%	1.04%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.36%	1.21%	1.18%	1.03%	0.97%	1.03%
		Ratio of Net Investment Income/(Loss)	(0.40)%	0.27%	0.33%	0.10%	0.00%⁽³⁾	0.22%
	Portfolio Turnover Rate		21%	68%	76%	59%	116%	51%


Class T Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$22.54	$21.68	$21.63	$19.95	$18.58	$18.62
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.01)	0.15	0.14	0.09	0.05	0.09
		Net realized and unrealized gain/(loss)	6.42	3.19	1.38	3.11	2.05	0.43
	Total from Investment Operations		6.41	3.34	1.52	3.20	2.10	0.52
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.16)	(0.05)	(0.05)	(0.05)	(0.06)
		Distributions (from capital gains)	(0.31)	(2.32)	(1.42)	(1.47)	(0.68)	(0.50)
	Total Dividends and Distributions		(0.43)	(2.48)	(1.47)	(1.52)	(0.73)	(0.56)
	Net Asset Value, End of Period		$28.52	$22.54	$21.68	$21.63	$19.95	$18.58
	Total Return*		28.59%	16.22%	8.92%	17.11%	11.35%	2.87%
	Net Assets, End of Period (in thousands)		$1,064,532	$773,177	$730,400	$676,452	$672,788	$754,333
	Average Net Assets for the Period (in thousands)		$948,978	$731,491	$652,848	$656,674	$741,874	$814,169
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.02%	0.82%	0.81%	0.74%	0.73%	0.79%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.01%	0.81%	0.79%	0.73%	0.72%	0.77%
		Ratio of Net Investment Income/(Loss)	(0.05)%	0.73%	0.72%	0.44%	0.26%	0.48%
	Portfolio Turnover Rate		21%	68%	76%	59%	116%	51%

* Total return includes adjustments in accordance 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	19

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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 45 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.

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.

It is expected that the conversion of Class C Shares to Class A Shares will not result in a taxable event. Please consult your tax adviser for further information.


20	MARCH 31, 2021

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

The following accounting policies have been followed by the Fund and are in conformity with United States of America generally accepted accounting principles ("US GAAP").

Investment Valuation

Valuation Inputs Summary

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


Janus Investment Fund	21

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications

Foreign Currency Translations


22	MARCH 31, 2021

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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.

Dividends and Distributions

Federal Income Taxes

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, 2021 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.


Janus Investment Fund	23

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

· 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.

· 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.

· Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

· 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.

· Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

· 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.

· 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.

· 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.

· 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 Janus Capital's ability to establish and maintain appropriate systems and trading.

Options Contracts


24	MARCH 31, 2021

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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.

3. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	25

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

negatively impact a Fund’s ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund’s service providers, including Janus Capital or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

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 Janus Capital believes to be creditworthy at the time of the transaction. There is always the risk that Janus Capital’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,


26	MARCH 31, 2021

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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 following tables 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, 2021” table located in the Fund’s Schedule of Investments.


Offsetting of Financial Liabilities and Derivative Liabilities

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability^(a)		Pledged^(b)		Net Amount

Citigroup		$	19,100	$	—	$	—	$	19,100

(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.
(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.

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.

Real Estate Investing

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. 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, Janus Capital 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.


Janus Investment Fund	27

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

Upon receipt of cash collateral, Janus Capital 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. Janus Capital currently intends to primarily invest the cash collateral in a cash management vehicle for which Janus Capital 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, Janus Capital 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, Janus Capital 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.

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable).

There were no securities on loan as of March 31, 2021.

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital an investment advisory fee rate that may adjust up or down based on the Fund’s performance relative to its benchmark index.

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^{^®} Index.


28	MARCH 31, 2021

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

Janus Capital has contractually agreed to waive the investment advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fees (if applicable), the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.75% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing January 28, 2021. The previous expense limit (until February 1, 2021) was 0.83%. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, 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%

The Fund’s actual Class D administrative fee rate was 0.11% for the reporting period.


Janus Investment Fund	29

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.


30	MARCH 31, 2021

Janus Henderson Contrarian 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, 2021, redeeming shareholders of Class C Shares paid CDSCs of $1,581.

As of March 31, 2021, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	57		1
Class R Shares	-		-
Class S Shares	-		-
Class T Shares	-		-


Janus Investment Fund	31

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

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, 2021, the Fund engaged in cross trades amounting to $7,575,648 in purchases.

5. Federal Income Tax

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, 2021 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	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 2,835,656,366	$1,362,268,497	$ (2,962,225)	$ 1,359,306,272

Information on the tax components of derivatives as of March 31, 2021 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ (321,350)	$ 302,250	$ -	$ 302,250

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.


32	MARCH 31, 2021

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

6. Capital Share Transactions



	Period ended March 31, 2021		Year ended September 30, 2020
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	393,475	$ 10,501,418	797,716	$ 16,805,877
Reinvested dividends and distributions	15,888	422,291	128,570	2,703,832
Shares repurchased	(150,435)	(4,059,299)	(604,730)	(12,591,021)
Net Increase/(Decrease)	258,928	$ 6,864,410	321,556	$ 6,918,688
Class C Shares:
Shares sold	171,664	$ 4,264,310	109,798	$ 2,111,235
Reinvested dividends and distributions	4,365	106,333	43,434	840,011
Shares repurchased	(97,500)	(2,384,118)	(332,398)	(6,275,351)
Net Increase/(Decrease)	78,529	$ 1,986,525	(179,166)	$ (3,324,105)
Class D Shares:
Shares sold	2,833,007	$ 77,507,136	3,281,675	$ 65,601,151
Reinvested dividends and distributions	1,551,849	41,387,799	10,434,366	219,956,432
Shares repurchased	(4,046,679)	(106,992,093)	(9,951,377)	(201,332,122)
Net Increase/(Decrease)	338,177	$ 11,902,842	3,764,664	$ 84,225,461
Class I Shares:
Shares sold	7,376,928	$ 199,607,770	3,617,271	$ 79,268,320
Reinvested dividends and distributions	86,151	2,298,518	480,688	10,137,709
Shares repurchased	(1,373,205)	(37,375,761)	(4,751,959)	(88,368,559)
Net Increase/(Decrease)	6,089,874	$ 164,530,527	(654,000)	$ 1,037,470
Class N Shares:
Shares sold	266,337	$ 7,268,958	582,358	$ 12,176,442
Reinvested dividends and distributions	38,259	1,018,451	212,663	4,474,433
Shares repurchased	(540,486)	(14,363,810)	(461,486)	(8,916,011)
Net Increase/(Decrease)	(235,890)	$ (6,076,401)	333,535	$ 7,734,864
Class R Shares:
Shares sold	21,831	$ 561,929	8,405	$ 168,685
Reinvested dividends and distributions	191	4,899	4,013	81,585
Shares repurchased	(11,187)	(275,501)	(30,806)	(655,662)
Net Increase/(Decrease)	10,835	$ 291,327	(18,388)	$ (405,392)
Class S Shares:
Shares sold	6,623	$ 184,521	5,629	$ 111,786
Reinvested dividends and distributions	213	5,653	5,188	109,054
Shares repurchased	(4,872)	(130,587)	(38,590)	(713,245)
Net Increase/(Decrease)	1,964	$ 59,587	(27,773)	$ (492,405)
Class T Shares:
Shares sold	6,628,979	$ 177,076,343	9,029,658	$ 194,140,958
Reinvested dividends and distributions	567,739	15,135,921	4,138,422	87,196,543
Shares repurchased	(4,180,518)	(111,489,603)	(12,551,221)	(240,382,850)
Net Increase/(Decrease)	3,016,200	$ 80,722,661	616,859	$ 40,954,651

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$ 954,949,297	$ 758,046,741	$ -	$ -


Janus Investment Fund	33

Janus Henderson Contrarian Fund

Notes to Financial Statements (unaudited)

8. Subsequent Event


34	MARCH 31, 2021

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


Janus Investment Fund	35

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Asset Allocation Funds


36	MARCH 31, 2021

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	37

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds


38	MARCH 31, 2021

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Multi-Asset U.S. Equity Funds

Quantitative Equity Funds


Janus Investment Fund	39

Janus Henderson Contrarian Fund

Additional Information (unaudited)

U.S. Equity Funds

Costs of Services Provided


40	MARCH 31, 2021

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Asset Allocation Funds

Fixed-Income Funds


Janus Investment Fund	41

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


42	MARCH 31, 2021

Janus Henderson Contrarian Fund

Additional Information (unaudited)

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Venture Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


Janus Investment Fund	43

Janus Henderson Contrarian Fund

Additional Information (unaudited)

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.


44	MARCH 31, 2021

Janus Henderson Contrarian Fund

Additional Information (unaudited)

and any subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	45

Janus Henderson Contrarian Fund

Additional Information (unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

The Program Administrator Report discussed the operation and effectiveness of the LRMP during the Reporting Period. It noted that the Fund was able to meet redemptions during the normal course of business during the Reporting Period, and discussed the additional actions that the Liquidity Risk Working Group took during the period of market volatility in the spring of 2020 to monitor the Fund’s liquidity. The Program Administrator Report also stated that the Fund did not exceed the 15% limit on illiquid assets during the Reporting Period, that the Fund held primarily highly liquid assets, and was considered to be a primarily highly liquid fund during the Reporting Period. In addition, the Program Administrator expressed its belief in the Program Administrator Report that the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, taking into account the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule.


46	MARCH 31, 2021

Janus Henderson Contrarian Fund

Useful Information About Your Fund Report (unaudited)

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


Janus Investment Fund	47

Janus Henderson Contrarian Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


48	MARCH 31, 2021

Janus Henderson Contrarian Fund

Useful Information About Your Fund Report (unaudited)


Janus Investment Fund	49




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, Janus, Henderson, Perkins and Intech are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-24-93038 05-21



	SEMIANNUAL REPORT March 31, 2021

Janus Henderson Emerging Markets Fund

Janus Investment Fund

		HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Emerging Markets Fund


Fund At A Glance and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	10
Statement of Assets and Liabilities	11
Statement of Operations	13
Statements of Changes in Net Assets	15
Financial Highlights	16
Notes to Financial Statements	24
Additional Information	35
Useful Information About Your Fund Report	47

FUND SNAPSHOT

Countries and corporations in emerging markets are at different stages of economic and political development and make choices that create significant opportunities and risks. We believe that investing in companies at the intersection of attractive country, governance and fundamental analysis enable us to deliver superior risk-adjusted returns.

Daniel J. Graña

Portfolio manager

Janus Henderson Emerging Markets Fund (unaudited)

Fund At A Glance

March 31, 2021





5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
China Longyuan Power Group Corp Ltd	0.83%	1.03%	Afya Ltd	1.45%	-1.01%
Alibaba Group Holding Ltd	5.25%	0.85%	Shimao Property Holdings Ltd	0.70%	-0.71%
SK Hynix Inc	1.35%	0.61%	Zhejiang Yinlun Machinery Co Ltd - Class A	0.95%	-0.56%
Samsung Electronics Co Ltd	6.09%	0.56%	B2W Cia Digital	0.63%	-0.52%
Hansol Chemical Co Ltd	1.30%	0.55%	Itau Unibanco Holding SA (ADR)	1.16%	-0.47%


	5 Top Contributors - Sectors*
		Relative	Fund	MSCI Emerging Markets Index
		Contribution	Average Weight	Average Weight
	Information Technology	2.44%	25.48%	19.94%
	Utilities	1.13%	1.19%	1.95%
	Consumer Staples	0.68%	2.21%	5.75%
	Energy	0.40%	1.46%	4.97%
	Communication Services	0.40%	13.36%	12.28%


	5 Top Detractors - Sectors*
		Relative	Fund	MSCI Emerging Markets Index
		Contribution	Average Weight	Average Weight
	Consumer Discretionary	-1.65%	20.73%	19.20%
	Industrials	-1.10%	7.08%	4.30%
	Financials	-0.69%	13.57%	17.62%
	Real Estate	-0.61%	3.27%	2.12%
	Materials	-0.24%	5.22%	7.42%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.


Janus Investment Fund	1

Janus Henderson Emerging Markets Fund (unaudited)

Fund At A Glance

March 31, 2021


5 Largest Equity Holdings - (% of Net Assets)
Taiwan Semiconductor Manufacturing Co Ltd
Semiconductor & Semiconductor Equipment	8.2%
Tencent Holdings Ltd
Interactive Media & Services	7.2%
Samsung Electronics Co Ltd
Technology Hardware, Storage & Peripherals	6.2%
Ping An Insurance Group Co of China Ltd
Insurance	4.2%
Naspers Ltd
Internet & Direct Marketing Retail	4.1%
	29.9%


Asset Allocation - (% of Net Assets)
Common Stocks	98.5%
Investment Companies	2.4%
Other		(0.9)%
		100.0%

Emerging markets comprised 90.0% of total net assets.

Top Country Allocations - Long Positions - (% of Investment Securities)

As of March 31, 2021

As of September 30, 2020


2	MARCH 31, 2021

Janus Henderson Emerging Markets Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended March 31, 2021						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	22.61%	68.30%	9.79%	3.61%	3.14%	1.87%	1.38%
Class A Shares at MOP	15.58%	58.53%	8.50%	2.99%	2.54%
Class C Shares at NAV	22.15%	67.18%	8.97%	2.84%	2.37%	2.64%	2.12%
Class C Shares at CDSC	21.15%	66.18%	8.97%	2.84%	2.37%
Class D Shares	22.76%	68.75%	9.88%	3.64%	3.18%	1.71%	1.19%
Class I Shares	22.76%	68.88%	10.07%	3.86%	3.40%	1.54%	1.10%
Class N Shares	22.81%	69.06%	10.13%	3.76%	3.29%	1.49%	1.03%
Class S Shares	22.53%	68.16%	9.59%	3.36%	2.89%	5.74%	1.54%
Class T Shares	22.69%	68.49%	9.77%	3.56%	3.09%	1.83%	1.28%
MSCI Emerging Markets Index	22.43%	58.39%	12.07%	3.65%	3.77%
Morningstar Quartile - Class I Shares	-	1st	3rd	2nd	3rd
Morningstar Ranking - based on total returns for Diversified Emerging Markets Funds	-	210/808	507/671	213/403	246/392

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 28, 2021.


Janus Investment Fund	3

Janus Henderson Emerging Markets Fund (unaudited)

Performance

risks. Please see the prospectus for more information about risks, holdings and other details.

High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

Returns of the Fund shown prior to June 5, 2017 are those for Henderson Emerging Markets Fund (the “Predecessor Fund”), which merged into the Fund after the close of business on June 2, 2017. The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the reorganization automatically exchanged for Class D Shares of the Fund following the reorganization. Class A Shares, Class C Shares and Class I Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on December 31, 2010. Class R6 Shares of the Predecessor Fund commenced operations on November 30, 2015. Class D Shares, Class S Shares, and Class T Shares commenced operations on June 5, 2017.

Performance of Class A Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Performance of Class C Shares shown for periods prior to June 5, 2017, reflects the performance of Class C Shares of the Predecessor Fund, calculated using the fees and expenses of Class C Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

Performance of Class N Shares shown for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund, calculated using the fees and expenses of Class R6 Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to November 30, 2015, performance for Class N Shares reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class N Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class S Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class T Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

Performance of Class D Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Predecessor Fund’s inception date – December 31, 2010

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


4	MARCH 31, 2021

Janus Henderson Emerging Markets Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/20)	Ending Account Value (3/31/21)	Expenses Paid During Period (10/1/20 - 3/31/21)†	Beginning Account Value (10/1/20)	Ending Account Value (3/31/21)	Expenses Paid During Period (10/1/20 - 3/31/21)†	Net Annualized Expense Ratio (10/1/20 - 3/31/21)
Class A Shares		$1,000.00	$1,226.10	$7.55	$1,000.00	$1,018.15	$6.84	1.36%
Class C Shares		$1,000.00	$1,221.50	$11.69	$1,000.00	$1,014.41	$10.60	2.11%
Class D Shares		$1,000.00	$1,227.60	$6.50	$1,000.00	$1,019.10	$5.89	1.17%
Class I Shares		$1,000.00	$1,227.60	$6.16	$1,000.00	$1,019.40	$5.59	1.11%
Class N Shares		$1,000.00	$1,228.10	$5.72	$1,000.00	$1,019.80	$5.19	1.03%
Class S Shares		$1,000.00	$1,225.30	$7.99	$1,000.00	$1,017.75	$7.24	1.44%
Class T Shares		$1,000.00	$1,226.90	$7.05	$1,000.00	$1,018.60	$6.39	1.27%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	5

Janus Henderson Emerging Markets Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares			Value
Common Stocks– 98.5%
Auto Components – 1.0%
	Zhejiang Yinlun Machinery Co Ltd - Class A	752,054	$1,129,633
Automobiles – 2.4%
	Eicher Motors Ltd*	27,955	995,692
	Li Auto Inc (ADR)*	70,650	1,766,250
			2,761,942
Banks – 3.0%
	Bank Tabungan Pensiunan Nasional Syariah Tbk PT	4,095,500	981,566
	Itau Unibanco Holding SA (ADR)	245,215	1,216,266
	Vietnam Technological & Commercial Joint Stock Bank*	688,500	1,205,487
			3,403,319
Beverages – 2.6%
	Becle SAB de CV	436,780	999,517
	Varun Beverages Ltd	148,495	2,037,154
			3,036,671
Building Products – 2.1%
	China Lesso Group Holdings Ltd	570,000	1,225,964
	Xinyi Glass Holdings Ltd	378,000	1,235,072
			2,461,036
Chemicals – 2.6%
	Hansol Chemical Co Ltd	5,929	1,262,716
	LG Chem Ltd	2,378	1,691,667
			2,954,383
Commercial Services & Supplies – 0.8%
	A-Living Services Co Ltd (144A)	215,000	954,167
Communications Equipment – 1.5%
	Accton Technology Corp	177,000	1,712,543
Containers & Packaging – 0.8%
	Yunnan Energy New Material Co Ltd - Class A	52,206	890,102
Diversified Consumer Services – 2.3%
	Afya Ltd*	65,232	1,212,663
	Fu Shou Yuan International Group Ltd	1,384,000	1,418,930
			2,631,593
Diversified Financial Services – 3.3%
	HH&L Acquisition Co*	129,577	1,308,728
	Linklogis Inc - Class B (144A)*	551,439	1,247,047
	Provident Acquisition Corp*	125,507	1,275,151
			3,830,926
Electrical Equipment – 0.6%
	Shenzhen Megmeet Electrical Co Ltd - Class A	147,999	737,932
Electronic Equipment, Instruments & Components – 2.4%
	Sinbon Electronics Co Ltd	136,000	1,258,641
	Wingtech Technology Co Ltd - Class A	100,414	1,499,104
			2,757,745
Entertainment – 2.6%
	NetEase Inc	95,075	1,934,815
	Sea Ltd (ADR)*	4,501	1,004,758
			2,939,573
Health Care Providers & Services – 1.6%
	New Horizon Health Ltd (144A)*	182,000	1,362,577
	Notre Dame Intermedica Participacoes SA*	30,609	450,332
			1,812,909
Health Care Technology – 0.8%
	Ping An Healthcare and Technology Co Ltd (144A)*	75,000	940,660
Hotels, Restaurants & Leisure – 1.5%
	Yum China Holdings Inc	29,800	1,740,359
Information Technology Services – 2.3%
	21Vianet Group Inc (ADR)*	36,227	1,170,132


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

6	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares			Value
Common Stocks– (continued)
Information Technology Services– (continued)
	Network International Holdings PLC (144A)*	268,221	$1,529,142
			2,699,274
Insurance – 5.2%
	AIA Group Ltd	88,400	1,072,335
	Ping An Insurance Group Co of China Ltd	411,000	4,893,109
			5,965,444
Interactive Media & Services – 11.6%
	AfreecaTV Co Ltd	18,770	1,302,090
	NAVER Corp	7,764	2,586,628
	Tencent Holdings Ltd	105,100	8,247,061
	Yandex NV*	19,217	1,231,041
			13,366,820
Internet & Direct Marketing Retail – 13.5%
	Alibaba Group Holding Ltd*	151,532	4,288,384
	B2W Cia Digital*	107,851	1,164,191
	Meituan Dianping (144A)*	52,100	1,998,536
	MercadoLibre Inc*	1,268	1,866,673
	Naspers Ltd	19,532	4,677,051
	Ozon Holdings PLC (ADR)*	27,751	1,555,999
			15,550,834
Life Sciences Tools & Services – 0.6%
	Syngene International Ltd (144A)*	99,311	738,227
Machinery – 1.0%
	China Conch Venture Holdings Ltd	239,500	1,126,055
Metals & Mining – 2.9%
	Anglo American PLC	23,612	925,141
	Ivanhoe Mines Ltd*	461,479	2,376,259
			3,301,400
Oil, Gas & Consumable Fuels – 1.5%
	LUKOIL PJSC (ADR)	20,675	1,671,780
Pharmaceuticals – 1.4%
	Everest Medicines Ltd (144A)*	172,000	1,627,338
Real Estate Management & Development – 2.5%
	Logan Property Holdings Co Ltd	888,000	1,496,411
	Vinhomes JSC (144A)*	316,260	1,333,626
			2,830,037
Semiconductor & Semiconductor Equipment – 12.9%
	Flat Glass Group Co Ltd - Shares H	288,000	872,469
	KoMiCo Ltd	17,526	994,317
	LEENO Industrial Inc	7,372	1,019,546
	LONGi Green Energy Technology Co Ltd - Class A	62,924	843,549
	MediaTek Inc	50,000	1,698,450
	Taiwan Semiconductor Manufacturing Co Ltd	461,000	9,486,328
			14,914,659
Software – 0.4%
	Tuya Inc (ADR)*	19,712	416,712
Specialty Retail – 0.8%
	Wilcon Depot Inc	2,612,100	958,174
Technology Hardware, Storage & Peripherals – 6.2%
	Samsung Electronics Co Ltd	99,218	7,137,102
Textiles, Apparel & Luxury Goods – 0.7%
	Li Ning Co Ltd	121,000	786,038
Thrifts & Mortgage Finance – 3.1%
	Housing Development Finance Corp Ltd	106,041	3,623,401
Total Common Stocks (cost $92,256,372)			113,408,788


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

Janus Investment Fund	7

Janus Henderson Emerging Markets Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares			Value
Investment Companies– 2.4%
Money Markets – 2.4%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº,£((cost $2,842,588)	2,842,304	$2,842,588
Total Investments (total cost $95,098,960) – 100.9%			116,251,376
Liabilities, net of Cash, Receivables and Other Assets – (0.9)%			(1,078,392)
Net Assets – 100%			$115,172,984


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
China	$44,613,334	38.4	%
South Korea	15,994,066	13.8
Taiwan	15,160,720	13.0
India	7,394,474	6.4
Hong Kong	4,891,286	4.2
South Africa	4,677,051	4.0
Russia	4,458,820	3.8
Brazil	4,043,452	3.5
United States	2,842,588	2.5
Vietnam	2,539,113	2.2
United Kingdom	2,454,283	2.1
Canada	2,376,259	2.0
Argentina	1,866,673	1.6
Mexico	999,517	0.9
Indonesia	981,566	0.8
Philippines	958,174	0.8



Total	$116,251,376	100.0	%


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

8	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Schedule of Investments (unaudited)

March 31, 2021

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 3/31/21
Investment Companies - 2.4%
Money Markets - 2.4%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº	$	936	$	(63)	$	-	$	2,842,588


		Value at 9/30/20		Purchases		Sales Proceeds		Value at 3/31/21
Investment Companies - 2.4%
Money Markets - 2.4%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº		1,591,732		43,137,853		(41,886,934)		2,842,588


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

Janus Investment Fund	9

Janus Henderson Emerging Markets Fund

Notes to Schedule of Investments and Other Information (unaudited)


MSCI Emerging Markets Index^SM	MSCI Emerging Markets Index^SM reflects the equity market performance of emerging markets.


ADR	American Depositary Receipt
LLC	Limited Liability Company
PJSC	Private Joint Stock Company
PLC	Public Limited Company

144A


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2021.


£	The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.


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, 2021. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Common Stocks
Diversified Financial Services	$	2,583,879	$	1,247,047	$	-
All Other		109,577,862		-		-
Investment Companies		-		2,842,588		-
Total Assets	$	112,161,741	$	4,089,635	$	-


10	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2021

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	113,408,788
	Affiliated investments, at value⁽²⁾			2,842,588
	Non-interested Trustees' deferred compensation			2,823
	Receivables:
		Dividends		256,256
		Foreign tax reclaims		143,057
		Fund shares sold		88,508
		Dividends from affiliates		120
	Other assets			6,139
Total Assets				116,748,279
Liabilities:
	Due to custodian			5,698
	Payables:			—
		Investments purchased		1,260,861
		Fund shares repurchased		104,041
		Advisory fees		76,399
		Professional fees		71,897
		Transfer agent fees and expenses		9,044
		Custodian fees		6,136
		12b-1 Distribution and shareholder servicing fees		3,175
		Non-interested Trustees' deferred compensation fees		2,823
		Non-interested Trustees' fees and expenses		318
		Affiliated fund administration fees payable		250
		Accrued expenses and other payables		34,653
Total Liabilities				1,575,295
Net Assets			$	115,172,984


See Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Emerging Markets Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2021




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	100,110,282
	Total distributable earnings (loss)		15,062,702
Total Net Assets		$	115,172,984
Net Assets - Class A Shares		$	4,943,591
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		405,789
Net Asset Value Per Share⁽³⁾		$	12.18
Maximum Offering Price Per Share⁽⁴⁾		$	12.92
Net Assets - Class C Shares		$	2,366,511
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		200,273
Net Asset Value Per Share⁽³⁾		$	11.82
Net Assets - Class D Shares		$	29,460,790
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,403,603
Net Asset Value Per Share		$	12.26
Net Assets - Class I Shares		$	20,796,053
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,701,442
Net Asset Value Per Share		$	12.22
Net Assets - Class N Shares		$	54,180,206
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		4,422,280
Net Asset Value Per Share		$	12.25
Net Assets - Class S Shares		$	115,882
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		9,375
Net Asset Value Per Share		$	12.36
Net Assets - Class T Shares		$	3,309,951
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		270,223
Net Asset Value Per Share		$	12.25

(1) Includes cost of $92,256,372.

(2) Includes cost of $2,842,588.

(3) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(4) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

12	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Statement of Operations (unaudited)

For the period ended March 31, 2021



Investment Income:
	Dividends		$	450,091
	Dividends from affiliates			936
	Other income			456
	Foreign tax withheld			(56,102)
Total Investment Income				395,381
Expenses:
	Advisory fees			482,049
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		5,901
		Class C Shares		13,140
		Class S Shares		136
	Transfer agent administrative fees and expenses:
		Class D Shares		10,735
		Class S Shares		136
		Class T Shares		3,740
	Transfer agent networking and omnibus fees:
		Class A Shares		1,753
		Class C Shares		1,072
		Class I Shares		8,386
	Other transfer agent fees and expenses:
		Class A Shares		174
		Class C Shares		92
		Class D Shares		1,973
		Class I Shares		520
		Class N Shares		706
		Class S Shares		4
		Class T Shares		25
	Professional fees			43,939
	Non-affiliated fund administration fees			29,776
	Registration fees			27,036
	Custodian fees			23,018
	Shareholder reports expense			6,958
	Affiliated fund administration fees			1,205
	Non-interested Trustees’ fees and expenses			653
	Other expenses			5,967
Total Expenses				669,094
Less: Excess Expense Reimbursement and Waivers				(124,150)
Net Expenses				544,944
Net Investment Income/(Loss)				(149,563)


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Emerging Markets Fund

Statement of Operations (unaudited)

For the period ended March 31, 2021



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽¹⁾	$	7,674,812
	Investments in affiliates		(63)
Total Net Realized Gain/(Loss) on Investments			7,674,749
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		8,299,919
Total Change in Unrealized Net Appreciation/Depreciation			8,299,919
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	15,825,105

(1) Includes realized foreign capital gains tax on investments of $(115).


See Notes to Financial Statements.

14	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Statements of Changes in Net Assets



			Period ended March 31, 2021 (unaudited)		Year ended September 30, 2020

Operations:
	Net investment income/(loss)		$	(149,563)	$	396,239
	Net realized gain/(loss) on investments			7,674,749		(1,705,976)
	Change in unrealized net appreciation/depreciation			8,299,919		10,369,083
Net Increase/(Decrease) in Net Assets Resulting from Operations				15,825,105		9,059,346
Dividends and Distributions to Shareholders:
		Class A Shares		(38,799)		(63,132)
		Class C Shares		(3,802)		(15,232)
		Class D Shares		(131,423)		(176,488)
		Class I Shares		(247,374)		(542,789)
		Class N Shares		(452,579)		(307,706)
		Class S Shares		(859)		(597)
		Class T Shares		(27,803)		(42,971)
Net Decrease from Dividends and Distributions to Shareholders				(902,639)		(1,148,915)
Capital Share Transactions:
		Class A Shares		118,835		(1,387,104)
		Class C Shares		(780,220)		(1,102,842)
		Class D Shares		17,176,634		(1,499,746)
		Class I Shares		(3,186,712)		(17,899,480)
		Class N Shares		11,474,513		16,680,024
		Class S Shares		1,500		5,995
		Class T Shares		333,854		(957,215)
Net Increase/(Decrease) from Capital Share Transactions				25,138,404		(6,160,368)
Net Increase/(Decrease) in Net Assets				40,060,870		1,750,063
Net Assets:
	Beginning of period			75,112,114		73,362,051
	End of period		$	115,172,984	$	75,112,114


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Emerging Markets Fund

Financial Highlights


Class A Shares
For a share outstanding during the period end March 31, 2021 (unaudited) and the year or period ended September 30			2021	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.02	$8.72	$9.48	$10.36	$10.19
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.03)⁽³⁾	0.02	0.10	0.10	0.04
		Net realized and unrealized gain/(loss)	2.29	1.40	(0.55)	(0.67)	0.13
	Total from Investment Operations		2.26	1.42	(0.45)	(0.57)	0.17
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.12)	(0.13)	(0.10)	—
		Distributions (from capital gains)	—	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.10)	(0.12)	(0.31)	(0.31)	—
	Net Asset Value, End of Period		$12.18	$10.02	$8.72	$9.48	$10.36
	Total Return*		22.61%	16.32%	(4.66)%⁽⁴⁾	(5.80)%	1.67%
	Net Assets, End of Period (in thousands)		$4,944	$4,000	$4,859	$15,771	$15,562
	Average Net Assets for the Period (in thousands)		$4,697	$4,394	$8,932	$16,103	$15,471
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.66%	1.87%	1.65%	1.51%	1.75%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.36%	1.37%	1.30%	1.33%	1.46%
		Ratio of Net Investment Income/(Loss)	(0.54)%⁽³⁾	0.27%	1.11%	0.93%	2.18%
	Portfolio Turnover Rate		46%	110%	68%	26%	2%


Class C Shares
For a share outstanding during the period end March 31, 2021 (unaudited) and the year or period ended September 30			2021	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$9.69	$8.42	$9.12	$9.98	$9.83
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.07)⁽³⁾	(0.04)	0.05	0.01	0.02
		Net realized and unrealized gain/(loss)	2.22	1.35	(0.55)	(0.65)	0.13
	Total from Investment Operations		2.15	1.31	(0.50)	(0.64)	0.15
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.02)	(0.04)	(0.02)	(0.01)	—
		Distributions (from capital gains)	—	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.02)	(0.04)	(0.20)	(0.22)	—
	Net Asset Value, End of Period		$11.82	$9.69	$8.42	$9.12	$9.98
	Total Return*		22.15%	15.56%	(5.38)%⁽⁵⁾	(6.59)%	1.53%
	Net Assets, End of Period (in thousands)		$2,367	$2,573	$3,432	$5,985	$9,017
	Average Net Assets for the Period (in thousands)		$2,663	$2,927	$4,604	$8,442	$8,877
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.45%	2.61%	2.54%	2.26%	2.65%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.11%	2.09%	2.11%	2.07%	2.35%
		Ratio of Net Investment Income/(Loss)	(1.28)%⁽³⁾	(0.44)%	0.56%	0.11%	1.29%
	Portfolio Turnover Rate		46%	110%	68%	26%	2%

* Total return includes adjustments in accordance 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 August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

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

(4) Total return without the effect of affiliated payments would have been (4.89)%.

(5) Total return without the effect of affiliated payments would have been (5.61)%.


See Notes to Financial Statements.

16	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended July 31			2017	2016
	Net Asset Value, Beginning of Period		$9.10	$8.60
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.10	0.13
		Net realized and unrealized gain/(loss)	1.05	0.39
	Total from Investment Operations		1.15	0.52
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.06)	(0.02)
	Total Dividends and Distributions		(0.06)	(0.02)
	Net Asset Value, End of Period		$10.19	$9.10
	Total Return*		12.80%	6.07%
	Net Assets, End of Period (in thousands)		$15,124	$6,510
	Average Net Assets for the Period (in thousands)		$12,523	$5,958
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.76%	2.36%⁽²⁾
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.54%	1.79%
		Ratio of Net Investment Income/(Loss)	1.05%	1.64%
	Portfolio Turnover Rate		32%	86%


Class C Shares
For a share outstanding during the year ended July 31			2017	2016
	Net Asset Value, Beginning of Period		$8.79	$8.35
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.03	0.06
		Net realized and unrealized gain/(loss)	1.02	0.38
	Total from Investment Operations		1.05	0.44
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.01)	—
	Total Dividends and Distributions		(0.01)	—
	Net Asset Value, End of Period		$9.83	$8.79
	Total Return*		12.03%	5.27%
	Net Assets, End of Period (in thousands)		$8,530	$3,553
	Average Net Assets for the Period (in thousands)		$6,219	$3,028
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.53%	3.16%⁽²⁾
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.29%	2.54%
		Ratio of Net Investment Income/(Loss)	0.37%	0.70%
	Portfolio Turnover Rate		32%	86%

* Total return 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 Ratio of Gross Expenses include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.07% higher had the custodian not reimbursed the Fund.


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Emerging Markets Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year or period ended September 30			2021	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.09	$8.78	$9.53	$10.41	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.02)⁽³⁾	0.05	0.14	0.11	0.04
		Net realized and unrealized gain/(loss)	2.31	1.41	(0.59)	(0.67)	0.13
	Total from Investment Operations		2.29	1.46	(0.45)	(0.56)	0.17
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.12)	(0.15)	(0.12)	(0.11)	—
		Distributions (from capital gains)	—	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.12)	(0.15)	(0.30)	(0.32)	—
	Net Asset Value, End of Period		$12.26	$10.09	$8.78	$9.53	$10.41
	Total Return*		22.76%	16.66%	(4.59)%⁽⁴⁾	(5.64)%	1.66%
	Net Assets, End of Period (in thousands)		$29,461	$10,854	$10,957	$13,104	$16,053
	Average Net Assets for the Period (in thousands)		$18,883	$10,785	$12,337	$15,607	$16,501
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.44%	1.70%	1.80%	1.38%	1.80%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.17%	1.19%	1.19%	1.15%	1.46%
		Ratio of Net Investment Income/(Loss)	(0.33)%⁽³⁾	0.50%	1.51%	1.08%	2.18%
	Portfolio Turnover Rate		46%	110%	68%	26%	2%


Class I Shares
For a share outstanding during the period end March 31, 2021 (unaudited) and the year or period ended September 30			2021	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.07	$8.78	$9.52	$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.02)⁽³⁾	0.05	0.14	0.12	0.04
		Net realized and unrealized gain/(loss)	2.30	1.41	(0.57)	(0.69)	0.14
	Total from Investment Operations		2.28	1.46	(0.43)	(0.57)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.17)	(0.13)	(0.12)	—
		Distributions (from capital gains)	—	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.13)	(0.17)	(0.31)	(0.33)	—
	Net Asset Value, End of Period		$12.22	$10.07	$8.78	$9.52	$10.42
	Total Return*		22.76%	16.68%	(4.38)%⁽⁵⁾	(5.72)%	1.76%
	Net Assets, End of Period (in thousands)		$20,796	$19,939	$34,499	$107,276	$112,952
	Average Net Assets for the Period (in thousands)		$21,349	$25,327	$71,330	$119,036	$110,859
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.36%	1.54%	1.45%	1.26%	1.49%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.11%	1.11%	1.13%	1.09%	1.20%
		Ratio of Net Investment Income/(Loss)	(0.29)%⁽³⁾	0.50%	1.49%	1.17%	2.42%
	Portfolio Turnover Rate		46%	110%	68%	26%	2%

* Total return includes adjustments in accordance 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 August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

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

(4) Total return without the effect of affiliated payments would have been (4.82)%.

(5) Total return without the effect of affiliated payments would have been (4.61)%.


See Notes to Financial Statements.

18	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended July 31			2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.05
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.07
		Net realized and unrealized gain/(loss)	0.12
	Total from Investment Operations		0.19
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$10.24
	Total Return*		1.89%
	Net Assets, End of Period (in thousands)		$16,527
	Average Net Assets for the Period (in thousands)		$14,711
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.32%
		Ratio of Net Investment Income/(Loss)	4.63%
	Portfolio Turnover Rate		32%


Class I Shares
For a share outstanding during the year ended July 31			2017	2016
	Net Asset Value, Beginning of Period		$9.13	$8.63
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.15	0.13
		Net realized and unrealized gain/(loss)	1.03	0.42
	Total from Investment Operations		1.18	0.55
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.07)	(0.05)
	Total Dividends and Distributions		(0.07)	(0.05)
	Net Asset Value, End of Period		$10.24	$9.13
	Total Return*		13.15%	6.41%
	Net Assets, End of Period (in thousands)		$107,513	$36,815
	Average Net Assets for the Period (in thousands)		$62,396	$21,242
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.46%	2.09%⁽³⁾
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.27%	1.54%
		Ratio of Net Investment Income/(Loss)	1.63%	1.52%
	Portfolio Turnover Rate		32%	86%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from June 5, 2017 (inception date) through July 31, 2017.

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

(3) The Ratio of Gross Expenses include a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.07% higher had the custodian not reimbursed the Fund.


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Emerging Markets Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year or period ended September 30			2021	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.09	$8.79	$9.53	$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.01)⁽³⁾	0.06	0.15	0.12	0.05
		Net realized and unrealized gain/(loss)	2.30	1.40	(0.57)	(0.68)	0.13
	Total from Investment Operations		2.29	1.46	(0.42)	(0.56)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.13)	(0.16)	(0.14)	(0.12)	—
		Distributions (from capital gains)	—	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.13)	(0.16)	(0.32)	(0.33)	—
	Net Asset Value, End of Period		$12.25	$10.09	$8.79	$9.53	$10.42
	Total Return*		22.81%	16.74%	(4.33)%⁽⁴⁾	(5.63)%	1.76%
	Net Assets, End of Period (in thousands)		$54,180	$35,207	$16,531	$25,134	$41,206
	Average Net Assets for the Period (in thousands)		$45,974	$30,308	$21,520	$29,832	$41,394
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.27%	1.48%	1.41%	1.20%	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.03%	1.03%	1.03%	1.03%	1.05%
		Ratio of Net Investment Income/(Loss)	(0.22)%⁽³⁾	0.68%	1.65%	1.15%	2.59%
	Portfolio Turnover Rate		46%	110%	68%	26%	2%


Class S Shares
For a share outstanding during the period end March 31, 2021 (unaudited) and the year or period ended September 30			2021	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.17	$8.81	$9.51	$10.41	$10.23
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.03)⁽³⁾	0.02	0.08	0.13	0.04
		Net realized and unrealized gain/(loss)	2.32	1.41	(0.52)	(0.73)	0.14
	Total from Investment Operations		2.29	1.43	(0.44)	(0.60)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.10)	(0.07)	(0.08)	(0.09)	—
		Distributions (from capital gains)	—	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.10)	(0.07)	(0.26)	(0.30)	—
	Net Asset Value, End of Period		$12.36	$10.17	$8.81	$9.51	$10.41
	Total Return*		22.53%	16.26%	(4.49)%⁽⁵⁾	(5.98)%	1.76%
	Net Assets, End of Period (in thousands)		$116	$95	$77	$1,753	$316
	Average Net Assets for the Period (in thousands)		$109	$79	$488	$1,189	$311
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	4.53%	5.74%	2.25%	1.85%	1.91%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.44%	1.46%	1.18%	1.47%	1.51%
		Ratio of Net Investment Income/(Loss)	(0.59)%⁽³⁾	0.27%	0.89%	1.28%	2.11%
	Portfolio Turnover Rate		46%	110%	68%	26%	2%

* Total return includes adjustments in accordance 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 August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

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

(4) Total return without the effect of affiliated payments would have been (4.56)%.

(5) Total return without the effect of affiliated payments would have been (4.72)%.


See Notes to Financial Statements.

20	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended July 31			2017	2016⁽¹⁾
	Net Asset Value, Beginning of Period		$9.13	$8.06
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.40	0.06
		Net realized and unrealized gain/(loss)	0.79	1.06
	Total from Investment Operations		1.19	1.12
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.08)	(0.05)
	Total Dividends and Distributions		(0.08)	(0.05)
	Net Asset Value, End of Period		$10.24	$9.13
	Total Return*		13.17%	13.92%
	Net Assets, End of Period (in thousands)		$40,785	$318
	Average Net Assets for the Period (in thousands)		$6,417	$282
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.32%	2.17%⁽³⁾
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.24%	1.54%
		Ratio of Net Investment Income/(Loss)	4.20%	1.07%
	Portfolio Turnover Rate		32%	86%


Class S Shares
For a share outstanding during the period ended July 31			2017⁽⁴⁾
	Net Asset Value, Beginning of Period		$10.05
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.07
		Net realized and unrealized gain/(loss)	0.11
	Total from Investment Operations		0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$10.23
	Total Return*		1.79%
	Net Assets, End of Period (in thousands)		$304
	Average Net Assets for the Period (in thousands)		$266
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.69%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.59%
		Ratio of Net Investment Income/(Loss)	4.51%
	Portfolio Turnover Rate		32%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from November 30, 2015 (inception date) through July 31, 2016.

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

(4) Period from June 5, 2017 (inception date) through July 31, 2017.


See Notes to Financial Statements.

Janus Investment Fund	21

Janus Henderson Emerging Markets Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year or period ended September 30			2021	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.08	$8.78	$9.52	$10.42	$10.24
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.03)⁽³⁾	0.04	0.13	0.10	0.04
		Net realized and unrealized gain/(loss)	2.31	1.40	(0.57)	(0.68)	0.14
	Total from Investment Operations		2.28	1.44	(0.44)	(0.58)	0.18
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	(0.14)	(0.12)	(0.11)	—
		Distributions (from capital gains)	—	—	(0.18)	(0.21)	—
	Total Dividends and Distributions		(0.11)	(0.14)	(0.30)	(0.32)	—
	Net Asset Value, End of Period		$12.25	$10.08	$8.78	$9.52	$10.42
	Total Return*		22.69%	16.43%	(4.56)%⁽⁴⁾	(5.86)%	1.76%
	Net Assets, End of Period (in thousands)		$3,310	$2,444	$3,008	$4,862	$7,770
	Average Net Assets for the Period (in thousands)		$3,000	$2,477	$4,046	$7,275	$7,786
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.61%	1.82%	1.73%	1.45%	1.62%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.27%	1.28%	1.27%	1.26%	1.30%
		Ratio of Net Investment Income/(Loss)	(0.45)%⁽³⁾	0.40%	1.41%	0.93%	2.34%
	Portfolio Turnover Rate		46%	110%	68%	26%	2%

* Total return includes adjustments in accordance 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 August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

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

(4) Total return without the effect of affiliated payments would have been (4.79)%.


See Notes to Financial Statements.

22	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended July 31			2017⁽¹⁾
	Net Asset Value, Beginning of Period		$10.05
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.08
		Net realized and unrealized gain/(loss)	0.11
	Total from Investment Operations		0.19
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$10.24
	Total Return*		1.89%
	Net Assets, End of Period (in thousands)		$7,629
	Average Net Assets for the Period (in thousands)		$6,024
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.42%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.38%
		Ratio of Net Investment Income/(Loss)	5.01%
	Portfolio Turnover Rate		32%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from June 5, 2017 (inception date) through July 31, 2017.

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


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

1. Organization and Significant Accounting Policies

Janus Henderson Emerging Markets 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 45 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.

Pursuant to the Agreement and Plan of Reorganization, the Fund acquired all the assets and liabilities of the Henderson Emerging Markets Fund (the “Predecessor Fund”), a series of Henderson Global Funds, in exchange for Class A, Class C, Class I and Class N Fund shares having an aggregate net asset value equal to the value of the aggregate net assets of the same share class of the Predecessor Fund (except that Class R6 Predecessor Fund shares were exchanged for Class N Fund shares) (the “Reorganization”). The Reorganization occurred at the close of business on June 2, 2017.

The Predecessor Fund and the Fund had identical investment objectives and substantially similar investment policies and principal risks. For financial reporting purposes, the Predecessor Fund’s financial and performance history prior to the Reorganization is carried forward and reflected in the Fund’s financial highlights.

The last fiscal year end of the Predecessor Fund was July 31, 2016. The Fund's first fiscal year end was July 31, 2017. Subsequent to July 31, 2017, the Fund changed its fiscal year end to September 30, 2017, to reflect the fiscal year end of certain funds of the Trust.

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.

It is expected that the conversion of Class C Shares to Class A Shares will not result in a taxable event. Please consult your tax adviser for further information.


24	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

The following accounting policies have been followed by the Fund and are in conformity with United States of America generally accepted accounting principles ("US GAAP").

Investment Valuation


Janus Investment Fund	25

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

Valuation Inputs Summary

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

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.

Investment Transactions and Investment Income

Expenses


26	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	27

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund’s investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely manner and negatively impact a Fund’s ability to achieve its investment objective(s). Any such event(s) could have a significant adverse impact on the value of a Fund. In addition, these disruptions could also impair the information technology and other operational systems upon which the Fund’s service providers, including Janus Capital or the subadviser (as applicable), rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund. Adverse weather conditions may also have a particularly significant negative effect on issuers in the agricultural sector and on insurance and reinsurance companies that insure or reinsure against the impact of natural disasters.

Emerging Market Investing


28	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

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.

Real Estate Investing

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital 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).


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
First $1 Billion	1.00
Next $1 Billion	0.90
Over $2 Billion	0.85

The Fund’s actual investment advisory fee rate for the reporting period was 1.00% of average annual net assets before any applicable waivers.

Janus Capital has contractually agreed to waive the investment advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 1.03% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing January 28, 2021. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.


Janus Investment Fund	29

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

with respect to administrative fees paid for omnibus or networked accounts. 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 Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, 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%

The Fund’s actual Class D administrative fee rate was 0.11% for the reporting period.

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors, a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors 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. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.


30	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

reimbursement and such costs are not otherwise waived). In addition, employees of Janus Capital 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 Janus Capital 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 Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital (or any subadvisor, as applicable) 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 Janus Capital and/or its affiliates, are shared with the Fund. Total compensation of $153,033 was paid to the Chief Compliance Officer and certain compliance staff by the Trust during the period ended March 31, 2021. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.


Janus Investment Fund	31

Janus Henderson Emerging Markets 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, 2021, redeeming shareholders of Class C Shares paid CDSCs of $30.

As of March 31, 2021, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class	% of Class Owned		% of Fund Owned
Class A Shares	-	%	-	%
Class C Shares	-		-
Class D Shares	-		-
Class I Shares	-		-
Class N Shares	93		44
Class S Shares	-		-
Class T Shares	-		-

4. Federal Income Tax



Capital Loss Carryover Schedule
For the year ended September 30, 2020
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$ (8,983,132)	$ (3,868,835)	$ (12,851,967)

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, 2021 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	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 96,192,574	$22,884,961	$ (2,826,159)	$ 20,058,802


32	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

5. Capital Share Transactions



	Period ended March 31, 2021		Year ended September 30, 2020
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	80,752	$ 1,002,945	188,412	$ 1,785,489
Reinvested dividends and distributions	3,383	38,799	6,582	62,859
Shares repurchased	(77,399)	(922,909)	(353,358)	(3,235,452)
Net Increase/(Decrease)	6,736	$ 118,835	(158,364)	$ (1,387,104)
Class C Shares:
Shares sold	13,996	$ 168,421	160,924	$ 1,528,333
Reinvested dividends and distributions	340	3,793	1,628	15,123
Shares repurchased	(79,665)	(952,434)	(304,537)	(2,646,298)
Net Increase/(Decrease)	(65,329)	$ (780,220)	(141,985)	$ (1,102,842)
Class D Shares:
Shares sold	1,794,839	$22,993,108	280,747	$ 2,525,693
Reinvested dividends and distributions	11,263	129,977	18,120	173,947
Shares repurchased	(478,099)	(5,946,451)	(470,571)	(4,199,386)
Net Increase/(Decrease)	1,328,003	$17,176,634	(171,704)	$ (1,499,746)
Class I Shares:
Shares sold	61,544	$ 722,955	707,341	$ 6,316,278
Reinvested dividends and distributions	21,333	245,325	56,073	537,175
Shares repurchased	(360,737)	(4,154,992)	(2,713,177)	(24,752,933)
Net Increase/(Decrease)	(277,860)	$ (3,186,712)	(1,949,763)	$(17,899,480)
Class N Shares:
Shares sold	1,119,837	$13,656,664	2,558,973	$ 24,980,004
Reinvested dividends and distributions	39,252	452,579	32,086	307,706
Shares repurchased	(224,965)	(2,634,730)	(983,633)	(8,607,686)
Net Increase/(Decrease)	934,124	$11,474,513	1,607,426	$ 16,680,024
Class S Shares:
Shares sold	421	$ 5,010	1,378	$ 12,859
Reinvested dividends and distributions	74	859	62	597
Shares repurchased	(430)	(4,369)	(824)	(7,461)
Net Increase/(Decrease)	65	$ 1,500	616	$ 5,995
Class T Shares:
Shares sold	44,621	$ 539,107	34,581	$ 314,136
Reinvested dividends and distributions	2,411	27,803	4,476	42,971
Shares repurchased	(19,233)	(233,056)	(139,330)	(1,314,322)
Net Increase/(Decrease)	27,799	$ 333,854	(100,273)	$ (957,215)

6. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$66,340,264	$ 42,204,770	$ -	$ -


Janus Investment Fund	33

Janus Henderson Emerging Markets Fund

Notes to Financial Statements (unaudited)

7. Subsequent Event


34	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


Janus Investment Fund	35

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Asset Allocation Funds


36	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	37

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds


38	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Multi-Asset U.S. Equity Funds

Quantitative Equity Funds


Janus Investment Fund	39

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

U.S. Equity Funds

Costs of Services Provided


40	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Asset Allocation Funds

Fixed-Income Funds


Janus Investment Fund	41

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


42	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Venture Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


Janus Investment Fund	43

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.


44	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

and any subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	45

Janus Henderson Emerging Markets Fund

Additional Information (unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM


46	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Useful Information About Your Fund Report (unaudited)

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


Janus Investment Fund	47

Janus Henderson Emerging Markets Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


48	MARCH 31, 2021

Janus Henderson Emerging Markets Fund

Useful Information About Your Fund Report (unaudited)


Janus Investment Fund	49




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, Janus, Henderson, Perkins and Intech are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-24-93079 05-21



	SEMIANNUAL REPORT March 31, 2021

Janus Henderson Enterprise Fund

Janus Investment Fund

		HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Enterprise Fund


Fund At A Glance and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	12
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	23
Additional Information	37
Useful Information About Your Fund Report	49

FUND SNAPSHOT

By taking a moderate approach to an asset class with potential for rapid growth, this mid-cap growth fund has demonstrated lower volatility than the index. Unlike other competitor products that focus on short-term growth rates, this strategy seeks to invest in companies that exhibit sustainable and durable growth.

Brian Demain

co-portfolio manager

Cody Wheaton

co-portfolio manager

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

Fund At A Glance

March 31, 2021





5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
LPL Financial Holdings Inc	1.98%	1.13%	Nice Ltd (ADR)	2.48%	-0.57%
Lam Research Corp	1.87%	0.94%	Fidelity National Information Services Inc	1.67%	-0.44%
ON Semiconductor Corp	1.51%	0.87%	Boston Scientific Corp	1.72%	-0.33%
Microchip Technology Inc	2.74%	0.56%	Ritchie Bros Auctioneers Inc	1.37%	-0.29%
SVB Financial Group	0.89%	0.56%	GoDaddy Inc	1.98%	-0.28%


	5 Top Contributors - Sectors*
		Relative	Fund	Russell Midcap Growth Index
		Contribution	Average Weight	Average Weight
	Information Technology	3.08%	38.32%	37.88%
	Financials	1.93%	10.91%	3.43%
	Consumer Discretionary	1.76%	7.84%	10.77%
	Industrials	1.66%	15.03%	11.68%
	Consumer Staples	0.77%	0.00%	3.62%


	5 Top Detractors - Sectors*
		Relative	Fund	Russell Midcap Growth Index
		Contribution	Average Weight	Average Weight
	Communication Services	-0.83%	0.56%	6.44%
	Other**	-0.52%	2.62%	0.00%
	Utilities	-0.14%	1.15%	0.09%
	Real Estate	-0.13%	2.31%	1.44%
	Energy	0.04%	1.34%	0.44%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.


Janus Investment Fund	1

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

Fund At A Glance

March 31, 2021


5 Largest Equity Holdings - (% of Net Assets)
KLA Corp
Semiconductor & Semiconductor Equipment	2.8%
Microchip Technology Inc
Semiconductor & Semiconductor Equipment	2.8%
SS&C Technologies Holdings Inc
Software	2.6%
LPL Financial Holdings Inc
Capital Markets	2.6%
Aon PLC
Insurance	2.4%
	13.2%


Asset Allocation - (% of Net Assets)
Common Stocks	97.4%
Investment Companies	2.6%
Investments Purchased with Cash Collateral from Securities Lending	0.1%
Other		(0.1)%
		100.0%

Top Country Allocations - Long Positions - (% of Investment Securities)

As of March 31, 2021

As of September 30, 2020


2	MARCH 31, 2021

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended March 31, 2021						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡
Class A Shares at NAV⁽¹⁾	25.67%	65.60%	18.05%	14.35%	11.71%	1.17%
Class A Shares at MOP⁽¹⁾	18.44%	56.07%	16.66%	13.67%	11.48%
Class C Shares at NAV⁽¹⁾	25.32%	64.65%	17.35%	13.61%	10.94%	1.74%
Class C Shares at CDSC⁽¹⁾	24.32%	63.65%	17.35%	13.61%	10.94%
Class D Shares⁽¹⁾	25.87%	66.12%	18.41%	14.68%	11.87%	0.80%
Class I Shares⁽¹⁾	25.89%	66.20%	18.48%	14.76%	11.91%	0.76%
Class N Shares⁽¹⁾	25.95%	66.34%	18.59%	14.82%	11.91%	0.66%
Class R Shares⁽¹⁾	25.50%	65.12%	17.71%	14.01%	11.33%	1.41%
Class S Shares⁽¹⁾	25.65%	65.52%	18.00%	14.30%	11.59%	1.16%
Class T Shares⁽¹⁾	25.80%	65.94%	18.30%	14.58%	11.83%	0.91%
Russell Midcap Growth Index	18.35%	68.61%	18.39%	14.11%	11.18%
Morningstar Quartile - Class T Shares	-	4th	3rd	1st	2nd
Morningstar Ranking - based on total returns for Mid-Cap Growth Funds	-	480/598	310/554	135/503	58/135

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.


Janus Investment Fund	3

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

Performance

High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

Class N Shares commenced operations on July 12, 2012. Performance shown for periods prior to July 12, 2012, reflects the performance of the Fund's Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Fund’s inception date – September 1, 1992

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.

(1) Closed to certain new investors.


4	MARCH 31, 2021

Janus Henderson Enterprise Fund (unaudited)(closed to certain new investors)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/20)	Ending Account Value (3/31/21)	Expenses Paid During Period (10/1/20 - 3/31/21)†	Beginning Account Value (10/1/20)	Ending Account Value (3/31/21)	Expenses Paid During Period (10/1/20 - 3/31/21)†	Net Annualized Expense Ratio (10/1/20 - 3/31/21)
Class A Shares		$1,000.00	$1,256.70	$6.25	$1,000.00	$1,019.40	$5.59	1.11%
Class C Shares		$1,000.00	$1,253.20	$9.38	$1,000.00	$1,016.60	$8.40	1.67%
Class D Shares		$1,000.00	$1,258.70	$4.45	$1,000.00	$1,020.99	$3.98	0.79%
Class I Shares		$1,000.00	$1,258.90	$4.22	$1,000.00	$1,021.19	$3.78	0.75%
Class N Shares		$1,000.00	$1,259.50	$3.72	$1,000.00	$1,021.64	$3.33	0.66%
Class R Shares		$1,000.00	$1,255.00	$7.87	$1,000.00	$1,017.95	$7.04	1.40%
Class S Shares		$1,000.00	$1,256.50	$6.53	$1,000.00	$1,019.15	$5.84	1.16%
Class T Shares		$1,000.00	$1,258.00	$5.07	$1,000.00	$1,020.44	$4.53	0.90%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	5

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares or Principal Amounts			Value
Common Stocks– 97.4%
Aerospace & Defense – 2.9%
	L3Harris Technologies Inc	1,572,814	$318,777,942
	Teledyne Technologies Inc*	850,644	351,868,891
			670,646,833
Airlines – 1.0%
	Ryanair Holdings PLC (ADR)*	2,030,937	233,557,755
Auto Components – 0.7%
	Visteon Corp*	1,239,334	151,136,781
Banks – 0.9%
	SVB Financial Group*	418,682	206,686,556
Biotechnology – 2.5%
	Ascendis Pharma A/S (ADR)*	581,926	74,998,623
	BioMarin Pharmaceutical Inc*	1,595,564	120,481,038
	Emergent BioSolutions Inc*	1,001,221	93,023,443
	Neurocrine Biosciences Inc*	1,507,996	146,652,611
	RPI International Holdings LP (144A)	1,808,030	74,922,955
	Sarepta Therapeutics Inc*	771,550	57,503,622
			567,582,292
Capital Markets – 4.6%
	Cboe Global Markets Inc	1,599,178	157,822,877
	Charles Schwab Corp	2,421,318	157,821,507
	LPL Financial Holdings Inc^£	4,111,220	584,451,035
	MSCI Inc	340,713	142,854,147
			1,042,949,566
Commercial Services & Supplies – 3.0%
	Cimpress PLC*^,£	2,154,740	215,754,116
	Edenred	3,438,610	179,589,462
	Ritchie Bros Auctioneers Inc	4,870,747	285,182,237
			680,525,815
Containers & Packaging – 1.3%
	Sealed Air Corp	6,542,565	299,780,328
Diversified Consumer Services – 1.6%
	Courser Inc*	611,634	27,523,530
	frontdoor Inc*	2,595,344	139,499,740
	Terminix Global Holdings Inc*	4,325,747	206,208,359
			373,231,629
Electric Utilities – 1.3%
	Alliant Energy Corp	5,354,787	290,015,264
Electrical Equipment – 1.8%
	Sensata Technologies Holding PLC*	7,037,320	407,812,694
Electronic Equipment, Instruments & Components – 5.5%
	Dolby Laboratories Inc	1,770,446	174,778,429
	Flex Ltd*	18,018,604	329,920,639
	National Instruments Corp	5,780,684	249,638,839
	TE Connectivity Ltd	3,992,326	515,449,210
			1,269,787,117
Entertainment – 0.6%
	Liberty Media Corp-Liberty Formula One*	2,965,054	128,357,188
Equity Real Estate Investment Trusts (REITs) – 2.4%
	Crown Castle International Corp	938,693	161,577,226
	Lamar Advertising Co	4,251,997	399,347,558
			560,924,784
Health Care Equipment & Supplies – 8.7%
	Boston Scientific Corp*	10,361,024	400,453,578
	Cooper Cos Inc	1,303,156	500,529,188
	Dentsply Sirona Inc	3,998,600	255,150,666
	ICU Medical Inc*	1,011,072	207,714,632
	STERIS PLC	1,277,899	243,414,202
	Teleflex Inc	498,871	207,260,946


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

6	MARCH 31, 2021

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares or Principal Amounts			Value
Common Stocks– (continued)
Health Care Equipment & Supplies– (continued)
	Varian Medical Systems Inc*	1,012,999	$178,824,713
			1,993,347,925
Hotels, Restaurants & Leisure – 0.8%
	Aramark	5,025,079	189,847,485
Information Technology Services – 11.6%
	Amdocs Ltd	5,484,437	384,733,256
	Broadridge Financial Solutions Inc	3,434,236	525,781,532
	Euronet Worldwide Inc*	457,431	63,262,707
	Fidelity National Information Services Inc	2,652,558	372,976,180
	Global Payments Inc	1,982,747	399,682,140
	GoDaddy Inc*	5,538,033	429,862,121
	WEX Inc*	1,933,556	404,538,586
	Wix.com Ltd*	282,670	78,927,117
			2,659,763,639
Insurance – 6.3%
	Aon PLC	2,391,118	550,220,163
	Intact Financial Corp	3,674,011	450,296,613
	Oscar Health Inc - Class A*^,#	1,508,106	40,537,889
	WR Berkley Corp	5,220,135	393,337,172
			1,434,391,837
Internet & Direct Marketing Retail – 1.0%
	Wayfair Inc*	728,978	229,445,825
Life Sciences Tools & Services – 3.7%
	Illumina Inc*	379,172	145,624,798
	PerkinElmer Inc	1,262,833	162,008,846
	PRA Health Sciences Inc*	1,935,691	296,799,501
	Waters Corp*	837,726	238,056,597
			842,489,742
Machinery – 2.8%
	Ingersoll Rand Inc*	5,771,292	284,005,279
	Rexnord Corp	4,538,839	213,733,929
	Wabtec Corp	1,943,389	153,838,673
			651,577,881
Oil, Gas & Consumable Fuels – 1.4%
	Magellan Midstream Partners LP	7,147,831	309,929,952
Pharmaceuticals – 2.7%
	Bristol-Myers Squibb Co	2,154,116	135,989,343
	Catalent Inc*	2,864,931	301,705,884
	Elanco Animal Health Inc*	6,150,175	181,122,654
			618,817,881
Professional Services – 1.4%
	CoStar Group Inc*	211,977	174,221,777
	Verisk Analytics Inc	882,284	155,890,760
			330,112,537
Road & Rail – 1.8%
	JB Hunt Transport Services Inc	2,507,946	421,510,484
Semiconductor & Semiconductor Equipment – 9.8%
	KLA Corp	1,973,353	651,995,831
	Lam Research Corp	564,712	336,139,171
	Microchip Technology Inc	4,162,419	646,090,677
	NXP Semiconductors NV	891,643	179,523,402
	ON Semiconductor Corp*	10,126,024	421,343,859
			2,235,092,940
Software – 10.3%
	Atlassian Corp PLC*	1,375,231	289,843,686
	Ceridian HCM Holding Inc*	3,401,298	286,627,382
	Constellation Software Inc/Canada	329,994	460,925,324
	Dynatrace Inc*	2,895,335	139,670,960


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

Janus Investment Fund	7

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares or Principal Amounts			Value
Common Stocks– (continued)
Software– (continued)
	j2 Global Inc*	726,082	$87,028,189
	Nice Ltd (ADR)*	2,057,634	448,502,483
	SS&C Technologies Holdings Inc	8,676,112	606,199,945
	Topicus.com Inc*	613,728	40,316,044
			2,359,114,013
Specialty Retail – 3.2%
	Burlington Stores Inc*	586,749	175,320,601
	CarMax Inc*	3,281,943	435,382,558
	Vroom Inc*	3,091,131	120,523,198
			731,226,357
Textiles, Apparel & Luxury Goods – 0.9%
	Gildan Activewear Inc*	6,528,988	200,178,772
Trading Companies & Distributors – 0.9%
	Ferguson PLC	1,715,179	204,928,759
Total Common Stocks (cost $12,182,050,696)			22,294,770,631
Investment Companies– 2.6%
Money Markets – 2.6%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº,£((cost $583,793,387)	583,769,679	583,828,056
Investments Purchased with Cash Collateral from Securities Lending– 0.1%
Investment Companies – 0.1%
	Janus Henderson Cash Collateral Fund LLC, 0.0011%^ºº,£	15,607,928	15,607,928
Time Deposits – 0%
	Royal Bank of Canada, 0.0300%, 4/1/21	$3,901,982	3,901,982
Total Investments Purchased with Cash Collateral from Securities Lending (cost $19,509,910)			19,509,910
Total Investments (total cost $12,785,353,993) – 100.1%			22,898,108,597
Liabilities, net of Cash, Receivables and Other Assets – (0.1)%			(15,655,083)
Net Assets – 100%			$22,882,453,514


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
United States	$20,155,790,481	88.0	%
Canada	1,436,898,990	6.3
Israel	527,429,600	2.3
Australia	289,843,686	1.3
Ireland	233,557,755	1.0
France	179,589,462	0.8
Denmark	74,998,623	0.3



Total	$22,898,108,597	100.0	%


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

8	MARCH 31, 2021

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2021

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 3/31/21
Common Stocks - 3.5%
Capital Markets - 2.6%
	LPL Financial Holdings Inc	$	2,055,610	$	-	$	269,243,798	$	584,451,035
Commercial Services & Supplies - 0.9%
	Cimpress PLC^*		-		-		53,803,858		215,754,116
Total Common Stocks		$	2,055,610	$	-	$	323,047,656	$	800,205,151
Investment Companies - 2.6%
Money Markets - 2.6%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº		250,069		15,828		(22,937)		583,828,056
Investments Purchased with Cash Collateral from Securities Lending - 0.1%
Investment Companies - 0.1%
	Janus Henderson Cash Collateral Fund LLC, 0.0011%^ºº		37,025^∆		-		-		15,607,928
Total Affiliated Investments - 6.2%		$	2,342,704	$	15,828	$	323,024,719	$	1,399,641,135


		Value at 9/30/20		Purchases		Sales Proceeds		Value at 3/31/21
Common Stocks - 3.5%
Capital Markets - 2.6%
	LPL Financial Holdings Inc		315,207,237		-		-		584,451,035
Commercial Services & Supplies - 0.9%
	Cimpress PLC^*		161,950,258		-		-		215,754,116
Investment Companies - 2.6%
Money Markets - 2.6%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº		659,506,681		1,514,373,497		(1,590,045,013)		583,828,056
Investments Purchased with Cash Collateral from Securities Lending - 0.1%
Investment Companies - 0.1%
	Janus Henderson Cash Collateral Fund LLC, 0.0011%^ºº		17,467,560		261,421,383		(263,281,015)		15,607,928


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

Janus Investment Fund	9

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2021


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
Barclays Capital, Inc.:
Canadian Dollar	5/27/21	(129,556,000)	$	103,481,713	$	364,179
Canadian Dollar	5/27/21	(4,048,000)		3,202,761		(19,164)
Euro	5/27/21	(94,077,000)		114,830,350		4,386,786

						4,731,801
Citibank, National Association:
Canadian Dollar	5/27/21	4,300,000		(3,458,078)		(35,578)
Canadian Dollar	5/27/21	(76,864,000)		61,423,393		245,014
Canadian Dollar	5/27/21	(5,865,000)		4,638,490		(29,641)
Euro	5/27/21	20,058,000		(23,859,829)		(312,342)
Euro	5/27/21	(118,822,000)		145,102,134		5,608,688

						5,476,141
Credit Suisse International:
Canadian Dollar	5/27/21	(149,867,000)		119,658,304		374,631
Canadian Dollar	5/27/21	(17,904,000)		14,211,316		(39,018)
Euro	5/27/21	22,942,000		(27,798,563)		(865,346)
Euro	5/27/21	(15,148,000)		18,244,432		461,136

						(68,597)
HSBC Securities (USA), Inc.:
Canadian Dollar	5/27/21	(140,609,000)		112,279,707		364,756
Euro	5/27/21	(99,130,000)		121,528,423		5,152,792

						5,517,548
JPMorgan Chase Bank, National Association:
Canadian Dollar	5/27/21	7,154,000		(5,728,325)		(34,240)
Canadian Dollar	5/27/21	(13,054,000)		10,309,050		(81,023)
Euro	5/27/21	(159,960,000)		195,652,135		7,863,917

						7,748,654
State Street:
Canadian Dollar	5/27/21	85,000		(67,848)		(194)
Euro	5/27/21	(23,129,000)		28,341,768		1,189,019

						1,188,825
Total					$	24,594,372


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

10	MARCH 31, 2021

Janus Henderson Enterprise Fund

Schedule of Investments (unaudited)

March 31, 2021

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, 2021.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2021

					Currency Contracts
Asset Derivatives:
Forward foreign currency exchange contracts					$ 26,010,918

Liability Derivatives:
Forward foreign currency exchange contracts					$ 1,416,546

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, 2021.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended March 31, 2021

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$ (42,924,580)



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$ 24,286,746

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 Market Value of Derivative Instruments During the Period Ended March 31, 2021

	Market Value^(a)
Forward foreign currency exchange contracts, purchased	$ 180,945,816
Forward foreign currency exchange contracts, sold	1,045,676,439

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount purchased or sold.


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

Janus Investment Fund	11

Janus Henderson Enterprise Fund

Notes to Schedule of Investments and Other Information (unaudited)


Russell Midcap^{^®}Growth Index	Russell Midcap^{^®} Growth Index reflects the performance of U.S. mid-cap equities with higher price-to-book ratios and higher forecasted growth values.


ADR	American Depositary Receipt
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company

144A


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2021.


#	Loaned security; a portion of the security is on loan at March 31, 2021.


£	The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.


∆	Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.


12	MARCH 31, 2021

Janus Henderson Enterprise 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, 2021. See Notes to Financial Statements for more information.

Valuation Inputs Summary

					Level 2 -		Level 3 -
			Level 1 -		Other Significant		Significant
			Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Common Stocks
Biotechnology		$	492,659,337	$	74,922,955	$	-
All Other			21,727,188,339		-		-
Investment Companies			-		583,828,056		-
Investments Purchased with Cash Collateral from Securities Lending			-		19,509,910		-
Total Investments in Securities		$	22,219,847,676	$	678,260,921	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		26,010,918		-
Total Assets		$	22,219,847,676	$	704,271,839	$	-
Liabilities
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts		$	-	$	1,416,546	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


Janus Investment Fund	13

Janus Henderson Enterprise Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2021

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	21,498,467,462
	Affiliated investments, at value⁽³⁾			1,399,641,135
	Forward foreign currency exchange contracts			26,010,918
	Non-interested Trustees' deferred compensation			560,679
	Receivables:
		Fund shares sold		106,981,649
		Investments sold		23,722,667
		Dividends		11,210,368
		Dividends from affiliates		29,730
	Other assets			171,423
Total Assets				23,066,796,031
Liabilities:
	Due to custodian			12,639
	Collateral for securities loaned (Note 3)			19,509,910
	Forward foreign currency exchange contracts			1,416,546
	Payables:			—
		Fund shares repurchased		117,132,781
		Investments purchased		29,017,918
		Advisory fees		12,363,653
		Transfer agent fees and expenses		2,924,998
		Non-interested Trustees' deferred compensation fees		560,679
		12b-1 Distribution and shareholder servicing fees		418,202
		Non-interested Trustees' fees and expenses		86,019
		Affiliated fund administration fees payable		48,295
		Professional fees		37,539
		Custodian fees		24,325
		Accrued expenses and other payables		789,013
Total Liabilities				184,342,517
Net Assets			$	22,882,453,514


See Notes to Financial Statements.

14	MARCH 31, 2021

Janus Henderson Enterprise Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2021




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	11,183,055,925
	Total distributable earnings (loss)		11,699,397,589
Total Net Assets		$	22,882,453,514
Net Assets - Class A Shares		$	494,378,665
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,096,946
Net Asset Value Per Share⁽⁴⁾		$	159.63
Maximum Offering Price Per Share⁽⁵⁾		$	169.37
Net Assets - Class C Shares		$	186,498,388
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,294,146
Net Asset Value Per Share⁽⁴⁾		$	144.11
Net Assets - Class D Shares		$	2,412,004,142
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		14,630,544
Net Asset Value Per Share		$	164.86
Net Assets - Class I Shares		$	7,482,705,221
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		45,121,096
Net Asset Value Per Share		$	165.84
Net Assets - Class N Shares		$	5,690,418,484
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		34,162,906
Net Asset Value Per Share		$	166.57
Net Assets - Class R Shares		$	129,247,605
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		846,772
Net Asset Value Per Share		$	152.64
Net Assets - Class S Shares		$	478,036,263
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,014,764
Net Asset Value Per Share		$	158.57
Net Assets - Class T Shares		$	6,009,164,746
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		36,739,240
Net Asset Value Per Share		$	163.56

(1) Includes cost of $11,877,144,053.

(2) Includes $19,061,446 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Includes cost of $908,209,940.

(4) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(5) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Enterprise Fund

Statement of Operations (unaudited)

For the period ended March 31, 2021



Investment Income:
	Dividends		$	122,416,886
	Dividends from affiliates			2,305,679
	Affiliated securities lending income, net			37,025
	Unaffiliated securities lending income, net			1,103
	Other income			23
	Foreign tax withheld			(1,136,024)
Total Investment Income				123,624,692
Expenses:
	Advisory fees			70,998,093
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		609,786
		Class C Shares		874,524
		Class R Shares		311,315
		Class S Shares		606,619
	Transfer agent administrative fees and expenses:
		Class D Shares		1,290,694
		Class R Shares		159,923
		Class S Shares		606,202
		Class T Shares		7,223,488
	Transfer agent networking and omnibus fees:
		Class A Shares		552,249
		Class C Shares		60,563
		Class I Shares		3,331,730
	Other transfer agent fees and expenses:
		Class A Shares		16,346
		Class C Shares		4,980
		Class D Shares		128,015
		Class I Shares		172,597
		Class N Shares		80,609
		Class R Shares		892
		Class S Shares		2,492
		Class T Shares		24,921
	Shareholder reports expense			509,484
	Affiliated fund administration fees			277,336
	Custodian fees			202,140
	Registration fees			188,391
	Non-interested Trustees’ fees and expenses			176,011
	Professional fees			77,206
	Other expenses			580,385
Total Expenses				89,066,991
Less: Excess Expense Reimbursement and Waivers				(293,480)
Net Expenses				88,773,511
Net Investment Income/(Loss)				34,851,181


See Notes to Financial Statements.

16	MARCH 31, 2021

Janus Henderson Enterprise Fund

Statement of Operations (unaudited)

For the period ended March 31, 2021



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	1,895,351,304
	Investments in affiliates		15,828
	Forward foreign currency exchange contracts		(42,924,580)
Total Net Realized Gain/(Loss) on Investments			1,852,442,552
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		2,793,281,318
	Investments in affiliates		323,024,719
	Forward foreign currency exchange contracts		24,286,746
Total Change in Unrealized Net Appreciation/Depreciation			3,140,592,783
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	5,027,886,516


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Enterprise Fund

Statements of Changes in Net Assets



			Period ended March 31, 2021 (unaudited)		Year ended September 30, 2020

Operations:
	Net investment income/(loss)		$	34,851,181	$	51,019,204
	Net realized gain/(loss) on investments			1,852,442,552		1,453,709,773
	Change in unrealized net appreciation/depreciation			3,140,592,783		(448,765,933)
Net Increase/(Decrease) in Net Assets Resulting from Operations				5,027,886,516		1,055,963,044
Dividends and Distributions to Shareholders:
		Class A Shares		(39,548,234)		(23,793,931)
		Class C Shares		(16,803,309)		(10,095,941)
		Class D Shares		(182,191,933)		(91,743,793)
		Class I Shares		(616,012,620)		(351,705,307)
		Class N Shares		(437,937,089)		(231,735,533)
		Class R Shares		(10,772,784)		(6,798,272)
		Class S Shares		(39,534,196)		(26,571,882)
		Class T Shares		(471,925,055)		(246,601,883)
Net Decrease from Dividends and Distributions to Shareholders				(1,814,725,220)		(989,046,542)
Capital Share Transactions:
		Class A Shares		(33,624,349)		(91,578,569)
		Class C Shares		(11,719,268)		(36,773,178)
		Class D Shares		104,464,190		(98,110,959)
		Class I Shares		(527,050,838)		(715,367,037)
		Class N Shares		43,354,187		(43,513,001)
		Class R Shares		(7,857,015)		(30,705,544)
		Class S Shares		(58,466,854)		(122,670,300)
		Class T Shares		(28,322,211)		(290,823,533)
Net Increase/(Decrease) from Capital Share Transactions				(519,222,158)		(1,429,542,121)
Net Increase/(Decrease) in Net Assets				2,693,939,138		(1,362,625,619)
Net Assets:
	Beginning of period			20,188,514,376		21,551,139,995
	End of period		$	22,882,453,514	$	20,188,514,376


See Notes to Financial Statements.

18	MARCH 31, 2021

Janus Henderson Enterprise Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$137.77	$136.07	$131.70	$111.15	$94.24	$83.92
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	—⁽²⁾	(0.09)	(0.02)	(0.15)	(0.14)	(0.04)
		Net realized and unrealized gain/(loss)	34.68	7.94	11.19	22.79	18.61	13.68
	Total from Investment Operations		34.68	7.85	11.17	22.64	18.47	13.64
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	(0.18)
		Distributions (from capital gains)	(12.82)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Total Dividends and Distributions		(12.82)	(6.15)	(6.80)	(2.09)	(1.56)	(3.32)
	Net Asset Value, End of Period		$159.63	$137.77	$136.07	$131.70	$111.15	$94.24
	Total Return*		25.71%	5.81%	9.88%	20.63%	19.89%	16.72%
	Net Assets, End of Period (in thousands)		$494,379	$456,433	$547,328	$666,848	$617,749	$552,545
	Average Net Assets for the Period (in thousands)		$488,376	$493,576	$611,182	$647,856	$632,639	$385,855
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.14%	1.17%	1.15%	1.16%	1.18%	1.18%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.11%	1.12%	1.11%	1.12%	1.13%	1.15%
		Ratio of Net Investment Income/(Loss)	0.00%⁽³⁾	(0.07)%	(0.02)%	(0.13)%	(0.14)%	(0.05)%
	Portfolio Turnover Rate		7%	14%	13%	13%	10%	8%


Class C Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$125.75	$125.40	$122.67	$104.26	$89.01	$79.78
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.39)	(0.77)	(0.71)	(0.81)	(0.70)	(0.58)
		Net realized and unrealized gain/(loss)	31.57	7.27	10.24	21.31	17.51	12.95
	Total from Investment Operations		31.18	6.50	9.53	20.50	16.81	12.37
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(12.82)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Total Dividends and Distributions		(12.82)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Net Asset Value, End of Period		$144.11	$125.75	$125.40	$122.67	$104.26	$89.01
	Total Return*		25.36%	5.21%	9.25%	19.93%	19.19%	15.95%
	Net Assets, End of Period (in thousands)		$186,498	$173,129	$212,985	$254,496	$250,285	$185,629
	Average Net Assets for the Period (in thousands)		$186,620	$188,953	$219,505	$255,949	$233,290	$118,888
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.67%	1.69%	1.70%	1.70%	1.73%	1.81%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.67%	1.69%	1.70%	1.70%	1.73%	1.81%
		Ratio of Net Investment Income/(Loss)	(0.56)%	(0.64)%	(0.61)%	(0.71)%	(0.74)%	(0.71)%
	Portfolio Turnover Rate		7%	14%	13%	13%	10%	8%

* Total return includes adjustments in accordance 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	19

Janus Henderson Enterprise Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$142.10	$139.87	$134.99	$113.64	$96.10	$85.33
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.26	0.33	0.37	0.23	0.17	0.23
		Net realized and unrealized gain/(loss)	35.78	8.20	11.50	23.31	19.02	13.92
	Total from Investment Operations		36.04	8.53	11.87	23.54	19.19	14.15
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.46)	(0.15)	(0.19)	(0.10)	(0.09)	(0.24)
		Distributions (from capital gains)	(12.82)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Total Dividends and Distributions		(13.28)	(6.30)	(6.99)	(2.19)	(1.65)	(3.38)
	Net Asset Value, End of Period		$164.86	$142.10	$139.87	$134.99	$113.64	$96.10
	Total Return*		25.91%	6.15%	10.22%	20.99%	20.27%	17.06%
	Net Assets, End of Period (in thousands)		$2,412,004	$1,983,824	$2,061,471	$1,973,861	$1,696,184	$1,420,155
	Average Net Assets for the Period (in thousands)		$2,263,015	$1,974,784	$1,930,540	$1,853,456	$1,547,274	$1,301,480
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.79%	0.80%	0.81%	0.81%	0.82%	0.84%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.79%	0.80%	0.81%	0.81%	0.82%	0.84%
		Ratio of Net Investment Income/(Loss)	0.33%	0.25%	0.28%	0.18%	0.17%	0.26%
	Portfolio Turnover Rate		7%	14%	13%	13%	10%	8%


Class I Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$142.89	$140.62	$135.69	$114.20	$96.60	$85.81
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.28	0.40	0.45	0.32	0.23	0.29
		Net realized and unrealized gain/(loss)	36.00	8.24	11.55	23.42	19.09	14.00
	Total from Investment Operations		36.28	8.64	12.00	23.74	19.32	14.29
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.51)	(0.22)	(0.27)	(0.16)	(0.16)	(0.36)
		Distributions (from capital gains)	(12.82)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Total Dividends and Distributions		(13.33)	(6.37)	(7.07)	(2.25)	(1.72)	(3.50)
	Net Asset Value, End of Period		$165.84	$142.89	$140.62	$135.69	$114.20	$96.60
	Total Return*		25.94%	6.20%	10.28%	21.07%	20.32%	17.15%
	Net Assets, End of Period (in thousands)		$7,482,705	$6,919,545	$7,666,702	$6,443,068	$4,550,263	$2,524,615
	Average Net Assets for the Period (in thousands)		$7,481,678	$7,335,476	$6,775,060	$5,408,221	$3,535,026	$1,776,987
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.75%	0.75%	0.75%	0.75%	0.77%	0.78%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.75%	0.75%	0.75%	0.75%	0.77%	0.78%
		Ratio of Net Investment Income/(Loss)	0.36%	0.30%	0.34%	0.25%	0.22%	0.32%
	Portfolio Turnover Rate		7%	14%	13%	13%	10%	8%

* Total return includes adjustments in accordance 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, 2021

Janus Henderson Enterprise Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$143.53	$141.19	$136.18	$114.57	$96.86	$86.00
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.37	0.53	0.56	0.42	0.33	0.37
		Net realized and unrealized gain/(loss)	36.15	8.28	11.60	23.51	19.15	14.03
	Total from Investment Operations		36.52	8.81	12.16	23.93	19.48	14.40
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.66)	(0.32)	(0.35)	(0.23)	(0.21)	(0.40)
		Distributions (from capital gains)	(12.82)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Total Dividends and Distributions		(13.48)	(6.47)	(7.15)	(2.32)	(1.77)	(3.54)
	Net Asset Value, End of Period		$166.57	$143.53	$141.19	$136.18	$114.57	$96.86
	Total Return*		26.00%	6.30%	10.38%	21.18%	20.45%	17.25%
	Net Assets, End of Period (in thousands)		$5,690,418	$4,867,667	$4,860,043	$3,947,225	$2,940,422	$1,416,813
	Average Net Assets for the Period (in thousands)		$5,418,918	$4,941,595	$4,213,287	$3,463,197	$2,309,608	$935,924
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.66%	0.66%	0.66%	0.66%	0.67%	0.68%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.66%	0.66%	0.66%	0.66%	0.67%	0.68%
		Ratio of Net Investment Income/(Loss)	0.46%	0.39%	0.43%	0.34%	0.31%	0.41%
	Portfolio Turnover Rate		7%	14%	13%	13%	10%	8%


Class R Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$132.38	$131.34	$127.76	$108.20	$92.03	$82.09
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.21)	(0.46)	(0.39)	(0.50)	(0.41)	(0.28)
		Net realized and unrealized gain/(loss)	33.29	7.65	10.77	22.15	18.14	13.36
	Total from Investment Operations		33.08	7.19	10.38	21.65	17.73	13.08
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(12.82)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Total Dividends and Distributions		(12.82)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Net Asset Value, End of Period		$152.64	$132.38	$131.34	$127.76	$108.20	$92.03
	Total Return*		25.54%	5.51%	9.56%	20.27%	19.56%	16.38%
	Net Assets, End of Period (in thousands)		$129,248	$119,190	$150,860	$162,271	$171,439	$134,396
	Average Net Assets for the Period (in thousands)		$128,290	$130,918	$150,191	$167,123	$160,164	$115,477
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.40%	1.41%	1.41%	1.41%	1.42%	1.43%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.40%	1.41%	1.41%	1.41%	1.42%	1.43%
		Ratio of Net Investment Income/(Loss)	(0.29)%	(0.36)%	(0.32)%	(0.43)%	(0.42)%	(0.33)%
	Portfolio Turnover Rate		7%	14%	13%	13%	10%	8%

* Total return includes adjustments in accordance 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 Enterprise Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$136.94	$135.34	$131.09	$110.70	$93.89	$83.56
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.04)	(0.14)	(0.08)	(0.21)	(0.17)	(0.07)
		Net realized and unrealized gain/(loss)	34.49	7.89	11.13	22.69	18.54	13.62
	Total from Investment Operations		34.45	7.75	11.05	22.48	18.37	13.55
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	(0.08)
		Distributions (from capital gains)	(12.82)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Total Dividends and Distributions		(12.82)	(6.15)	(6.80)	(2.09)	(1.56)	(3.22)
	Net Asset Value, End of Period		$158.57	$136.94	$135.34	$131.09	$110.70	$93.89
	Total Return*		25.69%	5.77%	9.84%	20.57%	19.86%	16.67%
	Net Assets, End of Period (in thousands)		$478,036	$465,207	$589,792	$626,458	$580,629	$470,126
	Average Net Assets for the Period (in thousands)		$486,294	$538,012	$592,420	$593,963	$536,354	$391,803
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.16%	1.16%	1.16%	1.16%	1.17%	1.18%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.16%	1.16%	1.16%	1.16%	1.17%	1.18%
		Ratio of Net Investment Income/(Loss)	(0.05)%	(0.11)%	(0.06)%	(0.17)%	(0.17)%	(0.08)%
	Portfolio Turnover Rate		7%	14%	13%	13%	10%	8%


Class T Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$141.02	$138.90	$134.10	$112.96	$95.60	$84.97
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.17	0.20	0.24	0.11	0.08	0.15
		Net realized and unrealized gain/(loss)	35.51	8.13	11.44	23.17	18.91	13.85
	Total from Investment Operations		35.68	8.33	11.68	23.28	18.99	14.00
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.32)	(0.06)	(0.08)	(0.05)	(0.07)	(0.23)
		Distributions (from capital gains)	(12.82)	(6.15)	(6.80)	(2.09)	(1.56)	(3.14)
	Total Dividends and Distributions		(13.14)	(6.21)	(6.88)	(2.14)	(1.63)	(3.37)
	Net Asset Value, End of Period		$163.56	$141.02	$138.90	$134.10	$112.96	$95.60
	Total Return*		25.84%	6.04%	10.12%	20.88%	20.16%	16.96%
	Net Assets, End of Period (in thousands)		$6,009,165	$5,203,521	$5,461,958	$5,344,306	$4,374,383	$3,050,476
	Average Net Assets for the Period (in thousands)		$5,794,666	$5,246,105	$5,059,206	$4,920,845	$3,748,225	$2,355,843
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.91%	0.91%	0.91%	0.91%	0.92%	0.93%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.90%	0.90%	0.91%	0.91%	0.91%	0.93%
		Ratio of Net Investment Income/(Loss)	0.22%	0.15%	0.19%	0.09%	0.08%	0.17%
	Portfolio Turnover Rate		7%	14%	13%	13%	10%	8%

* Total return includes adjustments in accordance 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, 2021

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

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 45 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.

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.

It is expected that the conversion of Class C Shares to Class A Shares will not result in a taxable event. Please consult your tax adviser for further information.


Janus Investment Fund	23

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

Management LLC (“Janus Capital”), or its affiliates. Class N Shares are also available to Janus Henderson proprietary products and to certain direct institutional investors approved by Janus Distributors LLC dba Janus Henderson Distributors (“Janus Henderson Distributors”) 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.

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

Investment Valuation

Valuation Inputs Summary

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


24	MARCH 31, 2021

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications


Janus Investment Fund	25

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

Foreign Currency Translations

Dividends and Distributions

Federal Income Taxes

2. Derivative Instruments


26	MARCH 31, 2021

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

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:

· 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.

· Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

· 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.

· Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

· 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.

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


Janus Investment Fund	27

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

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 shall be 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 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.

3. Other Investments and Strategies

Additional Investment Risk


28	MARCH 31, 2021

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

within the EU. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom voted to exit the EU, commonly known as “Brexit,” which immediately led to significant market volatility around the world, as well as political, economic and legal uncertainty. The United Kingdom formally left the EU on January 31, 2020 and entered into an eleven-month transition period, which expired on December 31, 2020. The negative impact on not only the United Kingdom and European economies could be significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on the United Kingdom and/or Europe for their business activities and revenues. Any further exits from the EU, or an increase in the belief that such exits are likely or possible, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties.

Counterparties

Offsetting Assets and Liabilities


Janus Investment Fund	29

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)


Offsetting of Financial Assets and Derivative Assets

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Assets		or Liability^(a)		Pledged^(b)		Net Amount

Barclays Capital, Inc.		$	4,750,965	$	(19,164)	$	—	$	4,731,801
Citibank, National Association			5,853,702		(377,561)		—		5,476,141
Credit Suisse International			835,767		(835,767)		—		—
HSBC Securities (USA), Inc.			5,517,548		—		—		5,517,548
JPMorgan Chase Bank, National Association			26,925,363		(115,263)		(19,061,446)		7,748,654
State Street			1,189,019		(194)		—		1,188,825

Total		$	45,072,364	$	(1,347,949)	$	(19,061,446)	$	24,662,969
Offsetting of Financial Liabilities and Derivative Liabilities

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability^(a)		Pledged^(b)		Net Amount

Barclays Capital, Inc.		$	19,164	$	(19,164)	$	—	$	—
Citibank, National Association			377,561		(377,561)		—		—
Credit Suisse International			904,364		(835,767)		—		68,597
JPMorgan Chase Bank, National Association			115,263		(115,263)		—		—
State Street			194		(194)		—		—

Total		$	1,416,546	$	(1,347,949)	$	—	$	68,597
(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.
(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.

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. Securities on loan 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”). See “Securities Lending” in the “Notes to Financial Statements” for additional information.

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


30	MARCH 31, 2021

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

daily to ensure their cover and/or market value equals or exceeds the Fund’s corresponding forward foreign currency exchange contract's obligation value.

Real Estate Investing

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. 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, Janus Capital 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 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.

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of March 31, 2021, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $19,061,446. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2021 is $19,509,910, resulting in the net amount due to the counterparty of $448,464.


Janus Investment Fund	31

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

4. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital an investment advisory fee which is calculated daily and paid monthly. The Fund’s contractual investment advisory fee rate (expressed as an annual rate) is 0.64% of its average daily net assets.

Janus Capital has contractually agreed to waive the investment advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.80% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing January 28, 2021. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, 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%

The Fund’s actual Class D administrative fee rate was 0.11% for the reporting period.


32	MARCH 31, 2021

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.


Janus Investment Fund	33

Janus Henderson Enterprise 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, 2021, redeeming shareholders of Class C Shares paid CDSCs of $3,863.

5. Federal Income Tax

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, 2021 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	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 12,771,674,117	$ 10,282,528,199	$ (156,093,719)	$ 10,126,434,480

Information on the tax components of derivatives as of March 31, 2021 is as follows:


34	MARCH 31, 2021

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ -	$26,010,918	$ (1,416,546)	$ 24,594,372

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

6. Capital Share Transactions



	Period ended March 31, 2021		Year ended September 30, 2020
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	382,880	$ 58,937,357	881,121	$ 112,715,268
Reinvested dividends and distributions	175,459	26,494,246	120,158	16,418,356
Shares repurchased	(774,515)	(119,055,952)	(1,710,600)	(220,712,193)
Net Increase/(Decrease)	(216,176)	$ (33,624,349)	(709,321)	$ (91,578,569)
Class C Shares:
Shares sold	25,716	$ 3,582,721	58,829	$ 7,114,133
Reinvested dividends and distributions	115,145	15,720,744	74,527	9,335,946
Shares repurchased	(223,530)	(31,022,733)	(455,029)	(53,223,257)
Net Increase/(Decrease)	(82,669)	$ (11,719,268)	(321,673)	$ (36,773,178)
Class D Shares:
Shares sold	319,267	$ 50,925,405	579,296	$ 75,194,707
Reinvested dividends and distributions	1,135,443	176,890,607	635,739	89,372,263
Shares repurchased	(785,043)	(123,351,822)	(1,992,204)	(262,677,929)
Net Increase/(Decrease)	669,667	$ 104,464,190	(777,169)	$ (98,110,959)
Class I Shares:
Shares sold	4,631,207	$ 738,662,118	14,554,241	$ 1,925,449,381
Reinvested dividends and distributions	3,162,055	495,494,094	2,008,727	283,853,271
Shares repurchased	(11,099,249)	(1,761,207,050)	(22,655,383)	(2,924,669,689)
Net Increase/(Decrease)	(3,305,987)	$ (527,050,838)	(6,092,415)	$ (715,367,037)
Class N Shares:
Shares sold	3,180,902	$ 512,826,532	8,769,103	$ 1,186,576,185
Reinvested dividends and distributions	2,741,978	431,450,288	1,610,043	228,352,328
Shares repurchased	(5,674,948)	(900,922,633)	(10,887,285)	(1,458,441,514)
Net Increase/(Decrease)	247,932	$ 43,354,187	(508,139)	$ (43,513,001)
Class R Shares:
Shares sold	88,433	$ 12,963,562	221,184	$ 27,357,556
Reinvested dividends and distributions	73,206	10,577,543	49,064	6,456,280
Shares repurchased	(215,256)	(31,398,120)	(518,503)	(64,519,380)
Net Increase/(Decrease)	(53,617)	$ (7,857,015)	(248,255)	$ (30,705,544)
Class S Shares:
Shares sold	182,203	$ 27,811,393	945,692	$ 122,422,594
Reinvested dividends and distributions	263,171	39,475,606	195,365	26,540,272
Shares repurchased	(827,764)	(125,753,853)	(2,101,920)	(271,633,166)
Net Increase/(Decrease)	(382,390)	$ (58,466,854)	(960,863)	$ (122,670,300)
Class T Shares:
Shares sold	2,597,368	$ 409,446,475	9,766,944	$ 1,229,924,597
Reinvested dividends and distributions	3,013,650	465,970,549	1,742,852	243,336,927
Shares repurchased	(5,772,132)	(903,739,235)	(13,932,598)	(1,764,085,057)
Net Increase/(Decrease)	(161,114)	$ (28,322,211)	(2,422,802)	$ (290,823,533)


Janus Investment Fund	35

Janus Henderson Enterprise Fund

Notes to Financial Statements (unaudited)

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$ 1,401,408,647	$ 3,648,495,191	$ -	$ -

8. Subsequent Event


36	MARCH 31, 2021

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


Janus Investment Fund	37

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Asset Allocation Funds


38	MARCH 31, 2021

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	39

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds


40	MARCH 31, 2021

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Multi-Asset U.S. Equity Funds

Quantitative Equity Funds


Janus Investment Fund	41

Janus Henderson Enterprise Fund

Additional Information (unaudited)

U.S. Equity Funds

Costs of Services Provided


42	MARCH 31, 2021

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Asset Allocation Funds

Fixed-Income Funds


Janus Investment Fund	43

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


44	MARCH 31, 2021

Janus Henderson Enterprise Fund

Additional Information (unaudited)

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Venture Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


Janus Investment Fund	45

Janus Henderson Enterprise Fund

Additional Information (unaudited)

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.


46	MARCH 31, 2021

Janus Henderson Enterprise Fund

Additional Information (unaudited)

and any subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	47

Janus Henderson Enterprise Fund

Additional Information (unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

The Program Administrator Report discussed the operation and effectiveness of the LRMP during the Reporting Period. It noted that the Fund was able to meet redemptions during the normal course of business during the Reporting Period, and discussed the additional actions that the Liquidity Risk Working Group took during the period of market volatility in the spring of 2020 to monitor the Fund’s liquidity. The Program Administrator Report also stated that the Fund did not exceed the 15% limit on illiquid assets during the Reporting Period, that the Fund held primarily highly liquid assets, and was considered to be a primarily highly liquid fund during the Reporting Period. In addition, the Program Administrator expressed its belief in the Program Administrator Report that the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, taking into account the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule.


48	MARCH 31, 2021

Janus Henderson Enterprise Fund

Useful Information About Your Fund Report (unaudited)

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


Janus Investment Fund	49

Janus Henderson Enterprise Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


50	MARCH 31, 2021

Janus Henderson Enterprise Fund

Useful Information About Your Fund Report (unaudited)


Janus Investment Fund	51

Janus Henderson Enterprise Fund

Notes

NotesPage1


52	MARCH 31, 2021

Janus Henderson Enterprise Fund

Notes

NotesPage2


Janus Investment Fund	53




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, Janus, Henderson, Perkins and Intech are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-24-93040 05-21



	SEMIANNUAL REPORT March 31, 2021

Janus Henderson European Focus Fund

Janus Investment Fund

		HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics and holdings

Table of Contents

Janus Henderson European Focus Fund


Fund At A Glance and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	11
Statement of Assets and Liabilities	13
Statement of Operations	15
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	26
Additional Information	42
Useful Information About Your Fund Report	54

FUND SNAPSHOT

A regional equity fund that seeks to achieve long-term capital appreciation primarily through investment in European companies. The management team applies a high-conviction approach, with a focus on opportunities that offer material upside potential, regardless of style.

Robert Schramm-Fuchs

Portfolio manager

Janus Henderson European Focus Fund (unaudited)

Fund At A Glance

March 31, 2021





5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Ashtead Group PLC	2.46%	0.86%	Rational AG	0.78%	-0.85%
International Consolidated Airlines Group SA	0.55%	0.59%	Symrise AG	1.35%	-0.61%
Nordex AG	0.89%	0.57%	HelloFresh SE	0.17%	-0.47%
Daimler AG	2.01%	0.55%	Barry Callebaut AG (REG)	1.99%	-0.38%
VAT Group AG	1.06%	0.43%	Chocoladefabriken Lindt & Spruengli AG (PC)	2.05%	-0.36%


	5 Top Contributors - Sectors*
		Relative	Fund	MSCI Europe Index
		Contribution	Average Weight	Average Weight
	Industrials	2.25%	24.34%	14.57%
	Information Technology	1.33%	8.29%	7.62%
	Health Care	1.15%	12.08%	14.69%
	Consumer Staples	0.09%	11.28%	13.45%
	Real Estate	-0.03%	0.10%	1.37%


	5 Top Detractors - Sectors*
		Relative	Fund	MSCI Europe Index
		Contribution	Average Weight	Average Weight
	Financials	-1.68%	10.75%	15.51%
	Materials	-1.28%	8.29%	8.24%
	Energy	-1.16%	1.51%	4.37%
	Utilities	-0.56%	7.64%	4.89%
	Other**	-0.41%	4.33%	0.00%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.


Janus Investment Fund	1

Janus Henderson European Focus Fund (unaudited)

Fund At A Glance

March 31, 2021


5 Largest Equity Holdings - (% of Net Assets)
Wizz Air Holdings PLC
Airlines	4.0%
Nestle SA (REG)
Food Products	3.2%
ASML Holding NV
Semiconductor & Semiconductor Equipment	3.2%
MTU Aero Engines AG
Aerospace & Defense	2.8%
Roche Holding AG
Pharmaceuticals	2.7%
	15.9%


Asset Allocation - (% of Net Assets)
Common Stocks	95.5%
Investment Companies	3.8%
Investments Purchased with Cash Collateral from Securities Lending	2.5%
Other		(1.8)%
		100.0%

Top Country Allocations - Long Positions - (% of Investment Securities)

As of March 31, 2021

As of September 30, 2020


2	MARCH 31, 2021

Janus Henderson European Focus Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended March 31, 2021						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡	Net Annual Fund Operating Expenses^‡
Class A Shares at NAV	20.29%	61.15%	7.10%	5.19%	12.29%	1.45%	1.31%
Class A Shares at MOP	13.36%	51.88%	5.84%	4.57%	11.95%
Class C Shares at NAV	19.81%	59.88%	6.30%	4.39%	11.44%	2.20%	2.07%
Class C Shares at CDSC	18.81%	58.88%	6.30%	4.39%	11.44%
Class D Shares	20.41%	61.49%	7.25%	5.27%	12.33%	1.40%	1.11%
Class I Shares	20.45%	61.56%	7.39%	5.48%	12.47%	1.17%	1.04%
Class N Shares	20.46%	61.64%	7.43%	5.36%	12.38%	1.20%	0.96%
Class S Shares	20.59%	61.37%	7.12%	5.18%	12.28%	7.87%	1.47%
Class T Shares	20.34%	61.31%	7.20%	5.24%	12.31%	1.70%	1.21%
MSCI Europe Index	20.33%	44.95%	8.18%	5.08%	5.74%
Morningstar Quartile - Class A Shares	-	1st	4th	3rd	1st
Morningstar Ranking - based on total returns for Europe Stock Funds	-	22/95	63/88	45/66	9/55

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 28, 2021.


Janus Investment Fund	3

Janus Henderson European Focus Fund (unaudited)

Performance

risks. Please see the prospectus for more information about risks, holdings and other details.

High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

Returns of the Fund shown prior to June 5, 2017, are those for Henderson European Focus Fund (the “Predecessor Fund”), which merged into the Fund after the close of business on June 2, 2017. The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the reorganization automatically exchanged for Class D Shares of the Fund following the reorganization. Class A Shares and Class C Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on August 31, 2001. Class I Shares and Class R6 Shares of the Predecessor Fund commenced operations on March 31, 2009 and November 30, 2015, respectively. Class D Shares, Class S Shares, and Class T Shares commenced operations on June 5, 2017.

Performance of Class I Shares shown for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the fees and expenses of Class I Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to March 31, 2009, performance for Class I Shares reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

Performance of Class N Shares shown for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund, calculated using the fees and expenses of Class R6 Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to November 30, 2015, performance for Class N Shares reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

Performance of Class S Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

Performance of Class T Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

Performance of Class D Shares shown for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Predecessor Fund’s inception date – August 31, 2001

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


4	MARCH 31, 2021

Janus Henderson European Focus Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/20)	Ending Account Value (3/31/21)	Expenses Paid During Period (10/1/20 - 3/31/21)†	Beginning Account Value (10/1/20)	Ending Account Value (3/31/21)	Expenses Paid During Period (10/1/20 - 3/31/21)†	Net Annualized Expense Ratio (10/1/20 - 3/31/21)
Class A Shares		$1,000.00	$1,202.90	$7.14	$1,000.00	$1,018.45	$6.54	1.30%
Class C Shares		$1,000.00	$1,198.10	$11.34	$1,000.00	$1,014.61	$10.40	2.07%
Class D Shares		$1,000.00	$1,204.10	$6.04	$1,000.00	$1,019.45	$5.54	1.10%
Class I Shares		$1,000.00	$1,204.50	$5.72	$1,000.00	$1,019.75	$5.24	1.04%
Class N Shares		$1,000.00	$1,204.60	$5.28	$1,000.00	$1,020.14	$4.84	0.96%
Class S Shares		$1,000.00	$1,205.90	$4.34	$1,000.00	$1,020.99	$3.98	0.79%
Class T Shares		$1,000.00	$1,203.40	$6.59	$1,000.00	$1,018.95	$6.04	1.20%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


Janus Investment Fund	5

Janus Henderson European Focus Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares or Principal Amounts			Value
Common Stocks– 95.5%
Aerospace & Defense – 2.8%
	MTU Aero Engines AG	51,783	$12,186,593
Air Freight & Logistics – 2.4%
	DSV Panalpina A/S	53,069	10,412,823
Airlines – 4.0%
	Wizz Air Holdings PLC (144A)*	257,163	17,092,683
Automobiles – 2.0%
	Daimler AG	97,080	8,652,632
Banks – 10.2%
	Erste Group Bank AG*	278,699	9,451,079
	FinecoBank Banca Fineco SpA*	500,976	8,197,746
	KBC Group NV*	118,228	8,595,274
	Nordea Bank Abp	927,435	9,136,244
	Societe Generale SA*	327,252	8,563,019
			43,943,362
Biotechnology – 1.8%
	BioNTech SE (ADR)*	69,169	7,587,575
Capital Markets – 2.0%
	UBS Group AG	546,372	8,461,539
Chemicals – 1.4%
	BASF SE	73,958	6,143,437
Containers & Packaging – 1.9%
	Smurfit Kappa Group PLC	177,115	8,340,590
Electric Utilities – 3.8%
	EDP - Energias de Portugal SA	1,420,968	8,114,485
	Enel SpA	850,058	8,465,593
			16,580,078
Electrical Equipment – 3.2%
	Nordex AG*	255,764	8,211,464
	Vestas Wind Systems A/S	27,454	5,635,718
			13,847,182
Energy Equipment & Services – 1.4%
	Subsea 7 SA*	605,693	6,085,765
Food Products – 7.2%
	Barry Callebaut AG (REG)	3,766	8,512,356
	Chocoladefabriken Lindt & Spruengli AG (PC)	985	8,599,206
	Nestle SA (REG)	123,871	13,808,012
			30,919,574
Health Care Equipment & Supplies – 5.0%
	Carl Zeiss Meditec AG	48,227	7,266,765
	Siemens Healthineers AG (144A)	85,380	4,625,363
	Straumann Holding AG	7,914	9,873,657
			21,765,785
Hotels, Restaurants & Leisure – 1.8%
	BNN Technology PLC*^,¢	11,756,231	615,781
	Whitbread PLC*	148,967	7,034,804
			7,650,585
Household Durables – 1.4%
	Persimmon PLC	154,469	6,259,840
Independent Power and Renewable Electricity Producers – 1.6%
	Solaria Energia y Medio Ambiente SA*	317,860	6,738,791
Machinery – 7.7%
	Alfa Laval AB*	196,276	5,935,494
	Atlas Copco AB	96,975	5,905,144
	KION Group AG	76,971	7,599,534
	Rational AG^#	11,231	8,724,731
	Volvo AB*^,#	204,450	5,173,311
			33,338,214
Metals & Mining – 3.6%
	Anglo American PLC	140,936	5,522,007


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

6	MARCH 31, 2021

Janus Henderson European Focus Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares or Principal Amounts			Value
Common Stocks– (continued)
Metals & Mining– (continued)
	ArcelorMittal SA*	187,134	$5,404,616
	Lundin Mining Corp	434,671	4,476,165
			15,402,788
Paper & Forest Products – 2.3%
	UPM-Kymmene Oyj	272,379	9,782,916
Personal Products – 2.6%
	L'Oreal SA	29,365	11,252,778
Pharmaceuticals – 4.8%
	AstraZeneca PLC	89,988	8,989,125
	Roche Holding AG	36,821	11,901,560
			20,890,685
Semiconductor & Semiconductor Equipment – 9.0%
	ASM International NV	26,468	7,696,983
	ASML Holding NV	22,555	13,673,544
	Infineon Technologies AG	158,736	6,729,635
	STMicroelectronics NV	289,199	11,017,783
			39,117,945
Specialty Retail – 3.4%
	Industria de Diseno Textil SA	222,860	7,343,214
	JD Sports Fashion PLC*	658,048	7,479,550
			14,822,764
Textiles, Apparel & Luxury Goods – 5.7%
	Hugo Boss AG	199,459	7,828,113
	LVMH Moet Hennessy Louis Vuitton SE	15,630	10,411,936
	Pandora A/S*	60,837	6,518,593
			24,758,642
Trading Companies & Distributors – 2.5%
	Ashtead Group PLC	184,701	11,016,172
Total Common Stocks (cost $364,175,376)			413,051,738
Investment Companies– 3.8%
Money Markets – 3.8%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº,£((cost $16,195,684)	16,194,065	16,195,684
Investments Purchased with Cash Collateral from Securities Lending– 2.5%
Investment Companies – 2.0%
	Janus Henderson Cash Collateral Fund LLC, 0.0011%^ºº,£	8,626,545	8,626,545
Time Deposits – 0.5%
	Royal Bank of Canada, 0.0300%, 4/1/21	$2,156,636	2,156,636
Total Investments Purchased with Cash Collateral from Securities Lending (cost $10,783,181)			10,783,181
Total Investments (total cost $391,154,241) – 101.8%			440,030,603
Liabilities, net of Cash, Receivables and Other Assets – (1.8)%			(7,569,918)
Net Assets – 100%			$432,460,685


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

Janus Investment Fund	7

Janus Henderson European Focus Fund

Schedule of Investments (unaudited)

March 31, 2021


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
Germany	$85,555,842	19.4	%
Switzerland	61,156,330	13.9
United Kingdom	46,917,279	10.7
France	46,650,132	10.6
United States	26,978,865	6.1
Denmark	22,567,134	5.1
Netherlands	21,370,527	4.9
Finland	18,919,160	4.3
Hungary	17,092,683	3.9
Sweden	17,013,949	3.9
Italy	16,663,339	3.8
Spain	14,082,005	3.2
Austria	9,451,079	2.1
Belgium	8,595,274	2.0
Ireland	8,340,590	1.9
Portugal	8,114,485	1.8
Norway	6,085,765	1.4
Chile	4,476,165	1.0



Total	$440,030,603	100.0	%

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 3/31/21
Investment Companies - 3.8%
Money Markets - 3.8%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº	$	6,684	$	648	$	(1,005)	$	16,195,684
Investments Purchased with Cash Collateral from Securities Lending - 2.0%
Investment Companies - 2.0%
	Janus Henderson Cash Collateral Fund LLC, 0.0011%^ºº		1,776^∆		-		-		8,626,545
Total Affiliated Investments - 5.8%		$	8,460	$	648	$	(1,005)	$	24,822,229


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

8	MARCH 31, 2021

Janus Henderson European Focus Fund

Schedule of Investments (unaudited)

March 31, 2021


		Value at 9/30/20		Purchases		Sales Proceeds		Value at 3/31/21
Investment Companies - 3.8%
Money Markets - 3.8%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº		19,626,491		230,120,017		(233,550,467)		16,195,684
Investments Purchased with Cash Collateral from Securities Lending - 2.0%
Investment Companies - 2.0%
	Janus Henderson Cash Collateral Fund LLC, 0.0011%^ºº		-		13,645,440		(5,018,895)		8,626,545

Schedule of OTC Written Options

Counterparty/

Reference Asset

Number of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Options

Written,

at Value

Written Put Options:

Citigroup:


Airbus SE	1,250	65.00	EUR	6/18/21	$	14,150,280	$	466,664	$	430,576	$	(36,088)
EURO STOXX 50	500	2,950.00	EUR	12/17/21		22,978,213		547,615		244,440		(303,175)
S&P 500 Index	75	3,200.00	USD	12/17/21		29,796,675		1,256,250		658,022		(598,228)
								2,270,529		1,333,038		(937,491)

JPMorgan Chase & Co:


DAX Index	250	12,000.00	EUR	12/17/21	21,998,364		948,862		567,217		(381,645)
							948,862		567,217		(381,645)
Total - Written Put Options							3,219,391		1,900,255		(1,319,136)
Total OTC Written Options						$	3,219,391	$	1,900,255	$	(1,319,136)

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, 2021.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2021

					Equity Contracts

Liability Derivatives:
Options written, at value					$ 1,319,136


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

Janus Investment Fund	9

Janus Henderson European Focus Fund

Schedule of Investments (unaudited)

March 31, 2021

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, 2021.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended March 31, 2021

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Equity Contracts
Purchased options contracts				$ 64,624
Written options contracts				32,310

Total				$ 96,934


Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Equity Contracts
Purchased options contracts				$ 81,881
Written options contracts				1,859,311

Total				$ 1,941,192

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 Market Value of Derivative Instruments During the Period Ended March 31, 2021

	Market Value
Purchased options contracts, call	$ 71,870
Written options contracts, put	1,127,337


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

10	MARCH 31, 2021

Janus Henderson European Focus Fund

Notes to Schedule of Investments and Other Information (unaudited)


MSCI Europe Index^SM	MSCI Europe Index^SM reflects the equity market performance of developed markets in Europe.


ADR	American Depositary Receipt
LLC	Limited Liability Company
OTC	Over-the-Counter
PC	Participation Certificate
PLC	Public Limited Company
REG	Registered

144A


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2021.


#	Loaned security; a portion of the security is on loan at March 31, 2021.


¢	Security is valued using significant unobservable inputs.


£	The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.


∆	Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.


Janus Investment Fund	11

Janus Henderson European Focus 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, 2021. See Notes to Financial Statements for more information.

Valuation Inputs Summary

					Level 2 -		Level 3 -
			Level 1 -		Other Significant		Significant
			Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Common Stocks
Hotels, Restaurants & Leisure		$	7,034,804	$	-	$	615,781
All Other			405,401,153		-		-
Investment Companies			-		16,195,684		-
Investments Purchased with Cash Collateral from Securities Lending			-		10,783,181		-
Total Assets		$	412,435,957	$	26,978,865	$	615,781
Liabilities
Other Financial Instruments^(a):
Options Written, at Value		$	-	$	1,319,136	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


12	MARCH 31, 2021

Janus Henderson European Focus Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2021

See footnotes at the end of the Statement.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	415,208,374
	Affiliated investments, at value⁽³⁾			24,822,229
	Cash			286,131
	Deposits with brokers for OTC derivatives			1,480,000
	Non-interested Trustees' deferred compensation			10,592
	Receivables:
		Foreign tax reclaims		3,227,424
		Investments sold		2,558,931
		Fund shares sold		558,113
		Dividends		304,990
		Dividends from affiliates		940
	Other assets			46,043
Total Assets				448,503,767
Liabilities:
	Collateral for securities loaned (Note 3)			10,783,181
	Options written, at value⁽⁴⁾			1,319,136
	Payables:			—
		Investments purchased		2,812,563
		Fund shares repurchased		559,644
		Advisory fees		319,402
		Transfer agent fees and expenses		56,434
		12b-1 Distribution and shareholder servicing fees		51,107
		Professional fees		31,801
		Non-interested Trustees' deferred compensation fees		10,592
		Custodian fees		6,938
		Non-interested Trustees' fees and expenses		1,553
		Affiliated fund administration fees payable		908
		Accrued expenses and other payables		89,823
Total Liabilities				16,043,082
Net Assets			$	432,460,685


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson European Focus Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2021




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	824,162,529
	Total distributable earnings (loss)		(391,701,844)
Total Net Assets		$	432,460,685
Net Assets - Class A Shares		$	134,593,467
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,278,413
Net Asset Value Per Share⁽⁵⁾		$	41.05
Maximum Offering Price Per Share⁽⁶⁾		$	43.55
Net Assets - Class C Shares		$	26,148,602
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		673,697
Net Asset Value Per Share⁽⁵⁾		$	38.81
Net Assets - Class D Shares		$	5,907,034
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		144,910
Net Asset Value Per Share		$	40.76
Net Assets - Class I Shares		$	249,309,098
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		6,113,314
Net Asset Value Per Share		$	40.78
Net Assets - Class N Shares		$	11,952,032
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		295,145
Net Asset Value Per Share		$	40.50
Net Assets - Class S Shares		$	65,635
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,676
Net Asset Value Per Share		$	39.16
Net Assets - Class T Shares		$	4,484,817
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		110,054
Net Asset Value Per Share		$	40.75

(1) Includes cost of $366,332,012.

(2) Includes $10,267,983 of securities on loan. See Note 3 in Notes to Financial Statements.

(3) Includes cost of $24,822,229.

(4) Premiums received $3,219,391.

(5) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(6) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

14	MARCH 31, 2021

Janus Henderson European Focus Fund

Statement of Operations (unaudited)

For the period ended March 31, 2021



Investment Income:
	Dividends		$	2,532,776
	Dividends from affiliates			6,684
	Affiliated securities lending income, net			1,776
	Unaffiliated securities lending income, net			107
	Other income			100
	Foreign tax withheld			(269,258)
Total Investment Income				2,272,185
Expenses:
	Advisory fees			2,021,540
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		159,061
		Class C Shares		147,001
		Class S Shares		—
	Transfer agent administrative fees and expenses:
		Class D Shares		2,771
		Class S Shares		77
		Class T Shares		3,449
	Transfer agent networking and omnibus fees:
		Class A Shares		53,424
		Class C Shares		14,802
		Class I Shares		87,192
	Other transfer agent fees and expenses:
		Class A Shares		4,370
		Class C Shares		875
		Class D Shares		670
		Class I Shares		5,190
		Class N Shares		107
		Class S Shares		1
		Class T Shares		17
	Registration fees			25,584
	Custodian fees			23,995
	Professional fees			23,378
	Shareholder reports expense			15,556
	Affiliated fund administration fees			5,054
	Non-interested Trustees’ fees and expenses			3,247
	Other expenses			47,090
Total Expenses				2,644,451
Less: Excess Expense Reimbursement and Waivers				(223,416)
Net Expenses				2,421,035
Net Investment Income/(Loss)				(148,850)


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson European Focus Fund

Statement of Operations (unaudited)

For the period ended March 31, 2021



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	62,215,068
	Investments in affiliates		648
	Purchased options contracts		64,624
	Short sales		(28,725)
	Written options contracts		32,310
Total Net Realized Gain/(Loss) on Investments			62,283,925
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		9,025,010
	Investments in affiliates		(1,005)
	Purchased options contracts		81,881
	Written options contracts		1,859,311
Total Change in Unrealized Net Appreciation/Depreciation			10,965,197
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	73,100,272


See Notes to Financial Statements.

16	MARCH 31, 2021

Janus Henderson European Focus Fund

Statements of Changes in Net Assets



			Period ended March 31, 2021 (unaudited)		Year ended September 30, 2020

Operations:
	Net investment income/(loss)		$	(148,850)	$	1,640,842
	Net realized gain/(loss) on investments			62,283,925		43,758,359
	Change in unrealized net appreciation/depreciation			10,965,197		38,925,813
Net Increase/(Decrease) in Net Assets Resulting from Operations				73,100,272		84,325,014
Dividends and Distributions to Shareholders:
		Class A Shares		(362,388)		(1,186,901)
		Class D Shares		(20,930)		(32,297)
		Class I Shares		(1,148,633)		(2,905,921)
		Class N Shares		(26,735)		(19,353)
		Class S Shares		(185)		(610)
		Class T Shares		(12,244)		(9,250)
Net Decrease from Dividends and Distributions to Shareholders				(1,571,115)		(4,154,332)
Capital Share Transactions:
		Class A Shares		(4,111,893)		(21,249,933)
		Class C Shares		(9,025,333)		(21,581,585)
		Class D Shares		1,607,127		648,406
		Class I Shares		105,762		(58,387,988)
		Class N Shares		6,502,010		3,923,326
		Class S Shares		185		610
		Class T Shares		2,481,802		755,031
Net Increase/(Decrease) from Capital Share Transactions				(2,440,340)		(95,892,133)
Net Increase/(Decrease) in Net Assets				69,088,817		(15,721,451)
Net Assets:
	Beginning of period			363,371,868		379,093,319
	End of period		$	432,460,685	$	363,371,868


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson European Focus Fund

Financial Highlights


Class A Shares
For a share outstanding during the period end March 31, 2021 (unaudited) and the year or period ended September 30			2021	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$34.23	$27.21	$31.73	$35.02	$34.22
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.03)	0.11	0.41	0.46	0.13
		Net realized and unrealized gain/(loss)	6.96	7.22	(3.91)	(3.16)	0.67
	Total from Investment Operations		6.93	7.33	(3.50)	(2.70)	0.80
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	(0.31)	(1.02)	(0.59)	—
	Total Dividends and Distributions		(0.11)	(0.31)	(1.02)	(0.59)	—
	Net Asset Value, End of Period		$41.05	$34.23	$27.21	$31.73	$35.02
	Total Return*		20.26%	27.04%	(10.61)%	(7.84)%	2.34%
	Net Assets, End of Period (in thousands)		$134,593	$116,047	$112,110	$176,690	$273,184
	Average Net Assets for the Period (in thousands)		$127,598	$109,879	$135,260	$227,911	$268,061
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.41%	1.45%	1.46%	1.31%	1.35%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.30%	1.31%	1.32%	1.30%	1.35%
		Ratio of Net Investment Income/(Loss)	(0.18)%	0.38%	1.49%	1.37%	2.29%
	Portfolio Turnover Rate		116%	160%	145%	82%	6%


Class C Shares
For a share outstanding during the period end March 31, 2021 (unaudited) and the year or period ended September 30			2021	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$32.40	$25.69	$29.66	$32.68	$31.98
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.18)	(0.11)	0.16	0.21	0.08
		Net realized and unrealized gain/(loss)	6.59	6.82	(3.57)	(2.97)	0.62
	Total from Investment Operations		6.41	6.71	(3.41)	(2.76)	0.70
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	(0.56)	(0.26)	—
	Total Dividends and Distributions		—	—	(0.56)	(0.26)	—
	Net Asset Value, End of Period		$38.81	$32.40	$25.69	$29.66	$32.68
	Total Return*		19.78%	26.12%	(11.26)%	(8.51)%	2.19%
	Net Assets, End of Period (in thousands)		$26,149	$29,652	$43,110	$118,408	$184,366
	Average Net Assets for the Period (in thousands)		$29,492	$37,468	$62,633	$154,929	$183,018
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.18%	2.19%	2.19%	2.04%	2.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.07%	2.06%	2.06%	2.02%	2.22%
		Ratio of Net Investment Income/(Loss)	(1.01)%	(0.40)%	0.62%	0.65%	1.44%
	Portfolio Turnover Rate		116%	160%	145%	82%	6%

* Total return includes adjustments in accordance 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 August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

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


See Notes to Financial Statements.

18	MARCH 31, 2021

Janus Henderson European Focus Fund

Financial Highlights


Class A Shares
For a share outstanding during the year ended July 31			2017	2016
	Net Asset Value, Beginning of Period		$32.17	$36.91
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.34	0.44
		Net realized and unrealized gain/(loss)	2.50	(4.94)
	Total from Investment Operations		2.84	(4.50)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.79)	(0.24)
	Total Dividends and Distributions		(0.79)	(0.24)
	Net Asset Value, End of Period		$34.22	$32.17
	Total Return*		9.15%	(12.22)%
	Net Assets, End of Period (in thousands)		$274,588	$560,452
	Average Net Assets for the Period (in thousands)		$381,753	$810,537
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.33%	1.28%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.33%	1.28%
		Ratio of Net Investment Income/(Loss)	1.06%	1.35%
	Portfolio Turnover Rate		57%	62%


Class C Shares
For a share outstanding during the year ended July 31			2017	2016
	Net Asset Value, Beginning of Period		$30.06	$34.57
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	0.11	0.22
		Net realized and unrealized gain/(loss)	2.32	(4.69)
	Total from Investment Operations		2.43	(4.47)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.51)	(0.04)
	Total Dividends and Distributions		(0.51)	(0.04)
	Net Asset Value, End of Period		$31.98	$30.06
	Total Return*		8.32%	(12.94)%
	Net Assets, End of Period (in thousands)		$188,120	$287,339
	Average Net Assets for the Period (in thousands)		$219,705	$328,767
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	2.11%	2.07%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	2.11%	2.07%
		Ratio of Net Investment Income/(Loss)	0.36%	0.71%
	Portfolio Turnover Rate		57%	62%

* Total return 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 European Focus Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year or period ended September 30			2021	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$34.01	$27.05	$31.61	$35.02	$34.21
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.18	0.49	0.57	0.14
		Net realized and unrealized gain/(loss)	6.90	7.16	(3.92)	(3.20)	0.67
	Total from Investment Operations		6.92	7.34	(3.43)	(2.63)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.38)	(1.13)	(0.78)	—
	Total Dividends and Distributions		(0.17)	(0.38)	(1.13)	(0.78)	—
	Net Asset Value, End of Period		$40.76	$34.01	$27.05	$31.61	$35.02
	Total Return*		20.38%	27.27%	(10.39)%	(7.67)%	2.37%
	Net Assets, End of Period (in thousands)		$5,907	$3,510	$2,293	$2,875	$2,776
	Average Net Assets for the Period (in thousands)		$4,865	$2,636	$2,421	$3,071	$2,683
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.30%	1.40%	1.59%	1.19%	1.11%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.10%	1.11%	1.14%	1.11%	1.11%
		Ratio of Net Investment Income/(Loss)	0.08%	0.60%	1.81%	1.71%	2.52%
	Portfolio Turnover Rate		116%	160%	145%	82%	6%


Class I Shares
For a share outstanding during the period end March 31, 2021 (unaudited) and the year or period ended September 30			2021	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$34.03	$27.07	$31.59	$34.94	$34.13
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.19	0.42	0.54	0.15
		Net realized and unrealized gain/(loss)	6.92	7.17	(3.82)	(3.14)	0.66
	Total from Investment Operations		6.94	7.36	(3.40)	(2.60)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.19)	(0.40)	(1.12)	(0.75)	—
	Total Dividends and Distributions		(0.19)	(0.40)	(1.12)	(0.75)	—
	Net Asset Value, End of Period		$40.78	$34.03	$27.07	$31.59	$34.94
	Total Return*		20.42%	27.35%	(10.30)%	(7.60)%	2.37%
	Net Assets, End of Period (in thousands)		$249,309	$208,159	$220,722	$695,302	$1,234,695
	Average Net Assets for the Period (in thousands)		$232,600	$204,753	$353,101	$1,025,799	$1,231,744
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.15%	1.17%	1.16%	1.03%	1.06%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%	1.04%	1.03%	1.02%	1.06%
		Ratio of Net Investment Income/(Loss)	0.09%	0.64%	1.53%	1.60%	2.59%
	Portfolio Turnover Rate		116%	160%	145%	82%	6%

* Total return includes adjustments in accordance 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 August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

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


See Notes to Financial Statements.

20	MARCH 31, 2021

Janus Henderson European Focus Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended July 31			2017⁽¹⁾
	Net Asset Value, Beginning of Period		$33.53
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.11
		Net realized and unrealized gain/(loss)	0.57
	Total from Investment Operations		0.68
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$34.21
	Total Return*		2.03%
	Net Assets, End of Period (in thousands)		$2,585
	Average Net Assets for the Period (in thousands)		$2,342
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.25%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.08%
		Ratio of Net Investment Income/(Loss)	2.11%
	Portfolio Turnover Rate		57%


Class I Shares
For a share outstanding during the year ended July 31			2017	2016
	Net Asset Value, Beginning of Period		$32.18	$36.90
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.44	0.60
		Net realized and unrealized gain/(loss)	2.47	(5.02)
	Total from Investment Operations		2.91	(4.42)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.96)	(0.30)
	Total Dividends and Distributions		(0.96)	(0.30)
	Net Asset Value, End of Period		$34.13	$32.18
	Total Return*		9.44%	(12.01)%
	Net Assets, End of Period (in thousands)		$1,277,021	$1,874,371
	Average Net Assets for the Period (in thousands)		$1,414,519	$2,276,749
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.07%	1.04%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.07%	1.04%
		Ratio of Net Investment Income/(Loss)	1.38%	1.83%
	Portfolio Turnover Rate		57%	62%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from June 5, 2017 (inception date) through July 31, 2017.

(2) 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 European Focus Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year or period ended September 30			2021	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$33.80	$26.86	$31.64	$34.89	$34.10
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.06	0.34	0.49	0.56	0.13
		Net realized and unrealized gain/(loss)	6.85	7.01	(3.91)	(3.14)	0.66
	Total from Investment Operations		6.91	7.35	(3.42)	(2.58)	0.79
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.21)	(0.41)	(1.36)	(0.67)	—
	Total Dividends and Distributions		(0.21)	(0.41)	(1.36)	(0.67)	—
	Net Asset Value, End of Period		$40.50	$33.80	$26.86	$31.64	$34.89
	Total Return*		20.46%	27.51%	(10.25)%	(7.54)%	2.32%
	Net Assets, End of Period (in thousands)		$11,952	$4,371	$139	$284	$318
	Average Net Assets for the Period (in thousands)		$8,036	$3,114	$207	$332	$245
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.11%	1.20%	2.56%	1.43%	1.19%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.96%	0.96%	0.97%	0.97%	1.19%
		Ratio of Net Investment Income/(Loss)	0.32%	1.17%	1.82%	1.68%	2.29%
	Portfolio Turnover Rate		116%	160%	145%	82%	6%


Class S Shares
For a share outstanding during the period end March 31, 2021 (unaudited) and the year or period ended September 30			2021	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$32.57	$25.98	$31.53	$35.01	$34.20
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.06	0.11	0.45	0.47	0.13
		Net realized and unrealized gain/(loss)	6.64	6.85	(3.98)	(3.20)	0.68
	Total from Investment Operations		6.70	6.96	(3.53)	(2.73)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.11)	(0.37)	(2.02)	(0.75)	—
	Total Dividends and Distributions		(0.11)	(0.37)	(2.02)	(0.75)	—
	Net Asset Value, End of Period		$39.16	$32.57	$25.98	$31.53	$35.01
	Total Return*		20.59%	26.93%	(10.35)%	(7.96)%	2.37%
	Net Assets, End of Period (in thousands)		$66	$54	$43	$48	$52
	Average Net Assets for the Period (in thousands)		$61	$48	$43	$50	$50
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	5.95%	7.83%	8.50%	4.42%	1.48%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.79%	1.34%	1.17%	1.35%	1.30%
		Ratio of Net Investment Income/(Loss)	0.33%	0.40%	1.73%	1.42%	2.34%
	Portfolio Turnover Rate		116%	160%	145%	82%	6%

* Total return includes adjustments in accordance 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 August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

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


See Notes to Financial Statements.

22	MARCH 31, 2021

Janus Henderson European Focus Fund

Financial Highlights


Class N Shares
For a share outstanding during the year or period ended July 31			2017	2016⁽¹⁾
	Net Asset Value, Beginning of Period		$32.18	$34.37
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.42	0.57
		Net realized and unrealized gain/(loss)	2.47	(2.46)
	Total from Investment Operations		2.89	(1.89)
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.97)	(0.30)
	Total Dividends and Distributions		(0.97)	(0.30)
	Net Asset Value, End of Period		$34.10	$32.18
	Total Return*		9.36%	(5.54)%
	Net Assets, End of Period (in thousands)		$210	$1,413
	Average Net Assets for the Period (in thousands)		$1,074	$1,393
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.10%	1.05%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.10%	1.05%
		Ratio of Net Investment Income/(Loss)	1.34%	2.68%
	Portfolio Turnover Rate		57%	62%


Class S Shares
For a share outstanding during the period ended July 31			2017⁽³⁾
	Net Asset Value, Beginning of Period		$33.53
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.09
		Net realized and unrealized gain/(loss)	0.58
	Total from Investment Operations		0.67
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$34.20
	Total Return*		2.00%
	Net Assets, End of Period (in thousands)		$51
	Average Net Assets for the Period (in thousands)		$49
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.45%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.45%
		Ratio of Net Investment Income/(Loss)	1.67%
	Portfolio Turnover Rate		57%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from November 30, 2015 (inception date) through July 31, 2016.

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

(3) Period from June 5, 2017 (inception date) through July 31, 2017.


See Notes to Financial Statements.

Janus Investment Fund	23

Janus Henderson European Focus Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year or period ended September 30			2021	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$34.02	$27.06	$31.57	$35.03	$34.22
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.02	0.12	0.47	0.54	0.13
		Net realized and unrealized gain/(loss)	6.88	7.20	(3.90)	(3.21)	0.68
	Total from Investment Operations		6.90	7.32	(3.43)	(2.67)	0.81
	Less Dividends and Distributions:
		Dividends (from net investment income)	(0.17)	(0.36)	(1.08)	(0.79)	—
	Total Dividends and Distributions		(0.17)	(0.36)	(1.08)	(0.79)	—
	Net Asset Value, End of Period		$40.75	$34.02	$27.06	$31.57	$35.03
	Total Return*		20.31%	27.20%	(10.43)%	(7.79)%	2.37%
	Net Assets, End of Period (in thousands)		$4,485	$1,579	$676	$929	$1,275
	Average Net Assets for the Period (in thousands)		$2,767	$839	$762	$1,598	$1,077
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.43%	1.70%	1.76%	1.31%	1.22%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.20%	1.19%	1.18%	1.20%	1.18%
		Ratio of Net Investment Income/(Loss)	0.09%	0.41%	1.74%	1.59%	2.26%
	Portfolio Turnover Rate		116%	160%	145%	82%	6%

* Total return includes adjustments in accordance 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 August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.

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


See Notes to Financial Statements.

24	MARCH 31, 2021

Janus Henderson European Focus Fund

Financial Highlights


Class T Shares
For a share outstanding during the period ended July 31			2017⁽¹⁾
	Net Asset Value, Beginning of Period		$33.53
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	0.05
		Net realized and unrealized gain/(loss)	0.64
	Total from Investment Operations		0.69
	Less Dividends and Distributions:
		Dividends (from net investment income)	—
	Total Dividends and Distributions		—
	Net Asset Value, End of Period		$34.22
	Total Return*		2.06%
	Net Assets, End of Period (in thousands)		$983
	Average Net Assets for the Period (in thousands)		$63
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.51%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.21%
		Ratio of Net Investment Income/(Loss)	1.60%
	Portfolio Turnover Rate		57%

* Total return not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

(1) Period from June 5, 2017 (inception date) through July 31, 2017.

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


See Notes to Financial Statements.

Janus Investment Fund	25

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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 45 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.

Pursuant to the Agreement and Plan of Reorganization, the Fund acquired all the assets and liabilities of the Henderson European Focus Fund (the “Predecessor Fund”), a series of Henderson Global Funds, in exchange for Class A, Class C, Class I and Class N Fund shares having an aggregate net asset value equal to the value of the aggregate net assets of the same share class of the Predecessor Fund (except that Class R6 Predecessor Fund shares were exchanged for Class N Fund shares) (the “Reorganization”). The Reorganization occurred at the close of business on June 2, 2017.

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.

It is expected that the conversion of Class C Shares to Class A Shares will not result in a taxable event. Please consult your tax adviser for further information.


26	MARCH 31, 2021

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

corporations, certain retirement plans, public plans, and foundations/endowments, who established Class I Share accounts before August 4, 2017.

The following accounting policies have been followed by the Fund and are in conformity with United States of America generally accepted accounting principles ("US GAAP").

Investment Valuation


Janus Investment Fund	27

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

Valuation Inputs Summary

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

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.

The Fund did not hold a significant amount of Level 3 securities as of March 31, 2021.

Investment Transactions and Investment Income

Expenses


28	MARCH 31, 2021

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

Estimates

Indemnifications

Foreign Currency Translations

Dividends and Distributions

Federal Income Taxes

2. Derivative Instruments


Janus Investment Fund	29

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

In pursuit of its investment objective, the Fund may seek to use derivatives to increase or decrease exposure to the following market risk factors:

· 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.

· Credit Risk – the risk an issuer will be unable to make principal and interest payments when due, or will default on its obligations.

· 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.

· Equity Risk – the risk related to the change in value of equity securities as they relate to increases or decreases in the general market.

· 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.


30	MARCH 31, 2021

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

and/or custodian daily (based on the daily valuation of the financial asset) if the Fund has a net aggregate unrealized loss on OTC derivative contracts with a particular counterparty. All liquid securities and restricted cash are considered to cover in an amount at all times equal to or greater than the Fund’s commitment with respect to certain exchange-traded derivatives, centrally cleared derivatives, forward foreign currency exchange contracts, short sales, and/or securities with extended settlement dates. There is no guarantee that counterparty exposure is reduced and these arrangements are dependent on Janus Capital'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 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 index securities for the purpose of increasing exposure to broad equity risk.

During the period, the Fund purchased call options on various equity index securities for the purpose of increasing exposure to individual equity risk.

There were no purchased options held at March 31, 2021.


Janus Investment Fund	31

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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 put options on various equity securities for the purpose of increasing exposure to individual equity risk and/or generating income.

During the period, the Fund wrote put options on various equity indices for the purpose of increasing exposure to broad equity risk.

3. Other Investments and Strategies

Additional Investment Risk


32	MARCH 31, 2021

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

companies that rely significantly on the United Kingdom and/or Europe for their business activities and revenues. Any further exits from the EU, or an increase in the belief that such exits are likely or possible, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties.

Counterparties

Offsetting Assets and Liabilities

The following table presents gross amounts of recognized assets and/or liabilities and the net amounts after deducting collateral that has been pledged by counterparties or has been pledged to counterparties (if applicable). For corresponding information grouped by type of instrument, see the “Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2021” table located in the Fund’s Schedule of Investments.


Offsetting of Financial Assets and Derivative Assets

		Gross Amounts
		of Recognized		Offsetting Asset		Collateral
Counterparty		Assets		or Liability^(a)		Pledged^(b)		Net Amount

JPMorgan Chase Bank, National Association	$	10,267,983	$	—	$	(10,267,983)	$	—


Janus Investment Fund	33

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)


Offsetting of Financial Liabilities and Derivative Liabilities

			Gross Amounts
			of Recognized		Offsetting Asset		Collateral
Counterparty			Liabilities		or Liability^(a)		Pledged^(b)		Net Amount

Citigroup		$	937,491	$	—	$	—	$	937,491
JPMorgan Chase & Co			381,645		—		—		381,645

Total		$	1,319,136	$	—	$	—	$	1,319,136
(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.
(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.

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. 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, Janus Capital 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 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.


34	MARCH 31, 2021

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

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, Janus Capital 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, Janus Capital 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 cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable).

Income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the lending agent are included as “Affiliated securities lending income, net” on the Statement of Operations. As of March 31, 2021, securities lending transactions accounted for as secured borrowings with an overnight and continuous contractual maturity are $10,267,983. Gross amounts of recognized liabilities for securities lending (collateral received) as of March 31, 2021 is $10,783,181, resulting in the net amount due to the counterparty of $515,198.

Short Sales

The Fund may engage in “short sales against the box.” Short sales against the box involve either selling short a security that the Fund owns or selling short a security that the Fund has the right to obtain, for delivery at a specified date in the future. The Fund may enter into short sales against the box to hedge against anticipated declines in the market price of portfolio securities. The Fund does not deliver from its portfolio the securities sold short and does not immediately receive the proceeds of the short sale. The Fund borrows the securities sold short and receives proceeds from the short sale only when it delivers the securities to the lender. If the value of the securities sold short increases prior to the scheduled delivery date, the Fund loses the opportunity to participate in the gain.

The Fund may also engage in other short sales. The Fund may engage in short sales when the portfolio manager(s) and/or investment personnel anticipate that a security’s market purchase price will be less than its borrowing price. To complete the transaction, the Fund must borrow the security to deliver it to the purchaser and buy that same security in the market to return it to the lender. Although the potential for gain as a result of a short sale is limited to the price at which the Fund sold the security short less the cost of borrowing the security, the potential for loss is theoretically unlimited because there is no limit to the cost of replacing the borrowed security. There is no assurance the Fund will be able to close out a short position at a particular time or at an acceptable price. A lender may request, or market conditions may dictate, that the securities sold short be returned to it on short notice, and the Fund may have to buy the borrowed securities at an unfavorable price. If this occurs at a time when other short sellers of the same security also want to close out their positions, it is more likely that the Fund will have to cover its short sale at an unfavorable price and potentially reduce or eliminate any gain, or cause a loss, as a result of the short sale. A gain or a loss will be recognized upon termination of a short sale. Short sales held by the Fund are fully collateralized by restricted cash or other securities, which are denoted on the accompanying Schedule of Investments. The Fund is also required to pay the lender of the security any dividends or interest that accrues on a borrowed security during the period of the loan. Depending on the arrangements made with the broker or custodian, the Fund may or may not receive any payments (including interest) on collateral it has deposited with the broker. The Fund pays stock loan fees, disclosed on the Consolidated Statement of Operations,/disclosed on the Statement of Operations, on assets borrowed from the security broker.

The Fund may also enter into short positions through derivative instruments, such as options contracts, futures contracts, and swap agreements, which may expose the Fund to similar risks. To the extent that the Fund enters into


Janus Investment Fund	35

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

short derivative positions, the Fund may be exposed to risks similar to those associated with short sales, including the risk that the Fund’s losses are theoretically unlimited.

There were no short sales held at March 31, 2021.

4. Investment Advisory Agreements and Other Transactions with Affiliates


Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%)
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 1.00% of average annual net assets before any applicable waivers.

Janus Capital has contractually agreed to waive the investment advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.96% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing January 28, 2021. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, 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%


36	MARCH 31, 2021

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

The Fund’s actual Class D administrative fee rate was 0.11% for the reporting period.

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.

Under a distribution and shareholder servicing plan (the “Plan”) adopted in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Trust’s distributor, Janus Henderson Distributors, a wholly-owned subsidiary of Janus Capital, a fee for the sale and distribution and/or shareholder servicing of the Shares at an annual rate of up to 0.25% of the Class A Shares’ average daily net assets, of up to 1.00% of the Class C Shares’ average daily net assets and of up to 0.25% of the Class S Shares’ average daily net assets. Under the terms of the Plan, the Trust is authorized to make payments to Janus Henderson Distributors 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. Payments under the Plan are not tied exclusively to actual 12b-1 distribution and shareholder service expenses, and the payments may exceed 12b-1 distribution and shareholder service expenses actually incurred. If any of the Fund’s actual 12b-1 distribution and shareholder service expenses incurred during a calendar year are less than the payments made during a calendar year, the Fund will be refunded the difference. Refunds, if any, are included in “12b-1 Distribution and shareholder servicing fees” in the Statement of Operations.


Janus Investment Fund	37

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

certain compliance staff by the Trust during the period ended March 31, 2021. The Fund's portion is reported as part of “Other expenses” on the Statement of Operations.

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, 2021, redeeming shareholders of Class C Shares paid CDSCs of $52.


38	MARCH 31, 2021

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

As of March 31, 2021, shares of the Fund were owned by affiliates of Janus Henderson Investors, and/or other funds advised by Janus Henderson, as indicated in the table below:


Class		% of Class Owned		% of Fund Owned
Class A Shares		-	%	-	%
Class C Shares		-		-
Class D Shares		-		-
Class I Shares		-		-
Class N Shares		84		2
Class S Shares		100		-*
Class T Shares		-		-

*	Less than 0.50%

5. Federal Income Tax



Capital Loss Carryover Schedule
For the year ended September 30, 2020
	No Expiration
	Short-Term	Long-Term	Accumulated Capital Losses
	$(255,441,841)	$(245,702,146)	$ (501,143,987)

During the period ended March 31, 2021, capital loss carryovers of $44,303,956 were utilized by the Fund.

The aggregate cost of investments and the composition of unrealized appreciation and depreciation of investment securities for federal income tax purposes as of March 31, 2021 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	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 393,849,304	$ 64,570,703	$(18,389,404)	$ 46,181,299


Janus Investment Fund	39

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

Information on the tax components of derivatives as of March 31, 2021 is as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ (3,219,391)	$ 1,900,255	$ -	$ 1,900,255

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

6. Capital Share Transactions



	Period ended March 31, 2021		Year ended September 30, 2020
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	218,152	$ 8,628,772	974,533	$ 29,859,343
Reinvested dividends and distributions	8,199	321,149	35,146	1,090,947
Shares repurchased	(337,911)	(13,061,814)	(1,739,228)	(52,200,223)
Net Increase/(Decrease)	(111,560)	$ (4,111,893)	(729,549)	$ (21,249,933)
Class C Shares:
Shares sold	48,941	$ 1,758,326	504,926	$ 15,125,223
Reinvested dividends and distributions	-	-	-	-
Shares repurchased	(290,487)	(10,783,659)	(1,267,435)	(36,706,808)
Net Increase/(Decrease)	(241,546)	$ (9,025,333)	(762,509)	$ (21,581,585)
Class D Shares:
Shares sold	75,639	$ 2,929,849	39,355	$ 1,257,383
Reinvested dividends and distributions	523	20,335	1,019	31,386
Shares repurchased	(34,441)	(1,343,057)	(21,972)	(640,363)
Net Increase/(Decrease)	41,721	$ 1,607,127	18,402	$ 648,406
Class I Shares:
Shares sold	510,500	$ 19,698,220	1,801,475	$ 50,334,182
Reinvested dividends and distributions	28,012	1,089,119	88,190	2,715,360
Shares repurchased	(541,980)	(20,681,577)	(3,928,070)	(111,437,530)
Net Increase/(Decrease)	(3,468)	$ 105,762	(2,038,405)	$ (58,387,988)
Class N Shares:
Shares sold	181,819	$ 7,125,763	206,736	$ 6,365,903
Reinvested dividends and distributions	693	26,735	633	19,353
Shares repurchased	(16,690)	(650,488)	(83,212)	(2,461,930)
Net Increase/(Decrease)	165,822	$ 6,502,010	124,157	$ 3,923,326
Class S Shares:
Shares sold	-	$ -	-	$ -
Reinvested dividends and distributions	5	185	21	610
Shares repurchased	-	-	-	-
Net Increase/(Decrease)	5	$ 185	21	$ 610
Class T Shares:
Shares sold	88,763	$ 3,472,972	53,315	$ 1,767,197
Reinvested dividends and distributions	310	12,060	285	8,796
Shares repurchased	(25,436)	(1,003,230)	(32,169)	(1,020,962)
Net Increase/(Decrease)	63,637	$ 2,481,802	21,431	$ 755,031


40	MARCH 31, 2021

Janus Henderson European Focus Fund

Notes to Financial Statements (unaudited)

7. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$ 439,492,660	$ 453,255,409	$ -	$ -

8. Subsequent Event


Janus Investment Fund	41

Janus Henderson European Focus Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


42	MARCH 31, 2021

Janus Henderson European Focus Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Asset Allocation Funds


Janus Investment Fund	43

Janus Henderson European Focus Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


44	MARCH 31, 2021

Janus Henderson European Focus Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds


Janus Investment Fund	45

Janus Henderson European Focus Fund

Additional Information (unaudited)

Multi-Asset U.S. Equity Funds

Quantitative Equity Funds


46	MARCH 31, 2021

Janus Henderson European Focus Fund

Additional Information (unaudited)

U.S. Equity Funds

Costs of Services Provided


Janus Investment Fund	47

Janus Henderson European Focus Fund

Additional Information (unaudited)

Asset Allocation Funds

Fixed-Income Funds


48	MARCH 31, 2021

Janus Henderson European Focus Fund

Additional Information (unaudited)

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


Janus Investment Fund	49

Janus Henderson European Focus Fund

Additional Information (unaudited)

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Venture Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


50	MARCH 31, 2021

Janus Henderson European Focus Fund

Additional Information (unaudited)

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.


Janus Investment Fund	51

Janus Henderson European Focus Fund

Additional Information (unaudited)

and any subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

Other Benefits to Janus Capital


52	MARCH 31, 2021

Janus Henderson European Focus Fund

Additional Information (unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

The Program Administrator Report discussed the operation and effectiveness of the LRMP during the Reporting Period. It noted that the Fund was able to meet redemptions during the normal course of business during the Reporting Period, and discussed the additional actions that the Liquidity Risk Working Group took during the period of market volatility in the spring of 2020 to monitor the Fund’s liquidity. The Program Administrator Report also stated that the Fund did not exceed the 15% limit on illiquid assets during the Reporting Period, that the Fund held primarily highly liquid assets, and was considered to be a primarily highly liquid fund during the Reporting Period. In addition, the Program Administrator expressed its belief in the Program Administrator Report that the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, taking into account the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule.


Janus Investment Fund	53

Janus Henderson European Focus Fund

Useful Information About Your Fund Report (unaudited)

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


54	MARCH 31, 2021

Janus Henderson European Focus Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


Janus Investment Fund	55

Janus Henderson European Focus Fund

Useful Information About Your Fund Report (unaudited)


56	MARCH 31, 2021

Janus Henderson European Focus Fund

Notes

NotesPage1


Janus Investment Fund	57




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, Janus, Henderson, Perkins and Intech are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-24-93080 05-21



	SEMIANNUAL REPORT March 31, 2021

Janus Henderson Forty Fund

Janus Investment Fund

		HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Forty Fund


Fund At A Glance and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	10
Statement of Assets and Liabilities	11
Statement of Operations	13
Statements of Changes in Net Assets	15
Financial Highlights	16
Notes to Financial Statements	20
Additional Information	31
Useful Information About Your Fund Report	43

FUND SNAPSHOT

Forty Fund is a concentrated large-cap growth fund, leveraging Janus Henderson’s three decades of experience in high-conviction investing. By investing in our best wide-moat ideas, the Fund seeks to add excess return over the long term. Given its concentrated nature, the Fund may exhibit moderately higher volatility than its benchmark.

Doug Rao

co-portfolio manager

Nick Schommer

co-portfolio manager

Janus Henderson Forty Fund (unaudited)

Fund At A Glance

March 31, 2021





5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Snap Inc	2.90%	1.47%	salesforce.com Inc	3.04%	-0.68%
ASML Holding NV	2.30%	1.06%	Tesla Inc	0.20%	-0.58%
Blackstone Group Inc	2.55%	0.76%	Mastercard Inc	5.98%	-0.35%
Align Technology Inc	2.16%	0.74%	Home Depot Inc	0.86%	-0.32%
LVMH Moet Hennessy Louis Vuitton SE	2.24%	0.58%	CoStar Group Inc	1.96%	-0.30%


	5 Top Contributors - Sectors*
		Relative	Fund	Russell 1000 Growth Index
		Contribution	Average Weight	Average Weight
	Communication Services	1.30%	17.55%	11.37%
	Financials	0.84%	2.55%	1.87%
	Health Care	0.21%	13.32%	13.72%
	Consumer Discretionary	0.05%	16.82%	16.60%
	Information Technology	0.03%	36.68%	44.77%


	5 Top Detractors - Sectors*
		Relative	Fund	Russell 1000 Growth Index
		Contribution	Average Weight	Average Weight
	Industrials	-0.33%	5.18%	4.58%
	Other**	-0.29%	1.82%	0.00%
	Real Estate	-0.16%	2.04%	1.68%
	Materials	-0.08%	1.93%	0.81%
	Consumer Staples	-0.06%	2.11%	4.51%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.


Janus Investment Fund	1

Janus Henderson Forty Fund (unaudited)

Fund At A Glance

March 31, 2021


5 Largest Equity Holdings - (% of Net Assets)
Amazon.com Inc
Internet & Direct Marketing Retail	7.9%
Microsoft Corp
Software	7.9%
Mastercard Inc
Information Technology Services	6.3%
Facebook Inc
Interactive Media & Services	5.6%
Apple Inc
Technology Hardware, Storage & Peripherals	4.0%
	31.7%


Asset Allocation - (% of Net Assets)
Common Stocks	98.6%
Investment Companies	1.4%
Other		0.0%
		100.0%

Top Country Allocations - Long Positions - (% of Investment Securities)

As of March 31, 2021

As of September 30, 2020


2	MARCH 31, 2021

Janus Henderson Forty Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended March 31, 2021						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡
Class A Shares at NAV	13.45%	61.71%	21.62%	16.67%	12.77%	1.01%
Class A Shares at MOP	6.92%	52.43%	20.19%	15.98%	12.49%
Class C Shares at NAV	13.11%	60.69%	20.86%	15.90%	12.08%	1.75%
Class C Shares at CDSC	12.11%	59.69%	20.86%	15.90%	12.08%
Class D Shares	13.57%	62.08%	21.84%	16.73%	12.73%	0.80%
Class I Shares	13.62%	62.19%	21.99%	17.01%	12.96%	0.74%
Class N Shares	13.66%	62.27%	22.07%	17.04%	12.85%	0.67%
Class R Shares	13.25%	61.09%	21.17%	16.23%	12.39%	1.42%
Class S Shares	13.38%	61.50%	21.48%	16.55%	12.65%	1.17%
Class T Shares	13.52%	61.88%	21.78%	16.82%	12.78%	0.92%
Russell 1000 Growth Index	12.44%	62.74%	21.05%	16.63%	9.44%
S&P 500 Index	19.07%	56.35%	16.29%	13.91%	8.97%
Morningstar Quartile - Class S Shares	-	2nd	1st	1st	1st
Morningstar Ranking - based on total returns for Large Growth Funds	-	589/1,305	271/1,191	207/1,044	27/537

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

This Fund has a performance-based management fee that may adjust up or down based on the Fund’s performance.


Janus Investment Fund	3

Janus Henderson Forty Fund (unaudited)

Performance

non-diversification, portfolio turnover, derivatives, short sales, initial public offerings (IPOs) and potential conflicts of interest. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details.

High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

Class A Shares, Class C Shares, Class I Shares, Class R Shares, and Class S Shares commenced operations on July 6, 2009 after the reorganization of each class of Janus Adviser Forty Fund (the “JAD predecessor fund”) into corresponding shares of the Fund.

Performance shown for Class S Shares reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares) from August 1, 2000 to July 6, 2009, calculated using the fees and expenses of the JAD predecessor fund’s Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class S Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization of the Retirement Shares into the JAD predecessor fund). Performance shown for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

Performance shown for Class C Shares reflects the historical performance of the JAD predecessor fund’s Class C Shares from September 30, 2002 to July 6, 2009, calculated using the fees and expenses of the JAD predecessor fund’s Class C Shares, net of any applicable fee and expense limitations or waivers. For the periods August 1, 2000 to September 30, 2002, the performance shown for Class C Shares reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares). For the periods prior to August 1, 2000, the performance shown for Class C Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to September 30, 2002 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitation or waivers.

Performance shown for Class A Shares and Class R Shares reflects the historical performance of each corresponding class of the JAD predecessor fund from September 30, 2004 to July 6, 2009, calculated using the fees and expenses of the corresponding class of the JAD predecessor fund respectively, net of any applicable fee and expense limitations or waivers. Performance shown for each class for the periods August 1, 2000 to September 30, 2004 reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares). Performance shown for each class for the periods prior to August 1, 2000 reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for Class A Shares for certain periods prior to September 30, 2004 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers. Performance shown for Class R Shares for certain periods prior to September 30, 2004 was calculated using the fees and expenses of Class R Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

Performance shown for Class I Shares reflects the historical performance of the JAD predecessor fund’s Class I Shares from November 28, 2005 to July 6, 2009, calculated using the fees and expenses of the JAD predecessor fund’s Class I Shares, net of any applicable fee and expense limitations or waivers. For the periods August 1, 2000 to November 28, 2005, the performance shown for Class I Shares reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares). For the periods prior to August 1, 2000, the performance shown for Class I Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to November 28, 2005 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

Class D Shares commenced operations on January 27, 2017. Performance shown for Class D Shares reflects the performance of the Fund's Class S Shares from July 6, 2009 to January 27, 2017, calculated using the fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods August 1, 2000 to July 6, 2009, the performance shown for Class D Shares reflects the performance of Class S Shares (formerly named Class I Shares) of the JAD predecessor fund (prior to the reorganization), calculated using the fees and expenses of the JAD predecessor fund's Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class D Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series - Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

Class T Shares commenced operations on July 6, 2009. Performance shown for Class T Shares reflects the historical performance of the JAD predecessor fund’s Class S Shares (formerly named Class I Shares) from August 1, 2000 to July 6, 2009, calculated using the fees and expenses of the JAD predecessor fund’s Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class T Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

Class N Shares commenced operations on May 31, 2012. Performance shown for Class N Shares reflects the performance of the Fund’s Class S Shares from July 6, 2009 to May 31, 2012, calculated using the fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods August 1, 2000 to July 6, 2009, the performance shown for Class N Shares reflects the performance of Class

See important disclosures on the next page.


4	MARCH 31, 2021

Janus Henderson Forty Fund (unaudited)

Performance

S Shares (formerly named Class I Shares) of the JAD predecessor fund (prior to the reorganization), calculated using the fees and expenses of the JAD predecessor fund’s Class S Shares, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class N Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization). Performance shown for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD predecessor fund, without the effect of any fee and expense limitations or waivers.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

*The Predecessor Fund’s inception date – May 1, 1997

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


Janus Investment Fund	5

Janus Henderson Forty Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. These fees are fully described in the Fund’s prospectus. Therefore, the hypothetical examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/20)	Ending Account Value (3/31/21)	Expenses Paid During Period (10/1/20 - 3/31/21)†	Beginning Account Value (10/1/20)	Ending Account Value (3/31/21)	Expenses Paid During Period (10/1/20 - 3/31/21)†	Net Annualized Expense Ratio (10/1/20 - 3/31/21)
Class A Shares		$1,000.00	$1,134.50	$5.43	$1,000.00	$1,019.85	$5.14	1.02%
Class C Shares		$1,000.00	$1,131.10	$8.71	$1,000.00	$1,016.75	$8.25	1.64%
Class D Shares		$1,000.00	$1,135.70	$4.37	$1,000.00	$1,020.84	$4.13	0.82%
Class I Shares		$1,000.00	$1,136.20	$4.05	$1,000.00	$1,021.14	$3.83	0.76%
Class N Shares		$1,000.00	$1,136.60	$3.68	$1,000.00	$1,021.49	$3.48	0.69%
Class R Shares		$1,000.00	$1,132.50	$7.44	$1,000.00	$1,017.95	$7.04	1.40%
Class S Shares		$1,000.00	$1,133.80	$6.28	$1,000.00	$1,019.05	$5.94	1.18%
Class T Shares		$1,000.00	$1,135.20	$4.90	$1,000.00	$1,020.34	$4.63	0.92%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	MARCH 31, 2021

Janus Henderson Forty Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares			Value
Common Stocks– 98.6%
Aerospace & Defense – 2.3%
	L3Harris Technologies Inc	2,156,671	$437,114,078
Biotechnology – 1.3%
	Vertex Pharmaceuticals Inc*	1,132,755	243,417,722
Capital Markets – 2.9%
	Blackstone Group Inc	7,383,103	550,262,667
Chemicals – 2.2%
	Sherwin-Williams Co	563,417	415,807,380
Diversified Financial Services – 0.3%
	Altimeter Growth Corp*^,£	4,920,077	60,123,341
Entertainment – 3.4%
	Netflix Inc*	807,980	421,490,847
	Walt Disney Co*	1,229,228	226,817,151
			648,307,998
Equity Real Estate Investment Trusts (REITs) – 2.2%
	American Tower Corp	1,748,032	417,884,530
Health Care Equipment & Supplies – 9.8%
	Align Technology Inc*	795,174	430,610,576
	Boston Scientific Corp*	13,342,940	515,704,631
	Danaher Corp	2,427,585	546,400,832
	DexCom Inc*	587,477	211,133,359
	Edwards Lifesciences Corp*	2,206,122	184,520,044
			1,888,369,442
Hotels, Restaurants & Leisure – 0.9%
	Caesars Entertainment Inc*	1,875,170	163,983,616
Household Products – 1.9%
	Procter & Gamble Co	2,762,335	374,103,029
Information Technology Services – 8.4%
	Mastercard Inc	3,417,383	1,216,759,217
	Shopify Inc*	110,560	122,334,640
	Twilio Inc*	797,753	271,842,312
			1,610,936,169
Interactive Media & Services – 13.2%
	Alphabet Inc - Class C*	304,282	629,446,874
	Facebook Inc*	3,648,589	1,074,618,918
	Match Group Inc*	1,885,304	259,003,063
	Snap Inc*	10,782,027	563,792,192
			2,526,861,047
Internet & Direct Marketing Retail – 10.7%
	Amazon.com Inc*	490,558	1,517,825,697
	Booking Holdings Inc*	227,357	529,705,433
			2,047,531,130
Life Sciences Tools & Services – 1.4%
	Illumina Inc*	692,587	265,994,963
Pharmaceuticals – 1.5%
	Elanco Animal Health Inc*	9,911,087	291,881,512
Professional Services – 2.0%
	CoStar Group Inc*	468,921	385,401,481
Road & Rail – 2.0%
	Uber Technologies Inc*	7,025,542	382,962,294
Semiconductor & Semiconductor Equipment – 10.2%
	ASML Holding NV	885,683	546,785,257
	NVIDIA Corp	892,018	476,275,171
	Taiwan Semiconductor Manufacturing Co Ltd (ADR)	3,080,135	364,318,368
	Texas Instruments Inc	3,035,315	573,644,182
			1,961,022,978
Software – 12.1%
	Adobe Inc*	1,293,887	615,075,063
	Microsoft Corp	6,432,481	1,516,586,045


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

Janus Investment Fund	7

Janus Henderson Forty Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares			Value
Common Stocks– (continued)
Software– (continued)
	Workday Inc*	776,535	$192,914,590
			2,324,575,698
Technology Hardware, Storage & Peripherals – 4.0%
	Apple Inc	6,243,851	762,686,400
Textiles, Apparel & Luxury Goods – 3.8%
	LVMH Moet Hennessy Louis Vuitton SE	617,825	411,564,572
	NIKE Inc	2,444,392	324,835,253
			736,399,825
Wireless Telecommunication Services – 2.1%
	T-Mobile US Inc*	3,283,557	411,396,856
Total Common Stocks (cost $10,362,166,411)			18,907,024,156
Investment Companies– 1.4%
Money Markets – 1.4%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº,£((cost $256,892,096)	256,878,757	256,904,445
Total Investments (total cost $10,619,058,507) – 100.0%			19,163,928,601
Cash, Receivables and Other Assets, net of Liabilities – 0%			7,881,839
Net Assets – 100%			$19,171,810,440


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
United States	$17,718,925,764	92.5	%
Netherlands	546,785,257	2.9
France	411,564,572	2.1
Taiwan	364,318,368	1.9
Canada	122,334,640	0.6



Total	$19,163,928,601	100.0	%


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

8	MARCH 31, 2021

Janus Henderson Forty Fund

Schedule of Investments (unaudited)

March 31, 2021

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income⁽¹⁾		Realized Gain/(Loss)⁽¹⁾		Change in Unrealized Appreciation/ Depreciation⁽¹⁾		Value at 3/31/21
Common Stocks - 0.3%
Diversified Financial Services - 0.3%
	Altimeter Growth Corp^*	$	-	$	-	$	7,613,066	$	60,123,341
Investment Companies - 1.4%
Money Markets - 1.4%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº		122,375		(2,106)		506		256,904,445
Investments Purchased with Cash Collateral from Securities Lending - N/A
Investment Companies - N/A
	Janus Henderson Cash Collateral Fund LLC, 0.0011%^ºº		23,975^∆		-		-		-
Total Affiliated Investments - 1.7%		$	146,350	$	(2,106)	$	7,613,572	$	317,027,786


		Value at 9/30/20		Purchases		Sales Proceeds		Value at 3/31/21
Common Stocks - 0.3%
Diversified Financial Services - 0.3%
	Altimeter Growth Corp^*		-		52,510,275		-		60,123,341
Investment Companies - 1.4%
Money Markets - 1.4%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº		191,567,780		1,955,655,293		(1,890,317,028)		256,904,445
Investments Purchased with Cash Collateral from Securities Lending - N/A
Investment Companies - N/A
	Janus Henderson Cash Collateral Fund LLC, 0.0011%^ºº		2,088,280		126,520,841		(128,609,121)		-


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

Janus Investment Fund	9

Janus Henderson Forty Fund

Notes to Schedule of Investments and Other Information (unaudited)


Russell 1000^{^®} Growth Index	Russell 1000^{^®} Growth Index reflects the performance of U.S. large-cap equities with higher price-to-book ratios and higher forecasted growth values.
S&P 500^{^®} Index	S&P 500^{^®} Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance.


ADR	American Depositary Receipt
LLC	Limited Liability Company


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2021.


£	The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.


∆	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, 2021. See Notes to Financial Statements for more information.

Valuation Inputs Summary

				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Common Stocks	$	18,907,024,156	$	-	$	-
Investment Companies		-		256,904,445		-
Total Assets	$	18,907,024,156	$	256,904,445	$	-


10	MARCH 31, 2021

Janus Henderson Forty Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2021

See footnotes at the end of the Statement



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	18,846,900,815
	Affiliated investments, at value⁽²⁾			317,027,786
	Non-interested Trustees' deferred compensation			469,885
	Receivables:
		Investments sold		66,993,124
		Fund shares sold		17,097,196
		Dividends		2,272,893
		Foreign tax reclaims		32,114
		Dividends from affiliates		15,551
	Other assets			92,060
Total Assets				19,250,901,424
Liabilities:
	Due to custodian			7,854
	Payables:			—
		Investments purchased		39,793,553
		Fund shares repurchased		24,095,529
		Advisory fees		11,239,697
		Transfer agent fees and expenses		2,487,598
		Non-interested Trustees' deferred compensation fees		469,885
		12b-1 Distribution and shareholder servicing fees		380,795
		Non-interested Trustees' fees and expenses		72,654
		Affiliated fund administration fees payable		40,253
		Professional fees		25,200
		Custodian fees		13,256
		Accrued expenses and other payables		464,710
Total Liabilities				79,090,984
Net Assets			$	19,171,810,440


See Notes to Financial Statements.

Janus Investment Fund	11

Janus Henderson Forty Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2021




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	9,247,314,156
	Total distributable earnings (loss)		9,924,496,284
Total Net Assets		$	19,171,810,440
Net Assets - Class A Shares		$	464,966,073
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		9,459,774
Net Asset Value Per Share⁽³⁾		$	49.15
Maximum Offering Price Per Share⁽⁴⁾		$	52.15
Net Assets - Class C Shares		$	146,500,767
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,848,144
Net Asset Value Per Share⁽³⁾		$	38.07
Net Assets - Class D Shares		$	11,397,897,698
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		240,338,750
Net Asset Value Per Share		$	47.42
Net Assets - Class I Shares		$	2,038,777,217
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		39,521,725
Net Asset Value Per Share		$	51.59
Net Assets - Class N Shares		$	473,640,352
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		9,133,927
Net Asset Value Per Share		$	51.86
Net Assets - Class R Shares		$	102,968,016
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,423,307
Net Asset Value Per Share		$	42.49
Net Assets - Class S Shares		$	546,972,535
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		11,716,250
Net Asset Value Per Share		$	46.68
Net Assets - Class T Shares		$	4,000,087,782
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		83,207,541
Net Asset Value Per Share		$	48.07

(1) Includes cost of $10,309,656,136.

(2) Includes cost of $309,402,371.

(3) Redemption price per share may be reduced for any applicable contingent deferred sales charge.

(4) Maximum offering price is computed at 100/94.25 of net asset value.


See Notes to Financial Statements.

12	MARCH 31, 2021

Janus Henderson Forty Fund

Statement of Operations (unaudited)

For the period ended March 31, 2021



Investment Income:
	Dividends		$	44,240,587
	Dividends from affiliates			122,375
	Affiliated securities lending income, net			23,975
	Unaffiliated securities lending income, net			650
	Foreign tax withheld			(964,864)
Total Investment Income				43,422,723
Expenses:
	Advisory fees			62,980,200
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		556,214
		Class C Shares		636,119
		Class R Shares		241,989
		Class S Shares		687,984
	Transfer agent administrative fees and expenses:
		Class D Shares		6,311,514
		Class R Shares		129,066
		Class S Shares		687,532
		Class T Shares		4,853,255
	Transfer agent networking and omnibus fees:
		Class A Shares		169,689
		Class C Shares		49,541
		Class I Shares		641,967
	Other transfer agent fees and expenses:
		Class A Shares		14,676
		Class C Shares		3,828
		Class D Shares		312,107
		Class I Shares		43,119
		Class N Shares		7,417
		Class R Shares		508
		Class S Shares		2,003
		Class T Shares		13,333
	Shareholder reports expense			390,092
	Affiliated fund administration fees			232,568
	Non-interested Trustees’ fees and expenses			155,689
	Registration fees			140,539
	Professional fees			62,691
	Custodian fees			49,640
	Other expenses			479,797
Total Expenses				79,853,077
Less: Excess Expense Reimbursement and Waivers				(453,011)
Net Expenses				79,400,066
Net Investment Income/(Loss)				(35,977,343)


See Notes to Financial Statements.

Janus Investment Fund	13

Janus Henderson Forty Fund

Statement of Operations (unaudited)

For the period ended March 31, 2021



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	1,702,055,781
	Investments in affiliates		(2,106)
Total Net Realized Gain/(Loss) on Investments			1,702,053,675
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		660,898,209
	Investments in affiliates		7,613,572
Total Change in Unrealized Net Appreciation/Depreciation			668,511,781
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	2,334,588,113


See Notes to Financial Statements.

14	MARCH 31, 2021

Janus Henderson Forty Fund

Statements of Changes in Net Assets



			Period ended March 31, 2021 (unaudited)		Year ended September 30, 2020

Operations:
	Net investment income/(loss)		$	(35,977,343)	$	(5,925,871)
	Net realized gain/(loss) on investments			1,702,053,675		1,361,696,671
	Change in unrealized net appreciation/depreciation			668,511,781		3,191,807,337
Net Increase/(Decrease) in Net Assets Resulting from Operations				2,334,588,113		4,547,578,137
Dividends and Distributions to Shareholders:
		Class A Shares		(33,598,159)		(20,863,545)
		Class C Shares		(14,455,246)		(10,054,893)
		Class D Shares		(866,959,615)		(575,968,009)
		Class I Shares		(141,602,894)		(82,560,557)
		Class N Shares		(39,775,852)		(19,854,859)
		Class R Shares		(9,043,233)		(7,856,211)
		Class S Shares		(43,872,591)		(32,637,257)
		Class T Shares		(302,858,400)		(204,605,984)
Net Decrease from Dividends and Distributions to Shareholders				(1,452,165,990)		(954,401,315)
Capital Share Transactions:
		Class A Shares		31,544,784		25,928,024
		Class C Shares		5,083,440		(16,929,068)
		Class D Shares		591,582,023		151,471,385
		Class I Shares		155,879,254		230,358,576
		Class N Shares		(64,550,609)		126,345,527
		Class R Shares		(2,284,596)		(26,554,129)
		Class S Shares		(23,730,374)		(43,112,589)
		Class T Shares		194,804,809		(36,857,386)
Net Increase/(Decrease) from Capital Share Transactions				888,328,731		410,650,340
Net Increase/(Decrease) in Net Assets				1,770,750,854		4,003,827,162
Net Assets:
	Beginning of period			17,401,059,586		13,397,232,424
	End of period		$	19,171,810,440	$	17,401,059,586


See Notes to Financial Statements.

Janus Investment Fund	15

Janus Henderson Forty Fund

Financial Highlights


Class A Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$46.81	$37.16	$37.42	$33.03	$30.17	$31.28
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.14)	(0.08)	0.02	(0.04)	(0.03)	(0.10)
		Net realized and unrealized gain/(loss)	6.33	12.27	2.25	7.38	6.13	3.50
	Total from Investment Operations		6.19	12.19	2.27	7.34	6.10	3.40
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.01)	—	—	—	—
		Distributions (from capital gains)	(3.85)	(2.53)	(2.53)	(2.95)	(3.24)	(4.51)
	Total Dividends and Distributions		(3.85)	(2.54)	(2.53)	(2.95)	(3.24)	(4.51)
	Net Asset Value, End of Period		$49.15	$46.81	$37.16	$37.42	$33.03	$30.17
	Total Return*		13.45%	34.62%	7.77%	23.77%	22.03%	11.36%
	Net Assets, End of Period (in thousands)		$464,966	$411,899	$303,070	$237,547	$211,197	$233,191
	Average Net Assets for the Period (in thousands)		$446,194	$339,815	$268,921	$220,973	$219,728	$234,755
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.02%	1.01%	1.01%	1.04%	1.07%	1.10%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.02%	1.01%	0.98%	0.98%	1.02%	1.10%
		Ratio of Net Investment Income/(Loss)	(0.56)%	(0.21)%	0.05%	(0.13)%	(0.11)%	(0.32)%
	Portfolio Turnover Rate		19%	42%	44%	37%	56%	40%


Class C Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$37.15	$30.17	$31.11	$28.08	$26.27	$27.92
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.22)	(0.28)	(0.16)	(0.21)	(0.19)	(0.23)
		Net realized and unrealized gain/(loss)	4.99	9.79	1.75	6.19	5.24	3.09
	Total from Investment Operations		4.77	9.51	1.59	5.98	5.05	2.86
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(3.85)	(2.53)	(2.53)	(2.95)	(3.24)	(4.51)
	Total Dividends and Distributions		(3.85)	(2.53)	(2.53)	(2.95)	(3.24)	(4.51)
	Net Asset Value, End of Period		$38.07	$37.15	$30.17	$31.11	$28.08	$26.27
	Total Return*		13.11%	33.67%	7.11%	23.05%	21.24%	10.72%
	Net Assets, End of Period (in thousands)		$146,501	$137,952	$126,726	$227,488	$235,992	$261,902
	Average Net Assets for the Period (in thousands)		$146,201	$128,357	$154,535	$235,933	$245,129	$262,926
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.64%	1.68%	1.63%	1.66%	1.69%	1.68%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.64%	1.68%	1.58%	1.59%	1.64%	1.68%
		Ratio of Net Investment Income/(Loss)	(1.17)%	(0.87)%	(0.58)%	(0.74)%	(0.72)%	(0.91)%
	Portfolio Turnover Rate		19%	42%	44%	37%	56%	40%

* Total return includes adjustments in accordance 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, 2021

Janus Henderson Forty Fund

Financial Highlights


Class D Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year or period ended September 30			2021	2020	2019	2018	2017⁽¹⁾
	Net Asset Value, Beginning of Period		$45.24	$35.99	$36.25	$32.02	$28.81
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.08)	—⁽³⁾	0.09	0.04	0.05
		Net realized and unrealized gain/(loss)	6.11	11.86	2.18	7.15	4.62
	Total from Investment Operations		6.03	11.86	2.27	7.19	4.67
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.08)	—	(0.01)	—
		Distributions (from capital gains)	(3.85)	(2.53)	(2.53)	(2.95)	(1.46)
	Total Dividends and Distributions		(3.85)	(2.61)	(2.53)	(2.96)	(1.46)
	Net Asset Value, End of Period		$47.42	$45.24	$35.99	$36.25	$32.02
	Total Return*		13.57%	34.88%	8.03%	24.06%	16.71%
	Net Assets, End of Period (in thousands)		$11,397,898	$10,287,828	$8,018,389	$7,842,180	$6,646,830
	Average Net Assets for the Period (in thousands)		$11,063,728	$8,759,841	$7,517,796	$7,241,280	$4,012,697
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.82%	0.80%	0.79%	0.79%	0.82%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.82%	0.80%	0.75%	0.73%	0.73%
		Ratio of Net Investment Income/(Loss)	(0.35)%	0.00%⁽⁴⁾	0.27%	0.13%	0.25%
	Portfolio Turnover Rate		19%	42%	44%	37%	56%


Class I Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$48.89	$38.69	$38.74	$34.00	$30.87	$31.83
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽²⁾	(0.08)	0.03	0.12	0.07	0.07	—⁽³⁾
		Net realized and unrealized gain/(loss)	6.63	12.80	2.36	7.63	6.30	3.55
	Total from Investment Operations		6.55	12.83	2.48	7.70	6.37	3.55
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.10)	—	(0.01)	—	—
		Distributions (from capital gains)	(3.85)	(2.53)	(2.53)	(2.95)	(3.24)	(4.51)
	Total Dividends and Distributions		(3.85)	(2.63)	(2.53)	(2.96)	(3.24)	(4.51)
	Net Asset Value, End of Period		$51.59	$48.89	$38.69	$38.74	$34.00	$30.87
	Total Return*		13.62%	34.97%	8.06%	24.19%	22.43%	11.67%
	Net Assets, End of Period (in thousands)		$2,038,777	$1,783,057	$1,178,733	$1,125,445	$935,002	$776,138
	Average Net Assets for the Period (in thousands)		$1,941,226	$1,416,287	$1,081,498	$1,024,982	$820,856	$807,798
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.76%	0.74%	0.72%	0.72%	0.75%	0.78%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.76%	0.74%	0.68%	0.66%	0.70%	0.78%
		Ratio of Net Investment Income/(Loss)	(0.30)%	0.06%	0.34%	0.19%	0.22%	(0.01)%
	Portfolio Turnover Rate		19%	42%	44%	37%	56%	40%

* Total return includes adjustments in accordance 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 27, 2017 (inception date) through September 30, 2017.

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

(3) Less than $0.005 on a per share basis.

(4) Less than 0.005%.


See Notes to Financial Statements.

Janus Investment Fund	17

Janus Henderson Forty Fund

Financial Highlights


Class N Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$49.11	$38.85	$38.86	$34.08	$30.92	$31.86
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.06)	0.05	0.15	0.09	0.09	0.02
		Net realized and unrealized gain/(loss)	6.66	12.86	2.37	7.66	6.31	3.55
	Total from Investment Operations		6.60	12.91	2.52	7.75	6.40	3.57
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.12)	—	(0.02)	—	—
		Distributions (from capital gains)	(3.85)	(2.53)	(2.53)	(2.95)	(3.24)	(4.51)
	Total Dividends and Distributions		(3.85)	(2.65)	(2.53)	(2.97)	(3.24)	(4.51)
	Net Asset Value, End of Period		$51.86	$49.11	$38.85	$38.86	$34.08	$30.92
	Total Return*		13.66%	35.06%	8.15%	24.27%	22.49%	11.73%
	Net Assets, End of Period (in thousands)		$473,640	$511,465	$273,438	$199,929	$148,223	$129,093
	Average Net Assets for the Period (in thousands)		$510,929	$384,360	$212,223	$178,576	$147,902	$122,505
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.69%	0.67%	0.65%	0.66%	0.68%	0.71%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.69%	0.67%	0.62%	0.60%	0.63%	0.71%
		Ratio of Net Investment Income/(Loss)	(0.23)%	0.12%	0.40%	0.26%	0.30%	0.06%
	Portfolio Turnover Rate		19%	42%	44%	37%	56%	40%


Class R Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$41.01	$32.97	$33.65	$30.08	$27.84	$29.30
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.20)	(0.21)	(0.10)	(0.15)	(0.13)	(0.19)
		Net realized and unrealized gain/(loss)	5.53	10.78	1.95	6.67	5.61	3.24
	Total from Investment Operations		5.33	10.57	1.85	6.52	5.48	3.05
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(3.85)	(2.53)	(2.53)	(2.95)	(3.24)	(4.51)
	Total Dividends and Distributions		(3.85)	(2.53)	(2.53)	(2.95)	(3.24)	(4.51)
	Net Asset Value, End of Period		$42.49	$41.01	$32.97	$33.65	$30.08	$27.84
	Total Return*		13.25%	34.05%	7.36%	23.34%	21.62%	10.88%
	Net Assets, End of Period (in thousands)		$102,968	$101,440	$106,843	$127,954	$119,259	$116,521
	Average Net Assets for the Period (in thousands)		$103,537	$101,751	$113,204	$123,528	$115,657	$118,781
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.41%	1.41%	1.40%	1.40%	1.43%	1.47%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.40%	1.41%	1.36%	1.34%	1.37%	1.47%
		Ratio of Net Investment Income/(Loss)	(0.93)%	(0.60)%	(0.34)%	(0.49)%	(0.46)%	(0.69)%
	Portfolio Turnover Rate		19%	42%	44%	37%	56%	40%

* Total return includes adjustments in accordance 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, 2021

Janus Henderson Forty Fund

Financial Highlights


Class S Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$44.67	$35.61	$36.02	$31.93	$29.29	$30.54
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.16)	(0.13)	(0.03)	(0.08)	(0.06)	(0.12)
		Net realized and unrealized gain/(loss)	6.02	11.72	2.15	7.12	5.94	3.38
	Total from Investment Operations		5.86	11.59	2.12	7.04	5.88	3.26
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	—	—	—	—	—
		Distributions (from capital gains)	(3.85)	(2.53)	(2.53)	(2.95)	(3.24)	(4.51)
	Total Dividends and Distributions		(3.85)	(2.53)	(2.53)	(2.95)	(3.24)	(4.51)
	Net Asset Value, End of Period		$46.68	$44.67	$35.61	$36.02	$31.93	$29.29
	Total Return*		13.35%	34.40%	7.65%	23.63%	21.93%	11.15%
	Net Assets, End of Period (in thousands)		$546,973	$546,341	$475,553	$516,748	$517,623	$535,216
	Average Net Assets for the Period (in thousands)		$551,536	$491,995	$468,610	$525,707	$512,584	$567,568
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	1.19%	1.17%	1.15%	1.15%	1.18%	1.21%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	1.18%	1.16%	1.10%	1.08%	1.12%	1.21%
		Ratio of Net Investment Income/(Loss)	(0.71)%	(0.36)%	(0.08)%	(0.23)%	(0.20)%	(0.43)%
	Portfolio Turnover Rate		19%	42%	44%	37%	56%	40%


Class T Shares
For a share outstanding during the period ended March 31, 2021 (unaudited) and the year ended September 30			2021	2020	2019	2018	2017	2016
	Net Asset Value, Beginning of Period		$45.83	$36.44	$36.70	$32.40	$29.61	$30.76
	Income/(Loss) from Investment Operations:
		Net investment income/(loss)⁽¹⁾	(0.11)	(0.04)	0.06	0.01	0.05	(0.05)
		Net realized and unrealized gain/(loss)	6.20	12.01	2.21	7.24	5.98	3.41
	Total from Investment Operations		6.09	11.97	2.27	7.25	6.03	3.36
	Less Dividends and Distributions:
		Dividends (from net investment income)	—	(0.05)	—	—⁽²⁾	—	—
		Distributions (from capital gains)	(3.85)	(2.53)	(2.53)	(2.95)	(3.24)	(4.51)
	Total Dividends and Distributions		(3.85)	(2.58)	(2.53)	(2.95)	(3.24)	(4.51)
	Net Asset Value, End of Period		$48.07	$45.83	$36.44	$36.70	$32.40	$29.61
	Total Return*		13.52%	34.71%	7.93%	23.96%	22.22%	11.43%
	Net Assets, End of Period (in thousands)		$4,000,088	$3,621,078	$2,914,481	$2,935,096	$2,529,514	$88,954
	Average Net Assets for the Period (in thousands)		$3,893,270	$3,138,440	$2,750,999	$2,727,557	$1,084,741	$85,549
	Ratios to Average Net Assets**:
		Ratio of Gross Expenses	0.94%	0.92%	0.90%	0.91%	0.93%	0.96%
		Ratio of Net Expenses (After Waivers and Expense Offsets)	0.92%	0.91%	0.85%	0.83%	0.82%	0.96%
		Ratio of Net Investment Income/(Loss)	(0.45)%	(0.10)%	0.17%	0.02%	0.15%	(0.17)%
	Portfolio Turnover Rate		19%	42%	44%	37%	56%	40%

* Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

** Annualized for periods of less than one full year.

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

(2) Less than $0.005 on a per share basis.


See Notes to Financial Statements.

Janus Investment Fund	19

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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 45 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.

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.

It is expected that the conversion of Class C Shares to Class A Shares will not result in a taxable event. Please consult your tax adviser for further information.


20	MARCH 31, 2021

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms.

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

Investment Valuation

Valuation Inputs Summary

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


Janus Investment Fund	21

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal year.

Investment Transactions and Investment Income

Expenses

Estimates

Indemnifications


22	MARCH 31, 2021

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

Foreign Currency Translations

Dividends and Distributions

Federal Income Taxes

2. Other Investments and Strategies

Additional Investment Risk


Janus Investment Fund	23

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

Counterparties

Real Estate Investing

Securities Lending


24	MARCH 31, 2021

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

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. 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, Janus Capital 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.

The cash collateral invested by Janus Capital is disclosed in the Schedule of Investments (if applicable).

There were no securities on loan as of March 31, 2021.

3. Investment Advisory Agreements and Other Transactions with Affiliates

The Fund pays Janus Capital an investment advisory fee rate that may adjust up or down based on the Fund’s performance relative to its benchmark index.

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^{^®} Growth Index.


Janus Investment Fund	25

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 Janus Capital’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease Janus Capital’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, 2021, the performance adjusted investment advisory fee rate before any waivers and/or reimbursements of expenses is 0.68%.

Janus Capital has contractually agreed to waive the investment advisory fee payable by the Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding any performance adjustments to management fees (if applicable), the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate of 0.68% of the Fund’s average daily net assets. Janus Capital has agreed to continue the waivers for at least a one-year period commencing January 28, 2021. The previous expense limit (until February 1, 2021) was 0.77%. If applicable, amounts waived and/or reimbursed to the Fund by Janus Capital are disclosed as “Excess Expense Reimbursement and Waivers” on the Statement of Operations.

The Fund pays an annual administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services, 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%

The Fund’s actual Class D administrative fee rate was 0.11% for the reporting period.


26	MARCH 31, 2021

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

Janus Services 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. Janus Services 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. Janus Services or its affiliates may also pay fees for services provided by intermediaries to the extent the fees charged by intermediaries exceed the 0.25% of net assets charged to Class R Shares, Class S Shares and Class T Shares of the Fund. Janus Services 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. These amounts are disclosed as “Transfer agent administrative fees and expenses” on the Statement of Operations.

Janus Services is compensated for its services related to the Fund’s Class D Shares. These amounts are disclosed as “Other transfer agent fees and expenses” on the Statement of Operations.


Janus Investment Fund	27

Janus Henderson Forty 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, 2021, redeeming shareholders of Class A Shares paid CDSCs of $2,069 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, 2021, redeeming shareholders of Class C Shares paid CDSCs of $11,417.

4. Federal Income Tax


28	MARCH 31, 2021

Janus Henderson Forty 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, 2021 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	Unrealized Appreciation	Unrealized (Depreciation)	Net Tax Appreciation/ (Depreciation)
$ 10,658,635,841	$8,546,696,687	$(41,403,927)	$ 8,505,292,760

5. Capital Share Transactions



	Period ended March 31, 2021		Year ended September 30, 2020
	Shares	Amount	Shares	Amount

Class A Shares:
Shares sold	1,172,246	$ 56,980,495	3,072,089	$120,669,208
Reinvested dividends and distributions	553,577	26,449,919	448,932	16,650,906
Shares repurchased	(1,066,053)	(51,885,630)	(2,876,579)	(111,392,090)
Net Increase/(Decrease)	659,770	$ 31,544,784	644,442	$ 25,928,024
Class C Shares:
Shares sold	528,682	$ 20,229,286	1,355,099	$ 41,317,460
Reinvested dividends and distributions	342,199	12,685,302	259,317	7,673,179
Shares repurchased	(736,362)	(27,831,148)	(2,101,840)	(65,919,707)
Net Increase/(Decrease)	134,519	$ 5,083,440	(487,424)	$ (16,929,068)
Class D Shares:
Shares sold	4,338,858	$204,752,739	9,026,687	$342,305,718
Reinvested dividends and distributions	18,092,686	833,530,050	15,470,826	553,700,851
Shares repurchased	(9,501,913)	(446,700,766)	(19,892,179)	(744,535,184)
Net Increase/(Decrease)	12,929,631	$591,582,023	4,605,334	$151,471,385
Class I Shares:
Shares sold	6,105,525	$312,863,653	15,532,349	$616,291,121
Reinvested dividends and distributions	2,333,899	116,951,685	1,789,568	69,184,700
Shares repurchased	(5,387,868)	(273,936,084)	(11,315,854)	(455,117,245)
Net Increase/(Decrease)	3,051,556	$155,879,254	6,006,063	$230,358,576
Class N Shares:
Shares sold	1,441,007	$ 74,013,242	5,723,924	$222,778,501
Reinvested dividends and distributions	756,748	38,109,828	492,714	19,127,162
Shares repurchased	(3,478,005)	(176,673,679)	(2,840,097)	(115,560,136)
Net Increase/(Decrease)	(1,280,250)	$ (64,550,609)	3,376,541	$126,345,527
Class R Shares:
Shares sold	201,529	$ 8,566,620	497,120	$ 17,159,177
Reinvested dividends and distributions	211,734	8,755,197	215,467	7,024,221
Shares repurchased	(463,553)	(19,606,413)	(1,480,006)	(50,737,527)
Net Increase/(Decrease)	(50,290)	$ (2,284,596)	(767,419)	$ (26,554,129)
Class S Shares:
Shares sold	900,492	$ 41,870,943	2,424,108	$ 90,525,332
Reinvested dividends and distributions	959,158	43,545,766	915,293	32,438,001
Shares repurchased	(2,375,222)	(109,147,083)	(4,462,732)	(166,075,922)
Net Increase/(Decrease)	(515,572)	$ (23,730,374)	(1,123,331)	$ (43,112,589)
Class T Shares:
Shares sold	4,051,077	$192,860,323	8,286,284	$316,964,285
Reinvested dividends and distributions	6,309,473	294,778,584	5,490,211	199,239,761
Shares repurchased	(6,158,183)	(292,834,098)	(14,760,334)	(553,061,432)
Net Increase/(Decrease)	4,202,367	$194,804,809	(983,839)	$ (36,857,386)


Janus Investment Fund	29

Janus Henderson Forty Fund

Notes to Financial Statements (unaudited)

6. Purchases and Sales of Investment Securities


Purchases of Securities	Proceeds from Sales of Securities	Purchases of Long- Term U.S. Government Obligations	Proceeds from Sales of Long-Term U.S. Government Obligations
$3,464,388,167	$4,134,093,212	$ -	$ -

7. Subsequent Event


30	MARCH 31, 2021

Janus Henderson Forty Fund

Additional Information (unaudited)

Proxy Voting Policies and Voting Record

Full Holdings

APPROVAL OF ADVISORY AGREEMENTS DURING THE PERIOD

Nature, Extent and Quality of Services


Janus Investment Fund	31

Janus Henderson Forty Fund

Additional Information (unaudited)

Performance of the Funds

The Trustees considered the performance of each Fund, noting that performance may vary by share class, and noted the following:

Asset Allocation Funds


32	MARCH 31, 2021

Janus Henderson Forty Fund

Additional Information (unaudited)

Fixed-Income Funds

Global and International Equity Funds


Janus Investment Fund	33

Janus Henderson Forty Fund

Additional Information (unaudited)

Money Market Funds

Multi-Asset Funds


34	MARCH 31, 2021

Janus Henderson Forty Fund

Additional Information (unaudited)

Multi-Asset U.S. Equity Funds

Quantitative Equity Funds


Janus Investment Fund	35

Janus Henderson Forty Fund

Additional Information (unaudited)

U.S. Equity Funds

Costs of Services Provided


36	MARCH 31, 2021

Janus Henderson Forty Fund

Additional Information (unaudited)

Asset Allocation Funds

Fixed-Income Funds


Janus Investment Fund	37

Janus Henderson Forty Fund

Additional Information (unaudited)

Global and International Equity Funds

· For Janus Henderson Global Equity Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Global Life Sciences Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Global Technology and Innovation Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Overseas Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


38	MARCH 31, 2021

Janus Henderson Forty Fund

Additional Information (unaudited)

Money Market Funds

· For Janus Henderson Government Money Market Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for both share classes.

Multi-Asset Funds

· For Janus Henderson Adaptive Global Allocation Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Value Plus Income Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

Multi-Asset U.S. Equity Funds

· For Janus Henderson Research Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Triton Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

· For Janus Henderson Venture Fund, the Trustees noted that, the Fund’s total expenses were below the peer group for all share classes.

Quantitative Equity Funds

· For Janus Henderson Global Income Managed Volatility Fund, the Trustees noted that the Fund’s total expenses were below the peer group for all share classes.


Janus Investment Fund	39

Janus Henderson Forty Fund

Additional Information (unaudited)

U.S. Equity Funds

· For Janus Henderson Large Cap Value Fund, the Trustees noted that the Fund’s total expenses were below the peer group average for all share classes.

· For Janus Henderson Mid Cap Value Fund, the Trustees noted that, that the Fund’s total expenses were below the peer group average for all share classes.


40	MARCH 31, 2021

Janus Henderson Forty Fund

Additional Information (unaudited)

and any subadviser, the investment performance of the Janus Henderson Fund, and any expense limitations agreed to or provided by Janus Capital.

Economies of Scale

Other Benefits to Janus Capital


Janus Investment Fund	41

Janus Henderson Forty Fund

Additional Information (unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

The Program Administrator Report discussed the operation and effectiveness of the LRMP during the Reporting Period. It noted that the Fund was able to meet redemptions during the normal course of business during the Reporting Period, and discussed the additional actions that the Liquidity Risk Working Group took during the period of market volatility in the spring of 2020 to monitor the Fund’s liquidity. The Program Administrator Report also stated that the Fund did not exceed the 15% limit on illiquid assets during the Reporting Period, that the Fund held primarily highly liquid assets, and was considered to be a primarily highly liquid fund during the Reporting Period. In addition, the Program Administrator expressed its belief in the Program Administrator Report that the LRMP is reasonably designed and adequate to assess and manage the Fund’s liquidity risk, taking into account the Fund’s particular risks and circumstances, and includes policies and procedures reasonably designed to implement each required component of the Liquidity Rule.


42	MARCH 31, 2021

Janus Henderson Forty Fund

Useful Information About Your Fund Report (unaudited)

Performance Overviews

Schedule of Investments

The value of each security is quoted as of the last day of the reporting period. The value of securities denominated in foreign currencies is converted into U.S. dollars.

Tables listing details of individual forward currency contracts, futures, written options, swaptions, and swaps follow the Fund’s Schedule of Investments (if applicable).

Statement of Assets and Liabilities

This statement is often referred to as the “balance sheet.” It lists the assets and liabilities of the Fund on the last day of the reporting period.


Janus Investment Fund	43

Janus Henderson Forty Fund

Useful Information About Your Fund Report (unaudited)

Statement of Operations

This statement details the Fund’s income, expenses, realized gains and losses on securities and currency transactions, and changes in unrealized appreciation or depreciation of Fund holdings.

The first section in this statement, entitled “Investment Income,” reports the dividends earned from securities and interest earned from interest-bearing securities in the Fund.

Statements of Changes in Net Assets

Financial Highlights

The Fund’s expenses may be reduced through expense offsets and expense reimbursements. The ratios shown reflect expenses before and after any such offsets and reimbursements.


44	MARCH 31, 2021

Janus Henderson Forty Fund

Useful Information About Your Fund Report (unaudited)


Janus Investment Fund	45




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, Janus, Henderson, Perkins and Intech are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-24-93041 05-21



	SEMIANNUAL REPORT March 31, 2021

Janus Henderson Global Equity Income Fund

Janus Investment Fund

		HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics and holdings

Table of Contents

Janus Henderson Global Equity Income Fund


Fund At A Glance and Schedule of Investments	1
Notes to Schedule of Investments and Other Information	12
Statement of Assets and Liabilities	13
Statement of Operations	15
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	26
Additional Information	41
Useful Information About Your Fund Report	53

FUND SNAPSHOT

A long-only portfolio that seeks a high level of current income and steady capital appreciation. The Fund seeks global, high-quality, income-producing equities with a focus on international companies.

Ben Lofthouse

co-portfolio manager

Job Curtis

co-portfolio manager

Alex Crooke

co-portfolio manager

Janus Henderson Global Equity Income Fund (unaudited)

Fund At A Glance

March 31, 2021





5 Top Contributors - Holdings			5 Top Detractors - Holdings
	Average Weight	Relative Contribution		Average Weight	Relative Contribution
Taiwan Semiconductor Manufacturing Co Ltd (ADR)	3.30%	1.06%	Unilever PLC	1.67%	-0.49%
Samsung Electronics Co Ltd	3.32%	1.03%	Tele2 AB	1.43%	-0.37%
Repsol SA	1.33%	0.62%	Merck & Co Inc	1.51%	-0.29%
Anglo American PLC	1.73%	0.59%	Novartis AG	1.46%	-0.26%
Total SE	3.14%	0.59%	Telenor ASA	1.75%	-0.25%


	5 Top Contributors - Sectors*
		Relative	Fund	MSCI World Index
		Contribution	Average Weight	Average Weight
	Information Technology	3.78%	10.90%	21.81%
	Materials	0.77%	10.58%	4.52%
	Consumer Discretionary	0.75%	5.44%	12.04%
	Energy	0.28%	6.69%	2.85%
	Real Estate	0.01%	3.86%	2.69%


	5 Top Detractors - Sectors*
		Relative	Fund	MSCI World Index
		Contribution	Average Weight	Average Weight
	Financials	-1.20%	11.69%	12.86%
	Utilities	-1.12%	11.42%	3.13%
	Communication Services	-0.73%	8.99%	8.98%
	Other**	-0.36%	1.96%	0.00%
	Industrials	-0.35%	6.48%	10.55%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.


Janus Investment Fund	1

Janus Henderson Global Equity Income Fund (unaudited)

Fund At A Glance

March 31, 2021


5 Largest Equity Holdings - (% of Net Assets)
Total SE
Oil, Gas & Consumable Fuels	3.2%
Novartis AG
Pharmaceuticals	3.0%
Samsung Electronics Co Ltd
Technology Hardware, Storage & Peripherals	2.9%
Anglo American PLC
Metals & Mining	2.5%
Roche Holding AG
Pharmaceuticals	2.5%
	14.1%


Asset Allocation - (% of Net Assets)
Common Stocks	93.0%
Investments Purchased with Cash Collateral from Securities Lending	5.6%
Investment Companies	3.9%
Preferred Stocks	2.9%
Other		(5.4)%
		100.0%

Emerging markets comprised 5.6% of total net assets.

Top Country Allocations - Long Positions - (% of Investment Securities)

As of March 31, 2021

As of September 30, 2020


2	MARCH 31, 2021

Janus Henderson Global Equity Income Fund (unaudited)

Performance

See important disclosures on the next page.




Average Annual Total Return - for the periods ended March 31, 2021						Prospectus Expense Ratios
	Fiscal Year-to-Date	One Year	Five Year	Ten Year	Since Inception*	Total Annual Fund Operating Expenses^‡
Class A Shares at NAV	19.19%	37.60%	5.84%	5.73%	4.27%	1.14%
Class A Shares at MOP	12.33%	29.62%	4.58%	5.11%	3.84%
Class C Shares at NAV	18.81%	36.75%	5.08%	4.94%	3.49%	1.78%
Class C Shares at CDSC	17.81%	35.75%	5.08%	4.94%	3.49%
Class D Shares	19.38%	38.04%	5.97%	5.80%	4.31%	0.92%
Class I Shares	19.33%	37.95%	6.16%	6.02%	4.51%	0.78%
Class N Shares	19.37%	38.29%	6.22%	5.93%	4.40%	0.72%
Class S Shares	18.96%	37.45%	5.65%	5.60%	4.17%	1.25%
Class T Shares	19.19%	37.80%	5.93%	5.77%	4.30%	0.95%
MSCI World Index	19.57%	54.03%	13.36%	9.88%	6.83%
85% MSCI ACWI ex-US High Div Yld/15% MSCI USA High Div Yld Index	22.49%	37.96%	7.80%	5.13%	4.01%
Morningstar Quartile - Class A Shares	-	4th	4th	1st	1st
Morningstar Ranking - based on total returns for Foreign Large Value Funds	-	320/361	248/325	36/262	25/193

Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.


Janus Investment Fund	3

Janus Henderson Global Equity Income Fund (unaudited)

Performance

High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

Returns of the Fund shown prior to June 5, 2017, are those for Henderson Global Equity Income Fund (the “Predecessor Fund”), which merged into the Fund after the close of business on June 2, 2017. The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the reorganization automatically exchanged for Class D Shares of the Fund following the reorganization. Class A Shares and Class C Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on November 30, 2006. Class I Shares and Class R6 Shares of the Predecessor Fund commenced operations on March 31, 2009 and November 30, 2015, respectively.

Performance of Class N Shares shown for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund, calculated using the fees and expenses of Class R6 Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to November 30, 2015, performance for Class N Shares reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

See important disclosures on the next page.

There is no assurance that the investment process will consistently lead to successful investing.

See Notes to Schedule of Investments and Other Information for index definitions.

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

See “Useful Information About Your Fund Report.”

Effective January 28, 2021, the Fund's secondary benchmark index changed from MSCI World High Dividend Yield Index to 85% MSCI ACWI ex-US


4	MARCH 31, 2021

Janus Henderson Global Equity Income Fund (unaudited)

Performance

High Div Yield/15% MSCI USA High Div Yld Index.

*The Predecessor Fund’s inception date – November 30, 2006

‡ As stated in the prospectus. See Financial Highlights for actual expense ratios during the reporting period.


Janus Investment Fund	5

Janus Henderson Global Equity Income Fund (unaudited)

Expense Examples

Actual Expenses

Hypothetical Example for Comparison Purposes



		Actual			Hypothetical (5% return before expenses)
		Beginning Account Value (10/1/20)	Ending Account Value (3/31/21)	Expenses Paid During Period (10/1/20 - 3/31/21)†	Beginning Account Value (10/1/20)	Ending Account Value (3/31/21)	Expenses Paid During Period (10/1/20 - 3/31/21)†	Net Annualized Expense Ratio (10/1/20 - 3/31/21)
Class A Shares		$1,000.00	$1,191.90	$6.28	$1,000.00	$1,019.20	$5.79	1.15%
Class C Shares		$1,000.00	$1,188.10	$9.38	$1,000.00	$1,016.36	$8.65	1.72%
Class D Shares		$1,000.00	$1,193.80	$4.92	$1,000.00	$1,020.44	$4.53	0.90%
Class I Shares		$1,000.00	$1,193.30	$4.27	$1,000.00	$1,021.04	$3.93	0.78%
Class N Shares		$1,000.00	$1,193.70	$3.83	$1,000.00	$1,021.44	$3.53	0.70%
Class S Shares		$1,000.00	$1,189.60	$6.61	$1,000.00	$1,018.90	$6.09	1.21%
Class T Shares		$1,000.00	$1,191.90	$5.14	$1,000.00	$1,020.24	$4.73	0.94%
†	Expenses Paid During Period are equal to the Net Annualized Expense Ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expenses in the examples include the effect of applicable fee waivers and/or expense reimbursements, if any. Had such waivers and/or reimbursements not been in effect, your expenses would have been higher. Please refer to the Notes to Financial Statements or the Fund’s prospectuses for more information regarding waivers and/or reimbursements.


6	MARCH 31, 2021

Janus Henderson Global Equity Income Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares or Principal Amounts			Value
Common Stocks– 93.0%
Aerospace & Defense – 0.6%
	BAE Systems PLC	4,021,933	$27,996,308
Auto Components – 0.1%
	Faurecia SE*	72,202	3,836,110
Automobiles – 3.1%
	Daimler AG	300,204	26,756,846
	Stellantis NV	4,239,956	74,993,840
	Toyota Motor Corp	615,900	47,932,386
			149,683,072
Beverages – 3.3%
	Carlsberg A/S	595,381	91,485,877
	Coca-Cola Co	843,190	44,444,545
	Coca-Cola Femsa SAB de CV (ADR)	512,250	23,665,950
			159,596,372
Biotechnology – 0.9%
	AbbVie Inc	427,069	46,217,407
Capital Markets – 1.9%
	Ashmore Group PLC	79,767	430,347
	CME Group Inc	443,248	90,524,539
			90,954,886
Chemicals – 4.0%
	Air Liquide SA	308,097	50,325,292
	Nutrien Ltd	1,595,969	85,990,530
	Yara International ASA	1,079,717	56,175,140
			192,490,962
Communications Equipment – 2.0%
	Cisco Systems Inc	1,934,145	100,014,638
Construction Materials – 0.8%
	LafargeHolcim Ltd*	699,023	41,083,320
Containers & Packaging – 0.9%
	Amcor PLC	3,775,056	44,119,675
Diversified Financial Services – 0.5%
	M&G PLC	7,988,071	22,836,273
Diversified Telecommunication Services – 5.2%
	Deutsche Telekom AG	2,620,868	52,767,092
	Elisa OYJ	774,685	46,455,120
	Orange SA	3,721,225	45,838,427
	Telenor ASA	3,558,082	62,635,694
	Verizon Communications Inc	748,472	43,523,647
			251,219,980
Electric Utilities – 2.4%
	Endesa SA	1,747,941	46,239,548
	Enel SpA	2,263,120	22,538,054
	Iberdrola SA	3,796,517	48,902,732
			117,680,334
Electrical Equipment – 2.9%
	ABB Ltd	2,333,051	70,509,986
	nVent Electric PLC	847,373	23,650,180
	Schneider Electric SE	316,307	48,309,690
			142,469,856
Food & Staples Retailing – 2.2%
	Tesco PLC	34,383,474	108,461,405
Food Products – 2.0%
	Nestle SA (REG)	878,256	97,899,986
Household Durables – 1.8%
	Electrolux AB^#	89,683	2,488,113
	Panasonic Corp	4,302,500	55,321,188
	Persimmon PLC	785,042	31,813,744
			89,623,045


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

Janus Investment Fund	7

Janus Henderson Global Equity Income Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares or Principal Amounts			Value
Common Stocks– (continued)
Insurance – 10.1%
	Allianz SE	192,435	$48,976,931
	Direct Line Insurance Group PLC	3,313,050	14,307,473
	Legal & General Group PLC	13,184,942	50,723,897
	Manulife Financial Corp	4,785,401	102,944,201
	Phoenix Group Holdings PLC	3,374,057	34,146,119
	Swiss Re AG	617,838	60,776,953
	Tokio Marine Holdings Inc	1,779,100	84,608,089
	Zurich Insurance Group AG	221,683	94,631,664
			491,115,327
Machinery – 4.3%
	SKF AB^#	3,206,747	91,170,058
	Volvo AB*^,#	4,712,494	119,242,832
			210,412,890
Media – 0.8%
	Publicis Groupe SA	618,610	37,748,695
Metals & Mining – 4.4%
	Anglo American PLC	3,128,271	122,568,649
	BHP Group PLC	1,370,436	39,565,229
	Rio Tinto PLC	682,193	52,188,498
			214,322,376
Multi-Utilities – 2.9%
	Dominion Energy Inc	525,727	39,934,223
	DTE Energy Co	401,446	53,448,520
	Sempra Energy	346,435	45,930,352
			139,313,095
Oil, Gas & Consumable Fuels – 7.7%
	Enbridge Inc	1,131,682	41,232,314
	Euronav NV^#	1,990,822	18,216,021
	Repsol SA	5,400,507	66,872,286
	Royal Dutch Shell PLC	2,252,360	44,370,549
	Total SE^#	3,379,086	157,600,345
	Williams Cos Inc	2,015,393	47,744,660
			376,036,175
Paper & Forest Products – 2.4%
	UPM-Kymmene Oyj	3,203,162	115,046,554
Personal Products – 1.6%
	Unilever PLC	1,382,843	77,151,616
Pharmaceuticals – 12.7%
	Bristol-Myers Squibb Co	1,488,315	93,957,326
	Merck & Co Inc	1,106,013	85,262,542
	Novartis AG	1,687,946	144,270,263
	Novo Nordisk A/S	658,228	44,598,979
	Pfizer Inc	2,229,258	80,766,017
	Roche Holding AG	369,842	119,543,110
	Sanofi	490,440	48,451,085
			616,849,322
Professional Services – 1.5%
	SGS SA	25,239	71,603,978
Semiconductor & Semiconductor Equipment – 3.8%
	Broadcom Inc	102,028	47,306,303
	Taiwan Semiconductor Manufacturing Co Ltd (ADR)	924,165	109,310,236
	Texas Instruments Inc	153,368	28,985,018
			185,601,557
Tobacco – 3.7%
	British American Tobacco PLC	3,004,875	114,896,665
	Imperial Brands PLC	3,146,130	64,702,348
			179,599,013


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

8	MARCH 31, 2021

Janus Henderson Global Equity Income Fund

Schedule of Investments (unaudited)

March 31, 2021


Shares or Principal Amounts			Value
Common Stocks– (continued)
Wireless Telecommunication Services – 2.5%
	Tele2 AB	4,321,913	$58,318,597
	Vodafone Group PLC	35,083,366	63,775,629
			122,094,226
Total Common Stocks (cost $4,225,871,391)			4,523,078,453
Preferred Stocks– 2.9%
Technology Hardware, Storage & Peripherals – 2.9%
	Samsung Electronics Co Ltd((cost $78,693,068)	2,157,980	139,212,213
Investment Companies– 3.9%
Money Markets – 3.9%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº,£((cost $191,852,608)	191,833,425	191,852,608
Investments Purchased with Cash Collateral from Securities Lending– 5.6%
Investment Companies – 4.6%
	Janus Henderson Cash Collateral Fund LLC, 0.0011%^ºº,£	223,191,298	223,191,298
Time Deposits – 1.0%
	Royal Bank of Canada, 0.0300%, 4/1/21	$49,196,250	49,196,250
Total Investments Purchased with Cash Collateral from Securities Lending (cost $272,387,548)			272,387,548
Total Investments (total cost $4,768,804,615) – 105.4%			5,126,530,822
Liabilities, net of Cash, Receivables and Other Assets – (5.4)%			(262,952,574)
Net Assets – 100%			$4,863,578,248


Summary of Investments by Country - (Long Positions) (unaudited)

		% of
		Investment
Country	Value	Securities
United States	$1,380,069,748	26.9	%
United Kingdom	792,783,133	15.5
Switzerland	700,319,260	13.7
France	392,109,644	7.6
Sweden	271,219,600	5.3
Canada	230,167,045	4.5
Japan	187,861,663	3.7
Spain	162,014,566	3.2
Finland	161,501,674	3.1
South Korea	139,212,213	2.7
Denmark	136,084,856	2.6
Germany	128,500,869	2.5
Norway	118,810,834	2.3
Taiwan	109,310,236	2.1
Italy	97,531,894	1.9
Netherlands	77,151,616	1.5
Mexico	23,665,950	0.5
Belgium	18,216,021	0.4



Total	$5,126,530,822	100.0	%


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

Janus Investment Fund	9

Janus Henderson Global Equity Income Fund

Schedule of Investments (unaudited)

March 31, 2021

Schedules of Affiliated Investments – (% of Net Assets)


		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 3/31/21
Investment Companies - 3.9%
Money Markets - 3.9%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº	$	31,127	$	3,125	$	(4,951)	$	191,852,608
Investments Purchased with Cash Collateral from Securities Lending - 4.6%
Investment Companies - 4.6%
	Janus Henderson Cash Collateral Fund LLC, 0.0011%^ºº		585,838^∆		-		-		223,191,298
Total Affiliated Investments - 8.5%		$	616,965	$	3,125	$	(4,951)	$	415,043,906


		Value at 9/30/20		Purchases		Sales Proceeds		Value at 3/31/21
Investment Companies - 3.9%
Money Markets - 3.9%
	Janus Henderson Cash Liquidity Fund LLC, 0.0652%^ºº		159,123,516		1,219,960,666		(1,187,229,748)		191,852,608
Investments Purchased with Cash Collateral from Securities Lending - 4.6%
Investment Companies - 4.6%
	Janus Henderson Cash Collateral Fund LLC, 0.0011%^ºº		172,014,381		611,025,924		(559,849,007)		223,191,298


Schedule of Forward Foreign Currency Exchange Contracts, Open


Counterparty/ Foreign Currency	Settlement Date	Foreign Currency Amount (Sold)/ Purchased		USD Currency Amount (Sold)/ Purchased		Market Value and Unrealized Appreciation/ (Depreciation)
BNP Paribas:
British Pound	4/28/21	(249,062,606)	$	346,309,955	$	2,972,254
Euro	4/28/21	(266,366,387)		317,253,274		4,742,296
Total					$	7,714,550


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

10	MARCH 31, 2021

Janus Henderson Global Equity Income Fund

Schedule of Investments (unaudited)

March 31, 2021

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, 2021.


Fair Value of Derivative Instruments (not accounted for as hedging instruments) as of March 31, 2021

					Currency Contracts
Asset Derivatives:
Forward foreign currency exchange contracts					$7,714,550

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, 2021.


The effect of Derivative Instruments (not accounted for as hedging instruments) on the Statement of Operations for the period ended March 31, 2021

Amount of Realized Gain/(Loss) Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$(26,526,905)



Amount of Change in Unrealized Appreciation/Depreciation Recognized on Derivatives
Derivative				Currency Contracts
Forward foreign currency exchange contracts				$ 6,414,784

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 Market Value of Derivative Instruments During the Period Ended March 31, 2021

	Market Value^(a)
Forward foreign currency exchange contracts, sold	$ 653,126,155

(a) Forward foreign currency exchange contracts are reported as the average ending monthly currency amount sold.


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

Janus Investment Fund	11

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


*	Non-income producing security.


ºº	Rate shown is the 7-day yield as of March 31, 2021.


#	Loaned security; a portion of the security is on loan at March 31, 2021.


£	The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.


∆	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, 2021. See Notes to Financial Statements for more information.

Valuation Inputs Summary

					Level 2 -		Level 3 -
			Level 1 -		Other Significant		Significant
			Quoted Prices		Observable Inputs		Unobservable Inputs

Assets
Investments In Securities:
Common Stocks		$	4,523,078,453	$	-	$	-
Preferred Stocks			-		139,212,213		-
Investment Companies			-		191,852,608		-
Investments Purchased with Cash Collateral from Securities Lending			-		272,387,548		-
Total Investments in Securities		$	4,523,078,453	$	603,452,369	$	-
Other Financial Instruments^(a):
Forward Foreign Currency Exchange Contracts			-		7,714,550		-
Total Assets		$	4,523,078,453	$	611,166,919	$	-

(a)	Other financial instruments include forward foreign currency exchange, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Futures, certain written options on futures, and centrally cleared swap contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Written options, written swaptions, and other swap contracts are reported at their market value at measurement date.


12	MARCH 31, 2021

Janus Henderson Global Equity Income Fund

Statement of Assets and Liabilities (unaudited)

March 31, 2021



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	4,711,486,916
	Affiliated investments, at value⁽³⁾			415,043,906
	Forward foreign currency exchange contracts			7,714,550
	Non-interested Trustees' deferred compensation			118,179
	Receivables:
		Investments sold		55,954,226
		Dividends		33,522,420
		Foreign tax reclaims		33,020,593
		Fund shares sold		12,513,034
		Dividends from affiliates		4,236
	Other assets			591,096
Total Assets				5,269,969,156
Liabilities:
	Due to custodian			20,866
	Foreign cash due to custodian			1,168,449
	Collateral for securities loaned (Note 3)			272,387,548
	Payables:			—
		Investments purchased		87,738,983
		Fund shares repurchased		32,020,077
		Dividends		8,354,652
		Advisory fees		2,716,791
		Transfer agent fees and expenses		699,138
		12b-1 Distribution and shareholder servicing fees		549,819
		Non-interested Trustees' deferred compensation fees		118,179
		Custodian fees		38,064
		Professional fees		32,512
		Non-interested Trustees' fees and expenses		17,223
		Affiliated fund administration fees payable		10,258
		Accrued expenses and other payables		518,349
Total Liabilities				406,390,908
Net Assets			$	4,863,578,248


See Notes to Financial Statements.

Janus Investment Fund	13




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	5,760,032,993
	Total distributable earnings (loss)		(896,454,745)
Total Net Assets		$	4,863,578,248
Net Assets - Class A Shares		$	665,698,499
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		97,463,621
Net Asset Value Per Share⁽⁴⁾		$	6.83
Maximum Offering Price Per Share⁽⁵⁾		$	7.25
Net Assets - Class C Shares		$	474,351,452
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		70,338,389
Net Asset Value Per Share⁽⁴⁾		$	6.74
Net Assets - Class D Shares		$	10,499,892
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		1,542,464
Net Asset Value Per Share		$	6.81
Net Assets - Class I Shares		$	3,496,089,037
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		511,117,436
Net Asset Value Per Share		$	6.84
Net Assets - Class N Shares		$	101,312,724
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		14,817,170
Net Asset Value Per Share		$	6.84
Net Assets - Class S Shares		$	14,911,590
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,201,158
Net Asset Value Per Share		$	6.77
Net Assets - Class T Shares		$	100,715,054
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		14,804,243
Net Asset Value Per Share		$	6.80



Investment Income:
	Dividends		$	200,759,578
	Affiliated securities lending income, net			585,838
	Dividends from affiliates			31,127
	Unaffiliated securities lending income, net			4,743
	Other income			163,489
	Foreign tax withheld			(14,964,647)
Total Investment Income				186,580,128
Expenses:
	Advisory fees			15,048,304
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		800,116
		Class C Shares		2,285,722
		Class S Shares		15,995
	Transfer agent administrative fees and expenses:
		Class D Shares		5,326
		Class S Shares		16,147
		Class T Shares		104,891
	Transfer agent networking and omnibus fees:
		Class A Shares		653,556
		Class C Shares		183,405
		Class I Shares		1,405,776
	Other transfer agent fees and expenses:
		Class A Shares		22,175
		Class C Shares		13,481
		Class D Shares		1,180
		Class I Shares		74,776
		Class N Shares		2,292
		Class S Shares		70
		Class T Shares		457
	Shareholder reports expense			129,748
	Custodian fees			99,423
	Registration fees			71,712
	Affiliated fund administration fees			56,468
	Professional fees			36,133
	Non-interested Trustees’ fees and expenses			30,129
	Other expenses			162,846
Total Expenses				21,220,128
Less: Excess Expense Reimbursement and Waivers				(22,080)
Net Expenses				21,198,048
Net Investment Income/(Loss)				165,382,080



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions⁽¹⁾	$	236,367,337
	Investments in affiliates		3,125
	Forward foreign currency exchange contracts		(26,526,905)
Total Net Realized Gain/(Loss) on Investments			209,843,557
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		396,115,929
	Investments in affiliates		(4,951)
	Forward foreign currency exchange contracts		6,414,784
Total Change in Unrealized Net Appreciation/Depreciation			402,525,762
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	777,751,399




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, Janus, Henderson, Perkins and Intech are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-24-93081 05-21



	SEMIANNUAL REPORT March 31, 2021

Janus Henderson Global Life Sciences Fund

Janus Investment Fund

		HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics and holdings


	2 Top Contributors - Sectors*
		Relative	Fund	MSCI World Health Care Index
		Contribution	Average Weight	Average Weight
	Health Care	3.12%	99.24%	100.00%
	Other**	0.01%	0.76%	0.00%


	1 Top Detractors - Sectors*
		Relative	Fund	MSCI World Health Care Index
		Contribution	Average Weight	Average Weight
	Consumer Discretionary	0.00%	0.00%	0.00%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
**	Not a GICS classified sector.


5 Largest Equity Holdings - (% of Net Assets)
UnitedHealth Group Inc
Health Care Providers & Services	4.0%
AstraZeneca PLC
Pharmaceuticals	3.9%
AbbVie Inc
Biotechnology	3.2%
Merck & Co Inc
Pharmaceuticals	3.0%
Roche Holding AG
Pharmaceuticals	2.8%
	16.9%


Asset Allocation - (% of Net Assets)
Common Stocks	97.0%
Preferred Stocks	2.3%
Investments Purchased with Cash Collateral from Securities Lending	0.6%
Investment Companies	0.4%
Rights	0.0%
Other		(0.3)%
		100.0%


Shares or Principal Amounts			Value
Common Stocks– 97.0%
Biotechnology – 31.6%
	4D Molecular Therapeutics Inc - Series B*^,§	373,334	$15,385,467
	AbbVie Inc	1,410,023	152,592,689
	ACADIA Pharmaceuticals Inc*	1,110,252	28,644,502
	Acceleron Pharma Inc*	293,840	39,847,642
	Akero Therapeutics Inc*	965,815	28,018,293
	Alexion Pharmaceuticals Inc*	151,404	23,151,186
	Aligos Therapeutics Inc*^,§	526,198	11,367,455
	Aligos Therapeutics Inc*^,#,§	253,132	5,756,222
	Allakos Inc*	170,129	19,527,407
	ALX Oncology Ltd (144A)*	555,489	38,913,671
	Amicus Therapeutics Inc*	1,415,091	13,981,099
	Annexon Inc*^,§	470,901	12,454,390
	Argenx SE (ADR)*	147,972	40,750,009
	Ascendis Pharma A/S (ADR)*	457,320	58,939,402
	Bicycle Therapeutics Ltd (ADR)*^,#	490,884	14,662,705
	BioAtla LLC*^,§	423,317	20,445,364
	BioAtla LLC*	206,118	10,479,039
	Biohaven Pharmaceutical Holding Co Ltd*	214,513	14,661,964
	BioMarin Pharmaceutical Inc*	637,791	48,159,598
	Bridgebio Pharma Inc*	403,121	24,832,254
	C4 Therapeutics Inc*^,§	344,928	12,120,942
	C4 Therapeutics Inc*^,#	109,249	4,041,120
	Cardiff Oncology Inc*^,#	791,516	7,329,438
	Design Therapeutics Inc*^,§	522,185	14,051,998
	Dyne Therapeutics Inc*	300,420	4,665,523
	Edgewise Therapeutics Inc*^,§	544,046	15,913,345
	Edgewise Therapeutics Inc*	136,886	4,448,795
	ESSA Pharma Inc*	387,531	11,257,776
	Fate Therapeutics Inc*	279,313	23,029,357
	FibroGen Inc*	396,473	13,761,578
	FORMA Therapeutics Inc*	258,408	7,240,592
	Gilead Sciences Inc	718,106	46,411,191
	Global Blood Therapeutics Inc*	702,923	28,644,112
	IGM Biosciences Inc*^,#	98,171	7,528,734
	Insmed Inc*	1,419,328	48,342,312
	iTeos Therapeutics Inc*	403,665	13,797,270
	KalVista Pharmaceuticals Inc*	298,054	7,657,007
	Kiniksa Pharmaceuticals Ltd*	501,943	9,290,965
	Kinnate Biopharma Inc*^,§	238,174	7,050,427
	Kodiak Sciences Inc*	107,961	12,241,698
	Kymera Therapeutics Inc*	263,248	10,229,817
	Mirati Therapeutics Inc*	164,212	28,129,516
	Myovant Sciences Ltd*	1,337,802	27,531,965
	Neurocrine Biosciences Inc*	853,910	83,042,747
	Olema Pharmaceuticals Inc*^,§	1,475,708	46,515,792
	Olink Holding AB (ADR)*	92,912	3,344,832
	Praxis Precision Medicines Inc*^,#	311,250	10,196,550
	PTC Therapeutics Inc*	531,901	25,185,512
	Regeneron Pharmaceuticals Inc*	49,066	23,215,087
	Rhythm Pharmaceuticals Inc*	1,103,527	23,472,019
	Rocket Pharmaceuticals Inc*	288,834	12,815,565
	RPI International Holdings LP (144A)	830,210	34,403,072
	Sage Therapeutics Inc*	350,785	26,256,257
	Sarepta Therapeutics Inc*	818,864	61,029,934
	Seres Therapeutics Inc*	991,300	20,410,867
	Travere Therapeutics Inc*	1,095,382	27,351,689
	Vaxcyte Inc*^,#	557,813	11,016,807
	Vertex Pharmaceuticals Inc*	510,223	109,641,820
			1,505,184,386


MSCI World Health Care Index^SM	MSCI World Health Care Index^SM reflects the performance of health care stocks from global developed markets.

S&P 500^{^®} Index	S&P 500^{^®} Index reflects U.S. large-cap equity performance and represents broad U.S. equity market performance.


ë	Investment has an unfunded commitment that is not reflected in the Statement of Investments. See Note 2 to Financial Statements.


§	Schedule of Restricted Securities (as of March 31, 2021)
							Value as a
		Acquisition					% of Net
		Date		Cost		Value	Assets
4D Molecular Therapeutics Inc - Series B		8/24/18	$	6,518,412	$	15,385,467	0.3	%
Acerta Pharma BV PP - Series B		5/11/15		8,272,388		19,283,233	0.4
Aligos Therapeutics Inc		12/20/19		3,968,621		5,756,222	0.1
Aligos Therapeutics Inc		10/16/20		5,520,947		11,367,455	0.2
Amunix Pharmaceuticals Inc PP		2/26/21		5,450,081		5,450,081	0.1
Annexon Inc		6/30/20		5,900,199		12,454,390	0.3
Bigfoot Biomedical Inc PP - Series B		11/21/17		9,808,940		9,808,940	0.2
Bigfoot Biomedical Inc PP - Series C-1		12/27/19		1,355,580		1,594,792	0.0
BioAtla LLC		7/13/20		2,837,135		20,445,364	0.4
C4 Therapeutics Inc		6/3/20		3,054,401		12,120,942	0.3
Cyteir Therapeutics Inc PP		2/5/21		6,880,567		6,880,567	0.1
Day One Biopharmaceuticals PP		2/2/21		5,488,136		5,488,136	0.1
Design Therapeutics Inc		1/25/21		5,575,111		14,051,998	0.3
Edgewise Therapeutics Inc		12/3/20		3,989,709		15,913,345	0.3
Everest Medicines US Ltd		6/3/20		6,405,908		15,993,781	0.3
Flame Biosciences PP		9/28/20		6,020,760		6,020,760	0.1
Freenome Inc PP		8/14/20		2,231,817		2,231,817	0.1
Graphite Bio Inc PP		3/11/21		3,806,253		3,806,253	0.1
HemoShear Therapeutics LLC PP		2/5/21		3,839,496		3,839,396	0.1
Icosavax Inc PP		3/19/21		3,960,154		3,960,126	0.1
Inivata Ltd PP		12/23/20		2,868,022		2,868,021	0.1
Kinnate Biopharma Inc		7/20/20		2,808,610		7,050,427	0.2
LEXEO Therapeutics PP		11/20/20		1,349,524		1,349,524	0.0
Neurogene Inc PP		12/15/20		1,956,368		1,956,368	0.0
Olema Pharmaceuticals Inc		3/13/20		9,362,079		46,515,792	1.0
Pyxis Oncology Inc PP		3/5/21		2,994,084		2,994,084	0.1
Shattuck Labs Inc		6/12/20		6,163,169		18,650,010	0.4
SomaLogic Inc PP		12/21/20		4,899,960		10,190,313	0.2
United Medicines Biopharma PP		1/29/21		8,639,163		8,639,163	0.2
VALENZABio Series A PP		3/25/21		6,235,276		6,235,276	0.1
Ventyx Biosciences Inc PP		2/26/21		1,086,865		1,086,913	0.0
Verve Therapeutics Inc PP		1/14/21		2,937,355		2,937,356	0.1
Total			$	152,185,090	$	302,326,312	6.3	%

The Fund has registration rights for certain restricted securities held as of March 31, 2021. The issuer incurs all registration costs.


Level 3 Valuation Reconciliation of Assets (for the period ended March 31, 2021)

	Balance as of September 30, 2020	Realized Gain/(Loss)	Change in Unrealized Appreciation/ Depreciation^(a)	Gross Purchases	Gross Sales	Transfers In and/or Out of Level 3	Balance as of March 31, 2021
Investment in Securities:
Common Stocks
Biotechnology	$ 17,332,720	$ -	$ -	$ -	$ -	$(17,332,720)	$ -
Pharmaceuticals	16,495,546	-	-	-	-	(16,495,546)	-
Preferred Stocks
Biotechnology	50,651,360	29,843,571	(33,624,862)	30,794,736	4,695,225^(b)	(21,845,661)	60,514,369
Health Care Providers & Services	11,403,732	-	-	-	-	-	11,403,732
Health Care Technology	2,231,817	-	-	-	-	-	2,231,817
Pharmaceuticals	-	-	-	22,280,888	-	-	22,280,888
Rights
Biotechnology	-	-	-	-	-	-	-
Total	$ 98,115,175	$29,843,571	$ (33,624,862)	$53,075,624	$ 4,695,225	$(55,673,927)	$ 96,430,806
(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.
(b) All or a portion is the result of a corporate action.



Assets:
	Unaffiliated investments, at value⁽¹⁾⁽²⁾		$	4,718,631,564
	Affiliated investments, at value⁽³⁾			63,081,074
	Cash denominated in foreign currency⁽⁴⁾			464,761
	Non-interested Trustees' deferred compensation			116,798
	Receivables:
		Investments sold		16,420,009
		Foreign tax reclaims		6,966,629
		Dividends		4,162,474
		Fund shares sold		3,616,587
		Dividends from affiliates		1,160
	Other assets			86,418
Total Assets				4,813,547,474
Liabilities:
	Due to custodian			7,381
	Collateral for securities loaned (Note 2)			30,076,505
	Payables:			—
		Investments purchased		8,665,361
		Fund shares repurchased		4,410,414
		Advisory fees		2,637,708
		Transfer agent fees and expenses		697,909
		12b-1 Distribution and shareholder servicing fees		200,447
		Non-interested Trustees' deferred compensation fees		116,798
		Professional fees		31,404
		Non-interested Trustees' fees and expenses		18,693
		Affiliated fund administration fees payable		10,303
		Custodian fees		7,620
		Accrued expenses and other payables		213,494
Total Liabilities				47,094,037
Net Assets			$	4,766,453,437




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	3,055,519,088
	Total distributable earnings (loss)		1,710,934,349
Total Net Assets		$	4,766,453,437
Net Assets - Class A Shares		$	256,956,775
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,773,716
Net Asset Value Per Share⁽⁵⁾		$	68.09
Maximum Offering Price Per Share⁽⁶⁾		$	72.24
Net Assets - Class C Shares		$	162,363,993
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,650,968
Net Asset Value Per Share⁽⁵⁾		$	61.25
Net Assets - Class D Shares		$	1,798,451,668
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		25,887,054
Net Asset Value Per Share		$	69.47
Net Assets - Class I Shares		$	993,858,982
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		14,278,640
Net Asset Value Per Share		$	69.60
Net Assets - Class N Shares		$	148,491,057
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		2,140,875
Net Asset Value Per Share		$	69.36
Net Assets - Class S Shares		$	27,414,787
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		410,841
Net Asset Value Per Share		$	66.73
Net Assets - Class T Shares		$	1,378,916,175
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		19,954,505
Net Asset Value Per Share		$	69.10



Investment Income:
	Dividends		$	31,458,860
	Affiliated securities lending income, net			221,218
	Dividends from affiliates			14,748
	Unaffiliated securities lending income, net			5,072
	Other income			11
	Foreign tax withheld			(1,605,388)
Total Investment Income				30,094,521
Expenses:
	Advisory fees			15,377,130
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		311,450
		Class C Shares		755,085
		Class S Shares		33,914
	Transfer agent administrative fees and expenses:
		Class D Shares		1,030,414
		Class S Shares		33,867
		Class T Shares		1,724,247
	Transfer agent networking and omnibus fees:
		Class A Shares		67,614
		Class C Shares		67,348
		Class I Shares		420,000
	Other transfer agent fees and expenses:
		Class A Shares		8,593
		Class C Shares		4,594
		Class D Shares		103,106
		Class I Shares		23,996
		Class N Shares		2,929
		Class S Shares		164
		Class T Shares		6,806
	Shareholder reports expense			172,011
	Registration fees			99,334
	Affiliated fund administration fees			60,067
	Professional fees			52,471
	Custodian fees			42,848
	Non-interested Trustees’ fees and expenses			39,125
	Other expenses			156,922
Total Expenses				20,594,035
Less: Excess Expense Reimbursement and Waivers				(90,393)
Net Expenses				20,503,642
Net Investment Income/(Loss)				9,590,879



Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions	$	309,088,701
	Investments in affiliates		(437)
Total Net Realized Gain/(Loss) on Investments			309,088,264
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation		151,840,284
	Investments in affiliates		12,486,732
Total Change in Unrealized Net Appreciation/Depreciation			164,327,016
Net Increase/(Decrease) in Net Assets Resulting from Operations		$	483,006,159


Asset	Fair Value at March 31, 2021	Valuation Technique	Unobservable Input	Input Amount or Range	Weighted Average⁽¹⁾	Impact to Valuation from an Increase in Input
Preferred Stock
Biotechnology	$19,283,233	Income Approach	Discount Rate	8 -10%	10%	Decrease
	$41,231,136	Market Approach	Transaction Price	$0.95 - $31.36	$8.19	Increase
Health Care Providers & Services	$11,403,732	Market Approach	Transaction Price	$9.47	$9.47	Increase
Health Care Technology	$2,231,817	Market Approach	Transaction Price	$6.61	$6.61	Increase
Pharmaceuticals	$22,280,888	Market Approach	Transaction Price	$1.77-$8.90	$5.27	Increase


Security	Commitment Amount
LEXEO Therapeutics PP	$ 2,294,191
Neurogene Inc PP	1,304,246
Ventyx Biosciences Inc PP	1,086,865




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, Janus, Henderson, Perkins and Intech are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-24-93043 05-21



	SEMIANNUAL REPORT March 31, 2021

Janus Henderson Global Real Estate Fund

Janus Investment Fund

		HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics and holdings


	5 Top Detractors - Sectors*^a
		Relative	Fund	FTSE EPRA Nareit Global Index
		Contribution	Average Weight	Average Weight
	Real Estate	-4.53%	93.67%	99.56%
	Information Technology	-0.53%	2.55%	0.00%
	Other**	-0.37%	1.70%	0.06%
	Industrials	-0.22%	0.52%	0.00%
	Communication Services	-0.16%	0.64%	0.00%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	Based on sector classification according to the Global Industry Classification Standard (“GICS”) codes, which are the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
a	During the reporting period no sectors contributed on a relative basis.
**	Not a GICS classified sector.


5 Largest Equity Holdings - (% of Net Assets)
Prologis Inc
Equity Real Estate Investment Trusts (REITs)	6.3%
VICI Properties Inc
Equity Real Estate Investment Trusts (REITs)	3.6%
Sun Communities Inc
Equity Real Estate Investment Trusts (REITs)	3.6%
Alexandria Real Estate Equities Inc
Equity Real Estate Investment Trusts (REITs)	3.5%
UDR Inc
Equity Real Estate Investment Trusts (REITs)	2.9%
	19.9%


FTSE EPRA Nareit Global Index	FTSE EPRA Nareit Global Index tracks the performance of real estate companies and real estate investment trusts (REITs) from developed and emerging markets, and is shown gross or net of foreign withholding taxes.



Assets:
	Unaffiliated investments, at value⁽¹⁾		$	728,795,538
	Affiliated investments, at value⁽²⁾			7,736,304
	Non-interested Trustees' deferred compensation			18,074
	Receivables:
		Investments sold		4,543,132
		Dividends		3,612,975
		Fund shares sold		770,918
		Foreign tax reclaims		91,913
		Dividends from affiliates		713
	Other assets			6,657
Total Assets				745,576,224
Liabilities:
	Due to custodian			3,683
	Payables:			—
		Investments purchased		4,348,935
		Fund shares repurchased		903,827
		Advisory fees		518,125
		Foreign tax liability		264,032
		Dividends		237,766
		Transfer agent fees and expenses		96,623
		Professional fees		34,539
		Non-interested Trustees' deferred compensation fees		18,074
		12b-1 Distribution and shareholder servicing fees		9,143
		Custodian fees		8,531
		Non-interested Trustees' fees and expenses		2,677
		Affiliated fund administration fees payable		1,546
		Accrued expenses and other payables		87,599
Total Liabilities				6,535,100
Net Assets			$	739,041,124




Net Assets Consist of:
	Capital (par value and paid-in surplus)	$	645,026,164
	Total distributable earnings (loss)⁽³⁾		94,014,960
Total Net Assets		$	739,041,124
Net Assets - Class A Shares		$	12,458,159
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		916,460
Net Asset Value Per Share⁽⁴⁾		$	13.59
Maximum Offering Price Per Share⁽⁵⁾		$	14.42
Net Assets - Class C Shares		$	5,841,390
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		437,733
Net Asset Value Per Share⁽⁴⁾		$	13.34
Net Assets - Class D Shares		$	45,450,589
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		3,319,092
Net Asset Value Per Share		$	13.69
Net Assets - Class I Shares		$	465,518,197
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		34,045,238
Net Asset Value Per Share		$	13.67
Net Assets - Class N Shares		$	98,176,773
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		7,179,958
Net Asset Value Per Share		$	13.67
Net Assets - Class S Shares		$	7,092,529
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		523,413
Net Asset Value Per Share		$	13.55
Net Assets - Class T Shares		$	104,503,487
	Shares Outstanding, $0.01 Par Value (unlimited shares authorized)		7,642,111
Net Asset Value Per Share		$	13.67



Investment Income:
	Dividends		$	6,780,946
	Affiliated securities lending income, net			7,205
	Dividends from affiliates			5,530
	Unaffiliated securities lending income, net			169
	Other income			611
	Foreign tax withheld			(266,319)
Total Investment Income				6,528,142
Expenses:
	Advisory fees			2,861,443
	12b-1 Distribution and shareholder servicing fees:
		Class A Shares		13,960
		Class C Shares		30,632
		Class S Shares		8,364
	Transfer agent administrative fees and expenses:
		Class D Shares		24,874
		Class S Shares		8,364
		Class T Shares		118,896
	Transfer agent networking and omnibus fees:
		Class A Shares		3,804
		Class C Shares		2,898
		Class I Shares		228,153
	Other transfer agent fees and expenses:
		Class A Shares		434
		Class C Shares		185
		Class D Shares		5,771
		Class I Shares		10,666
		Class N Shares		1,535
		Class S Shares		136
		Class T Shares		585
	Registration fees			81,827
	Custodian fees			32,439
	Professional fees			31,020
	Shareholder reports expense			26,247
	Affiliated fund administration fees			8,534
	Non-interested Trustees’ fees and expenses			5,706
	Other expenses			51,472
Total Expenses				3,557,945
Less: Excess Expense Reimbursement and Waivers				(2,553)
Net Expenses				3,555,392
Net Investment Income/(Loss)				2,972,750
Net Realized Gain/(Loss) on Investments:
	Investments and foreign currency transactions			24,257,398
	Investments in affiliates			(386)
Total Net Realized Gain/(Loss) on Investments				24,257,012
Change in Unrealized Net Appreciation/Depreciation:
	Investments, foreign currency translations and non-interested Trustees’ deferred compensation⁽¹⁾			54,754,257
Total Change in Unrealized Net Appreciation/Depreciation				54,754,257
Net Increase/(Decrease) in Net Assets Resulting from Operations			$	81,984,019




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, Janus, Henderson, Perkins and Intech are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc Janus Henderson Distributors
							125-24-93044 05-21



	SEMIANNUAL REPORT March 31, 2021

Janus Henderson Global Research Fund

Janus Investment Fund

		HIGHLIGHTS · Investment strategy behind your fund · Fund performance, characteristics and holdings


	3 Top Contributors - Sectors*
		Relative	Fund	MSCI World Index
		Contribution	Average Weight	Average Weight
	Technology	1.16%	18.40%	18.12%
	Energy	0.18%	6.05%	5.97%
	Consumer	0.07%	17.00%	16.95%


	5 Top Detractors - Sectors*
		Relative	Fund	MSCI World Index
		Contribution	Average Weight	Average Weight
	Financials	-1.65%	17.71%	17.72%
	Healthcare	-0.72%	12.98%	13.10%
	Communications	-0.20%	10.58%	10.59%
	Industrials	-0.06%	16.95%	17.28%
	Other**	-0.02%	0.33%	0.27%

	Relative contribution reflects how the portolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, excluding fixed income securities, gross of advisory fees, may exclude certain derivatives and will differ from actual performance. Performance attribution reflects returns gross of advisory fees and may differ from actual returns as they are based on end of day holdings. Attribution is calculated by geometrically linking daily returns for the portfolio and index.
*	The sectors listed above reflect those covered by the six analyst teams who comprise the Janus Henderson Research Team.
**	Not a GICS classified sector.